9% of the fintechs in Argentina are dedicated to the industry around bitcoin and blockchains. This is shown by a study sponsored by the Argentine Chamber of Fintech (CAF), which was recently published.
Enter here, in what the report calls “Blockchain and Crypto”, numerous local exchanges and software development companies directly or indirectly related to bitcoin , blockchains and cryptocurrencies.
The majority industry, within the Argentine fintech sector, is that of digital payments (27%) followed by the credit sector (22%), technology providers (12%) and business-to-business transaction services (11%).
Behind the blockchain and cryptocurrency industry are investments (7%), financing (5%), insurtech (5%) and, lastly, companies specialized in computer security (2%).
The report is entitled “Evolution of fintech employment 2021”. It was carried out by the consultancy Great Place to Work between April 16 and 26, 2021 and published days ago. 62 fintech companies participated which, according to CAF, represent 80% of the labor supply in the sector.
0.034% of jobs in Argentina are in Fintech companies
“Evolution of Fintech employment 2021” also gives other data related to the technology finance industries in the aforementioned South American nation. For example, it shows that this sector employs almost 15 thousand people. With an estimated population of 45 million people, this number represents only 0.034%.
Of these 15 thousand people, 60% are men and 40% are women. Most of them live in the City of Buenos Aires and the provinces of Buenos Aires, Córdoba, Santa Fe and Mendoza. The data is not surprising if one takes into account that these are precisely the areas with the largest urban conglomerates in the country.
52% of Fintech jobs in Argentina are held by technology (IT) and digital products professionals. They are followed by the areas of customer service (10%), business development (9%), administration (9%), communication (6%), human resources (3%) and legal (2%). The remaining 9% is occupied by other categories of lesser proportion.
The report also mentions that the most demanded jobs in the sector are for backend, fullstack and frontend developers. Information scientists and developers of specific languages, including Java Script, Python, Node JS, and Ruby, are also in demand, albeit to a lesser extent.
Growth expectations for 2021
The consultancy Great Place to Work also asked the survey participants about their growth expectations for the current year. From there, it can be inferred that, in 2021, the fintech sector estimates that it will incorporate 5,863 new jobs, which represents an increase of 40% compared to the previous year.
According to the president of the Argentine Chamber of Fintech, Ignacio Plaza, the low rate of employment in the fintech sector could change in the short term . “The possibility of participating in work environments linked to the technological revolution, which promote and stimulate training and development, is the desire of the majority of young people in our country and the world,” says the executive.
Indeed, the most recent official report on university statistics in Argentina, dating from 2018, confirms this statement. It is observed there that 20.8% of the new enrolled in university careers, chose to train in applied sciences, where new technologies are included.
Plaza is optimistic and maintains that fintech companies maintain a “sustained growth of direct employment of 40% year-on-year, from 2017 onwards.” The president of the FAC highlights that 20% of the 302 fintech companies in Argentina were born in 2020 , “in the midst of a pandemic.”
Finally, the manager explains that, for this to continue, “it is necessary that the regulatory, tax and labor systems [of Argentina] are compatible with those of the rest of the world.” For this, the institution that he presides, ensures “to collaborate with the authorities to build this framework, expand the fintech ecosystem, generate and support the training of young people and help companies grow.”
The partner companies CAF, directly related industry blockchains and cryptocurrency are Decrypto, SatoshiTango, Agrotoken, Bitso, SeSocio, Buenbit, Lemon Cash, Bitex and Ripio.
The MercadoLibre company is also a partner of this Chamber, which, as CriptoNoticias recently reported, incorporated the sale of real estate with bitcoin , directly from its platform.