Bloomberg-30 Oct 2017
Singapore wants to bolster its status as a wealth management and foreign exchange center as part of plans to create more financial-sector jobs and mitigate the effect of rapid changes in technology.
In a plan unveiled Monday, the Monetary Authority of Singapore said it aims to create 4,000 net new jobs in financial services and financial technology, and achieve real growth in the sector of 4.3% annually, faster than the overall economy.
“With technology transforming the way financial services are produced, delivered, and consumed, it is critical that Singapore’s financial sector also transforms, to stay relevant and competitive,” the MAS said in a statement.
Banks around the world are cutting jobs as the industry is transformed by digital technology, and the application of artificial intelligence and robotics. Vikram Pandit, who ran Citigroup Inc, has predicted some 30% of banking jobs will disappear over the next five years.
