By MP for Aljunied GRC, Sylvia Lim
[Delivered in Committee of Supply on 10 March 2015]
Financial services employed over 130,000 Singaporeans at June 2013, contributing about 12% of GDP.[1] We know that some 70% of employees in the overall financial services sector are Singaporeans.[2] But there exists a perception that there are not enough Singaporeans in the leadership tiers of the financial services sector.
The government has been cognizant of the need to groom a Singaporean core in the financial services. In 2012, DPM Tharman spoke about how MAS was creating programs to groom Singaporean talent in the financial services sector.[3] The Managing Director of the MAS, in 2013, also spoke of what the MAS is doing to, in his words, “groom a first-rate Singaporean talent base, while continuing to secure highly-skilled global professionals.”[4]
Madam, I appreciate that foreigners with experience and expertise contribute to the development of our finance industry. We must remain open to talent and we must give companies some degree of latitude to run their businesses successfully. The price of failing to do so would be dis-investment and job destruction.
However, we should ensure there is a level playing field for Singaporeans. I have heard that many Singaporeans who work in financial services perceive that foreign financial services institutions tend to hire foreigners into senior level positions even when seemingly equally-qualified Singaporeans are available.
This unease perhaps is due to a lack of data on the results of the government’s programs to encourage Singaporean leadership in the sector. As the programs I mentioned have been around for a few years, I would like to ask if the results of these programs have been positive. If not, there should be further discussion about the underlying root causes, and what more can be done.