Singapore fintech companies shift focus

Singapore’s fintech sector is undergoing a notable transformation, prioritizing strategic and operational management roles over traditionally dominant technology positions. According to the Singapore Technology Talent Report 2024, it reflects the sector’s evolving maturity and emphasis on long-term sustainability.

Demand for technology-specific roles like software developers, project managers and user experience designers, has declined by 2%, while interest in corporate management positions has grown by the same amount. Companies are actively seeking talent in areas like general management, business finance, risk, compliance and procurement to bolster their operational efficiency and scalability.

The report categorizes these new priorities into distinct roles. For example, “Commercial Evangelists,” who stimulate revenue growth through sales, marketing and partnerships, have seen a 1% uptick in demand. Similarly, “Operations Champions,” that is focused on infrastructure, back-office processes and compliance, also gained a 1% increase in relevance.

Projections indicate a 4% decline in the proportion of technology specialists in fintech workforces over the next two years, but it will be counterbalanced by a corresponding 4% rise in business-centric roles like Commercial Evangelists.

According to another report by PwC Singapore and the Singapore Fintech Association, this strategic turn aligns with the broader industry trend toward profitability and operational efficiency. With funding conditions tightening, many fintech companies are leveraging mergers, acquisitions and cost-efficiency measures to strengthen their market position.

While technology remains a foundation, the industry continues to grow its focus on governance, risk management and complience. Outsourcing non-core tasks has also become a prevalent strategy, allowing companies to concentrate on scaling their core competencies.