The Fintech sector has evolved rapidly in the last couple of years. These days, it’s not just the banks that are trying to get a piece of the action, but also technology vendors, data analytics providers and venture capitalists.
In Asia, for example, Fintech accelerators have been increasing their prominence and supporting the growth in the sector. Large scale mergers and acquisitions are taking place, such as Markit and IHS, D+H and Misys merge to form Finastra, Thomson Reuters and Blackstone, State Street and Charles River. This follows a recent trend in the Fintech and Data Analytics space and you can expect this trend to continue to meet the demand of the Asian marketplace.
The early adopters of Fintech have been millennials, the same market segment that the banks are desperate to hold on to. With millions engaged in social media platforms on a daily basis, it has the potential to be significantly disruptive. Millennials are a generation with a mobile-first mentality, so it’s no surprise that mobile banking transactions tripled.
Although there’s been some talk about Fintech losing momentum, it really doesn’t add up as Fintech funding is driving the growth in Asia, which has been dominating the funding since 2016. Asia has US$14.4B investments which is doubled compared to the US.
Fintech investments in Asia rose at a rapid pace and that makes sense as countries like China and India have a high adoption rate of new technologies. As a result, we have also seen foreign companies move to the continent to get their share.
This phenomenon is driven by changes in government regulations and collaboration to be at the forefront of financial technology. However, funding and government support is meaningless without the right people working on new innovative products.
The Fintech and big data space is desperate for professionals to fill the void. As the demand is high, some venture backed startups are paying significantly more than established corporations.
The areas where we see continual growth are around sales, account management and other revenue generating positions. We also see demand in hiring senior management professionals with established ‘big company’ technology experience, and who have the know-how and mental blueprints to expand a dynamic startup operation. Traditional technology roles around delivery, operations and maintenance will continue to see fairly consistent growth also.
Growing areas within Fintech include solutions around Risk & Compliance, Wealth Management, Back Office streamlining and efficiency. Professional with technology and domain experience around these areas will be in high demand. Also professionals with any exposure to new technologies, such as Blockchain, will be of interest to the Fintech community.
From New York to London to Singapore to Sydney, no matter where you are in the world, there is a shortage of talent in this field. It’s a major hurdle that can determine if a company’s key goals and strategies are able to be successfully implemented and come to fruition. As a result, it has become imperative for companies, cities, and countries to attract business and tech talent, and retain them. Exponential growth in the industry will be a driving force in attracting the best in the business. Fintech in the Asia Pacific region is catching up with the rest of the world when it comes to investment and development, so expect competition for talent to be fierce.
Although China and India are respectively the leading the highest Fintech adoption rates in the continent, other nations are also working on catching up with support from their respective governments. According to our research, startups aren’t competing on salary alone, instead, they’re offering benefits like flexible hours, flexible working conditions, equity and stock options. They’re also challenging professionals by giving them broader responsibility and encouraging them to innovate products and solutions further.
Companies are also attracting highly talented individuals by offering the following:
Because of the fierce competition in the industry for a new caliber of candidates that have relevant experience, you can expect enterprises to get more creative when it comes to hiring and holding on to Fintech professionals.
What’s your experience with employment within the Fintech sector?
Ania del Rosario is the Operations Manager at Datasearch Consulting, a leading executive recruitment firm specialising in the Financial Technology & Data sectors.
You can download their FREE comprehensive guide on “The Complete Guide to Hiring Fintech & Data Talent - 5 Proven Steps to Secure the Best Candidates Possible” here. Alternatively you can view the Datasearch Consulting website or contact them directly on email@example.com for a more detailed discussion.
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