The growth of FinTech in Singapore can be largely attributed to 3 main reasons.
With Singapore’s aim of being a global financial hub, the FinTech industry has received and enjoyed strong support in the form of favorable regulations, enhanced digital assets, robust physical infrastructure, and comprehensive financial schemes.
Coupled with the evolution of technology that brings about a whole range of advantages such as cost-savings, improved efficiency, and personalised product offerings. Businesses in the financial industry are looking to adopt digitalisation in order to stay competitive.
In addition, endowed with the strategic location of being situated in the heart of Asia, Singapore serves as a preferred gateway into the Asian market, offering FinTech start-ups possibilities for exponential growth in the ASEAN region.
With the perfect combination of these factors, the FinTech industry in Singapore gains momentum year-on-year. Being one of the top FinTech hubs, Singapore is now home to 40% of South-east Asia’s FinTech firms.
Looking to start a career in FinTech or in need of FinTech talents to support your FinTech operations? Work with a FinTech specialised employment agency to get expert advice on the next step to take.
The rapid and unwavering growth of the FinTech industry means that there are a huge number of FinTech careers & graduate jobs available. In 6 years, job opportunities in the FinTech industry have increased 10 times that of the 1000 openings recorded in 2015. Moreover, the emergence of digital banks in Singapore will open doors for several opportunities for jobs and collaborations.
The demand for FinTech professionals has far outweighed the supply of talent in Singapore. In 2019, The Straits Times reported an acute talent shortage in the FinTech industry, where 64% of the employers surveyed said that they experienced difficulties hiring FinTech professionals. Amongst the talents, it was also cited that 37% of FinTech employees have changed jobs within the past 12 months. This shows that talents in the FinTech field hold greater bargaining power and are able to negotiate for better welfare and benefits.
In relation to the shortage of talents, it also results in companies offering higher salary packages in order to secure qualified candidates. A typically working professional who is well versed in the FinTech space enjoys 30% more in his remuneration package as compared to peers of other industries. As such, FinTech is seen as a lucrative trade.
The explosion of the cryptocurrency industry is pegged to the growing popularity of Bitcoin. The value of Bitcoin has been touching new highs every day as many favorable investors are betting big on this digital currency to become a mainstream asset.
As such, many FinTech firms are looking to ride the cryptocurrency wave, expanding their operations and workforce to strengthen their product offerings. However, the Blockchain theory is commonly heard of, but only a handful of professionals are able to fully grasp this concept. Consequently, there is a shortage of people who can understand the ecosystem and build applications within its environment. Therefore, professionals who are well versed in Blockchain technology are highly sought after.
Blockchain developers handle the entire life cycle of a Blockchain application. They create the architecture of the system, make smart contracts, and optimize the protocols. A Blockchain developer is required to have a strong mix of skills in areas such as cryptography, Blockchain architecture, data structures, smart contracts, and computer networking.
As with all technology-related jobs, knowledge of programming languages is a must. Coding skills are needed when it comes to developing software and applications. As FinTech organisations roll out more digital services and innovations, the demand for talented individuals capable of spearheading these new technological advancements grow in leaps and bounds.
A large bulk of FinTech operations run on the web, making these organisations highly vulnerable to cyberattacks. A successful attack would cause huge repercussions and grave damages to the companies as it runs the risk of paralyzing and immobilizing the whole company. This could translate to huge financial losses or serious data breaches. To defend the company from these malicious cyber threats, cybersecurity professionals are highly sought after by all FinTech organisations.
Digital offerings have created a massive uptick in the amount of data collected. These data possess great potential and opens countless opportunities for businesses in terms of cost reductions, optimized offerings, and personalising customer interactions. For this purpose, knowledge of technologies like Machine Learning, Artificial Intelligence (AI), Big Data, and Deep Learning is essential. Professionals who are well versed in these skills are able to help companies make better sense of raw data and draw insightful conclusions. The combination of smart machines and skilled humans also helps organisations implement automation practices and improve their services in terms of performance, convenience, and access.
Considering a career in the FinTech industry, or a mid-career switch? It is never too late to start. The industry is still in its early stages, and experts have predicted that FinTech will continue to show strong growth, ensuring a promising future for FinTech talents.
FinTech is one of the most rapidly changing industries, it is important to note that change is a constant in this industry. Fintech professionals are expected to attend upgrading and reskilling courses in order to effectively deal with the rapid changes in the industry.
EPS Consultants is a leading recruitment agency specialising in FinTech recruitment services. Our consultants are proficient in the FinTech industry and we subscribed to market-leading tools that allow us to expand our search. We are committed to building a strong team of FinTech professionals for our clients who can bring companies’ development plans to greater heights.
EPS Singapore is a trusted Recruitment partner for local and global clients. Our wide range of staffing solutions include general recruitment, IT recruitment, candidate contingency and executive search, contract staffing, manpower outsourcing and recruitment process outsourcing (RPO).