SINGAPORE: Singapore plans to add up to 20,000 finance-related jobs over the next five years as it strives for sustainable financing and wealth management.
The Monetary Authority of Singapore (MAS) revealed that the country expects to add 3,000 to 4,000 roles on average every year from 2021 to 2025, while the financial sector will grow by 4% to 5% annually.
The push to enhance competitiveness is happening against a backdrop where economic sentiment seem bleak.
MAS said it “will work with the financial industry to deepen capabilities in asset classes in which Singapore plays a key regional or global role”.
According to MAS, in 2020, Singapore surpassed its target in its previous five-year plan, creating more than 20,000 jobs and attracting USD 2.56 billion (SGD3.64 billion) in total fintech investments.
Apart from creating up to 20,000 jobs in the financial sector, the regulator also plans to provide SGD 100 million in grant funding for businesses such as green fintech, solutions for climate risk and sustainable finance.
MAS’ roadmap also lays out plans to expand cross-border payment linkages and support the tokenisation of financial and real economy assets as well as provide SGD 400 million in funding to help professionals advance their careers