In the War for Talent, Fintech Companies Need a New Playbook

A skills crunch is forcing companies to rethink recruitment beyond pantries and pastries.

- REETA RAMAN

“There will always be a talent crunch in the fintech space,” Hayley Yap says emphatically, “because new businesses are coming in, new initiatives, which means we are always looking for people who can do more or do something different.” Yap knows a thing or two about this as the Group Head of People at Singlife, a 1,500-strong technology-empowered financial services company. “So, how do you keep that stream going in a sector that moves faster than we can say hello?” she asks rhetorically. Indeed, that is the million-dollar question for the fintech landscape. The Singapore fintech market is highly competitive and fragmented. Even so, in its report, Mordor Intelligence says the city-state has proven to be the largest market for the fintech industry throughout Asia. In terms of transaction value, the Singapore fintech market size is expected to grow from US$38.8 billion ($52.2 billion) this year to US$63.1 billion by 2029.

2023 was a challenging year for the city-state’s fintech sector, marked by a decline in funding activity. According to the 2023 Fintech Talent report jointly compiled by Accenture and the Singapore Fintech Association, the funding squeeze will continue this year, along with uncertain growth prospects. This is why fintech companies appear less gung-ho about adding to Singapore’s 18,000-strong fintech workforce.

TALENT PITFALLS