Singapore is expanding its digital banking sector as it plays catch up with Hong Kong. Five new digital bank licences will be issued, and this time they are open to non-banks to apply.

The growth of digital banking will put more pressure on employers looking to hire top talent with technology skills. The new digital banks are then expected to start their operations by the middle of 2021.

The Singapore Salary Benchmark 2020 report from recruitment firm Michael Page highlights the increased efforts firms are making towards digital transformation in preparation of stronger digital banking infrastructure.

Nilay Khandelwal, Managing Director of Michael Page Singapore, said: “With these advances in digital banking, Singapore is well-placed to hone her value proposition as a hub for premium high-tech regional and global services. Expertise in different transaction platforms, digitization, Artificial Intelligence (AI) and analytics will be in high demand.”

The Bank for International Settlements (BIS) has also announced plans to set up an innovation centre in Singapore, which will create opportunities for tech talent with Big Data, cloud computing and information security skills.

More firms in Singapore are investing heavily in networks and systems which will drive further employment in cybersecurity. These areas of niche technology are likely to command up to 15% in salary increment when switching jobs, according to Michael Page.