The refreshed roadmap also aims for 4–5% average annual real value-added growth from 2021 to 2025.

The ITM 2025 Job Target in Context

The Monetary Authority of Singapore's (MAS) Financial Services Industry Transformation Map 2025 (ITM 2025) targets 3,000 to 4,000 net new financial services jobs annually, backed by a S$400 million talent fund and a 4–5% average annual real value-added growth ambition between 2021 and 2025. Launched on 15 September 2022 by then-Deputy Prime Minister and Minister for Finance Lawrence Wong, the refreshed roadmap builds on the previous ITM covering 2017–2020, which targeted 3,000 net jobs per year and 4.3% average annual real value-added growth, according to CNA.

The headline job figure represents a modest upward revision and expansion of the target range compared with the previous iteration. While the previous ITM set a fixed annual target of 3,000 net new positions, ITM 2025 introduces a band of 3,000 to 4,000, acknowledging both upside potential from digitalisation and sustainable finance and downside risks from macroeconomic headwinds. The growth ambition of 4–5% real value-added per annum sits above the previous target of 4.3%, reflecting policy confidence in Singapore's position as an international financial centre for Asia.

Net New Jobs per Year (jobs)Source: Orionmano Industries

Five Strategic Pillars Driving Job Creation

The ITM 2025 outlines five key strategies to achieve its employment and growth targets. According to the MAS press release and a legal analysis by Allen & Gledhill, these pillars are: (1) enhance asset class strengths, (2) digitalise financial infrastructure, (3) catalyse Asia's net-zero transition, (4) shape the future of financial networks, and (5) foster a skilled and adaptable workforce.

Digital infrastructure and sustainable finance are identified as the primary growth engines expected to drive demand for new roles. The digitalisation pillar targets modernisation of payment systems, capital market infrastructure, and asset servicing platforms—areas requiring specialised talent in blockchain architecture, digital identity systems, and cybersecurity. The net-zero transition pillar, meanwhile, focuses on scaling sustainable and transition financing solutions across Asia, generating demand for environmental, social, and governance (ESG) analysts, climate risk modellers, and green bond specialists.

To operationalise the workforce pillar, MAS announced that the Financial Sector Development Fund will provide S$400 million in grant funding for the Talent and Leaders in Finance programme over the 2021–2025 period, as reported by Allen & Gledhill. This funding envelope is designed to support structured training, leadership development, and mid-career conversion pathways that underpin the net new job creation target.

Workforce Development and AI Upskilling

A central challenge for achieving the ITM 2025 job target lies in equipping the existing workforce with competencies needed for AI-augmented roles. In remarks on the MAS Annual Report 2024/2025, published by the Bank for International Settlements (BIS), MAS Managing Director Chia Der Jiun noted that the regulator conducted a thematic review of artificial intelligence use in key banks and "found varying levels of maturity in AI risk management." This assessment signals that both MAS and the financial industry recognise the gap between current capabilities and the requirements of a digitally transformed sector.

MAS and the Institute of Banking and Finance Singapore (IBF) are stepping up efforts to identify and prepare relevant courses to uplift the generative AI (GenAI) proficiencies of financial sector professionals, according to the same BIS review. The Project MindForge consortium, which comprises over 30 financial industry participants including banks, insurers, asset managers, and technology partners, is working collaboratively to identify both the opportunities and risks of GenAI in the financial sector.

These initiatives are directly relevant to sustaining the 3,000–4,000 net annual job creation rate. While AI adoption may automate certain routine functions, the stated policy approach assumes that net job growth will be sustained through redeployment into higher-value roles in risk management, product structuring, client advisory, and technology governance. The success of the target therefore depends on the pace and scale of upskilling, particularly for mid-career professionals whose existing roles face the highest automation risk.

Comparison with Previous ITM and Outlook

The previous ITM (2017–2020) targeted 3,000 net jobs per year and 4.3% average real value-added growth. ITM 2025 retains a similar headline job figure but expands the range to 3,000–4,000 and adds explicit strategies for green finance and digital transformation that were absent or less developed in the earlier roadmap. The introduction of a dedicated sustainable finance pillar and the focus on digital infrastructure represent qualitative shifts in how Singapore's financial centre strategy is expected to generate employment.

The S$400 million Talent and Leaders in Finance programme runs through 2025, but the Financial Sector Development Fund is expected to continue supporting talent programmes beyond the ITM 2025 horizon, given the structural nature of the transitions underway. The outlook for the job target will hinge on the interplay of three factors: the pace of Asian capital market development, the speed of net-zero transition financing deployment, and the effectiveness of AI upskilling programmes in preventing structural displacement of workers.

As at March 2026, with the ITM 2025 period approaching its conclusion, industry analysts will be closely watching whether the upper or lower bound of the job creation range has been achieved, and whether the 4–5% real value-added growth trajectory was sustained through a period of elevated global interest rates and geopolitical uncertainty. The answer will inform how MAS calibrates the next iteration of its transformation strategy for the financial services sector.