30% of Singapore financial firms already have blockchain investment plans

And four in 10 are planning to invest in it in the future.

As blockchain technology gains steam across the globe, Singapore's financial services sector will need to quickly adapt to rapid change in order to remain globally competitive.

According to a study by Robert Half, blockchain is now part of specific investment plans for one in three (30%) Singaporean businesses.

Meanwhile, four in in 10 (40%) are planning to invest in blockchain in the future and 16% admit they should be considering investment despite having no plans for it at the moment.

The overall majority of financial services CFOs (76%) believe blockchain implementation will have an impact on the financial services sector over the next five years – with the positive impacts already being realised in Singapore.

The survey reveals that 83% of CFOs who have implemented blockchain within their business say it has empowered users, while 57% say it has resulted in faster transactions and 40% say it has lowered transaction costs.

Robert Half managing director Matthieu Imbert-Bouchard said Singapore’s financial services sector operates within a highly competitive global landscape, and it is essential for the sector to adapt to new technological developments quickly.

"As blockchain technology evolves, its decentralised, open architecture connecting consumers and suppliers will become a more widely used method for financial transactions which, in turn, will open possibilities for many new financial products and services. Because of this, the sector will become much more diverse in its service delivery, helping many financial services companies gain a competitive edge in the market," he said.

The study also revealed that Singapore’s financial services leaders are seeking professionals skilled in trading technology and analytics (40%), followed by business development (38%), programming and coding (37%) and portfolio management (34%).