The financial services sector is estimated to comprise between one-fifth and one-quarter of the global economy. Fintech, the coming together of financial services and digital technology, has transformed how financial services are delivered and consumed. These include online or ‘neobanks’, payment systems, payment gateways, application programming interfaces (APIs), investment banking back-end infrastructure, ‘insurtech’, ‘wealthtech’ and ‘regtech’. And this is before considering frontier areas such as central bank digital currencies, cryptocurrencies, and non-fungible tokens.
Global venture capital investment in fintech start-ups reached USD 125bn in 2021 (Dealroom.co 2022), its highest ever, and 2.8 times the levels seen in 2020, signalling the growth and potential of this sector. When combined with the everyday reality of making payments or accessing other financial products, it is clear that this sector is ubiquitous to our lives – both professionally and personally.
Yet, it is easy for professional accountants to be lost in the array of Fintech jargon, products and services, and assume that this is not a space for them to engage with. What about career opportunities? In a recent survey by ACCA and CA ANZ, half of those who responded see career opportunities for themselves in fintech. Roughly a further quarter don’t see career opportunities but don’t disagree with the statement either, leaving open such possibilities for the future.
In a recent joint report with CA ANZ on Fintech: State of Play – Opportunities for Finance Professionals, it highlighted 10 different job roles for professional accountants within fintech. This cuts across from chief financial officers (CFOs) and auditors to digital transformation experts and entrepreneurs. In this 13th APTL series, we will share with you key insights relating to opportunities for professional accountants in Fintech and let you hear first-hand from panellists who have made the switch – pertinently at different stages of their lives to a career in Fintech.