Tech Recruitment in Singapore Fintech Market – Facts, Stats and Tips for Candidates
Singapore’s fintech market has significantly grown over the years. In fact, the latest reports show that Singapore’s fintech hub is the most active in the Southeast Asian regions. And while it was impacted by COVID-19, the local financial technology industry is doing relatively okay compared to other markets. The government has also stepped in and offered financial assistance to companies in need.
Funding from investors continues to come in, especially for Fintechs involved in providing banking solutions to SMEs as well as those in the tech cluster. The financial technology landscape in Singapore will most likely continue to flourish even after the COVID-19 pandemic settles. This means that there will be plenty of opportunities for fintech professionals who want to establish their roots in SG.
How High is the Demand for Tech Roles in SG?
So the biggest question that most professionals ask right now is how high is the demand for tech roles in SG’s fintech niche. Is there a future for tech practitioners? What’s the current recruitment landscape like?
Statistics from a 2019 report reveals that the demand for technology roles in Singapore rose by 20 percent compared to the previous year. In the current year, Singapore Business Review notes that despite the pandemic tech roles continue to rise in popularity. SBR also reports that the salary for highly specialized roles will remain high.
While the economy is expected to dip due to the temporary closure of non-essential organizations, some industries will continue to prosper. And that includes the tech sector.
Unfortunately, there are companies severely affected by the pandemic. Some have to freeze their hiring process and maximize their available workforce. To keep the cash flowing, a lot of fintech and tech companies continue making deals. They have also started preparing for the next quarter.
There are also fintech and tech companies that are weathering the situation quite well, These companies include those providing essential services such as contactless banking, digital wallet, and fintech enablers.
To meet the current market demands, such organizations need to ramp up their hiring process. However, companies looking to fill specialized roles face a number of challenges including:
- Strict measures on foreign workers – During the first few months of the pandemic the SG government separated foreign workers from the local. Just recently, the Minister for Manpower released a new outline for hiring foreign workers. Essentially, the new rule limits the total number of Employment and S passes issued to foreign workers. This means local workers are given more priority in landing jobs in the country.
- Limited talent pool – A lot of tech jobs require very specific skills. Some examples of such roles include digitization managers, AI and machine learning specialists, and IT architects. Unfortunately, there’s a huge gap in the skills of talents in the current talent pool.
The demand for tech workers is always there. As Singapore continues to grow into a fintech and tech powerhouse in APAC, you can expect to see more and more job openings in the next few years.
In-Demand Tech Roles in Singapore
Digital transformation in the APAC region shows no signs of slowing down. In fact, the pandemic has forced it to move even faster. As a result, more specialists are needed to usher in that new era. Here is a list of the most in-demand tech roles in Singapore as of the moment.
- AI specialists
- Data Scientists
- DevOps engineers
- Robotics engineers
- Software engineers
- IT architects
- Cloud engineers
- Cybersecurity professionals
Fintech Recruitment Tips for Candidates
Are you ready to look for job opportunities? If you are looking to fill vacancies in SG’s fintech and tech sector, keep in mind of the following recruitment tips:
- Be realistic with regards to salary – There are plenty of companies struggling because of the COVID-19 pandemic. So when checking salaries for job posting, remember to be realistic.
- Consider the company’s longevity – How long have they been in the business? If it’s a startup, check the cash flow and determine if the services or products provided are in demand.
- Be careful with counter offers – There are plenty of reasons why you should not accept counteroffers. See to it that you consider your options before you say yes to your company’s counteroffer.
- Assess whether you can grow in the company – Find out what skills will you be able to pick up over time. Will you be able to seek career growth and development?
- Assess the skills requirement – When looking for a position to fill, you need to determine whether you have the skills needed. Pay close attention to the details of the job posting. This way you don’t waste your time filing an application for a job post that doesn’t suit your proficiencies.
The coronavirus pandemic has disrupted a lot of economies. Fortunately, a lot of financial tech companies have managed to stay ahead of the curve. Also, the government has offered financial support. Companies are still hiring tech professionals, especially because of the increased demand for digitization and automation of various business processes.
If you are looking to build your career in fintech, take advantage of the recruitment tips enumerated above. Also, take note of the leading tech roles in Singapore. You might want to explore your options or start upskilling to qualify for your dream job opening.
Are you looking for a tech position in Singapore or anywhere in the APAC region? Datasearch Consulting can help. Check out the latest job openings in our fintech recruitment page or get in touch with our team today!
Gary Dean is a Director at Datasearch Consulting, a leading executive recruitment firm specialising in the Financial Technology & Market Data sectors.
You can download their FREE comprehensive guide on “The Complete Guide to Hiring Fintech & Data Talent – 5 Proven Steps to Secure your Ideal Fintech or Data Role”.Alternatively, you can view the Datasearch Consulting website or contact them directly on firstname.lastname@example.org for a more detailed discussion.