Singapore financial sector growth doubles in 2024; assets managed cross $6 trillion in a first: MAS
July 16, 2025
SINGAPORE – Singapore’s financial services sector in 2024 more than doubled the growth rate of the preceding year. But the Monetary Authority of Singapore (MAS) warns that the pace of the last few years is unlikely to persist as the industry braces itself for slower global growth amid tariff uncertainties.
The financial services sector grew 6.8 per cent in 2024 compared with 3.1 per cent in 2023. It accounted for about 14 per cent of Singapore’s gross domestic product (GDP), Deputy Prime Minister and MAS chairman Gan Kim Yong said in the central bank’s annual report released on July 15. READ MORE