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Investments into building a highly-connected state would further strengthen Singapore’s reputation as Asia’s technological and financial hub, encouraging the growth of the fintech community.
Accenture reported that while the total number of deals fell by 29 per cent for the nine months ending September 2019, fintech investments rose to US$735 million, from US$435 million in the same period a year ago. The number of deals in the payments start-up space alone rose 60 per cent.
fintech are not just after revenue, but talent too
Figures from MAS show that there are more than 600 fintech start-ups in Singapore, and about 1,000 jobs are created every year. In addition, about 10,000 tech-related jobs could come up in the private sector (including fintech) by 2022.
Fintechs tend to build a pipeline of talent that they need to hire in the next six to 12 months. This is especially so if they want to court a high-ranking talent or an expert equipped with specialist skills from a large bank or tech firm. Fintechs have to be patient and persistent when building a relationship with their desired talent.
Randstad observes that middle-level professionals are more likely to make the leap to join fintechs, especially if they do not see any lateral opportunities or career growth in the next 12 months. Jobs in fintech firms are perceived to be more exciting with more prospects to grow professionally, as employees are often presented with opportunities to disrupt traditional banks and revolutionise financial services.
download the digital copy of the Singapore market outlook 2020 in fintech
key highlights in this year’s fintech industry outlook.
- areas of expansion the market expects to see from the fintech arena
- how fintechs are courting talent from traditional banking and technology industries
- the increasing focus on transferable skills and learning potential