SG Stocks

The Monetary Authority of Singapore (MAS) has unveiled a road map of growth strategies for the financial sector, with projections for over 3,000 net jobs being created per year and for the sector to grow faster than the broader economy. The new Financial Services Industry Transformation Map (ITM) 2025, launched by Deputy Prime Minister (DPM) Lawrence Wong on Thursday (Sep 15), sets out plans for Singapore to deepen capabilities and grow in areas such as sustainable and transition financing, private credit, philanthropy and the digital asset ecosystem. MAS is also looking to foster a “skilled and adaptable workforce”, and announced that S$400 million has been committed to fund grants in a Talent and Leaders in Finance programme. Singapore’s central bank estimates that the financial sector will create between 3,000 and 4,000 net jobs on average each year, between 2021 and 2025. It also projects that the financial sector will grow by an average of 4 to 5 per cent per annum over the same period. This is higher than private-sector economists’ estimates for gross domestic product (GDP) growth – 3.5 per cent in 2022 and 2.8 per cent in 2023 – going by MAS’ survey of professional forecasters released this month. The latest industry road map builds upon the ITM launched in 2017. DPM Wong, who is also Finance Minister and MAS’ deputy chairman, said they have exceeded the targets set out previously. Between 2016 and 2020, the financial services sector grew by an average of 5.7 per cent per annum, exceeding the 4.3 per cent target, MAS said on Thursday. The sector also created an average of 4,100 net jobs each year, above the target of 3,000. While the financial sector has done well, DPM Wong added that the external environment has become more complex and challenging. “We are only just recovering from the Covid-19 pandemic. But we don’t get to take a breather – we are now entering into a phase of elevated macroeconomic and geopolitical risks,” he said. “Drivers like technology and digitalisation have the potential to transform and disrupt financial markets and services, so finance must also step up and take bold steps.”

GSH Corporation has closed its first initial issue of digital commercial paper and raised S$19.54 million in gross proceeds, the mainboard-listed player said in a regulatory filing on Thursday (Sep 15). The issue, launched under a S$200 million multi-tranche unsecured commercial paper facility programme and to be listed on the ADDX Platform, offers an interest rate of 4.10 per cent per annum and matures 3 months from the date of its listing. Sam Goi Seng Hui, Gilbert Ee Guan Hui and Juliette Lee Hwee Khoon were among the subscribers of the issue with their holdings of S$11.82 million amounting to 60.5 per cent of the issue. Goi is a controlling shareholder and executive chairman of GSH, a group that engages in property development, hospitality business and frozen food trading. Lee is a non-executive director while Ee is the chief executive officer and executive director of GSH. The counter was flat at S$0.178 at market close on Thursday, before this announcement was made.