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Singapore must stay nimble in rapidly-changing finance industry: Tharman

Rapid changes taking place in finance sector: Tharman

Published on Jun 11, 2014 7:10 AM
DPM and Finance Minister Tharman Shanmugaratnam speaks at The Institute of Banking & Finance 40th Anniversary Gala Dinner at Ritz Carlton Millenia Grand Ballroom on June 10 2014. -- ST PHOTO: KEVIN LIM  

The global finance industry is evolving rapidly as fast-changing technology hits customer habits and banking staff levels.

That means the Republic must stay nimble and develop capabilities to ensure the sector continues to provide rewarding careers for Singaporeans, said Deputy Prime Minister Tharman Shanmugaratnam.

Speaking at the Institute of Banking and Finance's (IBF) 40th anniversary dinner last night, Mr Tharman, who is also Finance Minister, said the sector has been buffeted by speedy technological change. This has caused the automation and therefore the redundancies of many jobs, he said at the event held at the Ritz-Carlton hotel.

For example, analysts believe a large proportion of job cuts in the United States' financial sector reflects the ongoing shift from branch to mobile banking. This reduces the need for staff at branches.

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