Financial Sector Growth Initiatives
Honorary Citizen Award (HCA)
25 August 2022
Mr Walter B. Kielholz, Honorary Chairman of Swiss Re Ltd, was conferred the HCA in recognition of his outstanding contributions to the development of Singapore as a global financial centre. Mdm Halimah Yacob, President of the Republic of Singapore, conferred the award on Mr Kielholz at a ceremony at the Istana. The award is the highest form of recognition bestowed by the Singapore Government for outstanding contributions by an individual to the country’s growth and development.
Launch of Financial Services Industry Transformation Map (ITM) 2025
15 September 2022
MAS launched the Financial Services ITM 2025, a strategic medium-term blueprint which laid out MAS’ growth strategies to further develop Singapore’s position as a leading international financial centre in Asia.
The ITM comprises five key strategies:
The ITM comprises five key strategies:
(i) Enhance Asset Class Strengths
(ii) Digitalise Financial Infrastructure
(iii) Catalyse Asia’s Net-Zero Transition
(iv) Shape the Future of Financial Networks
(v) Foster a Skilled and Adaptable Workforce
(ii) Digitalise Financial Infrastructure
(iii) Catalyse Asia’s Net-Zero Transition
(iv) Shape the Future of Financial Networks
(v) Foster a Skilled and Adaptable Workforce
MAS projects the financial services sector to grow, on average, 4.0% - 5.0% per annum from 2021 to 2025, and create 3,000 - 4,000 net jobs on average each year.
- MAS media release, published on 15 September 2022, on the launch of the Financial Services ITM 2025
- Speech by Deputy Prime Minister and Minister for Finance, and Deputy Chairman of the MAS, Mr Lawrence Wong, "ITM 2025: Forging New Growth Pathways", delivered on 15 September 2022, at the launch event
- Past Performance of the Financial Services ITM (2016 – 2020)
SuperReturn Asia Conference
19-22 September 2022
SuperReturn Asia held its flagship Private Equity & Venture Capital conference in Singapore in 2022. The event attracted over 1,500 in-person attendees, including over 500 limited partners and more than 700 general partners. At the conference, MAS Managing Director Mr Ravi Menon spoke on key uncertainties around the global economy and pivots for private market investment strategies in the uncertain environment. He also outlined the steps that MAS was taking to develop Singapore as a full-service private markets hub.
Inaugural Global-Asia Family Office Summit
29 September 2022
At The Owner's Symposium of The Global-Asia Family Office Summit, Deputy Prime Minister and Minister for Finance, and MAS Deputy Chairman, Mr Lawrence Wong, spoke about opportunities for family offices in Singapore to maximise their philanthropic impact and do good.
Singapore cements position as third largest global foreign exchange (FX) centre
28 October 2022
Singapore strengthened its position as the largest FX centre in the Asian time-zone, and the third largest FX centre in the world, after the United Kingdom and the United States, based on the 2022 Bank for International Settlements (BIS) Triennial FX Survey. The strong growth in FX volumes is driven by the growing electronic FX (e-FX) trading ecosystem in Singapore, which provides market participants with enhanced liquidity and robust FX execution capabilities. MAS will continue to deepen this e-FX ecosystem to better serve FX participants in the Asian time zone.