Official targets set by MAS for 2021-2025; post-launch data shows sector on track with 4.7% growth and 4,400 net jobs annually through 2024.

ITM 2025 Targets and Official Launch

On 15 September 2022, Deputy Prime Minister and Minister for Finance Lawrence Wong, in his capacity as Monetary Authority of Singapore (MAS) Deputy Chairman, launched the Financial Services Industry Transformation Map (ITM) 2025. The roadmap sets official growth targets for Singapore's financial sector covering 2021–2025.

MAS projects the financial sector to achieve average real value-added growth of 4% to 5% per annum over the period and create 3,000 to 4,000 net jobs annually. The ITM is built on five key strategies: enhancing asset class strengths in areas such as foreign exchange, insurance, wealth management, and fintech; digitalising financial infrastructure; catalysing Asia's net-zero transition; shaping the future of financial networks including the digital asset ecosystem; and fostering a skilled and adaptable workforce.

The ITM 2025 is the second iteration of the sector transformation blueprint, following the initial Financial Services ITM launched in 2017 as part of the Committee for the Future Economy's 23 sectoral roadmaps.

Past Performance Under ITM 2016-2020

The ITM 2025 targets were set against a backdrop of historical overperformance under the first ITM. When the initial Financial Services ITM was launched in 2017, it targeted 4.3% annual value-added growth and 3,000 net jobs per year for the 2016–2020 period.

Actual outcomes exceeded these targets by a significant margin. From 2016 to 2020, the financial services sector grew at an average of 5.7% per annum—130 basis points above target. Net job creation averaged 4,100 per year, representing 37% above the 3,000-job target. This track record provided a credible baseline for setting ITM 2025's more ambitious but still realistic targets.

Progress Update: 2021-2024 Actuals

Available data through 2024 indicates the sector is tracking within or above ITM 2025 targets. According to MAS official Ravi Chia's July 2024 speech, the financial sector posted an average growth rate of 4.7% from 2021 to 2024, squarely within the 4%–5% target band. Net job creation averaged 4,400 per year over the same period, exceeding the upper bound of the 3,000–4,000 annual target. Critically, more than 90% of these jobs went to local workers, consistent with the ITM's emphasis on developing a skilled local workforce.

With 2025 data still pending, the sector appears positioned to meet the upper end of its job creation target while maintaining value-added growth within the 4–5% band. The 4,400 annual net jobs figure reflects sustained hiring momentum across the sector's growth areas.

Annual Growth (%)Source: Orionmano Industries

Net Jobs (jobs)Source: Orionmano Industries

Key Strategies and Talent Investment

The ITM 2025 is underpinned by substantial public investment in workforce development. MAS has allocated S$400 million in grant funding from the Financial Sector Development Fund for the Talent and Leaders in Finance Programme covering 2021–2025. The funding, administered by MAS, supports training for finance professionals at various career stages, develops specialist talent in sustainability and other growth areas, and provides international exposure opportunities for leadership candidates.

The five strategic pillars address both Singapore's existing competitive advantages and emerging growth areas. Under the asset class enhancement strategy, Singapore aims to deepen capabilities in foreign exchange, insurance, wealth management, asset management, private capital markets, and fintech—sectors where the city-state already plays a regional or global role. The digital infrastructure strategy focuses on encouraging new business models, enhancing operational efficiencies, and enabling financial inclusion through technology. The net-zero transition strategy leverages the financial sector's capital deployment capabilities to support Asia's green transformation. The financial networks strategy targets the development of an innovative and responsible digital asset ecosystem.

Outlook

The ITM 2025 cycle will conclude in 2025, with final full-year data expected by early 2026. The sector's performance through 2024—4.7% growth and 4,400 net jobs per year—suggests the upper job creation target is achievable, while value-added growth remains squarely within the official band. Downside risks include potential moderation from "unusually strong" prior years, as Ravi Chia noted in his July 2024 assessment, as well as global macroeconomic headwinds. However, sustained digitalization, growing demand for sustainability finance, and the S$400 million workforce development programme provide structural support. The ITM 2025 framework will likely inform the next tranche of sector targets, with the 2016–2020 and 2021–2025 performance records establishing a strong empirical basis for future planning.