The Association of Banks in Singapore (ABS) was registered and became a legal entity on 3 October 1973 following the dissolution of the joint Association of Banks in Malaysiaand Singapore. The split arose after Singapore and Malaysia ended the interchangeability agreement on their currencies in May that year, and each country subsequently issued its own currency.[1]
ABS aims to represent and further the interests of its member banks, set standards of good practice and upgrade the expertise of the Singapore banking sector.[2] The association works closely and holds regular consultations with the Monetary Authority of Singapore (MAS) to discuss industry issues, promote a sound financial system and support Singapore’s ambition to become a premier financial centre within the Asia-Pacific region.[3] In addition, ABS provides input for legislation and guidelines relating to the financial industry, and helps establish common ground for member banks to reconcile differing opinions and support projects of mutual benefit.[4] Other than the MAS, the association also works closely with other institutions and trade associations. These include the Singapore Exchange, the Real Estate Developers Association of Singapore (REDAS) and the Consumers Association of Singapore (CASE).[5]
ABS held its inaugural meeting on 24 October 1973 with 41 members.[6] Membership into ABS is voluntary, and is open to both local and foreign banks and financial institutions licensed by the MAS to operate in Singapore. As at 31 December 2013, the ABS has 118 ordinary, 24 affiliate and 7 associate members who are involved in a wide spectrum of financial and banking activities.[7]
References
1. Bank body registered. (1973, October 15). The Straits Times, p. 15; Soh, T. K. (1973, October 19). Banks in S’pore form new body to promote their interests.The Straits Times, p. 11; ABS boosts the development of Singapore banking industry. (1976, 22 August). The Straits Times, p. 30. Retrieved from NewspaperSG.
2. The Straits Times, 19 Oct 1973, p. 11; Williams, A. (1993, July 1). Banks get code of conduct. The Straits Times, p. 40. Retrieved from NewspaperSG.
3. The Straits Times, 22 Aug 1976, p. 30; A.B.S. bid to upgrade banking services. (1975, April 21). The Straits Times, p. 16; Kutty, N. G. (1976, April 30). Another milestone to Singapore as a financial centre. The Straits Times, p. 29. Retrieved from NewspaperSG.
4. The Association of Banks in Singapore. (2012). Our Role. Retrieved October 6, 2013, from http://www.abs.org.sg/aboutus_role.php
5. Banks to launch handbook on S'pore as financial centre. (1988, October 11). The Straits Times, p. 23; Yeow, P. L. (1998, September 26). Issues include CPF cut and legal stand on defaulters: REDAS-Banks meeting. The Straits Times, p. 80; Chow, H. (2002, January 31). Banks ask Case to join card campaign. The Straits Times, p. 9; Leong, C. T. (2002, June 2). New bank credit bureau will get accredited. The Straits Times, p. 21; Lee, B. (2008, August 18). Flu pandemic drill for financial institutions. The Straits Times, p. 43. Retrieved from NewspaperSG.
6. The Straits Times, 19 Oct 1973, p. 11.
7. The Association of Banks in Singapore. (2014). Our Membership. Retrieved January 15, 2014, from ABS website: http://www.abs.org.sg/aboutus_membership.php
The information in this article is valid as at 2014 and correct as far as we are able to ascertain from our sources. It is not intended to be an exhaustive or complete history of the subject. Please contact the Library for further reading materials on the topic.