With the launch of the Global Finance & Technology Network (GFTN), Singapore is strengthening its position as a global FinTech hub. But while the sector is poised for growth, hiring trends tell a different story—companies are becoming more selective, looking for professionals who can navigate industry shifts, drive digital innovation, and lead strategic FinTech initiatives.
The Next Step In Singapore’s FinTech Evolution
Singapore has long been at the forefront of financial innovation in Asia, continually adapting to the evolving landscape of technology in finance. Recently, in October 2024, the Monetary Authority of Singapore (MAS) took a significant step by establishing the Global Finance & Technology Network (GFTN), aimed at fostering global partnerships to create more efficient, resilient, and inclusive financial ecosystems.
This initiative not only reinforces Singapore’s position as a global FinTech leader but also opens new avenues for professionals in the industry.
Understanding the Global Finance & Technology Network (GFTN)
With GFTN catalysing the growth of Singapore’s FinTech ecosystem, it aims to strengthen synergies with the global FinTech community through:
- Partnering with Industry Leaders to advance global FinTech innovation.
- Guiding Governments and Organisations on local FinTech adoption to enhance financial inclusion and operational efficiency.
- Enabling Faster Adoption of cutting-edge financial technologies.
- Funding High-Potential Startups to support FinTech growth and create positive social impact.
In short, GFTN is here to connect, guide, and invest in the future of FinTech—both in Singapore and around the world.
The State of Demand for FinTech Talent in Singapore
According to the Singapore FinTech Association’s (SFA) 2024 ‘Singapore Technology Talent Report’, 57% of financial institutions (FIs) expect sector growth to accelerate in the next 1–2 years. Meanwhile, FinTech firms are even more optimistic—68% anticipate stronger revenue growth, compared to the more measured outlook of the banking and asset management sectors.
However, hiring trends tell a more nuanced story. Following a workforce contraction in 2023, Singapore’s financial services sector has been gradually recovering in 2024. The total financial services workforce rose by 5% between Q1 and Q2 2024, marking a shift back towards pre-2023 levels. Currently, the sector employs approximately 163,000 people, up 24% from 131,000 in 2023, though still below 2022’s 181,000 workforce. This fluctuation reflects post-COVID hiring corrections as the industry stabilises.
FinTech Workforce Adjustments & Hiring Trends
The FinTech workforce has also adjusted to these market shifts. While there was initial optimism for 30% workforce growth in 2024, new estimates place the current FinTech workforce at 17,000—reflecting a 5% decline from 2023. This suggests that while FinTech remains a high-growth sector, firms are taking a more measured hiring approach due to market conditions.
Despite this, hiring opportunities remain strong as survey data showed that 27% of FinTech companies plan to expand their workforce in 2024—double the 13% of banking and asset management firms.
Bridging FinTech Growth and Career Opportunities
And here’s where it gets even more exciting—with the GFTN driving Singapore’s next phase of FinTech innovation, the industry is gearing up for serious growth. But it’s not just about expansion anymore.
Companies are looking for professionals who can adapt to industry shifts, harness digital innovation, and lead strategic FinTech initiatives. That’s exactly the kind of edge a qualification in FinTech study gives you.
How a Formal Qualification in FinTech Prepares You for This Shift
To stay ahead in the job pools, formal qualifications like an MSc in FinTech offer comprehensive, in-depth knowledge covering strategic decision-making, and emerging technologies, while some of the SkillsFuture’s short courses provide targeted, quick learning for specific skills.
A formal qualification prepares you to thrive in this dynamic industry by focusing on:
Sharpening Your Decision-Making Skills –
You’ll pick up tools to manage and lead effectively, especially when it comes to shaping FinTech business strategies and tackling industry challenges. Plus, you’ll learn how to create long-term plans for companies navigating tech shifts.
Getting a Grip on Emerging Financial Technologies –
You’ll dive deep into AI, blockchain, RegTech, and digital finance trends, figuring out how they’re transforming businesses and financial institutions. It’s all about staying ahead of the curve with research-backed strategies for real-world FinTech problems.
Mastering the Disruption in Finance –
You’ll get raw insights from professionals and faculty who studied how FinTech is shaking things up—from digital banking to decentralised finance (DeFi). It’s about understanding how these companies are revolutionising payments, investments, and even the rules that govern finance.
An MSc equips professionals with a strong foundation, critical thinking, and the ability to navigate complex industry challenges, making it ideal for those seeking long-term career growth in leadership roles.
In contrast, SkillsFuture courses are great for staying updated on the latest trends but may lack the depth and global recognition of a formal degree.
Ultimately, the choice depends on your career goals—whether you’re looking for a deep, strategic understanding or quick, practical skills. In the meantime, explore how our MSc in FinTech can give you the competitive edge you need.
