Whilst demand for FinTech talent remains strong, acquiring the right people can go a long way in enabling growth. In October 2020, PwC Singapore, the Singapore FinTech Association (SFA) and Banking and Financial Services Union (BFSU) conducted a survey and interviews to inform a joint report advancing our 2019 survey to examine the varied elements that could impact the talent pipeline in Singapore. These include the entrance of digital banks as well as insights on how the FinTech industry utilises talent and training initiatives.
Key findings for the industry
- The majority of FinTechs in Singapore are exceedingly optimistic about their growth prospects over the next three to five years, as they see new opportunities emerging in the post pandemic world.
- The majority of FinTech firms are planning to hire more people in the coming months to support their expansion plans.
- When hiring talent, FinTech firms are likely to draw on their own personal networks and connections, in addition to job portals.
- FinTech firms are gradually shifting towards hiring local talent.
- Easing foreign work permit requirements and managing salary expectations are the most effective solutions in minimising the talent gap in Singapore’s FinTech industry, according to the survey respondents.
- FinTech firms see digital banks as key to boosting local talent.
The factors which attracted talented individuals to budding FinTech hubs and areas may no longer be relevant in the future. Singapore needs to ensure its FinTech talent policies remain relevant and that adequate programmes for training and support are in place to encourage continued growth of the FinTech sector.
Impact of COVID-19
Singapore FinTechs largely believe COVID-19 has positively impacted their business, although responses vary across different sectors
FinTechs’ response to COVID-19: Enhanced focus on managing costs, increasing productivity and boosting revenues
FinTechs see upskilling opportunities amid the pandemic and plan to leverage government initiatives and support
FinTechs plan expansion over next two years, ASEAN and APAC emerge as focus markets
FinTechs value training, but seek talent with experience
"Talent is, of course, an integral component of this and understanding the future workforce, the current and future availability of required skills and how FinTechs operating in Singapore will align with these emerging talent trends, is instrumental to continued growth of the FinTech sector."
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