Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Deputy Chairman of the Monetary Authority of Singapore (MAS), unveiled the Financial Services Industry Transformation Map (ITM) 2025, on Thursday. The ITM 2025 lays out the growth strategies to become a leading international financial center in Asia, connecting global markets, supporting Asia’s development, and serving the Singapore economy.MAS forecasts that the financial sector will grow by 4% to 5% per annum between 2021 and 2025, creating 3,000 – 4,000 net jobs each year. The ITM consists of five key strategies: strengthen asset classes, digitalize financial infrastructure, catalyze Asia’s net-zero transition, shape the future of financial networks, and foster a skilled and adaptable workforce.The Financial Sector Development Fund will provide S$400 million grant funding to the talent and leaders in the finance program over 2021 – 2025 to enable industry professionals to take up good jobs and advance in their careers. From 2016 to 2020, the financial services sector grew by an average of 5.7% per annum, exceeding the target of 4.3% per annum. The sector created an average of 4,100 net jobs each year, higher than the target of 3,000 net jobs per annum.
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