At the moment the Singapore economy is represented by the financial sector which is also one of the most attractive investment industries for foreign enterprisers. The Singapore financial industry is not made up by banks and insurance companies, but also by IT companies which create software employed in the newly-emerged financial technology sector – better known as fintech. In order to take advantage of this new industry, the government has enabled the new Industry Transformation Map for the financial sector which includes fintech. Our lawyers in Singapore can offer information on the current laws applicable in the financial domain.
The new map targeting the Singapore financial industry aims not only at creating new jobs, but also to drive a 4.3% economic growth to the city-state. The productivity brought by the sector should also rise to 2.4% on annual basis, according to the Monetary Authority of Singapore (MAS).
With respect to the number of jobs: the MAS announces 3,000 jobs in financial institutions and 1,000 in the fintech industry in Singapore, on a yearly basis. These measures aim at sustaining the following:
The MAS also plans on creating an Asian center for company financing and capital raising. Two other programs announced by the Central Bank are the Asian Bond and the Green Bond Grant programs.
Among the projects of the MAS there is creating an infrastructure which will encourage insurance companies to use blockchain platforms. The first thing to be handled will probably be the creation of a regulatory environment for blockchain, followed by support programs which will encourage innovation in the financial industry. Cyber resilience is also on the agenda of the Monetary Authority.
Under the new Transformation Map for the financial industry, Singapore aims at improving its position among financial centers in Asia and in the world.
Foreign investors interested in setting up a financial company in the Lion City are invited to contact our law firm in Singapore.
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