The refreshed industry transformation map builds on the 2016–2020 plan that exceeded its own targets, aiming to sustain Singapore's status as a leading Asian financial centre.

Growth Targets and Past Performance

On 15 September 2022, Deputy Prime Minister and Minister for Finance Lawrence Wong, in his capacity as Deputy Chairman of the Monetary Authority of Singapore (MAS), launched the Financial Services Industry Transformation Map (ITM) 2025. The plan targets average annual value-added growth of 4.0% to 5.0% for Singapore's financial sector between 2021 and 2025, and the creation of 3,000 to 4,000 net jobs per year (Sources 2, 3, 5, 6). These figures represent measured ambition against the outperformance of the preceding ITM 2020.

From 2016 to 2020, the financial services sector grew by an average of 5.7% per annum, exceeding the ITM 2020 target of 4.3% (Sources 4, 5, 6). Net job creation averaged 4,100 per year over the same period, above the target of 3,000 (Sources 4, 5, 6). In his opening address at the launch event, DPM Wong noted that over 20,000 net jobs were created in financial services from 2016 to 2020, with the majority taken by Singaporeans (Sources 2, 7). The ITM 2025 targets are therefore set at levels that acknowledge both the sector's demonstrated capacity for above-target performance and the uncertainties of a post-pandemic global environment.

Net Jobs Per Annum (number)Source: Orionmano Industries

Five Strategic Pillars

The ITM 2025 is organised around five key strategies designed to forge new growth pathways and maintain Singapore's competitive edge as an international financial centre in Asia (Sources 4, 6).

Enhance Asset Class Strengths. MAS will work with the financial industry to deepen capabilities in asset classes where Singapore plays a key regional or global role. This includes strengthening Singapore's position in foreign exchange, asset management, and—as outlined in subsequent policy announcements in March 2026—developing as a gold trading centre (Source 6).

Digitalise Financial Infrastructure. The plan promotes the development of digital infrastructure and platforms, including initiatives to establish a digital platform for small businesses and to tokenise traditional asset classes such as stocks, bonds, and real estate (Sources 4, 5, 6).

Catalyse Asia's Net-Zero Transition. MAS is working with the industry to develop innovative solutions to scale up sustainable and transition financing. This recognises Singapore's position as a hub for channelling capital into Asia's decarbonisation efforts (Sources 4, 6).

Shape the Future of Financial Networks. The strategy 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 continuing the development of Project Ubin and related digital asset infrastructure (Sources 4, 5, 6).

Foster a Skilled and Adaptable Workforce. MAS will partner with the Institute of Banking & Finance (IBF) and tripartite partners to work closely with the financial industry and unions to develop workforce competencies (Sources 2, 6). DPM Wong emphasised in his launch address that "at the centre of all this is people" and that the government will be "relentless in upskilling our people, developing expertise and creating more opportunities for Singaporeans" (Source 7).

Workforce Development and Funding

To operationalise the workforce strategy, MAS has allocated a S$400 million Financial Sector Development Fund, which provides grant funding for the Talent and Leaders in Finance programme over the 2021–2025 period (Source 2). The programme supports upskilling, international exposure, and career advancement for industry professionals. Specific areas of focus include enabling professionals to take up good jobs and advance in their careers, developing leaders through international exposure, and building competencies in growth areas such as sustainable finance, digital assets, and financial technology (Source 2).

The commitment to workforce development draws on the track record of the earlier ITM period. From 2016 to 2020, the sector created over 20,000 net jobs, with most taken by Singaporeans (Sources 2, 7). DPM Wong's launch address highlighted that the financial sector achieved "almost 6% per annum" real value-added growth over that period, and created "more than 4,000 jobs each year" (Source 7). These outcomes have reinforced industry confidence in the collaborative tripartite model—between MAS, employers, unions, and workers—that has underpinned Singapore's financial centre development over the past decades (Source 7).

Industry reaction to the refreshed road map has been positive. Patrick Lee, cluster chief executive officer for Singapore and Asean markets at Standard Chartered Bank, described the updated plan as "comprehensive and ambitious," noting that it "serves as a strategic compass for industry players to align their strategies in a rapidly changing world by encouraging collaboration, connectedness and the building of enterprise capabilities" (Source 5).

The ITM 2025 targets of 4.0–5.0% annual growth and 3,000–4,000 net new jobs per annum are measured against the outperformance of the previous plan. However, the sector's continued focus on innovation, digitalisation, sustainable finance, and workforce development should support Singapore's ambition to remain a leading international financial centre that connects global markets, supports Asia's development, and serves Singapore's economy.