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Singapore’s central bank wants more locals in senior finance roles
- About 43 per cent of senior managers across the finance sector are Singaporeans, the Monetary Authority of Singapore says
- The city state is trying to strike a balance between citizens and foreign talent in the financial hub
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Singapore’s financial regulator will step up efforts to urge banks to hire more citizens and develop a strong local leadership pipeline, according to its chief.
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“Protecting and growing Singaporean jobs, especially in current economic conditions, is a top priority,” the Monetary Authority of Singapore’s Managing Director Ravi Menon wrote in a letter published late on Tuesday in the Straits Times.
The MAS confers with senior management at financial firms on the makeup of their workforces and plans to grow the “Singaporean core”, Menon said.
“We will intensify these engagements,” he said.
The MAS “closely monitors” the workforce profiles of financial institutions by citizens, permanent residents and foreigners, Menon said.
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