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Singapore MAS Managing Director Ravi Menon: 7.2% Growth, 5,800 New Jobs Created, 500 VCC Incorporated, Family Office & Private Market Growth, 1,400 Fintech Companies
20th May 2022 | Singapore
Singapore central bank Monetary Authority of Singapore (MAS) Managing Director Ravi Menon gave a speech at the Singapore Financial Forum 2022 on 19th May 2022, highlighting key developments in Singapore as a financial centre including Singapore financial centre growing 7.2% (2020 & 2021), more than 500 VCC (variable capital companies) incorporated since launch in 2020, growth in Private Markets (Private Equity, Venture capital), growth in family office & ecosystem, broad-based growth in Banking, Insurance, Asset management & Payment Services, new opportunities in financial technology & sustainable investments, over $3.9 billion Fintech Investments in Singapore (2021) with 1,400 FinTech firms, and strategy on growing strong local (Singapore) talent pool & attracting high quality global talent. Singapore MAS is also seeking industry feedback in next 1 – 2 months to identify roles where there is a shortage. Key highlights below, view the full speech here.
“ 7.2% Growth, 5,800 New Jobs Created, 500 VCC Incorporated, Family Office & Private Market Growth, 1,400 Fintech Companies “
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Key Highlights – Overview

Key Highlights – Overview
- Singapore Financial Centre grew 7.2% (2020 & 2021)
- Singapore: 5,800 net new jobs created in financial sector (2020 & 2021)
- Grown as a leading fund management and domiciliation hub
- Broad-based growth: Banking, Insurance, Asset management, Payment Services.
- 500 VCC (variable capital companies) incorporated since launch (15th Jan 2020)
- Asia’s leading foreign exchange centre (#1), with FX trading volume growing 13% yearly (average, 2017 to 2021)
- Powering Asia’s development, infrastructure investment growing 5x & project finance growing 80% (2016 to 2020)
- 2022 GDP Growth forecast: 3% to 5%
- Asia Development Bank (ADB): Estimates strong exports & domestic demand to drive Asia growth at > 5% yearly
- Private Markets: Singapore private equity and venture capital ecosystem is providing smart capital and business networks
- Family Office: Singapore family office ecosystem is helping wealthy Asian families to professionalise managing their wealth, support their interests impact investments, and wealth transfer to next generation
- Insurance: To provide risk advisory services (cyber-attacks, pandemic, climate risks)
- Singapore: Over 50 global & regional innovation labs, More than 1,400 FinTech firms.
- 2021: $3.9 billion FinTech investments in Singapore (2020: $2.5 billion)
Key Highlights – Opportunities
- Singapore Financial Institutions: Making significant investments in technology
- Banks & Insurers: Accelerating digital transformation, Hiring in application development, data science, artificial intelligence.
- New & Promising Growth: Sustainable Finance (Transit to Low Carbon Economy)
- MAS 2022 Estimates: 9,400 new jobs, 3,000 in technology
- High demand for Software developers & engineers: More than 700 new jobs
- MAS Key Priority: Support financial institutions to access the talent they need to grow
- Strategy: Grow strong local talent pool, attract high quality global talent
- In 2022: More than 3,000 Singapore Citizens held senior roles in financial centre, increase of 80% (2016)
- Polytechnic graduates: 5,000 to 6,000 new graduates yearly, only 3% join financial sector.
- New Wealth Management Accelerator Programme (WMAP): 3 months program for mid-career professionals with passion for customer relationship management and interest in pursuing a career in wealth management.
- Overseas Singaporeans working in finance & technology: Many returning Singaporeans have progressed well in their careers and taken on leadership roles. They have a solid understanding of overseas markets, useful networks, and good experience working in a cross-cultural environment.
- Employment Pass Quota: No quotas on Employment Pass holders
- MAS seeks industry feedback in next 1 – 2 months, identify roles where there is a shortage
Economy, Asia Growth
- Russia-Ukraine conflict generated global growth & inflation risks
- Recovery of global economy from COVID-19 and easing restrictions will provide support to economic activity
- Asian growth story remains intact, Singapore financial centre is well positioned to support & grow with Asia
- Asia Development Bank (ADB): Estimates strong exports & domestic demand to drive Asia growth at > 5% yearly
- Demand for financial services typically grows faster than income (Middle class & mass affluent expands)
New Capabilities to Financial Sector
- Private Markets: Singapore private equity and venture capital ecosystem is providing smart capital and business networks
- Wealth Management: Singapore family office ecosystem is helping wealthy Asian families to professionalise managing their wealth, support their interests impact investments, and wealth transfer to next generation
- Insurance: To provide risk advisory services (cyber-attacks, pandemic, climate risks)
Financial Sector: Technology (Growth Driver)
- Singapore Financial Institutions: Making significant investments in technology
- Banks & Insurers: Accelerating digital transformation, Hiring in application development, data science, artificial intelligence.
