Sector value grew from S$82.1bn to S$98.2bn, fuelled by banking, insurance, and FX growth.

Growth Trajectory and ITM Targets

Singapore's finance and insurance sector Gross Value Added (GVA) rose from S$82.1 billion in 2021 to S$98.2 billion in 2025, achieving a compound annual growth rate (CAGR) of 4.7%. This growth places the sector squarely within the 4% to 5% per annum target range set under the Financial Services Industry Transformation Map (ITM) 2025, which was launched in September 2022. MAS Managing Director Chia Der Jiun confirmed in July 2025 remarks that the sector's average growth rate for 2021–2024 was 4.7%, keeping the sector on track to meet the ITM target.

Growth Rate (%) (%)Source: Orionmano Industries

The trajectory implies the sector is on course to reach S$119.5 billion in GVA by 2030 at an assumed CAGR of 4.0%, though this forward estimate is industry-consistent rather than an official MAS projection. The actual 2021–2025 performance has exceeded the lower bound of the ITM target range and matched the midpoint.

Broad-Based Sectoral Expansion

Growth across the finance and insurance sector was broad-based, with banking, insurance, FX, and wealth management all contributing.

Banking sector total assets grew at a CAGR of 6.8% from 2021 to 2024, reflecting resilient lending and deposit-taking activity, even as global interest rate cycles shifted. This asset growth outpaced the sector's overall GVA expansion, indicating that banking intermediation remained a core driver of value creation.

The insurance industry also expanded materially. Total insurance assets increased by 3.6% in 2024 over 2023, reaching S$456.4 billion. The global insurance market grew at 6.6% CAGR in 2025, according to industry estimates, with favourable financial market conditions spurring demand for life insurance savings products as noted by the OECD.

FX trading volumes surged. Singapore's average daily FX traded volumes surpassed S$1.5 trillion in 2024, reinforcing the city-state's position as a leading Asian FX hub. This growth reflects sustained demand for currency hedging, trade finance, and investment flows through Singapore's deep liquidity pool.

Singapore also maintained its status as a trusted wealth management centre, underpinned by high regulatory standards. MAS has signalled that legitimate wealth remains welcome while the regulator continues to enforce strict anti-money laundering and counter-financing of terrorism (AML/CFT) practices. In 2024, MAS announced regulatory actions against nine financial institutions for AML breaches, demonstrating the system's commitment to integrity.

Strategic Pillars of ITM 2025

The ITM 2025, launched in September 2022 by then-Deputy Prime Minister and Minister for Finance Lawrence Wong, articulates five key strategies to sustain and deepen Singapore's financial centre competitiveness:

1. Enhance Asset Class Strengths – Deepening capabilities in key asset classes where Singapore plays a significant regional or global role, including fixed income, foreign exchange, and wealth management.
2. Digitalise Financial Infrastructure – Harnessing technology to encourage new business models, enhance operational efficiencies, and enable financial access and inclusion, including initiatives such as Project Orchid to build technology infrastructure for a potential digital Singapore dollar.
3. Catalyse Asia’s Net-Zero Transition – Leveraging the financial sector's ability to deploy capital for a greener future across Asia, including sustainable finance frameworks and green bond markets.
4. Shape the Future of Financial Networks – Enabling digital currency connectivity and cross-border payment linkages to strengthen Singapore's role as a node in global financial networks.
5. Foster a Skilled and Adaptable Workforce – Developing a strong Singapore workforce complemented by high-quality global talent, with emphasis on reskilling and upskilling for emerging roles in technology, sustainability, and risk management.

These strategies build on the original 2017 ITM framework, which focused on innovation, technology adoption, and workforce development. The refreshed map addresses new challenges including digital asset regulation, climate finance, and geopolitical fragmentation.

Workforce Development and Job Creation

The sector has exceeded its employment targets. The ITM 2025 targeted 3,000–4,000 net jobs created per annum. Actual average annual net jobs created from 2021 to 2024 was 4,400, with more than 90% of these going to locals. MAS has emphasised developing a strong Singapore workforce complemented by high-quality global talent.

This outperformance suggests the sector absorbed demand across banking, insurance, wealth management, and fintech roles faster than anticipated, partly driven by the expansion of digital financial services and sustainable finance capabilities.

Outlook

The sector's trajectory remains on track to meet ITM 2025 targets, but MAS Managing Director Chia Der Jiun has flagged risks from geopolitical fragmentation and trade disruptions. Tariffs, protectionist measures, and shifting trade and investment flows will require businesses to strengthen connectivity, diversify revenue streams, and build more resilient business models. Singapore's role as an open, connected financial centre—anchored by sound regulation, deep liquidity, and strong rule of law—positions it to navigate these challenges, but continued adaptation will be essential to sustain the growth momentum into the next phase.