MAS projects financial sector value-added growth of 4-5% per annum and 3,000-4,000 net new jobs each year from 2021 to 2025, building on past ITM successes.

ITM 2025 Growth and Employment Targets

On 15 September 2022, Deputy Prime Minister and Minister for Finance Lawrence Wong, then also Deputy Chairman of the Monetary Authority of Singapore (MAS), launched the Financial Services Industry Transformation Map (ITM) 2025. The refreshed roadmap targets annual value-added growth of 4% to 5% for Singapore's financial services sector over the 2021–2025 period, alongside the creation of 3,000 to 4,000 net new jobs on average each year. These figures were released in a MAS media statement on the same day and reiterated on the authority's official website.

The ITM 2025 builds directly on its predecessor, the ITM 2020, which was first introduced in 2017 as one of 23 sectoral transformation maps identified by the Committee on the Future Economy. MAS's stated vision under the refreshed map is 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."

Benchmarking Against ITM 2020 Performance

The ITM 2025 targets represent a modest downward adjustment from the actual outcomes achieved under the ITM 2020 framework. According to MAS data, from 2016 to 2020 the financial services sector grew by an average of 5.7% per annum, comfortably exceeding the ITM 2020 target of 4.3% per annum. Net job creation similarly outperformed: the sector generated an average of 4,100 net new jobs each year against a target of 3,000, with over 20,000 net jobs created in financial services over the five-year period. In a Facebook post on the launch date, DPM Wong noted that most of these jobs went to Singaporeans.

The gap between targets and actuals in the previous cycle provides a credible basis for the ITM 2025 goals. While the new targets are more conservative than actual ITM 2020 performance, they reflect a deliberate recalibration rather than a loss of ambition, given that the earlier period benefited from a strong global economic cycle preceding the COVID-19 pandemic.

Value-Added Growth (%) (%)Source: Orionmano Industries

Five Key Strategies of ITM 2025

To achieve the targeted growth and employment outcomes, MAS outlined five strategic pillars in the ITM 2025:

1. Enhance Asset Class Strengths — MAS will work with the financial industry to deepen capabilities in asset classes where Singapore already plays a key regional or global role, including foreign exchange, wealth management, and insurance.

2. Digitalise Financial Infrastructure — This strategy encompasses expanding cross-border payment linkages with regional economies (including real-time payment systems and Project Nexus), exploring distributed ledger technology for cross-border payments, trade finance, and capital markets, and supporting tokenisation of financial and real economy assets through initiatives such as Project Guardian and Project Orchid for digital currency connectivity.

3. Catalyse Asia's Net-Zero Transition — MAS aims to position Singapore as a hub for sustainable finance, facilitating capital flows that support the region's decarbonisation efforts.

4. Shape the Future of Financial Networks — This involves strengthening Singapore's role as a node in global financial networks, including fostering innovation in digital assets while maintaining regulatory guardrails.

5. Foster a Skilled and Adaptable Workforce — MAS will partner with the Institute of Banking & Finance (IBF) and tripartite partners to develop workforce competencies. The S$400 million Financial Sector Development Fund provides grant funding to the Talent and Leaders in Finance programme over the 2021–2025 period, supporting industry professionals in upskilling and career advancement.

Progress Update: 2021–2024 Actuals

Available data through 2024 indicates that the financial services sector is tracking within or above the ITM 2025 target ranges. According to a 15 July 2025 speech by an MAS official (as reported by Yahoo Finance), the sector's average annual value-added growth from 2021 to 2024 was 4.7%, within the 4–5% target band and slightly above the midpoint of 4.5%.

Net job creation has been even stronger. The same speech reported that the sector created an average of 4,400 net jobs annually between 2021 and 2024, exceeding the upper end of the 3,000–4,000 target range. More than 90% of these new positions went to local hires. Additionally, over 3,000 Singaporeans held senior roles in the financial sector as of 2022, representing an increase of more than 80% from 2016 levels.

Net Jobs (thousands) (thousands)Source: Orionmano Industries

With 2021–2024 averages already within or above the target range, the financial services sector appears well-positioned to meet or surpass the ITM 2025 goals, while MAS continues executing the five strategic pillars to sustain long-term competitiveness.