Date: For Parliament Sitting on 8 September 2026

Name and Constituency of Member of Parliament

Mr Patrick Tay Teck Guan, Pioneer SMC

Question

Mr Patrick Tay Teck Guan: To ask the Prime Minister and Minister for Finance (a) whether the Ministry expects the Investment Management Track under the Overseas Networks and Expertise (ONE) Pass framework to reduce the Singaporean to foreigner ratio in top roles in the asset management industry; and (b) what assurances can be provided to the 20,000 Singaporeans in the industry that this scheme would not compromise their career progression and lead to shared economic gains.

Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:

1. The asset management industry has created good jobs for locals, which make up around 80% of the industry's total workforce of close to 25,000 as of end 2025. From 2020 to 2025, the industry saw an increase of 6,000 in local employment.

2. Top global talent attracted under the ONE Pass help make Singapore more competitive and dynamic and create more good jobs. The new Investment Management Track targets a small and specific group of global industry leaders, such as founders of asset management firms or senior investment professionals who contribute significantly to business growth. They can help anchor capital and expand business opportunities in Singapore and create more good jobs for locals in the industry as well as the professional and ancillary services sectors.

3. MAS is also developing local talent to assume financial sector leadership roles. We partner major financial institutions and have talent development schemes that support overseas postings and leadership programmes for Singaporean professionals. This helps Singaporean professionals to build their leadership capabilities and networks, and open more opportunities for them to progress in our financial sector.

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