Fintech, financial services add 7,800 jobs
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.”