6 FinTech Challenges & How Omni’s Global HRIS Solves Them

Key takeaways

• The APAC FinTech sector is growing—with the Financial Services workforce in Singapore alone increasing by 5% between Q1 and Q2 2024—this rapid expansion creates unique HR challenges that require specialized solutions.
  
  
• FinTech companies are particularly optimistic about growth, with 68% expecting accelerated revenue growth in the next 1-2 years, outpacing traditional banking and asset management sectors' expectations.
  
  
• Managing HR operations across APAC requires a deep understanding of local regulations, language requirements, and cultural nuances that many global HR solutions fail to address effectively.
  
  
• Omni's comprehensive HRIS combines local expertise with advanced technology to provide APAC-specific solutions that uniquely address these challenges while supporting sustainable growth for FinTechs.

The FinTech industry in APAC is experiencing remarkable growth, reshaping how financial services are delivered and consumed across the region. The FinTech industry in APAC is experiencing remarkable growth, reshaping how financial services are delivered and consumed across the region. In Singapore alone, the Financial Services workforce has grown to 163,000 workers, marking a 24% increase from 131,000 in 2023, though still adjusting from the post-COVID economic boom, according to a recent study.

This growth brings complex challenges for HR teams operating in APAC's diverse markets. From navigating intricate regulatory frameworks to managing multi-currency payroll systems, FinTech companies across APAC face unique obstacles that stand to impede their expansion and operational efficiency.

At Omni, we understand these challenges intimately. As a comprehensive HR platform built specifically for APAC, we've helped numerous FinTech companies transform their HR operations while maintaining compliance and efficiency. This article explores the six most critical HR challenges facing APAC based FinTech companies and how our specialized platform addresses each one with region-specific solutions.

‍1. Attracting and Retaining Tech Talent

‍Amid FinTech’s expansion within APAC, HR teams within the sector face intensifying competition for skilled tech talent. This strain on sourcing skilled and qualified talent stems from three key areas:

• First, traditional banks are rapidly digitizing their services, creating new technical roles that require both financial services knowledge and software development expertise, creating a surge in demand for specialized skills, and a talent shortage that could cost companies $5.5 trillion by 2026.
  
  
• Second, global tech companies are expanding their financial services offerings in APAC, bringing substantial resources to recruit local talent, often offering attractive compensation packages and established employer brands.
  
  
• Third, the rapid growth of local FinTech startups has created additional pressure on an already strained talent market creating particular challenges for companies seeking professionals with specialized skills in areas ranging from blockchain technology to cloud architecture.

The skills gap is further widened by the time lag between identifying new technical needs and developing trained talent. HR teams within the industry need robust L&D programs and skills assessment tools to swiftly identify and address gaps to remain competitive. 

‍Omni helps FinTechs attract, train, and retain skilled talent

‍Omni helps FinTech companies address these talent challenges through a comprehensive approach that focuses on both attraction and retention:

‍Strategic Talent Acquisition Support

‍Omni equips you with automated workflows that accelerate the hiring process, allowing you to reach and track qualified talent through multi-channel posting and a centralized platform, digital document management for faster offer processing and structured onboarding programs that can be customized by technical role. Our intuitive integration with technical assessment tools and background verification services equips your team with real-time collaboration for critical hiring decisions. And multi-language support for 10+ languages means you can expand the available talent pool into your target markets across APAC.

Why modern FinTech teams choose Omni

‍Competitive Compensation Management

‍Omni facilitates flexible compensation structures including equity and performance bonuses, helping you attract talent through robust compensation offerings. Our support for multi-currency payroll processing makes managing international talent seamless, mitigating compliance risks and reducing HR administration costs.

Omni’s data-backed system supports automated calculations for various allowances and benefits as well as transparent total compensation reporting, helping your team navigate local regulatory complexities across the APAC region.

‍Technical Talent Development

‍Upskill your team to match industry standards through Omni’s integrated learning and development tracking, skill matrix management for technical roles, certification and training program administration and performance management tools aligned with technical career paths. Goal-setting and achievement monitoring capabilities further tackle skill gaps for key technical projects.

