Singapore Financial Sector Added 4,400 Net Jobs Annually, 90% to Locals, Beating ITM Target
Exceeding the 3,000–4,000 annual target, the sector's average growth rate of 4.7% also aligns with ITM 2025 goals.
By Natalie Wong·September 12, 2025·4 min readOrionmano Industries
Exceeding the 3,000–4,000 annual target, the sector's average growth rate of 4.7% also aligns with ITM 2025 goals.
Net Job Creation Exceeds ITM 2025 Target
The Monetary Authority of Singapore's July 2025 annual report revealed the financial sector created an average of 4,400 net jobs per year from 2021–2024, beating the Industry Transformation Map's 3,000–4,000 annual target, with more than 90% of positions filled by Singaporeans. MAS managing director Chia Der Jiun confirmed the figures at a July 15, 2025 media briefing, stating the sector is "on track" to meet ITM 2025 employment goals despite the actual average exceeding the upper bound of the target range by 10%.
Exhibit
Annual Net Job Creation in Singapore Financial Sector vs ITM 2025 Target
Average 2021–2024 actual vs target range
Net jobs per annum (jobs)Source: Orionmano Industries
The net job creation outperformance comes as the sector expanded 6.8% in 2024 alone, more than double the 3.1% growth recorded in 2023, according to Chia's remarks. The ITM 2025 framework, launched by then-Finance Minister Lawrence Wong in September 2022, set both growth and employment targets for the financial services industry covering 2021–2025.
Broad-Based Sector Growth Supports Job Expansion
The job creation figures reflect underlying strength across multiple segments of Singapore's financial ecosystem. The sector's average growth rate of 4.7% from 2021 to 2024 is firmly within the ITM 2025 target of 4%–5% per annum over 2021–2025, as stated in Chia's July 15 speech.
Banking sector growth remained resilient, with total assets expanding at a compound annual growth rate of 6.8% over 2021–2024. The insurance industry also recorded expansion, with total assets increasing 3.6% year-on-year in 2024 to S$456.4 billion. Singapore's status as a leading Asian FX hub continued to strengthen, with foreign exchange average daily traded volumes surpassing S$1.5 trillion in 2024, as reported by Chia.
Assets under management in Singapore reached S$6.07 trillion in 2024, marking the first time the figure has exceeded S$6 trillion. Growth was broad-based across traditional and alternative sectors including private equity, venture capital, hedge funds, real estate, and real estate investment trusts. Net inflows into Singapore grew 50% in 2024 from 2023, as fund-raising activities recovered amid improving investment sentiment. The number of fund management companies reached 1,298 by end-2024.
The corporate debt market also registered strong growth, with total issuance increasing more than 30% from the previous year to exceed S$300 billion. Deputy Prime Minister and MAS chairman Gan Kim Yong noted in the central bank's annual report released July 15 that the financial services sector accounted for approximately 14% of Singapore's GDP in 2024.
Local Workforce and Senior Roles Deepen
Beyond headline job creation numbers, localization gains have extended into senior positions. Prime Minister Lawrence Wong stated in September 2022 that over 3,000 Singaporeans held senior roles in the financial sector, representing an increase of more than 80% compared to 2016. This deepening of local talent in leadership positions aligns with MAS's broader emphasis on workforce development and localization.
New jobs were created across a range of functions. MAS deputy managing director for markets and development Leong Sing Chiong said new positions emerged in both technology-related and non-technology roles, including business management, portfolio management, and relationship management. The more than 90% localization rate for net new jobs created from 2021–2024 indicates that Singaporeans are capturing the majority of employment gains across these categories.
Despite the sector's strong recent performance, MAS managing director Chia Der Jiun has signaled a likely deceleration after what he described as "unusually strong" years. Chia noted at the July 15 briefing that growth should slow in the coming years, with the central bank remaining vigilant to global risks transmitting to Singapore.
The triggers for potential disruption include an escalation of trade conflict, geopolitical conflict, and heightened concerns from investors over financial and fiscal policy, Chia stated. These external headwinds could dampen demand for financial services and reduce the momentum in job creation that characterized the 2021–2024 period.
Sustained localization and diversification remain key priorities for MAS as the sector navigates these risks. The financial sector's position as a 14% contributor to Singapore's GDP underscores its importance to the broader economy, and maintaining growth—even at a moderated pace—will be critical for both employment and national output.
The ITM 2025 targets for both growth and employment were set against a five-year horizon, and the actual outcomes through 2024 suggest the sector has built in substantial buffers. Whether it can maintain localization rates above 90% and continue absorbing new entrants into senior roles during a period of slower expansion will be a key metric for policymakers and market participants alike.
