The imminent commencement of virtual banks in Hong Kong and Singapore have created more than 1,000 job opportunities for a new generation of bankers, requiring them to be innovative and tech savvy, according to recruitment experts.
Competition for talent has sharpened since last year as both cities stepped up their race to spruce up their financial technology (fintech) and online banking offerings, said Jerry Chang, managing director of recruiting firm Barons & Company.
The race for talent is heating up, as eight banking licenses awarded by the Hong Kong Monetary Authority (HKMA) must commence operations in the coming months, each requiring over 100 staff to kick off. In Singapore, 21 technology companies from the ride-hailing service Grab to online payments provider Ant Financial Services have applied bids for five digital bank licenses.
Hong Kong and Singapore are the world’s two most overbanked urban centres, with more bank branches and automated teller machines (ATMS) per 100,000 people than anywhere else in the world. The entry of new virtual banks, which aren’t allowed to operate bricks-and-mortar branches under licensing rules, would force the entire banking industry to innovate and improve services, executives said. New banks will also create new job opportunities, albeit with requirements for 21st-century fintech, instead of relationship banking in pin-striped suits.