Fin­tech, fi­nan­cial ser­vices add 7,800 jobs

Southeast Asia Globe - - Banking -

Sin­ga­pore, which has the most ro­bust fin­tech mar­ket in South­east Asia, with a record $229m in­vested in fin­tech star­tups in 2017, added 7,800 jobs to fin­tech and fi­nan­cial ser­vices between 2016 and 2017. This job growth, quan­ti­fied in the lat­est Pulse of Fin­tech re­port by KPMG, was driven largely by the fund man­age­ment and in­sur­ance in­dus­tries, and to a lesser de­gree by bank­ing. As many as 2,000 of those jobs were in fin­tech.

“IT has emerged as a key functional area driv­ing hir­ing de­mand across fi­nan­cial ser­vices – some of the fastest-grow­ing job roles are in soft­ware de­vel­op­ment, cy­ber­se­cu­rity, data an­a­lyt­ics, ar­ti­fi­cial in­tel­li­gence and busi­ness process en­gi­neer­ing,” Ravi Menon of the Mone­tary Author­ity of Sin­ga­pore said in a speech.

The top fin­tech deals of 2017 in Sin­ga­pore in­cluded the $100m ac­qui­si­tion of Payn­ear So­lu­tions by GoSwiff and the $13.5m Se­ries B fund­ing round by Smartkarma.

“As the sec­tor ma­tures, in­vestors have shifted from ex­per­i­ment­ing with fin­tech to seek­ing out value-driven op­por­tu­ni­ties,” KPMG said in a press re­lease. “This is par­tic­u­larly true for cor­po­rates who con­tinue to in­vest and see fin­tech as a strate­gic play that will help ac­cel­er­ate their dig­i­tal trans­for­ma­tion agen­das.”

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