1.
FINTECH RECRUITMENT
A GLOBAL PERSPECTIVE
BANKING &
FINANCIAL SERVICES

2.
The revolving door of FinTech is experiencing global
momentum as banking and financial service companies explore
their options to keep pace with consumer demands and
standalone FinTechs look to gain market share in the lucrative
banking market. As a result of this upturn, recruitment
prospects across the financial technology market are steadily
increasing for developers through to sales and executives.
Huxley spoke to 100 FinTech & Banking professionals as
well as Huxley consultants in our key regions to gain a global
perspective.
More than $50 billion has been invested in almost 2,500
companies since 2010 with the value of global FinTech
investments in 2015 growing by 75% to $22.3 billion. This
mammoth investment continues to add value to global
economies and capture niche markets that add to the
specialisation and competitiveness that global financial hubs
are demanding.
In Singapore, most financial institutions are investing heavily
in technology, including the traditionally less tech-heavy parts
of the industry such as insurance or wealth management.
FinTech is being widely adopted across all business lines as a
way of increasing revenues or costs, says Huxley Banking and
Financial Services Singapore, Recruitment Consultant, Calum
Nicholl. In the Asia-Pacific region alone, FinTech investment
has more than quadrupled in 2015 to $4.3 billion and is now
the second biggest region for FinTech investment after
North America.
Huxley Banking and Financial Services Sydney, Recruitment
Consultant, Callum McKenzie, says FinTechs are varied but
very much aligned to the growth in Singapore. What we’ve
seen is a strong demand for insurance and investment and
also lending (home loans and personal), financial planning,
crowdfunding, peer to peer and stock markets. “A great
example is MoneyBrilliant, they provide an app to the general
public that links their bank accounts and acts as a financial
planner.
“In Frankfurt, where a lot of the technology is somewhat
outdated, reporting, business intelligence, big data, and new
risk models are seeing an overhaul with many financial hubs
looking to FinTech to replace their old models says
Huxley Banking and Financial Services Frankfurt,
Senior Recruitment Consultant, Oliver Voigt.
London and New York, the global leaders in FinTech are
seeing similar growth from financial hubs. “Payments,
lending (consumer and peer to peer), trading software, big
data analytics, and sports betting are seeing strong growth,
particularly through accelerators and incubator programmes
which are looking to expand their teams says, Huxley Banking
and Financial Services London, Principal Recruitment
Consultant, Daniel Woodgate.
Huxley Banking and Financial Services New York, Joseph
Cooper continues, “typically, anything software related to
trading, risk, portfolio management, big data analytics, and
compliance - these are easier to buy off the shelf. This
strong growth period, offers skilled individuals the opportunity
to work in these FinTech markets which provide an innovative
culture, work environment, and benefits not always seen in
the banking and finance industry,” says Cooper.
THE DESIRE FOR FINTECH
“The app is going to evolve into a trigger point
marketing tool; telling a user if their mortgage
is competitive or if they can sort a service that’s
cheaper elsewhere on the market”
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3.
Culture is king for FinTech hubs across the globe, says
Woodgate in London, they are incredibly agile and generally
more informal than traditional, larger financial services, and
banking environments. Many ‘institutionalised’ and career
banking technologists are often challenged to find their role in
FinTech, even if their tech stack is right. Attitude; generally a
technically agnostic approach where finding the best solution
for the problem is key rather than building in a particular
language as well as flexibility, and innovation are all key
attributes of a successful FinTech professional.
In Sydney, FinTech firms are looking for innovative and
passionate staff who can perform their roles and support
business objectives. These roles have a tendency to be
different culturally compared to the large banking companies.
In contrast, Frankfurt has a very strong banking culture where
fluent German skills are expected from potential candidates.
In New York, Cooper says, “It’s very much a team effort,
and communication skills are essential, everyone is working
together to achieve similar goals, the founder is typically quite
hands on, it isn’t a suit and tie environment, it’s tee-shirt and
jeans which some banking professionals find very unfamiliar.”
FinTech firms are looking for industry experts to engage
clients and work on product and service developments
as Nicholl in Singapore continues, “At times, candidates
transitioning from a traditional banking environment to a
technology firm can find it challenging with less hierarchical
structures in place and higher expectations to take on a wider
range of tasks and responsibilities. Individuals familiar with
clear career progression and a rigid corporate ladder can be
surprised when they find themselves working in firms without
job titles or command structure. The upside of course is that
often FinTech firms are able to be more agile, have less red
tape, and are generally more progressive in encouraging
work-life balance and a strong company culture.”
CULTURE IS KING
WHAT IS MOST IMPORTANT TO YOU
IN YOUR WORK ENVIRONMENT?
An innovative and
passionate team
34%
Culture
31%
Flexibility
35%
3
Based on 100 responses from June 2016 survey by Huxley Banking and Financial Services.

