Fintech gives fillip to jobs and funding in Singapore financial sector

Singapore

SINGAPORE'S move to develop the fintech sector came at a critical juncture, a time of weakness in traditional job creation in the financial industry, and just as the Monetary Authority of Singapore (MAS) was intent on spurring enterprise financing for growth companies, MAS' managing director Ravi Menon has said.

Some 2,000 jobs have been created in the fintech sector over the last two years, feeding into a net increase of 7,800 jobs in financial services and fintech - close to the financial services' Industry Transformation Map (ITM) target of 8,000 jobs. MAS now expects job growth in financial services to exceed the ITM target this year.