Credit Suisse may need to pare back its ambitious front-office hiring plans in Asian wealth management, but it’s still building its digital private banking product team in Singapore.
Last year Credit Suisse appointed Singapore-based Daniel Folly as head of APAC digital private bank, online and mobile banking. Now the firm has poached Adam Koh from UOB in Singapore as a product owner in the digital team, according to his LinkedIn profile.
Credit Suisse uses Singapore as a base for some of its private banking technology development. The Swiss bank has an APAC private banking app, for example, which gives rich clients access to portfolios and market news. The ‘Credit Suisse Chat’ platform lets clients engage with the bank’s staff via messaging. The Swiss bank continues to invest more broadly in Singapore as Hong Kong experiences a slowdown because of its zero Covid policy, CEO Thomas Gottstein said this week.
Other private banks in Singapore are also bringing in digital product professionals to meet growing demand for online services from the younger generation of wealthy individuals, often entrepreneurs or the children of business founders. JP Morgan, for example, is hiring for a digital product manager to lead initiatives in areas such as client notifications, and chat and collaboration platforms, according to its career website.
The battle for product professionals in Singapore isn’t confined to wealth management – most of the hiring is in the commercial and retail space. Koh, for example, was previously working in UOB’s high-profile digital bank TMRW. Standard Chartered, Citi, DBS, and OCBC are also among the most aggressive recruiters as they develop apps and other digital platforms, which have flourished during the pandemic in Singapore.
Talent shortages of product professionals in the finance sector are being further exacerbated by the launch of four new digital banks in Singapore later this year. Grab’s new digibank alone has five product-related roles on offer.
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