FinTech Talent Report 2020: COVID-19 Has Negligible Hiring Impact on Sector

Demand for talent remains strong in Singapore’s fintech sector, despite the ongoing COVID-19 pandemic.

Meanwhile, the majority of fintech firms are still looking to expand their headcount in the coming months.

These are according to the latest findings in the FinTech Talent Report 2020, a joint survey by the Singapore FinTech Association (SFA) and PwC Singapore.

The report was launched on 7 December 2020 by NTUC Assistant Secretary-General Patrick Tay at a  fintech talent panel discussion. It explores the impact of the pandemic on the attraction, recruitment and retention of talent among fintech companies in Singapore.

“It is encouraging to note that Singapore’s FinTech sector has stayed resilient despite the global impact of the COVID-19 pandemic, and hiring sentiment for local talent remains strong,” said Mr Tay.

He urged workers to keep an open mind and explore picking up new skills to stay relevant and secure employment in the sector.

Other Key Findings

Hiring

Half of the companies that said they were not expanding cited COVID-19 as the main reason.

The report noted that talent gaps exist across various job functions. However, most respondents found that the gaps were mostly manageable.

Similar to the 2019 Talent Survey, fintech firms were more likely to draw on their networks and connections, on top of job portals, to find the right talent.

While Singapore fintech firms were focusing on hiring local talent, the majority of respondents were in favour of hiring both foreign and domestic talent.

The report explained that this could be due to a combination of factors like increased capabilities of domestic talent, as well as more significant challenges in hiring foreign talent.

It also noted that start-ups faced an uphill task of attracting local talents as many were more attracted to larger, more established firms and that many applicants had unrealistic salary expectations.

Support Schemes and Qualifications

Fintech companies in Singapore were generally aware of the support schemes and initiatives available to them to help them grow and hire talent, the report found.

Also, many companies felt that the current situation is an opportune time to upskill their staff.

The report stated that many fintech firms were unaware of training partnerships and fintech qualifications.

Those who were aware remained generally neutral in their assessment on material coverage of the qualifications.

Launch of Digital Banks

The report also found that the imminent launch of digital banks in Singapore is primarily perceived to be a boost for the talent pipeline.

The combination of banking and FinTech is recognised as offering the best of both worlds – driving interest to learn the necessary skills to work in such institutions.

The report said that such a result would likely have spill-over benefits to the broader fintech community, increasing the availability of local talent across the industry.