Hays 2018 Salary Report on Fintech (Financial Technology) Jobs in Malaysia

Salary Report on Fintech (Financial Technology) Jobs in Malaysia for 2018 According to HAYS

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The Malaysian finance technology (Fintech) market grew steadily over 2017 and we expect this growth to continue throughout 2018, driven by new technology innovations and regulatory change. The central bank, Bank Negara Malaysia, is working to raise the profile of FinTech amongst financial firms and insurers to improve the quality and efficiency of the country’s financial services sector. This push has created more job opportunities for candidates in the emerging technologies space including mobile and the web.

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HAYS Salary Report 2018 on Financial Technology (Fintech) Jobs in Malaysia

Undoubtedly, the main trends of 2018 will be the increasing digitisation and automation of the financial services industry. We are already seeing increasing use of e-payments and direct channel distribution. Project Managers are needed in this space and we expect qualified candidates will be able to command higher salaries in 2018. Candidates with an IT security background are also in demand as cyber security is a high priority for all firms in 2018.

We expect more organisations to focus attention on strengthening their capability across threat prevention, risk management and information security. Meanwhile, detariffication in the insurance industry has seen many organisations restructure their teams to align with the changes. Demand for Project Managers and Business Analysts will remain high to help firms with compliance and business transformation projects.

We also predict growing demand for Data Analysts from insurers. Due to regulatory requirements, these candidates must be able to demonstrate they hold a customer-centric viewpoint. Data Scientists, Data Analysts, Data Modellers and big data related candidates are also expected to remain in strong demand over the coming year. With an increasing need for talent, the FinTech sector is trying to attract candidates from other fields.

However, a growing number of tech start-ups are vying for the same candidates, so we expect intense competition in 2018. Salary will be a major consideration for A number of companies this year, will look to recruit at least one in-house penetration tester to oversee local operations. This has traditionally been an outsourced role. However, given the shortage of candidates with practical experience in this area and who hold relevant certifications such as OSCP or GIAC GPEN, companies will be forced to either spend more on service providers or consider hiring from overseas. IT Audit candidates are also in short supply.

We are seeing companies compete for the same IT audit candidates and this is creating upward pressure on salaries, but also the need for employers to be more creative when recruiting. For example, some companies are considering candidates from an IT risk or IT security background with transferable skills to fill IT Audit roles. Where hiring managers are not prepared to be flexible, it can take six months to a year to fill an IT audit role.

During 2017, we saw financial institutions hire more junior staff due to the introduction of new regulations in the sector. This was also due to the amount of senior staff hires in 2016. While senior staff-level headcount remains generally stable, we have seen commercial institutions on the hunt for more team leaders to develop their security and risk functions and this will continue in 2018.

Malaysian Finance Technology (Fintech) Market

The Malaysian finance technology market grew steadily over 2017 and we expect this growth to continue throughout 2018, driven by new technology innovations and regulatory change. The central bank, Bank Negara Malaysia, is working to raise the profile of FinTech amongst financial firms and insurers to improve the quality and efficiency of the country’s financial services sector. This push has created more job opportunities for candidates in the emerging technologies space including mobile and the web. Undoubtedly, the main trends of 2018 will be the increasing digitisation and automation of the financial services industry.

We are already seeing increasing use of e-payments and direct channel distribution. Project Managers are needed in this space and we expect qualified candidates will be able to command higher salaries in 2018. Candidates with an IT security background are also in demand as cyber security is a high priority for all firms in 2018. We expect more organisations to focus attention on strengthening their capability across threat prevention, risk management and information security. Meanwhile, detariffication in the insurance industry has seen many organisations restructure their teams to align with the changes.

Demand for Project Managers and Business Analysts will remain high to help firms with compliance and business transformation projects. We also predict growing demand for Data Analysts from insurers. Due to regulatory requirements, these candidates must be able to demonstrate they hold a customer-centric viewpoint. Data Scientists, Data Analysts, Data Modellers and big data related candidates are also expected to remain in strong demand over the coming year.

