Today-Sept 15
An average of 3,000 to 4,000 net jobs are expected to be created in the financial services industry each year until 2025 under the sector’s second industry transformation map (ITM), launched on Thursday (Sept 15). In a bid to further build up competencies and develop talents in the industry, the Monetary Authority of Singapore (MAS) also committed S$400 million in funding for the period 2021 until 2025. The ITM 2025, which was launched by Deputy Prime Minister Lawrence Wong, who is also Finance Minister and MAS deputy chairman, also projected average 4 to 5 per cent growth annually for the same period. “The ITM 2025 lays out the growth strategies to further develop Singapore as a leading international financial center in Asia — to connect global markets, support Asia’s development, and serve Singapore’s economy,” said the central bank in a press release. In terms of jobs, the financial services sector created an average of 4,100 net jobs each year, higher than the targeted 3,000 jobs. Meanwhile, the industry grew by an average of 5.7 per cent a year, exceeding the initial target of 4.3 per cent. The blueprint also laid out five key strategies to further develop the finance industry until 2025: foster a skilled and adaptable work force; catalyze Asia’s transition to net-zero carbon emissions; shape the future of financial networks; digitalise financial infrastructure and enhance asset class strengths. Under the broad strategy of fostering a skilled and adaptable workforce, S$400 million from the Financial Sector Development Fund (FSDF) in the form of grants will be set aside under the Talent and Leaders in Finance program for the period 2021 until 2025. Read more at:
https://www.todayonline.com/singapore/mas-financial-services-jobs-4000-blueprint-1993071
