Singapore Aims to Generate up to 20,000 Finance Sector Jobs in the Next 5 Years

Published by Beaufort.SG

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The government of Singapore is looking to increase the number of finance jobs by up to 20,000 over a five-year period, with a focus on growing wealth management and sustainable financing.

According to the Monetary Authority of Singapore, the financial sector in the Asian financial hub is expected to grow by 4-5% annually, adding 3,000 to 4,000 net jobs per year between 2021 to 2025. The drive to improve Singapore’s global financial center competitiveness comes during a less favorable economic outlook. Its political stability appeals to wealthy individuals worldwide, giving it an advantage over Hong Kong and London in managing global wealth flows. The financial sector contributes 14% to the country’s GDP.

The Monetary Authority of Singapore (MAS) plans to collaborate with the financial industry to enhance capabilities in asset classes where Singapore has a significant regional or global presence, such as foreign exchange and private capital markets.

In a recent move to draw in foreign workers, the Asian financial hub has revised its visa regulations to grant a five-year work pass to foreigners earning a minimum of S$30,000 ($21,338) per month. This is part of a series of actions taken this year to ease the tight labor market and attract international business. The Monetary Authority of Singapore reports that in the previous five-year plan which ended in 2020, Singapore exceeded its job creation target by creating over 20,000 jobs and attracting $2.56 billion in total fintech investments.

Global banks including Citigroup Inc., Deutsche Bank AG, and HSBC Holdings Plc have a significant presence in Singapore, with over 209,000 people employed in the financial-services sector last year, which is nearly 13% higher than 2016 levels, as per government data. The Monetary Authority of Singapore’s (MAS) recent five-year plan for the financial sector is viewed by Amol Gupte, Head of South and Southeast Asia for Citigroup, as a strong signal from MAS to remain ahead of trends and secure Singapore’s status as a leading and open financial center.

Chandra Mallika, the Chief Country Officer for Singapore at Deutsche Bank AG, expressed support for the new plan, stating that the bank is working with authorities on various initiatives, including digitizing financial infrastructure, foreign exchange, and sustainability.

The Monetary Authority of Singapore (MAS) has outlined additional initiatives in its roadmap for the financial sector, including:

  • Becoming a hub for philanthropy in Asia
  • Offering S$100 million in grant funding for businesses focused on green fintech, climate risk solutions, and sustainable finance
  • Expanding cross-border payment connections and promoting tokenization of financial and real economy assets
  • Providing S$400 million in funding to support career advancement for professionals in the sector.

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