With an increasing need for talent, the FinTech sector is trying to attract candidates from other fields. However, a growing number of tech start-ups are vying for the same candidates, so we expect intense competition in 2018. Salary will be a major consideration for candidates considering a move in 2018 with many looking for increases of between 15-20 per cent and those with niche skills wanting up to 30 per cent.

Financial Technology (Fintech) Job Market Demand in Singapore

SINGAPORE Due to substantial government support, Singapore is becoming a Financial Technology innovation hub that caters to both market leaders and start-ups trying to get a foothold in an agile market.

The Singapore government is doing all it can to ensure FinTech grows and prospers here. This includes taking a regulatory approach favourable to innovation that also supports the proliferation of new technology ecosystems. This has benefited traditional and non-traditional banks collaborating with telcos/payment providers in the creation of Fintech innovation hubs. Harnessing the opportunities of big data while also mitigating the risks it presents are top priorities for many companies in 2018.

We are seeing vast amounts of money being spent to ensure web services are both fast and secure. As a result, several sub-specialisms within FinTech are thriving including development operations, data modelling, threat intelligence, cyber security audit, IT risk management, cyber threat assessment, e-crime intelligence and information security management. Substantial salary increases will be forthcoming for many candidates due to a shortage of skills in most of these areas.

Salary for Financial Technology Job Positions in Malaysia

NOTES:

• Salaries are represented in RM Ringgit Malaysia
• Typical salary range in ‘000

Management Positions

• Infrastructure Manager 150 – 240
• Development Manager 150 – 310
• IT Director 250 – 540
• CIO 480 – 780

Support Functions

• Application Support 80 – 120
• Team Leader 96 – 180
• FIX Connectivity Support 120 – 200
• Market Data Engineer 160 – 400
• Application Support Manager 120 – 240

Other Positions

• Quantitative Analyst 150 – 240
• IT Security/IT Risk 110 – 460
• IT Audit 120 – 300
• BCP Manager 120 – 240
• Project Co-ordinators/PMO  70 – 144
• Service Delivery Manager 120 – 200
• Tester 80 – 120
• Test Manager 120 – 220

Business Analysts

• CASH (ALL ASSET CLASSES)
  • Non-Officer (Associate) 60 – 80
  • AVP 100 – 160
  • Senior Associate VP 170 – 240
• DERIVATIVES (ALL ASSET CLASSES)
  • Non-Officer (Associate) 80 – 100
  • AVP 100 – 160
  • Senior Associate VP 170 – 240
• ELECTRONIC TRADING
  • Non-Officer (Associate) 100 – 130
  • AVP 130 – 170
  • Senior Associate VP 170 – 250

Project Management

• CASH (ALL ASSET CLASSES)
  • AVP 110 – 150
  • Senior Associate VP 170 – 264
  • ED 240 – 300
  • MD 320 +
• DERIVATIVES (ALL ASSET CLASSES)
  • AVP 100 – 150
  • Senior Associate VP 160 – 250
  • ED 240 – 300
  • MD 320 +
• ELECTRONIC TRADING
  • Non-Officer (Associate) 80 – 100
  • AVP Senior Associate  140 – 170
  • VP 180 – 270
  • ED  300 – 500
  • MD 450 +

JAVA

• CASH (ALL ASSET CLASSES)
  • Non-Officer (Associate) 70 – 100
  • AVP Senior Associate 90 -140
  • VP 160 – 220
  • ED 220 – 350
  • MD 300 +
• DERIVATIVES (ALL ASSET CLASSES)
  • Non-Officer (Associate) 80 – 100
  • AVP Senior Associate 90 – 150
  • VP 160 – 220
  • ED 220 – 330
  • MD 320 +
• ELECTRONIC TRADING
  • Non-Officer (Associate) 80 – 100
  • AVP Senior Associate 110 – 150
  • VP 160 – 240
  • ED  240 – 320
  • MD 320 +

