The global fintech industry is rapidly expanding, with a remarkable 182 percent growth in tech job opportunities in 2022. Yet, talent scarcity in some regions due to rising competition and burnout concerns pose challenges. By 2030, over 85 million jobs could go unfilled, impacting key sectors and resulting in potential annual revenue loss of USD 8.5 trillion. Even pioneering fintech nations like the Nordic countries face tech talent shortages, potentially straining industry development. However, global recruitment strategies offer a solution to overcome local skill gaps and facilitate sector growth.
Tackling the Talent Shortage:
Talent scarcity in fintech isn't due to a lack of professionals but stems from companies' rigid recruitment approaches. Embracing adaptable strategies, like global recruitment, is crucial for securing top talent while limited local searches put firms at a disadvantage. To thrive amid heightened tech talent demand, companies are expanding internationally, benefiting from multilingual experts, localized insights, and a global perspective. Such strategies not only address local shortages but also enhance business outcomes.
Top Emerging Fintech Hiring Hubs: Asia-Pacific (APAC)
APAC (especially China, Japan, and South Korea) is pivotal for fintech growth. EY's Fintech Adoption Index shows Hong Kong, Singapore, and South Korea at 67% adoption, Australia at 58%, and India rising closely. China leads at 87%, with India emerging as a digital power in Asia.
Vietnam's fintech market is projected to reach USD 18 billion by 2024. The nation's informal economy and lack of banking present opportunities for innovative financial firms. Valued at USD 4.5 billion in 2021, Vietnam's fintech industry growth is amplified by government initiatives, integrating STEM courses and programming skills into education. With a strong presence in Kearny’s Global Services Location Index and a surge in technology courses, Vietnam offers educated and technically skilled talent in fields like blockchain, AI, and big data, positioning it as a notable contender in the fintech talent landscape.
Indonesia's fintech sector burgeoned with over 150 startups by 2022, marking a 78% increase since 2015. The nation boasts tech-savvy students, notably excelling in classroom technology use, surpassing even more developed countries, per Cambridge International research.
India's fintech sector is rapidly expanding, with 17 unicorn companies showcasing substantial growth. The industry could reach USD 150 billion by 2025. Despite this, India's fintech talent potential remains overlooked, housing diverse subsegments like payments, insurance, and regulation technology. Bilingual education produces an English-speaking talent pool, setting India apart for remote work opportunities.
Top Emerging Fintech Hiring Hubs: The Americas
Beyond the traditional U.S.-centric fintech companies such as Stripe and Brazilian success story Nubank, new and diverse fintech businesses are also tapping into talent hubs in this region.
Canada's fintech sector thrived in 2020 with USD 6 billion investments, offering significant opportunities. The market emphasizes digital payments, neobanking growth, and innovative models like banking-as-a-service. Collaboration and tech talent pipelines strengthen the ecosystem. Toronto, Vancouver, Montreal, and Ottawa shine in tech talent rankings, providing affordability compared to other hubs. Montreal and Vancouver stand out in global tech talent growth. Canada's fintech landscape continues diversifying beyond established US-centric companies, tapping into regional talent hubs.
Mexico dominates as Latin America's foremost fintech hub. In 2020, fintech startups increased by 14%, thriving in insurtech and digital banking. Mexico's fintech legal frameworks drive innovation, leading in neobank and digital wallet transactions. Boasting substantial tech talent growth, over 110,000 engineering graduates annually fuel the industry's progress.
Top Emerging Fintech Hiring Hubs: Europe
The UK is already a key hub in the fintech sector. However, other European nations are also gaining traction and developing innovative fintech ecosystems where professionals can learn, grow, and disrupt the industry.
The Netherlands shows promising growth in fintech, accounting for over USD 1 billion in local venture capital transactions. Booming with around 100 fintech companies, it attracts global talent due to digital education and multilingual proficiency. The nation's 250,000 tech workers contribute to its emergence as a fintech talent hub.
Lithuania emerges as a fintech talent source with 230+ companies, an 18% employee increase in 2020, and a 10th rank globally. Multilingual and diverse, it boasts 42,100 ICT professionals and 2,000 annual IT graduates. Vilnius, with fintech-focused master's degrees, thrives in lending, banking, and regtech.
Hire Global Fintech Talent with G-P
At G-P, it’s our mission to break down barriers to global business, enabling opportunities for everyone, everywhere, regardless of location. We’ve paired our #1 Global Growth Platform™ with our team of dedicated HR and legal experts to handle all your recruiting and hiring needs, so you can focus on your people. We designed our platform to help you access boundless talent, anywhere in the world by:
- Minimizing global hiring costs.
- Increasing time to revenue.
- Simplifying international market entry.
- Mitigating global compliance risk.
Whether you’re searching for your ideal candidate or have found the perfect fit, as your partner in global growth, G-P will help you unlock your team’s full potential.
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