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October 31, 2017

MAS unveils transformation roadmap for financial services

The Monetary Authority of Singapore (MAS) has revealed an industry transformation map (ITM) for financial services, which includes plans to increase jobs in the sector and establish Singapore as a leading international wealth management hub.

“MAS is working with the industry to develop Singapore into a centre of excellence for wealth management technology and innovation, and deepen our talent pool to provide comprehensive, high-quality wealth advisory solutions,” the central bank said in a statement.

The ITM includes plans to create 3,000 net jobs in financial services and another 1,000 net jobs in fintech per year, as well as achieve real annual growth of 4.3% in the financial sector.

MAS also aims to establish Singapore as the Asian hub for fund management and domiciliation, a global forex price discovery and liquidity centre in the Asian time zone, and a leading centre for Asian fixed income.

The central bank further plans to develop private market funding platforms to attract more investors, and expand cross-border cooperation agreements with key fintech centres to make Singapore as a base for foreign fintech firms.

In addition, MAS said that will partner with financial institutions to create common utilities, including electronic payments, digital ID, and electronic know-your-client checks. Moreover, it aims to invest in research and development work for development of new solutions, such as distributed ledger technology for inter-bank payments and trade finance.

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