SINGAPORE (Sept 25): As technology and finance continue to converge in what is known as fintech, workers who have skillsets in both fields are a highly-demanded resource in Singapore.

However, 94% of fintech companies say they are facing a “major shortage of fintech talent”, according to a survey conducted by professional recruitment services firm Michael Page Singapore.

Four in 10 respondents say the biggest obstacle faced is the lack of professional skills available.

Moreover, employee retention is weak. Some 37% of those surveyed shared that they had switched jobs in the last 12 months.

To ease the “acute” talent shortage in fintech, Michael Page Singapore’s managing director Nilay Khandelwal says Singapore needs to nurture and produce top quality industry-ready talent through education.

“Businesses need to attract and upskill key talent in Singapore’s tight labour market,” he says in a statement.

Businesses may also need to offer more attractive compensation packages and benefits, apart from a “clear career path and company culture fit”.

The survey notes that 21% of respondents expect salary raises ranging from 12% to 15% upon securing a new role.