The finance industry has been one of the most enthusiastic proponents of advances in technology. Numerous FinTech firms are exploring the infinite potential of advances such as AI and machine learning (ML) in search of more efficient and profitable financial services. The global FinTech market is expected to grow at a CAGR of 24.8% per year through 2022 to reach US$309.98 billion ($432.5 billion). 

“Many of these FinTech firms deliver more economical, flexible, user-friendly services, disintermediating financial services and capturing a considerable part of traditional banks’ market share,” boast a Harvard Business School case by IESE Business School professors Mireia Gine and Miguel Antón. Visa chairman and CEO Alfred Kelly told Euromoney that three out of four internet users worldwide use at least one FinTech application. 

Singapore’s financial sector has been eager to jump on the FinTech bandwagon. According to the Monetary Authority of Singapore’s (MAS) chief FinTech officer Sopnendu Mohanty, the number of companies working in FinTech has risen from below 20 in 2015 to over a thousand today. Fresh graduates with computer or finance skills will also be glad to know that there are now 10,000 jobs in the industry up for grabs. Spending on the FinTech industry has risen from less than $20 million–30 million in 2015 to $1.2 billion–1.5 billion in 2020. 

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