Singapore rolls out new foreign work pass track, tax exemptions for asset management industry

Singapore's Monetary Authority of Singapore (MAS) announced a series of measures to bolster the country's standing as a premier asset management hub. Among these initiatives is a new foreign work pass track aimed at recruiting senior professionals in the industry under the Overseas Networks and Expertise (ONE) Pass framework. The Industry's annual growth has averaged 7.5% over the past five years, reaching about S$7 trillion (US$5.5 trillion) in assets under management and providing approximately 25,000 jobs, 80% of which are held by local employees.