4.
“Sydney FinTech firms are operating and hiring autonomously,
allowing them to maintain their start-up mentality and agility
as a developing business,” says McKenzie. “Stand-along
FinTech firms in New York are full of activity, and are very
much looking for talent to join their teams. However it’s the
smaller banks hiring and the larger banks making a number
of cuts in both contract and permanent roles,” says Cooper.
Nicholl in Singapore is seeing a great deal of investment from
FinTech firms in both sales and professional services, but also
from banks themselves including DBS, UBS, Citi and Credit
Suisse, who have established innovation centres in Singapore
to build strong in-house capabilities.
In London “FinTechs are looking to engage with agencies
in order to meet their rapid expansion plans and scale up,
and banks who although are less agile have the capabilities
to evolve their own internal innovation strategies through
incubator and accelerator programmes,” says Woodgate. In
Frankfurt, Voigt continues, “FinTechs are more flexible and
have a higher demand with the banking sector although they
are generally more conservative when it comes to hiring.
For instance, they needed five years to handle the growth of
PayPal. As a consequence, banks are often going to smaller
consultancies when they need these FinTech skills,” says Voigt.
DO YOU WORK FOR A BANK
OR A FINTECH START-UP?
WHO IS RECRUITING
LOCATIONS OF OUR RESPONDENTS
36%
UK
27%
USA
24%
Germany
13%
Australia
4
73%
Bank 27%
FinTech
Based on 100 responses from June 2016 survey by
Huxley Banking and Financial Services.

5.
The increasing demand for commercial skills in the FinTech
industry has opened the doors to roles in sales and data
analytics and scientists (machine learning and development)
across the globe. As companies look for hands on candidates
to improve their capability and service, sales roles are
becoming the most valuable with their skillset allowing them to
win and manage sizeable accounts, increase brand awareness
and build a presence in the market as well as ensuring a
smooth delivery of the service to the client. Additionally, web
and software development including Javascript, HTML5 and
Python and mobile development for IOS and Android are in
high demand however command lower pay rates.
“Across London start-up FinTech salaries often offer a lower
salary base when compared to the larger bracket investment
banks although for exceptional individuals there may be the
option to get into the FinTech equity pool, which if the firm
is successful, can be quite lucrative. Usually, equity is not
an option as founders want to maintain a maximum share of
their business, however entering a FinTech at an early stage
does have its benefits including a somewhat more direct path
to senior management roles and the ability to grow a team
around them. “As long as FinTechs can be competitive and
sensible with salaries then experienced candidates are very
happy to consider it if the challenge and culture is right,”
says Woodgate. In New York, “The salary package completely
depends on the role, which has a tendency to relate to the
relationship between the technology and commercial side,
even if an individual is a technologist by trade, being client
facing and being commercially aware is a major advantage,”
says Cooper.
In Singapore strong local candidates with excellent client-
facing skills command a premium across FinTech, says Nicholl
in Singapore. “In Sydney, the salary brackets vary with the
technology side offered standard salaries for junior IT staff yet
in niche technology FinTechs are offered much less than the
rest of the market,” says McKenzie. “Our salaries are based
on geography, in Frankfurt and Munich salaries are quite high
whereas in Berlin where most of the stand-alone FinTech
companies are, salaries are lower.
SKILLS AND SALARY EXPECTATIONS
WHAT IS YOUR SALARY BRACKET?
WHAT LEVEL ARE YOU IN YOUR COMPANY?
0% 10% 20%
£65,000+
(USD $90,000+)
£55-65,000
(USD $80-90,000)
£45-55,000
(USD $65-80,000)
£35-45,000
(USD $50-65,000)
£25-35,000
(USD $35-50,000)
£15-25,000
(USD $21-$35,000)
5
23%
37%
40% Management
Mid-level
Graduate
Based on 100 responses from June 2016 survey by Huxley Banking and Financial Services. Based on 100 responses from June 2016 survey by Huxley Banking and Financial Services.

