Singapore can help to develop Asia's financial services

THE financial services' Industry Transformation Map (ITM), launched on Oct 30, aims to create thousands of jobs here in Singapore, as well as raise productivity and growth in the industry, and by extension the wider economy.

Under the ITM, the financial services sector is expected to achieve 4.3 per cent growth in the medium term, almost twice as fast as the overall economy. By 2020, an additional 1,000 jobs are expected to be created in the financial technology (fintech) sector.

While these numbers have led the headlines, one detail that seems to have been buried is the fact that the ITM also aims to support the development of Asian finance, including expanding cross-border agreements with other fintech centres.