The updated roadmap builds on a previous ITM that exceeded its job-creation target by over 1,000 net jobs annually.

ITM 2025 Job Creation Target

The Monetary Authority of Singapore (MAS) projects the financial services sector will create 3,000 to 4,000 net jobs on average each year from 2021 to 2025, with the sector growing at 4% to 5% per annum over the same period. Deputy Prime Minister Lawrence Wong, who also serves as Minister for Finance and MAS Deputy Chairman, launched the Financial Services Industry Transformation Map (ITM) 2025 on 15 September 2022 at the MAS building.

The job creation target anchors a broader strategy to further develop Singapore as "a leading international financial centre in Asia – to connect global markets, support Asia’s development, and serve Singapore’s economy," according to MAS's official media release. The ITM 2025 is a refresh of the original Financial Services ITM launched in 2017, one of 23 sectoral blueprints identified by the Committee on the Future Economy to drive transformation efforts across Singapore's economy.

Previous ITM Exceeded Targets

The original Financial Services ITM, covering 2016 to 2020, significantly outperformed its stated goals. The initial target called for 3,000 net jobs per year; the sector delivered an average of 4,100 net jobs annually. On sector growth, the target was 4.3% per annum in real value-added terms; actual growth averaged 5.7% per annum.

This outperformance provides a meaningful historical benchmark for evaluating the ITM 2025 targets. While the new roadmap sets a similar job creation range of 3,000–4,000 net jobs per year, it reflects higher ambition in targeted growth areas such as sustainable finance, digital assets, and fintech. The sector's demonstrated ability to exceed prior targets under a previous ITM framework lends credibility to the updated projections.

Net Jobs per Annum (jobs)Source: Orionmano Industries

S$400 Million Workforce Development Programme

MAS has committed S$400 million to the Talent and Leaders in Finance Programme, a dedicated workforce development fund designed to strengthen competencies and develop specialists and leaders within the financial sector. The programme operates in partnership with the Institute of Banking & Finance (IBF) and works closely with tripartite partners including industry associations, unions, and government agencies.

According to MAS and NTUC documentation, the programme aims to "nurture more Singaporean specialists and leaders in finance and ensure that Singaporeans are able to take up good jobs that the financial sector will continue to generate in the years to come." DPM Wong emphasised that the "most important prerequisite" to achieving the next phase of financial sector development is people, noting that Singapore needs to continue attracting and retaining top talent from abroad while investing heavily in human capital within Singapore.

The S$400 million allocation supports upskilling in priority growth areas, international exposure for leadership development, and competency-building programmes aligned with the five strategic pillars of the ITM 2025.

Five Key Strategic Pillars

MAS has structured the ITM 2025 around five interconnected strategies:

1. Enhance asset-class strengths. The roadmap targets deepening capabilities in areas where Singapore already plays a significant regional or global role, including foreign exchange, insurance, wealth management, asset management, private capital markets, and fintech. These established strengths provide a foundation for capturing growth in adjacent segments.

2. Digitalise financial infrastructure. MAS is pursuing further digitalisation of Singapore's financial market infrastructure, including the bonds market infrastructure and the SME trade discovery platform. This digital backbone supports efficiency, transparency, and scalability across the financial system.

3. Catalyse Asia's net-zero transition. The ITM aims to scale up sustainable and transition financing solutions to support Asia's decarbonisation, aligned with Singapore's 2050 goal of reducing greenhouse gas emissions to near zero. MAS is working with multilateral development banks, blended finance networks, and philanthropic organisations to develop structures where "concessionary or catalytic capital can help to reduce the risk for private sector players, and make projects more bankable," DPM Wong stated.

4. Shape the future of financial networks. The strategy targets emerging areas including the digital asset ecosystem, private credit, and philanthropy. MAS is exploring how Singapore can position itself as a hub for these evolving financial networks while managing associated risks.

5. Foster a skilled and adaptable workforce. The fifth strategy directly supports the job creation target through the S$400 million Talent and Leaders in Finance Programme, ensuring the workforce can adapt to technological change and shifting industry demands.

The ITM 2025 targets are ambitious, but the sector's track record of surpassing previous goals suggests strong execution capacity. With the S$400 million fund and a strategic focus on sustainability and digitalisation, the roadmap positions Singapore to maintain its status as a leading international financial centre through the current decade and beyond.