FinTechs to prioritise securing talent: PwC

Lack of domestic talent was cited amongst the main weaknesses in Singapore’s industry.

FinTech firms in Singapore cited sourcing and retaining as their top priority over the next three to five years as it is one of the key obstacles to growth, according to a report by PwC.

The PwC survey showed that over 60% of the respondents are targeting to pool talent as failure to do so may hinder the progress of their organisational value chains and their “full potential.” They are addressing this by offering better job packages.

“[Whilst] various initiatives between the industry, policymakers and educational institutions are still in effect to increase the domestic supply of talent in the future, foreign talent is still set to play a substantial role in the competition for viable employees,” the report read.

The lack of suitable domestic talent and inability to bring in overseas talent to Singapore was the second main weakness in Lion City’s FinTech industry that hinders growth, following the “too small” domestic market and more focus on larger ASEAN markets.

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Following this, FinTech firms are also focusing on funding, capital raising, and listing. They are also looking at entering new markets and offering new products and services.

The report also said that around 35% of the firm who said are focusing on expanding their footprint and products are categorised as “Seed” in their fundraising status, and another 20% are “unfunded.”

PwC said it reflects the need for the firms to grow rapidly as "it is logical for relatively nascent start-ups to focus on these areas equally in order to increase their market share and drive future investment concurrently.”

A total of 52 respondents were used in the survey, PwC said.