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Southeast Asia's financial services sector reports increase in online hiring

Anuradha Shukla | April 10, 2017
Demand high for IT and compliance staff in that sector, says report from

People waiting for a job interview
Credit: GraphicStock

Southeast Asia has reported increase in banking, financial services and insurance (BFSI) online hiring, with the Philippines continuing to record the highest online hiring activity at 24 percent year-on-year.

The latest Monster Employment Index (MEI) indicates that the BFSI sector is one of the top growth industries in the Philippines.

Malaysia reported 13 percent growth between February 2016 and 2017, while Singapore saw a modest 2 percent year-on-year growth, up 4 percent from -2% year-on-year from January.

While the demand for Finance and Account roles were not encouraging, Philippines saw 8 percent growth between February 2016 and 2017.

Singapore reported 5 percent year-on-year decline in demand for this talent, while Malaysia saw no change in online hiring between February 2016 and 2017.

"Technology and compliance-related roles remain the main driver of hiring demands amongst banking employers, and as banks continue to keep costs low, a shift towards technology is necessary to streamline operations, improve offerings and stay competitive," said Sanjay Modi, managing director at APAC and Middle East.


Online job posting activity 

The Monster Employment Index is a broad and comprehensive monthly analysis of online job posting activity in Singapore, Philippines and Malaysia conducted by Monster India. In Singapore, the Monster Employment Index  registered 3 percent annual growth. 

According to the index, IT, telecom/ISP and BPO/ITES lead among industry groups; whereas retail/trade and logistics declines the most. Among job roles software, hardware, telecom professionals enjoy highest annual growth in demand.

Monster Employment Index in Malaysia recorded no growth between February 2016 and 2017. While year-on-year, IT, Telecom/ISP and BPO/ITES enjoyed the steepest growth; retail dipped the most among industry sectors.

In Philippines, the Monster Employment Index witnessed uptrend of 10 percent on-the-year. Logistic, courier/ freight/transportation, import/export, shipping led online recruitment activity among sectors.

Engineering, construction and real estate register the steepest decline from the year-ago level. Customer service professionals showed the most notable demand among job roles on annual basis.


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