According to a survey by the Singapore FinTech Association (SFA) and audit firm PwC Singapore, around 94% of fintech firms in Singapore have plans to expand their current workforce within the next 12 months.
The FinTech Talent Survey 2019 received 93 responses across 81 companies.
28% of respondents also expect to double their headcounts within the next 36 months.
Based on the extrapolated survey results, the fintech industry is estimated to employ 6,500 to 10,000 people.
The survey also revealed that around 59% of firms reported “no talent shortfall”, while 21% reported a 0 to 25% shortage across “13 unique roles, including business development, compliance and hardware development positions”.
Average Fintech Firm In Singapore Employs 10.8 People
Results of the survey also found that the average fintech firm in Singapore employs 10.8 people, with most working in software and application development (43%) and sales, marketing and business development (22%).
The survey also found that more than 40% of firms employ 30 or more staff, while 31% have between 11 and 30 workers.
SFA president Chia Hock Lai revealed to The Straits Times that in a survey conducted with more than 70 SFA members, talent shortage emerged as “one of the key concerns among fintech firms here”.
PwC fintech partner Wong Wanyi added that “there is still much scope for growth in the fintech sector in the coming years, [but] relying solely on foreign talent will not be sufficient to sustain this growth”.
“It’s very important for Singapore to continue to train and equip our workforce with the right skills and mindsets that will help the industry thrive in the long run.”
This is in line with Prime Minister Lee Hsien Loong’s message during his National Day Rally speech on 18 Aug (Sun).
Then, PM Lee mentioned that while our economy has slowed down “significantly”, the current situation still “does not warrant immediate stimulus measures”.
The government, however, is is prepared to “intervene promptly and appropriately to sustain our economy and livelihoods of our workers” if the situation takes a significant turn for the worse.
Beyond top-down measures from the government, PM Lee reiterated that companies should also play their part to keep their workers competitive and ready for the changes.
Featured Image Credit: Getty Images
