Singapore unveils three-year transformation plan for financial services

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

The Financial Services Industry Transformation Map (ITM) 2025, unveiled by Lawrence WongDeputy Prime Minister and Minister of Finance, and the Vice President of the Monetary Authority of Singapore (MAS), paves the way for advancing Singapore’s financial sector.

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

ITM 2025 outlines growth strategies to connect global markets, support Asia’s development and serve Singapore’s economy. The MAS projects that the financial sector will grow on average by 4-5% per year between 2021 and 2025 and create 3,000-4,000 net jobs on average each year.

To catalyze Asia’s transition to net zero, MAS is working with industry to develop innovative solutions to scale up sustainable and transition finance. It will provide a grant of S$100 million from 2021 to 2025 for capacity building, green fintech, climate risk and reinsurance, as well as sustainable and transition financing solutions.

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

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 actionable steps to take charge of their financial well-being and plan for retirement.

Through the end of November, this year’s campaign includes in-person and mass media education programs, as well as complementary services and tools to help with financial planning.

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

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