Australia was named the best place for females to embark on a FinTech career, according to a recent study on the FinTech industry in Asia by ValueChampion.
Of all 12 countries analysed in the study, Australia performed well in all categories, from the strength of its fintech industry to women’s advancement and quality of life. The nation not only has the second highest number of fintech startups when controlled per capita, it also ranked first in a global three-way tie for technological readiness by Economist Intelligence Unit.
According to the World Economic Forum, it ranks third amongst the surveyed nations in terms of achieving overall gender parity, with scoring based on economic participation, remuneration, career advancement and more. Fifty four percent of Australia’s professional and technical workers are women, and the country is also safe for females, as identified in ValueChampion’s previous research.
Coming in second is Singapore. Well-known as a hotbed for fintech innovation, it holds the region’s highest ranking in this respect overall. Not only does it have the highest number of fintech startups per capita, it also received US$453 million in fintech investments in just the first half of this year alone.
Singapore’s government strongly supports development, providing a Financial Sector Technology & Innovation (FSTI) scheme that funds fintechs up to S$200,000, tax breaks for startups, and a regulatory sandbox for experimentation. Singapore also ranks second regionally for ease of doing business, based on the World Bank Group’s most recent report.
With regards to living conditions, Singapore placed the safest country for women in the Asia Pacific.
However, Singapore’s gender wage gap increased substantially in 2018, with the widest disparity in the financial and insurance industries. The high cost of living may also make Singapore slightly less attractive.
In third place was New Zealand, whose strength lies in gender equality and opportunities for female advancement. The nation not only scores highest for gender equality in the region, it also ranks seventh in the entire world. According to the World Economic Forum, New Zealand has closed more than 80% of its overall gender gap since 2006. Women benefit from non-discriminatory hiring laws, and now make up 55.5% of professional and technical workers. Furthermore, New Zealand is currently led by Jacinda Ardern, the youngest female prime minister in the world – another indicator of women’s potential for power.
New Zealand’s fintech market is smaller but still substantial. While there’s no official regulatory sandbox, the government actually funds fintechs through multiple channels, including Callaghan Innovation grants, the New Zealand Venture Investment Fund, and “The Icehouse,” which partially draws funds from an angel investor network. According to Tracxn Technologies, New Zealand currently has 228 fintech startups and is home to a three-month growth program called Kiwibank Fintech Accelerator. Finally, the country ranks first worldwide for Ease of Doing Business according to the World Bank Group, making it an especially attractive choice for those seeking a career in fintech.
Malaysia ranked fourth with a moderately strong fintech market providing some opportunities for female advancement, all in an affordable setting. According to the study, the country has a mid-range number of fintechs per capita and a regulatory sandbox to promote experimentation.
The nation offers a reasonably supportive environment for women looking to succeed in their careers. The World Economic Forum states that it’s gender gap rating has improved over the past year, and that 68% of the overall gap has been closed. A Gender Diversity Report by Hays found that 49% of Malaysian women felt satisfied with their current level of seniority (10% higher than their male counterparts) and 25% felt their current role provided an opportunity to promote themselves and communicate their ambition (equal to males’ response).
For the full report, click here.
