The Singapore FinTech Association (SFA) found in a Nov 2023 report that Singapore-based fintechs continue to face challenges in hiring, despite an increase in local university graduates, and companies cited a lack of relevant skills as a hiring challenge.
It also showed that local fintech company primarily hire for skills, citing that functional skills are the most important criteria for hiring both technology (41%) and non-technology (36%) roles as compared to soft skills, culture fit, qualifications, and years of experience.
The soft and hard skills that matter to fintech employers in Singapore
So if you’re keen on joining the fintech industry, what skills can get you in the door? According to Ben Suffins, head of APAC at eFinancialCareers, this can be broken down into generic, hard and soft skill requirements that are typically in demand in Singapore.
“Fintechs are looking for balanced professionals that can clearly demonstrate they have the right level of technical and generic business expertise, together with the right blend of soft skills to ensure they’re a good cultural fit,” he added.
Some examples of the right generic skills might include:
- Business and project management skills: Fintechs are looking for individuals who can effectively manage projects and businesses.
- Problem-solving skills: Employers want candidates who can think critically and come up with innovative solutions to problems.
- Business development skills: Fintech companies need individuals who can identify new business opportunities and develop strategies to pursue them.
Additionally, some examples of hard skills that are currently in demand from SG fintech’s include:
- AI and machine learning: With the increasing adoption of AI in the fintech industry, companies are looking for individuals with expertise in AI and machine learning.
- Data analysis and interpretation: Employers want candidates who can collect, analyse, and interpret large data sets to inform business decisions.
- Digital trust strategy: Fintechs need individuals who can develop and implement digital trust strategies to ensure the security and integrity of their systems.
AI coming to the fore for fintechs
Globally, it is predicted that 97 million jobs involving AI will be created between 2022 and 2025. Some existing jobs will be reshaped to support the adoption of Generative AI (GenAI), such as AI Content Creator and AI Ethics and Governance Specialist, with continued demand for AI Engineer and Data Scientists.
SFA’s report also showed that 90% of all work in the Banking industry can be impacted by large language models (LLMs) and 54% of work has higher potential for automation by AI.
This is consistent with their findings where 87% of fintechs are exploring or have already embedded GenAI in their business, and thee prediction is that 36% of the work performed by technology roles will be impacted by GenAI in the next one to two years.
And the fintech jobs that Singapore-based companies are hiring for…
Some of the roles that the SFA report highlighted which were the top fintech roles in demand include:
- Software Engineer (Full Stack/Clud/DevSecOps)
- Product/Project Manager
- UI/UX Designer
- Data Scientist/Analyst/Engineer
- Technology Architect
- Blockchain/Web3 Developer
- Testers/Quality Assurance Specialist
- Artificial Intelligence (AI) Engineer
- Technology Service Management
- Cybersecurity Specialist
- Automation Engineer (RPA)
- Metaverse Engineer/Designer
Loh Pui Wah, the director for Nanyang Technological University’s Career and Attachment Office, added in the report: “Software developers, data scientists, cybersecurity specialists and AI engineers will always be in demand, as they are constantly at the frontier of technology — (educational) institutions constantly face the challenge of equipping their students with the right skills before they enter the workforce.”
Keen to learn more about fintech and whether it’s the next step for your career path?
You can also get more information from the Monetary Authority of Singapore (MAS’s) online Talent Pavilion, that showcases the resources and capabilities available to support individuals’ various Fintech journeys. It highlights an array of events, job opportunities, and upskilling courses.
Co-sponsored by Workforce Singapore (WSG), you can partake in a variety of FinTech talent-related activities such as:
- Educational workshops on useful FinTech skills, industry networking sessions at the Talent Pavilion Booth at the Singapore FinTech Festival
- Professional reskilling and upskilling courses
- Seek career support with professional career coaches and mentors
- Find institutions that provide advanced learning in the FinTech space
- Apply for grants to support career conversion and training
- Explore job and internship opportunities
This article was done in collaboration with Monetary Authority of Singapore’s FinTech & Innovation Group.
