A financial center of international repute for the entire Asia Pacific region, Singapore is indeed one of the choicest destinations for prospective career opportunities. The banking industry plays an important role in the financial market of the economy of the country. It has also emerged as one of the strongest sectors globally, and hence, the demand for banking jobs in Singapore is growing. In fact, Singapore’s banking and financial center is the third largest in Asia, the first being Japan and the second being Hong Kong.
Why is Singapore known as an International Finance Centre?
There are various factors which have led to the growth of the banking sector in Singapore, which in turn, has led to the opening of a great number of banking jobs. There are jobs available for fresh graduates, jobs in mid-management positions to jobs for experienced professionals at senior level. The different factors for growth of this sector, giving the stature as an International Finance Centre, are as follows:
- A sound economic and political environment
- Conducive legal policies
- Conducive tax policies
- Attractive banking and finance policies
- Economy’s good reputation for integrity
- Strict enforcement of laws against crime and money laundering
Why is the banking and finance sector is significantly growing in Singapore?
It has one of the advanced banking systems in the world. The country has around 700 foreign banks and local banks and financial institutions, ruling over the banking economy, in which interested candidates can apply for banking jobs. Factors that have led to the growth of the banking industry in Singapore include:
- Local banking sector is liberalized
- Mergers and acquisitions led the local banks to strengthen their domestic presence
- More foreign banks made their foray in Singapore
- Some foreign banks made the country their global platform for different banking services. There is increased competitiveness in the banks, which have led to prospective banking jobs
- There has also been a significant development of innovative products which have lured more and more customers
- Increased competition also led to more competitive pricing models
- Most banks, be it the foreign or the local banks, provide comprehensive and modern banking services like as investment banking activities, corporate banking services, in addition to the traditional lending and deposit-taking services.
- There are strict banking secrecy laws
- Tax friendly policies are adopted
- Expansion of private-banking operations to meet the demands from Asians and Europeans
- Banks focus on the needs of Small and Medium Enterprises, which occupy a significant portion of the banking market in Singapore.
Types of Banks in Singapore
Most banks in Singapore deal with different types of clients – individuals, corporations or government agencies. Banks can be classified into 2 main groups: Local Banks and Foreign Banks. Foreign banks can further be classified into following:
- Full Banks: These banks provide a range of banking services as mentioned in the Banking Act. Fresh graduates can look for prospective banking jobs in Full Banks
- Wholesale Banks: These banks provide all services as the full banks but Singapore Dollar retail banking activities are excluded.
- Offshore Banks: These banks provide same activities and services as full and wholesale banks but businesses are transacted through their Asian Currency Units. All offshore banks operate as branches of foreign banks in Singapore. Expats can apply for banking jobs here.
- Merchant banks: These banks provide special services like as corporate finance, shares and bonds, provides mergers and acquisitions, portfolio investment management, consultancy and other cost-based services and activities.
Prominent banks in Singapore for banking jobs
If you are opting for a banking career in Singapore, you can try banking jobs available in both local and foreign banks.
Singapore’s leading banks are:
- Standard Chartered
- ING bank
- ABN AMRO
- BNP Paribas
- National Australia Bank
- Barclays Bank
- Deutsche Bank
- American Express
- Bank of America
- UOB etc.