Updated transformation roadmap to create up to 4,000 jobs a year in financial services sector

Updated transformation roadmap to create up to 4,000 jobs a year in financial services sector

SINGAPORE: A refreshed roadmap to transform the financial services industry may aim to create 3, 000 to four, 000 net tasks annually and achieve growth of among 4 to 5 per cent on average each year.

The industry transformation map (ITM) with new targets and strategies for the industry between 2021 in order to 2025 was announced by Deputy Best Minister Lawrence Wong on Thursday (Sep 15).

The financial services ITM was first launched in 2017 as one of the 23 sectoral blueprints to drive modification efforts. At that time, the annual targets were to achieve average genuine value-added growth of 4. 3 % in the financial industry, while creating three or more, 000 net tasks.

The ITM has surpassed focuses on both fronts : the sector increased by an average of 5. 7 per cent per year from 2016 to 2020, alongside the creation of an typical of 4, hundred net jobs each year.

But while the sector has done nicely, more challenges have got emerged in an increasingly complex external environment, said Mr Wong, who is also Fund Minister and deputy chairman of the Financial Authority of Singapore (MAS).

The world, still recovering from the particular COVID-19 pandemic, is currently entering a stage of elevated macroeconomic and geopolitical risks. The sector will have to cope with disruption from structural drivers such as technology and digitalisation, and “must also step up and get bold steps” to catalyse the net-zero transition.

“And amidst all this, Asian countries remains a region with high growth potential in the global economy and we should help with its growth, ” Mr Wong mentioned.

“So we have been updating the ITM – look at ways to seize new possibilities while staying resilient against emerging dangers, and we will update our own plans, strategies plus targets for the following five years. ”


One of that is to develop a skilled plus adaptable workforce, along with S$400 million in grant funding started go towards a talent development plus leadership programme within the five-year period as much as 2025.

This funding, to be given by the MAS-administered Economic Sector Development Finance, will help to facilitate coaching support for financial professionals at various stages of their careers, develop specialist skill in areas for example sustainability, as well as help those in leadership roles to succeed through international exposure plus networks.