Wed, Aug 19, 2020 – 9:13 AM
IN retail banks local functions, Singapore citizens account for seven in 10 of senior management roles, according to the Monetary Authority of Singapores (MAS) estimates.
However, across the countrys entire financial sector, Singaporeans make up about 43 per cent of senior management.
This reflects “Singapores role as an international financial centre”, MAS managing director Ravi Menon wrote in response to a letter to The Straits Times Forum page.
“As our financial sector attracts more regional and global HQ (headquarter) functions, it creates more good jobs and opportunities for Singaporeans.
“But it also means a higher proportion of foreigners in senior management in these functions as FIs (financial institutions) understandably draw from a global talent pool to fill these positions,” he added.
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Even so, a “good number” of Singaporeans have assumed regional leadership roles, Mr Menon noted. More citizens are also taking on overseas positions, which is typically a prerequisite for such leadership positions.
The regulator has been working with FIs to develop a strong local leadership pipeline, and the industry is making progress, according to Mr Menon.
Meanwhile, within the sectors overall workforce, Singaporeans make up about 70 per cent, while permanent residents (PRs) make up another 14 per cent.
Although Singaporeans are “well represented” across business functions, the local proportion needs to be improved in areas such as technology and risk management, Mr Menon said.
MAS will intensify its engagements with FIs senior management on their workforce profiles, and plans to grow the Singaporean core.
“While not yet where we want to be for every FI, the picture across the sector as a whole is better than often portrayed,” Mr Menon said.
“We want to see a strong Singaporean core complemented by high-quality and diverse foreign talent in every major FI.”
He was responding to a Forum letter published last Friday, in which retired senior banker Raymond Koh said that “many” foreigners hired in the sector have been for upper-middle to senior management positions.
“Once hired, these foreign staff can easily and in a short time secure their PR status in Singapore. Therefore, when analysing the actual makeup of local staff, it is misleading to combine the Singaporeans and PRs,” Mr Koh wrote.
MAS deputy managing director Jacqueline Loh had said last week that three-quarters of jobs created between 2015 and 2019 in the financial sector went to locals – referring to Singapore citizens and PRs.
Mr Koh wrote in his letter that it is “common market knowledge that certain big, long-established foreign banks have been sidelining Singaporean tRead More – Source