Why It's a Great Time to Join Singapore Banks vs Foreign Banks?

If you're applying for graduate trainee or internship positions in foreign banks, you must know that Singapore banks are currently some of the strongest with OCBC, DBS, and UOB among the Top 10. Here's why we think it’s a great time to work with them instead.

 
1. They’ve emerged stronger from the recent crisis than US banks. Political tensions between western nations and China spurred the flow of capital from Hong Kong to Singapore which is perceived as a safer alternative. Also, Chinese nationals- individuals and businesses wary of foreign sanctions may hesitate to use the US banks in Singapore.
 
2. The projected growth and expansion potential of ASEAN banks is stronger than their foreign counterparts. UOB, DBS, OCBC are expanding their services and products in #wealthmanagement, #corporatebanking, and #capitalmarkets substantially. Local banks and wealth managers can easily embrace Asian culture to cater to Chinese clients, and hire more Chinese staff to capture capital and bigger deals from the region. Despite the qualms, local banks offer way better wealth management products than Chinese banks.
 
3. With the Belt & Road Initiative, Chinese corps are expanding beyond mature ASEAN economies like Singapore, Malaysia to developing ones like Vietnam & Cambodia while US banks like Standard Chartered, JPMorgan lack regional expertise.
 
4. The salary gap as compared to US banks is narrowing, which dampens the latter's charm. Though the starting salary offered by local banks may be lower, their long-term growth potential is certainly better.

 

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