Photo credit: Patrick Amoy
Singapore is such an economic and business success case since for five decades in a row, it has kept a steady growth. Singapore has scored high across all indicators along these years. In 2018, when the international markets were shrinking, Singapore was assessed with the highest competitiveness rates and crowned with a top credit rate: AAA.
Last year, Thomson Reuters ranked Singapore as the number one FinTech hub in the globe as a result of a thorough assessment. Several factors explain this impressive success in such a tiny city-nation, including the leadership of women within FinTech. One of the examples in the country is the acquisition of Uber by the regional unicorn Grab - a transportation network company - led by Tan Hooi Ling.
Photo credit: Cris Tagupa
Grab’s massive social impact in ASEAN
Tan Hooi Ling, co-founder of Grab and also a pro-diversity woman, is one of the most prominent names not only in Singapore but in the region - as Singapore concentrates more than 40% of the FinTech ASEAN ecosystem. Grab, which acquired Uber in 2018, has been expanding rapidly across the region and branching-out its business to other verticals - such as mobile payments.
Today, Grab is valuated in $6M USDLS and has also created jobs for more than 7M people, including women; it has contributed to the solution of transportation-related problems in 255 cities in 8 countries, and improved the lives of more than 100 million individuals by enabling smart transportation, digital payments and other financial services. Altogether steered by the amazing and influential woman: Tan Hooi Ling!
From the Grab’s blog.
How does diversity look like in Singapore within FinTech?
Grab is unfortunately only one of the few companies who has a woman in a leadership position. According to an article published by Singapore FinTech News, it seems that there’s still a gender imbalance there. Women are underrepresented in most tech companies, especially in technical and leadership roles. Women occupy about 25% of STEM (Science, Technology, Engineering, Maths) jobs, and account for only 30% of entrepreneurs in tech and non-tech roles in Singapore.
Photo credit: Mimi Thian
PayPal: building the future FinTech luminaries in Singapore
Thankfully companies like PayPal are fostering programmes that can help to change this scenario. Thus, to build the next generation of female talent within FinTech. This company has launched this year in Singapore the PayPal Luminaries Women Programme (LWP). With this program, they aim to help young women to develop the skills they need in order to pursue their “dream” career in FinTech and become leaders in the field.
By providing the right tools, the initiative is trying to eliminate stereotypes surrounding the industry, correct the gender imbalance and nurture talent for the industry. Luminaries will each receive a one-time scholarship of SGD12,000 to compensate an academic year of tuition fees. So, if you’re into digital payments and are a Singapore citizen or permanent resident, this can be a life-changing opportunity. You can find all the application details here.