FinTech Career Paths: Opportunities and Specialisations

According to McKinsey, revenue in the fintech industry is poised to grow nearly three times faster than that of the traditional banking sector between 2023 and 2028.

Today, nearly 73% of the world’s interactions with banks occur through digital channels. (Source: McKinsey)

Digital adoption within traditional banking is now a pressing reality being incorporated rapidly.

Financial services such as Banking as a Service (BaaS), investment advisory, everyday banking and complex financing have now shifted onto digital channels in such a way that banks and financial institutions have laboriously poured themselves into making these services available to their customer base, digitally.

This digital technology that empowers modern finance is known as FinTech.

FinTech is the abbreviation for the term “Financial Technology”. This term is used to indicate any form of digital technology that is used to provide or assist in financial services.

Some examples of financial technology are:

1. Blockchain and cryptocurrency
2. Robo-investment advisors
3. Stock trading platforms
4. Mobile payments
5. Centralised mobile applications for banking requirements.
6. Peer-to-Peer Lending apps (P2P)
7. DeFi (Decentralised Finance)
8. Mobile and internet banking

Building fintech careers can be worth it today as technology in financial markets becomes increasingly needed and extensively used. However, there are factors you must consider before making this decision.

This article will help you understand these factors, learn what FinTech is, the types of FinTech careers and FinTech industry trends, and how to break into the field if you come from a non-finance background.

Read on to learn more.

What is FinTech? FinTech Definition and History

Birth of Technology in Financial Markets

The banking system enjoyed a lengthy monopoly when it came to finance and steady customers. The traditional banking system was doing well until the Great Recession or the global economic crisis of 2008.

This event resulted in the loss of trust in banking systems, and governments worldwide tightened the rules and regulations, including penalties, fines, and punishments.

While the governments were buckling down on rules and regulations in finance, regular customers faced an increasingly complicated banking system that was highly untrustworthy and offered no promise for their money’s safety.

Investments, trading, and buying property through the traditional banking system were nearly obliterated during this period. With this massive lack of trust came the popularity of a device that has become our everyday companion: the smartphone.

The world’s first iPhone was released on 29 June 2007, just a year before the Great Recession. With the lack of customer-centric initiatives on the banking front, users began turning to their smartphones for every need.

According to data from Statista, 2007 saw a global sale of 122.32 million smartphone units, which has now climbed to 1.3 billion smartphone units in 2023. (Source: Statista)

Tech firms like Facebook, Google, Amazon, and WeChat took this opportunity to create technological solutions to bridge this massive gap in banking services.

This is what we now know today as financial technology. The earliest examples of FinTech worldwide are Amazon’s student loan grants, internet banking, Facebook money transfers, and money transfers through WeChat, GooglePay, Venmo, and PayPal.

How to Start your FinTech Career

If you're interested in a FinTech career, here are some steps to get started:

Understand FinTech:

Familiarise yourself with the FinTech landscape in Singapore and globally. Research key trends, emerging technologies, and the different types of FinTech companies.

Develop relevant skills:

Assess your existing skills and identify areas for development. Strong analytical thinking, problem-solving abilities, and an interest in technology are essential.

Depending on your chosen specialisation, specific skills like coding, data analysis, or cybersecurity might be necessary. Online courses, boot camps, or certifications can help you bridge skill gaps.

You can also consider enrolling on reputed fintech courses, degrees, or specialisations.

Network and build connections:

Attend industry events, connect with professionals on LinkedIn, and participate in FinTech online communities. Building a strong network can open doors to potential opportunities and provide valuable industry insights.

Highlight your transferable skills:

Your transferable skills are valuable even if you don't come from a traditional finance sector. For example, if you have experience in information technology but not finance, you can still find good fintech jobs available for you within the industry. Highlight your communication, project management, and customer service skills in your resume and job application finance background.

 What Does a Career in FinTech Offer?

• Growth industry: FinTech is a rapidly growing sector with high demand for skilled professionals. This translates to exciting career prospects and ample opportunities for advancement.
• Cutting-edge technology: Be at the forefront of innovation and work with the latest technologies that are shaping the future of finance.
• Competitive salaries: FinTech companies often offer competitive salaries and attractive benefits packages to attract top talent.
• Meaningful work: Contribute to the development of innovative solutions that improve financial inclusion and accessibility.

Fintech Opportunities and Specialisation

• Mobile payments & digital wallets: Focus on developing and managing secure mobile payment platforms like Apple Pay or digital wallets like GrabPay.
• Blockchain technology: Build expertise in blockchain technology and its applications in areas like cryptocurrency, smart contracts, and supply chain management.
• Cybersecurity: Ensure the security of financial data and protect FinTech systems from cyber threats.
• Data analytics: Leverage data analysis skills to gain insights from customer behaviour and market trends, informing strategic decision-making.
• Wealth management & robo-advisors: Develop and manage automated investment platforms that provide personalised financial advice.
• RegTech: Work on regulatory technology solutions that help FinTech companies comply with evolving financial regulations.

