Impact of ONE Pass' Investment Management Track on Singaporeans' Career Progression in Asset Management Industry
Ministry of FinanceSpeakers
Summary
This question concerns the impact of the Overseas Networks and Expertise (ONE) Pass' Investment Management Track on the career progression and leadership ratio of Singaporeans in the asset management industry, raised by Mr Patrick Tay Teck Guan. Minister Gan Kim Yong, replying for the Prime Minister, noted that locals comprise around 80% of the industry's nearly 25,000 workforce as of end-2025, with local employment rising by 6,000 between 2020 and 2025. He clarified that the ONE Pass attracts top global talent to enhance Singapore's competitiveness and generate more quality jobs. The new track specifically targets a small group of global industry leaders to anchor capital and expand opportunities across asset management and ancillary sectors. Additionally, the Monetary Authority of Singapore actively partners with financial institutions to build local leadership capabilities through overseas postings and leadership development programmes.
Transcript
52 Mr Patrick Tay Teck Guan asked the Prime Minister and Minister for Finance (a) whether the Government expects the Investment Management Track under the Overseas Networks and Expertise (ONE) Pass framework to reduce the Singaporean to foreigner ratio in top roles in the asset management industry; and (b) what assurances can be provided to the 20,000 Singaporeans in the industry that this scheme would not compromise their career progression and lead to shared economic gains.
Mr Gan Kim Yong (for the Prime Minister): The asset management industry has created good jobs for locals, which make up around 80% of the industry's total workforce of close to 25,000 as of end-2025. From 2020 to 2025, the industry saw an increase of 6,000 in local employment.
Top global talent attracted under the the Overseas Networks and Expertise Pass help make Singapore more competitive and dynamic and create more good jobs. The new Investment Management track targets a small and specific group of global industry leaders, such as founders of asset management firms or senior investment professionals, who contribute significantly to business growth. They can help anchor capital and expand business opportunities in Singapore and create more good jobs for locals in the industry as well as the professional and ancillary services sectors.
The Monetary Authority of Singapore is also developing local talent to assume financial sector leadership roles. We partner major financial institutions and have talent development schemes that support overseas postings and leadership programmes for Singaporean professionals. This helps Singaporean professionals to build their leadership capabilities and networks, and open more opportunities for them to progress in our financial sector.