According to the Fintech Employment 2019 report published by professional recruitment services firm – Michael Page Singapore, 94 percent of fintech companies surveyed agreed that we are facing a major shortage of fintech talent.
39 percent of the respondents also viewed artificial intelligence and robotics as one of the most important technological advances to impact the future development of fintech in Singapore.
Optimistic about the employment opportunities this presents, Nilay Khandelwal, Managing Director of Michael Page Singapore comments, “In what is expected to secure Singapore’s position as a leading fintech centre, the Bank for International Settlements (BIS) has announced plans to set up an innovation centre in Singapore. The establishment is set to observe critical technology trends affecting central banking globally. This is anticipated to increase job creation in the Big Data, cloud computing and information security spaces.”
Further news from Singapore’s central bank has pledged an offering of up to five digital bank licences to suitable applicants. This move is earmarked as the next frontier in Singapore’s banking liberalisation and looks forward to the innovative value propositions external firms can introduce.
Overall, the respondent community predicts that fintech will play a key role in Singapore’s economic future, with a staggering 94 percent anticipating a positive impact. Also, the number of local consumers adopting fintech products and services has drastically risen in the last two years, tripling from 23 percent in 2017 to 67 percent in 2019. Consumer companies are working hard to stay ahead of the pack with their advanced electronic payment system and digital wallets.
Through the survey, enlisting of fintech talent proved to be a challenging experience, with 64 percent of employers expressing difficulties. 40 percent of respondents shared that the biggest obstacle for them remains the lack of professional skills available. Keeping these skilled employees is no easy task either as 37 percent of those surveyed shared that they had switched jobs in the last 12 months.
Addressing the talent crunch, Nilay Khandelwal explains, “Businesses need to attract and upskill key talent in Singapore’s tight labor market.”
Candidates in this space stated that their key motivators are technological capabilities and future adoption, a clear career path and company culture fit. 21 percent of those surveyed say that they expect salary raises ranging from 12-15 percent when securing a new role.
To ease this acute talent shortage in fintech, “Singapore also needs to nurture and produce top quality industry-ready talent through education to ensure that it has the capabilities to continue to grow its fintech industry,” observes Nilay Khandelwal.