Multiplying the Builders: How To Retain Talent and Innovation in Singapore
Singapore continues to be a launchpad for companies expanding into the SEA region and broader Asian markets, due to the business-friendly, high growth potential environment of the Singaporean economy.
Complementing this, Singapore’s highly skilled and multicultural workforce, known for its strong work ethic and dedication, further enhances the country's appeal as a hub for innovation and expansion.
Local Web3 Firms Committed to Local Job Growth over the next year
The local Web3 sector, while still developing, has created a strong demand for jobs. In Singapore, the average Web3 firm has 9.31 Singapore-based staff, comparable with the wider FinTech industry’s average of 10.8. Looking ahead, we anticipate an increase in this figure in the near future, despite the global trend of hiring slowdowns in 2024 and many mainstream news of large local firms trimming workforces, especially in the FinTech sector.
In fact, more than 75% of local Web3 companies have indicated that they were looking to expand their teams in Singapore in 2025. Of these companies, 60% are looking to expand by half or more of their current workforce.
Local Web3 Firms Prioritise Local Hires Above Industry Average
Web3 companies, by their very nature, are predominantly remote-first, with 77% of the industry’s workforce operating remotely. This decentralized ethos has led to a global work environment where an employee's physical location is largely irrelevant to their operational capabilities; instead, their skills and merits are the primary considerations.
However, despite this remote-first ethos and the higher wage demands of Singapore-based employees compared to many other jurisdictions, local Web3 companies are prioritising hiring locally.
In contrast to the broader fintech sector, where only 41% of the workforce is locally employed, Web3 companies in Singapore demonstrate a pronounced preference for local hires.
Web3 Compensation Above National Benchmarks
Fuelled by strong funding from forward-looking investors, the need for ever-adaptable & capable employees with niche skill sets, majority of Web3 companies surveyed have hired at competitive or better-than-competitive rates in Singapore, when compared to the national average for the following roles:
The Industry Enablers: Grants
In contrast to the earlier section on Venture Capital firms which typically seek equity for financial backing and an expectation of a return on investment, government grants are another significant source of funding that Web3 companies can tap on. These grants provide financial support without demanding equity or ownership in exchange. These are 3 grants have already enabled local Web3 companies to pursue initiatives that would not have been possible otherwise:
Enterprise Development Grant
The Enterprise Development Grant (EDG) helps Singaporean businesses enhance capabilities, innovate, and expand internationally. It focuses on three pillars: Core Capabilities, Innovation & Productivity, and Market Access, promoting growth through business transformation.
The EDG offers up to 50% funding support for eligible costs, including consultancy fees, software, equipment, and manpower costs. This grant aims to support companies in improving efficiency, processes, or expanding into overseas markets.
Market Readiness Assistance Grant
The Market Readiness Assistance (MRA) Grant helps Singapore companies expand into overseas markets by defraying costs associated with market promotion, business development, and market setup.
It provides up to 50% support for eligible costs, capped at SGD 100,000 per company per new market. The funding covers areas such as overseas marketing (capped at SGD 20,000), business development (capped at SGD 50,000), and market setup (capped at SGD 30,000).
Early Innovation Grant
The MAS FSTI Innovation Acceleration Track - Early Innovation supports fintech innovation in Singapore by funding projects in their early stages of development. The program aims to accelerate the adoption of new technologies in the financial sector.
It provides up to 50% funding for qualifying projects, with a maximum cap of SGD 400,000 per project. The grant is designed to support innovation in areas such as proof-of-concepts, technology development, and business model validation.
Human Capital Development
With the remote nature of work in Web3, traditional structured training programs are less common but companies that require physical presence locally still do offer such programs. 2 such firms are Binance and OKX. Roles in the Supernova program & Binance Accelerator Program are akin to those within tech companies, roles that are and would likely continue to be in-demand.
OKX has been running their graduate program – Supernova – in Singapore, hiring fresh university graduates in biannual batches since 2022.
The Supernova program offers nurturing curricula (ie; exclusive Executive AMAs, holistic management training), dedicated mentorship from senior leaders and leadership opportunities through real life business projects. In terms of training, the program covers both technical and professional aspects: equipping participants with problem-solving skills, tools, and methods to adapt to industry shifts, while enhancing communication, collaboration, and well-rounded abilities to navigate complexities and contribute to company goals
Enablement from the Government
There are human-capital development specific government programs available that Web3 companies can tap on. One such program that Web3 companies have already been tapping onto is the Global Ready Talent (GRT) Programme. Given the dynamism of the industry, there is no surprise that the field attracts a wealth of young talent. The GRT Programme lessens the costs of Singapore enterprises for training such talents, with funding support of 50% of the minimum monthly internship stipend. Another key feature of the programme is the possibility for interns to be posted in the enterprise’s overseas outfit, which aligns perfectly with the borderless nature of Web3.
Currently, Web3 companies are primarily focused on scaling, which possibly limits their capacity to engage with structured programs that are typically designed for more mature and traditional industries, which may not align with the specialised needs of the nascent Web3 sector.
As the industry matures and companies expand their workforce capabilities, there will likely be a greater demand and offerings for tailored employee development programs for Web3.
This shift will enable companies to utilise such programs to offset the costs of training and upskilling employees. The programs listed below, currently offered to other industries, provide a glimpse of what similar initiatives could be developed for the Web3 sector in the future.