6.
Industry job openings can take a sharp increase with the
announcement of Government incentives as is the case with
FinTech as countries diversify their domestic options in an
effort to grow local economies and compete on the global
stage. Although the UK is currently a leading FinTech hub, this
long-term position is at risk with global regions accelerating
policy initiatives and gaining a competitive edge through
investment and talent expertise . As such, international
partnerships are being established including, Project Innovate,
a world-first agreement with the UK’s Financial Conduct
Authority (FCA) and Australian Securities and Investments
Commission (ASIC) to build disruptive innovators at scale
which has support from financial regulators as they attempt
to enter the market . Woodgate in London says, “This allows
new tech firms to get first-hand support from experts while
these same experts can learn from start-ups to improve
policy and processes. This initiative can support technological
innovation and limit entry barriers for FinTech companies.”
Across Australia, the majority of these FinTechs entering the
market are disruptive technologies and are starting to break
up the status quo in the Australian banking industry, opening
up the candidate market in an exciting way,” says McKenzie in
Sydney.
Throughout New York State, reduced tax rates and incentives
to FinTechs are offered to encourage them to operate in the
industry,” says Cooper. Nicholl continues, “The Singapore
Government has adopted a three-point approach for
supporting the development of FinTech initiatives: creation of
clear regulatory guidelines, financial backing and the provision
of technical resources and expertise. Ravi Menon, Managing
Director of the Monetary Authority of Singapore recently
suggested that peer-to-peer lending and lending platforms
may be regulated in the future, however acknowledging
the need to adopt a modular and risk-focused regulatory
framework for the regulation of FinTech platforms, rather than
apply a one-size fits all approach . Additionally, the Singapore
Government has committed SGD $225 million over five years
to support the creation of innovation centers and technology
projects within the banking industry, as well as offering the
resources and expertise of Infocomm Development Authority
of Singapore (IDA), the government institute for information
technology research ,” says Nicholl.
GOVERNMENT INCENTIVES
DO YOU BELIEVE YOUR GOVERNMENT HAS STRONG INCENTIVES
TO ENCOURAGE FINTECH GROWTH IN YOUR COUNTRY?
37%
43%
20%
UK
64%
36%
35%
30%
35%
21%
29%
50%
No The Government is delivering weak to zero incentives
Somewhat The Government has promised incentives but not yet delivered
Yes The Government is delivering strong incentives
Australia Germany America
6
* Based on 100 responses from June 2016 survey by Huxley Banking and Financial Services.

7.
“The future will be prosperous for companies offering a
dual service to both the customer and the banking and
financial market. MoneyBrilliant (financial planning) and
SimplyWallStreet (stock trading) are great examples of
companies that provide customers simple solutions to help
them gain wealth. The apps are simple to use and empower
customers to invest where previously they would have had
to use an advisor,” says McKenzie in Sydney. Cooper in New
York continues, “Anywhere a product is being extended,
additional features are being launched, or the platform is being
scaled is thriving and with all these new resources being added
the flow-on goals of developing the analytics, security, and
interconnectivity can be achieved quickly and efficiently.”
“In the London market in recent years, insurance FinTechs
have seen rapid growth along with payments, artificial
intelligence, and block chain however these are expected to
slow down over the coming year as the market matures along
with crowdfunding, which has seen a accelerated growth
period. In Frankfurt, “It’s the large amounts of customer data
and that is proving invaluable to complementary companies
and banks.
Nicholl in Singapore continues, “We’re seeing significant
growth in risk and compliance related products, however we
see greater saturation with data and information providers and
enterprise-wide solutions where competition is very strong
amongst well established players. At this time, their market is
being disrupted somewhat by niche players such as Appway -
it’s an interesting time for the market,” says Nicholl.
The future of FinTech is strong, as Governments across the
globe continue to invest in programmes and technologies
and ultimately, jobs. The job market is building momentum
as both the banking sector and stand-alone FinTechs invest
in their people to grow their company and revenue streams.
It’s an evolving market, which targets a new generation of
thinking and development and opens the doors to creative and
innovative processes that streamline the lives of consumers
and businesses, a challenge that will inevitably pave the way
for the next wave of disruptive technology and inspire the
next generation of talent.
FUTURE OF FINTECH
“FinTechs can leverage data to gain investment
or even sell it to third parties”
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8.
CONTACT US
Huxley Banking and Financial Services was founded in 1995,
and is an international contract and permanent recruitment
agency. Our extensive global connections, including over 350
consultants based worldwide, enable us to work strategically
to develop and deliver bespoke solutions designed to meet our
clients and candidates specific recruitment needs, wherever
they are in the world.
For more information, please speak with a Huxley
FinTech recruiting expert in your region contact:
www.huxley.com
NEW YORK
Joseph Cooper, Principal Consultant
Email: j.cooper@huxley.com
Phone: +1 646 557 7123
FRANKFURT
Oliver Voigt, Senior Recruitment Consultant
Email: o.voigt@huxley.com
Phone: +49 (0) 69 1338 45 536
LONDON
Daniel Woodgate, Principal Recruitment Consultant
Email: d.woodgate@huxley.com
Phone: +44 (0) 20 7469 5030
SINGAPORE
Calum Nicholl, Recruitment Consultant
Email: c.nicholl@huxley.com
Phone: +65 6572 4528
SYDNEY
Callum McKenzie, Recruitment Consultant
Email: c.mckenzie@huxley.com
Phone: +61 (0) 282 51 2114