What Does ITM Hold For The Future Of Our Financial Sector?
Finance is marrying technology and it is going to change and mould the future of our financial sector in Singapore.
There is no denying that technology is, has, and will reach out to each and every single part of our lives. And more recently, it can also be seen as the only way forward for many or if not, all businesses. To ensure Singapore’s financial sector remains competitive, it should not come as a surprise that the Monetary Authority of Singapore (MAS) has announced the Industry Transformation Map (ITM) for financial services.
Here are a few key takeaways from MAS’s ITM for financial services.
What Does It Entail?
The ultimate goal of ITM is to expand Singapore’s financial position in Asia and the world and ensure that the local finance sector stands at the forefront of technological change. Thus, more technology in its various forms will be further implemented into the way financial services are produced, delivered, and consumed. MAS forecasts that through ITM, 3,000 financial services jobs and an additional 1,000 jobs in the emerging FinTech industry will be created annually.
What Are The Plans And Changes?
More plans are in place to make Singapore’s vision of being Asia's leading financial hub a reality. Amongst them, MAS will be encouraging key Forex organisations to anchor their pricing and matching engines here, work with key banks to see that Singapore becomes a full service Asian infrastructure-financing hub, and further position Singapore as the Asian hub for fund management.
With regards to implementing more technology into the financial sector, as a means to increase efficiency for both end users and financial institutions, MAS will:
- Further encourage financial institutions to adopt or further adopt FinTech in order to boost its connectivity
- Work closely with financial institutions to create more electronic payment options, even on the corporation level
- Concentrate on research and development of new technology to further boost our financial landscape, with particular attention paid to inter-bank payments and trade finance
- Build new technology to ease the complexity of financial institutions’ regulatory compliance