Profiles
TAG | banking sector
14
Changi Business Park – Canary Wharf of the East?
1 Comment | Posted by Guest in Financial Services, IT
A notable trend in the middle to back office of financial institutions across Singapore is starting to appear; if you haven’t already heard, Changi Business Park is the new hot zone for technology and operations. While the banks are belt tightening and restructuring globally, a uniform trend on the island has been to shift operations and support services out of the Central Business District. The result? A new and emerging technology and operations hub in the East.
Canary Wharf - home to a growing number of financial institutions in London
You could be forgiven for missing the strategic importance, when you walk along Changi’s gentrified paths and absorb the eerie quiet. Yet it plays host to a number of prime data centres and back office processes that underpin mission critical day-to-day operations of the banking sector worldwide. Citibank, Standard Chartered and DBS boast prime real estate in the hub presently with an increasing number of employees being relocated from the centre. Credit Suisse recently announced a back office centre-of-excellence to join them in 2013.
An ex-Londoner now settled in Singapore, my thoughts are naturally drawn to Canary Wharf, a banking hub outside of the City of London on the site of a 19th century port. Redeveloped in the 1980’s, the old docklands became an attractive place for banks to shift their operations outside of the relatively expensive central business district – often referred to as the Square Mile. It is now host to the headquarters of many of the world’s top tier financial institutions.
Changhi Business Park in Singapore
So, watch this space Singapore. As capital inflows to the East continue to rise and the regulatory landscape in the West looks somewhat uncertain, who knows how Changi will transform in the not-so-distant future. Are we looking at the Canary Wharf of the East…..?
7
APAC Salary Guides for 2011
1 Comment | Posted by Chris Jay in Careers, Commerce and Industry, Financial Services, IT
Our latest salary guides offer market intelligence on hiring and remuneration across the financial services and commercial sectors in Hong Kong, Japan, Singapore and Sydney.
We hope you find these reports informative. If you have any questions, feedback or would like to discuss any of the findings, please contact us directly.
2011 Singapore Salary Guide
Singapore’s reputation as a stable economy, with excellent infrastructure and talented professionals, has seen it pull out of the economic downturn fairly quickly and move into a prudently optimistic recruitment market. The city-state’s recovery is solid rather than stellar, but many sectors are now rapidly expanding and enjoying robust growth.
2011 Hong Kong Salary Guide
Across the board, 2010 was a year of robust economic recovery for Hong Kong. The city’s unique position as the gateway to China meant most firms were looking at expansion. This growth is set to continue in 2011 and companies’ hiring patterns will match their expansion plans. Businesses are not only growing their core areas; many are also investing in new areas to take advantage of the strong economy.
2011 Japan Salary Guide
There have been significant impacts on the Japanese market following the country’s devastating earthquake and tsunami in March. As the country works to recover, it is going to become increasingly important to sustain the Japanese economy. As well as looking after our own employees, we will be supporting companies in meeting their immediate resourcing needs, to ensure that where possible, their business operations can continue.
2011 Sydney Salary Guide >>
Overall, the Australian economy is solid in an ever-changing world. The nation came out of the global financial crisis at an impressive rate in 2010 compared to other advanced economies. There is a sense of stronger business and consumer confidence as 2011 progresses, which will naturally lead to investment in business growth and the people needed to implement expansion strategies.
21
Ten days on from the earthquake and tsunami in Japan
0 Comments | Posted by Lionel Kaidatzis in Commerce and Industry, Financial Services
Everybody is obviously shocked and saddened by the damage the earthquake and the tsunami have caused. There is also a little fatigue with the continuation of after-shocks being felt. The damage and loss of life have naturally created a sombre mood within the business community, and within the city as a whole. That said most people are trying to get on with their lives, and for the most part, it is business as usual. The biggest day to day issue is the shortage of water and food in supermarkets, although they are by no means bare as some press outlets have suggested. Thus far I have seen quite a contrast of opinions with the ongoing events here in Japan. As mentioned earlier for many it is just business as usual, but there are also those who are trying to get out of Tokyo. Foreigners are particularly concerned as most embassies have advised their nationals to consider leaving Tokyo.
It remains to be seen what impact this will have on banking recruitment. For the most part financial institutions have put everything on hold until next week, although some have continued their recruitment processes as per usual. It is hard to speculate on what might happen in the longer term. Given Japan is a high cost centre most banks have offshored whichever functions they could over the past two and a half years. Thus most business streams that are left predominantly service domestic companies which in nearly all instances means they need to be based in Japan. So long as the economy can bounce back there will always be a need for finance professionals. We may even see a short term spike in demand if some foreign nationals either delay or choose not to return to Tokyo.
For businesses, and citizens alike, it’s going to become increasingly important to sustain the Japanese economy. Therefore, as well as looking after our own employees, our primary focus as a specialist recruiter is to help our clients and candidates as much as we can. We want to support companies in meeting their immediate resourcing needs to ensure that where possible, their business operations can continue.
