vs target: 4.3%
net jobs created
vs target: 3,000
vs target: 2.4%
- More than 10% Compounded Annual Growth Rate (CAGR) in Asset Under Management, FX and corporate debt volume
- Anchored global eFX players and expanded major financial institutions’ regional offerings in Singapore
- 5x increase in infrastructure investment
- Over US$2.5B of cumulative FinTech investments
- More than 1,400 new Fintech firms formed
- Introduced , , APIX,
- Over 86,000 professionals trained and more than 3,000 individuals reskilled or groomed under structured development programmes
The Financial Services ITM (2016 – 2020) positioned Singapore to be a:
Anchored deeper asset management capabilities in Singapore, and grew Singapore as a regional fund domiciliation hub through the Singapore Variable Capital Company framework.
Strengthened the infrastructure finance ecosystem to bring more Asian infrastructure projects to bankability, and crowd in private capital through innovative market mechanisms and infrastructure investment benchmarks.
Expanded the insurance marketplace to allow for more efficient risk placements, and create specialist insurance solutions to address emerging risks in the region.
The Financial Services ITM (2016 – 2020) facilitated pervasive innovation in the financial sector and encouraged the adoption of technology for increasing efficiency and creating opportunity. Efforts included:
- Stepping up efforts to encourage financial institutions to enhance connectivity and FinTech innovation through Application Programming Interfaces
- Collaborating with financial institutions to create common utilities such as for electronic payments, digital ID, and electronic know-your-client checks
- Facilitating and investing in R&D to develop new solutions, including the use of distributed ledger technology for inter-bank payments and trade finance
- Expanding the web of cross-border cooperation agreements with other key FinTech centres, helping to grow Singapore as a base for foreign FinTech start-ups
- Harnessing technology to simplify financial institutions’ regulatory compliance
- Enhancing MAS’ regulatory approach, to support enterprise and innovation, while maintaining financial soundness.
Complementing the business strategies and innovation agenda was an active SkillsFuture programme to help the financial services sector workforce build world-class skills.
MAS collaborated with financial institutions, the tripartite partners, and institutes of higher learning to:
- Build a strong local pipeline of specialised talent particularly in information technology
- Reskill and redeploy professionals into job growth areas through professional conversion programmes
- Facilitate job placements through enhanced career advisory services