What skills are essential to sustain growth, foster development, and drive innovation in fintech ?

Malta's fintech sector is rapidly evolving, positioning itself as a key player in European financial innovation. Among this segment, is the cluster of payment service providers and e-money institutions, driving the industry forward.As the sector expands, a crucial question arises for firms:What skills are essential to sustain growth, foster development, and drive innovation?Our insights into hiring trends within this fintech cluster, based on our work in headhunting within this cluster, reveal three primary drivers:

1. Technological Advancements: Skills such as software development, data analytics, cybersecurity, and UX/UI design are in high demand, forming the backbone of tech-driven hiring initiatives. We've notably observed a surge in demand for cybersecurity expertise at the C-suite level, propelled, in part, by regulatory requirements and heightened security consciousness among businesses.
2. Regulatory Changes: Expertise in financial crime compliance, risk management, and regulatory compliance is indispensable for building robust payment services and e-money institutions. Our experience highlights a growing demand for professionals adept in roles such as enterprise risk and internal audit, reflecting the evolving regulatory landscape. There is a notable shift towards a distinct separation between financial crime compliance and regulatory compliance.
3. Shifting Consumer Preferences: With the interdisciplinary nature of payments and e-money institutions, cross-functional skills are pivotal. Individuals with a blend of technical, business, and regulatory knowledge, coupled with strong communication and problem-solving abilities, are highly sought after. Throughout our recruitment processes, candidates demonstrating adaptability, clear communication, and a solution-oriented mindset have stood out.

For firms in this sector, continually evaluating the skills of their teams and forecasting future skill demands is imperative to align with strategic growth objectives.Here are 4 key recommendations we advise you, as a business in fintech, to take note of:

• Conducting a comprehensive skills audit to identify gaps and develop remediation plans.
• Facilitating open discussions with C-suite and senior management to anticipate future skill requirements.
• Optimizing the hiring process to enhance candidate experience and attract top talent.
• Adopting a transferable skills mindset to broaden the talent pool beyond traditional sectors.

If your fintech business seeks guidance on hiring and navigating growth in Malta, contact Fran Moisa for a complimentary consultation.Contact us at fran@fmsearch.eu or visit www.fmsearch.eu to learn more.