RETAIL BANKING | Staff Reporter, Singapore

APAC financial services employment in 2017 increased 12% YoY

It provides an ideal springboard for more growth in 2018.

Permanent financial services jobs remained flat QoQ and increased by 12% YoY, Morgan McKinley reports. The high performance also promises more growth in the sector's employment rate for 2018.

Here's more from Morgan McKinley:

“The rapidly growing influence of China on Hong Kong’s financial services market has been a boon for the island’s banking and financial services sector,” said Richie Holliday, chief operations officer, Morgan McKinley Asia Pacific. Even as Hong Kong has experienced an attrition of non-Chinese financial services businesses, Chinese companies have been quick to move and snap up not only their market share, but even their physical business locations. The numbers are especially encouraging coming at a time of year when budgets are usually exhausted and hiring is paused until the new budget season begins. “2018 is looking to be a headliner year for Hong Kong on the financial services hiring front,” said Holliday.

Whereas in 2016 Singapore saw a strengthening of fintech hiring and a reduction in traditional financial services roles, 2017 was the opposite. Specifically hiring in trading, corporate finance, mergers and acquisitions and private banking was high. “Any private banker interested in working can get a job, bonuses and all, in Singapore," said Holliday.

Traditionally, Japan has had a more conservative business climate with limited churn, but it also has the largest slice of the Asia Pacific’s financial services sector. “A 109% year-on-year increase in Tokyo is radical,” said Holliday. “We’ve seen a cultural shift amongst financial services professionals building over time, but this figure brings that shift into sharp relief.”

Though dominated by domestic banks, Australia is considered a leader in the financial services sector: well managed and technologically advanced. The Australian government’s push to modernize data collection and storage has led to a wealth of jobs in the fintech sector, also. The availability of good jobs in forward-thinking institutions makes Australia an inviting destination for financial services professionals.

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