Overall Summary

1. Compared to the first quarter of this year, the overall appetite for tech recruitment has been slowly increasing in both Singapore and Hong Kong. However, the number of hires has been significantly lower than the levels of last year which were at a historic high for many of the recruitment firms.
   

2. Spikes in levels of interest in Machine Learning/Artificial Intelligence: A lot of our clients were interested in how ML/AI/ChatGPT could be used in their workflow. However, this did not immediately result in more hiring in this space but it could be a sign of things to come.
   

3. Employer Branding: We have noticed more and more companies trying to enhance their employer brand in order to attract top talent. In Singapore especially, where there has been a strong push to attract local candidates (Singapore PRs/Citizens), companies are emphasizing factors such as work-life balance, career growth opportunities, employee well-being, and so on to differentiate themselves from competitors.
   

Financial Services

1. The Investment Banks were primarily backfilling roles made vacant as a result of attrition. Given the uncertain economic climate and the dark clouds looming over the banking sector, hiring was existent (predominantly Java/C++ Developers) but somewhat muted.
   

2. Hedge funds were more active in hiring and looking for Python//C++ Developers/SREs and proven DevOps candidates in both Singapore and Hong Kong.
   

3. Insurance firms have started recruiting more software developers, Product Managers, and Digital Technology Specialists as free travel has resumed between Hong Kong and the mainland which has boosted their business.
   

Other Sectors/Domain-Specific Trends

1. In our conversations with CISOs and Security Professionals, the increasing need for Security and Risk Professionals has been apparent. There is an emphasis on improving Cybersecurity Resilience using automation. FSIs, large-scale enterprises are relying on Security Automation to be able to respond to incidents much faster.
   

2. We noticed an increasing demand for Java Developers and Infrastructure Specialists (Cloud / Server / Support) with around 3 – 8 years of experience in all sectors. A lot of these roles are a result of backfills from the past year due to emigration from Hong Kong. Businesses are also recovering in the post-Covid era.
   

3. Data Engineering and Analytics are also becoming increasingly important as enterprises now tend to have a Chief Data Officer in addition to the traditional IT management staff. Given the rise of Artificial Intelligence and Machine Learning, building a robust Data Analytics capability has become a priority for a lot of senior leaders.
   

Other Noteworthy Points

1. HSBC’s new Innovation Banking team has assigned 10 of its staff to Hong Kong.
   

2. Morgan Stanley has leased 5 floors of office space in Singapore. Singapore has also been attracting many family offices.
   

3. And, here is an article on the bad side of AI: A scammer in China used AI to pose as a businessman’s trusted friend and convince him to hand over millions of yuan.

We hope you find this information helpful. Please also check out our article on eFinancialCareers.

Best,

Vince Natteri, Managing Director

 (on behalf of the Pinpoint Asia Recruitment Team)