Singapore Fintechs Exceedingly Optimistic on Growth Prospects

The majority of fintech companies in Singapore are bullish about their prospects over the next three to five years, as they see new opportunities emerging in the post-pandemic world.

The majority of companies surveyed in the «Fintech Talent Report 2020» said they are planning to hire more people in the coming months to support their expansion plans, and are gradually shifting towards hiring local talent.

Demand for talent is even higher than last year, despite the pandemic and economic situation, the report said.

This shows that the FinTech industry is resilient and continues to be a strong source of growth in the market. In fact, the challenge is the availability of talents with the right skillset and mindset,  Wanyi Wong, fintech leader at PwC Singapore, said.

The report, published by PwC Singapore, the Singapore FinTech Association (SFA), and the Banking and Financial Services Union (BFSU), surveyed 1,491 individuals working at fintech firms with a presence in Singapore.

It said that the introduction of digital banks in Singapore is likely to have spillover benefits to the wider fintech community, increasing the availability of local talent across the industry.

The combination of banking and fintech is seen as offering the best of both worlds and driving interest in people to learn the necessary skills to work in such institutions,» the report said.