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Singapore to hire more over next two years

Anuradha Shukla | June 29, 2012
FTG believes strategic downsizing of the past six months across Asia’s technology markets has come to an end.

Organisations in Singapore are planning for increased headcount over the next two to five years, according to June 2012 Asia Market Intelligence Financial Technology report by FTG.

The report identifies major restructuring trends across Hong Kong and Singapore's financial technology sectors between March and June 2012.

Findings of the report shows that strategic downsizing of the past six months across Asia's technology markets has finally come to an end.

FTG has identified the rightsizing of expatriate IT directors across the international investment banks in Hong Kong, with responsibility returning to head offices in Europe, the United States and Australia.

The HR departments in Hong Kong have recognised an oversupply of technology talent in Asia and they have thus turned their attention to the recently redundant.

Businesses in this city are keen on hiring professionals from the early- to mid-20s age group as they are cost-effective to hire and bring fresh technology ideas to the business.

Enterprise-wide consolidation

Most banks are focusing on enterprise-wide consolidation and restructuring in Singapore and most of the hiring activity centred on retail banking and wealth management.

The Singaporean IT employment market has been driven largely by production support and application deployment across financial services, according to FTG.

Recruitment in trading technology has levelled out from the activity of previous years, and recruitment activities have intensified in lower cost-base locations such as Kuala Lumpur, Manila, Chengdu, Shenzhen, Tianjin, Bangalore, Chennai and Pune.

Also, Singapore is still the sought after location for investment banking back offices, private banking technology and wealth management technology.

 

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