This publication reports on latest developments in fintech, and how financial centres are seeking to stay ahead in this space.

The battle among wealth management centres to lead in the development of fintech has taken another turn with the news that five Singapore-based polytechnics and a business association have joined forces to drive progress in this sector. 

Nanyang Polytechnic, Ngee Ann Polytechnic, Republic Polytechnic, Singapore Polytechnic and Temasek Polytechnic have signed a memorandum of understanding with the Singapore FinTech Association, a statement from the five higher education bodies said.

The organisations will plan a range of programmes, involving “innovation lab crawls”, internships and workshops. The “lab crawls” involve hosting exhibits and tours and programmes to help students understand how innovation has affected renowned companies, such as V-Key and KPMG Digital Village, and financial service companies, such as HSBC, Open Vault, The FinLab, Visa and Mastercard, in the workplace.

The collaboration will help prepare polytechnic graduates to meet manpower needs in the fintech industry.

According to a survey conducted in 2015, Singapore employers estimated there would be 5,100 fintech job openings in network and infrastructure over the three years to 2018, with a further 5,700 jobs in data analytics and cybersecurity, according to the report.

Additionally, the involvement of start-ups, financial institutions and regulatory bodies will ensure that the programmes developed are relevant to industry needs, the organisations said.

To view a recent article setting out 10 fintech predictions for this year, click here.