Singapore targets 4.3% growth in financial sector

It also wants to add 3,000 jobs, with an additional 1,000 for fintech.

Singapore is aiming to achieve 4.3% growth and 2.4% productivity annually in the financial sector, the Monetary Authority of Singapore (MAS) revealed.

According to its Industry Transformation Map (ITM), the country is targeting to 3,000 net jobs, along with 1,000 more in the fintech sector annually.

"Asia’s growth continues to be strong, driven by a growing middle class, rapid urbanisation and the expansion of Asian enterprises, which will generate demand for financing and risk management solutions," MAS said.

MAS will work on an Asian centre for capital raising and enterprise financing, a full-service Asian infrastructure financing hub, and Asian Bond and Green Bond Grant schemes.

It will also focus on encouraging insurance firms to use centralised blockchain platforms.

"MAS will continue to enhance its regulatory approach, to support enterprise and innovation while maintaining financial soundness. Key priorities include ensuring that regulations are supportive of innovative business models and strengthening the cyber resilience of financial institutions," the institution added.