FinTech (Financial Technology) companies have something unique that set them apart from other technology companies. The employees of FinTech companies have a better understanding not just about technology but also finances as well.
The employees from FinTech companies are better suited to the digital economy aspect that affects people lives. The thing is countries such as Indonesia and Singapore are lack of the tech talent it needs to go along with the digital economy and digital transformation projects.
This is a challenge for the financial industry in those countries. They need to develop FinTech talent to leverage their talent pool. If they can’t do this, they face a huge problem in the future, in the form of talent shortage in technology that will affect the whole financial industry itself.
What is the solution? They need to reinvent and update their skill to keep pace with the pace of industrial and digital economy development.
Temasek Foundation, along with Indonesia and Singapore are now working together to develop FinTech talent by creating a program where everyone involved in financial technology including educator, regulator, and industry partner were encouraged to exchange knowledge between parties.
What is the benefit of such program to the involved parties, especially educators? It enables educators from both countries to exchange knowledge and leverage their skill on how to train the younger generation in financial technology. This way, both countries able to prepare talented skill that is ready to tackle the challenge in the industry’s 4.0 era. In Indonesia itself, this program will be highly beneficial on the higher education level such as universities and polytechnics.
What kind of activity that the participant of the program will do? This cross-border program will use a lot of experiential learning where the participant will be able to learn and practice the topic immediately. The kind of activity involved in this program is workshops, seminar, lab crawls, and hackathons.
That is not all; the participant will also get the chance to learn directly from FinTech developer and user, where they will be able to get a better understanding of this field. The participant will be challenged to create innovative applications to deal with a certain aspect or certain issue that occur in the financial technology sector.
This cooperation on developing FinTech talent will run for 3 years and end in 2020. Along those years, more than 180 academic leaders from universities and polytechnic in Indonesia will be fully involved in this program and at the same time developing FinTech capability and curriculum.
The program will run in two phase. Right now, the first phase is already running and the institution that involved in this phase is Universitas Padjadjaran, Institut Teknologi Bandung, Universitas Airlangga, Universitas Pendidikan Indonesia, Universitas Indonesia, and Politeknik Negeri Jakarta.
Hopefully, by the end of the program, both countries will be able to widen and leverage the skill of FinTech talent. This way, these talents will be able to meet the demand in the financial and banking industry that keep rising over the year because of the rise in digital tool as well as customer demand.
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