The Monetary Authority of Singapore's roadmap for 2021-2025 also aims to create 3,000-4,000 net jobs per year, building on a previous ITM that exceeded its 4.3% target.

The ITM 2025 Growth Target

On 15 September 2022, Deputy Prime Minister 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 roadmap projects the financial sector to grow by an average of 4% to 5% per annum during the 2021–2025 period, according to MAS's official media release. The ITM also targets the creation of 3,000 to 4,000 net jobs on average each year.

The ITM 2025 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 stated at the launch. The plan covers a five-year period from 2021 to 2025, with the target range representing a real value-added growth aspiration for the financial services sector.

Benchmarking Against the Previous ITM

The first Financial Services ITM was launched in 2017 as one of 23 sectoral blueprints identified by the Committee of the Future Economy. That earlier ITM set an annual target of 4.3% real value-added growth for the 2016–2020 period and aimed to create 3,000 net jobs per year. Actual performance exceeded both targets: the financial services sector grew by an average of 5.7% per annum from 2016 to 2020, and net jobs created averaged 4,100 per year.

This outperformance sets a high benchmark for ITM 2025. The new target range of 4.0%–5.0% is slightly narrower than the previous period's outperformance but reflects MAS's calibrated expectations given the evolving macroeconomic environment. The job creation target of 3,000–4,000 net jobs per annum is comparable to the previous ITM's actual achievement of 4,100 net jobs annually.

Average Annual Real Value-Added Growth (%) (%)Source: Orionmano Industries

Five Strategic Pillars to Drive Growth

MAS structured ITM 2025 around five key strategies designed to underpin the growth and job creation targets. Each strategy targets a specific dimension of Singapore's financial centre competitiveness:

Enhance Asset Class Strengths. MAS will work with the financial industry to deepen capabilities in asset classes where Singapore already plays a regional or global role. This includes efforts to make Singapore "Asia's centre for philanthropy," a new initiative noted in coverage by The Straits Times.

Digitalise Financial Infrastructure. The strategy focuses on harnessing technology to encourage the development of new business models, enhance operational efficiencies, and enable financial access and inclusion. Specific initiatives include improving end-to-end efficiency in primary bond issuances, developing an industry funds settlement utility, and launching a digital platform to connect SMEs across growth regions (Business-sans-Borders).

Catalyse Asia's Net-Zero Transition. This strategy leverages the financial services sector's ability to deploy capital for a greener future for Asia, positioning Singapore as a hub for sustainable finance.

Shape the Future of Financial Networks. MAS aims to build an innovative and responsible digital asset ecosystem, balancing innovation with appropriate regulatory safeguards.

Foster a Skilled and Adaptable Workforce. MAS will partner with the Institute of Banking & Finance (IBF) and tripartite partners—including the Ministry of Manpower, National Trades Union Congress, and Singapore National Employers Federation—to develop a strong Singapore workforce complemented by high-quality global talent.

Workforce Development and Funding Commitments

The ITM 2025's job creation target of 3,000–4,000 net jobs annually is supported by dedicated funding. The S$400 million Financial Sector Development Fund provides grant funding for the Talent and Leaders in Finance programme over the 2021–2025 period, enabling industry professionals to take up good jobs and advance in their careers. This funding mechanism is administered by MAS in partnership with IBF and tripartite partners.

Since the initial ITM was introduced five years ago, over 20,000 net jobs were created in financial services, with most taken by Singaporeans, according to a Facebook post by DPM Wong cited in coverage. The new ITM aims to continue this trajectory while shifting focus toward emerging growth areas including digital assets, sustainable finance, and advanced financial infrastructure.

Actual financial sector growth data for the 2021–2025 period, when published by MAS, will determine whether the ITM 2025 target was met and inform the design of the next transformation roadmap. As of the March 2026 publication date, aggregate performance figures for the full 2021–2025 period remain to be released.