TL;DR
Singapore trading firms and FinTech companies build India-based teams to widen their talent pool, scale engineering and research faster, and run functions that do not need to sit on the desk. The models range from a small research pod to a full engineering centre with its own leadership.
What decides success is not location or cost. It is whether the Indian team owns meaningful work, has the same tools and data as Singapore, and is led by someone the Singapore team trusts.
Key points
- Decide the operating model before the first hire: pod, centre or hybrid.
- The first senior hire in India determines the quality of everyone who follows.
- Give the team ownership, not tickets, or attrition will follow.
- Entity, payroll and compliance setup should be settled before offers go out.
Three operating models
| Model | What it looks like | Best for |
|---|---|---|
| Research or engineering pod | 3 to 10 people embedded with a Singapore team | Testing the model, focused research or platform work |
| Engineering centre | 20 or more people with local leadership and multiple functions | Scaling platforms, data and infrastructure |
| Hybrid ownership | India owns whole products or research areas end to end | Firms ready to give full ownership |
Which functions work well from India
| Works well | Needs care | Usually stays in Singapore |
|---|---|---|
| Research platforms and tooling | Live strategy research with fast desk feedback | Trading and risk decisions |
| Data engineering and quality | Incident response during Singapore hours | Client and regulator-facing roles |
| Quant development | Latency-critical path components | Desk leadership |
| Infrastructure and observability | Security and access controls | Local compliance functions |
| QA, automation and internal tools |
Entity and employment options
Firms typically use one of three routes: setting up an Indian subsidiary, using an employer of record, or contracting through a services arrangement. Each has different implications for control, intellectual property, tax and compliance. Decide this before making offers, and take legal and tax advice, because changing later is disruptive for the team.
Hiring sequence
- Senior lead first. Someone credible to the Singapore team who can hire and set standards.
- Two or three strong builders who establish quality and mentor later hires.
- Specialists for data, infrastructure or research once the base is stable.
- Graduates when there is capacity to mentor them properly.
See setting up an HFT or quant team in India.
Management practices that make it work
- Shared tools and data, with no second-class access.
- Overlapping hours, typically the Indian afternoon with the Singapore afternoon.
- Written decisions, so the team is not dependent on being in the room.
- Regular travel in both directions, especially in the first year.
- Clear ownership of components or research areas, with named owners.
- Career paths including promotion in India and mobility to Singapore.
Compensation and retention
Indian packages usually combine fixed pay with performance bonus, and equity where relevant. Retention depends less on pay than on work quality, learning and recognition. Teams treated as delivery centres lose their best people to firms offering ownership.
Measuring whether it is working
| Signal | Healthy | Warning |
|---|---|---|
| Ownership | India owns components or research areas | Only support tickets |
| Attrition | Low, with internal promotions | Frequent exits after 12 to 18 months |
| Meeting load | Balanced across time zones | India always takes the late calls |
| Hiring | Referrals from existing team | Struggle to attract senior candidates |
| Decisions | Made with India in the room | Announced to India afterwards |
Common mistakes
- Starting with juniors because of cost, then having no one to mentor them.
- Splitting one system across two locations without clear ownership.
- Late entity setup that delays offers and unsettles candidates.
- Treating India as overflow capacity, which caps the quality of hires.
Frequently asked questions
Should Singapore firms hire in India or relocate people to Singapore?
Both work. Relocate for desk-facing and leadership roles, and build in India for research platforms, data and engineering that scale remotely.
What is the first hire for an India team?
A senior lead trusted by the Singapore team, with the ability to hire and set engineering or research standards.
How do firms employ people in India without a subsidiary?
Common routes include an employer of record or a services arrangement. Each has tax, control and intellectual property implications, so take advice before choosing.
How large should an India team be to be viable?
Small pods of three to five can work when they own a clear area, but they need a strong lead and genuine ownership to retain people.