Singapore adding financial jobs when globally 30% of banking jobs are being automated by 2023
In a plan unveiled Monday, the Monetary Authority of Singapore said it aims to create 4,000 net new jobs in financial services and financial technology, and achieve real growth in the sector of 4.3 percent annually, faster than the overall economy.
Banks around the world are cutting jobs as the industry is transformed by digital technology, and the application of artificial intelligence and robotics. Vikram Pandit, who ran Citigroup Inc., has predicted some 30 percent of banking jobs will disappear over the next five years.
The financial sector accounts for about 13 percent of Singapore's gross domestic product and employs around 200,000 people.
Singapore, Hong Kong Fintech
Singapore wants to grow its financial sector by creating 3,000 financial services jobs and 1,000 fintech jobs.
Singapore had 73 venture backed fintech deals from 2013-2016.