Asia is increasingly recognised as one of the biggest contributors to the global economy. With annual revenues from corporate and investment banking (CIB) surpassing $1.4 trillion, and comprising nearly half of the world’s CIB income, expectations for this sector in Asia remain high.
At the forefront of this momentum are Singapore and Hong Kong, two of Asia’s most prominent financial hubs, each with a distinct competitive edge. Singapore drives innovation in digital banking and fintech within the Association of Southeast Asian Nations (ASEAN), while Hong Kong is a key gateway to China and a leader in capital markets. As both cities’ banking sectors expand and compete globally, their momentum hinges on attracting and retaining top talent, especially as some banks accelerate tech adoption to stay competitive.
In the shifting global economy, banks are recommended to consider exploring innovative strategies to address talent shortages, particularly during periods of turnover. In Singapore, the Monetary Authority of Singapore (MAS) introduced the Artificial Intelligence and Data Analytics (AIDA) talent initiative to address talent shortages in AI and data analytics roles. In Hong Kong, it’s the Hong Kong Monetary Authority (HKMA) where they formulated the “Connecting Talent to the Future” strategy, a coordinated effort to systematically close talent gaps in banking.
Technology investment is one of the most effective strategies to improve efficiency and to build a strong foundation for the future. To help you increase your organisation’s resilience in the face of change, two hiring trends have impacted the banking sector in the two eventful first quarters of 2025.
AI and automation are changing the nature of work
In times of uncertainty, banks invest in the future, with spending in IT forecast to exceed an estimated $1 trillion by 2028 according to Gartner. New technologies are seeing widespread interest and adoption in the banking sector, reducing team sizes in some areas but creating new jobs in others.
Here are some of the innovations currently trending in the banking industry:
Application of Gen AI: Boston Consulting Group (BCG) reports that whilst banks are exploring Gen AI in the workforce, few are preparing the employees for the shift. Most institutions struggle to hire AI-skilled employees, and fewer than one-third have upskilled even a quarter of their teams. The challenge goes beyond hiring specialists; it’s about equipping decision-makers and oversight teams to understand and apply AI outputs, which many frontline and control staff still find difficult to navigate.
Investing into Quantum Computing: This emerging technology takes advantage of the probabilistic calculations enabled by quantum physics in order to exponentially increase the speed of various operations. Whilst still in its early stages, quantum computing is expected to see wider adoption in the coming years. Banking applications are wide-ranging and include portfolio optimisation, credit risk score calculation, security encryption, and more.
The government in Singapore, under the National Quantum Strategy (NQS), has allocated SGD$300 million (USD$222 million) over the next five years to drive quantum technology research and to nurture talent. This investment reinforces Singapore’s ambition to become a global hub for quantum innovation. For banks, staying competitive in this fast-evolving field will require hiring specialists in the field and building internal capabilities early.
Navigating Cryptocurrency: Cryptocurrency is no longer limited to niche online platforms: it’s now becoming part of the financial mainstream. According to Randstad’s 2025 Job Market Outlook and Salary Guide, both crypto and insurance companies are expected to continue hiring for digital and data-focused roles.
In Hong Kong, the rise of emerging technologies and AI is driving the creation of hybrid data roles like Data Reliability Engineer, Data Analytics Engineer, and Data Science Engineer. The need for software engineers is also projected to increase in 2025, fueled by ongoing digital transformation efforts.
Traditional banks lacking crypto expertise may soon need to bring in specialists to close knowledge gaps. To stay competitive in attracting top talent, these institutions will need to invest in strengthening their employer branding. This means improving how they hire, using a faster, smarter and reliable background screening to help build confidence in the workforce.
Digital Transformation Acceleration: Many banks are protecting themselves against uncertainty by moving their operations entirely online, which may involve closing their brick-and-mortar branches. Digital transformation, however, requires rethinking the way customers do banking. According to Q2 Holdings, Inc.’s recent Digital Banking Report, AI, improved data analytics, and a personalised customer experience being some of the key ways banks can preserve customers’ trust and loyalty through the transition.
Physical expansion: That being said, digital transformation is by no means a universal solution. Surprisingly, according to Q2 Holdings, Inc.’s findings, 35% of financial institutions are still planning to expand their branch network, possibly as a way of differentiating themselves from their digital-first competitors and serving demographics that prefer in-person contact, such as older customers.
Banks going this route must focus their hiring efforts on finding staff with both top-tier financial qualifications and traditional soft skills.
Hiring strategies in a skill-driven market
Technological innovations bring new hiring challenges, but also new opportunities. To stay ahead of the curve and achieve sustainable growth in uncertain times, banks are deploying a wide range of hiring and employment strategies.
Finding skilled talent: There remains a high demand for financial services professionals worldwide. Qualified talent is particularly sought after in specialised domains, such as gen AI and automation. To attract top talent and stand out in a competitive market, financial institutions must deliver an exceptional applicant experience. Fast, seamless, and user-friendly background screening and onboarding processes not only promote successful hires but also encourage long-term retention.
Going global: Strategic outsourcing allows banks to look for specialised skills outside of their usual recruitment pools while potentially reducing hiring-related costs. Banks looking to outsource key talent must, however, deal with their own challenges, such as providing international applicants with a localised hiring experience, adapting their screening and onboarding processes to the global market, and complying with local regulations. A trusted screening provider can help banks optimise their global hiring program while managing these challenges.
Reskilling: Instead of hiring externally, some financial institutions are turning to reskilling their existing teams to fill specialised roles. Reskilling helps banks reduce the costs linked to recruiting and to help retain high performers even as the nature of work evolves. Workplace safety and compliance remain essential aspects of this strategy, with monitoring programs helping banks keep track of risk factors linked to their existing workforce.
In times of change, a partnership with a reliable background screening provider can help bring stability and trust. First Advantage provides banks with tailored identity, screening, onboarding, and monitoring solutions, compliance and industry guidance, and world-class client and applicant experiences.
Contact us today to learn how we can help you navigate and capitalise on emerging banking trends across Asia.
