The Fintech (Financial technology) industry globally is evolving rapidly and Japan is no exception. This has led to increasing demand for skilled talent that continues today, despite headwinds in the global economy. To help you understand what the future of fintech in Japan might look like, we interviewed our consultants to understand some of the hiring trends we are seeing in Japan’s fintech ecosystem. The discussion focused on in-demand roles, skills, and salary ranges.
- How has fintech in Japan evolved over the past few years?
- How do you see the future of fintech in Japan over the next few years?
- What does the job market in Japan look like for the future of fintech and what will be the hottest in-demand fintech jobs in 2023?
- Is it possible to move into the fintech sector in Japan with no previous finance or fintech experience?
- What are the annual salary ranges for fintech jobs in Japan?
How has fintech in Japan evolved over the past few years?
Alexander Jenner, Senior Manager at SThree who leads our Financial Services Division, gave an overview of the current market situation, “I’ve been working in the fintech sector in Japan for ten years, and in that time the industry has massively grown from a niche part of the IT ecosystem, into the jewel in the crown of transformation digital services. 2017 saw Web3 take off in Japan, and cashless digital payments are now at the forefront of a digital society. We are continuing to witness growth in this sector and hiring demand from our clients, despite slow-downs in other areas of tech.”
How do you see the future of fintech in Japan over the next few years?
Sheldon Xu, Senior Recruitment Consultant who specialises in recruiting technical roles for our fintech clients shared, “The fintech industry has been growing in Japan over the last 10 years, particularly in digital payments as Japan has transitioned from a predominantly cash-based society, to one in which most daily transactions are made digitally. This usage trend will continue, and payments platforms can be expected to acquire yet more users in Japan”. She also further mentioned, “The government is becoming more involved with digitalisation and setting an example by paying employees’ salaries via digital payments.”
Henry Yan, Recruitment Consultant who focuses on recruiting for sales and marketing positions within fintech in Japan, added, “I foresee that Japan will play a vital role within fintech and serve as a major fintech hub for North Asia.”
Despite the economic slowdown, a potential recession in the US and Europe in the second half of 2023, and ongoing inflation, Craig Baird, Recruitment Consultant who also specialises in recruiting technical roles within fintech, sees a bright future within fintech in Japan and commented, “I predict the fintech market in Japan doubling in size over the next few years. Although cash is still used in Japan and the country was late to the digital payments party, we are rapidly moving towards a cashless society. A little over five years ago, it was still difficult to use credit cards at many stores, but now we are often given more than 20 digital payment options at checkout. With the way fintech is moving in Japan, areas that we expect to witness significant growth include Embedded Finance, Insurance, RegTech and TaxTech.”
What does the job market in Japan look like for the future of fintech and what will be the hottest in-demand fintech jobs in 2023?
- According to Sheldon and Craig, these technical positions are especially high in demand within Fintech;Software engineers
- Data engineers
- Security engineers
- Product managers
- Product owners
- Product support engineers
Sheldon added some in-demand skills and experience that our fintech clients are looking for, “Many of our key clients require experience in the payments industry. For engineering roles, experience in public cloud tech such as AWS (Amazon Web Service), GCP (Google Cloud Platform), and Microsoft Azure are generally considered must-have skills to be considered for positions in 2023.”
For the hottest in-demand sales and marketing related fintech jobs, Henry shared, “There is great potential in the fintech Japan market ranging from Sales Reps all the way to Country Managers, as more VCs (Venture Capitalists) are flocking to Singapore and Japan”.
To find out more about data engineer jobs and country manager roles in Japan, please read the articles below:
- What is a Data Engineer? What are the skill sets, qualifications, and job description for Data Engineers? | Computer Futures
- What is a Country Manager? Find out more details about how to become one, the annual salary and responsibilities of a Country Manager job in Japan | Computer Futures
Is it possible to move into the fintech sector in Japan with no previous finance or fintech experience?
It is absolutely possible to switch your career to the fintech sector without any previous experience.
Sheldon mentioned, “Although it’s good to have fintech or finance-related experience, a lot of job seekers from other industries are able to move into fintech as long as they have at least some relevant skills or experience coupled with a strong interest in fintech and are willing to learn.”
Craig added, “If the job seeker comes from a SaaS, E-Commerce, or similar IT background, it is definitely much easier to move into fintech in Japan.”
When it comes to sales and marketing roles within fintech Japan, Henry shares, “While it’s certainly challenging for anyone who’s switching to a new industry, companies do consider those who can clearly justify why the fintech industry is suitable for them. Additionally, the younger the job seeker is, the easier it is to make the switch”.
According to our experience and research at Computer Futures Japan, there are many who currently work in a technical position within fintech who came from different IT jobs in Japan and those currently working in a sales or marketing position within fintech were from different sectors within advertising.
To find out more about switching careers from a different industry to a fintech company in Japan, please read the below article.
What are the annual salary ranges for fintech jobs in Japan?
Sheldon shares, “Depending on the job type, the salary ranges can be very different but in terms of technical roles, it averages between 8M to 14M yen for software engineering positions, between 10M to 14M yen for data engineers and between 12M to 18M yen for solution architect roles”.
Craig also discussed ranges for other technical positions, “When it comes to other engineering roles within fintech, the salary ranges are 10M to 20M yen for pre-sales engineers, and 9M to 14M yen for experienced product managers.”
Henry further added, “In terms of sales and marketing roles within fintech in Japan, there is a wide range depending on experience from 8M to 25M yen”.
To find out more about salaries for sales and marketing roles as well as other technical positions within fintech in Japan that have not been mentioned above, click below to get access to our latest exclusive Salary Survey:
Are you a fintech professional or looking to enter fintech in Japan?
The fintech industry is still a relative newcomer in Japan compared to more established areas of the tech sector, and therefore there are few people with extensive experience in the sector. Many job seekers we have helped moved into fintech from other industries such as e-commerce and digital advertising. Our candidates are often surprised at how valued their skills can be within the fintech industry even if they feel their experience isn’t exactly relevant. If you’re interested in the rapidly growing fintech Japan industry but are new to it, you may also want to read this article which may spark your interest:
Computer Futures has one of the largest fintech recruitment teams in Japan and has dedicated teams recruiting for both technical engineering and commercial roles such as sales & marketing. With the high level of expertise and networks our consultants have, we can offer you access to the best and most up-to-date fintech jobs in the industry.
Whether you’re a professional looking for a job or a business seeking highly skilled fintech talent, the team at Computer Futures Japan is here for you. By combining our local expertise and specialist market knowledge, we can provide expert recruitment and employment solutions across a range of IT markets.
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