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

• ITM Financial Services Roadmap
• Minister Ong Ye Kung Speech
• Roadmap for a Leading Global Financial Centre in Asia
• ITM Infographic

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

API

Tech

e-KYC

Payments

Human Resource

Capabilities

1. T&L Capabilities
2. Domain Expertise
3. Generic Skillset

T&L Capabilities

1. Elearning development
2. Curriculum Planning and Delivery
3. Assessment Design and Setting

Domain Expertise

1. Technology and Operations
2. Corporate Banking / Credit Analysis
3. Wealth Management / Financial Planning
4. Financial Markets
5. Corporate Finance
6. Compliance / AML / KYC
7. Fund Management
8. Private Equity
9. Asset Management - Securities & Futures, Treasury & FX
10. Risk Management
11. Insurance - General and Life Insurance
12. 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

1. Networking skills
2. Business development
3. Analytics
4. IT related
5. RIE​​

FinTech