• More than 10% Compounded Annual Growth Rate (CAGR) in Asset Under Management, FX and corporate debt volume
• Anchored global eFX players and expanded major financial institutions’ regional offerings in Singapore
• 5x increase in infrastructure investment
• Over US$2.5B of cumulative FinTech investments
• More than 1,400 new Fintech firms formed
• Introduced SGFinDex, PayNow , APIX, Project Ubin
• Over 86,000 professionals trained and more than 3,000 individuals reskilled or groomed under structured development programmes

The Financial Services ITM (2016 – 2020) positioned Singapore to be a:

Leading international wealth management hub
Developed Singapore into a centre for wealth management, and deepened our talent pool to provide comprehensive, high-quality wealth advisory solutions.

Asian hub for fund management and domiciliation
Anchored deeper asset management capabilities in Singapore, and grew Singapore as a regional fund domiciliation hub through the Singapore Variable Capital Company framework.

Global forex price discovery and liquidity centre in the Asian time zone
Maintained our position as the largest FX centre in Asia, and third largest globally, and attracted key FX players to expand their electronic FX trading capabilities in Singapore.

Asian centre for capital raising and enterprise financing
Built private market funding platforms to enable Asian growth companies to gain better access to a wider network of investors.

Full service Asian infrastructure financing hub
Strengthened the infrastructure finance ecosystem to bring more Asian infrastructure projects to bankability, and crowd in private capital through innovative market mechanisms and infrastructure investment benchmarks.  

Leading centre for Asian fixed income
Developed ecosystem to meet the growing needs of Asian corporates for offshore debt financing, with the launch of the Asian Bond and Green Bond Grant Schemes.

Global capital for Asian insurance and risk transfer
Expanded the insurance marketplace to allow for more efficient risk placements, and create specialist insurance solutions to address emerging risks in the region.

The Financial Services ITM (2016 – 2020) facilitated pervasive innovation in the financial sector and encouraged the adoption of technology for increasing efficiency and creating opportunity. Efforts included:

• Stepping up efforts to encourage financial institutions to enhance connectivity and FinTech innovation through Application Programming Interfaces
• Collaborating with financial institutions to create common utilities such as for electronic payments, digital ID, and electronic know-your-client checks
• Facilitating and investing in R&D to develop new solutions, including the use of distributed ledger technology for inter-bank payments and trade finance
• Expanding the web of cross-border cooperation agreements with other key FinTech centres, helping to grow Singapore as a base for foreign FinTech start-ups
• Harnessing technology to simplify financial institutions’ regulatory compliance
• Enhancing MAS’ regulatory approach, to support enterprise and innovation, while maintaining financial soundness.

Complementing the business strategies and innovation agenda was an active SkillsFuture programme to help the financial services sector workforce build world-class skills.

MAS collaborated with financial institutions, the tripartite partners, and institutes of higher learning to:

• Build a strong local pipeline of specialised talent particularly in information technology
• Reskill and redeploy professionals into job growth areas through professional conversion programmes
• Facilitate job placements through enhanced career advisory services

This continues to be a key priority for MAS in the Financial Services ITM 2025.

Read the media release | Download the infographic (1.26 MB)