Blockchain Education at Universities
Educational institutions in Singapore, such as NUS, NTU, and SMU, offer various programs and student interest groups aimed at cultivating talent, equipping students with the skills and knowledge needed to thrive in Web3.
Nanyang Technological University
NTU offers 16 blockchain related modules for students
NTU Blockchain
To build and strengthen the technical expertise and market awareness of our members while empowering like-minded individuals in pursuit of their interests in academia, enterprise or entrepreneurship.
National University of Singapore
NUS offers 44 blockchain related modules for students
NUS Fintech Society
To raise professionals and enthusiasts of blockchain, cryptocurrency, and distributed ledger technology to be early adopters, pioneers, and trailblazers of the industry
Xfers NUS Transaction Risk Detection Website, ABCDao, Multi-Signature Wallet, Potamus Loan - Real-time Loan and Instalment
Singapore Management University
SMU offers 1 blockchain related module for students as a Finance elective and paid course in Law and Technology for Blockchain, Cryptocurrencies and Smart Contracts that is open to the public.
SMU Blockchain
To provide any university student a welcoming community for quality and accessible blockchain knowledge/education
Leveraging Web3 Services
When Web3 companies set up operations in Singapore, they often require a range of ancillary services to support their business needs that are not directly captured, neither qualitatively or quantitatively, by available metrics. This includes, but is not limited to: consulting and auditing services, payment and custody solutions, and legal services.
As a crypto hub, the presence of such specialised services acts as a strong pull factor for companies looking to set up. Furthermore, this establishes a compounding, cyclical effect, fostering the growth of a new sector of businesses specifically tailored to meet the demands of local Web3 companies.
Consulting, Advisory, and Accounting
With the complexity of blockchain regulation, advisory firms provide critical guidance on compliance with local regulations from the Monetary Authority of Singapore (MAS), helping companies navigate licensing, AML (Anti-Money Laundering) policies, and KYC (Know Your Customer) requirements.
These companies have been at the forefront of education for business adoption of Web3, and provide guidance pivotal for business to succeed while ensuring they remain on the right side of compliance.
Legal Services
Singapore hosts several leading legal firms with dedicated practices focusing on Web3, providing comprehensive advice across a spectrum of blockchain and digital asset-related issues.Given Singapore's broader emphasis on regulatory compliance and the evolving landscape of digital asset regulations, it is crucial for both startups and established companies to have access to reputable legal services to navigate these frameworks.
An example of regulatory compliance would be under Singapore’s Payment Services Act (PSA), where Digital Payment Token (DPT) services are subject to strict licensing requirements administered by the Monetary Authority of Singapore (MAS). Entities providing these services must secure a Major Payment Institution license from MAS, ensuring adherence to stringent compliance standards.
Additionally, entities operating under temporary exemption following the expanded scope introduced by the Payment Services (Amendment) Act 2021 are listed separately, reflecting ongoing regulatory developments and providing clarity for businesses operating within this evolving digital asset ecosystem.
Digital Asset Custody Solutions and Payments
Web3 companies, dealing with both fiat and digital assets, face increased complexity and security challenges, especially when it comes to self-custody and payments. The variety of digital asset custody solutions, such as multi-signature, MPC, and EOA wallets, for example, can be daunting for traditional operators.
These firms require access to trusted, high-touch services to ensure their daily operations run smoothly without distracting from core business activities. A well-developed ecosystem in these areas allows companies to manage their funds securely and operate efficiently, providing peace of mind and enabling focus on strategic growth and innovation.
International Events: Bringing International Opportunities on-shore
TOKEN2049 is the world's largest crypto event, held in Singapore annually at Marina Bay Sands. The 2024 iteration of the conference gathered over 20,000 attendees, 7,000+ companies, and 300+ speakers from around the globe. The event offers unparalleled networking opportunities, product demos, and entertainment, while shaping the future of crypto. TOKEN2049 Week (16-22 September) features workshops, meetups, and networking activities across Singapore.
Solana Breakpoint 2024, hosted in Singapore, brought together over 6,000 developers, investors, and industry leaders from 140+ countries to discuss advancements in the Solana ecosystem. The event showcased new session formats, such as product keynotes, fireside chats, debates, and headline keynotes. Interactive experiences, including a gaming village and builder space, will allow attendees to explore on-chain applications and collaborate. Breakpoint 2024 aimed to foster meaningful conversations and impactful innovations within the Solana ecosystem.
The Network State Conference in Singapore, initiated by Balaji Srinivasan, is a global gathering focused on founding, funding, and finding new communities. Rooted in his vision of network states—digitally native societies with real-world impact. The event brought together pioneers in tech, governance, and decentralized organization. 2024’s edition featured industry vetrans including Naval Ravikant, Vitalik Buterin, Bryan Johnson, Raj Gokal, Brian Armstrong and Pieter Levels. Attendees explored topics like startup societies, digital nomadism, competitive government, and internet-first institutions., with chances to meet founders, invest in new communities, and find one that fits them.
Events like TOKEN2049 and Solana Breakpoint often include local side events, providing attendees with additional networking and engagement opportunities throughout the city.
Side events are often hosted at local F&B establishments for casual networking opportunities, supporting and boosting these local businesses.
The influx of 20,000+ attendees across both events stimulates local spending and supports events, restaurants, and hotels, while showcasing Singapore as a key hub for building a business in Web3.
Additionally, it fosters long-term investment opportunities and partnerships to be established in Singapore, enhancing the nation’s reputation and solidifying its role in the global Web3 ecosystem.