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As of July 2019, there were 329 fintech start-ups in Malaysia, and we expect this number to continue to rise in 2020. And even though as many as 82% of FIs see fintechs as a threat to their business, many have started their own digital transformation journey to embrace the change that is powered by technology.
Fintechs typically boast an expansive portfolio of new and innovative products and solutions, offering talent the opportunity to pioneer innovations that could change the future of finance. Banktechs, refers to technology used in banking, are also keeping up with the changes, offering new online services and AI-powered chatbots that can help consumers resolve simple issues within minutes.
Fintechs and banktechs are racing neck-to-neck to build tech teams and enhance their workforce capabilities to meet such business demands.
talent trends and candidate expectations in 2020.
Companies are increasing their investments in Robotic Process Automation (RPA) as these technologies tend to reap high returns and drive operational efficiencies almost immediately upon implementation. This would also include building new and more targeted algorithms to improve user experience and expand their customer pool through machine learning or artificial intelligence.
Tech experts equipped with niche skills these new technologies will be highly sought-after. In particular, talent experienced in programming languages like Python will see strong demand. Tech professionals who have prior experience in cybersecurity, either from agencies or with portfolios in banks and FIs, will also be in demand next year.
free download: 2020 market outlook report - malaysia fintech & banking tech sector
key highlights in this year’s fintech and banktech industry outlook.
- latest developments in fintech and banktech aimed at improving efficiencies as competition heats up
- targeted areas of talent growth and demand within fintech and banktech space
- increasing focus and value on transferable skills and learning potential in the search for candidates