Workforce Singapore launches first Career Conversion Programme in FinTech industry with Singapore FinTech Association as programme partner

SINGAPORE, 10 February 2023 – Workforce Singapore (WSG), together with programme partner Singapore FinTech Association (SFA), today launched a FinTech Talent Programme (FTP), an industry-first Attach-and-Train Career Conversion Programme (CCP) aimed at re-skilling mid-career individuals to develop an industry pipeline of capabilities in key technology roles within the FinTech industry, commencing with the role of Software Quality Assurance Engineer.

The FTP was launched in light of the growth of the FinTech sector in Singapore and the accompanying rise in demand for FinTech talent. Currently, there are more than 1,0001 FinTech companies in Singapore employing an estimated 14,0002 people in Singapore, and the workforce is projected to grow at an average of 45 percent, translating to an increase of 6,000 headcount over the next two years. According to the 2022 SFA-Accenture FinTech Talent Report, demand for FinTech talent continues to outpace supply with many FinTech companies facing challenges filling in-demand roles, including quality assurance specialists. The FTP was therefore developed to support the upskilling and re-skilling of mid-career individuals to better address the talent gap.

Administered by SFA, the FTP operates under WSG’s Attach-and-Train CCP over a nine-month duration, where individuals are provided with structured training and work attachments, prior to job placement, with participating companies. SFA is the appointed programme partner and is supported by Ngee Ann Polytechnic as the training partner, with Tribe supporting the recruitment and management of eligible candidates. Currently, 10 FinTech companies, including NETS and YouTrip, have pledged their support to tap on this programme to onboard mid-career individuals as part of their manpower plans.

Through this programme, participants can be equipped with the fundamentals of Python programming, software testing, Scrum and quality assurance, all of which are emerging technical skills that are needed in today’s growing FinTech landscape. Participants can also learn from industry experts and get dedicated mentorship through their attachment with their host company. During this period, participants have the opportunity to work on real projects and gain exclusive hands-on experience alongside industry experts. Refer to Annex A for details of the FTP.

According to the 2022 SFA-Accenture FinTech Talent Report, demand for soft skills including problem solving and creative thinking remains. As such, FinTech employers can boost their manpower size by hiring and training candidates who may not be a perfect fit for the role, including those making a mid-career switch, as they may possess such valuable skills and experience that employers can benefit from.

Mr Tan Choon Shian, Chief Executive of WSG, said, “As one of the fastest-growing industries, the FinTech industry is well-suited to people who are passionate about technology, especially those who want to have access to and work with newer digital technologies. To move in tandem with the rapid changes taking place in the industry, FinTech companies wanting to grow must invest in talent as their engine of transformation. As such, the FTP primes to address manpower gaps that FinTech companies face and to support the future growth of the industry.”

Mr Shadab Taiyabi, President of SFA, said, “Talent is the bedrock of our FinTech industry and as the FinTech sector continues to grow, the demand for the right talent will only intensify. SFA recognises the key role that upskilling and reskilling of the workforce plays in helping FinTech companies build resilience and remain competitive, which is why we are very excited to announce the first dedicated career conversion programme for the role of software quality assurance. We are confident that the continuous development of talent will stand Singapore companies in good stead amid the fast-evolving FinTech landscape”.

Mr Patrice Choong, Senior Director of Technology, Innovation & Entrepreneurship and Director of School of InfoComm Technology, Ngee Ann Polytechnic, said, “We are happy to partner SFA on this new career conversion programme. Drawing from our experience in co-developing curriculums with esteemed partners, we are confident that this programme will equip learners with the relevant skills and learning agility to succeed in job roles in this rapidly changing technology sector”.

Sources:
[1] https://home.kpmg/sg/en/home/media/press-releases/2022/07/singapore-fintech-takes-market-share-in-2022-global-funding-fall.html

[2] https://singaporefintech.org/download/185560/

For media queries, please contact:

Joshua Tan
Corporate Marketing and Communications Division, Workforce Singapore
Tel: 9793 8589
Email: [email protected]

Elizabeth Yeong / Vera Lau
Cognito, on behalf of Singapore FinTech Association
Tel: 9834 1187
Email: [email protected]

About Workforce Singapore (WSG)

Workforce Singapore (WSG) is a statutory board under the Ministry of Manpower that oversees the transformation of the local workforce and industry to meet ongoing economic challenges. WSG promotes the development, competitiveness, inclusiveness, and employability of all levels of the workforce to ensure all sectors of the economy are supported by a strong, inclusive Singaporean core.

WSG, in partnership with key stakeholders, also addresses the needs of enterprises by providing support to help them transform and remain competitive, while developing a future-ready talent pipeline to support industry growth, and match the right people to the right jobs.

Visit www.wsg.gov.sg for more information.

About Singapore FinTech Association (SFA)

The SFA is a cross-industry non-profit organisation. Its purpose is to support the development of the FinTech industry in Singapore and facilitate collaboration among the participants and stakeholders. The SFA is a member-based organisation with over 800+ 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. Well-connected globally, the SFA has signed over 70 international Memorandum of Understanding (MoU) to lay the network for its members and ecosystem.

www.singaporefintech.org

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