“I’m blown away by Omni's commitment to build a better HR software to help businesses resolve their HR challenges. We are able to customize the system based on our company’s needs, which I can’t say would have been possible with other bigger players in the market. For any fast-growing companies out there, Omni is the HR system for you.”
- Sally Fu, Operations & Finance Manager at Reap

Read here: Reap experiences 5x faster onboarding with Omni

‍2. Navigating Multi-Country Payroll and Compliance

‍Whether operating across multiple countries or a single country with tax complexities like the Philippines, APAC's diverse regulatory landscape creates its fair share of payroll challenges for FinTech companies. Each market presents its own set of challenges that can impact both compliance and operational efficiency.

Varying currencies, mandatory contributions, ESG compliance, work permits and competing tax schedules create a myriad of risks for compliance penalties, payroll delays, or costly errors. 

‍Omni bridges multi-currency payroll and compliance management

‍Omni offers a global solution tailored for Asian businesses. Our expert support and multi-country payroll features help you manage your distributed workforce efficiently, ensuring compliance with local laws and regulations in 190+ countries and 10+ languages.

With dedicated payroll experts across the region, built-in calculators for country-specific requirements (like Hong Kong’s CPF, Philippines SSS, Singapore’s CPF or Malaysia’s PCB), Omni helps support multi-country payroll operations with proactive updates on regulatory changes.Structured documentation storage and automated reporting tools help FinTech HR teams stay on top of regulatory deadlines, compliance requirements, and audit trails for standardized and compliant reporting.

“Omni’s highly adaptable and customizable HRIS empowers us to easily manage our distributed workforce across existing and future countries of operation. The intuitive interface and automated workflows streamline our processes, saving us time and minimizing errors. I wholeheartedly recommend Omni to any HR team seeking a scalable solution for their growth journey.”
- Lovely Tan, Philippines Country Head of People, Qashier

Learn more: How Qashier Slashed Payroll Processing Time by 75% with Omni

‍3. Data Security and Protection in APAC's FinTech Sector

‍FinTech companies in APAC face particularly complex data security requirements due to the intersection of financial services regulations and personal data protection laws. This creates multiple layers of compliance and security needs that vary country to country.With the rise of remote work, increasing sophistication of cyber threats, and regular security audit requirements, FinTech’s need a system that offers robust data protection.

‍Omni guarantees bank-grade data protection you can trust‍

Omni implements an AES-256 encryption standard (same as what banks use) to protect the transmission of data to our site. Our servers are located in physically secure, ISO 27001 certified data centers and we apply end-to-end encryption to ensure maximum protection to your employee data.

Our compliance-ready features make keeping your data secure from an employee level seamless. Regular compliance reporting, access controls, and consent management capabilities ensure your data is secure at every level.

“Omni’s automated workflows and streamlined data management has made our HR procedures seamless, and we can manage employee records with just a few clicks. What I love most about Omni is how customizable the platform is to meet our unique needs.” - Wiji Mulyati, Engagement & Experience Lead at Ajaib

Discover the story: Ajaib Achieves 30% Increase in Time Savings with Omni

‍4. Language Barriers and Communication Challenges

‍Language diversity in APAC creates significant operational complexities for FinTech companies, particularly in HR operations. Communication barriers present everyday challenges from misunderstandings in policy implementation to employee engagement challenges. Teams operating borders often run on disjointed systems to meet the linguistic needs of their respective teams resulting in costly and time consuming operational impacts.

‍Omni localizes HR operations to meet your company’s requirements

‍Omni offers a global solution tailored for Asian businesses. Our expert, country-specific support helps you manage your distributed workforce efficiently, ensuring engagement and clarity in 190+ countries and 10+ languages. User-level language preferences and mobile accessibility in all supported languages means your employees can easily access essential information from anywhere, in the language they need. Our multi-language notification systems and localized training materials boost clarity and accountability for your teams.

