The committee was established by the Monetary Authority of Singapore (MAS) to oversee the industry-wide interest rate benchmark transition from SOR to SORA in August 2019. The MAS subsequently expanded the committee’s mandate in December 2020, to include the SIBOR-to-SORA transition as well, and renamed the committee as the Steering Committee for SOR & SIBOR Transition to SORA (SC-STS). As the transition from SOR and SIBOR to SORA involved many industry participants, as well as commercial and retail customers, SC-STS ensured adequate stakeholder engagement and a well-managed transition.

Led by industry, the SC-STS was co-chaired by senior representatives from the incumbent ABS Chairman Bank and MAS. The Committee was responsible for providing strategic direction on industry proposals to develop new products and markets based on SORA. The Committee also engaged stakeholders to seek feedback and raise awareness on issues related to the transition from SOR and SIBOR to SORA. The Committee comprised senior representatives from key banks in Singapore, relevant industry associations, and MAS. The final composition of SC-STS members before its retirement is available here.

The SC-STS was retired after 25 February 2025, after fulfilling its mandate pursuant to its Terms of Reference. During its tenure, the SC-STS was supported by 7 separate subgroups involving over 20 banks, industry associations and agencies and met 40 times in 5 years. It produced more than 80 separate publications, held over 10 public events and ran 2 major public education campaigns across 4 years which were amplified through paid media platforms and banks’ owned channels.

Out of the seven technical subgroups that were formed to assist the SOR to SORA transition efforts, four were product subgroups – Derivatives; Bonds/perpetual securities; Business/syndicated loans; and Consumer products, and three were horizontal subgroups for cross-cutting Legal, Public communications/education, and Tax and accounting issues.

With the completion of the transition from SOR to SORA, the industry has shifted its focus towards the SIBOR transition for 2023 and 2024. Consequently, the structure of the SC-STS and the subgroups has been revised to reflect the shift to focus on SIBOR and is shown below: