Fintech-Driven 'Digital Talent' Scout War

KakaoPay to Hire Hundreds Starting This Month
Commercial Banks and Gaming Industry Also Speed Up IT Recruitment

Financial Industry: Digital Talent Values Soar as Untact Spreads Due to COVID-19

[Asia Economy Reporters Kiho Sung, Nahum Kang] The value of digital talent in the financial industry is soaring. This is a result of the rapid increase in demand for digital experts in artificial intelligence (AI), big data, and security as the spread of untact accelerates due to COVID-19. It is analyzed that the entry of fintech (finance + technology) companies and big tech (large information and communication companies) into the financial sector has acted as a trigger. Commercial banks, which are undergoing unprecedented restructuring, are also focusing on hiring digital talent, igniting a scouting war.

According to the financial sector on the 16th, Kakao Pay will conduct recruitment aiming for triple digits from the 22nd of this month to the 1st of next month. The recruitment fields include development, product, business, and brand, with a particular emphasis on developers.

Kakao Pay, which started with 60 employees in 2017, has grown to about 800 employees, and as the business reaches its main track, it needs to significantly expand its digital talent. Kakao Pay plans to hire more than 300 people this year, including 100 in the first half.

Hundreds of Financial IT Developers to Be Hired

Large-scale hiring by internet banks and fintech companies is nothing new. Kakao Bank plans to hire triple-digit experienced professionals this year across eight fields, focusing on financial IT development and server development. Currently at about 900 employees, Kakao Bank will expand to over 1,000 employees after this recruitment. Viva Republica, which operates Toss, will also hire more than 300 developers in the first quarter alone.

Commercial banks, which underwent unprecedented restructuring last year, are accelerating the hiring of IT experienced professionals to strengthen digital competitiveness instead of large-scale open recruitment. Shinhan Bank is conducting the first-ever digital and ICT talent recruitment on a rolling basis among domestic commercial banks. Kookmin Bank and Woori Bank have also started competing to secure IT and digital talent.

A financial industry official said, "As digital transformation accelerates, the scale of digital business and workforce is growing. Competition among companies to recruit digital-related talent will inevitably become fiercer."

The gaming industry is also fiercely competing to attract development talent by significantly raising salaries. Netmarble and Nexon have raised starting salaries for new recruits to 50 million KRW for development positions and 45 million KRW for non-development positions. NCSoft, where the current starting salary for developers is in the mid-40 million KRW range, is expected to increase salaries following its record-breaking performance last year.

Major startups have also joined the talent acquisition competition. Hyperconnect, which made a huge hit by being sold to the US-based Match Group for about 2 trillion KRW, is actively recruiting talent by offering a "talent referral bonus" of 1 million KRW.

Reporters Kiho Sung & Nahum Kang kihoyeyo@