Singapore Updates ITM, Sets Stage to Further Shape Financial Services

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 Financial Services Industry Transformation Map 2025 (ITM) introduced 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 on Thursday (Sept. 15).

Annual growth in the country’s financial sector is forecasted by MAS to reach an estimated average of 4% to 5% annually from 2021 through 2025, with 3,000 to 4,000 jobs created each year.

The first ITM was initiated five years by MAS with plans to start growing the country’s digital capabilities and expanding the financial services sector.

“I am happy to share that we have done well, in fact exceeding the targets set out in the ITM,” Lawrence Wong, Deputy Prime Minister and Minister for Finance, and MAS Deputy Chairman said during opening remarks at the ITM launch event on Thursday (Sept. 15).

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“While our financial sector has done well, the external environment has become more complex and challenging,” he said. “We are only just recovering from the COVID-19 pandemic. But we don’t get to take a breather — we are now entering into a phase of elevated macroeconomic and geopolitical risks. Amid all this, Asia remains a region with high growth potential in the global economy and we want to contribute to its growth.”

With the updated ITM, the country is looking to “seize new opportunities while staying resilient against emerging risks,” Wong said.

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In order to help foster a skilled and adaptable workforce, MAS and the Institute of Banking & Finance (IBF) will collaborate with the financial industry and tripartite partners. Grant funding totaling $400 million SGD ($284 million) is being offered by The Financial Sector Development Fund to help industry professionals find jobs and advance careers.

The authority also aims to enhance payments connectivity and build an innovative and responsible digital asset ecosystem.