MAS reports 4.7% annual value-added growth for 2021-2024, with net job creation surpassing target.

Growth Targets and Current Progress

Monetary Authority of Singapore (MAS) Managing Director Chia Der Jiun confirmed in July 2025 that the financial sector's average value-added growth of 4.7% for 2021–2024 keeps the industry on track to meet the Industry Transformation Map (ITM) 2025 target of 4–5% per annum. Delivered as part of remarks on the MAS Annual Report 2024/2025, the data point affirms the resilience of Singapore's financial hub amid global headwinds.

The ITM 2025, launched in September 2022 by then-Deputy Prime Minister Lawrence Wong, set twin targets for the 2021–2025 period: annual value-added growth of 4–5% and net job creation of 3,000–4,000 positions per year. Actual performance has exceeded the employment benchmark. The average annual net jobs created from 2021 to 2024 stood at 4,400, with more than 90% of these positions going to locals.

Annual Growth Rate (%) (%)Source: Orionmano Industries

Five Strategic Pillars of ITM 2025

The ITM 2025 framework, published on MAS's official website, is organised around five key strategies designed to strengthen Singapore's position as a leading international financial centre in Asia.

First, enhance asset class strengths. MAS is working with the industry to deepen capabilities in areas where Singapore already plays a significant regional or global role. Specific initiatives include improving bond market infrastructure—streamlining end-to-end efficiency in primary bond issuances, listing, and settlement processes—and developing a funds settlement utility to centralise subscription, redemption, and record-keeping workflows, reducing settlement time. The ITM also calls for an SME trade discovery platform ("Business-sans-Borders") to connect small and medium-sized enterprises across growth regions and facilitate trade financing.

Second, digitalise financial infrastructure and shape future financial networks. MAS's position, as articulated by former Managing Director Ravi Menon, draws a clear line: "Yes to digital asset innovation, no to cryptocurrency speculation." This strategy includes initiatives such as Project Orchid, which aims to build the technology infrastructure necessary to issue a digital Singapore dollar should MAS decide to proceed.

Third, catalyse Asia's net-zero transition. The ITM targets multiple sub-sectors: broadening the electronic FX trading ecosystem by anchoring more platforms and liquidity takers; catalysing insurance risk advisory and alternative risk transfer solutions for pandemic, climate, and cyber risks; and positioning Singapore as Asia's centre for philanthropy through advisory competencies and innovative models. The asset management strategy includes enhancing the variable capital company (VCC) regime to cater to broader industry needs.

Fourth, foster a skilled and adaptable workforce. MAS's launch media release in September 2022 outlined plans to build workforce competencies in growth areas, develop specialist talent in sustainability and technology, and cultivate leaders through international exposure and networks.

Fifth, shape the future of financial networks, with a focus on digital currency connectivity and cross-border infrastructure.

Broad-Based Sector Performance

Growth in the financial sector has not been concentrated in any single segment. According to Chia Der Jiun's remarks, the banking sector's total assets grew at a compound annual growth rate (CAGR) of 6.8% over the 2021–2024 period. The insurance industry also expanded, with total assets increasing by 3.6% in 2024 over 2023, reaching S$456.4 billion.

Singapore's FX market, a key competitive differentiator, continued to strengthen. FX average daily traded volumes surpassed S$1.5 trillion in 2024, reinforcing the city-state's status as a leading FX hub in Asia.

MAS's supervisory expectations for the sector remain high. The regulator expects financial institutions to uphold high levels of resilience and availability for key services, with a particular focus this year on the resilience of retail payments services. Institutions must apply standards for disruption and recovery to services—not just systems—requiring planning across multiple systems to ensure continuity.

Cautious Outlook Amid Global Uncertainties

Despite the strong performance metrics, MAS is managing expectations for the near term. Chia Der Jiun stated explicitly that the regulator does not expect financial sector growth to continue at the pace of the last few years. "Amidst prevailing global uncertainties," he said, "MAS will continue to strengthen the competitiveness and capabilities of our financial sector as well as the resilience and security of digital financial services."

MAS's forward agenda centres on three priority 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. These priorities reflect the regulator's assessment that while the ITM 2025 trajectory remains intact, the external environment—characterised by geopolitical tensions, interest rate uncertainty, and evolving digital risks—will constrain the pace of expansion.

The data confirms that Singapore's financial sector has achieved the structural transformation envisioned under ITM 2025. The question going forward is whether the sector can sustain its competitive edge in a more fragmented global environment.