MAS reports broad-based growth; AUM crosses S$6 trillion for first time as sector outpaces ITM 2025 job creation target.

Job Creation Outpaces ITM 2025 Targets

Singapore's financial services sector added an average of 4,400 net jobs annually from 2021 to 2024, with more than 90% of those positions filled by local workers, according to data released by the Monetary Authority of Singapore (MAS) on July 15, 2025. The figure exceeds the official Industry Transformation Map (ITM) 2025 target range of 3,000 to 4,000 net jobs created per annum, signaling that the sector is outperforming expectations set in September 2022 by then-Finance Minister Lawrence Wong.

MAS Managing Director Chia Der Jiun confirmed at the July 15 media conference that the sector's job creation trajectory is "on track" to meet the ITM 2025 target, with the 4,400 annual average representing a clear overshoot of the benchmark's upper bound. The localization rate of more than 90% underscores the sector's integration with Singapore's resident labour force, as financial institutions scaled hiring across both front-office and support functions.

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  "type": "pie",
  "title": "Share of Net Jobs in Singapore Financial Services (2021–2024 Average)",
  "subtitle": "More than 90% of net jobs went to local workers.",
  "x_label": "",
  "y_label": "",
  "y_unit": "%",
  "series": [
    {
      "name": "Local workers",
      "data": [
        {
          "x": "Local",
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    {
      "name": "Non-local workers",
      "data": [
        {
          "x": "Non-local",
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  "source": "MAS Annual Report 2024/2025; Straits Times, July 2025"
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Sector Performance and Key Milestones

The job creation momentum sits atop a period of sustained sector expansion. Singapore's financial services sector recorded an average growth rate of 4.7% from 2021 to 2024, keeping it on track to hit the ITM 2025 target of 4% to 5% per annum over 2021–2025. In 2024 alone, the sector grew 6.8%, more than double the 3.1% recorded in 2023, and contributed approximately 14% of Singapore's gross domestic product, Deputy Prime Minister and MAS Chairman Gan Kim Yong noted in the central bank's annual report.

Assets under management (AUM) reached S$6.07 trillion in 2024, a 12.2% year-on-year increase—the first time Singapore's AUM has exceeded the S$6 trillion threshold. Growth was driven by both traditional and alternative sectors, including private equity, venture capital, hedge funds, real estate, and real estate investment trusts. The banking sector remained resilient, with total assets growing at a compound annual growth rate of 6.8% over 2021–2024. The insurance industry expanded as well, with total assets increasing 3.6% in 2024 to S$456.4 billion.

Other market segments posted notable gains. Foreign exchange average daily traded volumes surpassed S$1.5 trillion in 2024, reinforcing Singapore's position as Asia's leading FX hub. The corporate debt market registered strong growth, with total issuance increasing more than 30% from 2023 to exceed S$300 billion.

Broad-Based Expansion Across Financial Segments

Chia described the growth as "broad-based" across banking, fund management, insurance, and activities auxiliary to financial services, which largely comprise payments firms. 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, further evidence of the asset management ecosystem's deepening.

The wealth management sector also experienced strong growth, riding the same tailwinds that lifted AUM and fund inflows. On the employment front, MAS Deputy Managing Director for Markets and Development Leong Sing Chiong said new jobs were created across tech-related and non-tech roles, including business, portfolio, and relationship management.

However, the outlook is tempered by external risks. Chia cautioned that "tariffs and other trade restrictive practices and geopolitical fragmentation will bring about deeper changes to trade, investment flows and supply chains." Potential triggers cited include an escalation of trade conflict, geopolitical conflict, and heightened investor concerns over financial and fiscal policy. MAS expects the sector to navigate these changes by strengthening connectivity and linkages, diversifying revenue streams, and building more resilient business models, while the central bank's mandate for medium-term price stability provides an anchor of stability.