MARKETS | Staff Reporter, Singapore

Singapore’s private banking services sector by the numbers

Government says sector has created good quality jobs.

Minister for Finance Tharman Shanmugaratnam said Singapore’s financial institutions are aware of the need to develop a strong Singapore core in private banking.

The Monetary Authority of Singapore is also working with the industry to create opportunities for Singaporeans to build up the skills, experience in overseas markets and management capabilities required to excel in this sector.

Among other facts about the private banking services sector reveled by Shanmugaratnam:

The sector employs 9,000 persons;

Of this total, 6,000 are Singaporean citizens;

The sector consists of about 40 financial institutions offering private banking services;

Jobs available include roles in management, client relationship, risk management, compliance and back office functions.

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