INDUSTRY TRANSFORMATION MAP

1 VISIONL eading global nancial centre in Asia Connect global marketsSupport Asia s developmentServe Singapore s economyThe nancial services ITM focuses on core nancial services, which includes banks, capital market intermediaries, fund management companies, and insurance companies, and excludes holding companies (which is included in the national accounts classi cation of the nancial services sector). INDUSTRY TRANSFORMATION MAPFINANCIAL SERVICESI nnovation &RegulationRegulation for Innovation with Soundness Facilitate innovative business modelsusing regulatory sandbox Strengthen cyber resilience of nancial institutions Adopt technology to simplify nancial institutions regulatorycomplianceBUSINESS STRATEGIESL eading international wealth management hubAsian hub for fund management and domiciliationGlobal forex price discovery and liquidity centre in the Asian time zoneAsian centre for capital raising and enterprise nancingFull service Asian infrastructure nancing hubLeading centre for Asian xed incomeGlobal capital for Asian insurance and risk transferJobs &Skills Expand talent pool and deepenspecialist skillsets in areas like ITfor

2 Both new entrants andmid-career PMETs Build pipeline of Singaporean nance leaders throughinternational postings and agship programmes Reskill and redeploy PMET sthrough professionalconversion programmes Strengthen HR practicesthrough an INDUSTRY code onhiring and redeploymentGROWTH TARGETS (PER ANNUM) ,000net jobs created; additional 1,000net jobs in FinTechInternationalFinTech Hub Cross-border CollaborationExpand web of cooperation agreementsBlockchainsPilots for inter-bank payments and trade nanceVenture Capital EcosystemDeepen and expand FinTech investmentElectronic PaymentsImprove interoperability and increase adoptionDigital ID & e-KYCE nhance customer experienceand operational e ciencyFinTech Talent Upgrade technology skillsEnhance connectivitythrough APIs Increase E ciency Create Opportunities Manage Risks Better Improve LivesOpen Architectur