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The Monetary Authority of Singapore on Thursday informed that Singapore aims to add as many as 20,000 finance jobs over five years as the government seeks to bolster areas including wealth management and sustainable financing. 

The Monetary Authority of Singapore said Singapore is projected to add 3,000 to 4,000 net roles on average every year during 2021 to 2025, while the financial sector will grow by 4% to 5% per year in the plan unveiled Thursday, according to Bloomberg report.

It is worth noting that the push to enhance Singapore’s competitiveness as a global financial center reportedly comes against the backdrop of a gloomier economic outlook, the Bloomberg report said, adding that the country’s political stability attracts rich people from all over the world, a key edge as it vies with Hong Kong and London to manage global wealth flows, even as its financial sector accounts for 14% of the country’s gross domestic product.

The MAS “will work with the financial industry to deepen capabilities in asset classes in which Singapore plays a key regional or global role," in areas including foreign exchange and private-capital markets, it said.

Singapore last month said it is overhauling visa rules to attract foreign workers, allowing foreigners earning a minimum S$30,000 ($21,338) per month to secure a five-year work pass and that’s the latest in a string of decisions this year that are meant to address a still-tight labor market, as well as attract international business, as per report.

MAS further said that Singapore exceeded the targets set in its previous five-year plan ended 2020, having created more than 20,000 jobs and attracted $2.56 billion in total fintech investments. According to the Bloomberg report, the plan is “a clear signal by the MAS to stay ahead of the changing trends and ensure Singapore maintains its position and relevance as a leading and open financial center," said Amol Gupte, Citigroup’s head of South and Southeast Asia. 

Meanwhile, Deutsche Bank AG’s Chandra Mallika, Chief Country Officer for Singapore, expressed support for the plan in a statement, saying the bank is working with authorities on multiple initiatives including digitizing financial infrastructure, foreign exchange and sustainability.

(With inputs from Bloomberg)

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