Daily Briefing: Private banks amp up fintech role hiring; GIC partners with Australian REIT Dexus for a $1.45b trust

And here’s why commuters don’t mind longer journeys, according to LTA feedback.

From eFinancial Careers:

Private banks in Singapore and Hong Kong are actively recruiting technologists to keep up with tech-savvy and mobile-first customers demanding round-the-clock investment advice and management via their smartphones.

Apps, chatbots and roboadvisors aren’t replacing private bankers in Asia (hiring in the front-office is stronger than ever because millionaires and billionaires also want the human touch), but their growth is now fuelling demand for IT developers. Technology costs at large private banks in Asia were up 15% YoY for the first nine months, according to consultancy Scorpio Partnership. “Headcount for technology roles within private banking is increasing, with more firms seeking technology candidates who already have wealth-product experience,” says Mark Li, a director at recruiters Randstad in Singapore.

Private banks in Singapore and Hong Kong aren’t recruiting for business-as-usual roles. “Technologists are primarily using new tech such as machine learning, big data and artificial intelligence to digitalise the wealth industry,” says Shinjika Shukla, an associate director at recruiters Michael Page in Singapore. “There’s growing demand for algorithm developers, data scientists, digital product managers, and UX/UI designers.”

Read more here.

From Deal Street Asia:

GIC partnered with Australian real estate investment trust Dexus to establish a $1.45b (A$2b) unlisted trust dubbed the Dexus Australian Logistics Trust (DALT) which will be used to invest in Australian logistics properties.

The said portfolio comprises A$1.4b ($1.01b) of core logistics properties and a A$138m ($100m) development landbank, which will be valued A$500m ($363m) on completion.

The new unlisted vehicle is open-ended with an indefinite term and an active acquisition and development mandate, Dexus said.
GIC will be DALT’s foundation investor, taking an initial 25% investment in the core portfolio, with put and call rights to acquire an additional 24% by June 2020. Dexus will hold the remaining 75% initially.

Read more here.

From Channel News Asia:

Singaporeans do not mind a longer commute so long as it means a better riding experience with wifi, according to public feedback sought out by the Land Transportation Authority (LTA) on its master plan that will reshape land transport in 2040.

"People brought up - can we have Wi-Fi, can we have a more comfortable commuting experience, so I can do something; I can listen to a podcast, I can clear my emails, I can chat with my friends," Senior Minister of State for Transport Janil Puthucheary said on Sunday, 25 November at a REACH "listening point" which is a feedback gathering booth outside Waterway Point in Punggol.

"It's not just it has to be fast and that's all they want. That was unexpected but it came across quite clearly in our focus group discussions."

About six in 10 people said having different options to travel from one place to another is important to them, so they can make decisions based on the number of transfers and travelling time.

Read more here.