Singapore Reveals Three-Year Transformation Plan For Financial Services

Singapore has outlined plans to anchor promising fintech startups in areas like Web3 and artificial intelligence as part of a three-year strategy to further develop the country as a leading international financial centre in Asia.

The Financial Services Industry Transformation Map (ITM) 2025, unveiled by Lawrence Wong, Deputy Prime Minister and Minster for Finance, and the deputy chairman of Monetary Authority of Singapore (MAS), sets the stage to further Singapore’s financial sector.

The ITM was first launched in 2017 with a focus on innovation and technology adoption and developing a world-class workforce. From 2016 to 2020, the financial services sector in Singapore grew by an average of 5.7 per cent per annum, exceeding the target of 4.3 per cent per annum. The sector also created an average of 4,100 net jobs each year, higher than the target of 3,000 net jobs per annum.

The ITM 2025 lays out the growth strategies to connect global markets, support Asia’s development and serve Singapore’s economy. MAS projects the financial sector to grow by an average four to five per cent per annum during 2021 to 2025 and create 3,000 to 4,000 net jobs on average each year.

To catalyse Asia’s transition towards net-zero, MAS is working with the industry to develop innovative solutions to scale up sustainable and transition financing. It will provide S$100million grant funding over 2021 to 2025 for capability building, green fintech, climate risk and reinsurance, and solutions for sustainable and transition finance.

““If we do this right, our financial centre will continue to stay relevant and competitive, and be a key global financial node that connects global markets, supports Asia’s development and serves Singapore’s economy,” said Wong.

Empowering Singaporeans

This week also saw the launch of the MoneySense Campaign 2022 ‘Level Up Your Financial Health’, which aims to empower Singaporeans with knowledge and concrete steps to take charge of their financial wellbeing and plan for their retirement.

Running until end November, this year’s campaign comprises in-person and mass media education programmes, as well as complimentary services and tools to aid in financial planning.

Created in 2003, MoneySense is Singapore’s national financial education programme co-led by the Monetary Authority of Singapore and the Ministry of Manpower.