“Omni's uniquely flexible features allow us to customize HR operations for each country we operate in, ensuring we meet regional requirements. They impressed us with their exceptional customer service and proactive approach to gathering client feedback.” - Shux M., Chief People Officer at Endowus

Read more to: Learn how Omni improved Endowus’ employee experience with 40% faster onboarding processes

‍5. Employee Document Management

‍Multi-country operations require HR teams to track varying retention periods by country, specific storage and security standards, regular audit requirements and cross-border data transfer restrictions. This presents a set of operational challenges ranging from tracking multiple document versions and updates and navigating complex approval workflows as well as security challenges such as access control and digital signature requirements. 

‍Omni centralizes secure document storage

‍As your organization’s single source of truth, Omni provides a secure, digital record to centralize all documentation—from employment contracts to employee handbooks. With cloud-based storage backed by end-to-end encryption, Omni’s document management makes retrieval simple and instant. Role-based access controls help ensure only authorized employees have access to sensitive information and approval workflows allow your team to route contracts and offer letters for e-signature and review with 360-degree visibility.

“Omni excels at being very user-friendly, it’s one of the more intuitive systems that’s really focused on the user. The platform gives you a simplified, clean look that is easy for HR to navigate and for our employees to use. We saw the effects almost immediately.” - Arvin S., HR Manager at Newbit

Access the story: Newbit cuts data analysis by 4 hours with Omni’s document management

‍6. Scaling Operations Across APAC

‍Regional expansion poses unique challenges for the FinTech sector. Scaling organizations require agile systems, allowing them to hire, manage, pay and communicate with teams in varying timezones, currencies, languages and cultures. Whether it’s opening up additional offices or onboarding fresh talent, scaling FinTechs do not rise to the level of their goals but fall to the level of their HR systems.

‍Omni fits how you work

‍Most HRIS are built to be rigid, forcing organizations to bend their processes to fit the limitations of their software. Omni does the opposite, we designed our platform to mold to your organization’s specific and unique functions, growing and scaling alongside your team and adapting to your evolving needs. As your team gets bigger, Omni keeps up. We fit how you work, not the other way around.

Omni helps your organization scale through:

Custom Workflows and Fields

Add or remove custom fields, like mandatory contributions or language preferences, to capture all the information you need as you scale your team or expand to new countries with evolving requirements. Update engagement and training programs, onboarding processes and more with customized workflows that streamline your operations.

Scalable Infrastructure

With flexible system architecture and market expansion support—Omni’s support team brings regional knowledge to guide you through market expansion, helping you navigate local laws and regulations.

Grow your team without the hassle or cost of a business entity set up with Omni’s Employer of Record (EOR) features, pay contractors and employees across borders with our managed payroll and integrate with your favorite tools for seamless communication as you grow.

Growth Support Tools

Expand your team guided with our free Global Hiring Tools and EOR Guides.

Standardize processes and automate compliance with workflows and approval routing designed to evolve and adapt to changing organizational structures. 

“As a seasoned user of various HR software, I’ve found Omni’s level of attention and dedication in assisting their customers surpasses countless reputable HR providers in the market. Omni truly understands the challenges HR professionals face, and their platform is perfect for any fast-growing companies looking to resolve modern HR problems.” - Bilal Waris, Head of People & Culture at Wagely

Read here: How Wagely Increased Productivity with Omni

‍Manage Your FinTech HR with Omni

‍Remaining agile amid an evolving industry requires systems that allow FinTech organizations to prioritize innovation within product and service—only possible through a strong commitment to well run teams. Omni equips your organization with tools to tackle the complex challenges presented to APAC FinTech organizations. We help you grow your business while navigating the complexities of multi-country operations with:

• Comprehensive recruitment and onboarding programs
• Secure and centralized document management and storage
• Multi-currency payroll processing and language support for 10+ languages
• Customized workflows for scalable operations
• Advanced performance management analytics and programs to boost learning and development
• Time and attendance support with localized calendars for 190+ countries helping you stay abreast of local events and holidays
• A dedicated and localized support team within your timezone to help you navigate regulatory challenges within your region. 

Success requires a partner who understands the unique complexities of the region and provides solutions tailored to local needs.Omni's comprehensive platform addresses these challenges head-on, combining deep local expertise with modern technology to help FinTech companies scale efficiently across APAC. By providing solutions for everything from compliance to communication, Omni enables HR teams to focus on strategic initiatives while ensuring operational excellence.