Singapore’s government wants to expand its financial sector growth. The Monetary Authority of Singapore has stated that it has a plan which will create 4,000 new jobs in the sector which will help replace the jobs that were lost due to the development of new technology that reduced manpower needs. “With technology transforming the way financial services are produced, delivered, and consumed, it is critical that Singapore’s financial sector also transforms, to stay relevant and competitive,” the authority stated.
In recent times, usage of new technology and programs has led to a cut in jobs in finance across the world. Combating the loss of jobs is a major concern for the Singaporean Government. In fact, is projected that 30 Percent of Bank jobs will be lost within 5 years.
Additionally, the Monetary Authority plans to achieve a sector growth of 4.3 percent annually, higher than the overall economic growth of the small but developed Asian nation. Singapore is known for its highly efficient economy, being rated as one of the least corrupt economies, with low taxation and business friendly policies.
Singapore’s Monetary Authority has stated they intend to maintain and grow Singapore’s position as a international wealth management hub, as it is already third largest foreign exchange center. The Monetary Authority also hopes to build market funding programs to attract more investors to the region and to make Singapore the infrastructure financing hub of Asia.
Vikram Pandit pictured above was the former chief executive of Citigroup and has stated that he believes 30 percent of finance jobs will be lost due t technological development within just 5 years.