Singapore central bank’s newest announcement reveals where the country’s future jobs will be

If you’re looking for a career change, the financial services industry could be worth exploring.

A new industry transformation map (ITM) for financial services released by Monetary Authority of Singapore (MAS) on Monday (Oct 30) revealed that the sector is aiming to create 3,000 jobs in financial services and 1,000 jobs in FinTech every year.

The increase in job opportunities for the sector is expected to come with a target growth of the financial sectors’ GDP at 4.3% annually over the medium term – nearly twice as fast as the overall economy. Of this, 2.4% will be driven by productivity.

The ITM will “facilitate pervasive innovation in the financial sector and encourage the adoption of technology for increasing efficiency and creating opportunity,” MAS said in a statement.

It also plans to help skill individuals for financial services and maintain the “Singapore core” via the SkillsFuture programme.

Minister for Education (Higher Education and Skills) and MAS Board Member Ong Ye Kung said at a launch event that MAS’ vision was for Singapore to be a leading global financial centre in Asia. Ideally, this would mean that Singapore can connect global markets, support Asia’s development, and serve Singapore’s economy, he said.

Referring to the need for specialised talent, Mr Ong said the traditional method of poaching can no longer be the answer.

“We must come to the deep realization that in every sector of the economy, we need a highly specialised workforce.

“The answer cannot be poaching – often practised in the industry, but is not the long-term solution. We simply have to expand and deepen the talent pool. And we need to do this at a pace that can catch up with that of digitisation and automation which are re-defining job roles, and this requires a multi-pronged approach,” he said.

In its efforts to make Singapore a leading international wealth management hub, MAS says it is working 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”.

Efforts are also made for Singapore to be an Asian hub for fund management and domiciliation, and a global forex price discovery and liquidity centre in the Asian time zone.

To support Asia’s development, MAS says Singapore should also work towards becoming the Asian centre for capital raising and enterprise financing, a full service Asian infrastructure financing hub, the leading centre for Asian fixed income, and a global capital for Asian insurance and risk transfer.