MAS launches three-year transformation plan for financial services

MAS

The Monetary Authority of Singapore (MAS) has launched its Financial Services Industry Transformation Map 2025.

According to MAS, the ITM 2025 lays out the growth strategies to further develop Singapore as a leading international financial centre in Asia. The core of its aim is to connect global markets, serve Singapore’s economy and support the development of Asia.

The ITM comprises five key strategies, these include enhancing asset class strengths, digitalising financial infrastructure, shaping the future of financial networks, fostering a skilled and adaptable workforce and catalysing Asia’s net-zero transition.

MAS said it will work with the financial industry to deepen capabilities in asset classes in which Singapore will play a key regional or global role.

In the area of foreign exchange, it aims to broaden and deepen the electronic FX trading ecosystem by anchoring more FX platforms and liquidity takers. For insurance, it seeks to catalyse insurance risk advisory and alternative risk transfer solutions for Asia to deal with pandemic, climate and cyber risks.

MAS also hopes to help Singapore become Asia’s centre for philanthropy through building impact monitoring solutions and innovative philanthropy. The Authority also seeks to enhance the variable capital company regime and other fund structures to cater to broader industry needs.

MAS also plans to promote the development of digital infrastructure and platforms and catalyse Asia’s transition towards net-zero. On the latter point, MAS said it was working with the industry to develop innovative solutions to scale up sustainable and transition financing.

The authority also aims to enhance payments connectivity and build an innovative and responsible digital asset ecosystem.

In addition, MAS’ Financial Sector Development Fund will provide $400m grant funding to the Talent and Leaders in Finance programme over 2021 – 2025 to enable industry professionals to take up good jobs and advance in their careers.

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