Singapore’s financial services sector operates under a distinct Employment Pass (EP) framework that sets higher qualifying salaries, applies sector-specific COMPASS benchmarks, and intersects with MAS regulatory requirements in ways that do not apply to most other industries. For banks, asset managers, insurance companies and fintech firms hiring overseas professionals in 2026, the financial services EP framework requires a more rigorous pre-application review than a general-sector EP. A refusal in the financial services sector carries additional reputational weight with MOM and can affect an employer’s future application success. This guide explains the sector-specific rules, the COMPASS criteria as they apply to financial services employers, and the practical steps that Singapore financial institutions must take before lodging an EP application in 2026.
Singapore Financial Services EP 2026: The Higher Salary Floor
The Ministry of Manpower (MOM) applies a sector-specific qualifying salary for Employment Pass holders in financial services. As at August 2026, the qualifying salary for new EP applications in the financial services sector is SGD 6,200 per month for the youngest eligible applicants, rising progressively with age. For comparison, the general sector EP floor is SGD 5,600 per month. This SGD 600 premium reflects the higher local PMET salary benchmarks in financial services and the government’s intent to ensure that imported financial-sector talent is genuinely above-market.
The age-progressive dimension is especially important for financial services EP applications. A 35-year-old applicant in financial services may need to earn SGD 8,500–9,500 per month to meet MOM’s age-adjusted floor. Employers should not assume that any salary above SGD 6,200 satisfies the criterion — the individual’s age must be checked against the applicable salary threshold at the time of application. The full age-progressive table is available on the MOM EP eligibility page.
Salary Components That Count — and Those That Do Not
In financial services, where total compensation frequently includes substantial bonuses, deferred stock and carried interest, it is critical to understand what MOM treats as the qualifying salary. Only fixed monthly cash salary counts toward the EP qualifying threshold. Annual bonuses, variable pay, stock awards, ESOP grants and carried interest are excluded from the assessment. A Vice President earning SGD 5,500 fixed plus SGD 3,000 variable per month does not meet the SGD 6,200 floor. Employers who offer London- or Hong Kong-style compensation packages with high variable-to-fixed ratios should restructure these carefully before submitting an EP application.
COMPASS for Singapore Financial Services Employers
The Complementarity Assessment Framework (COMPASS) scores every EP application across six criteria. For financial services employers, the salary benchmark criterion compares the applicant’s fixed salary against the median salary for comparable roles in the local financial services workforce. If the applicant’s salary falls below the 50th percentile benchmark for the role, the employer scores zero on the salary criterion — the single highest-weighted factor in COMPASS. Financial services salary benchmarks tend to be higher than general-sector benchmarks for equivalent roles, meaning that an applicant who would score well in the general sector may score poorly when assessed against financial-sector peers.
For a complete explanation of how COMPASS is scored and how points are allocated, see our COMPASS framework guide for Singapore EP 2026.
Nationality Diversity in Financial Services Firms
Financial services firms in Singapore tend to have EP workforces with high concentrations of professionals from a small number of source countries — typically the UK, US, India and Hong Kong SAR. This concentration creates COMPASS risk on the nationality diversity criterion (C3), which awards bonus points to employers whose EP workforce is spread across nationalities without any single nationality exceeding a concentration threshold. Banks and asset managers with a historically high proportion of EP holders from one or two countries should audit their EP workforce nationality profile and, where possible, seek diversity before lodging further applications from the same source countries.
Local PMET Hiring Ratio: The Fair Consideration Framework
Financial services employers are also subject to the Fair Consideration Framework (FCF), which requires firms with 10 or more employees to advertise vacancies on MyCareersFuture for at least 14 days before filing an EP application. MOM monitors the ratio of EP holders to local PMETs in financial services firms and flags employers whose ratio appears disproportionate. A low local PMET hiring ratio results in a lower COMPASS firm-level score and increases MOM scrutiny of all subsequent EP applications from that employer. Financial services HR teams should track this ratio quarterly and address any deterioration before the firm moves into COMPASS’s lower-scoring band.
MAS Regulatory Fit-and-Proper Considerations
For financial services roles that involve MAS-regulated activities — dealing in securities, fund management, financial advisory, insurance broking — the individual hired on an EP may also need to register as an appointed representative under MAS’s licensing framework. While MAS registration is separate from the MOM work-pass process, a refusal or conditional approval from MAS can effectively block the individual from performing their role even if MOM has approved the EP. Employers should run both the MOM EP pre-assessment and a MAS fit-and-proper review in parallel, not sequentially, to avoid onboarding delays.
ONE Pass for Senior Financial Services Professionals
Senior financial professionals who earn SGD 30,000 or more per month — typically Managing Directors, Chief Investment Officers and heads of desk — are strong candidates for the ONE Pass rather than the EP. The ONE Pass carries no COMPASS scoring, no quota, and no employer-tie constraint. For a financial services firm bringing in a senior external hire who may move between roles or entities within the group, the ONE Pass eliminates the need to reapply for a new EP each time the individual’s reporting line or entity changes. ONE Pass holders can also consult for multiple firms simultaneously, which suits senior professionals who sit on advisory boards or take board seats at portfolio companies.
Practical Action Steps for Singapore Financial Services Employers
Before lodging any EP application in financial services in 2026, employers should take the following steps. Run the COMPASS employer pre-screening via MOM’s EP Online portal to check the firm’s current score on the firm-level criteria. Verify the applicant’s fixed salary against the age-adjusted qualifying threshold for the financial services sector, not the general sector. Check the MOM job advertising requirement (14-day FCF period) is complete and documented before submission. Confirm whether the role involves MAS-regulated activities and initiate the MAS representative registration process in parallel. For professionals in the SGD 30,000+ per month range, assess whether the ONE Pass is more appropriate than the EP.
For a comprehensive overview of the EP application process, COMPASS scoring and MOM requirements, see the Complete Singapore Employment Pass Guide 2026. Employers who also have S Pass holders should note the upcoming S Pass renewal threshold changes taking effect 1 September 2026.
Work Pass Support for Singapore Financial Institutions
Little Big Employment Agency (MOM Licence 19C9790) works with banks, asset managers, insurance firms and fintech companies to manage EP applications, COMPASS pre-assessments and workforce compliance under the Singapore Employment Agency banner. For corporate secretarial, fund administration and MAS licensing support, our parent company Raffles Corporate Services provides end-to-end financial services regulatory assistance.
— The Editorial Team, Little Big Employment Agency