UAE Neobanks Poach IT Professionals from Fintech Companies

As many UAE banks are increasing their digital presence, the demand for IT professionals with the necessary skillset is also on the rise. HR consultancies expect to see an increase in salaries.

Digital banks such as Zand or Wio have taken in many new employees even before they formally launched operations. Some of these candidates have been poached from fintech companies.

The thinking is these professionals already have a grounding with tech and financial services. And digital banks are offering some handsome rewards too,

said an HR consultant.

Anita O’Connor-Roberts, owner of AOC Consulting, a boutique HR sourcing firm, says:

Across traditional and digital-only banks, the war for talent aligns with the type of talent that fintech startups look for. This leads to an ‘employee market’, but the skillset is scarce as it tends to be relatively niche and competition not just from within the UAE but also across Saudi Arabia and the GCC as they look to enhance their cybersecurity, AI, and data analysis capabilities.

Banking/finance has recently emerged as the top industry that attracts or retains top talent in the UAE. A survey by Hays, HR consultancy, showed 24 per cent of employers expect to spend 10 per cent more on salaries. And 45 per cent of employees surveyed expect an increase of over 15 per cent - which seems reasonable given that candidates with all the needed skillsets aren’t that many.

A trend we have noticed is increasing demand for software developers comfortable working with blockchain technology such as Web3 and Solidity, hand in hand with traditional tech stacks,

said Jack Killeen, Consultant at Hays on the Technology team.