Singapore as a Financial Services Hub: The Hiring Context
Singapore is home to over 1,500 financial institutions — banks, asset managers, insurance companies, private equity funds, hedge funds, family offices, and fintech firms — making it one of the most concentrated financial services markets in Asia. The Monetary Authority of Singapore (MAS) regulates and simultaneously promotes the sector, and the city-state’s workforce planning for financial services reflects both the sector’s importance and its sensitivity.
For employers hiring in financial services, the work pass framework operates with higher salary thresholds than other sectors. For the most senior talent, the ONE Pass provides a pathway entirely outside the standard EP framework. This guide sets out the current rules, thresholds, and considerations for financial services employers and HR teams hiring in 2026.
The Employment Pass in Financial Services: Higher Thresholds
Financial services is one of two sectors (the other is financial services itself, broadly defined by MOM) with an elevated Employment Pass (EP) salary threshold. As of 2026:
- General sectors EP minimum: SGD 5,600 per month
- Financial services EP minimum: SGD 6,200 per month
These thresholds rise in January 2027: SGD 6,000 (general) and SGD 6,600 (financial services). Offers and contracts being structured today for roles starting in 2027 should reflect the higher threshold. Failure to meet the January 2027 threshold at renewal will result in EP rejection even if the current pass was validly issued.
MOM’s classification of “financial services” broadly follows Singapore Standard Industrial Classification (SSIC) codes. Roles at licensed banks, fund managers, insurers, capital markets intermediaries, and fintech firms with financial licences are typically assessed under the financial services threshold. HR teams uncertain about their SSIC classification should verify with MOM’s EP Online portal at the application stage.
COMPASS in Financial Services
EP applications in financial services are subject to the same COMPASS framework as other sectors, with the higher salary threshold as the base. The four COMPASS criteria — salary versus local peers, qualifications, firm-level nationality diversity, and local PMET share — all apply.
One important COMPASS consideration for financial services employers: the sector has historically had a higher proportion of foreign EP and S Pass holders relative to local PMETs than other sectors. MOM monitors this through the C4 (local PMET share) criterion. Firms at or above the median for their sector on local PMET share score 10 points on C4; firms above the 75th percentile score 20 points. Financial services employers who are in the bottom half of their sector on local PMET share will score 0 on C4, which, combined with a high nationality concentration (scoring 0 on C3), can make individual EP applications much harder to pass.
Financial services firms should treat COMPASS not as an application-by-application exercise but as a workforce planning framework. The local hiring pipeline — Graduate Programmes, PMET internship schemes, MAS-supported programmes — feeds directly into COMPASS scores over time.
The COMPASS exemption at SGD 22,500 fixed monthly salary remains available in financial services, as in other sectors. Senior bankers, fund managers, and senior compliance professionals at this salary level are assessed on overall merit only.
The ONE Pass: Singapore’s Top-Tier Work Pass
The Overseas Networks and Expertise Pass (ONE Pass) is Singapore’s top-tier work authorisation, designed for elite global talent. It is particularly relevant for financial services given the sector’s concentration of high-earning professionals.
ONE Pass eligibility requires either:
- A fixed monthly salary of at least SGD 30,000 from a current or prospective Singapore employer; or
- Outstanding achievements in arts, culture, sports, academia, or research and development (assessed case by case)
The ONE Pass has several distinctive features that make it highly attractive for senior financial services hires:
- Five-year validity — compared to one to two years for a standard EP. Reduces administrative burden and renewal risk for both employer and candidate.
- Multiple employers permitted — a ONE Pass holder can work for more than one employer simultaneously. This is significant for portfolio managers with advisory board roles, or fintech founders who hold executive positions at multiple entities.
- No job change notification required — the pass is not tied to a specific employer, so changing jobs does not require a new application. The holder simply notifies MOM of the change.
- Spouse work rights — the spouse of a ONE Pass holder may apply for a Letter of Consent (LOC) to work in Singapore without a separate work pass assessment.
ONE Pass is assessed by MOM and COMPASS does not apply. The application can be initiated by the employer or by the candidate directly. This is a notable difference from the EP, which must be employer-initiated.
