As part of the Financial Services Industry Transformation Map (ITM) 2025, the Government will set aside $400 million to strengthen workforce competencies and develop leaders and specialist talents within the finance sector.
The refreshed Financial Services ITM was launched by Deputy Prime Minister Lawrence Wong at the Monetary Authority of Singapore (MAS) building on 15 September 2022.
Through its Talent and Leaders in Finance Programme, the Government plans to foster a skilled and adaptable workforce within the finance industry from now to the year 2025.
“This will help nurture more Singaporean specialists and leaders in finance and ensure that Singaporeans are able to take up good jobs that the financial sector will continue to generate in the years to come,” said Mr Wong. He is also the finance minister and deputy chairman of MAS.
When the ITM launched in 2017, it focused heavily on innovation, technology adoption, and developing a world-class workforce—something Mr Wong shared that the industry has achieved.
“Our vision was for Singapore to be a leading international financial centre in Asia, connecting global markets, supporting Asia’s development, and serving Singapore’s economy … I am happy to share that we have done well, in fact exceeding the targets set out in the ITM,” said Mr Wong.
Between 2016 to 2020, the financial services sector grew an average of 5.7 per cent per annum, exceeding the initial target of 4.3 per cent per annum.
The sector created an average of 4,100 net jobs yearly, which was also higher than the targeted 3,000 net jobs per annum.
Mr Wong added that the finance industry continues to thrive today, with the fintech sector steadily flourishing while the industry continues to harness the power of technology to improve processes, manage risks and create new growth opportunities.
“We are therefore updating the ITM. [We are] looking at ways to seize new opportunities while staying resilient against emerging risks. And updating our plans, strategies and targets for the next five years,” he said.
ITM 2025 will lay out the growth strategies to further develop Singapore as a leading international financial centre in Asia.
With the ITM, MAS projects the finance industry to grow an average of 4 to 5 per cent per annum till 2025 while creating some 3,000 to 4,000 net jobs each year.
Beyond growing a skilled and adaptable workforce, the ITM will also look four other strategies to develop Singapore’s financial services.
For one, it will enhance asset class strengths in which Singapore plays a key role in. Asset classes such as the foreign exchange, insurance, wealth management, asset management, private capital markets and fintech.
It will look at further digitalising Singapore’s financial infrastructure such as its bonds market infrastructure and SME trade discovery platform.
It will also scale up sustainable and transition financing solutions to meet Singapore’s 2050 goal of cutting greenhouse emissions to as close as zero as possible.
Lastly, the ITM will shape the future of financial networks to enhance payment connectivity – to build an innovative and responsible digital asset ecosystem.
