Singapore FinTech companies shift focus to hire business management roles as demand for tech experts declines

SINGAPORE: Singapore’s financial sector is changing its hiring focus, moving away from “Technology Wizards” and looking for “Corporate Drivers” who can provide strategic, business-wide support.

The Singapore Technology Talent Report 2024 revealed that demand for tech-specific roles has fallen by 2%, while interest in corporate management positions has risen by 2%, as reported by Singapore Business Review.

The report defines Technology Wizards as professionals skilled in software and product development, application development, technical architecture, project management, user experience, quality assurance and testing, and service management.

Meanwhile, demand for Corporate Drivers is rising. These professionals cover key areas like general management, business finance, human resources, risk, legal and compliance, facilities, and procurement.

Other roles seeing increased demand include “Commercial Evangelists” and “Operations Champions.”

Commercial Evangelists, responsible for business and revenue growth through development, sales and marketing, and ecosystem partnerships, have seen a 1% rise in demand.

Operations Champions, focusing on infrastructure support, back-office processes, KYC, and service operations, also saw a 1% increase.

FinTech companies expect a 4% drop in the proportion of Technology Wizards in their workforce over the next one to two years, while demand for Commercial Evangelists is projected to grow by 4%.

According to the report, Singapore’s FinTech sector is “maturing,” with an increased focus on operational management.

This shift could be driven by many FinTechs now having established products or solutions, shifting their focus from innovation to business management and scaling.

At the same time, the report found that half of Singapore’s financial institutions (FIs) are considering hiring freezes or expecting to reduce staff due to current economic challenges.

It also noted that FinTechs and financial institutions are increasingly outsourcing non-essential tasks, concentrating instead on building internal capabilities to secure strategic long-term roles. /TISG

Read also: MAS announces 42 finalists for the 2024 Global FinTech Hackcelerator and FinTech Excellence Awards

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