Digitalisation in Malaysian banks creates 4,500 new jobs

New opportunities are focused on automation and IT.

A statement from The Association of Banks in Malaysia (ABM) reveals that the emergence of fintech and digitalisation in the Malaysian banking sector opened over 4,500 new jobs from January to November 2017. These new jobs are more focused on automation and information technology, which according to ABM, is crucial for the evolving demands of the digital banking eco-system.

"To remain competitive in the digital banking sphere, banks have also initiated efforts with staff retraining, upskilling and/or redeploying opportunities in order to meet current demands of the banking industry," the ABM adds.

This is all in reference to recent articles circulating in the media about voluntary separation schemes by Malaysian banks. ABM says, "These initiatives were part of the banks’ efforts to re-align their internal strategies in relation to manpower requirements for better efficiency to suit their respective business objectives in light of advancement of technology which is more system-driven."