The scale of technology adoption in Singapore has never been more evident than now. With the implementation of circuit breaker measures to curb the spread of Covid-19, it depicts how heavily reliant we are on adopting digital technology in this digital age - right from collaboration platform to cloud-based services and cybersecurity solutions. Many career opportunities and incentives were then presented to job-seekers who are looking into joining the booming FinTech sector.
In this webinar hosted by the Institute of Banking and Finance Singapore (IBF) on 7 December, the panelists shared their insights with the participants regarding some of the trends in job demand and work processes in the FinTech sector, as well as the key skill sets that FinTech employers are actively looking for depending on their job functions and roles. We are honoured to have our CEO and Co-Founder, Mr. Chionh Chye Kit, alongside CIO Technology Strategy & aXess Standard Chartered, Dr. Sebastian Wedeniwski, to represent FinTech employers in this sharing session, and Ms. Rachie Hui, COO and Head of Standards IBF, to moderate the panel session.
Trends of digital technology adoptions for the past five years
2014 was a very challenging year for Cynopsis as we headstarted the RegTech journey in helping businesses to automate their manual Know Your Customer (KYC) processes, in relation to the launch of Singapore’s Smart Nation initiative in the same year. The different technology sectors such as RegTech, InsurTech and MedTech were still in the budding stage and not many businesses were willing to digitise their work processes yet. Until recent years where the government had pushed through more initiatives and with more players entering, we saw exponential growth in this sector. Towards the end of 2019, the emergence of Covid-19 caused a massive acceleration on Singapore’s digitisation journey up to the point where it was almost mandatory to adopt any form of digital technology for all businesses.
Dr. Sebastian added, due to the pandemic outbreak, consumers' behaviour are evolving and therefore, their business processes and products have to constantly change to stay relevant - by modifying the way they create services, clouds and APIs. Synchronisation of the various frameworks and technologies would then be crucial for them in order to create an efficient, seamless and secure banking platform for their customers.
Another observation was that many of the smaller firms had begun to adopt digital technology where they purchased softwares to improve on their business processes while larger firms were shifting from on-prem deployment to cloud services. Many software providers like Cynopsis Solutions build our product on cloud infrastructure and therefore we place a great emphasis in ensuring that the security level of the cloud infrastructure is met so that clients’ data are stored securely in a private cloud. All in all, there is a huge demand for cloud services during the Covid-19 outbreak, and we can definitely expect to see an increasing demand moving forward.
Which job functions and skill sets have higher security/tractions?
Wearing multiple hats as an educator, a partner at a local renown tertiary institution, a Chairman of the RegTech Sub-Committee of Singapore FinTech Association (SFA) as well as a FinTech employer, Chye Kit had kindly shared four perspectives based on his vast experiences. Speaking from the first two perspectives, he commented that the institutions are trying to create an environment that cultivates continuous learning. In addition, tertiary institutions are also embedding innovation and technology-related modules into students’ curriculum. Expressing his third standpoint, Chye Kit also promotes FinTech Talent conversion programs for mid-career job seekers to transit. Lastly, Chye Kit and Dr. Sebastian shared the same sentiment where they expect their teams to be well-versed in both product and technology processes as they strongly believe that both are interrelated. With that in mind, Chye Kit advocated a Product Immersion Programme (for technology team to understand product) and a Technology Immersion Programme (for business team to understand technology processes) in Cynopsis Solutions to foster such culture.
To conclude the entire panel session, both panelists agreed that apart from possessing the hard skills, soft skills and relevant experiences are also important skill sets that many FinTech employers are looking for. While it is not always the case where candidates with the best technical skills get the job role, more often than not it is how the candidates contextualise their experiences and skillsets into the job role. One key takeaway from Chye Kit is that it is our mindset and capability that determines our own career and future, and we set our own career path.
We would like to thank IBF for inviting us to this insightful panel session and we would also like to invite all interested job applicants to check out our career page and onboard this FinTech journey with us!
Check out the full discussions through here:
Facebook live recording: https://fb.watch/2e5n7kqWW0/
About Cynopsis Solutions Founded in 2014 and headquartered in Singapore, Cynopsis Solutions offers RegTech solutions designed to digitise and automate Compliance and regulatory processes, in particular know-your-customer, anti-money laundering, and counter-terrorism financing. Cynopsis Solutions’ accolades include MAS FinTech Awards (2018), RegTech100 (2018, 2019) and Financial Times Top 50 High Growth Companies in Asia-Pacific. Our end-to-end KYC/AML solutions are designed according to the global FATF recommendations, applicable to more than 180 jurisdictions and is already helping more than a thousand B2B customers in the Banking, Financial Services, FinTech and Cryptocurrency, Professional Services and Gaming sectors globally. Cynopsis.co | Twitter | LinkedIn | Facebook | Instagram