Singapore fintechs plan to increase the number of employees despite minimal talent shortage.

According to a survey by the Singapore Fintech Association (SFA) and PwC Singapore, 94 percent of the participants expressed their desire to increase the number of employees and expand workforce in the next 12 months.

According to the survey, 59 percent of the employers reported no talent shortfall while 21 percent of the employers reported 0 to 25 percent shortfall, mainly across 13 unique roles highlighted in the survey.

The survey further states that 42 percent of Singapore fintechs have more than 30 employees while 31 percent of the firms have number of employees ranging between 11 and 30. The number of employers seeking to double their workforces in the next three years is estimated to be 28 percent.

Based on the data, around 6,500 to 10,000 people would be employed by the Singapore fintech industry over the next one to three years.

The average Singapore fintech firm employs about 10.8 people. Sales, marketing, and business development sector along with software and application development account for the most number of employees. The two sectors employ about 22 percent and 43 percent of the total workforce respectively.

Chia Hock Lai, president of SFA, stated that the number of jobs in the Singapore fintech industry will increase in the coming years due to Singapore’s image as a financial hub for the South Asian region. He added that both local and international firms view Singapore as a gateway into Asean regions.

The survey states that the number of fintech firms headquartered in Singapore is over 71.6 percent. Out of the total number of firms, 24.7 percent were established more than five years back, 42 percent were established three to five years back. 23.5 percent of the firms are only one to two years old while 9.9 percent of the firms are less than a year old.