Singapore bankers to see up to 30% pay rise in 2025

But overall hiring trend remains cautious with employers opting for replacement hiring.

Professionals switching jobs in the banking and financial services sector in Singapore can expect salary increases of around 15%, with those in fundraising or institutional sales potentially seeing hikes of 20% to 30% this coming 2025, a Randstad Singapore report showed.

Although, Randstad said the industry is set for cautious growth in 2025, with companies increasingly offshoring back-office operations to countries like Malaysia, the Philippines, and India. 

This trend is driven by cost efficiencies and the availability of skilled talent abroad. However, banks and financial institutions will continue to base their APAC headquarters in Singapore for strategic decision-making and oversight. 

As a result, Singapore-based roles are shifting toward front and middle-office functions, focusing on client service support, monitoring, and coordinating between remote teams.

Despite this, the overall hiring trend remains cautious, with many companies opting for replacement hiring over expansion.

The demand for skills in communication, critical thinking, and technical tools like VBA or Python is rising as technology reshapes the sector. As manual transaction surveillance decreases, there is greater emphasis on data management and analytics.

The Monetary Authority of Singapore (MAS) has also heightened its focus on compliance and risk management. 

The recent Money Laundering Risk Assessment Report identifies risks in the sector and outlines a National Anti-Money Laundering Strategy to strengthen the framework. Banks are tightening scrutiny of clients’ sources of wealth and combating document forgery, increasing the demand for compliance professionals.