The Monetary Authority of Singapore (MAS) has revealed an industry transformation map (ITM) for financial services, which includes plans to increase jobs in the sector and establish Singapore as a leading international wealth management hub.
“MAS is working with the industry to develop Singapore into a centre of excellence for wealth management technology and innovation, and deepen our talent pool to provide comprehensive, high-quality wealth advisory solutions,” the central bank said in a statement.
The ITM includes plans to create 3,000 net jobs in financial services and another 1,000 net jobs in fintech per year, as well as achieve real annual growth of 4.3% in the financial sector.
MAS also aims to establish Singapore as the Asian hub for fund management and domiciliation, a global forex price discovery and liquidity centre in the Asian time zone, and a leading centre for Asian fixed income.
The central bank further plans to develop private market funding platforms to attract more investors, and expand cross-border cooperation agreements with key fintech centres to make Singapore as a base for foreign fintech firms.
In addition, MAS said that will partner with financial institutions to create common utilities, including electronic payments, digital ID, and electronic know-your-client checks. Moreover, it aims to invest in research and development work for development of new solutions, such as distributed ledger technology for inter-bank payments and trade finance.