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Singapore facing 'acute' shortage of fintech talent: poll

SINGAPORE is facing an acute talent shortage in the financial technology (fintech) sector, according to a big majority of companies surveyed by recruiting firm Michael Page.

Some 94 per cent of respondents here said that the city-state is facing a talent shortage, and 64 per cent of employers said they have difficulties hiring fintech talent, according to itsĀ Fintech Employment 2019 report.

The biggest obstacle in this process is the lack of professional skills available, as well as skilled employees switching jobs, with 37 per cent of respondents saying they had changed jobs within the past 12 months.

Among fintech talent surveyed, 21 per cent expect salary raises ranging from 12 to 15 per cent when securing a new role.

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Nilay Khandelwal, Michael Page Singapore managing director, said that to ease the acute shortage of fintech talent, Singapore needs to nurture and produce top quality and industry-ready talent through education. This is to ensure the country has the capabilities to continue growing the sector.

"Candidates in this space stated that their key motivators are technological capabilities and future adoption, a clear career path and company culture fit," he added.

The survey, which was conducted in June, saw the participation of 160 companies and professionals in Singapore within the fintech, digital, technology and banking and financial services sectors for the report. A majority of respondents had more than nine years of professional experience.

It also found that the number of local consumers adopting fintech products and services has jumped in the last two years, tripling from 23 per cent in 2017 to 67 per cent in 2019. Consumer companies are working hard to stay ahead of the pack with their advanced electronic payment system and digital wallets, said the report.