Top Careers in FinTech and Highest Paying FinTech Jobs

Here are some of the most in-demand FinTech careers in Singapore:

• FinTech Product Manager:

  Lead the development and launch of new FinTech products, ensuring they meet market needs and user experience.

Salary Range in Singapore: SGD 7,157 per month (Source: Glassdoor.com)

• Data Scientist:

  Analyse large datasets to identify patterns and trends that can inform FinTech product development and marketing strategies.

Salary Range in Singapore: SGD 6,000 to 9,000 per month (Source: Glassdoor.com)

• Blockchain Developer:

  Build and maintain blockchain applications for various financial services like secure transactions and record-keeping.

Salary range in Singapore: SGD 9,000 to 12,000 per month (Source: Glassdoor.com)

• Cybersecurity Analyst:

  Identify and mitigate cybersecurity risks within FinTech systems, ensuring data protection and user safety.

Salary Range in Singapore: SGD 4,500 to 5,000 per month (Source: Glassdoor.com)

• Payments Specialist:

  Manage online payment integrations and ensure smooth financial transactions within FinTech platforms.

Salary Range in Singapore: SGD 44,000 to 50,000 per year (Source: Glassdoor.com)

• Regulatory Compliance Officer:

  Ensure FinTech companies adhere to relevant financial regulations and mitigate potential legal risks.

Salary range: SGD 200,000 per year (Source: Morgan McKinley)

Where is the Best Place to Start a FinTech Career?

Did you know? Asia-Pacific is all set to become the world’s largest fintech market, replacing the U.S. by 2030. (Source: Boston Consulting Group)

A Fintech career within Asia can be a strategic move with these projections in place. With the increase in market size comes the inflow of multiple job roles for talented professionals to occupy. Fintech jobs in Singapore can be a worthy consideration for you.

Singapore is a city-state located within the Asian continent known for its tenacity when it comes to business and finance. It is home to one of the largest logistics and supply chain management systems and is known to be among the nations with the highest GDP within Asia.

A Fintech job in Singapore could be a promising option to consider once you complete your education in financial technology.

As of 2024, Singapore reported a GDP of $525.228 billion. The city-state is home to a mixed market and is also known to have the highest trade-to-GDP ratio in the entire world. (Source: Wikipedia)

Careers in Fintech within Singapore can be highly rewarding if you have the talent and proven efficiency within this industry.

Consider enrolling into a course of your choice to upskill yourself for the evolving fintech industry. Some of the best courses to choose for high-paying fintech careers are a Master of Science in financial technology or a Master of Science in finance.

You may also choose specialised certificate courses or diplomas at your convenience.

The London School of Business and Finance in Singapore (LSBF in Singapore) has won many awards under various categories for educational excellence. LSBF in Singapore can be the best place to start your Fintech career today!

Sign up today to learn more!

 This blog was written by Rebecca Paulraj and edited by Candice McDowell

 FAQ

What is FinTech?

FinTech, short for financial technology, refers to the use of technology to deliver financial services. This includes a wide range of areas like mobile payments, online banking, digital lending, blockchain technology, cryptocurrency, and wealth management platforms.

What are the growth prospects for a career in FinTech?

The FinTech industry is experiencing rapid growth and innovation, creating a multitude of exciting career opportunities. According to a report by 300hours.com, the global FinTech market is expected to see an increase in its compound annual growth rate by 26.2% between the years 2022 and 2030.

This makes Fintech the fastest-growing sector within the finance industry. With the right skill set and expertise, you could be among the top earners in the world with a high-paying fintech job. (Source: 300hours)

Is Fintech a good career choice for you?

If you are passionate about technology and finance, possess strong analytical and problem-solving skills, and are adaptable to a fast-paced environment, then a career in FinTech could be an excellent choice for you.

What are the career opportunities in FinTech?

The FinTech industry offers a diverse range of career paths, including:

• Software developers
• Data scientists
• Cybersecurity specialists
• Product managers
• Business analysts
• Investment bankers
• Regulatory compliance experts
• Marketing professionals and many more…

How can I stay updated with the latest trends and developments in FinTech?

To stay ahead of the curve in the ever-evolving FinTech landscape, you can:

• Follow industry publications and news websites. You can also keep abreast of the latest developments through TED talks and seminars from reputed fintech aficionados.
• Attend FinTech conferences and events.
• Network with professionals in the field.
• Take online courses and training programmes to develop relevant skills.
• Consider pursuing specialised certifications in FinTech areas like blockchain or artificial intelligence.