Singapore aims to add as many as 20,000 finance jobs over five years as the government seeks to bolster areas including wealth management and sustainable financing.
The Asian financial hub is projected to add 3,000 to 4,000 net roles on average every year during 2021 to 2025, while the financial sector will grow by 4% to 5% per year in the plan unveiled Thursday by the Monetary Authority of Singapore.
The push to enhance Singapore's competitiveness as a global financial center comes against the backdrop of a gloomier economic outlook. The country's political stability attracts rich people from all over the world, a key edge as it vies with Hong Kong and London to manage global wealth flows. The financial sector accounts for 14% of the country's gross domestic product.
The MAS "will work with the financial industry to deepen capabilities in asset classes in which Singapore plays a key regional or global role," in areas including foreign exchange and private-capital markets, it said.
Singapore exceeded the targets set in its previous five-year plan ended 2020, having created more than 20,000 jobs and attracted $2.56 billion in total fintech investments, MAS said.