Did you know that Singapore is home to 40 per cent of FinTech firms in ASEAN and job prospects remain healthy in the near future?
According to a FinTech Talent Survey 2019, the industry here expects to see an increase in hiring over the coming 12-36 months, with both the number of firms and employees also expected to increase.
The results of the survey were shared by Singapore FinTech Association (SFA) and PwC Singapore on 19 August 2019 at an event co-organised with NTUC and the Institute of Banking and Finance Singapore (IBF).
Many job opportunities
“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,” said Patrick Tay, NTUC Assistant Secretary-General, who gave the keynote address at the launch.
A look at the key findings
According to the survey, 42 per cent of firms reported having 30 or more employees, with 31 per cent having between 11 to 30 employees.
Fifty-nine per cent of respondents reported that there was no talent shortfall while only 21 per cent shared a talent shortfall of 0 – 25 per cent across 13 unique roles highlighted in the survey.
Demand for talent remains strong over the next 12-36 months. Ninety-four per cent of survey participants plan to expand their current workforce within the next 12 months and 28 per cent of respondents expect to double their headcount within the next 36 months.
The survey also revealed that the average FinTech firm in Singapore employs 10.8 employees, with 43 per cent in software and application development, and 22 per cent in sales, marketing and business development.
Based on estimates from the survey, there are 600 to 900 FinTech firms operating in Singapore, with 6,500 to 10,000 employees in the industry.
Growing a local talent pool
According to Wong Wanyi, partner (specialising in FinTech), PwC Singapore, while there is great optimism and scope for growth in the coming years, there needs to be efforts to develop the right talent.
"With the rising demand for talent, it is unsustainable for FinTechs to solely count on bringing 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 the long run," added Wong Wanyi who presented the report findings.