Singapore outlines financial services overhaul with eye on green finance boom

SINGAPORE – Singapore announced plans on Thursday to overhaul its financial services industry by 2025 in a bid to cement its position in a "key battleground" to fight climate change, mobilising capital to support sustainable financing and green fintech.

The broad plans, for which full details have yet to be announced, come with Singapore's allure as a finance hub in Asia growing amid prolonged Covid-19 curbs and concern about mainland China's growing scrutiny of rival Hong Kong. Wong said during a media briefing that there was "growing interest" among high-net-worth individuals and family offices to do more in the field of philanthropy.

The plans include a $100 million fund over five years to support sustainability within the finance sector such as green fintech, new sustainable financing solutions and reinsurance.

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Up to 4,000 financial services jobs to be created each year until 2025 under renewed industry blueprint: MASSINGAPORE — An average of 3,000 to 4,000 net jobs are expected to be created in the financial services industry each year until 2025 under the sector's second industry transformation map (ITM), launched on Thursday (Sept 15).
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