The refreshed Financial Services Industry Transformation Map 2025 projects 4–5% annual sector growth and commits S$400 million for workforce upskilling and international exposure.

ITM 2025 Sets Ambitious Job Creation Targets

The Monetary Authority of Singapore has formalised its ambition to create 3,000–4,000 net jobs annually through the refreshed Financial Services ITM 2025, underpinned by a S$400 million talent fund, signalling a strategic bet on sustained sector growth and workforce transformation. Launched by Deputy Prime Minister Lawrence Wong on 15 September 2022, the Industry Transformation Map (ITM) 2025 projects the financial sector will grow by 4% to 5% per annum in value-added terms from 2021 to 2025, according to MAS’s official media release. The roadmap aims to deepen Singapore’s capabilities in sustainable and transition financing, private credit, philanthropy, and the digital asset ecosystem, positioning the city-state to connect global markets, support Asia’s development, and serve Singapore’s economy.

The ITM 2025 comprises five key strategies, including building an innovative and responsible digital asset ecosystem and fostering a skilled and adaptable workforce. MAS projects that the financial sector will generate between 3,000 and 4,000 net jobs on average each year over the five-year period, reinforcing Singapore’s status as a leading international financial centre in Asia. As DPM Wong stated at the launch, Singapore will need the best talent—both local and global—to maintain its competitive edge, and the government will be "relentless in upskilling our people, developing expertise and creating more opportunities for Singaporeans."

S$400 Million Talent and Leaders in Finance Programme

To underwrite these workforce ambitions, MAS committed S$400 million in grant funding from the Financial Sector Development Fund for the Talent and Leaders in Finance programme over the 2021–2025 period. The programme provides training support for finance professionals at different career stages, develops specialist talent in sustainability, and facilitates international exposure for leaders. MAS and the Institute of Banking & Finance (IBF) will work closely with the financial industry and tripartite partners to foster a strong and adaptable workforce.

The funding will support professionals at multiple career junctures: early-career specialists building expertise in growth areas such as green finance and digital assets; mid-career professionals seeking reskilling opportunities; and senior leaders gaining international exposure through global assignments and networks. Separately, MAS announced an additional S$100 million in grant funding set aside over 2021–2025 for green FinTech, climate risk and reinsurance, and sustainable finance solutions, underscoring the strategic priority placed on sustainability-related capabilities. In a Facebook post following the ITM launch, DPM Wong highlighted that since the first ITM was introduced, over 20,000 net jobs were created in financial services, with most taken by Singaporeans.

The talent programme also aligns with Singapore’s broader two-pronged talent strategy: investing heavily in local human capital while attracting top global talent through recent enhancements to the work pass framework, including the new Overseas Networks & Expertise Pass. HSBC Singapore’s chief executive Wong Kee Joo noted the importance of providing Singaporeans with opportunities to gain work experience abroad, a key feature of the Talent and Leaders in Finance programme’s international exposure component.

Past Performance Exceeds Initial ITM Targets

The new targets are grounded in a track record of outperformance. Under the first Financial Services ITM (2017–2020), the sector grew at an average of 5.7% per annum, materially exceeding the original target of 4.3% per annum. The sector created an average of 4,100 net jobs each year, surpassing the target of 3,000 net jobs per annum by over a third. Over the five-year period, more than 20,000 net jobs were created in financial services, with the vast majority taken by Singaporeans.

This outperformance lends credibility to the ITM 2025 projections. The refreshed roadmap targets 4–5% annual value-added growth and 3,000–4,000 net jobs per annum—a range that, based on past experience, may prove conservative if global demand for Singapore’s financial services continues to grow and if the talent development programmes are effectively deployed.

Rate / Number (% or jobs)Source: Orionmano Industries

Outlook

With the S$400 million talent fund and a track record of surpassing prior targets, Singapore is positioned to maintain its edge as a leading financial centre, though success will hinge on the effective deployment of funds and adaptation to global shifts in green finance and digital assets. The ITM 2025 reflects strategic prioritisation of high-growth areas—sustainable finance, private credit, philanthropy, and digital assets—where competition for talent is intensifying globally. The S$100 million dedicated to green FinTech and climate risk solutions signals a deliberate bet on sustainability as a core growth driver. As Standard Chartered Bank’s Singapore and Asean markets CEO Patrick Lee noted, the roadmap serves as a "strategic compass for industry players to align their strategies in a rapidly changing world." The effectiveness of the talent programme in developing specialist skills for these emerging domains will be a critical factor in whether Singapore meets or exceeds its 3,000–4,000 net jobs target.