In recent years, there has been mass innovation in technological areas that have brought great advantages to consumers all over the world. But while our lives have become increasingly convenient, with everything we need at the flick of a finger, this is not an entirely positive state of affairs. Over the past 12 months, newspapers around the world have been filled to surfeit with reports of cyber-attacks; virtual bank heists, international ransomware attacks, and state sponsored groups interfering in democratic electoral processes have all hit the headlines.
For this reason and more, the global technology industry is looking towards cyber security, especially in the sector of cloud services, as the next area of growth, and Singapore is taking it very seriously indeed. “Any organisation which deals with data and the inflow of funds has a need for a cyber security team in the current global climate,” says Lynne Roeder, Managing Director at Hays Singapore. “And this threat shows no signs of abating. As a result, several sub-specialisms within Fintech are thriving.”
These areas include cloud services, threat intelligence, Cyber security audit, monitoring and implementation, IT risk management, Cyber threat assessment, analysis and e-crime intelligence, information security management, Web development and data science.
The Singapore government, through the Monetary Association Singapore (MAS) and the Economic Development Board (EDB), have set in motion plans for mass-investment with the intention of becoming the main regional hub for FinTech development. This is driving private companies to recognise that the Fintech arena is a sector that remains a fertile ground for investment, with the necessity for candidates in these areas rising as a result. “Data science is continuing to mature, and more and more organisations and businesses are looking for talent to optimise solutions in that area,” says Lynne. “Web development skills are very much in demand thanks to many new companies being set up in Singapore through the Economic Development Board’s huge levels of investment.
“In terms of security, there is the ongoing trend of cloud services and it is of the utmost importance that organisations take security seriously, as both consumers and companies alike are rightly paranoid about the current situation.”
While this growth in Singapore’s FinTech industry continues, there is concern over the candidate shortage in the area. As a relatively new industry, there are issues in finding experienced staff. Also, as the technology develops at such a rapid pace, even those with a depth of knowledge in the area may not have the skills required by companies at the cutting edge of the FinTech industry. As such, candidates are turning to self-certification. “One thing we have seen is that many applicants are taking up courses independently with the intention of picking up basic technological tools in order to make themselves more employable. Of course, in an ideal world, companies would prefer to have people with a wealth of experience, but because it is such a candidate short market they need to be more flexible” adds Lynne.
Due to this market shortage, candidates are well aware of their worth and are ready to take advantage of it. “Ideally companies are looking for someone who is technically strong and a subject matter expert in their area. For more senior roles, a candidate should be able to demonstrate significant progress in their career and to have moved up into a technical leadership role with experience of delivering large projects,” Lynne explains. “Candidates with these high-level skills know that they are in demand and are in a good position to negotiate salary increases. This is especially true for local candidates as thanks to stricter immigration policies, companies have their ability to hire foreign professionals restricted, meaning local candidates with the right skills are in a very good position to increase their salary in an industry that is ready to take off in Singapore.”
Source: Hays Singapore