OP-ED: Southeast Asia sees a rising Web3 talent crunch, how can we navigate this?

The article was written by Justin Ng, Head of AngelHack.

Peering into the not-too-distant future, we envision nascent digital technology as the keystone transforming our lives, through the integration of disruptive technologies like Web3, blockchain, and metaverse. This global race to harness the power of these transformative tools and cultivate high-calibre talent pools is intensifying.

In the crucible of global challenges, the robust engine of FinTech and Web3 innovation thrives notably in Southeast Asia—also known as a breeding ground for decentralised finance (DeFi), setting an impressive standard for digital adaptation. Against the broader backdrop of the Asia-Pacific theatre, which encompasses powerhouses such as China and Japan, the sub-region has become an extraordinary nexus of mobile wallets, non-fungible tokens (NFTs) and AI innovations. A staggering 70% of the population last year interacted with at least one metaverse-related technology, a beacon of digital acceptance that is illuminating a path for the rest of the world.

As digitalisation sweeps across the globe, there's a skyrocketing demand for professionals adept in the Semantic Web (Web3) space. The uptake of Web3 in Southeast Asia is anticipated to increase significantly, driven by the region's technologically proficient population, government endorsement for digitalisation, and persistent use of blockchain technology. Tech companies in Southeast Asia receiving funding for the generation of Web 3.0-centric solutions are expected to profit from these Web3 trends.

Nevertheless, one impending hurdle can stifle this potential - the dearth of competent talent in this sector. In contrast to the current 26 million Web2 developers globally, the scarcity of dedicated Web3 developers—currently just over 23,000 worldwide—leaves blockchain firms racing to fill positions. We know that this talent void is alarming not just for businesses trying to stay afloat but also for governments vying to become talent magnets.

Asia’s Web3 landscape is grappling with a stark talent crunch. The tech scene, specifically in Southeast Asia countries, is wrestling to satisfy the escalating demand for domain expertise. The call to action? Upskill the current workforce and accelerate the cultivation of industry-ready talent, or risk decelerating the momentum of technological progress.

Singapore, in particular, has been a hotbed for burgeoning Web3 enterprises over recent years, with a relentless focus on the two fundamental pillars of growth – funding and talent. Amid the current market climate, talent development has soared to the top of the agenda.

In the face of this, we need to place our focus on nurturing the next generation of leaders in Web3. It's an effort that requires the collaboration of industry players, educational institutions, and government bodies. Only by doing so can we harness the full potential of the digital revolution with Web3 technologies and establish a sustainable future for the global economy.

Instead of trying to fill in the gap by recruiting individuals overseas, start with skills development for the local talents. We must prioritise learning opportunities with an emphasis on continuity of it through internships and mentorship opportunities, networking events, and competitions to boost more innovations. It is also crucial for stakeholders to collaborate on training future-ready talents, providing workers with the best practices and necessary skills to contribute effectively to the region's digital transformation initiatives.

Upskilling developers in the emerging tech field by organising a slew of incubator programs and hackathons is one of the ways we are working on closing the skills and jobs gap, in collaboration with government bodies, and emerging and tech enterprises. Our support to a most recent emerging tech talent-building initiative, Global Developer Hacker House is aimed at nurturing 100,000 developers through a thriving pathway equipped with a suite of programs and opportunities, for developers to come together to build innovative solutions, engage with initiative and programs of leading tech corporations like Meta, Google and Circle, and grow within the community. AngelHack has also organised the nationwide flagship hackathon hacksingapore that brought together Singaporean tech enthusiasts to tackle real-world social challenges like sustainability, financial inclusion, and digital empowerment leading to exciting innovations with the support of IMDA and partners such as Meta. With such initiatives, talented individuals can be equipped with the necessary skills and knowledge to remain competitive in the ever-changing landscape of technology. Ultimately, all this is intended to further widen Southeast Asia’s tech talent pool in the Web3 realm.

The path forward is clear: We must build an environment where tech enthusiasts can flourish and innovate. With vast opportunities, Southeast Asia's tech sphere must become an epicentre of excellence, brimming with capable trailblazers. Our mission should be to fuel a culture of collaboration and continuous skill development, enabling talents to thrive amidst a climate of technological evolution and inclusive innovation.