More than 90% of fintech companies in Singapore plan to grow their workforce over the next 12 months, according to the Singapore FinTech Association.
The survey, published by the Singapore FinTech Association (SFA) and PwC Singapore on 19 August, also revealed that more than a quarter (28%) of respondents expect to double their headcount over the next 36 months.
At first glance the figures may not be that surprising. Singapore’s fintech sector continues to grow exponentially – analysis earlier this year from Accenture, for example, found fintech investments in Singapore to have more than doubled in 2018, reaching US$365mn. However, the SFA’s latest data highlights that the pace of growth isn’t expected to slow by those working in the industry.
The survey was launched to better understand the potential issues faced by industry leaders when it comes to possible shortages of talent to keep pace with market growth. It follows a 2017 survey that found talent shortages to be a major concern for fintech companies in the region.
The SFA found that, with hiring expected to increase substantially over the coming 12-36 months, the volume of businesses and employees in Singapore’s fintech sector will “increase substantially”.
Among the report’s key findings are:
Chia Hock Lai, SFA President explained that Singapore is home to 40% of fintech firms in the Association of Southeast Asian Nations (ASEAN), and confirmed that “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.”
The Singapore FinTech Association is a cross-industry and non-profit organisation that supports the development of Singapore’s fintech sector and works to evolve the local fintech ecosystem. With more than 33 members it covers the full range of industry stakeholders, from early-stage startups and innovative companies to the larger service providers and financial organisations.
The SFA partners with organisations globally on fintech-related initiatives. In 2017 it launched its FinTech Talent Programme which, to date, has trained more than 125 fintech professionals in blockchain, cryptocurrency, cybersecurity and regulation.