Signs of strong employment and minimal talent shortages within the local FinTech landscape
Singapore, 19 August 2019 – Singapore FinTech Association (SFA) and PwC Singapore today 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:
- Employment within Singapore’s FinTech industry appears strong, with 42% of respondent firms reporting 30 or more employees, and a further 31% having between 11 to 30 employees.
- Talent shortages appeared to be minimal across the industry, with 59% of respondents reporting no talent shortfall and 21% of participants reporting a talent shortfall of 0%-25% across the 13 unique roles highlighted in the survey.
- Demand for talent over the next 12-36 months is strong despite the lack of talent shortages. However, with 94% of survey participants reporting intentions to expand their current work force within the next 12 months and 28% of respondents expecting to double their headcount within the next 36 months.
- 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% and 22% 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.
- 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.
Commenting on the report, Chia Hock Lai, President, SFA said, “As a leading regional financial centre and home to 40% 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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About Singapore FinTech Association (SFA)
The SFA is a cross-industry and non-profit organization. Its purpose is to support the development of the FinTech industry in Singapore, and to facilitate collaboration among the participants and stakeholders of the FinTech ecosystem in Singapore. The SFA is a member-based organization with over 330 members. It represents the full range of stakeholders in the FinTech industry, from early-stage innovative companies to large financial players and service providers.
To further its purpose, the SFA also partners with institutions and associations from Singapore and globally to cooperate on initiatives relating to the FinTech industry. The SFA has signed over 40 international Memorandum of Understanding (MoU) and are the first U Associate organisation to be affiliated with National Trades Union Congress (NTUC). Through their FinTech Talent (FT) Programme, launched in 2017, over 125 professionals have been trained in FinTech, including blockchain & cryptocurrency, cybersecurity and regulation.
About PwC
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 158 countries with over 250,000 people who are committed to delivering quality in assurance, advisory and tax services.
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About National Trades Union Congress (NTUC)
The National Trades Union Congress (NTUC) is a national confederation of trade unions as well as a network of professional associations and partners across all sectors in Singapore. NTUC’s objectives are to help Singapore stay competitive and working people remain employable for life; to enhance the social status and well-being of our members and working people; and to build a strong, responsible and caring labour movement. NTUC’s vision is to be an inclusive labour movement for all collars, ages and nationalities. NTUC is at the heart of the Labour Movement, which comprises 59 affiliated unions, three affiliated associations, 12 social enterprises, six related organisations as well as a growing ecosystem of U Associates and enterprise partners. For more details on NTUC, please visit our website at www.ntuc.org.sg.
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