Financial Sector Development Fund Annual Report
Financial Statement Highlights
$3,122 million
Total net assets of the fund
$136 million
Grant disbursements
$152 million
Total investment income
As announced in Budget 2024, the FSDF received a $2 billion top-up in FY24, to anchor additional capabilities across banking, capital markets, asset management and insurance, as well as pursue new opportunities in emerging areas, such as sustainability, AI, and technology and innovation.
The top-up will also enable MAS to step up its industry talent development initiatives, to upskill financial sector professionals and equip the workforce with skills to meet the sector's evolving needs.
Key Initiatives
Talent Development
To foster a skilled and adaptable workforce, FSDF supports the Talent and Leaders in Finance Programme to develop early career and mid-career professionals, as well as specialists and leaders for the financial sector.
- Equip Workforce with Emerging Skills
Training support is provided to financial institutions and individuals, through the Financial Training Scheme (FTS) and IBF Standards Training Scheme (IBF-STS) , to spur continuous upskilling and reskilling, to ensure that our workforce is equipped with skills in emerging areas and remains relevant to industry needs.
The Institute of Banking & Finance (IBF), as the appointed Jobs Development Partner for the financial services sector, continues to work with training providers and financial institutions to accredit new training courses and expand training capacity, and scale upskilling across the workforce in emerging areas, such as sustainable finance.
- Expand Opportunities for Young Talent
Through the Finance Associate Management Scheme (FAMS) and the Polytechnic Talent for Finance Scheme (PTFS) , opportunities have been provided to fresh graduates and polytechnic students who are groomed through financial institutions’ structured talent development programmes.
- Develop Leadership Pipeline
The International Postings Programme (iPOST) was enhanced to encourage financial institutions to groom talent through overseas postings to build international capabilities. The Asian Financial Leaders Scheme (AFLS) supported the development of professionals who have the potential to take on future senior leadership roles. A new leadership training programme for mid-level professionals will be launched in 2025.
Technology and Innovation
FSDF supports the development of a vibrant ecosystem for innovation through the Financial Sector Technology and Innovation (FSTI) Scheme.
Significant projects supported by the FSTI last year include:
- Industry-wide technological or utility infrastructure projects, such as an online resource platform with capabilities to perform due diligence and impact monitoring on philanthropic giving, and Project MindForge to strengthen governance relating to GenAI model development and deployment;
- Set-up of Centres of Excellence to test-bed innovative ideas and market solutions;
- Artificial Intelligence and Data Analytics (AIDA) projects to promote AIDA adoption amongst financial institutions and FinTech firms; and
- Regulatory Technology projects to enhance financial institutions’ risk management and compliance functions.
Asset Class Capabilities
FSDF continued to support a wide range of initiatives across key areas of the financial sector over the past year.
- Debt capital market: FSDF supported new bond and insurance-linked securities issuances through the Global-Asia Bond Grant Scheme (G-ABGS), the Sustainable Bond Grant Scheme (SBGS), and the Insurance-Linked Securities (ILS) Grant Scheme. The G-ABGS has been extended till 2029, and expanded to catalyse the issuance and broader market adoption of digital bonds in Singapore.
- Equity capital market: The Grant for Equity Market Singapore (GEMS) supported listings on the Singapore Exchange as well as research initiatives to enrich Singapore’s public equity research ecosystem.
- Foreign exchange market: Under the Foreign Exchange E-Trading Ecosystem (FXET) Grant Scheme, more liquidity takers were onboarded onto the e-FX ecosystem which helped to deepen price discovery and market liquidity in Singapore.
- Green finance: The Sustainable Loan Grant Scheme (SLGS) supported corporates in accessing sustainable and transition financing, whilst promoting the adoption of internationally recognised standards and taxonomies.
Consumer Education
FSDF continued to support MoneySENSE’s consumer education initiatives. Campus events and public seminars were organised to equip Singaporeans with financial knowledge and capabilities to make informed financial decisions in their daily lives.