- OCBC: To hire 1,500 over next 3 years, majority based in Singapore
- Bank of America: Had based 1 of 2 overseas global cyber security centres in Singapore, 800 headcount focused on technology
- Shanghai Pudong Development Bank: Setup first overseas innovation centre in Singapore
- SCOR (Reinsurer): Established innovation labs in Singapore
Financial Sector: Innovation Hub
- Singapore: Over 50 global & regional innovation labs, More than 1,400 FinTech firms.
- 2021: $3.9 billion FinTech investments in Singapore (2020: $2.5 billion)
- Leading players have anchored their operations in Singapore
- JP Morgan partners with DBS & Temasek, setup Partior (multi-currency, cross-border settlement platform, leveraging blockchain technology)
- R3 (a global distributed ledger technology provider & banking consortium) : Setup innovation hub in Singapore, regional headquarter for Asia.
New & Promising Growth: Sustainable Finance (Transit to Low Carbon Economy)
- United Nations Intergovernmental Panel on Climate Change: Reducing emissions is urgent
- All sectors of economy need to achieve progressive & deep emission reductions.
- Around $2 trillion in infrastructure investments over the next decade to enable Southeast Asia’s transition towards sustainability
Singapore Comprehensive Ecosystem: Green & Transition Financing
- Aligning financing efforts with credible sectoral transition plans, clarity about transition pathways & carbon emission targets. Generates investor confidence and catalyses greater sustainable finance flows.
- Promoting blended finance solutions, where targeted risk sharing by governments or multilateral development banks can crowd in private capital more effectively.
- Enhance collection of emissions data, develop credible transition taxonomies, implement consistent climate-related reporting and disclosure standards.
- Key MAS initiative: Project Greenprint (Common utility platforms)
- Project Greenprint: Use technology to address the financial sector’s sustainability data needs, enable a more transparent, trusted & efficient ESG ecosystem that can catalyse green and sustainable finance.
Singapore Financial Centre: Jobs
- MAS 2022 Estimates: 9,400 new jobs, 3,000 in technology
- High demand for Software developers & engineers: More than 700 new jobs
- Technology Jobs: Develop digital finance services, blockchain technology in trade finance, artificial intelligence to detect fraud & money laundering.
- Sustainable Finance Jobs: Execute of ESG transactions to advisory services and product development.
- Sustainable Finance Jobs: Tap traditional finance expertise such as product structuring, risk management, reporting and pricing, but layered and infused with new knowledge on sustainability.
Global Competition for Talent
- Compete for Talent: The rare skills in many areas of finance (eg. technology, sustainability)
- MAS Key Priority: Support financial institutions to access the talent they need to grow
- Strategy: Grow strong local talent pool, attract high quality global talent
- Key note: Singaporean Core strategy is not a “Singaporeans only” strategy
- As a global financial centre: Not enough locals to meet the fast-expanding specialist needs of financial institutions
- Promoting a strong Singaporean Core: Build good skills & capabilities, ensure fair hiring opportunities, help to equip them to do well in their jobs and advance in their careers.
- In 2022: More than 3,000 Singapore Citizens held senior roles in financial centre, increase of 80% (2016)
- Benefits of strong Singaporean Core: Substance in operations, resilience in staff capacity, provide local & regional networks, good sense of customers & markets.
- MAS Schemes: Develop entry level, professional, specialist, leadership talent for financial sector
MAS to Increase Talent Development:
- Polytechnic graduates: 5,000 to 6,000 new graduates yearly, only 3% join financial sector. Quality of polytechnic graduates is high – as good as college graduates from many countries. JP Morgan runs a 1-year apprenticeship programme for polytechnic graduates to experience working in corporate, operations, finance and technology roles within the firm. (OCBC Bank co-designed with Ngee Ann Polytechnic a curated 12 months internship programme, provided 20 students with internships.
- Mid-career from other sectors: Already happening organically. (Eg. BlackRock provides traineeship program. KPMG financial auditor becomes Head of ESG Research at Maitri Asset Management). Technology in Finance Immersion Programme (TFIP) by WSG & IBF, with 90% from 2019 cohort from non-tech jobs taken on jobs in financial institutions, another 530 are in 2020 and 2021 programs. 2022, 700 new slots.
- New Wealth Management Accelerator Programme (WMAP): 3 months program for mid-career professionals with passion for customer relationship management and interest in pursuing a career in wealth management.
- Overseas Singaporeans working in finance & technology: Many returning Singaporeans have progressed well in their careers and taken on leadership roles. They have a solid understanding of overseas markets, useful networks, and good experience working in a cross-cultural environment.
- Employment Pass Quota: No quotas on Employment Pass holders
- New Employment Pass Complementary Assessment / COMPASS framework: Transparent points-based system, clearly lists out the criteria, flexible (falls short in certain criteria, can be offset by scoring in other criteria), framework facilitates applications where there is a skills shortage locally for specific job roles
MAS seeks industry feedback in next 1 – 2 months, identify roles where there is a shortage
“ Singapore’s financial centre is doing exceedingly well, and prospects remain bright for the years ahead “

View the full speech by Ravi Menon, Monetary Authority of Singapore Managing Director at the Singapore Financial Forum 2022 on 19th May 2022. Click here
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