Financial Technology (Fintech) is an Emerging Hot Job in Demand with High Salary in Malaysia and Globally

Financial Technology (Fintech) is Fast Evolving to be a Job that is High in Demand with Excellent Salary and Remuneration Package in Malaysia

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In Malaysia, some of the biggest names in the financial industry such as Maybank, Public Bank, Hong Leong Bank and more are taking steps to facilitate FinTech providers, leading to a future of rapid expansion. With the interest in the FinTech industry in Malaysia growing at such a pace, there is a strong requirement for Financial Technology (Fintech) graduates & professionals to take up roles. Also, thanks to the tendency towards the cyber security trends in the market in banking and insurance and the digitalisation of transactions, companies are also looking for candidates with both experience and recognised qualifications in data analysis.

In the past 10 years, we have seen a rapid development in technology-related financial services globally. In fact, investments in Financial Technology or FinTech – an umbrella term that encompasses all institutions that provide and employ newly developed digital and online technologies in the banking and financial services industries – has been steadily increasing, with the industry receiving USD 17.4 billion in investment in 2016 and a whopping USD 31 billion in the following year.

Fintech investment ballooned from $1.89 billion in 2010, to $27 billion in 2017. The increase in fintech spending is expected to continue, with the Asia/Pacific and African markets driving a significant share of market growth. According to the Hays 2018 Salary Report on Fintech Jobs in Malaysia, the Malaysian finance technology (Fintech) market grew steadily over 2017 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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Financial Technology (Fintech) Job Demand & Salary in Malaysia

Primarily comprising start-up firms, the FinTech industry specialises in disruptive innovation that many experts believe democratises finance, makes it more accessible and takes a lot of the guesswork out of financial decision-making for both personal and commercial users.

The fintech umbrella includes insurance technology (insurtech), regulatory technology (regtech), financial data APIs, payments, banking, and mobile banking, among other types of technology. Each category represents a distinct category of finance-specific technology.

By blurring the lines between technology and finance, FinTech players such as robo-advisory and asset management firms, online lenders, online banks, peer-to-peer lending platforms, mobile payment firms and online remittance firms like InstaReM are redefining financial services, reconstituting the financial landscape and possibly even pushing traditional financial models towards obsolescence.

Increase in Demand for Financial Technology (FinTech) Professionals in Malaysia

As FinTech gains momentum year-on-year, there is a huge demand for professionals with specific FinTech skills. For the most part, however, the demand for skilled professionals far outstrips supply; with one LinkedIn report predicting that the global skills gap for candidates with relevant experience and expertise (i.e. those who are likely to achieve success in FinTech) will hit a massive 1.5 million by 2020.

Robert Walters Malaysia country manager Kimberlyn Lu said hiring activity would remain active in 2018, driven mostly by continuous growth of e-commerce, digitalisation, fintech, shared services and better organisational optimisation. We see a high demand in IT jobs spanning across the fintech, banking, as well as the healthcare sector such as data analysts, software engineers and cyber security.

In addition, findings from the Michael Page Malaysia Salary Benchmark 2020 reveal that the exponential growth of fintech, cashless payments and availability of online data, digital ethics and privacy is a larger concern for consumers, organisations and government bodies. Therefore job opportunities in digital banking and cybersecurity will rise as more experts are required.

Bringing financial services and technology together requires a hybrid of specialised skills. Continuous innovation is needed with interface channels to reach out to different segments of consumers. For the overall customer experience, new technologies have also been harnessed to optimise operations, decision making, risk management, credit scoring, anti-money laundering and predictive analytics.

What are some of the most in-demand and highest-paying jobs in the FinTech industry in Malaysia?

With the industry projected to grow exponentially in the coming years, talented FinTech professionals will be quickly snapped up for their unique skills and capabilities. Furthermore, FinTech is likely to remain a candidate’s market and demand for knowledge of the following is likely to increase:

• Blockchain
• Software and mobile application development
• Data Science
• Machine Learning, Artificial Intelligence (AI) and Deep Learning
• Cybersecurity

Candidates with knowledge of the above are not only highly employable; but also have a wider range of jobs and firms to pick from. Of course, some FinTech jobs – especially at senior and managerial levels – may require candidates to have a combination of several technical competencies along with soft skills such as leadership, problem-solving, critical thinking and relationship management.

What are the High-Paying Jobs in Financial Technology in Malaysia?

1. Blockchain Experts & Developers

Skills/experience required include:

• Programming languages: C, C++, Java
• Other Programming skills: Hyperledger Fabric, Ripple, Solidity (Ethereum)

Average Salary for Programmers and Software Engineers in Malaysia: RM20,000 a month for Senior Manager Level

In a 2017 special report (Global FinTech Report 2017), PwC predicted that “77% of financial institutions expect to adopt blockchain as part of an in-production system or process by 2020”. With an average of 14 job offerings available to one blockchain developer, this is one of the most in-demand and high-paying jobs in the FinTech industry.

According to the freelancer marketplace Upwork, blockchain is one of the fastest-growing FinTech skills, showing a consistent year-on-year increase of over 35,000%! The need for blockchain experts who can work on smart contract development and blockchain engineering projects or provide blockchain consultancy services will only increase in the next few years.

