If you have a steady and well-paying job that can help you sustain your dependents, you can relocate your family to Singapore via a Dependent Pass (DP). DP holders can apply for various banking jobs entry-level or associate level in Singapore.
Who is a Dependent Pass Holder?
The family members (spouses and children) of S Pass, Employment Pass, Personalised Employment Pass (PEP), etc. are provided with Dependent Pass (DP) status. A DP will be valid as long as the main pass holder is employed in Singapore.
Let us explore more about the banking jobs available in Singapore for Dependent Pass holders.
Opportunities in the Banking sector
Singapore’s banking industry enjoys a special status and is among the most prominent ones in Asia. There are more than 100 commercial banks and plenty of other merchant banks.
Dependent pass holders can also apply themselves for various roles in the banking industry like financial analysts, financial supervisors, etc.
The factors that have been the catalyst to the growth of the banking industry in Singapore contributing to the high demand for banking professionals are mentioned below –
- Liberalisation of domestic banks by the Singapore government.
- The number of banks has significantly increased in Singapore in recent years. The increased competition also brings out the best financial services. Also, more skilled professionals will be hired by these financial institutions/firms.
- The increase in the number of foreign banks in Singapore has created job opportunities on a global level.
- Apart from traditional banking services like money lending and depositing, banks in Singapore provide advanced banking services like corporate banking, investment banking, fintech services, etc. Technology has added a lot to the growth of the banking sector in Singapore.
- Favourable taxation and regulatory policies have helped in the surge of the banking industry. Strict laws against cybercrime, money laundering helps banks to operate safely.
Top 5 Job Roles to Apply for
Let’s look at the most promising banking jobs that guarantee high remuneration and good working conditions in the banking and finance domain.
- Mergers & Acquisitions (M&A) Advisory – The M&A of local banks is upskilling in Singapore. Due to the rise of investment banking in Singapore, M&A professionals are in high demand. You need to have good financial modelling skills to apply for M&A advisory.
- Research Analyst – They can also be financial analysts. You have to analyse financial statements, market reports, etc. and forecast based on your findings. The rise of fintech services in Singapore has created the demand for skilled analysts who are good with banking software(s).
- Anti-Money Laundering – Banks require professionals who can help them in complying with the regulations and securing their banking processes. Digital banking also needs to be secured through digital encryption.
- Market Risk – Financial institutions safeguard themselves against market disruptions and inflation. DP holders are also given equal rights to work in Singapore. You can be paid well if you are good at-risk identification and management.
- Internal Audit – Due to the adoption of the 3LoD (Three Lines of Defence) working methodology, the demand for internal auditors has increased in Singapore. Your responsibilities as an internal auditor in Singapore will be quality assurance, compliance, financial markets audit, etc.
Unveiling the Requirements
While the specific requirements for bank jobs can vary, certain qualifications and attributes are universally valued:
- A relevant bachelor’s degree in finance, business, economics, or a related field.
- Strong analytical and problem-solving skills.
- Proficiency in financial software and tools.
- Excellent communication and interpersonal skills.
- Familiarity with Singapore’s banking regulations and financial landscape.
- Relevant certifications, such as Certified Financial Planner (CFP) or Chartered Financial Analyst (CFA), can provide a competitive edge.
If you are a dependent of an S Pass holder, you can apply for a job, S Pass, and Employment Pass in Singapore. If you are a dependent of an Employment Pass holder, you have to apply for a LOC (Letter of Consent) from the Ministry of Manpower (MOM) in Singapore before working.
Growth Prospects and Advancement
Bank jobs in Singapore offer promising growth opportunities for dependent pass holders who demonstrate dedication and competence. Entry-level positions can serve as stepping stones toward more specialized roles or managerial positions.
Continuous learning, skill enhancement, and networking within the industry can significantly accelerate your career trajectory.
Expert Insights: Navigating Challenges
To gain deeper insights into the dynamics of bank jobs in Singapore for dependent pass holders, we reached out to seasoned professionals in the field.
According to Jane Lim, a senior banking executive, “Adaptability and a willingness to embrace change are key attributes for success. The banking landscape evolves rapidly, and those who can navigate shifts and learn on the go tend to excel.”
Banking services will grow with a good CAGR in the coming years and you too can be a part of it.
A good job-seeking platform like foundit will help you in looking for banking jobs in Singapore.
Apply to a Singapore banking job now!
FAQs
Q1: Can dependent pass holders apply for all types of bank jobs?
A: While dependent pass holders have access to a range of job opportunities, certain roles that involve sensitive information or regulatory requirements might have restrictions.
Q2: Are there opportunities for career growth in the banking sector?
A: Absolutely. Banking offers a clear pathway for advancement, provided individuals invest in skill development and stay updated on industry trends.
Q3: What sets Singapore’s banking industry apart?
A: Singapore’s banking sector is known for its stability, innovation, and global connectivity, making it an attractive destination for professionals.
Q4: How can I enhance my chances of landing a bank job as a dependent pass holder?
A: Networking, upskilling, and tailoring your application to showcase relevant skills and experiences can enhance your prospects.
Q5: Are there networking events specifically for banking professionals in Singapore?
A: Yes, Singapore hosts various industry events, conferences, and seminars where banking professionals can connect and learn.
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