Only 0.034% of the population of Argentina has jobs in FinTech companies. Bitcoin companies outnumber cybersecurity, investment, and insurtech ones.
The Bitcoin and blockchain industry in Argentina currently has 9% of FinTech companies. A recent study that the Argentine Chamber of FinTech (CAF) sponsored shows this.
Local exchanges and software companies related to Bitcoin, blockchains, and other cryptocurrencies fall under the classification of “blockchain and crypto”, according to the report.
Within the Argentine FinTech sector, the largest industry is that of digital payments (27%). It precedes the credit sector (22%), technology providers (12%), and business-to-business transaction services (11%).
Investments (7%), financing (5%), and insurtech (5%) are behind the cryptocurrency and blockchain industry. Finally, it is possible to find companies specialized in computer security (2%).
The report entitled “Evolution of FinTech Employment 2021”, published recently, had the participation of 62 FinTech companies. According to CAF, they represent 80% of the labor supply in the sector.
Only 0.034% of Jobs in Argentina are in FinTech Companies
“Evolution of Fintech Employment 2021” provides other data related to financial technology industries in Argentina. According to the study, this sector employs almost 15 thousand people out of an estimated population of 45 million people. For that reason, this number only represents 0.034% of the population in the country.
Of those 15 thousand people, 60% are men and 40% are women, most of whom live in Buenos Aires, Córdoba, Santa Fe, and Mendoza. This data is not surprising since these areas are the largest urban conglomerates in the country.
In Argentina, information technology (IT) and digital product professionals have 52% of the jobs in Fintech companies. These precede the areas of customer service (10%), business development (9%), administration (9%), communication (6%), human resources (3%), and legal practice (2%). Other categories with a lower proportion occupy the remaining 9%.
The report also indicates that the jobs with the highest demand in the sector are those for backend, full stack, and frontend developers. The most in-demand also include, to a lesser extent, information scientists, and language-specific developers (such as Java Script, Python, Node JS, and Ruby).
The FinTech Sector Expects to Incorporate 5,863 New Jobs in 2021
The FinTech sector estimates that it will incorporate 5,863 new jobs in 2021, which represents an increase of 40% compared to 2020. The president of the Argentine Chamber of Fintech, Ignacio Plaza, said that the low rate of employment in the sector FinTech could change in the short term.
The most recent official report on university statistics in Argentina, published in 2018, confirms this statement. Around 20.8% of newly enrolled university students decided to receive training in applied sciences, which includes new technologies.
Plaza argues that FinTech companies have maintained a “sustained direct employment growth of 40% year-on-year since 2017.” The president of CAF highlights that 20% of the 302 FinTech companies in Argentina emerged “amid a pandemic.”
The manager explains that “the regulatory, tax and labor systems [of Argentina] must be compatible with those of the rest of the world.” For this reason, CAF claims “its collaboration to expand the FinTech ecosystem, develop and support the training of young people, and help companies grow.”
By Alexander Salaza