Singapore Fintech Firms Suffer from Lack of Staff

Reports show that almost all fintech employers are suffering from a lack of professionals specializing in the industry. Finews.Asia stated that 94% of employers related to financial technology services are experiencing a scarcity of talents. A study by recruitment agency Michael Page published in its 2019 Fintech Employment report revealed that more than half of fintech firms are affected by this issue. In fact, 64% of these fintech firms are having difficulties hiring the right professionals.

Fintechnews Singapore also cited the same report, which showed that 40% of the respondents are having difficulties because of “lack of professional skills available.” Those who succeed in appointing a professional have issues with retaining them. According to the report, 37% of these talents have switched career paths within the past 12 months.

Fintech Firms Lack of Staff

When asked why they considered changing careers, professionals said that “technological capabilities and future adoption, a clearer path and company culture fit” are the primary reasons for their decisions. Around 21% said that salary raises within 12% to 15% is also a factor when engaging in a new job.

The study revealed that these employers are looking for a solid technological background (58%), strong business sense (45%) and innovation ability (39%). These companies also aim to fill roles such as Big Data (42%), cloud computing (15%) and information security (9%).

Michael Page managing director Nilay Khandelwal said that the best way to cater to this need is to promote skills and knowledge needed for the sector earlier. This means that Singaporean children would be educated with the qualifications “to ensure sustainable growth in the sector.”

Meanwhile, Fintechnews Singapore said that 39% of the respondents look forward to artificial intelligence and robotics in making advancements for the fintech sector. Around 19% believe that Big Data can aid in the development of the industry.