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Is Singapore facing an acute fintech talent shortage?
Michael Page recently conducted an employment survey within Singapore’s fintech ecosystem. Here, Nilay Khandelwal, the Managing Director of Michael Page Singapore, summarises the report and shares how businesses can secure the best talent in the field.
What did the survey reveal?
Singapore’s unprecedented growth in the fintech space over the last few years has spurred the entrance of many businesses that specialise in fintech development. There are more than 400 fintech companies currently in Singapore, including both global players and Singapore-based start-ups, all with the goal of revolutionising the future of money. Large banks and other financial services firms continue to invest heavily in fintech in order to stay ahead of the game.
Overall, the surveyed businesses predict that fintech will play a key role in Singapore’s economic future, with a staggering 94% 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% in 2017 to 67% in 2019. Consumer companies are working hard to stay ahead of the pack with their advanced electronic payment system and digital wallets.
Are Singapore’s fintech companies facing an acute shortage of professional talent?
According to the report, 94% of them agree that they are, in fact, facing a major shortage of fintech talent. About 39% of them also view artificial intelligence and robotics as the most important technological advances that will impact the future of fintech in Singapore.
Furthermore, the survey finds that enlisting of fintech talent is a challenge, with 64% of employers expressing difficulties. About 40% of respondents say that the biggest obstacle for them is the lack of professional skills available. Keeping these skilled employees is no easy task either, with 37% of those surveyed sharing that they have switched jobs in the last 12 months. As such, it is critical for businesses to attract and upskill key talent amid Singapore’s tight labour market.
How do you secure the best fintech professionals?
Candidates in this space state that their key motivators are technological capabilities and future adoption, a clear career path, as well as company culture fit. About 21% of those surveyed say that they expect their salary to rise between 12–15% when securing a new role.
Ultimately, to ease this acute talent shortage in fintech, Singapore needs to nurture and produce top quality industry-ready talent through education to ensure that its fintech ecosystem continues to grow and flourish.
Download the Michael Page Singapore Fintech Employment 2019 Guide here.