The recent years have seen a proliferation of companies and investments in the FinTech space globally and Singapore is no exception to this. With that, attracting and retaining talent to fuel the industry has never been more crucial. This report is jointly produced by the Singapore FinTech Association and PwC Singapore. In May and June 2019, an online survey was sent to individuals across FinTech firms with operations in Singapore. It provided an opportunity for industry players to voice their views on the outlook for their industry, the flow of talent to their respective organisations and challenges faced in attracting FinTech talent to Singapore.
Survey respondents were optimistic about the outlook for the FinTech industry in Singapore, with over 75% stating they believed industry growth would accelerate with more opportunities available in the next 3-5 years. Across 13 specific job categories contained in the survey, over 30% of respondents intend to increase headcount by 25-50% in the next 12-36 months, a level that would redress the current shortfall and provide impetus to power the expected industry growth as well.
Based on survey results, Singapore boasts a significant home-grown FinTech industry (over 70% of firms’ surveyed are based in Singapore), complemented by overseas firms establishing operations here. Singapore's strong reputation and growing economy plays a pivotal role in supporting local firms to launch and operate locally, and makes the city state ideal as a hub to attract foreign firms to operate here or use Singapore as a regional headquarters.
Given the the constant demand for talent in the FinTech scene, is inevitable that Singapore faces a shortfall of skilled technical employees. Over 80% of respondents are expecting to recruit a combination of local and foreign talents as they recognise value in building a diverse workforce. Here are the top 3 drivers and solutions that respondents feel are contributing to the talent gap in Singapore.
#1 Candidates expect higher pay than offered
#2 Candidates lack entrepreneurial spirit
#3 Difficulty in getting work permits for foreign staff
#1 Make it easier for foreign staff to obtain work permits
#2 Increase training and development for existing workers
#3 Increase use of contract, freelance or temporary employees
"We see great optimism and scope for growth in the coming years but in order to sustain this growth, we will need to have the right talent. With the rising demand for talent, it is unsustainable for FinTechs to solely count on bringing in foreign talent. It’s very important for Singapore to continue to train and equip our workforce with the right skills and mindset that will help the industry thrive in long run."
FinTech Leader, PwC Singapore
Tel: +65 9842 2060
Partner, Asian Investment Fund & Market Research Centre Leader, PwC Singapore
Tel: +65 6236 4648