Banks Offer Flexiwork, Mentor Programmes To Uplift Women's Careers

On International Women's Day, Asian Banking & Finance spoke with Singapore's industry experts on how they are helping close the gender gap in their workforces.

SINGAPORE

Asia has come a long way in closing the gender gap. According to a 2022 report by the World Economic Forum, the East Asia and Pacific region— which includes Southeast Asian countries–has closed 69% of the gap. But even with 13 of the 19 countries improving their performances, it will still take 168 years to fully close the gap at its current pace.

In the banking sector, a 2021 report by Deloitte observed “divergent numbers and uneven progress” when it came to the share of women working in the financial services industry. Notably, Singapore bucked the trend and is expected to reach parity in next-generation roles by the end of the decade.

Despite this, Deloitte estimates a reduction in the share of women in C-Suite roles by the end of the decade: from 20.8% of all current C-Suite positions as of 2021, to 15.3% by 2030. Meanwhile, the share of women occupying senior roles is estimated to remain unchanged at almost one in every four roles, or 24.5%.

Role models

The three banks—DBS, OCBC, and UOB—that Asian Banking & Finance spoke with all performed well in various diversity metrics.