Singapore unveiled a plan to create more financial sector jobs as it aims to strengthen its status as a financial hub in Asia.
The plan is to achieve growth in the financial sector at an annual 4.3 percent - on a real value-added basis - and hit a productivity rate of 2.4 percent annually.
"With technology transforming the way financial services are produced, delivered, and consumed, it is critical that Singapore's financial sector also transforms, to stay relevant and competitive," the Monetary Authority of Singapore (MAS) said in a statement on Monday.
The MAS announced this with the launch of the Industry Transformation Map (ITM) for the sector.
The ITM outlined growth strategies for the sector, which includes focusing on supporting Asia's development, introducing programmes to upgrade skills and leveraging technological advancements within the sector.
The MAS said it is working with the financial industry to develop Singapore as an Asian center for capital raising and enterprise financing, as well as an infrastructure financing hub.
The MAS will also expand cross-border cooperation agreements with other fintech centers to help grow Singapore as a base for foreign fintech start-ups, and will harness technology to simplify financial institutions' regulatory compliance.
A growth rate of 4.3 percent for the financial sector compares with the planned overall economic growth of 2 percent to 3 percent included in a set of national strategies unveiled in February. The financial sector accounts for about 13 percent of Singapore's gross domestic product.
(With inputs from agencies)
