Singapore's Financial Sector: Exceeding Targets in Innovation, Growth, and Talent Development 2016 2020

Summary:

Launched in 2017, the Financial Services Industry Transformation Map ITM set out to establish Singapore as a global leader in finance with a focus on innovation and technology. Over the course of the period from 2016 to 2020, Singapore's financial sector surpassed its targets by achieving an annual growth rate of value-added at 5.7, surpassing the target of 4.3. Furthermore, job creation was above expectations with a total of 4,100 net jobs being annually agnst a goal of 3,000.

Key achievements highlighted over this period include:

• A compound annual growth rate CAGR exceeding 10 for asset under management, foreign exchange and corporate debt volume.

• Singapore was positioned as an anchor for global eFX players and expanded the capabilities of major financial institutions in Asia. This led to a significant increase by five times $2.5B USD in infrastructure investment globally and over 1,400 new FinTech firms being established.

In terms of business strategies:

• Singapore was developed into a leading international wealth management hub with comprehensive high-quality wealth advisory services provided.

• It became an Asian center for fund management and domiciliation through the creation of frameworks like the Singapore Variable Capital Company framework that facilitated growth in regional funds.

• Mntning its position as the largest FX market in Asia, Singapore also attracted key players to expand their electronic foreign exchange trading capabilities within the country.

To support Asia's development:

• Private market funding platforms were built for Asian companies to gn broader access to a wider network of investors, enhancing capital rsing and enterprise financing opportunities.

• The infrastructure finance ecosystem was strengthened through innovative approaches such as new market mechanisms and investment benchmarks, attracting more private capital to invest in Asian projects.

• Singapore also developed its role as an Asian center for fixed income with the introduction of schemes like the Asian Bond Grant Scheme and Green Bond Grant Scheme to meet growing needs for offshore debt financing.

Innovation Technology:

The industry saw a strong push towards technological advancements and increased efficiency through FinTech adoption. Collaboration between MAS, financial institutions, and the tripartite partners resulted in the expansion of common utilities such as electronic payments, digital ID systems, and enhanced digital know-your-client checks.

RD efforts were also fostered to develop solutions like distributed ledger technology for inter-bank payments and trade finance transactions.

Singapore's regulatory approach was modernized through the use of technology, ming to simplify financial institutions' compliance processes while supporting enterprise growth and innovation.

Jobs Skills:

To support these advancements, skills upgrading programs were initiated in partnership with industry leaders, tripartite partners, and educational institutes. Special focus was placed on building a pipeline for specialized talent in information technology and facilitating reskillingredeployment of professionals into areas experiencing job growth. The importance of continuing to prioritize this area is emphasized for future ITM plans.

In , the Financial Services Industry Transformation Map 2016-2020 successfully established Singapore as a key player in global finance with an innovative approach towards technology adoption and a strong focus on talent development.

References:

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Translation:

Summary:

Launched in 2017, the Financial Services Industry Transformation Plan ITP was designed to establish Singapore as a global leader in finance by prioritizing innovation and technology. Throughout the period from 2016 to 2020, the financial sector surpassed its targets with an annual growth rate of value-added at 5.7, significantly exceeding the target of 4.3. Moreover, job creation was far beyond expectations as a total of 4,100 net jobs were annually compared to the goal of 3,000.

Key achievements from this period included:

• An annual compound growth rate CAGR surpassing 10 for asset under management, foreign exchange volume and corporate debt issuance.

• Singapore positioned itself as a global hub for e-FX players with expanded capabilities by major financial institutions in Asia. This resulted in global infrastructure investments increasing by five times $2.5B USD and over 1,400 new FinTech companies established.

Business strategies:

Singapore was developed into the leading international wealth management center offering comprehensive high-quality wealth advisory services.

Singapore became an Asian hub for fund management and domiciliation with frameworks like the Singapore Variable Capital Company facilitating regional funds' growth.

Mntning its status as Asia's largest FX market, Singapore attracted key players to expand their electronic foreign exchange trading capabilities within the country.

To support Asia's development:

Private funding platforms were created for Asian companies to gn broader access to a wider network of investors, enhancing capital rsing and enterprise financing opportunities.

The infrastructure finance ecosystem was strengthened through innovative approaches like new market mechanisms and investment benchmarks attracting more private capital towards Asian projects.

Singapore also developed its role as an Asian fixed-income center with the introduction of schemes such as the Asian Bond Grant Scheme and Green Bond Grant to meet growing needs for offshore debt financing.

Innovation Technology:

The industry saw a strong push toward technological advancements with FinTech adoption med at increasing efficiency. Collaboration between MAS, financial institutions, and tripartite partners resulted in expanded common utilities like electronic payments, digital ID systems, and enhanced digital know-your-client checks.

RD efforts were also fostered to develop solutions such as distributed ledger technology for inter-bank payments and trade finance transactions.

Singapore's regulatory approach was modernized through the use of technology, ming to simplify financial institutions' compliance processes while supporting enterprise growth and innovation.

Jobs Skills:

To support these advancements, skills upgrading programs were initiated in partnership with industry leaders, tripartite partners, and educational institutes. Special emphasis was placed on building a pipeline for specialized talent in information technology and facilitating reskillingredeployment of professionals into areas experiencing job growth. The importance of continuing to prioritize this area is emphasized for future ITP plans.

In , the Financial Services Industry Transformation Plan 2016-2020 successfully established Singapore as a key player in global finance with an innovative approach towards technology adoption and a strong focus on talent development.

References:

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