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Specialist IT Recruiters for Asia's Finance, Insurance and Commerce Markets

General Info

  1. Our opinion is that the 2017 tech recruitment market got off to a significantly slower start because the New Year and Chinese New Year (end of January) happened to be quite close together this time. Companies seemed to prefer to wait until after CNY to kick start hiring for the year. The market has since started to pick up quite a lot mainly in the contracting / insurance and high tech sector


Banking Technology Segment

  1. We could see movement in the market because of news of consolidation such as Macquarie Securities / Commodities merging and CLSA / CITIC Securities consolidating. We also heard about banks merging the back office Securities Trading system for multiple asset classes (Fixed Income / Cash) resulting in redundancies
  2. There was also more of the same theme within the Banking Tech sector: front office roles being kept in high cost places such as Hong Kong whereas many of the non FO roles invariably being off-shored to places like India or outsourced to a vendor. There were layoffs at many banks including the latest ones at HSBC. There continued to be a steady demand for Contracting hires
  3. Hiring for BAs / PMs / Developers in the Front Office tech space saw some demand (mainly from Feb). Hedge funds, market makers and other buy side firms were also hiring both in HK and SG. Commercial Banks were also hiring for developers (web / mobile)


Hot Areas / Functions

  1. The HKMA issued a guide to an Enhanced Competency Framework for Cyber Security late 2016. Following this, we saw a further increase in IT Security roles within banks, an area that has already been hot for a while
  2. Cloud Technology-based roles continue to be hot. AWS, Alibaba, Microsoft all have Data Centers in Hong Kong and Cloud Solutions. Banks are also increasingly active in using the Public Cloud for Big Data Analytics and other Digital initiatives


Other info

  1. These days, we can never finish writing a market intelligence newsletter without a few points on FinTech! Chinese University of Hong Kong is now offering its first ever FinTech course/li>
  2. The tech giants in China are also trying to monetize their user base and could soon be competitors to traditional banks. Incidentally, Tencent Holdings became the first tech company to hold a banking license (2014). They also recently poached Baidu’s Machine Learning researcher Tony Zhang.
  3. Deloitte seems to think that 2017 could be the make-or-break year for blockchain technology and has opened a blockchain lab in NY. Although, we have not seen any particular hiring because of blockchain technology yet. Perhaps it’s still far away from commercial adoption


Hope you found this information useful. Please do contact us should you need more information.

We look forward to helping you.

Best,
Vince Natteri,
Managing Director

(on behalf of the Pinpoint Asia Recruitment Team)
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