MAS rolls out transformation map for the financial services industry 

The map comprises five key strategies to develop SG as a leading international financial centre in Asia.

The Monetary Authority of Singapore (MAS) has rolled out the Financial Services Industry Transformation Map (ITM) 2025 which comprises growth strategies to further develop Singapore as a leading international financial centre in Asia.

Under the ITM, MAS will work on five key areas: enhancing asset class strengths, digitalising financial infrastructure catalysing Asia's net-zero transaction, shaping the future of financial networks, and fostering a skilled and adaptable workforce.

The asset classes that MAS plans to strengthen are foreign exchange, insurance, wealth management, asset management, private capital markets, and FinTech.

MAS will also promote the development of a bond market infrastructure,  funds settlement utility, and an SME trade discovery platform.

To catalyse Asia's net-zero transition, MAS will provide a $100m grant funding from 2021 to 2015 for capacity building, green fintech,  climate risk and reinsurance, and solutions for sustainable and transition finance, amongst others.

To shape the future of financial networks, MAS will enhance payments connectivity and build an innovative and responsible
digital asset ecosystem.

Lastly, MAS will work with the Institute of Banking & Finance (IBF) to improve the sector's workforce.

The agency also unveiled that Financial Sector Development Fund will provide S$400m grant funding to the Talent and Leaders in Finance programme from 2021 to 2025 to enable industry professionals to take up good jobs and advance in their careers.