S$400M talent fund backs five-pillar strategy; 2021-2024 average growth 4.7% and job creation 4,400 exceed lower bound.

Growth and Job Targets: On Track Mid-Term

When the Monetary Authority of Singapore (MAS) launched the Financial Services Industry Transformation Map (ITM) 2025 in September 2022, it set headline targets of 4% to 5% average annual real value-added growth and 3,000 to 4,000 net jobs created per year over 2021–2025. Mid-term data through 2024 confirms the sector is tracking within or above both ranges.

According to MAS Managing Director Chia Der Jiun in his July 2025 remarks on the MAS Annual Report 2024/2025, the financial services sector recorded average real value-added growth of 4.7% per annum for 2021–2024, with average net job creation of 4,400 positions per year. More than 90% of those jobs went to local workers. Both figures sit comfortably above the lower bound of the ITM 2025 target ranges.

Growth Rate (%)Source: Orionmano Industries

Net Jobs (Number)Source: Orionmano Industries

Growth was broad-based. Banking sector total assets grew at a compound annual growth rate (CAGR) of 6.8% over 2021–2024. Insurance industry total assets increased by 3.6% in 2024 over 2023, reaching S$456.4 billion. Singapore's foreign exchange daily traded volumes surpassed S$1.5 trillion in 2024, underscoring its deepening role as a leading Asian FX hub.

Five Pillars of the ITM 2025 Strategy

The ITM 2025, launched by then-Deputy Prime Minister and Minister for Finance Lawrence Wong, comprises five key strategies designed to further develop Singapore as a leading international financial centre in Asia, connect global markets, support Asia's development, and serve Singapore's economy.

Enhance Asset Class Strengths – MAS is working with the financial industry to deepen capabilities in asset classes where Singapore plays a key regional or global role. These include foreign exchange, wealth management, insurance, asset management, private capital markets, and fintech.

Digitalise Financial Infrastructure – Harnessing technology to encourage new business models, enhance operational efficiencies, and enable financial access and inclusion.

Catalyse Asia's Net-Zero Transition – Leveraging the financial sector's ability to deploy capital for a greener future in Asia. MAS is working with multilateral development banks, blended finance networks, and philanthropic organisations to explore solutions where concessionary or catalytic capital can reduce risk for private sector players and make projects more bankable.

Shape the Future of Financial Networks – Building an innovative and responsible digital asset ecosystem.

Foster a Skilled and Adaptable Workforce – Developing a strong Singapore workforce complemented by high-quality global talent.

S$400 Million Talent Development Commitment

Supporting the fifth pillar, the Government set aside S$400 million over five years (2022–2025) under the Talent and Leaders in Finance Programme. Funding is provided by the MAS-administered Financial Sector Development Fund.

The programme aims to strengthen competencies at all career stages, develop specialist talent in areas such as sustainability, and support leadership development through international exposure and networks. The grant funding facilitates training support for finance professionals at different stages of their careers.

Past Performance Sets Precedent

The current ITM cycle builds on the track record of its predecessor. The Financial Services ITM 2016–2020, launched in 2017 with targets of 4.3% average growth and 3,000 net jobs per year, outperformed on both metrics. The sector achieved average annual growth of 5.7% and created 4,100 net jobs per year.

That overperformance provides context for the current targets: the 4.7% growth recorded through 2024, while below the prior cycle's 5.7%, remains firmly within the 4%–5% band, and the 4,400 average net jobs created already exceeds the prior cycle's actual performance.

Outlook

With the ITM 2025 on track to meet its targets, the next phase of Singapore's financial sector transformation is expected to deepen digitalisation, expand sustainable finance, and continue investing in local talent to sustain the sector's competitiveness.