Singapore aims to boost its current status as a foreign-exchange and wealth management centre which is part of the projected plans to design morefinancial-sector jobs and diminish the effect of quick changes in technology.
On the 30th of October, the Monetary Authority of Singapore (MAS) stated that it expects to create 4,000 net new professions in both financial technology and financial services. The Industry Transformation Map (ITM) aims to create 3000 new jobs alongside 1000 more in the fintech sector every year.
The plan also details MAS’ objective of attaining 4.3% real growth in the financial sector annually, which is faster than the entire economy. The ITM also aims to achieve a productivity value of 2.4%.
As the industry is changing due to digital technology, banks across the globe are cutting back on jobs due to the introduction of robotics and artificial intelligence.
Former Citigroup Inc CEO, Vikram Pandit, predicts that 30% of jobs in banking will vanish over the next five years.