Salary for Financial Technology Job Positions in Malaysia according to Hays Salary Report 2018

NOTES:

• Salaries are represented in RM Ringgit Malaysia
• Typical salary range in ‘000 and is per Year

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 +

2. App Developers

Skills/experience required include:

• Knowledge of Machine Learning, Artificial Intelligence (AI) and Deep Learning
• Programming languages: C#, C++, Java, Python
• JavaScript
• Analytical skills

Understanding of databases, especially distributed databases, Master/Slaves and fault-tolerance

With more and more mobile phones and smart devices being used to manage personal finance, make payments and send and receive money, the demand for mobile apps and solutions, along with those who can create them, is absolutely booming.

In Malaysia, the Smart Phone Penetration is 75.9% while the Mobile Banking Population is at 40% with more opportunity for growth. The mobile banking transaction volume in 2017 1.02 Billion and the value was RM48.3 Billion. This translates to a huge demand for mobile app developers, especially Android engineers.

Salary for Financial Technology Job Positions in Malaysia according to Hays Salary Report 2018

NOTES:

• Salaries are represented in RM Ringgit Malaysia
• Typical salary range in ‘000 and is per Year

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 +

3. Quantitative Analysts & Data Scientists

Skills/experience required may include:

• Knowledge of Machine Learning, Artificial Intelligence (AI) and Deep Learning
• Data science toolkits: R, Python, Weka, NumPy, MatLab
• Data visualisation tools: D3.js, ggplot
• Proficiency in using query languages: SQL, Hive, Pig
• NoSQL databases: MongoDB, Cassandra, HBase
• Applied statistics skills: Distributions, statistical testing, regression analysis

Average Salary in Malaysia:

Data Scientists: Starting salary is RM3000 to RM5000 a month and experienced Data Scientists can earn pp to RM15,000 a month

With the rise of Big Data, Machine Learning and Deep Learning, the demand for quantitative analysts and data scientists is also on the rise, not only at FinTech start-ups, but also at large investment banks and hedge funds. These professionals write and execute complex financial models that can sift through and make sense of vast amounts of digital information. They may also design data-driven trading programmes, develop innovative algorithms using quantum computing and automate financial processes to minimise human inputs.

4. Financial Analysts

Skills/experience generally required:

A Bachelor’s degree in Finance/Mathematics/Statistics/Economics/Accounting is usually the basic requirement

Desirable: Certified Financial Analyst (CFA) certification

Average Salary for a Financial Analyst in Malaysia: 

• According to Kelly Services Salary Report 2018, the job position in Strategic Planning & Financial Analysis can earn RM12,000 – RM38,000 a month while a Financial Analyst with 3-4 years experience is expected to earn RM4,800 to RM7,800 a month.

• According to Robert Walters Salary Survey 2018, Senior Financial/Business Analyst is expected to earn RM108,00 – RM144,00 a year and a Financial/Business Analyst from RM72,000 – RM108,000 a year

As FinTech start-ups continue to grow, so will the demand for financial analysts who can manage and create budgets, assemble financial reports, run business studies, conduct analyses and make forecasts about future revenues and market trends. For some firms, they may also provide advisory inputs on areas such as stock splits and bond issues.

5. Product Owners/Managers

Skills/experience required:

• A degree in product management or business – Bachelor’s degree is usually the basic requirement
• but a Master’s is desirable
• Marketing, organisational and promotional skills
• Specific technical skills

Average remuneration:

• According to Robert Walters Salary Survey 2018, a Marketing Director can earn RM312,000 – RM480,000 a year while a Marketing Manager can draw from RM180,000 – RM264,000 a year.

FinTech product management and/or ownership can involve a fairly diverse set of roles and responsibilities and offers a number of career paths. A FinTech product manager’s primary responsibility is to manage the product development lifecycle: from its early stages to when it finally reaches consumers. A product owner is responsible for identifying, developing and selling potential new FinTech products and for maintaining products to ensure consistent quality.

6. Cybersecurity Analysts/Experts

Skills/experience required may include some or all of the below:

• Incident investigation and response-ability
• Governance, risk management, and compliance (GRC)
• Digital communication technologies
• Encryption methods
• Analytical skills

Other desirable skills: Security operations management, virtualisation, data administration and management, communication skills, platform/technology-specific skills

Average salary for Cybersecurity Experts in Malaysia:

• According to Robert Walters Salary Survey 2018, a Cyber Security Engineer earns RM102,000 – RM270,000 a year

FinTech start-ups, wholly dependent on the Internet and cellular networks for their operations and revenue, are extremely vulnerable to malicious threats from cybercriminals. With the increase in the average number of security breaches worldwide, FinTech firms are incurring ever-higher costs for cybersecurity and crime prevention. This means that the requirement for specialist cybersecurity professionals is very high and expected to grow even further in the future. As with other FinTech careers, the demand/supply gap for Cybersecurity analysts is also very wide, with some estimates suggesting that there may be a shortage of 1.5 million information-and cyber-security professionals by 2020. Therefore, anyone with specific skills in this area is likely to be in very high demand.