As part of our role in representing the banking community in Singapore, ABS is affiliated with a number of local and international industry bodies.
ASEAN Bankers Association (ABA)
We represent Singapore banks in the ABA which comprises the banking associations of ASEAN member countries. The principal organs of ABA are the ASEAN Banking Conference and the ASEAN Banking Council.
The Conference meets biennially to exchange ideas and views, with the aim of achieving ABA's objectives which include promoting economic growth in ASEAN, raising the level of sophistication and professionalism of banking systems in ASEAN, and encouraging friendship and co-operation among ASEAN bankers. Ideas arising from these exchanges, after further assessment, are then presented to the Council for more detailed study and adoption. The Council is the executive arm of the Association and meets annually. All initiatives adopted by the Council are implemented through the three permanent committees. ABS chairs one of the three committees.
Credit Bureau (Singapore) Pte Ltd (CBS)
CBS was established in 2002 by ABS and outsourced to be managed by Infocredit Holdings. ABS is a significant minority shareholder in CBS.
The first consumer credit bureau to be recognised by MAS, CBS is the leading, most comprehensive and developed consumer credit bureau in Singapore. It aggregates credit-related information amongst its members including all retail banks and finance houses in Singapore. Information is shared with members in accordance with the CBS Code of Conduct. CBS is also accredited by CaseTrust and TrustSG (SGS evaluate+). CBS also partners with Credit Counselling Singapore, the Consumers Association of Singapore and other organisations to educate consumers.
In commemoration of its 10th Anniversary celebrations in 2012, CBS will be launching a series of consumer education initiatives to educate the public on the importance of managing credit health and fraud prevention.
Credit Counselling Singapore (CCS)
CCS was formed in 2004 to promote the responsible use of credit and money management through education. It also helps consumers to recover from debt problems by providing general credit management information, credit counselling and where appropriate, drawing up a debt repayment plan for the creditors’ review. CCS is a registered charity and a member of the National Council of Social Service.
Dr Goh Keng Swee Scholarship Fund
The Fund was set up with the support of the financial and business community to record its appreciation of Dr Goh's immense contributions to the Singapore economy, especially to its status as a reputable financial centre.
Scholarships are awarded for study at our local universities, furthering Dr Goh’s vision of increasing the ASEAN talent pool by financing bright and promising students from the Asia-Pacific region. Upon graduation, the scholars are required to work in Singapore or for an approved Singapore-based company in their home country for a period of three years.
The Fund is administered by ABS with the selection of the scholars handled by the Public Service Commission.
Financial Industry Disputes Resolution Centre Ltd (FIDReC)
Launched in 2005, FIDReC is an independent and impartial institution specialising in the resolution of disputes between financial institutions and consumers. FIDReC subsumes the work of the Consumer Mediation Unit of the ABS and the Insurance Disputes Resolution Organisation (IDRO).
FIDReC provides an affordable and accessible one-stop avenue for consumers to resolve their disputes with financial institutions such as banks, finance companies, life insurers, general insurers, capital market services licensees, licensed financial advisers and insurance intermediaries.
Society for Worldwide Interbank Financial Telecommunication (SWIFT)
SWIFT is a member-owned cooperative supplying secure messaging services and interface software to over 9,700 banking organisations, securities institutions and corporate customers in 209 countries. Its customers are banks, broker-dealers, investment managers and corporate clients. SWIFT provides the proprietary communications platform, products and services that allow customers to connect and exchange financial information securely and reliably. SWIFT also acts as the catalyst that brings the financial community together to work collaboratively to shape market practice, define standards and consider solutions to issues of mutual interest.
SWIFT enables its customers to automate and standardise financial transactions, thereby lowering costs, reducing operational risk and eliminating inefficiencies from their operations.
Since 1993, ABS has been managing the Secretariat of the SWIFT User Group in Singapore. Mrs Yee Jee Hong is the ABS representative on the SWIFT Board (representing countries in the Asia Pacific including all ASEAN countries).