Five-pronged strategy including digitalization, net-zero transition, and asset class deepening aims to create 3,000–4,000 net jobs annually.

ITM 2025 Targets and Strategic Pillars

In September 2022, Deputy Prime Minister Lawrence Wong launched the Financial Services Industry Transformation Map (ITM) 2025, setting a target for Singapore's financial sector to grow by an average of 4% to 5% per annum during 2021–2025 and create 3,000–4,000 net jobs on average each year. The Monetary Authority of Singapore (MAS), which leads the ITM, structured the roadmap around 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.

These targets represent a continuation of Singapore's systematic approach to financial sector development. The ITM 2025 builds directly on the first Financial Services ITM launched in 2017, which focused on innovation, technology adoption, and workforce development. The five strategic pillars collectively aim to position Singapore as a leading international financial centre that connects global markets, supports Asia's development, and serves Singapore's domestic economy.

Past Performance and On-Track Progress

The ITM 2025 targets are grounded in demonstrated execution capacity. During the previous ITM period (2016–2020), Singapore's financial services sector grew by an average of 5.7% per annum, exceeding the 4.3% target. Net job creation averaged 4,100 per year, also surpassing the 3,000 target. This track record provides a credible baseline for the current roadmap.

Data through 2024 indicates the sector is on track to meet its ITM 2025 objectives. According to a July 2025 speech by Mr. Chia, Singapore's financial sector recorded an average growth rate of 4.7% from 2021 to 2024, comfortably within the 4%–5% target range. Net jobs created averaged 4,400 annually over the same period, with more than 90% of these positions going to locals. Additionally, over 3,000 Singaporeans held senior roles in the financial sector by 2022, representing an increase of more than 80% compared to 2016.

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

The consistency between the two ITM periods is notable. The 2016–2020 outperformance relative to its 4.3% target (actual: 5.7%) and the 2021–2024 performance within the 4%–5% band (actual: 4.7%) suggest that the MAS target-setting methodology incorporates a reasonable margin for external shocks. The 2021–2024 period included significant macroeconomic headwinds—elevated interest rates, geopolitical tensions, and a post-pandemic recalibration—yet the sector maintained growth within the target corridor.

Key Initiatives Driving Growth

Under the five strategic pillars, MAS has implemented a series of concrete initiatives that underpin the growth and employment targets.

Digitalise Financial Infrastructure: This strategy focuses on harnessing technology to develop new business models, enhance operational efficiencies, and enable financial access and inclusion. Specific initiatives include bond market infrastructure improvements to enhance end-to-end efficiency in primary issuances, listing, and settlement processes. MAS is also developing an industry funds settlement utility to centralise subscription, redemption, and record-keeping workflows, which will reduce settlement times and improve efficiency. Additionally, the SME trade discovery platform (Business-sans-Borders) connects small and medium enterprises across growth regions, facilitating trade discovery and enabling easier access to trade financing.

Catalyse Asia’s Net-Zero Transition: MAS has allocated S$100 million in grant funding over 2021–2025 for capability building, green FinTech, climate risk and reinsurance, and solutions for sustainable and transition finance. The strategy includes developing an industry-led taxonomy for eight priority sectors to provide clarity on transition activities, facilitating decarbonisation financing solutions for corporates, and enhancing sustainability disclosures through data utilities such as Project GreenPrint.

Shape the Future of Financial Networks: MAS aims to enhance payments connectivity and build an innovative and responsible digital asset ecosystem. This includes positioning Singapore as a regional hub for philanthropy and exploring the tokenisation of stocks, bonds, and real estate.

Foster a Skilled and Adaptable Workforce: The strategy focuses on developing a strong Singapore workforce complemented by high-quality global talent. The 4,400 net jobs created annually from 2021–2024, with over 90% going to locals, demonstrates progress against this pillar.

Enhance Asset Class Strengths: MAS works with the financial industry to deepen capabilities in asset classes where Singapore plays a key regional or global role, including strengthening the city-state's proposition as a bond issuance and listing venue of choice.

Outlook

As the 2021–2025 target period concludes, early performance data suggests the 4%–5% growth target is achievable. The 4.7% average growth through 2024, combined with net job creation exceeding the upper bound of the target range, positions the sector well for the final year of the ITM. This performance sets the stage for a refreshed ITM that will likely double down on technology adoption and sustainable finance to sustain Singapore's competitive edge.