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 in turn, has opened many employment opportunities in the industry.
Career overview Graduates keen on entering this field can look forward to working with technologies that are aimed at automating parts of the banking sector, and also programmed to lend support to functions such as handling data management, interactions and 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 typically falling under one of these categories: • P ro d u c t p rov i d e rs : T h ey ’re 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: These refer to 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 can be found in this category
• Technology providers: These range from 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: • Application development: Where engineers develop applications and software to improve an organisation’s facilities • 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 Fintech in ASEAN markets has greatly benefitted from the Covid-19 pandemic. Digital banks have taken off, with three countries – namely Singapore, Malaysia and the Philippines – now notably offering licences. Present banking players and non-fintech giants have entered the ring, and though the race is currently far from over, the winners will be able to exert significant influence over the region. Closer to home, according to the Singapore Fintech Report 2021, the small country maintained its fintech momentum, riding on the tailcoats of
fintech initiative, new regulations and new digital banks. Fintech investment even reached US$36m in 2020, making up 6.2 per cent of the total raised in Asia!
Pros and cons Work satisfaction 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. 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.
Required skills
• 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 2022
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