Singapore: Fintech sector to create more jobs

The expansion of Singapore’s fintech sector and the emergence of digital banks will create more job opportunities, but finance professionals must reskill or upskill their digital capabilities in areas such as data analytics. The demand for jobs in areas like UXUI design and cloud applications may also increase. 

This was the message from the inaugural Digital Banking Symposium where National Trades Union Congress (NTUC) secretary-general Ng Chee Meng said: “COVID-19, in its ironic way, has forced companies, whether big or small, to embrace technology. The digital possibilities in the world are immense. Even the older generation that were previously averse to technological change, settled in their comfort zones, are moving out.” 

A “new chapter” is opening up for the financial services sector as consumers’ capacities for digital tools widen. The banking and finance sector posted a 3.4% year-on-year growth in the second quarter, forming a “bright spark” in an otherwise gloomy economic landscape, he said. 

The number of digital challenger banks – fintechs or non-financial institutions that hold banking licences and unlicensed neobanks that work with licensed partners that provide bank-like services – has grown significantly over the last decade, attracting US$15 billion in funding, said a new report on digital banks in Southeast Asia unveiled at the symposium. 

READ: Digitalisation tops R&D agenda for Singapore

“The emergence of digital banks in Singapore will open doors for several opportunities for jobs and collaborations. We believe Singapore will once again be able to look outward and strengthen its position as the leading fintech hub and financial centre in Asean and beyond,” said Singapore Fintech Association (SFA) president Chia Hock Lai. 

The symposium, held from November 3th to 4th, was jointly organised by the SFA and the Banking and the Financial Services Union.