Finance Industry Transformation Roadmap
What is Industry Transformation Roadmaps?
A strategy to promote growth and competitiveness for 23 industries. Each Industry Transformation Map (ITM) integrates productivity improvement, skills development, innovation and internationalisation. To be developed and implemented in partnership with industry partners, they will help to achieve our vision for the sectors and create good jobs for Singaporeans.
Source: MTI
Industry Transformation Maps
MAS Financial Services ITM
Source: MAS
References
Business Strategies
Wealth
Management
- Develop Centre of Excellence for Technology & Innovation: Cross-border eKYC solutions and Digital client interfaces
- Deepen Talent Pool: Quality wealth advisory and Best-in-class solutions
Asset
Management
- Broaden asset management capabilities in specialty & alternative investments
- Regional fund domiciliation hub
- Asian centre for capital raising & enterprise financing
- Grow venture capital & private equity ecosystem
- Build private market platforms
Infrastructure
Finance
- Full service Asian Infrastructure Financing Hub
- Enhance supply of bankable projects
- Crowd in private capital
Capital
Markets
- Asian bond & Green bond grant schemes
- External Fund Management Programme: Deepen Fixed Income capabilities
Foreign Exchange
- Global FX Price Discovery & Liquidity Centre
- Enhance eFX system - Deepen ecosystem: Banks and Non-banks Pricing Engines, Multi-Dealer Platforms Matching Engines and Exchange Matching engines
- Comprehensive suite of FX & Derivate Products
Insurance
- Global Capital for Asian Insurance & Risk Transfer
- Ex-ante risk management instead of traditional ex-post loss compensation function
- Transform the marketplace through the use of centralised blockchain platforms for risk placement
- Create new insurance solutions to address emerging risk like cyber and natural catastrophe
Job & Skills
Job Growth
- 3000 Net Jobs per Year in Financial Services
- 1000 Net Jobs per Year in FinTech
Jobs & Skills
- Develop Strong Singapore Talent Pool
- Deepen Skills in Finance: Banking, Asset Management, Wealth Management and Insurance
- Support Upgrading of Skills: Cybersecurity, IT Development
- Grow Pipeline of Future Finance Leaders
- Reskilling & redeployment through Professional Conversion Programmes and Enhance Career Advisory Services
Innovation
& Regulation
Innovation & Regulation
- Regulatory approach remains responsive to the fast changing landscape supporting growth and innovation while maintaining financial soundness
- Regulations are supportive of enterprise growth, technology and innovative business models
- Strengthen the industry's cybersecurity so that financial services remain safe and reliable to use
- Adopt technology to enhance financial institutions regulatory compliance
Innovation & Regulation
- Establish Singapore as Center of Excellence for FinTech Talent & Research
- World Class Digitisation Infrastructure
- Collaborate with International Counterpart to Enhance FinTech inclusion across markets
Emerging
& Underserved Areas
Emerging and Underserved Areas
| Business Strategies | Description |
|---|---|
| Wealth Management | Quality wealth advisory Best-in-class solutions e-KYC |
| Asset Management | Specialty & Alternative Investments Fund Hub |
| Capital Markets | Asian bond & Green bond External Fund Management Programme |
| Foreign Exchange (FX) | FX Price Discovery Liquidity Centre Comprehensive Product Suite + Derivatives |
| Analytics & FinTech | Please see next slide |
API
Tech
e-KYC
Payments
Human Resource
Capabilities
- T&L Capabilities
- Domain Expertise
- Generic Skillset
T&L Capabilities
- Elearning development
- Curriculum Planning and Delivery
- Assessment Design and Setting
Domain Expertise
- Technology and Operations
- Corporate Banking / Credit Analysis
- Wealth Management / Financial Planning
- Financial Markets
- Corporate Finance
- Compliance / AML / KYC
- Fund Management
- Private Equity
- Asset Management - Securities & Futures, Treasury & FX
- Risk Management
- Insurance - General and Life Insurance
- Analytics & FinTech*
Source: 1 - 11 are from IBF Standards.
We merged Wealth Mgmt & Financial Planning, Life & General Insurance and added Analytics & FinTech
IBF Standards
Generic Skillsets
- Networking skills
- Business development
- Analytics
- IT related
- RIE
FinTech
| Components |
|---|
| Design thinking in Financial Services |
| Big Data and Machine Learning in Finance |
| Cybersecurity |
| Cloud Computing, IOT, and API |
| Blockchain, Cryptocurrency |
| Regulations, RegTech, Digital Risk |
Finance Industry Transformation Roadmap
By Anthony Ng
Finance Industry Transformation Roadmap
Industry Transformation Roadmap
