FinTech

FINANCIAL TECHNOLOGY (FINTECH)

With the adoption of technology in banking and financial services,this industry oversees countless transactions every day.

OVERVIEW

FinTech – a blend of ‘finance’ and ‘technology’ – has altered the way we make payments, take out loans and invest our finances. The core of FinTech is to leverage technological advancements such as smart algorithms and secure cloud-based apps to enhance financial services.

FinTech innovations include online banking, electronic payments and peer-to-peer lending. The aim of these technologies is to make financial services more efficient and easily accessible for organisations and consumers.

Below are some applications that utilise FinTech:

Robo advisors

Mobile payments

Crowdfunding platforms

Peer-to-peer lending platforms

E-wallets

Here are some examples of sectors that make extensive use of FinTech:

Retail banking

Investment management

Digital transactions

Digital loans

CAREER PATHWAYS

Though many universities in Malaysia now offer designated FinTech degrees, those are not a hard requirement for entering this area of work. Although certain FinTech roles do require specific technical knowledge (e.g. cybersecurity, app development, etc.), there are also plenty of roles that graduates from other degree disciplines can apply for so long as you have the relevant skills.

You will, however, need to stay constantly up-to-date on the latest FinTech trends and industry developments. This industry is changing and evolving at an incredibly rapid pace, so you will have to supplement your career journey with external courses, seminars/webinars, conferences, and a general sense of commercial awareness.

There are various job roles that graduates can take up, like app development, investment consultants, or product managers. Other popular career pathways in FinTech include artificial intelligence, wealth management technology (WealthTech), and robo-advisory.

Beginning with an internship or graduate programme in a financial organisation’s IT or FinTech department will give candidates a good start if they decide to pursue a career in this field. In particular, job rotations under such programmes will give you exposure to various parts of the banking and financial services industry and the role that FinTech plays within them.

REQUIRED SKILLS

FinTech is an evolving industry with new developments each year, so you will need to learn, unlearn and relearn skills frequently – especially technical ones.

Currently, blockchain expertise and development is categorised as one of the hottest job skills in FinTech, according to a report published by market research firm Meticulous Research. This is followed by machine learning, applied statistics, and cybersecurity.

For non-development FinTech roles, having up-to-date knowledge about international finance laws, stock market trends, and risk compliance will be key to help you come up with better solutions for your platform.

With that said, soft skills are crucial in this industry, especially given the team- and project-based nature of FinTech work. Some of the soft skills that are in demand include communication skills, adaptability, handling ambiguity, problem-solving skills, and teamwork skills.