Singapore and the Philippines continue to sustain strong growth momentum when it comes to the online hiring of banking and finance talent in Southeast Asia. This is according to the latest data provided by the Monster Employment Index, released by Monster.com last week.

The Monster Employment Index (MEI) is a monthly gauge of online hiring activity across Singapore, Malaysia and the Philippines, tracked by Monster.com. It comprises data of overall hiring activity in each country, as well as specific data in the banking and finance sector.

Year-on-year for February 2018, Singapore charted a 26% growth in online hiring of BFSI professionals, making it the fastest growing industry in in the market.

The Philippines reported a 14% year-on-year growth in the same sector, up 4% from the 10% annual growth reported in January.

Online hiring performance in Malaysia remained lacklustre in February, reporting a 4% decline in the BFSI sector.

BFSI Industry:

Looking specifically at hiring trends of Finance & Accounts roles, the Philippines saw the strongest demand in Southeast Asia for these professionals, at a 26% year-on-year growth in online hiring.

Malaysia saw a 1% year-on-year increase, while Singapore recorded zero growth between February 2017 and 2018.

Finance & Accounts Roles:

“Against the backdrop of digitisation and automation in the banking sector, companies are scrambling to cash in on the cryptocurrency and virtual payments trend. Professionals, especially mid-level executives must be wary of the rapid technological changes which are revolutionising the banking industry and upskill quickly,” said Abhijeet Mukherjee, CEO of Monster.com – APAC and Middle East.

“Overall, Southeast Asia fares well in its demand for finance talent. However, banks and other financial institutions should be prepared for the possibility of a talent crunch as rapid digital expansion continue to alter roles and skills in a highly competitive labour market.”