C++

• CASH (ALL ASSET CLASSES)
  • Non-Officer (Associate) 70 – 90
  • AVP Senior Associate 100 – 140
  • VP 150 – 220
  • ED 320 – 350
  • MD 300 +
• DERIVATIVES (ALL ASSET CLASSES)
  • Non-Officer (Associate) 80 – 100
  • AVP Senior Associate 100 – 150
  • VP 160 – 220
  • ED 220 – 330
  • MD 320 +
• ELECTRONIC TRADING
  • Non-Officer (Associate) 90 – 100
  • AVP Senior Associate 110 – 150
  • VP 160 – 250
  • ED  240 – 330
  • MD 320 +

EXCEL/VBA/RAD

• CASH (ALL ASSET CLASSES)
  • Non-Officer (Associate) 80 – 110
  • AVP Senior Associate 110 – 150
  • VP 160 – 230
  • ED 240 – 360

C#

• CASH (ALL ASSET CLASSES)
  • Non-Officer (Associate) 70 – 100
  • AVP Senior Associate 90 – 150
  • VP 150 – 230
  • ED 230 – 320
  • MD 320 +
• DERIVATIVES (ALL ASSET CLASSES)
  • Non-Officer (Associate) 80 – 100
  • AVP Senior Associate 90 – 150
  • VP 150 – 230
  • ED 230 – 320
  • MD 320 +
• ELECTRONIC TRADING
  • Non-Officer (Associate) 90 – 120
  • AVP Senior Associate 110 – 160
  • VP 170 – 240
  • ED  240 – 350
  • MD 350 +

MAINFRAME, AS/400

COBOL

• Non-Officer (Associate) 70 – 90
• AVP Senior Associate 100 – 150
• VP  150 – 240

ETL INFORMATICA, ORACLE PL/SQL, RDMS, DATA WAREHOUSE, SAS

Business Intelligence

• Non-Officer (Associate) 70 – 90
• AVP Senior Associate 100 – 140
• VP  150 – 240

INSURANCE

APPLICATION DEVELOPMENT – FRONT OFFICE

• C++/Java/C# Developer 60 – 108
• Excel/Visual Basic Developer 60 – 108
• Database Developer 48 – 96
• Application Architect/Lead Developer 144 – 192
• Development Manager 144 – 180
• Main Frame Developer 48 – 100

APPLICATION DEVELOPMENT – MIDDLE/BACK OFFICE

• C++/Java/C# Developer 60 – 108
• Excel/Visual Basic Developer 60 – 108
• Database Developer 60 – 120
• Application Architect/Lead Developer 144 – 216
• Development Manager 144 – 216
• Main Frame Developer 48 – 120

APPLICATION SUPPORT – FRONT OFFICE

• Application Support 48 – 84
• Team Leader  84 – 144
• Manager  132 – 192

APPLICATION SUPPORT – MIDDLE/BACK OFFICE

• Application Support 48 – 84
• Team Leader 84 – 144
• Manager   140 – 192

OTHERS

• Business Analyst (Front Office) 72 – 120
• Business Analyst (Back Office) 72 – 120
• IT Security/IT Risk 120 – 240
• IT Audit 120 – 240
• BCP Manager 168 – 264
• Project Manager (Front Office) 96 – 156
• Project Manager (Back Office) 96 – 156
• Program Manager 180 – 240
• Project Co-ordinators/PMO 72 – 108
• Service Delivery Manager 144 – 240
• Test Manager 120 – 240

MANAGEMENT

• Infrastructure Manager 150 – 240
• Development Manager – Front Office 120 – 240
• Development Manager – Middle/Back 120 – 250
• IT Director 300 – 540
• CIO 420 – 840
• Application Support Manager 144 – 240

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