According to a survey put together by the Singapore FinTech Association (SFA) and PwC Singapore, 42% of fintech firms in Singapore have over 30 employees and a further 31%, between 11 and 30 employees.
Launched at an event organised by the National Trades Union Congress (NTUC) and Institute of Banking and Finance Singapore (IBF), Patrick Tay, assistant secretary-general of the NTUC, revealed that 59% of respondents reported no talent shortfall with 21% reporting between 0% and 25% across 13 highlighted roles.
Despite this, demand for talent remains strong with a staggering 94% of survey participants looking to expand their workforces and 28% expecting to double their staff in the next three years. The average fintech startup in Singapore employs 10.8 people, with software and application development and sales, marketing and business development departments driving the most hires.
There are also an estimated 600-900 fintech firms operating in Singapore and the industry as a whole employs around 6,500-10,000 people in total, and these numbers are expected to increase exponentially between the next year to three years.
Commenting on the report, Chia Hock Lai, president, SFA says; “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.”
Patrick Tay, assistant secretary-general, NTUC, who gave the keynote at the launch adds: “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.”