IT AND TECHNOLOGY | AREAS OF WORK
FINANCIAL TECHNOLOGY (FINTECH) Enhance the efficiency of financial services in banks and insurance firms with technological innovations.
T
he growth of financial technology, also known as fintech, has led to a time of innovation in financial services and opened many employment opportunities in the industry.
Career overview Graduates keen on entering this field can look forward to working with technologies that are not only aimed at automating parts of the banking sector, but also programmed to lend support to functions such as handling data management, interactions, as well as transactions between financial firms and their partners and clients. Employers generally come in the forms of established financial institutions, technology firms and start-ups, and they typically fall under one of these categories: • Product providers: Organisations that offer financial products, such as retail and online banks, investment management companies, as well as insurance and actuarial firms. They may also include other less conventional corporations that provide financial services and products. • Service providers: Companies that work hand-in-hand with product providers to offer advisory and other forms of assistance. Financial advisors, actuarial firms and other business consultancy organisations fall into this category. • Technology providers: Technology “partners” to product and service providers that cater to their software and technology service needs.
Work for IT personnel, at times referred to as IT engineers, usually revolves around a few functions:
Pros and cons
• Application development: Where engineers develop applications and software to improve an organisation’s facilities.
Many IT personnel find satisfaction in being able to serve the finance community both on a national and global scale by contributing to more efficient banking experiences.
• Infrastructure: Personnel build and maintain components – both hardware and software – required to host a firm’s programmes. • Support: Engineers assist users and handle troubleshooting when required. Compared to the other two roles, this area involves more client-facing responsibilities.
Trends and developments Though Singapore leads ASEAN in fintech, other countries are not far behind. For instance, Vietnam’s largest market segment in 2021 will be digital payments with a total transaction value of US$15m, and GrabPay is set to make a huge splash in Cambodia. Indonesia is home to a burgeoning digital payment scene, and Thailand, on their part, has taken to blockchain. In addition, Singapore has not only deepened its relationship with China in regards to fintech, it has also kept an eye on global expansion, and broken ground by migrating blockchain to the energy industry, facilitating the creation of a peer-to-peer energy market.
Work satisfaction
Irregular working hours While a work-life balance is guaranteed most days, every now and then, engineers may be required to stay back after regular working hours for systems or network maintenance. Skills required in financial technology (fintech)
• Passionate about technology and financial services • Aware of the latest trends in both the technology and financial services industries • An eye for detail • Good interpersonal skills • Problem-solving skills • Integrity and credibility
STEM Career Guide 2021
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