The Rise of FinTech in Singapore and Why FinTech Jobs Are in Demand?

The global and local FinTech industry is flourishing and increasing the demand for FinTech talent worldwide. FinTech refers to the use of technology and/or business models to enhance or revolutionize the delivery of financial services and products, such as robo-advisors, digital payments, and crowdfunding platforms, to both consumers and businesses. The advent of smartphones and technologies like Artificial Intelligence (AI) and cloud computing have been instrumental in driving the remarkable growth of FinTech.

The Growth of FinTech in Singapore

Singapore has become a major player in the global FinTech industry, boasting over 900 FinTech entities and representing more than 40% of all FinTech companies in Southeast Asia. The Singaporean government has been a strong supporter of the FinTech sector, with the Smart Nation Initiative launched in 2014 by Prime Minister Lee Hsien Loong, which positions FinTech as a core element to keep Singaporeans ahead of the global digital transformation.

The Monetary Authority of Singapore (MAS) has played a crucial role in Singapore’s rapid FinTech development, recognizing the importance of FinTech innovation and committing to positioning Singapore as a center for innovative and responsible digital asset activities. Singapore was among the first countries to establish a Smart Financial Centre, implement regulatory sandboxes, and create a dedicated FinTech team within MAS.

The annual Singapore FinTech Festival is the world’s largest fintech festival, highlighting Singapore’s strength as an international financial center with a long history of trust and finance development, a strategic location in the fast-growing ASEAN and Asia region, and an exceptional business environment. MAS’s regulatory approach, which balances innovation and risk, has been a model for many other countries to follow.

The Role of FinTech in Singapore’s Economy

Singapore aims to position itself as the hub for innovative and responsible digital asset activities. The fintech space in Singapore is thriving, with over 1,000 fintech companies and 40 innovation centers operating in the country. In 2021, Singapore recorded a record USD 3.9 billion in fintech investments. The government aims to expand economic opportunity, enhance social inclusion, and reduce risks through fintech development. 

FinTech Job Market Trends in Singapore

Singapore’s fintech industry is witnessing several emerging trends, such as the country’s positioning as a regional green financial hub, the adoption of blockchain technologies and artificial intelligence, and the Monetary Authority of Singapore’s (MAS) review of its approach to stable coins. With over 1,000 fintech companies and 40 innovation centers operating in the country, the fintech market in Singapore is highly competitive, and startups are consistently providing digital solutions to traditional financial institutions.

Moreover, Singapore has become an ideal location for global fintech companies seeking to access the growth markets of Asia. The Singaporean government continues to encourage foreign fintech organizations to establish operations in the country while simultaneously supporting the growth of a domestic startup scene to ensure that innovative solutions and services are brought to the market.

Key Industries Driving FinTech Growth in Singapore

The Fintech industry in Singapore encompasses diverse sub-sectors, with digital payments being the largest, followed by fintech infrastructure providers, RegTech, lending, money management, and others. Singapore has made significant progress in fintech, with initiatives spanning multiple domains, including digital payments, wealth management, blockchain, and insurtech.

The growth and progress of Singapore’s fintech industry are propelled by various factors, including the burgeoning usage of digital financial technology, the accelerated acceptance of online payment systems, and the proliferation of buy-now-pay-later services.

Demand for FinTech Professionals in Singapore

The FinTech sector has experienced a surge in hiring, reaching its peak levels. The sector is one of the fastest-growing industries to hire. The Asia Pacific region has witnessed steady growth in the past year, with Singapore demanding a high concentration of financial services talent. The report also highlights that fintech payment services are expected to bounce back as global travel and tourism resume, leading to a significant increase in hiring in Singapore.

In 2022, financial services companies will require hybrid talent that possesses both technological and operational expertise. Furthermore, compliance talent will be in high demand, primarily due to the emergence of new fintech and digital banking firms in Singapore, which could draw talent from more traditional banking and fund management sectors.

Skills in High Demand for FinTech Jobs in Singapore

The following skills are listed as the most rapidly growing in demand among fintech professionals:

  • Operations
  • Artificial intelligence
  • Customer experience
  • Cybersecurity
  • Fundraising

Note: Specific skill sets and expertise required for fintech jobs can vary depending on the role and company.

