Ravi Menon: A tech-enabled financial sector – is our workforce ready?

Remarks by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the "Growing Timber" MAS-IBF Webinar Series, 4 May 2021.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Good morning and thank you for joining us.

At the "Growing Timber" webinar six months ago, I spoke about:

• how jobs are the central economic challenge of our times;
• where the job opportunities in financial services are;
• how we can make our tertiary students job-ready for the financial sector; and
• how we can help our mid-career workers retain their jobs amid technological changes.

Today, I want to focus on two topics:

• an update on job opportunities in financial services based on MAS' latest employment outlook survey; and
• the most challenging part of our jobs and skills agenda – job specialisation, specifically in the area of technology, based on a deep dive study MAS has done.

On both topics, I will be sharing for the first time some granular data and information so that we can have a deeper understanding of the challenges and opportunities on the jobs and skills front in the financial sector.

Job Opportunities – Employment Outlook for Financial Sector

Let me start with job opportunities.

The financial sector added 2,200 net jobs in 2020 – a year when the economy as a whole shed 180,000 net jobs.

• About 2,800 net jobs went to Singaporeans; non-Singaporeans accounted for a net job loss of 600.
• This 100% Singaporean share of net job growth is unusual. It reflects
  • the impact of the Job Support Scheme that shored up local employment; and
  • the border control measures during the COVID-19 pandemic that made the employment of foreigners difficult.