The sector's 4.7% p.a. growth and job creation exceed ITM 2025 targets, with broad-based expansion across banking, insurance, and FX.

Job Creation Exceeds ITM 2025 Targets

Singapore's financial services sector generated an average of 4,400 net jobs annually from 2021 to 2024, surpassing the Industry Transformation Map (ITM) 2025 target range of 3,000 to 4,000 net jobs per annum, according to data from the Monetary Authority of Singapore (MAS). More than 90% of these new positions went to local workers—Singaporeans and permanent residents—underscoring the sector's contribution to domestic employment.

The ITM 2025 target, unveiled in September 2022 by then-Deputy Prime Minister Lawrence Wong, set an annual net job creation goal of 3,000 to 4,000 for the 2021-2025 period. The actual average of 4,400 net jobs per year over 2021-2024 has already exceeded the upper bound of that range. This performance also surpasses the earlier ITM 2020 target of 3,000 net jobs per annum, which the sector exceeded by achieving 4,100 net jobs annually from 2016 to 2020.

MAS managing director Chia Der Jiun confirmed the figures in remarks on the MAS Annual Report 2024/2025, stating the sector is "on track to meet the ITM 2025 target of 3,000-4,000 net jobs created per annum."

Net Jobs per Year (jobs)Source: Orionmano Industries

Broad-Based Growth Across Segments

Job creation was supported by expansion across multiple financial sub-sectors, not concentrated in any single segment. The banking sector posted resilient growth, with total assets growing at a compound annual growth rate (CAGR) of 6.8% over 2021-2024, according to MAS data. The insurance industry also expanded, with total assets increasing by 3.6% in 2024 over 2023 to S$456.4 billion.

Singapore continued to strengthen its position as a leading FX hub in Asia, with average daily FX traded volumes surpassing S$1.5 trillion in 2024, MAS reported. Growth in 2024 was particularly strong: the financial services sector expanded 6.8%, more than double the 3.1% recorded in 2023, according to Deputy Prime Minister and MAS chairman Gan Kim Yong. He noted that growth was "broad-based across segments, including banking, fund management, insurance and activities auxiliary to financial services, which largely comprise payments firms."

MAS deputy managing director for markets and development Leong Sing Chiong added that new jobs were created in diverse roles spanning tech-related and non-tech functions, including business management, portfolio management, and relationship management.

Local Workforce Priority and Role Diversity

The high proportion of local hires—more than 90% of net new jobs—reflects deliberate workforce development strategies under the ITM framework. The emphasis on local talent is reinforced by the career progression observed in senior roles: as of September 2022, over 3,000 Singaporeans held senior roles in the financial sector, representing an increase of more than 80% compared to 2016, Prime Minister Lawrence Wong noted at the ITM 2025 launch.

The role diversity extends beyond traditional banking functions. Leong Sing Chiong highlighted that new positions spanned both technology-related roles and non-tech functions such as business, portfolio, and relationship management. This breadth suggests the sector is absorbing workers across skill profiles, not solely in specialized tech positions.

Sector Growth Rate On Track to Meet ITM Targets

The financial services sector's average growth rate of 4.7% from 2021 to 2024 keeps it firmly within the ITM 2025 target of 4% to 5% per annum over 2021-2025, according to MAS managing director Chia Der Jiun. The sector contributed approximately 14% of Singapore's gross domestic product (GDP) in 2024, underscoring its structural importance to the economy.

The 6.8% growth rate in 2024 represents a marked acceleration from 3.1% in 2023, though Chia cautioned that this pace is unlikely to persist. He noted that the "unusually strong" growth of recent years may moderate as the industry navigates slower global growth amid tariff uncertainties. Despite this caution, the ITM 2025 targets for both jobs and growth have already been exceeded with one year remaining in the planning period.

The sector's performance over the current ITM cycle continues a pattern of over-delivery established during ITM 2020, when the financial sector grew by an average of 5.7% per annum from 2016 to 2020, exceeding the 4.3% target, while creating 4,100 net jobs annually against a 3,000 target.