Financial Services Industry Transformation Roadmap
Our vision is for Singapore to be a leading global financial centre in Asia that:
- Connects global markets
- Supports Asia’s development
- Serves Singapore’s economy
net jobs created;
Singapore aims to be a:
MAS is working with the industry to develop Singapore into a centre of excellence for wealth management technology and innovation, and deepen our talent pool to provide comprehensive, high-quality wealth advisory solutions.
MAS is leveraging on its external fund management programme to anchor deeper asset management capabilities in Singapore. MAS is also working with the industry to position Singapore as a regional fund domiciliation hub through the Singapore Variable Capital Company framework.
Singapore is currently the third largest FX centre globally. With Asia expected to attract a larger share of global investment flows, MAS will encourage key FX players to anchor their matching and pricing engines here, to enable market participants to benefit from better liquidity and greater efficiency in executing FX transactions.
The Singapore financial ecosystem is working with multilateral development banks to fundamentally improve the bankability of Asian infrastructure projects. The differentiating strategy is to crowd in private capital through innovative market mechanisms and infrastructure investment benchmarks.
MAS is working with the industry to transform the insurance marketplace through centralised blockchain platforms which will allow for more efficient risk placements, and create specialist insurance solutions to address emerging risks in the region.
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.
- Step up efforts to encourage financial institutions to enhance connectivity and FinTech innovation through Application Programming Interfaces
- Collaborate with financial institutions to create common utilities such as for electronic payments, digital ID, and electronic know-your-client checks
- Facilitate and invest in R&D to develop new solutions, including the use of distributed ledger technology for inter-bank payments and trade finance
- Expand the web of cross-border cooperation agreements with other key FinTech centres, helping to grow Singapore as a base for foreign FinTech start-ups
- Harness technology to simplify financial institutions’ regulatory compliance
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.
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:
- 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