A look at how financial technology (fintech) is poised to transform the financial services sector in Singapore, as well as the opportunities available within it. Technology is changing and perhaps revolutionizing the way organizations operate, regardless of industry. Fintech growth began in trade finance, but it will now predominantly focus on fintech business management, wealth management, investment management, and Robo-Advisory in the future.
Fintech is largely concerned with the innovative use of technology to improve and automate the supply of financial services, making processes easier and less tedious for businesses, business owners, and consumers. For instance, rather than commuting to a bank to apply for a loan, you can do so now online. As a result, human intervention is reduced, and transactions are carried out using your technology and mobile devices. It’s utilized to deliver, allow, and improve financial services like payment, wealth management, money transfer, and moneylending. An example of two popular financial apps in Singapore are PayNow and GrabPay.
Digital transformation is predominantly driving the fintech employment market, which means that the positions you see and those that are being created are primarily digitally driven. The fintech industry, as one of the fastest-growing, is well-suited to persons who are passionate about technology, particularly those who want to have access to and work with newer technologies, or who want to gain experience working with newer technologies.
Fintech Investments Over the Years
Fintech financing in Singapore grew at a rapid pace in 2021, with the sector setting new annual funding and deal activity records barely nine months into the year. Fintech firms raised well over $2.1 billion in the first three quarters, breaking the $2 billion barrier for the first time. There were eight deals that were worth more than $100 million pushed the overall capital spent to a new high, accounting for 57.8% of total fundraising for the period. In 2020, there was only one deal of that size.
What are the in-demand Fintech Job Roles?
According to the Forbes Report, the average number of security breaches in businesses has increased by about 40% over the year. The demand for specialized cybersecurity personnel is continuously increasing as cyber-attacks become more sophisticated, particularly on more modern financial platforms. This includes positions in IT security and vulnerability management, which aim to ensure that financial services and transactions are conducted in a secure manner.
Furthermore, because fintech requires a lot of interaction with computers and mobile apps, the front end of apps is crucial — that is, how they look, including the workflow processes required to utilize them, as well as the user experience (UX) and user journey. UX designers, user interface (UI) designers, digital project managers, and digital product managers are in high demand as a result. Another sector that will continue to thrive is data analytics, especially as fintech companies strive to improve their offers and capabilities. Take a look at our Fintech Job Report to identify more of the various fintech job roles and the relevant skills required to excel in it.
What Does it Take to Transition to the Fintech Industry?
Front and Back-end Developers
The importance of programming cannot be overstated. Full-stack developers that work with data, servers, and systems engineering, as well as algorithmic programming specialists, are in high demand as well. From a technological standpoint, you will be able to quickly enter this field if you are able to reskill yourself and brush up on trending technologies, such as the present demand for talents as a Android/iOS mobile developer. Those with good logical and critical thinking skills may choose to seek a career in the fintech business, particularly in areas such as programming and coding, which are logic-based.
Someone with a statistical background would be a great fit for data analysts as this is the type of skill set required for mining data. This could also lead to more technical jobs such as data scientists in fintech firms who formerly have experienced in laboratories and are now interpreting data and predicting current and future market trends.
Advice for Fintech Enthusiasts to Move Into this Sector
Keep upgrading and re-skilling yourself if you’re already in the fintech business. It’s never too late to start if you’re interested in working in the sector. Because of the industry’s rapid growth, it’s acceptable to start from scratch. For example, someone in their 30s with a mid-level job who wishes to change careers can start from the bottom and work their way up. CFTE offers a range deal of Fintech courses with available subsidy to ease your budget! Please take a look at our available Singapore Fintech Courses.
We expect the fintech boom to continue, which is good news for current employees, particularly those who are constantly widening their skill sets, as well as fresh people eager to join the field. It’s crucial to remember that in this sector, change is unavoidable.In order to properly deal with the industry’s quick developments, fintech personnel must be nimble and adaptable. Employees will need analytical and critical thinking abilities in addition to applicable technical and financial skills to approach difficulties creatively.