If you’re wondering which parts of the Singapore finance sector will provide the best future job prospects, the Monetary Authority of Singapore (MAS) has provided some answers.
MAS’s new Financial Services Industry Transformation Map 2025 lays out the growth strategies to further develop Singapore as a “leading international financial centre in Asia”.
The report predicts that the financial sector will grow by an average 4% to 5% a year during 2021 to 2025, and that this will create 3,000 to 4,000 net new jobs on average each year.
It also outlines “asset class strengths” – i.e. the parts of financial services in which Singapore plays a key regional or global role and which will generate the most growth (and as a result the most jobs):
- Foreign exchange: MAS wants to “broaden and deepen the electronic foreign exchange (FX) trading ecosystem by anchoring more FX platforms and liquidity takers” in the city state.
- Wealth management: ESG appears to be a priority in this sector because MAS wants Singapore to “become Asia’s centre for philanthropy through building impact monitoring solutions, philanthropy advisory competencies, and innovative philanthropy models”.
- Asset management: MAS want to enhance the Variable Capital Company regime (which has attracted more buy-side firms to the country) and other fund structures to cater to broader industry needs.
- Private capital markets: The regulator aims to “develop private credit to complement private equity and venture capital funding”.
- Fintech: An obvious area of growth, but interestingly the focus is on the anchoring “promising fintech start-ups in areas like web 3.0, artificial intelligence, and green fintech”.
- Insurance: This is about Singapore being a catalyse in “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”.
Photo by Daniel Welsh on Unsplash
Click here to create a profile on eFinancialCareers. Make yourself visible to recruiters hiring for top jobs in technology and finance.
Have a confidential story, tip, or comment you’d like to share? Contact: email@example.com in the first instance. Whatsapp/Signal/Telegram also available (Telegram: @SarahButcher)
Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)