The announcement of the creation of four thousand new jobs in the island city-state of Singapore is good news and it’s designed to offset lost financial sector jobs, which were eliminated due to the emergence of fintech. The new announcement also included plans for the development of foreign exchange trading and wealth management. Singapore’s leaders wish to improve its status as a hub for foreign exchange and wealth management. It’s part of a larger plan to create extra jobs within the financial sector and to mitigate the effects of rapid changes which are related to tech advancements.

The plan was announced in November of 2017, by Singapore’s Monetary Authority. Four thousand “net” employment positions will be created in niche industries (financial technology and financial services). Anticipated growth in these sectors is estimated to be over four percent per year, which is a higher rate of growth than overall national economic growth.

Tech is Altering the Financial Industry

According to an MAS spokesman, tech is changing the way that the financial industry operates. Financial services are being produced and delivered in new ways and they are also being consumed in new ways. The spokesperson believes that Singapore’s financial industry needs to change with the times, as evolution is the key to remaining viable and competitive. Without change, jobs lost may never be replaced and Singapore may fall behind, while other nations excel.

All around the globe, banks are downsizing due to digital technology shifts that are changing the entire financial industry. For example, applications such as AI and robotics are making automated financial services easier to deliver. According to Vikram Pandit, who was in charge of Citigroup Incorporated, thirty percent of banking positions will be gone within the next 5 years! The advent of robo-advisors and apps for financial services (such as investment) is nigh and there will be more important fintech developments in the future.

Fintech is big business. It fills a need in the marketplace, so it’s not going to disappear.

The MAS Has Big Plans

A trio of core goals characterize the new MAS plan, which is referred to as an “industry transformation map”. According to the MAS, Singapore should become a big global hub for international wealth management. This is goal one. To achieve this goal, the Monetary Authority of Singapore is partnering with industry in order to foster excellence in tech for wealth management and innovation for tech management.

The second goal is to turn Singapore into a thriving hub for asset management in Asia. Singapore should become a place which features higher amounts of domiciled funds.

The third goal is to make Singapore a center for liquidity and price discovery within Asia. At present, Singapore is ranked number three as a global center for foreign exchange. The Monetary Authority of Singapore will ask important participants to put down pricing engine and matching “roots” in the country, with a mind to enabling participants in the market to take advantage of improved efficiency and liquidity during the execution of foreign exchange transactions.

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Morris Edwards is a content writer at, he writes different topics like Pretty Happy at Work: Healthy Ways to Love What You Do and all topics related to Singapore Business, if you are interested about Company Registration Singapore visit our website.