Commentary: A clear path to transforming Singapore’s financial services sector

Commentary: A clear path to transforming Singapore’s financial services sector

SINGAPORE: Minister for Education (Higher Education and Skills) and Monetary Authority of Singapore board member Ong Ye Kung unveiled the Industry Transformation Map (ITM) for the financial services sector on Monday (Oct 30). Despite being Asia’s top performing and the world’s third most competitive financial centre, Singapore faces emerging competition and significant headwinds. While emerging financial centres such as Shenzhen and Abu Dhabi are rapidly increasing their share of the global financial markets, technological disruptions such as FinTech and crypto-currency may result in the obsolescence of traditional banking and finance activities, including front-facing roles such as portfolio management and […]