Criteria for Selecting an Offshore Partner for Fintech Services

June 14 ,2022
Selecting an Offshore Partner for Fintech Services

We’ve covered the benefits of offshoring fintech services to a dedicated staff. We’ve also discussed the current challenges that companies are facing with fintech and how offshoring can address that. Now, let’s help you assess what you need to look for in an offshore service provider for developing and maintaining fintech services.

As we shared in our previous blog, companies are faced with the following concerns when it comes to applying fintech operations in their business: the shortage of onshore talent, strict compliance to government- and industry-mandated standards in banking and financial services, and cybersecurity issues. Offshoring can provide the leverage they need to meet these challenges head-on, as its proven benefits make it a viable and sustainable solution. If you want to build a dedicated, highly qualified team to focus on your fintech requirements, here’s what you need to check when looking for an offshore partner for fintech services.

ISO-compliant data security

Cyber threats and breaches are rampant in the digital business landscape. Lapses in security with online transactions or stealing sensitive customer information can cost your company millions of dollars, plus a damaged reputation. In a 2022 Kaspersky report, 85% of respondents among IT decision-makers plan to increase their cybersecurity budget by up to 50%. You need to implement the highest standards of data protection that will ultimately translate to a positive customer experience.

Banking and financial institutions/services are required to comply with a variety of information management and protection policies. This includes the Know Your Customer (KYC) practice which entails verification protocols to prevent identity theft and fraud; Anti-Money Laundering/Counter-Terrorism Financing (AML/CTF) for tagging suspicious activities that involve money laundering or funding terrorist groups; and Payment Card Industry Data Security Standards (PCI DSS) to secure, protect, and process credit card data.

To ensure optimum protection of your fintech services, you can build a dedicated team of highly skilled IT specialists focussed on fintech security through an offshore staff provider that has ISO-certification. ISO/IEC 27001 is the industry standard for managing the security of financial data, intellectual property, employee details, information entrusted by third parties, and other assets. The offshore provider should regularly conduct data security assessments, training sessions, and other best practices with their internal staff and the offshore teams to ensure the utmost compliance that’s aligned with your company’s required standards.

Offers a wider pool of quality fintech talent

Korn Ferry, an organisational consulting firm, reported an alarming trend in their recent country-to-country study. By 2030, there will be a global shortage of human talent – more than 85 million people – and $8.5 trillion in unrealized annual revenues. To quote Alan Guarino, chairman of Korn Ferry, “It’s pure supply and demand. Companies are paying more, they’re hiring more, but there is still a shortage of high-skilled tech workers. Technology is the thread that runs across every aspect of the business.”

With the lack of onshore IT talent, companies are widening their scope for sourcing with the help of offshore staff providers. They can provide access to an expansive pool of the most qualified talent that can work remotely from overseas. For example, Southeast Asian countries such as Vietnam, Malaysia, and the Philippines are known to possess an international-level, professional workforce with an increasing emphasis on STEM education. Excellent work ethic, strong communication skills, and attractive rates are just among the many advantages that these countries have to offer.

Offshore providers must also be proficient with market-leading talent acquisition technology to source better prospects more efficiently. Given the technical skills required for fintech job roles, it is also advisable that offshore providers should have a designated team that is solely focussed on recruiting and managing IT talent. This ensures a more targeted approach in finding high-quality offshore fintech candidates to join your organisation.

Ensuring your complete involvement from recruitment to management

Unlike outsourcing, offshoring gives you more control in the recruitment process and managing the remote team. This includes selecting the best candidates to be interviewed, delivering the final hiring approval, onboarding them to your company culture, managing their work assignments, and participating in employee assessments. The offshore service provider will handle the HR administrative duties such as payroll, mandated leaves, training and development, HMO assistance, and other benefits due to the employee.

In the case of hiring fintech offshore consultants, make sure that the offshore provider understands the technical qualifications that are needed to source the right candidates. Provide defined descriptions of the skills and roles that your company needs for your fintech-related projects. It is highly recommended that you work with an offshore service provider that already has extensive expertise in IT talent acquisition. This will also ensure a smooth integration of the offshore team to your organisational structure without creating major disruptions in the day-to-day operations.

A productive collaboration with your chosen provider will help you build an efficient and tailored fintech offshore team that can provide much-needed leverage for your onshore staff. These efforts will lay the groundwork for a solid foundation in creating a more engaging work environment to improve retention and minimise the risk of attrition issues in your organisation.

A pioneer among IT outsourcing companies in Australia

ASW Global has built its reputation for its industry-leading standards in outsourcing IT talent by building dedicated and highly skilled offshore teams. We provide leverage to businesses in Australia, NZ, US, and UK with access to top-level IT talent from Vietnam, Malaysia, and the Philippines for high-performing fintech roles. Our designated IT recruitment team will take you through the offshoring journey through our finely-tuned talent acquisition process. This will empower you to assemble the most qualified candidates for your fintech offshore team to support your business endeavours.

Our compliance with the strictest data security standards has earned us the ISO27001 Information Security Management System certification, which we continue to uphold. We take pride in being one of the first Australian companies to achieve this certification. As part of maintaining our ISO-certified status, we regularly conduct the required procedures to ensure security, privacy and confidentiality. This includes implementing policies for technology, physical, human resource, and desktop security.

If you would like to know more on how our offshoring staff solutions can give you an edge in today’s fintech environment, book a free consultation with us today.