SINGAPORE, Oct. 30 (Xinhua) -- The Monetary Authority of Singapore (MAS) on Monday released the industry transformation map (ITM) for financial services, which outlined growth strategies by business lines, programs for upgrading skills, and an agenda for continuous innovation and technology adoption.
Ong Ye Kung, Minister for Education and MAS Board Member, described MAS' vision for Singapore to be a leading global financial center in Asia.
He said at the ITM launch ceremony that the center will connect global markets, support Asia's development, and serve Singapore's economy.
According to the ITM, Singapore's financial sector will achieve annual 4.3 percent growth in real value added and 2.4 percent growth in productivity.
The ITM is expected to create 3,000 net jobs in financial services, and an additional 1,000 net jobs in the FinTech sector annually.
The ITM says Singapore aims to become a leading international wealth management hub by strengthening cooperation between the MAS and the industry in wealth management technology and innovation, and deepening the country's talent pool to provide comprehensive, high-quality wealth advisory solutions.
It also says Singapore aims to become the Asian hub for fund management and domiciliation, and global forex price discovery and liquidity center in the Asian time zone.
Qiu Zhikun, Country Head and General Manager of Bank of China Singapore Branch, who was invited to the ITM launch, said the ITM is not only a challenge but also opportunities to financial institutions in the country.
Bank of China Singapore Branch has been in Singapore for more than 80 years. It will support the ITM implementation, he said.
Sim S Lim, DBS Singapore Country Head, said that to become a leading global financial center in Asia, Singapore is crucial to focus on building a strong talent pool with the right technology and innovation skillsets.
"Employees are the heart of our organization, and we are committed to helping our people adapt and embrace digital transformation through continuous learning programs," Lim added.
