The Industry Transformation Map (ITM) for the financial services sector was launched on 30 October 2017 at the Monetary Authority of Singapore (MAS).
It outlined growth strategies in the sector, programmes for upgrading skills and an agenda for continuous innovation and technology adoption.
The ITM was drawn up by MAS in close consultation with the financial industry and tripartite partners.
Vision for the ITM
The ITM aims to annually achieve a 4.3 per cent growth in the financial sector with productivity growth of 2.4 per cent. It also aims to create 4,000 jobs in financial services and fintech.
MAS emphasised that while the prospects for the financial sector are good, it is going through a period of significant change.
“With technology transforming the way financial services are produced, delivered, and consumed, it is critical that Singapore’s financial sector also transforms to stay relevant and competitive”, said MAS.
Strategies and Jobs
MAS has listed six key business strategies under the ITM. These include developing Singapore into a leading international wealth management hub and the global capital for Asian insurance and risk transfer.
To achieve these goals, a key focus of the ITM will be to facilitate pervasive innovation in the financial sector and encourage the adoption of technology for increasing efficiency and creating opportunities.
To promote innovation and the use of technology, MAS will develop an active SkillsFuture programme to help the financial sector workforce build world-class skills and maintain a strong Singapore Core.
“With digitalisation and automation, job roles will evolve, and existing professionals must be equipped with new skills and competencies”, emphasised MAS.
MAS said it will continue to collaborate with financial institutions, tripartite partners, and institutes of higher learning to build a strong local pipeline of specialised talent, particularly in information technology (IT).
It will also work towards reskilling and redeploying professionals into job growth areas through professional conversion programmes and facilitate job placements through enhanced career advisory services.
NTUC Partners MAS
Responding to the launch of the Financial Services ITM on his Facebook page, NTUC Assistant Secretary-General (ASG) Patrick Tay said the Labour Movement will partner MAS and employers on several fronts.
These include expanding the talent pool and deepening specialist skillsets in areas like IT for both new entrants and mid-career professionals, managers, executives and technicians (PMETs), and strengthening HR practices through an industry code on hiring and redeployment.
ASG Tay who is also the co-chairman of the Financial Sector Tripartite Committee added, “We will double our current efforts to assist and support those affected by job losses and face job obsolescence due to the churn in the financial services industry."
