New services and technologies are emerging every day to make our lives easier and more convenient. Fintech, which is a fusion of finance and technology, are one of many which are revolutionising the way we pay our bills, build assets, and insure ourselves. It is an industry suited for job seekers who thrive in a fast-paced and growing industry. But more importantly, fintech companies are very attractive to join from a salary, incentive, and career planning standpoint.
Below is a summary of what we will cover in this article:
- How has the fintech industry grown in the last year?
- Is it possible to move into Fintech from a different industry?
- Which industries do most people in Fintech come from?
- What are the most popular fintech jobs in Japan?
Fintech will only continue to grow in 2022
The pace of growth and the creation of new products and services in the fintech sector has only been impressive – of the 457 companies identified globally as unicorns in 2021 (where ventures are valued at $1 billion or more, are not listed on a stock exchange and are less than 10 years old), 151 of them are fintech companies, accounting for approximately a third of these unicorns.
Within Fintech, there are three main categories of services: payments, regulatory (RegTech) and insurance (InsurTech).
Although the RegTech sector in Japan is lagging compared to Europe and the US, a number of major companies and new start-ups are however, entering and expanding the smartphone payment business, particularly in digital payments and QR code payments. Buy Now Pay Later (BNPL) services are also evidently becoming more widespread.
Many fintech companies in Japan have grown steadily over the last few years from emerging start-ups to a listed company such as Net Protections Holdings, a provider of BNPL services who were listed on the first section of the Tokyo Stock Exchange last year. ROBOT PAYMENT, a provider of billing management services is also listed on the Mothers market, as well as Finatext Holdings, a provider of various fintech solutions just to name a few.
This momentum will continue in 2022, with the emergence of new unicorns fintech companies who are entering a mature phase.
Moving into Fintech – can you do it with no experience?
Fintech is one of the few industries that are suitable for job seekers who are looking for a career change. You don’t need experience to enter the fintech industry, and you could easily transition from another industry. But this trend will not last forever. Two main reasons for this:
Fintech is a relatively new industry
Job seekers with experience in the fintech industry are invaluable to any fintech company in Japan, but there are very few of them out there simply because of how new this industry is. Therefore, even if you are from a different industry, you can move into fintech if you are interested.
If you have work experience and technical skills from other industries, as well as soft skills such as the ability to plan and drive things forward on your own, the capability to communicate with stakeholders, as well as the ability to fit in with the company's philosophy and culture, you are a sought-after candidate. Many of the skills mentioned are exactly what fintech companies in Japan are looking for.
Fintech consists of many services which you may have used as a consumer (Payment services, stock trading services etc)
If you are new to the fintech industry but have experienced the company's services as a user, you can add your own perspective and approach to your resume and interview. This can include your user experience and the improvements that could be made. This will give the company a new perspective and give them the impression on ways you can add value. You can also learn a lot about the industry in a short period of time and turn your inexperience into new ideas and perspectives which only you can offer.
However, don't try to show off your knowledge or make critical points about the company if you do not have extensive knowledge on the services. Remember that you want to leave a lasting impression that is good, not someone who is critical of the company.
Which industries do most people in Fintech come from?
Based on our experience and research, we can see the following results:
- B2C service and app development: 37%
- Fintech: 19%.
- B2B software development: 13%
- Big Data: 13%
- Finance: 6%
- Consulting: 6%
- Advertising and creative: 6%.
For technical positions such as engineering, majority of respondents came from different IT jobs in Japan. Sales and marketing, on the other hand, were from different sectors within advertising, while Director level positions were often similar sector since they had relevant experience, i.e. a different Fintech company, who may be looking for a new challenge.
These results show that experience and knowledge of the fintech industry are not essential unless you are an executive. This shows career planning if you are looking to move into an executive job. In fact, many job seekers are from varying industries, but particularly those within IT jobs in Japan have moved into fintech.
Fintech jobs in Japan
With the growth of the fintech industry, there are a lot of activity and jobs created. But what are the most popular fintech jobs in Japan? Based on the job trends we see, these five jobs are the most-in-demand technical roles within the fintech industry.
- DevOps Engineer
- Data Scientist
- Fullstack Developer
- Security Engineer
- Project Manager
Do you want to find out more about the fintech industry in Japan?
There are many companies and jobs in Japan within the fintech industry. This is the best time to enter, whilst the industry is relatively new and portrays a lot of potential for growth. Even if the jobs mentioned above do not appeal to you, there are many other fintech jobs available. If you are looking for jobs online, or doing career planning, please get in touch with one of our consultants via the form below. A dedicated specialist recruiter will be in touch to advise you and find you the job that best suits your needs. You may also view and apply for any of our latest job openings here.