Singapore stands as Asia’s premier financial hub, making it a hotspot for fintech professionals and a strategic destination for global employers. With its pro-business policies, excellent digital infrastructure, and access to regional markets, Singapore is an ideal location for companies looking to scale their fintech operations. However, hiring top talent in this domain requires navigating labor regulations, competitive compensation, and immigration rules—especially if you’re hiring remotely.

For global companies looking to hire remote employees or build a fintech team in Singapore without establishing a local entity, this guide explores the best approach, challenges, and how partnering with an Employer of Record (EOR) can streamline your hiring process.

Why Singapore is a Fintech Powerhouse

Singapore’s fintech ecosystem is supported by the Monetary Authority of Singapore (MAS), which invests heavily in innovation, regulatory sandboxes, and digital finance. With over 1,000 fintech firms and counting, the city-state attracts global investments and top-tier professionals across roles like:

• Blockchain developers
  
• Cybersecurity analysts
  
• Digital payments specialists
  
• Data scientists
  
• Compliance officers
  

Hiring fintech professionals here gives you access to a talent pool that’s highly skilled, multilingual, and tech-savvy.

Challenges of Hiring in Singapore’s Fintech Market

While the opportunity is immense, global companies face several hurdles when hiring in Singapore:

1. High Competition: The demand for fintech professionals often outpaces supply, making it a highly competitive market.
   
2. Regulatory Compliance: Singapore’s labor laws are strict regarding foreign hires, benefits, and employment terms.
   
3. Entity Setup: Without a local entity, companies may face roadblocks with tax registration, payroll, and onboarding.
   
4. Work Visa Limitations: Hiring foreign fintech professionals requires Employment Passes, which are subject to quota and approval.
   

This is where an Employer of Record or EOR company can make a significant impact.

How an Employer of Record Can Help

An Employer of Record allows you to hire remote employees in Singapore without setting up a local subsidiary. The EOR company becomes the legal employer, while you manage the daily work responsibilities. This simplifies operations and reduces compliance risk.

Here’s how an EOR can support your fintech hiring:

• Handles employment contracts in line with Singapore’s labor laws
  
• Manages payroll, tax deductions, and statutory contributions
  
• Assists with international payroll services
  
• Facilitates work visa applications for foreign hires
  
• Ensures mandatory benefits like Central Provident Fund (CPF) contributions are fulfilled
  

Using an EOR company enables you to tap into Singapore’s fintech talent quickly, while staying compliant with regulations.

Payroll and Benefits Expectations

Offering a competitive compensation package is key to attracting and retaining fintech professionals in Singapore. A standard employment package includes:

• Competitive base salary
  
• Annual bonuses (typically 1–2 months of salary)
  
• Employer CPF contributions (up to 17%)
  
• Paid annual leave (14–20 days)
  
• Medical and insurance coverage
  
• Work-from-home allowances
  

Partnering with top EOR providers ensures your compensation structure meets local expectations and remains compliant with Singapore’s tax system.

Singapore’s Tax Implications for Remote Hiring

Singapore has one of the most efficient tax systems in the world. Personal income tax rates are progressive and max out at 22%, while the corporate tax rate is a flat 17%. When you hire remote employees or full-time fintech talent through an Employer of Record, your company is shielded from direct tax reporting responsibilities.

The EOR company handles:

• Withholding tax and social contributions
  
• Monthly payslips and annual tax summaries
  
• Contributions to Skills Development Levy and other statutory funds
  

This makes payroll outsourcing through an EOR or Professional Employer Organization (PEO) a smart move for foreign businesses.

Comparing EOR and PEO

Both EOR and PEO models support global employment, but there are key differences:

• Employer of Record is the legal employer and assumes full liability.
  
• PEO co-employs staff but requires you to have a legal entity in the country.
  

For companies without a Singaporean entity, an Employer of Record offers the most flexible and risk-free option for onboarding fintech professionals.

Best Practices for Hiring Fintech Professionals in Singapore

To stay competitive and attract top fintech talent, consider these best practices:

1. Be Role-Specific: Know the exact skill set you need—whether it’s for AI-based fraud detection, RegTech compliance, or cryptocurrency development.
   
2. Promote Career Growth: Emphasize learning opportunities, innovation projects, and cross-functional exposure.
   
3. Offer Remote Flexibility: Post-pandemic, remote work remains highly desirable in Singapore’s tech circles.
   
4. Localize Job Descriptions: Adapt roles and expectations to Singapore’s employment standards and cultural nuances.
   
5. Use a Global EOR Partner: Collaborating with one of the best Employer of Record services ensures a seamless onboarding process and regulatory compliance.
   

Why Use Global EOR Solutions for Singapore?

Global companies benefit immensely from global employment solutions that allow them to scale in international markets quickly. An EOR company offers:

• Rapid talent acquisition
  
• Streamlined HR operations
  
• Access to local HR, legal, and tax expertise
  
• Risk mitigation with up-to-date compliance
  

Especially in fast-evolving industries like fintech, working with the top EOR providers gives your business the flexibility to test markets, scale teams, and remain agile without long-term investment.

About Team Apac

At Team Apac, we specialize in helping companies across the globe hire remote employees across Asia-Pacific with speed and compliance. As a trusted EOR company, we provide global employment solutions, payroll outsourcing, and international payroll services tailored to your business goals. Whether you’re expanding into Singapore’s fintech sector or looking for the best Employer of Record services, our local experts are here to guide you at every step.n the Philippines? Reach out to explore how Team APAC’s tailored EOR services can accelerate your expansion.