More Singapore fintech firms looking to hire local talent, report suggests

SINGAPORE – More fintech firms in Singapore are looking to hire local talent compared with last year, a report released on Monday (Dec 7) indicates.

The survey of staff in the sector found 28 per cent expect their companies to hire mostly local workers, compared with 9.6 per cent in 2019. However, the majority – 62.5 per cent – still expect a mix of local and foreign fintech talent to be hired.

This could be due to enhanced capabilities among local talent as a result of government upskilling initiatives, as well as the difficulties in attracting and hiring foreign fintech talent in a post Covid-19 environment, the report noted.

The Fintech Talent Report is based on a joint survey by the Singapore Fintech Association and PwC Singapore exploring the impact of the pandemic on the attraction, recruitment and retention of talent among fintechs in Singapore.

Close to 1,500 individuals were contacted for the survey, of which 66 responses were valid.

The report also found that Covid-19 has not dampened hiring sentiment, with 97 per cent of respondent saying their firms intended to expand their headcount in the next year.

Some 68 per cent also said that they believe the pandemic has had a positive impact on the fintech industry, fuelling a dramatic shift towards digital and online processes, creating a environment conducive for companies to work in.

In particular, the payments and cyber-security sectors are seen to have received a boost from Covid-19.

The imminent entry of digital banks in Singapore is also regarded as a boost for the local talent pipeline, the report noted.

Singapore Fintech Association president Chia Hock Lai said: “It is heartening to see the fintech ecosystem supporting one another in solidarity, to continue developing the sector and seeking out new opportunities to safeguard jobs.”

Mr Patrick Tay, assistant secretary-general of the National Trades Union Congress and executive secretary of the Banking and Financial Services Union, said that it is encouraging that the fintech sector has remained resilient in the face of the pandemic.

“With fintech companies looking to expand their workforce, workers must keep an open mind and explore picking up new skills to stay relevant or secure employment in this growing sector,” he said, adding that the labour movement will continue to work with tripartite partners to ensure that workers are given the right support in their upskilling journey.

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