Singapore, 30 October 2017
The Monetary Authority of Singapore (MAS) today released the industry transformation map (ITM) for financial services, which outlined growth strategies by business lines, programmes for upgrading skills, and an agenda for continuous innovation and technology adoption.
Speaking at the launch of the ITM, Mr Ong Ye Kung, Minister for Education (Higher Education and Skills) and MAS Board Member, described MAS’ vision for Singapore to be a leading global financial centre in Asia, one that connects global markets, supports Asia’s development, and serves Singapore’s economy. The ITM was drawn up by MAS in close consultation with the financial industry and the tripartite movement.
The ITM aims to achieve growth in financial sector real value-added of 4.3% and productivity of 2.4% annually1, faster than the overall economy. The ITM also aims to create 3,000 net jobs in financial services, and an additional 1,000 net jobs in the FinTech sector annually.
Prospects for the financial sector are good. Asia’s growth continues to be strong, driven by a growing middle class, rapid urbanisation and the expansion of Asian enterprises, which will generate demand for financing and risk management solutions. However, the sector is going through a period of significant change. With technology transforming the way financial services are produced, delivered, and consumed, it is critical that Singapore’s financial sector also transforms, to stay relevant and competitive.
Singapore aims to be a:
To support Asia’s development, MAS is working with the industry to develop Singapore in the following areas:
Innovation and Regulation
A key focus of the ITM will be to facilitate pervasive innovation in the financial sector and encourage the adoption of technology for increasing efficiency and creating opportunity. MAS will:
MAS will continue to enhance its regulatory approach, to support enterprise and innovation, while maintaining financial soundness. Key priorities include ensuring that regulations are supportive of innovative business models and strengthening the cyber resilience of financial institutions.
Jobs and Skills
Complementing the business strategies and innovation agenda will be an active SkillsFuture programme to help the financial sector workforce build world-class skills and maintain a strong Singapore Core. With digitalisation and automation, job roles will evolve, and existing professionals must be equipped with new skills and competencies.
MAS will continue to collaborate with financial institutions, the tripartite partners, and institutes of higher learning to:
Making the Best of Changes
Describing the ITM as a strategic plan for the future of Singapore’s financial sector, Minister Ong said it calls for the financial sector to “not just move alongside the changes, but to make the best out of these changes, to grow with the region, to harness innovations, and to create a future-ready workforce”.
Source: The Monetary Authority of Singapore (MAS)
Illustration Photo: Singapore (credits: Keith.Fulton / Flickr Creative Commons Attribution-NoDerivs 2.0 Generic (CC BY-ND 2.0))