What used to be a back-office support function that garnered little to no investments, financial technology (fintech) has skyrocketed in value and successfully established a place in an innovative economy. Despite its first applications, fintech has extended far beyond the financial industry and is now utilised in other sectors, including education, fundraising, investment management, and the like. As a testament to its success, Singapore’s fintech industry saw a whopping 72 deals transacted in the first half of 2021 alone, and this number will only increase if the upward global fintech trends are anything to go by.
Essence of Fintech: The Reason Behind its Success
Financial technology involves using technology to improve and automate the delivery of financial services, which makes the transaction processes easier, less cumbersome, and more secure. Financial services institutions offer various services, which encompass a broad range from traditional banking activities to trading services. The combination of streamlined offerings with technology has allowed companies to be more efficient and leverage a more cost-efficient approach with every transaction.
The Evolution of the Fintech Industry
Financial globalisation is not a new phenomenon – it dates back to the 1880s, when technologies, such as the telegraph and improved transportation networks, paved the way for the first rapid transmission of financial information. By 1967, the financial institutions saw the shift from analogue to digital, as well as the emergence and proliferation of the digital stock exchange, which marked the beginning of how the financial markets operate today. However, the fintech revolution that has taken place today brings these past achievements and implementations to the next level.
The third wave of fintech innovation was prompted by the Global Financial Crisis that had occurred between mid-2007 and early 2009. Several global financial markets and banking systems started to sink and had incurred large losses, relying on government support to keep them afloat. However, this led to the general public developing a distrust of the traditional banking system, effectively sourcing and creating new approaches to financial transactions. This eventually gave birth to a new era of financial technology, one that is marked by the emergence of new players. These new players, such as the different cryptocurrencies, are designed to challenge and usurp entrenched traditional financial services providers, effectively changing the face of fintech today.
Readying Yourself for the Future of the Fintech Industry
With rising innovation and benefits aplenty, the fintech industry is only going to get bigger and bigger. As such, the increase in in-demand fintech job roles is almost natural. Since it extends beyond the financial industry, the fintech job market is open for roles in IT security, vulnerable management, UX/UI, data analytics, programming, and the like.
If you wish to transition into the fintech industry, picking up trending technologies is an absolute must. At Hanbridge Institute, we take pride in providing an accessible, innovative learning environment that allows you to broaden your skill sets to help you keep up with the rapid changes in the industry. As part of our extensive list of private degrees and diplomas, our Hanbridge Higher Diploma in Business Management (Business Fintech Management) is a course specially designed to bolster those who wish to pursue a career in the fintech industry. Students can expect to develop design thinking skills in relation to the industry, as well as learn in-depth about the new fintech technologies currently deployed, including blockchain and artificial intelligence (AI).
Underpinned by our strong learning philosophy, our teaching methodology involves industry-qualified teaching faculties as well as academic and corporate collaborations with tertiary institutions and business partners. Our efforts in providing students with authentic and holistic learning opportunities have accumulated in the attainment of the 4-years EduTrust Certificate award in 2020, an accolade is given to schools in Singapore for sustaining an excellent performance in providing high-quality education and welfare standards for students.
Embark on your fintech journey today! Apply now!
