Singapore’s four newest banks reboot hiring for 2023
Singapore’s four digital banks – ANEXT, Green Link, GXS, and Maribank – will change the focus of their hiring in 2023.
“Previously they were setting up the back-end [tech] infrastructure,” says Christina Ng, APAC managing director at LMA Recruitment. But now that the digibanks are up and running, their hiring focus is shifting to engineering, product development, and UX roles to help them win and retain new customers in Singapore’s overbanked market.
Vanessa Low, senior consultant, technology, at Selby Jennings in Singapore, says she expects the next phase of hiring at the digital banks to focus on using artificial intelligence and other innovations. “They are looking to understand the product from the customers' point of view because these banks are not buy-side firms. They are really more consumer facing and they are focused a lot on understanding data from consumers,” says Low.
In spite of redundancies in the wider tech sector, Ng expects hiring among digital banks this year to be unaffected as they strive to reach development and rollout benchmarks under the terms of their digital license agreements. “The digital banks can’t slow down because they will want to achieve those milestones to achieve their license,” she says.
But don’t expect a big hiring spree. Ng says the digital banks will be relatively guarded in hiring for technology roles owing in part to the specialised skills required and their unique corporate culture. “They are being very picky because they are small compared to the brick-and-mortar banks,” she adds.
Away from technology jobs, the four digital banks are also recruiting onboarding specialists this year. “The digibanks are now busy opening accounts for new customers, following their very aggressive marketing campaigns, so demand for onboarding candidates has gone crazy moving into 2023,” a headhunter in Singapore told a recent eFinancialCareers round table.
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