Amid an economic slowdown in Singapore and other markets in the region, fintech companies in the Lion City are still looking to hire more personnel.
A recent study by the Singapore Fintech Association (SFA) and PwC said that 94% of fintech companies are eyeing workforce expansions over the next 12 months, with 28% expecting to double their employee numbers in the next three years.
“Survey respondents were very optimistic about the outlook for the fintech industry in Singapore, with over 75% stating they believed industry growth would accelerate with more opportunities available,” SFA and PwC said.
A report by Nikkei contrasted the confidence in the fintech sector with the more cautious approach by other more traditional financial sectors such as banks. High demand for employees with digital or wealth management experience is being offset by weakened demand for investment banking and other financial activities.
Notable Singaporean fintech firms include digital insurer Singapore Life, remittance company InstaRem, and peer-to-peer lending platform Validus. The latter two companies are backed by Vertex Ventures, a venture capital firm under Temasek Holdings, Singapore’s sovereign wealth fund.
In the second quarter of the year, Singapore’s economy grew 0.1% year-on-year, marking the slowest pace for growth since the global financial crisis a decade ago. Sectors such as manufacturing and wholesale and retail suffered from contractions, but the financial sector fared better, posting growth of 5.2%,