Sector grew 4.7% annually, beating the ITM 2025 target of 4-5%, with broad-based gains across banking, fund management, and insurance.

Job Creation Exceeds ITM 2025 Target

The Monetary Authority of Singapore (MAS) reported that the financial services sector created an average of 4,400 net new jobs annually from 2021 to 2024, with more than 90% of these positions filled by local workers. This figure surpasses the Industry Transformation Map (ITM) 2025 target of 3,000–4,000 net jobs per annum, according to MAS Managing Director Chia Der Jiun in remarks accompanying the central bank's annual report for 2024/2025.

The sector's average growth rate of 4.7% over the same period keeps it on track to meet the ITM 2025 target of 4%–5% growth per annum between 2021 and 2025. The financial services sector accounted for approximately 14% of Singapore's gross domestic product, Deputy Prime Minister and MAS Chairman Gan Kim Yong noted on July 15, 2025, during the annual report release.

%Source: Orionmano Industries

Broad-Based Sector Growth

The job creation was underpinned by strong performance across virtually all sub-sectors of the financial industry. Banking sector total assets grew at a 6.8% compound annual growth rate (CAGR) from 2021 to 2024, with resilience underpinning overall expansion. The insurance industry's total assets increased by 3.6% in 2024 to S$456.4 billion, reflecting steady capital accumulation.

Singapore's role as a leading Asian foreign exchange hub strengthened, with FX average daily traded volumes surpassing S$1.5 trillion in 2024. The corporate debt market also registered strong growth, with total issuance rising more than 30% in 2024 to exceed S$300 billion.

The asset management segment proved a particular bright spot. Assets under management (AUM) in Singapore grew 12.2% year-on-year to S$6.07 trillion—the first time the figure exceeded S$6 trillion. This growth was driven by both traditional and alternative sectors, including private equity, venture capital, hedge funds, real estate, and real estate investment trusts. Net inflows into Singapore grew 50% in 2024 from 2023, as fund-raising activities recovered amid improving investment sentiment. The number of fund management companies reached 1,298 by end-2024, further expanding the industry's employment base.

The financial services sector grew 6.8% in 2024, more than double the 3.1% recorded in 2023, according to MAS data.

Real Growth Rate (%)Source: Orionmano Industries

Local Talent and Skills Development

Policy measures and industry initiatives have actively supported localization of the financial sector workforce. At the Institute of Banking and Finance (IBF) 50th Anniversary Gala on September 13, 2024, MAS Chairman Gan Kim Yong emphasized the importance of equipping the workforce for the next bound of growth. MAS offers skills and talent development schemes, including funding for postings in sustainable finance, artificial intelligence, and quantum computing—capped at S$80,000 per Singapore citizen per year for Asia-based postings in these specialized capabilities.

The localization trend is reflected in senior-level hiring. Prime Minister Lawrence Wong noted in September 2022 that over 3,000 Singaporeans held senior roles in the financial sector, an increase of more than 80% from 2016. This trajectory has continued, with family office regulations providing another lever: family offices must employ at least one non-family member among their investment professionals, driving local hiring demand. Industry sources, including Randstad, report particular demand for investment managers and analysts with regional experience, especially those who are multilingual, as licensing and reporting requirements continue to evolve.

Risks and Forward Outlook

While the sector's 2024 performance was robust, MAS management has tempered expectations for the near term. Managing Director Chia Der Jiun cautioned that tariffs, trade restrictive practices, and geopolitical fragmentation could alter trade and investment flows. "Fundamental shifts and changes to the global economy will begin to take shape in the months and years ahead," he said in his July 15 remarks, noting that Singapore's economy and businesses will need to navigate these changes by strengthening connectivity, diversifying revenue streams, and building more resilient business models.

Despite the 6.8% growth in 2024, Chia expects growth to slow in coming years after "unusually strong" performance. MAS continues to prioritize medium-term price stability as an anchor of stability for the Singapore economy amid uncertainty. Net inflows into Singapore grew 50% in 2024 from 2023, suggesting continued investor confidence, though the pace of new hiring may moderate in line with broader economic trends.

The combination of strong local talent development infrastructure, regulatory frameworks that prioritize local hiring, and MAS's commitment to price stability should sustain job creation and sector resilience even as external headwinds intensify. The ITM 2025 target has been met ahead of schedule; the question now is how the financial sector positions itself for the next phase of growth.