Singapore authorities will further strengthen financial talent development in the city-state with projections of up to 20,000 newly created jobs in the sector over five years.
Deputy Prime Minister and Finance Minister Lawrence Wong and the Monetary Authority of Singapore (MAS) are launching the «Financial Services Industry Transformation Map (ITM) 2025», according to a statement released Thursday that lays out the city-state’s plans to further grow its financial sector.
The ITM covers five key strategies: the enhancement of asset class strength, such as for FX and private capital markets, the digitalization of financial infrastructure, the catalyzing of Asia’s net-zero transition, including S$100 million ($71 million) in grant funding between 2021 and 2025; the shaping the future of financial networks (including the digital asset ecosystem), and fostering a skilled and adaptable workforce.
Talent Development
As part of the ITM, another S$400 million has been granted to fund its «Talent and Leaders in Finance» program from 2021 to 2025.
According to the statement, the financial sector is projected to grow by an average of 4-5 percent a year during this period and create 3,000-4,000 net jobs annually. This compares to the 5.7 percent average yearly growth between 2016 and 2020, which head exceeded the previous ITM target set in 2017.
«This updated ITM or ITM 2025 is an ambitious one and delivering it will not be easy. The road ahead will be a bumpy one that throws up both risks and opportunities,» Wong said. «If we do this right, our financial center 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.»
