The banking and financial services sector in Singapore is poised for a year of cautious growth and strategic adaptation in 2025. Organisations are prioritising selective recruitment, digital capabilities, and robust compliance frameworks as they respond to economic and regulatory developments.
The measured hiring trend from 2024 will extend into 2025, with organisations focusing primarily on replacement roles rather than team expansion. This strategic shift reflects broader market sentiments, as businesses, including high-growth sectors like fintech, demonstrate increased prudence in talent investment amid funding constraints.
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digital and market transformations changing hiring requirements
We observe a continued transformation in Singapore's banking and financial services landscape, with roles progressively moving up the value chain. While back-office functions shift to regional markets, Singapore strengthens its position through enhanced middle-office operations and high-value client service support roles.
The evolution of the banking industry is driving strong demand for professionals who can demonstrate both technical expertise and strong interpersonal capabilities. Financial institutions are offering competitive packages for professionals with strategic stakeholder management, effective communication skills, and critical thinking abilities. Risk management capabilities and cross-border collaboration expertise have also emerged as crucial competencies in this evolving landscape.
The finance sector's digital transformation continues to reshape talent requirements, with automation reducing demand for manual processing roles while creating new opportunities in technical domains. Data analytics proficiency, programming capabilities in languages such as VBA and Python, and process automation expertise have become increasingly vital for professionals in the sector.
As Singapore strengthens its position as a key financial hub in the region, the ability to combine technical competencies with strong business acumen has become a crucial differentiator for finance professionals.
regulatory evolution shapes compliance talent demands
The regulatory landscape in Singapore's financial sector continues to evolve, with enhanced focus on combating financial crime and strengthening data security frameworks. Following the release of the Money Laundering Risk Assessment Report Singapore 2024, financial institutions are strengthening their compliance capabilities in response to new regulatory requirements and the National Anti-Money Laundering (AML) Strategy.
Financial institutions have strengthened their due diligence processes, particularly in verifying clients' sources of wealth and detecting document forgery in financing and lending activities. This heightened scrutiny has created strong demand for compliance professionals with relevant experience to navigate complex regulatory requirements while maintaining operational efficiency.
The Monetary Authority of Singapore's (MAS) enhanced oversight of outsourcing and offshoring activities has placed additional emphasis on data security controls. Banks are required to implement comprehensive control mechanisms for data transfers to third-party vendors and overseas operations.
This regulatory focus has driven increased demand for risk and compliance specialists with expertise in cross-border regulatory frameworks, data security protocols, third-party risk management, and outsourcing governance. These developments continue to shape talent requirements in Singapore's banking sector, particularly for professionals who can effectively manage regulatory compliance while supporting business growth objectives.
offshoring and evolving skills requirements
Singapore's banking and financial services sector continues to evolve its operational structure, with financial institutions increasingly relocating back-office functions to regional markets such as Malaysia, the Philippines and India. This strategic shift enables organisations to optimise operational costs while leveraging skilled talent pools across the region.
Singapore maintains its strategic position as the preferred location for Asia Pacific headquarters, where financial institutions concentrate their high-value operations and decision-making capabilities. This reinforces Singapore's role as a key financial hub in the region.
The transformation of Singapore-based roles reflects this specific positioning, with increased focus on soft skills in front and middle-office functions. Financial institutions are strengthening their capabilities in client service support, monitoring operations and cross-border team coordination, creating new opportunities for professionals who can manage complex stakeholder relationships across the region.
salary trends for banking jobs in singapore
Candidates switching jobs in 2025 can generally expect salary increments of 15%. However, professionals with strong track records in fundraising or institutional sales may see increases of 20% to 30%, though this remains the exception rather than the rule.
The 2025 outlook for Randstad Singapore's banking and financial services sector reflects a landscape of cautious optimism. While hiring may remain conservative, opportunities abound for job seekers adept at navigating regulatory complexities, leveraging technological advancements like artificial intelligence, and meeting the evolving needs of a dynamic financial ecosystem.
download singapore’s 2025 banking and financial services job market outlook and salary guide report
Discover the latest talent insights and salary benchmarks for front, middle and back office roles across retail banking, priority banking, private banking, corporate banking, investment banking and more from our 2025 Banking and Financial Services Job Market Outlook and Salary Guide.
Randstad’s 2025 Job Market Outlook and Salary Guide examines key talent expectations as well as current industry trends and salary benchmarks in the following industries:
- Accounting and finance
- Human resources
- Insurance
- Legal
- Manufacturing
- Sales and marketing
- Supply chain
- Technology
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