Lawrence Wong: ITM 2025 - forging new growth pathways

Opening address by Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Deputy Chairman of the Monetary Authority of Singapore, at the Financial Services Industry Transformation Map (ITM) 2025 Launch Event, Singapore, 15 September 2022.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
04 November 2022

MAS Board Members, 
Industry Partners,
Distinguished Guests,

1. I am happy to be here today to share with you the road ahead for our financial services sector.

2. Singapore has come a long way in finance. 

a. We emerged as an international financial centre in the sixties with the establishment and rapid growth of the Asian Dollar Market.

b. Over the decades, we've anchored reputable banks and other financial institutions here, and developed strengths in the capital markets, reinsurance, and wealth and asset management sectors.

c. Growth in financial services has benefited the rest of the economy – because of its strong linkages with professional services, ICT and other sectors, creating positive spillovers. 

3. Five years ago, we took further steps to deepen our capabilities and grow the financial services sector.

a. Our vision was for Singapore to be a leading international financial centre in Asia, connecting global markets, supporting Asia's development, and serving Singapore's economy.

b. We set out our plans in the financial services industry transformation map or ITM.