Demands for FinTech Talent Remain Strong in Singapore: Report

August 19, 201910:44 am
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Singapore FinTech Association (SFA) and PwC Singapore has jointly launched the FinTech Talent Survey 2019, which was undertaken to hear directly from the industry to better understand the issues faced by industry players with regard to shortfall in talent. The survey was launched at an event co-organised together with National Trades Union Congress (NTUC) and Institute of Banking and Finance Singapore (IBF). The key findings of the report were presented (as below). The launch event was graced by Patrick Tay, Assistant Secretary-General, NTUC.

Key findings include:

  1. Employment within Singapore’s FinTech industry appears strong, with 42 percent of respondent firms reporting 30 or more employees, and a further 31 percent having between 11 to 30 employees.
  2. Talent shortages appeared to be minimal across the industry, with 59 percent of respondents reporting no talent shortfall and 21 percent of participants reporting a talent shortfall of 0 percent – 25 percent across the 13 unique roles highlighted in the survey.
  3. Demand for talent over the next 12-36 months is strong despite the lack of talent shortages. However, with 94 percent of survey participants reporting intentions to expand their current work force within the next 12 months and 28 percent of respondents expecting to double their headcount within the next 36 months.
  4. Based on survey responses, the average FinTech firm in Singapore employs 10.8 employees with the largest components being in Software and Application Development, and Sales, Marketing and Business Development, having 43 percent and 22 percent respectively. Extrapolating survey results and applying industry estimates of 600-900 FinTech firms operating in Singapore, the industry as a whole employs roughly 6,500-10,000 employees in total.
  5. With hiring expected to increase substantially over the coming 12-36 months and all other factors being equal, the number of both firms and employees within the industry are expected to increase substantially.

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Commenting on the report, Chia Hock Lai, President, SFA said, “As a leading regional financial centre and home to 40 percent of FinTech firms in ASEAN, job prospects in FinTech remain strong in the coming years with demand coming from both local firms and international firms that use Singapore as their gateway into ASEAN regions.”

Presenting the report findings was Wong Wanyi, Partner, Partner specialising in FinTech, PwC Singapore who commented, “We see great optimism and scope for growth in the coming years but in order to sustain this growth, we will need to have the right talent. With the rising demand for talent, it is unsustainable for FinTechs to solely count on bringing in foreign talent. It’s very important for Singapore to continue to train and equip our workforce with the right skills and mindset that will help the industry thrive in long run.”

Patrick Tay, Assistant Secretary-General, NTUC who gave the keynote at the launch said, “It is heartening that there are many job opportunities in the Fintech sector and that this sector is actively hiring amidst global uncertainties. With rising demand for FinTech talent, we hope more workers and job-seekers would keep an open mind and explore picking up the required skills and competencies to land a job in this growing sector.  Likewise, those that are currently in the sector as well as in an adjacent sectors such as financial services or ICT will also need to equip themselves with the knowledge to operate in the FinTech space. We urge both workers and employers to continue to support and embrace training and skilling in this growth area so that both workers and companies can remain ready, relevant and resilient.”

“IBF welcomes the launch of the Fintech Talent Survey 2019. As part of its career services, IBF helps finance professionals explore career options based on their interests, which could include fintech. One common reservation has been a lack of understanding of firms and job opportunities in Singapore’s fintech industry, which we hope that this report will help address, and encourage more individuals to consider jobs in this space,” said Lydia Wee, Deputy Chief Executive Officer, Institute of Banking & Finance, Singapore.

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