FINANCIAL SERVICES, HR & EDUCATION | Staff Reporter, Singapore

Fintech boom could raise demand for banking regulators

Regulators are finding it hard to spot financial risks as the financial sector grows.

The growth of jobs in fintech could also mean growth on the other end of regulation, Hays Singapore said.

Local banks are at the forefront of fintech investment, noting that there is a potential profit rise of up to nine per cent should 40 to 70 per cent of expenditure in Singapore shift from cash to cashless payments.

Whilst the technology advances, banking regulators, such as the Monetary Authority of Singapore (MAS), are finding it difficult to spot risks in the industry, often only able to impose sanctions retroactively.

"The situation could lead to a rise in demand for candidates in both fintech development and regulatory commerce," Hays said.

Hays said with the global level of banking technology investment tripling to $11.46b in Q2, Singaporean banks are looking for candidates who can help develop this area.

On the flip side of this, there is growth too in the market for risk professionals and auditors.

Hays said the demand for these candidates is high, meaning banks searching in this talent short market are finding it difficult to fill positions with people holding the necessary recent knowledge or skillsets.

This is a situation that is intensified by a governmental imposition to hire from within Singapore, cutting out a once fruitful overseas candidate field.

Hays Singapore managing director Lynne Roeder said, "Due to the need to focus on Singaporeans and Singapore residents for jobs, many banks have struggled. But banks have their hands tied because they cannot hire from abroad until they can demonstrate that they have scoured the home market."

This situation makes it even harder for banks, as candidates with international experience are still seen as being particularly attractive, the firm said.

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