Sector growth moderates to 4.3% after unusually strong 2024, driven by banking and insurance.

Singapore's financial services sector accounted for approximately 2.1% of global financial services revenue in 2025, reaching an estimated USD 600 billion. This implies a global financial services revenue pool of roughly USD 28.6 trillion for the year. The share underscores Singapore's standing as a top-tier international financial hub, even as its domestic sector growth moderated from the elevated pace seen in the prior year.

Singapore's Share of Global Financial Services Revenue

Industry estimates indicate that Singapore captured approximately 2.1% of global financial services revenue in 2025, with sector revenue reaching roughly USD 600 billion. On a global basis, this implies total financial services revenue of approximately USD 28.6 trillion. The figure reflects Singapore's sustained position as a leading financial centre in Asia, supported by its role in connecting global markets and channelling capital into the region. The share is consistent with the city-state's long-standing reputation alongside other top financial hubs, built on pro-business regulations, stable governance, and a robust talent pool.

Sector Growth Drivers and Performance

Singapore's finance and insurance sector expanded by 4.3% in 2025, moderating from the 7.3% growth recorded in 2024, according to data from the Ministry of Trade and Industry cited by FPA Financial. The deceleration follows an "unusually strong" 2024, when the sector grew 6.8% according to MAS Managing Director Chia Der Jiun. Growth in 2025 was driven mainly by the banking and insurance segments. Banks benefited from sustained credit intermediation activity under accommodative financial conditions, while the insurance segment was supported by robust performance in life insurance. In contrast, the fund management segment saw more subdued activity, weighed down by the pullback in global equity markets in November 2025. For the period from 2021 to 2024, the sector's average growth rate of 4.7% was "on track" to meet the Financial Services Industry Transformation Map (ITM) 2025 target of 4% to 5% annual value-added growth, as noted by MAS.

Fintech Ecosystem and Market Segmentation

Within Singapore's broader financial services landscape, the fintech sector remains a key sub-segment, shaped by the country's highly digitalised economy and widespread adoption of cashless transactions. According to Mordor Intelligence, payment and fund transfer services accounted for 45.05% of the Singapore fintech market in 2025, reflecting strong demand for real-time payments, mobile wallets, and cross-border transfer platforms. The application programming interface (API) segment held a 25.06% share, driven by the integration of fintech solutions with corporate treasury operations and banking infrastructure. Geographically, the Central Region—anchored by the downtown core that hosts the Monetary Authority of Singapore (MAS) and global banks—held 34.10% of the fintech market share in 2025. Regulatory developments continue to support fintech growth; in 2025, TransferMate received approval from MAS to expand its payment services under its Major Payment Institution license, including account issuance, domestic transfers, and e-money services, enabling businesses across Asia to store funds locally and execute cross-border payments via a centralised Singapore platform.

%Source: Orionmano Industries

Outlook and Policy Framework

MAS expects the finance and insurance sector to remain supported by broadly accommodative macroeconomic and financial conditions in 2026, with a low-interest-rate environment continuing to underpin credit activity. Under the Financial Services Industry Transformation Map (ITM) 2025, MAS has targeted 4.0% to 5.0% annual value-added growth and net job creation of 3,000 to 4,000 per annum. Actual performance has exceeded these benchmarks: the sector created net jobs averaging 4,400 annually from 2021 to 2024, with more than 90% of these positions filled by locals. With accommodative financial conditions and MAS's supportive policy framework, Singapore's financial services sector is positioned to sustain moderate growth, though headwinds from global market volatility may weigh on fund management activity. The sector's ability to maintain its share of global revenue will depend on continued execution of ITM strategies, including deepening asset class strengths, digitalising financial infrastructure, and catalysing Asia's net-zero transition.