The Monetary Authority of Singapore (MAS) yesterday launched the Financial Services Industry Transformation Map (ITM) 2025, setting out the growth strategies to be pursued to further develop Singapore as a leading international financial centre in Asia – to connect global markets, support Asia’s development, and serve Singapore’s economy.<\/p>\n\n\n\n
For the insurance sector, ITM2025 aims to promote insurance risk advisory and alternative risk transfer solutions, facilitate risk financing and address pandemic, climate, and cyber risks.<\/p>\n\n\n\n
The ITM, launched by Mr Lawrence Wong, Deputy Prime Minister and Minster for Finance, and MAS deputy chairman, comprises five key strategies:<\/p>\n\n\n\n
a. Enhance Asset Class Strengths;
b. Digitalise Financial Infrastructure;
c. Catalyse Asia\u2019s Net-Zero Transition;
d. Shape the Future of Financial Networks; and
e. Foster a Skilled and Adaptable Workforce.<\/p>\n\n\n\n
Enhance Asset Class Strengths<\/u><\/strong> a. Foreign exchange<\/strong> \u2013 Broaden and deepen the electronic foreign exchange (FX) trading ecosystem by anchoring more FX platforms and liquidity takers. Digitalise Financial Infrastructure<\/u><\/strong> a. Bond market infrastructure<\/strong> \u2013 Improve end-to-end efficiency in primary bond issuances, listing and settlement processes, and strengthen Singapore\u2019s proposition as a bond issuance and listing venue of choice. To catalyse Asia\u2019s transition towards net-zero, MAS is working with the industry to develop innovative solutions to scale up sustainable and transition financing.<\/p>\n\n\n\n a. Provide greater clarity on transition activities<\/strong> including through the development of an industry-led taxonomy for eight priority sectors. Shape the Future of Financial Networks<\/u><\/strong> a. Expand cross-border payment linkages<\/strong> with regional economies (e.g. real-time payment linkages, Project Nexus). Foster a Skilled and Adaptable Workforce<\/u><\/strong> a. Build workforce competencies<\/strong> in growth areas and provide training support for finance professionals at different stages of their careers. MAS projects the financial sector to grow by an average of 4% to 5% per annum during 2021\u20132025 and create 3,000\u20134,000 net jobs on average each year. <\/p>\n\n\n\n In comparison, under ITM2020, the financial services sector grew by an average of 5.7% per annum, exceeding the target of 4.3% per annum from 2016 to 2020. Over 20,000 net jobs were created in financial services over the five-year period, or an average of 4,100 net jobs each year, higher than the target of 3,000 net jobs per annum. <\/p>\n\n\n\n The Financial Services ITM series was launched in 2017 with a strong focus on innovation and technology adoption and developing a world-class workforce.<\/p>\n","protected":false},"excerpt":{"rendered":" Singapore: MAS launches Financial Services Industry Transformation Map (ITM) 2025 unknown details The Monetary Authority of Singapore (MAS) yesterday launched the Financial Services Industry Transformation […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":35,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[11],"class_list":["post-34","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","tag-insurance"],"_links":{"self":[{"href":"https:\/\/link.cartoontamilan.in\/index.php?rest_route=\/wp\/v2\/posts\/34","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/link.cartoontamilan.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/link.cartoontamilan.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/link.cartoontamilan.in\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/link.cartoontamilan.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34"}],"version-history":[{"count":1,"href":"https:\/\/link.cartoontamilan.in\/index.php?rest_route=\/wp\/v2\/posts\/34\/revisions"}],"predecessor-version":[{"id":36,"href":"https:\/\/link.cartoontamilan.in\/index.php?rest_route=\/wp\/v2\/posts\/34\/revisions\/36"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/link.cartoontamilan.in\/index.php?rest_route=\/wp\/v2\/media\/35"}],"wp:attachment":[{"href":"https:\/\/link.cartoontamilan.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/link.cartoontamilan.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/link.cartoontamilan.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
MAS will work with the financial industry to deepen capabilities in asset classes in which Singapore plays a key regional or global role.<\/p>\n\n\n\n
b. Insurance <\/strong>\u2013 Catalyse insurance risk advisory and alternative risk transfer solutions for Asia, to address pandemic, climate, and cyber risks, and facilitate the participation of capital markets in risk financing.
c. Wealth management<\/strong> \u2013 Become Asia\u2019s centre for philanthropy through building impact monitoring solutions, philanthropy advisory competencies, and innovative philanthropy models.
d. Asset management<\/strong> \u2013 Enhance the Variable Capital Company regime and other fund structures to cater to broader industry needs.
e. Private capital markets<\/strong> \u2013 Develop private credit to complement private equity and venture capital funding.
f. FinTech <\/strong>\u2013 Anchor promising FinTech start-ups in areas like Web 3.0, artificial intelligence, and green FinTech.<\/p>\n\n\n\n
MAS will promote the development of digital infrastructure and platforms.<\/p>\n\n\n\n
b. Funds settlement utility<\/strong> \u2013 Develop an industry funds settlement utility to centralise subscription, redemption, record-keeping workflows, and facilitate reconciliation of fund data flows, thereby reducing settlement time and improving efficiency.
c. SME trade discovery platform<\/strong> (Business-sans-Borders) \u2013 Launch a digital platform to connect small and medium enterprises (SMEs) across growth regions. This facilitates trade discovery and enables easier access to trade financing for participating SMEs.Catalyse Asia\u2019s Net-Zero Transition<\/p>\n\n\n\n
b. Facilitate the decarbonisation of real economy sectors<\/strong> through appropriate financing solutions for corporates.
c. Enhance sustainability disclosures and build data utilities<\/strong>, such as Project GreenPrint, to facilitate companies\u2019 sustainability disclosures and investors\u2019 access to companies\u2019 ESG data.
d. Provide S$100m ($71m) grant funding over 2021 \u2013 2025<\/strong> for capability building, green FinTech, climate risk and reinsurance, and solutions for sustainable and transition finance.<\/p>\n\n\n\n
MAS aims to enhance payments connectivity and build an innovative and responsible digital asset ecosystem.<\/p>\n\n\n\n
b. Explore potential of distributed ledger technology<\/strong> in promising use cases (e.g. cross-border payments, trade finance, and capital markets).
c. Support tokenisation of financial and real economy assets<\/strong> (e.g. Project Guardian).
d. Enable digital currency connectivity<\/strong> (e.g. Project Orchid).<\/p>\n\n\n\n
MAS and the Institute of Banking & Finance (IBF) will work closely with the financial industry and tripartite partners to foster a strong workforce.
The Financial Sector Development Fund will provide S$400m grant funding to the Talent and Leaders in Finance<\/em> <\/strong>programme over 2021\u20132025 to enable industry professionals to take up good jobs and advance in their careers.<\/p>\n\n\n\n
b. Develop specialist talent<\/strong> in areas such as sustainability and technology.
c. Develop leaders<\/strong> through opportunities to acquire expertise, international exposure, and networks to help them succeed in their leadership roles.<\/p>\n\n\n\n
Projections<\/strong><\/p>\n\n\n\n