Past Performance of the Financial Services Industry Transformation Map (2016 – 2020)

Launched in 2017, the Financial Services ITM had a strong focus on innovation and technology and developing a world-class workforce. From 2016 to 2020, the sector outperformed the 2020 targets that were set. 

Key Highlights over the years

  • 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 SGFinDex, PayNow , APIX, Project Ubin
  • Over 86,000 professionals trained and more than 3,000 individuals reskilled or groomed under structured development programmes

Business Strategies

The Financial Services ITM (2016 – 2020) positioned Singapore to be a:

To support Asia’s development, MAS worked with the industry to develop Singapore in the following areas:

Innovation & Technology

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.

Jobs & Skills

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

This continues to be a key priority for MAS in the Financial Services ITM 2025.


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