Singapore financial sector grew 5.1% in 2020, faster than before Covid-19: MAS annual report

The Straits Times2021-06-30

SINGAPORE - Singapore’s financial sector outperformed the overall economy in 2020 by growing at a pace that was even faster than 2019, before the onset of the Covid-19 outbreak, the central bank’s ...

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Eddie318
2021-06-30
Eddie318
Happy to hear good news.
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2021-06-30
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2ad372ef
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MN27
2021-06-30
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2021-06-30
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Go gogo

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This outstripped the sector’s growth of 4.1 per cent in 2019.\nFintech investments into Singapore posted a strong 34 per cent growth last year to reach a record $1.4 billion, as reported by the Boston Consulting Group.\n“We expect the financial sector to continue to create good jobs this year as well,” said Mr Menon.\nIn his annual message, MAS chairman and Senior Minister Tharman Shanmugaratnam said the sector along with the fintech industry also created a net 2,500 jobs, which were taken up by locals.\nMAS’ concerns at the onset of the Covid-19 crisis that defaults among weaker companies could strain banks’ profitability and capital positions have not materialised, Mr Menon noted.\nHe added that “MAS recognises however that problem loans can take time to surface.”\nAs such, MAS is conducting additional stress tests to assess whether it is necessary to extend the current dividend restrictions on local banks and finance companies, he said.\nMr Menon also reiterated that Singapore’s economic growth this year could exceed the upper end of the official forecast range of between 4 per cent to 6 per cent, barring a setback to the global economy.\n“The broader economy should see a recovery in the second half of this year alongside strengthening global demand and further progress in our vaccination programme,” he said.\nHe added that the Singapore economy has recouped during the first quarter of 2021 the aggregate output loss incurred during the pandemic.\nMr Menon said MAS made a net profit of $5.2 billion in the last financial year and will return half of the profits, or $2.6 billion to the Government while the remainder will be added to MAS’ reserves.\nThe investment return from the Official Foreign Reserves was $8.2 billion, he said.\nThe financial sector’s robust performance was achieved in a year when the Covid-19 pandemic pulled the overall economy down by 5.4 per cent into its worst recession since independence and the unemployment rate rose to 3 per cent, the highest in more than a decade.\n“The banking system entered the crisis from a position of strength. We expect domestic systemically important banks to remain resilient and well positioned to provide a smooth supply of credit to the economy,” said Mr Tharman.\nHe said the financial sector met both the value-added and jobs growth targets in the 5-year Industry Transformation Map (ITM) for 2016-2020.\nTogether with the Institute of Banking and Finance - which was appointed Jobs Development Partner for Financial Services by the National Jobs Council - MAS has sharpened its ability to identify employment patterns amongst financial institutions and to proactively engage them on upskilling and re-skilling their workforce as well as to help Singaporeans enter the industry, he noted.\nHighlighting the central bank's efforts to mitigate the economic impact of the pandemic, Mr Tharman said MAS aimed at maintaining monetary and financial stability and supporting individuals, businesses and financial institutions to manage the challenges.\nThe introduction of the MAS SGD Term Facility and MAS USD Facility helped in managing the stronger demand for SGD and USD liquidity, while collaboration with the financial industry to introduce credit and insurance support measures aided individuals and small and medium-sized enterprises (SMEs) to manage their financial commitments.\nMAS also provided low-cost Singapore dollar funding at 0.1 per cent to support lending by banks and finance companies to SMEs.\nEnhanced training support schemes were introduced to upskill Singaporeans for new jobs in the financial sector, as well as measures to position financial institutions and FinTech firms for stronger growth, Mr Tharman said.\nDespite the disruption caused by the pandemic, MAS moved ahead with its longer-term goals for the financial sector, particularly in digital 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