Financial Sector Intensifies Efforts to Attract Digital Talent

Kakao Pay to Hire in Triple Digits
Even Banks Cutting Size Join In

[Asia Economy Reporter Kiho Sung] The financial industry is fervently competing to attract digital talent. The demand for digital professionals in artificial intelligence (AI), big data, and security has surged due to the accelerated spread of untact services amid COVID-19. Even commercial banks that are downsizing are focusing on hiring digital talent, igniting a scouting war.

According to the financial sector on the 21st, Kakao Pay will conduct recruitment aiming for triple-digit hires from the 22nd of this month until the 1st of next month. The recruitment covers a total of 32 positions simultaneously, including 20 development roles such as ▲server ▲Android ▲web development, and 12 non-development roles including service PM (Product Manager) and staff.

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

Large-scale hiring by internet banks and fintech companies is nothing new. Kakao Bank has announced plans to hire triple-digit experienced professionals across eight fields this year, focusing on financial IT development and server development. Currently at around 900 employees, Kakao Bank will expand to over 1,000 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 public recruitment. Shinhan Bank is conducting the first-ever continuous recruitment of digital and ICT personnel 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 businesses and personnel is growing. Competition among companies to recruit digital-related talent will inevitably become fiercer."