The Financial Services ITM 2025 is built on four strategies: enhancing asset-class strengths, digitalising financial infrastructure, catalysing Asia's net-zero transition, and shaping the future of financial networks. (Note: The actual plan, as launched by MAS, comprises five strategies; the fifth is "Foster a Skilled and Adaptable Workforce.")

Overview and Growth Targets

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 lays out growth strategies 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.

MAS projects the financial sector to grow by an average of 4% to 5% per annum during 2021–2025 and to create 3,000–4,000 net jobs on average each year. The ITM 2025 reinforces goals set in the earlier ITM 2020, maintaining Singapore's position as an international financial hub that connects global markets, supports Asia's development, and serves its domestic economy. The plan comprises five key strategies, with specific initiatives under each pillar.

Strategy 1: 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. Three major initiatives under this strategy include:

Bond market infrastructure. MAS aims to improve end-to-end efficiency in primary bond issuances, listing, and settlement processes, strengthening Singapore's proposition as a bond issuance and listing venue of choice. This targets greater market depth and liquidity in Singapore's fixed-income ecosystem.

Funds settlement utility. MAS is developing an industry funds settlement utility to centralise subscription, redemption, and record-keeping workflows. The utility facilitates reconciliation of fund data flows, with the objective of reducing settlement time and improving efficiency across the funds management value chain.

SME trade discovery platform (Business-sans-Borders). MAS will launch a digital platform to connect small and medium enterprises (SMEs) across growth regions. The platform facilitates trade discovery and enables easier access to trade financing for participating SMEs, addressing a persistent gap in cross-border SME trade finance.

Beyond these core initiatives, Singapore is also aiming to become Asia's centre for philanthropy. Many companies currently conduct philanthropic activities on their own; MAS will invite financial services firms to offer structured solutions to monitor the impact of those activities, as well as innovative philanthropy models. In addition, Singapore will encourage private capital markets to offer credit to businesses, broadening financing options beyond traditional private equity and venture capital.

Strategy 2: Digitalise Financial Infrastructure

MAS will promote the development of digital platforms for the bond market and the funds industry, as outlined under the asset-class enhancement initiatives. Beyond sector-specific platforms, the strategy encompasses broader digital infrastructure upgrades to improve market efficiency, reduce friction, and lower costs for market participants.

Promising financial technology startups will be incentivised to develop capabilities in new online technologies including Web 3.0, artificial intelligence, and green fintech. This positions Singapore to capture growth from emerging technology-driven financial services segments while maintaining its competitive edge as a regional fintech hub.

Strategy 3: Catalyse Asia's Net-Zero Transition

MAS is positioning Singapore's financial sector to support Asia's transition to net-zero carbon emissions. The strategy leverages Singapore's role as a regional financial centre to mobilise capital towards sustainable infrastructure, green finance instruments, and transition finance solutions across Asia.

The net-zero strategy builds on earlier MAS work in sustainable finance, including the Green Finance Action Plan and various industry consultations. By catalysing Asia's net-zero transition, Singapore aims to capture the growing demand for sustainable finance expertise, carbon trading infrastructure, and green investment products.

Strategy 4: Shape the Future of Financial Networks

MAS seeks to shape the future of financial networks by strengthening Singapore's role as a node connecting global financial markets with Asia's growth economies. This includes enhancing cross-border payment linkages, interoperable digital infrastructure, and regulatory cooperation frameworks that facilitate seamless capital flows.

The strategy recognises that Singapore's value proposition as a financial centre depends on its ability to connect global liquidity pools with Asia's investment opportunities. Strengthening financial network connectivity supports the broader objective of serving Singapore's economy while supporting Asia's development.

Strategy 5: Foster a Skilled and Adaptable Workforce

The fifth strategy addresses human capital development, ensuring that Singapore's financial sector workforce has the skills to seize opportunities created by digitalisation, sustainability, and regional integration. The plan targets net job creation of 3,000–4,000 per year on average during 2021–2025, with emphasis on reskilling and upskilling existing workers.

MAS will work with industry partners, educational institutions, and government agencies to develop training programmes in areas such as data analytics, artificial intelligence, sustainable finance, and cybersecurity. The workforce strategy is critical to sustaining the competitiveness of Singapore's financial centre as technology reshapes industry roles and required competencies.

Value (% / number of jobs)Source: Orionmano Industries

Outlook

The ITM 2025 framework provides a coherent roadmap for Singapore's financial sector through 2025, built on five strategic pillars that address competitiveness, technology adoption, sustainability, regional connectivity, and workforce development. The 4–5% annual growth projection and 3,000–4,000 net new jobs per year provide measurable benchmarks against which to assess implementation progress.

Execution risks centre on timely delivery of the digital platforms (bond market infrastructure, funds settlement utility, Business-sans-Borders), development of a skilled pipeline for emerging technologies, and maintaining Singapore's regulatory agility amid global financial fragmentation. The net-zero transition strategy will depend on the pace of sustainable finance product development and Singapore's ability to serve as a credible intermediary for Asia's decarbonisation capital needs.

As of the plan's launch in September 2022, the ITM 2025 represents Singapore's most comprehensive financial sector development blueprint, building on the ITM 2020 foundation while incorporating new strategic priorities in sustainability and digitalisation.