International Banking Facility

Singapore updates industry transformation map

Singapore is setting the stage to further transform the financial services industry and is rolling out a new three-year plan that outlines growth strategies to continue the country’s development as a leading international financial center in Asia.

The 2025 Financial Services Industry Transformation (ITM) Map presented by the Monetary Authority of Singapore (MAS) aims to connect global markets, support Asia’s development and serve Singapore’s economy, according to a statement Thursday (September 15).

According to MAS forecasts, the annual growth of the country’s financial sector is expected to reach an estimated average of 4% to 5% per year from 2021 to 2025, with 3,000 to 4,000 jobs created each year.

The first ITM was launched five years ago by MAS with the intention of starting to develop the country’s digital capabilities and develop the financial services sector.

“I am happy to share that we have done well, in fact exceeding the targets set in the ITM,” said Lawrence Wong, Deputy Prime Minister and Minister of Finance, and Deputy Chairman of MAS. introductory remarks during the ITM launch event on Thursday, September 15.

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“Although our financial sector has performed well, the external environment has become more complex and challenging,” he said. “We have only just recovered from the COVID-19 pandemic. But we have no right to breathe, we are now entering a phase of high macroeconomic and geopolitical risks. In the midst of all this, Asia remains a region with strong growth potential in the global economy and we want to contribute to its growth.

With the updated ITM, the country seeks to “seize new opportunities while remaining resilient to emerging risks”, Wong said.

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To help foster a skilled and adaptable workforce, MAS and the Institute of Banking & Finance (IBF) will work with the financial industry and tripartite partners. Grants totaling SGD$400 million ($284 million) are being offered by the Financial Sector Development Fund to help industry professionals find jobs and advance their careers.

The authority also aims to improve payment connectivity and build an innovative and responsible digital asset ecosystem.

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