Singapore Financial Services ITM 2025 Targets 4–5% Annual Growth and 3,000–4,000 Net Jobs
MAS launched the transformation map in September 2022, building on the sector's outperformance of the previous ITM 2016–2020 goals.
By Rohan Gupta·April 28, 2026·5 min readOrionmano Industries
MAS launched the transformation map in September 2022, building on the sector's outperformance of the previous ITM 2016–2020 goals.
Targets and Official Launch
The Monetary Authority of Singapore (MAS) launched the Financial Services Industry Transformation Map (ITM) 2025 on 15 September 2022, setting explicit targets for the sector to grow by an average of 4% to 5% real value-added per annum during 2021–2025 and create 3,000 to 4,000 net jobs on average each year over the same period. Deputy Prime Minister and MAS Deputy Chairman Lawrence Wong unveiled the roadmap, which lays out growth strategies to further develop Singapore as a leading international financial centre in Asia, connecting global markets, supporting Asia's development, and serving Singapore's economy.
The ITM 2025 builds directly on the sector's performance under the previous transformation plan, which exceeded its goals on both growth and employment. The targets are designed to sustain momentum while adapting to an increasingly complex external environment.
Five Strategic Pillars
The ITM 2025 comprises five key strategies that provide concrete pathways for achieving the growth and job creation targets:
Enhance Asset Class Strengths – Deepening capabilities across capital markets, wealth and asset management, reinsurance, and other core financial services.
Digitalise Financial Infrastructure – Harnessing technology to encourage new business models, enhance operational efficiencies, and enable financial access and inclusion.
Catalyse Asia’s Net-Zero Transition – Leveraging the financial services sector's ability to deploy capital for a greener future across Asia.
Shape the Future of Financial Networks – Building an innovative and responsible digital asset ecosystem, including initiatives to tokenise stocks, bonds, and real estate.
Foster a Skilled and Adaptable Workforce – Developing a strong Singapore workforce complemented by high-quality global talent, with a focus on continuous upskilling.
These strategies reflect the recognition that digitalisation, sustainable finance, and digital assets represent structural growth drivers rather than cyclical opportunities. MAS has positioned Singapore's financial centre to capture these trends while maintaining its role as a global financial node.
Past Performance of ITM 2016–2020
The ITM 2025 targets are calibrated against the sector's proven track record. The previous ITM (2016–2020) had targeted 4.3% real value-added growth per annum. Actual average growth reached 5.7% per annum from 2016 to 2020, exceeding the target by 1.4 percentage points.
On employment, the previous ITM targeted 3,000 net jobs per year. The sector achieved an average of 4,100 net jobs created per annum, producing over 20,000 net jobs from 2016 to 2020. These were good jobs, with most being taken by Singaporeans.
Exhibit
Financial Services ITM 2016–2020: Target vs Actual Value-Added Growth
Actual average growth of 5.7% p.a. exceeded the 4.3% target
Annual Real Value-Added Growth (%) (%)Source: Orionmano Industries
Exhibit
Financial Services ITM 2016–2020: Target vs Actual Net Jobs Created per Year
Actual average of 4,100 net jobs per year exceeded the 3,000 target
Average Net Jobs per Year (jobs)Source: Orionmano Industries
The sector's growth also generated positive spillovers to the broader economy, with strong linkages to professional services, ICT, and other sectors. MAS noted that the fintech sector was performing well, and that reputable banks and financial institutions continued to anchor operations in Singapore, developing strengths in capital markets, reinsurance, and wealth and asset management.
Workforce and Skills Development
MAS has placed human capital at the centre of the ITM 2025 strategy. In his opening address, Lawrence Wong stated: "We will be relentless in upskilling our people, developing expertise and creating more opportunities for Singaporeans." The plan explicitly aims to develop a strong Singapore workforce complemented by high-quality global talent, recognising that the sector's competitiveness depends on having the right skills base.
The 3,000–4,000 annual net job creation target encompasses roles across financial services, including positions driven by digitalisation, sustainable finance, and digital asset ecosystems. The focus on upskilling is designed to ensure that Singaporeans can access these opportunities as the sector evolves. MAS has emphasised that the sector's growth creates positive spillovers to professional services, ICT, and other sectors, amplifying the employment impact beyond direct financial services roles.
Outlook
The ITM 2025 targets will test Singapore's financial sector resilience amid global headwinds, including rising interest rates, geopolitical tensions, and slower economic growth in key markets. The previous ITM period benefited from a favourable macroeconomic environment; the current period faces a more complex outlook.
However, the five strategic pillars—particularly digitalisation and net-zero finance—provide concrete pathways to sustain growth and job creation through 2025. Digital infrastructure development, the expansion of digital asset networks, and the mobilisation of capital for Asia's net-zero transition represent structural growth drivers that are less dependent on cyclical conditions. The emphasis on workforce development ensures that the sector remains competitive in attracting and retaining talent.
The financial services sector has demonstrated its ability to exceed targets under the previous ITM, and MAS has calibrated the ITM 2025 targets at levels that are ambitious but achievable. Success will depend on execution across all five strategies and continued collaboration between industry, regulators, and training institutions.
