Setting up a digital platform for small businesses, positioning the country as a regional hub for philanthropy, and turning stocks, bonds and real estate into digital tokens are several of the new initiatives in Singapore's updated financial sector transformation plan.
Led by the Monetary Authority of Singapore (MAS), the plan aims to ensure that the financial sector grows by an average annual rate of 4 per cent to 5 per cent from 2021 to 2025 and create 3,000 to 4,000 net jobs on average each year.
The Financial Services Industry Transformation Map (ITM) 2025, which was unveiled by Deputy Prime Minister Lawrence Wong on Thursday, laid out strategies to help the Republic's financial industry take a leap into the future, and train a workforce that can tap the opportunities that the future holds.
Financial support in the form of grants and other incentives will be provided to help upskill the workforce across various segments of the financial sector.
The primary goal is to maintain Singapore's lead as an international financial centre that connects global markets, supports Asia's development and serves Singapore's economy.
This story is from the September 16, 2022 edition of The Straits Times.
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This story is from the September 16, 2022 edition of The Straits Times.
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