Target includes 3,000-4,000 net jobs per year; 2021-2024 actual average growth of 4.7% keeps sector on track.

The Monetary Authority of Singapore (MAS) set a 4.0%–5.0% annual value-added growth target for the Finance & Insurance sector from 2021–2025 under the refreshed Industry Transformation Map (ITM) 2025, with a parallel goal of creating 3,000–4,000 net jobs annually. As of March 2026, available data through 2024 indicates the sector remains on track to meet both targets.

Background and Launch of ITM 2025

Deputy Prime Minister Lawrence Wong launched the Financial Services ITM 2025 on 15 September 2022, building on the earlier Financial Services ITM launched in 2017. The refreshed roadmap comprises five key strategies: enhance asset class strengths, digitalise financial infrastructure, catalyse Asia's net-zero transition, shape the future of financial networks, and foster a skilled and adaptable workforce. The ITM 2025 lays out growth strategies to further develop Singapore as a leading international financial centre in Asia, connecting global markets, supporting Asia's development, and serving Singapore's economy.

Growth and Job Targets

Under the ITM 2025, MAS projects the financial sector to grow by an average of 4.0%–5.0% value-added growth per annum during 2021–2025, with a target to create 3,000–4,000 net jobs on average each year. To support workforce upskilling, a $400 million grant is available under the Financial Sector Development Fund set up by MAS, administered in partnership with the Institute of Banking and Finance and tripartite partners including the Ministry of Manpower, National Trades Union Congress, and Singapore National Employers Federation. The refreshed roadmap reinforces goals set in the prior ITM 2020, which had helped the sector grow by an average of 5.7% per annum, exceeding its original target of 4.3%.

Progress Toward Targets (2021–2024)

Actual performance data through 2024 indicates the sector is tracking within the ITM 2025 targets. According to MAS Managing Director Chia Der Jiun’s remarks on the MAS Annual Report 2024/2025, the sector's average growth rate for 2021–2024 was 4.7% per annum, within the ITM 2025 target range of 4% to 5%. Average net jobs created per year stood at 4,400, above the upper bound of the target range, with more than 90% of these jobs going to locals.

Growth was broad-based across subsectors. Banking sector total assets grew at a compound annual growth rate of 6.8% over 2021–2024. The insurance industry expanded, with total assets increasing by 3.6% in 2024 over 2023 to reach S$456.4 billion. Singapore continued to strengthen its position as a leading FX hub in Asia, with foreign exchange average daily traded volumes surpassing S$1.5 trillion in 2024.

Value (% / thousands)Source: Orionmano Industries

Outlook and Challenges

Looking ahead, MAS does not expect financial sector growth to continue at the pace of recent years. Managing Director Chia Der Jiun noted that amid prevailing global uncertainties, the regulator will continue to strengthen the competitiveness and capabilities of Singapore's financial sector as well as the resilience and security of digital financial services. MAS is prioritising three focus areas: fostering responsible AI adoption in the financial sector, supporting Asia's transition to a low-carbon economy, and enhancing the resilience and security of digital financial services.

Global uncertainties and geopolitical risks remain key headwinds that could dampen growth momentum. MAS expects financial institutions to uphold high levels of resilience and availability for key services provided, applying standards for disruption and recovery to services rather than just systems. The regulator is giving particular focus this year to the resilience of retail payments services. While the pace of growth may moderate, the ITM 2025's strategic emphasis on AI adoption, net-zero transition, and digital resilience aims to sustain the sector's long-term competitiveness and growth trajectory.