About SC-STS

The Steering Committee for SOR Transition to SORA (SC-STS) was established by the Monetary Authority of Singapore (MAS) to oversee the industry-wide interest rate benchmark transition from SOR to SORA. As the transition involves many industry participants, as well as commercial and retail customers, it is critical to have adequate stakeholder engagement and a well-managed transition. 

Led by industry, the SC-STS is chaired by Mr Samuel Tsien, Group CEO of OCBC Bank and ABS Chairman. The Committee is responsible for providing strategic direction on industry proposals to develop new products and markets based on SORA. The Committee is also engaging with stakeholders to seek feedback and raise awareness on issues related to the transition from SOR to SORA. The Committee comprises senior representatives from key banks in Singapore, relevant industry associations, and MAS. 

Click here for the list of SC-STS members.

The terms of reference for the SC-STS is set out here.

To assist the transition efforts, seven technical subgroups have been formed: four product subgroups – Derivatives; Bonds/perpetual securities; Business/syndicated loans; and Consumer products, and three horizontal subgroups for cross-cutting Legal, Public communications/education, and Tax and accounting issues. The structure of the SC-STS and the subgroups is shown below: