Fintech employers eye upsizing staff in next 12 months: survey

Over 1 in 5 employers expects their workforce to double after 36 months.

Demand for talent in the Fintech industry is expected to remain strong as 94% of employers expressed desire to expand their current workforce in the next 12 months, according to a survey by the Singapore Fintech Association (SFA) and PwC Singapore.

This is despite minimal talent shortage in the industry, with 59% of respondents reporting no talent shortfall and 21% of participants reporting a talent shortfall of only 0% to 25% across 13 unique roles highlighted in the survey.

Meanwhile, 26% of employers said that they expect to double their headcount within the next 36 months.

On average, Fintech firms in Singapore employe 10.8 employees with the largest share in Software and Application Development, and Sales, Marketing and Business Development, at 43% and 22% respectively. About 42% of firms employ more than 30 staff whilst nearly 50% had between 5-30 staff within their organisations.

Applying industry estimates of 600-900 FinTech firms operating in Singapore, the industry as a whole employs roughly 6,500-10,000 employees.

“Job prospects in FinTech remain strong in the coming years with demand coming from both local firms and international firms that use Singapore as their gateway into ASEAN regions,” said Chia Hock Lai, president of SFA.

Wong Wanyi, PwC Singapore partner specialising in FinTech, commented, “With the rising demand for talent, it is unsustainable for FinTechs to solely count on bringing in foreign talent. It’s very important for Singapore to continue to train and equip our workforce with the right skills and mindset that will help the industry thrive in the long run.”

According to the survey, over 71.6% of Fintech firms have located their headquarters in Singapore, complemented by overseas firms establishing operations in the island. About 42% of firms were established three to five years ago; 24.7% were more than five years old, whilst 23.5% were only 1 to 2 years old and 9.9% were established less than a year ago.