Fintech is the answer to Solving the Job Crisis

Fintech is the answer to Solving the Job Crisis

Fintech is an area of business that will change sectors of the economy from traditional models to a more modern approach. These include international banking, international trading, and financial products. This modern approach of Fintech leads to quicker results, cheaper transaction costs and a wider audience who can participate.

Cointelegraph’s article on Fintech is an eye-opener to the rest of the world. It mentions South Korea’s Financial Services Commision (FSC) supporting new technologies instead of opposing and regulating them.

The Chairman of the FSC, Choi Jong-Ku, believes that Fintech doesn’t only provide solutions in the Finance industry but also to the job market in Korea.

Choi Jong Ku said-

“Fintech is an area that requires new technologies, and it will solve the youth job problem by increasing job positions for young people.”

Crowdfund insider released an article a few days ago about the way Jong-Ku has dealt with promoting Fintech.

Jong-Ku introduced the ‘Innovation Development Strategy’ for all sectors of Finance. This announcement was made along with a meeting of Fintech entrepreneurs at the Fintech Center giving them a chance to speak about Fintech’s benefits to the world. The new policies announced will improve services for customers while creating exciting jobs for the youth.

BusinessBecause gave a reason to believe that Fintech is indeed a key part of the future society and for job opportunities.

According to surveys in the article, around 5% of MBAs from IE Business School in Madrid joined Fintech firms in 2017 which was up from zero in 2016. There is also $4.7 trillion in revenue generated by financial services that will be replaced by Fintech startups. Therefore, business students are embracing this major change in the finance industry and seeing the job opportunities that Fintech brings along.

Charles Labelle, assistant director of employer engagement at INSEAD said-

While career opportunities are growing in the Fintech industry, there are not yet established recruitment tracks like in investment banking or consulting, says Charles Labelle, assistant director of employer engagement at INSEAD.

“This is an area that is getting quite popular among MBA students and we have started to see firms recruiting MBA talent. Large banks, for example, may assign some of their summer associates and subsequent full-time hires to the groups covering Fintech.”

Jobs in Fintech range from purely technical jobs such as programmers, to marketing jobs such as Business Developers. The demand is increasing, and what is needed are people with the right skillset to meet the requirements of the roles in demand in the Fintech space.

Image Source “Pixabay”

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