MAS and IBF partner with tripartite bodies to build competencies, develop specialists, and nurture leaders, complemented by high-quality global talent.

ITM 2025: A Five-Pronged Strategy for Financial Sector Growth

In September 2022, Deputy Prime Minister Lawrence Wong unveiled the Financial Services Industry Transformation Map 2025 (ITM 2025), a comprehensive roadmap designed to sustain Singapore's position as a leading international financial centre through 2025 and beyond. The plan sets ambitious targets: the financial sector is projected to grow by 4% to 5% per annum in value-added terms and create 3,000 to 4,000 net jobs annually between 2021 and 2025.

ITM 2025 builds directly on its predecessor, the Financial Services ITM 2020, which delivered average annual growth of 5.7%, exceeding the 4.3% target set at its launch. 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 workforce pillar is positioned as foundational to all others—without a pipeline of capable professionals, the sector cannot deepen asset-class expertise, adopt new technologies, or manage the transition to net-zero.

S$400 Million Grant to Upskill and Develop Finance Talent

Central to the workforce strategy is the Talent and Leaders in Finance Programme, backed by S$400 million in grant funding from the Financial Sector Development Fund over the period 2021–2025. The Monetary Authority of Singapore (MAS) and the Institute of Banking & Finance (IBF) administer the programme in close collaboration with tripartite partners: the Ministry of Manpower, the National Trades Union Congress (NTUC), and the Singapore National Employers Federation.

The grant is structured around three core objectives: building workforce competencies in growth areas and providing training support for finance professionals at different stages of their careers; developing specialist talent in areas such as sustainability and technology; and developing leaders through opportunities to acquire expertise, international exposure, and networks to help them succeed in leadership roles. This tripartite governance model ensures alignment between industry demand, workforce development, and social partnership—a distinguishing feature of Singapore's approach to financial sector manpower planning.

Funding (S$ million)Source: Orionmano Industries

Building Specialist Talent in Sustainability and Technology

Within the broad workforce development framework, MAS places explicit emphasis on cultivating specialist talent in two high-growth domains: sustainability and technology. These areas reflect structural shifts in global finance: the demand for professionals who can structure green bonds, advise on transition finance, and navigate evolving climate disclosure standards is rising rapidly, while technology roles spanning artificial intelligence, distributed ledger applications, and digital asset infrastructure have become critical to maintaining Singapore's competitive edge.

The training support under the S$400 million programme is designed to be lifelong and career-stage-appropriate. Entry-level professionals can access foundational skills training to enter growth areas; mid-career switchers receive support to reskill into specialist tracks; and senior finance professionals can pursue advanced executive programmes. Leadership development, a distinct third track, is intended to equip future industry leaders with the expertise, international exposure, and networks required to navigate an increasingly complex operating environment—one shaped by geopolitics, technological disruption, and climate risk.

Complementing Local Workforce with High-Quality Global Talent

MAS has been explicit that the ITM 2025 workforce strategy is not purely about developing local talent. The agency states that "a skilled and adaptable workforce complemented by high quality global talent is critical to seize growth opportunities and realise the sector's potential." The ITM 2025 website lists the workforce strategy as "developing a strong Singapore workforce complemented by high quality global talent." Global talent is intended to supplement local capabilities in areas where specialist expertise is needed to maintain Singapore's competitive edge as a financial hub.

This dual-track approach—investing heavily in local skills development while maintaining openness to international professionals—reflects a pragmatic recognition that Singapore's small domestic talent pool cannot supply all the specialist capabilities required across the full spectrum of a global financial centre. The strategy aims to ensure that global talent fills gaps and transfers knowledge to local professionals over time, rather than substituting for local workforce development. The tripartite partnership structure that governs the programme provides a mechanism for social partners to monitor and adjust the balance between local development and foreign talent inflow.

Outlook

The effectiveness of the ITM 2025 workforce strategy will ultimately be measured against its headline targets: 3,000 to 4,000 net jobs created per year and value-added growth of 4% to 5% per annum. Sustained investment in talent—both local and global—is critical for Singapore to retain its status as a leading international financial centre. The S$400 million grant represents a substantial public commitment, but its impact depends on how effectively the training programmes translate into real workforce outcomes: whether finance professionals acquire skills that are actually in demand, whether specialist roles in sustainability and technology are filled by qualified candidates, and whether leadership development produces executives capable of steering Singaporean institutions through the next cycle of global financial transformation.

The tripartite governance model provides a mechanism for course correction, but the window for demonstrating results is finite. As other financial hubs in Asia and the Middle East accelerate their own workforce development efforts, Singapore's ability to execute on ITM 2025's talent agenda will determine whether it maintains the human capital advantage that has underpinned its rise as a global financial centre.