Retrenchments and a slowing economy have kept banking professionals on edge in recent months. The year has been inundated with news of job cuts from the banking industry, coupled with continued uncertainty on the horizon. With organisations under pressure to streamline operations, manage costs and protect their bottom lines, it is only natural that businesses and individuals struggle to keep an optimistic outlook amid the sluggish climate.

As a creative solution, banks are turning to contracts to mitigate costs and ensure there is a sufficient headcount for critical projects.

Contracting continues to see steady demand in the market - largely due to increased regulatory requirements as well as banks offshoring BAU functions. Despite the economic slowdown, we are seeing many more contracting requirements in the KYC and client onboarding functions. Banks are hiring contractors for their middle office, settlements and documentation teams.

Local regulatory changes have also led to an increased demand for contracting professionals with risk and regulatory reporting backgrounds to assist in reporting formats and data compilation.

what banks are looking for

Ability to help businesses change and improve processes
Possess the right balance of soft and technical skills, in order to assimilate into the role quickly and start contributing to the team
Positive work attitude

what contractors can earn

Approximately S$2,300 per month for entry-level positions
Up to S$12,000 per month for senior-level roles

contracting opportunities in the market

project managers

To support in rolling out risk management frameworks and coordinate implementation across the business and countries.

KYC and remedial roles

Opportunities for candidates with vast KYC knowledge and experience to advise and resolve any outstanding issues with internal stakeholders.

settlement roles

Opportunities for senior banking contractors with strong settlement knowledge in various asset classes such as FX, equities, bonds and derivatives.

accounting roles in regulatory reporting

To support new or additional reporting requirements or manage system testing for the automation of reporting processes; help the bank improve their reporting processes and ensure they remain compliant with changing regulatory requirements.

trade finance operations

Candidates with strong trade finance knowledge in both import and export documentation to review junior members’ work and manage specific complex cases.

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