Qualifications Needed for FinTech Jobs in Singapore

To excel in fintech roles, the following qualifications are typically necessary:

  • Degree in IT
  • Work experience providing financial services expertise
  • Analytical skills for business analysis, including the ability to translate financial service problems to aid technologists’ comprehension
  • Proficiency in data analysis, such as the ability to manipulate and interpret data to identify patterns and draw conclusions
  • Technical expertise in programming, app development, web design, and other tech tools for building solutions
  • Business development skills such as fundraising, establishing relationships with venture capitalists and investors, and sales and marketing capabilities
  • Awareness of industry trends, including machine learning, cybersecurity, blockchain, and other emerging technologies.

What Are the Job Prospects for Blockchain and Cryptocurrency Experts in the FinTech Industry in Singapore?

  • Cybersecurity Specialists
  • Data Scientists
  • Back End Developers
  • Blockchain Engineers
  • Product Managers

How has the Demand for Digital Payments Increased the Need for FinTech Professionals in Singapore?

The largest subsector in Singapore’s fintech industry is digital payments, with money transfers/remittances and online payment gateways being the top subcategories. Analysts predict that neo-banking (digital and mobile-first banking) will experience a 30.1 percent growth rate in 2023. Fintech companies offer a variety of services across multiple sub-sectors and often adopt various business models, including B2C and B2B.

The Singaporean government has expressed its commitment to expanding economic opportunities, promoting social inclusion, and mitigating risks through fintech development.

What Are the Emerging Trends in RegTech and Compliance Jobs in the FinTech Industry in Singapore?

The Fintech industry in Singapore is witnessing several emerging trends that are shaping its future. The city-state is committed to becoming a regional green financial hub, which is evident from initiatives like Project Greenprint. 

Moreover, the adoption of blockchain technologies and artificial intelligence is on the rise in the industry. The Monetary Authority of Singapore (MAS) is also reviewing its approach to stable coins, which further adds to the evolving trends in Singapore’s fintech industry.

What Are the Key Responsibilities of a FinTech Product Manager in Singapore’s Financial Services Sector?

The key responsibilities of a FinTech Manager, in general, are as follows:

  • Analyzing feedback from customers, stakeholders, and other teams to create and execute a roadmap.
  • Overseeing all stages of a product’s lifecycle from ideation to discontinuation, ensuring comprehension of deliverables, timely release, and user engagement.
  • Generating innovative ideas for features and capabilities that challenge conventional boundaries.
  • Establishing and retaining knowledge of the company’s products, market, and competitors.
  • Creating a product’s positioning and devising a go-to-market strategy
  • Staying informed about industry trends and developments.
  • Proposing innovative ideas to extend the product range and vision.
  • Defining and monitoring essential usage metrics for products to enhance their performance.


In conclusion, opting for a career in FinTech in Singapore can prove to be a smart choice due to various reasons such as lucrative pay, strong demand, work-life balance, and recognition through awards and accolades. Given that the field is expanding, if you are contemplating pursuing a career in FinTech, we can assist you in the process.

For over 34 years, ALLEN Career Institute has been coaching students for highly competitive engineering and medical entrance exams, establishing a prominent reputation in the education sector. 

ALLEN Global Studies Division is committed to unlocking international opportunities for students by providing a platform to explore academic avenues beyond conventional boundaries. Our goal is to equip students with the knowledge, skills, values, and ethical guidance necessary for success in a global profession, enabling them to excel as top-tier professionals. With our extensive resources and specialized expertise, we offer comprehensive support throughout the application process. 

We recognize the importance and growth potential of the fintech industry in Singapore. As a provider of global education and research services, we are committed to offering valuable insights and analysis on the latest trends and developments in this dynamic industry.

Our team of experts can provide in-depth research on the fintech sector in Singapore, including job prospects and skill requirements for individuals looking to enter this field. We can also offer customized training programs and workshops to help individuals and organizations develop the necessary skills and knowledge to succeed in the fintech industry.

Frequently Asked Questions

How big is the fintech industry in Singapore?

In 2023, digital payments is set to become the most extensive category in the market, with a total transaction value of US$20.91 billion. Meanwhile, the alternative financing sector is expected to have an average transaction value of US$61.68 per user during the same year.

How many fintech companies are there in Singapore?

As of September 2022, Singapore had 1,580 active fintech companies operating within its borders, showcasing the growth of the industry in the country.

Is fintech a good career in Singapore?

With 72% of fintech companies expecting growth in the sector this year, the demand for talent is projected to rise. Even though the industry had a turbulent year in 2022, Singapore remains one of the frontrunners in fintech in both Asia and the world.

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