Singapore is really making waves in the financial sector as Pricewaterhouse Cooper predicts it will take centre stage in the next few years. In their Global Private Banking and Wealth Survey 2011, they revealed how Singapore is poised to become the financial centre of the world by 2012 – ahead of Hong Kong and Switzerland.
As growing numbers of millionaires flock to the country, it is actually experiencing a talent shortfall as it struggles to keep up with the growing demands of its financial sector. The country is currently facing new challenges in hiring and retaining talented people to fill the growing number of vacancies in the private banking sector.
As many European institutions are counting on Asia, via Singapore, to be their real growth area for the next decade, the country continues to build a strong reputation as a magnet for wealth management businesses. In the news recently, RBS has reported new hires and plans to build up RBS presence in Asia. Also, take Singapore-based Standard Chartered as a fine example – it’s the world’s fastest growing investment bank and plans to hire at least 1,000 people this year alone to expand its empire.
Asia in general is booming. Peter Sands, chief exec of Standard Chartered, predicts this boom to continue – anticipating that in the next two decades, around 80% of the increase in consumer expenditure in the world is likely to come out of Asia.
So, if you’re a financial services professional – could Singapore present the career move you’ve been looking for? Singapore may be the smallest country in Southeast Asia but it has emerged as an enviable place to live and work. It’s certainly a modern, cosmopolitan society with an inherent cultural diversity and a strong stance on the safety and security of its residents. Now, with its ever-growing status as a financial powerhouse – we’ll surely see many more international candidates making a new start in Singapore over the next few years.
Click Financial Recruitment and head to ‘Vacancy Search’ to find out what we have on offer out of our Singapore office.