Singapore has fintech dreams, but it’s short on tech talent

SINGAPORE (May 30): Singapore’s goal of becoming a high-tech financial hub are running into real-world problems of labor supply and demand.

Technology startups in many countries are fighting to attract skilled workers like software engineers. Yet in the tiny city-state of Singapore, with a population of 5.6 million, the dearth of talent is particularly acute. The nation’s universities and polytechnic schools churn out what the government estimates are 400 graduates a year with the right qualifications, well short of plans to add 1,000 financial tech jobs annually, according to the Singapore Fintech Association.

As a small, open economy Singapore relies on foreign talent to help meet its skills needs. Yet a gradual tightening of immigration rules in recent years is putting pressure on a labor market that’s already feeling the crunch. The number of employment passes -- which are granted to foreign professionals in jobs that pay at least $3,600 a month -- declined last year for the first time in at least five years.

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