Plan builds on ITM 2016–2020's exceeded targets of 5.7% growth and 4,100 annual net jobs, aiming to sustain Singapore's financial center status.

Overview of ITM 2025

On 15 September 2022, Deputy Prime Minister and Minister for Finance Lawrence Wong, in his capacity as Deputy Chairman of the Monetary Authority of Singapore (MAS), launched the Financial Services Industry Transformation Map (ITM) 2025. The plan serves as Singapore's strategic blueprint to further develop the city-state as a leading international financial centre in Asia, with a mandate to connect global markets, support Asia's development, and serve Singapore's domestic economy.

ITM 2025 builds on the earlier ITM 2016–2020, which was first launched in 2017 as part of the 23 sectors identified by the Committee of the Future Economy. The updated road map is structured around five key strategies designed to future-proof Singapore's financial sector against technological disruption and shifting global capital flows.

Growth Targets vs. Past Performance

MAS projects the financial sector to grow by an average of 4.0% to 5.0% per annum over the 2021–2025 period, while creating 3,000 to 4,000 net jobs on average each year. These targets, while ambitious, are grounded in a track record of exceeding previous benchmarks.

Under ITM 2016–2020, the financial services sector grew by an average of 5.7% per annum, substantially outperforming the target of 4.3% per annum. Net job creation averaged 4,100 positions per year, exceeding the 3,000 per annum target. DPM Wong noted in his opening address that over 20,000 net jobs were created in financial services during that five-year period, and that these were "good jobs, with most of them being taken by Singaporeans."

The new targets represent a calibrated adjustment downward from the previous cycle's outperformance, reflecting both a larger base effect and the recognition that the global operating environment has become more challenging. As Wong stated at the launch, "The road ahead will be a bumpy one that throws up both risks and opportunities."

Value (% / jobs)Source: Orionmano Industries

Strategic Pillars

ITM 2025 is structured around five key strategies that collectively aim to position Singapore at the forefront of financial innovation while maintaining regulatory rigor.

The first pillar focuses on building an innovative and responsible digital asset ecosystem. MAS is pursuing initiatives to fractionalize real-world assets such as stocks, bonds, and real estate into digital tokens, and to establish digital platforms for small and medium-sized enterprises. The regulator has also identified specific fintech subsectors for anchoring, including Web 3.0, artificial intelligence, and green fintech.

The second strategy involves fostering a skilled and adaptable workforce—a theme Wong emphasized as being "at the centre of all this." The third pillar centers on connecting global markets, reinforcing Singapore's role as a node linking capital flows between East and West. The fourth strategy supports Asia's development, leveraging Singapore's position as a gateway for regional infrastructure financing and trade. The fifth pillar focuses on serving Singapore's domestic economy, ensuring that the financial sector contributes to local business growth and household financial resilience.

Beyond these five pillars, MAS has also announced specific sectoral focus areas, including developing Singapore as a gold trading centre and positioning the city-state as a regional philanthropy hub.

Talent and Workforce Development

The human capital component of ITM 2025 is substantial. MAS and the Institute of Banking and Finance (IBF) have put in place a comprehensive suite of schemes covering entry-level, professional, specialist, and leadership talent development. The 3,000–4,000 net new jobs projected per annum are expected to be high-quality positions across banking, asset management, fintech, and insurance.

Wong was explicit about the government's commitment to Singaporean-centric hiring. "Most new jobs are taken by Singaporeans," he stated, adding that the government will be "relentless in upskilling our people, developing expertise and creating more opportunities for Singaporeans." This emphasis on local talent development is complemented by a calibrated approach to global talent, which MAS describes as "high quality global talent" serving as a complement to the local workforce rather than a substitute.

Industry observers have characterized the plan as "comprehensive and ambitious." Patrick Lee, cluster chief executive officer for Singapore and Asean markets at Standard Chartered Bank, noted that the road map "serves as a strategic compass for industry players to align their strategies in a rapidly changing world by encouraging collaboration, connectedness and the building of enterprise capabilities."

If the trend of exceeding targets observed in ITM 2016–2020 continues, ITM 2025 could deliver above-target growth and job creation. However, global economic headwinds—including rising interest rates, geopolitical fragmentation, and technological disruption—remain material risks. As Wong cautioned, delivering on the plan "will not be easy." The success of ITM 2025 will ultimately depend on the interplay between Singapore's domestic policy execution and external economic conditions beyond its control.