Top 10 Fintech Jobs in Singapore

Financial technology (fintech) is an ever-growing sector in the financial industry of Singapore. With record-breaking investments and a growing number of fintech companies in our financial hub, it casts a positive outlook for investors who are beginning to recognise the potential of Singapore’s fintech ecosystem.

The industry saw a three-year high in deals transacted in the first half of this year, attributed from corporates investing towards their digital transformation projects. This resulted in a massive number of 72 deals worth S$833.8 million transacted in the six-month period ending June 30, which is a 22% increase year-on-year from 59 deals last year, and 50% higher than the 48 deals in H1 2019, according to data from KPMG in its report on the industry.

 

Latest fintech news in Singapore

The Monetary Authority of Singapore announced a $125 million support package for the financial and fintech sectors to deal with immediate challenges from COVID-19 to position strongly for the recovery and future growth. It also launched the Fintech Solidarity Grant to help Singapore-based fintech firms sustain operations, retain staff, and offset costs.

Apart from the strong support of grants from the government, Singapore also kickstarted various projects like Green Fintech, Project Ubin, API Exchange, SGFinDex and Regulatory Sandbox to encourage experimental innovation.

 

Singapore Fintech Festival 2021

Singapore Fintech Festival 2021 will also be taking place from 8 to 12 November, as a hybrid digital and physical event. The theme for Singapore Fintech Festival this year is “Web 3.0”. Over three days, Singapore Fintech Festival will bring together global experts to discuss about Web 3.0 and how key technological advances can power the future of financial services.

 

Fintech Singapore: What is Web 3.0 and should why should we care?

Shared by Newsweek, Web 3.0’s data will be connected in a decentralised way, unlike generation 2.0 of the internet in which data is primarily stored in centralised storage locations. In Web 3.0, users will also be able to interact with data using Artificial Intelligence (AI) and Machine Learning (ML) technology.

One of the most promising aspects of Web 3.0 and why the focus around it in Singapore Fintech Festival 2021 is due to the discussion of decentralisation. Decentralisation suggests the removal of control of the internet from centralised corporations that currently dominate it. In Web 3.0, websites and applications will have access to more information which will be presented in a way that is more beneficial for users.

 

Fintech sectors in Singapore to keep an eye on

One of the sectors that the Singapore Fintech Festival 2021 will cover would be the payments sector. Payments have enjoyed the top spot in investors' wallets globally. These investments amounted to US$19 billion in H1 2021, which is by far the highest accumulated deal size amongst all other fintech segments.

Finance solutions embedded into retail apps and ecosystem platforms, as well as the "buy now pay later" sub-sector, have also attracted significant investor interest.

Another segment to watch for is cryptocurrency and blockchain, where fintech firms in this arena have chalked up deals worth US$8.7 billion in the first half of this year. KPMG noted that significant inflows of institutional money into the sector reflects a widening investor base, awareness and knowledge of cryptocurrency assets and its operational aspects.

 

Top 10 fintech jobs in Singapore

If you are looking to enter this high-growth fintech sector, here are Huxley’s top fintech jobs in Singapore based on hiring managers’ interests.

  1. Regulatory Compliance & Licensing specialists
  2. Financial Crime Compliance
  3. Fraud Risk Managers
  4. Data Risk Analysts
  5. Cybersecurity Specialists
  6. Back-end Developers
  7. Data Scientists
  8. Blockchain Developers
  9. Blockchain Engineers
  10. Product Managers

Click here to view our latest fintech jobs bank

 

Heightened supply of fintech jobs within governance, risk, and compliance

The fintech industry is extremely vulnerable to risks regarding financial exposure, investments, and legal compliance. As the risk burden grows within fintech, the demand for risk control managers also increases. The primary responsibility of these specialists is to analyse the risks to the business, mitigate their effects and prevent them in the future which will strategically support the firm in achieving its overall business objectives.

With the convergence of financial services, on-demand services, e-commerce and payments, there is a wave of new rules and regulations in both traditional financial services and fintechs. This has increased the compliance burden on firms, which has made compliance specialists more employable and are highly sought-after.

Nonetheless, many are making a mid-career switch to join the fintech industry, and it’s possible as long as you possess relevant transferrable skillsets.

We interviewed a Chief Risk Officer as well as a Compliance Manager on their mid-career switch to the fintech industry in Singapore which might support you in your understanding of the sector if you wish to make a similar move.

 

Growth in demand for fintech talent across Blockchain and Cryptocurrency

Demand for fintech jobs like Blockchain Developers are increasing rapidly with the technology that is heavily implemented in the cryptocurrency space. Cryptocurrency lenders and exchanges are slowly giving way to decentralised finance (DeFi), an umbrella term for blockchain-based applications and protocols aiming to replace traditional financial intermediaries like banks and brokerages. DeFi skyrocketed in popularity and gained market capitalisation over the past 12 months – from just over $1 billion in locked value in June 2020 to the current $67.9 billion

In March 2021, Singapore-based ShuttleOne launched a blockchain-based lending platform for SMEs to leverage DeFi. It claims the blockchain technology enables cross-border remittances to occur at a lower cost and in a more transparent manner.

Meanwhile, non-fungible tokens (NFTs) are also starting to gain popularity within the Asia Pacific region. NFTs act as a digital certificate to verify the unique underlying digital asset and therefore is not interchangeable. Singapore’s NFT marketplace Mintable raised a US$13 million Series A funding round in July.

Contrary to the hype of its potential and growth, there is still a stark shortage of talent for the blockchain and cryptocurrency market. The current talent landscape shows that big players need to onboard the right talent, but there is just not enough in the market right now.

 

Fintech companies looking to fill commercial jobs in Singapore

In addition, the fintech sector will also be looking for experienced individuals with sales experience from traditional banks and financial services. This is of particular interest to the cryptocurrency and blockchain technology segments of fintech as the market becomes increasingly saturated with more competitors. As such, fintech companies are also ramping up their public relations and digital marketing teams to acquire more profit generators.

 

Talent in the banking market is also resistant to make a career switch to blockchain and cryptocurrency as many are unsure of the prospects of a volatile and non-mature market. However, if you think that entering the fintech industry in Singapore is something you’re interested in, there are various transferrable skills that one can bring into the fintech space even if you were from a traditional bank. If you have an upcoming interview, here are top 5 questions you should prepare for an interview in fintech which can support you in your preparation and ease any doubts.

 

Looking to join the fintech Singapore community?

If you’d like to understand more about Singapore’s fintech market, and what frameworks organisations are adopting, do contact us via our contact form, or follow us on our LinkedIn page for more career tips about fintech Singapore and other industry-specific updates.

Get in touch

Whether you’re a professional looking for a job or a business seeking highly skilled talent, the team at Huxley are here for you.

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