Fintech sector offers bright prospects for young job seekers: Alvin Tan
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Minister of State for Trade and Industry Alvin Tan said that headcount in the fintech sector is growing and companies are expanding.
ST PHOTO: LUTHER LAU
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- Singapore's fintech sector is growing, with increasing funding and hiring opportunities across various roles, employing around 10,000 people.
- The financial sector adds an average of 4,400 net new jobs yearly and offers internships via partnerships between the Institute of Banking and Finance and institutions like JPMorganChase.
- The Fintech Youth Day was held on July 29 to encourage students to be open-minded about job opportunities and to upskill for the evolving landscape.
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SINGAPORE – Singapore’s fintech sector remains a bright spot in a challenging job market, offering promising career opportunities for young job seekers, said Minister of State for Trade and Industry Alvin Tan.
Speaking at Fintech Youth Day on July 29, he said that headcount in the fintech sector is growing and companies are expanding.
Financing in the space is also growing, with Airwallex and Thunes among those that recently raised funding.
“They are getting funding in the so-called difficult environment. So you’re all in the right space. The financial sector is hiring. The fintech sector is hiring. It’s a really good opportunity for all,” Mr Tan said.
The fintech sector employs about 10,000 people across approximately 1,800 fintech companies, with jobs spanning compliance, product, trust and safety, risk management and more. Between 2021 and 2024, the financial sector added an average of 4,400 net new jobs annually.
“If you set your sights in the financial sector, you set your sights in the fintech sector, I think you have a much better chance,” Mr Tan added.
The event, hosted by the Singapore Fintech Youth Chapter (SFYC) at the Devan Nair Institute for Employment and Employability, drew around 500 students from junior colleges, polytechnics, universities and ITE colleges across Singapore. Companies such as Prudential Singapore, UBS and Coinbase participated.
Singapore is committed to attracting and growing fintech firms,
The Institute of Banking and Finance is partnering with 10 financial institutions such as JPMorgan Chase and UBS to offer around 300 internship and traineeship places in the next one to two years.
These initiatives will allow youth to build work experience and transition into full-time roles, he said.
Encouraging the students to keep an open mind, Mr Tan said: “I’m not saying to take the first job that comes to you, but don’t be afraid to jump in. Learn, have an open mindset.”
Even if a job does not turn out to be a long-term fit, the experience and skills gained during internships are valuable, he noted.
When asked what advice he would give his 20-year-old self, he said: “Don’t waste your time doomscrolling. Read up, learn things, create things. Fail, try again. You’re going to have a life beyond digital platforms.”
Singapore FinTech Association vice-president Tawishi Singh said that the event was held to foster dialogue and help students prepare for the future through upskilling.
“As the landscape evolves, it is more important than ever to inspire and equip a fintech future-ready and AI talent workforce that can continue to drive growth and innovation,” said Ms Singh.
SFYC volunteer Jasbir Kaur, a 24-year-old applied computing student at the Singapore Institute of Technology, said that such events help students build connections with companies.
With a keen interest in Web3, blockchain and cryptocurrency, she hopes to pursue a career as a blockchain specialist.
When asked if she is worried about the job market, she said: “I do get worried sometimes, but I remind myself there’s always an opportunity out there.”
