“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
This story is from the March 2024 edition of The PEAK Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the March 2024 edition of The PEAK Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
A Sophisticated Bachelor Pad
In this two-storey apartment belonging to a finance in professional, designer Jerry Tan of Joey Khu ID created distinct arez ork and play.
Fringe Modalities
Poet, frontwoman, and shamanic healer ArunDitha Emmanuel returns to Singapore with renewed vigour to push the state-enforced boundaries of art.
Taking On Decolonisation
The annual Per°Form Open Academy of Arts and Activations by T:> Works this year tackles the complex subject of decolonisation with a line-up of artists from the global south.
Japan at Half-speed
A walking tour through the Kunisaki Peninsula in Kyushu is an invitation to appreciate thé country’s beauty ata snail's pace.
Truffle Sabotage
In the heart of Chianti, dark tales of the truffle trade, bacchanalian feasts, and sun salutations await at Christina Ong's COMO Castello del Nero in Tuscany.
Is Barolo the Next Burgundy?
With Burgundy prices reaching starry heights, we find out why Barolo is the next frontier for oenophiles.
Hungry for Hansik
Hansik, or Korean food, is becoming more popular worldwide due to the proliferation of Korean pop culture. We explore two of the cuisine's stalwart elements.
Maxed Out
We explore the intricacies of high-performance tyre development inside Continental’s top-tier test facility in Germany and put its new MaxContact MC7 tyres to the test.
India Rising
From a culture whose glorious traditions have greatly influenced luxury jewellery today, young designers like Renu Oberoi are rewriting the narrative.
A Life Less Ordinary
Street culture pioneer-entrepreneur Feroze McLeod defies convention, even in his watch collection.
