The financial sector in Singapore expanded in the first quarter of 2024, according to the local regulator, with the asset management industry reaching $4 trillion.
According to the Monetary Authority of Singapore (MAS), the city-state’s financial sector expanded 7 percent year-on-year in the first quarter of 2024. This includes broad-based growth across major segments, in particular from insurance, payments, banking and fund management.
«The financial sector continues to be an important driver of growth for the Singapore economy,» said MAS chairman Gan Kim Yong in a message as part of the regulator’s release of its 2023/2024 annual report. «MAS will continue to develop the financial sector’s capabilities in emerging growth areas, to connect global markets, support Asia’s development and serve Singapore’s economy».
Sub-Sector Growth
For example, assets under management within the asset management industry grew 10 percent to reach S$5.4 trillion ($4 trillion). This is in line with the 10 percent compounded annual growth rate (CAGR) over the past five years.
In separate remarks, MAS managing director Chia Der Jiun also noted that the insurance sector saw net premiums and total assets grow 6.4 percent and 6.8 percent, respectively, in 2023 while total banking assets grew at 5.5 percent CAGR over 2018 to 2023.
