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How do I know if my company is considered part of the Financial Services sector?

Firms conducting the following business activities are considered to be part of the Financial Services sector:

  • Fund Management Activities
  • Holding Companies regulated by MAS, or which have a nexus with MAS-regulated firms
  • Insurance Agents and Brokers
  • Insurance and Reinsurance Underwriting
  • Monetary Intermediation (e.g. Banks, Finance Companies etc.)
  • Provident and Pension Funding
  • Risk and Damage Evaluation
  • Securities and Commodities Exchange
  • Security and Commodity Contracts Brokerage
  • Trusts, Funds, and similar Financial Entities
  • Other Financial Services activities (e.g. Financial Leasing, Credit Granting, Factoring companies, Representative offices of foreign banks, Money-changing services, Remittance services etc.)
  • Other activities auxiliary to Financial Service activities (e.g. Trustee, fiduciary and custody services; Corporate finance advisory services; Clearing and settlement of financial instruments; Transaction/Payment processing services etc.)
  • Other activities auxiliary to Insurance and Pension Funding (e.g. Representative offices of foreign insurers and professional reinsurers, Captive managers etc.)
Please note that the above list may not be exhaustive. You can refer to our press release for more information on the higher Employment Pass qualifying salaries for the Financial Services sector.