S Pass in Financial Services
The S Pass is Singapore’s mid-tier work pass for associate professionals and technicians. In financial services, the S Pass threshold is also elevated:
- General sectors S Pass minimum: SGD 3,150 per month
- Financial services S Pass minimum: SGD 3,650 per month
Employers should note that S Pass holders count against the S Pass quota (sub-dependency ratio ceiling), which in financial services is typically 15% of the total workforce. Unlike EP holders, S Pass holders do count against the quota. Financial services firms with constrained S Pass quota headroom should manage this carefully, particularly when growing junior teams.
MAS Remuneration Guidelines: What HR Needs to Know
The Monetary Authority of Singapore (MAS) issues Guidelines on Risk-Based Capital and Remuneration for major financial institutions. These guidelines — relevant to licensed banks, capital markets services licensees, and large insurers — impose requirements on the structure of variable compensation for material risk-takers (MRTs), senior management, and key personnel.
Key remuneration governance requirements include:
- Deferral of variable compensation: A portion of variable pay for MRTs must be deferred over a minimum period (typically three to five years), with malus and clawback provisions.
- Proportion of variable pay in instruments: A portion of deferred variable pay must be in the form of equity-linked or other non-cash instruments that align the holder’s incentive with long-term performance.
- Board oversight: The board’s remuneration committee is accountable for MRT compensation structures.
For hiring purposes, this means that advertised or negotiated total compensation packages for MRT-level hires must be structured to comply with MAS guidelines — not just with the EP salary threshold. A candidate negotiating a SGD 40,000 monthly salary of which SGD 25,000 is fixed and SGD 15,000 is variable needs to understand that the variable component will be subject to deferral under MAS rules, not paid on the standard cycle.
The Fair Consideration Framework
The Fair Consideration Framework (FCF) requires all employers with 25 or more employees to advertise qualifying PMET positions on MyCareersFuture.sg for at least 14 calendar days before submitting an EP application — unless the role is exempted (e.g. intra-company transfers, short-term assignments, or roles that were advertised within six months). Financial services employers are subject to the FCF in full.
MOM monitors FCF compliance actively and has placed employers with disproportionately low local PMET hiring rates on a watchlist, subjecting their EP and S Pass applications to enhanced scrutiny. Financial services firms with high EP/S Pass ratios relative to locals should have documented, defensible evidence of genuine local advertising and fair consideration before making EP applications for foreign hires.
Key Roles and Typical Pass Pathways in Financial Services
Different financial services roles typically fall into different pass categories:
- Junior analysts and associates (SGD 6,200–10,000/month): EP at the financial services threshold, COMPASS applies. Salary positioning versus local peers is the key variable.
- Senior managers and directors (SGD 10,000–22,500/month): EP, COMPASS applies. Most will score well on C1 and C2; nationality diversity and local PMET share (C3 and C4) determine the margin.
- Managing directors, regional heads, senior portfolio managers (SGD 22,500+/month): EP with COMPASS exemption, or ONE Pass if salary exceeds SGD 30,000.
- Global CXOs and exceptional market professionals (SGD 30,000+/month): ONE Pass is typically the most appropriate and efficient pathway.
Family Offices: A Special Note
Singapore’s single-family office (SFO) sector has grown substantially under MAS’s Variable Capital Company (VCC) framework and the Section 13O/13U tax incentive schemes. SFOs frequently hire investment managers, research analysts, and compliance officers via the EP or ONE Pass. MAS’s revised requirements for tax-incentivised SFOs (minimum AUM, local investment requirements, and minimum local employment thresholds) have increased the demand for EP holders who are locally based.
SFO hiring teams should note that the local employment thresholds in the Section 13O and 13U schemes specifically require locally-based investment professionals — not just any employee. This creates a direct intersection between MAS licensing requirements and MOM work pass planning.
How LBEA Can Assist Financial Services Employers
LBEA is a MOM-licensed employment agency (Licence No. 19C9790) with experience supporting financial services employers — banks, asset managers, fintechs, and family offices — with EP and ONE Pass applications, COMPASS assessments, S Pass quota planning, and FCF compliance documentation. We work alongside HR teams on individual applications and on broader workforce planning. Contact us for a consultation.