About SC-STS

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 to SIBOR involves many industry participants, as well as commercial and retail customers, SC-STS will ensure adequate stakeholder engagement and a well-managed transition. 

Led by industry, the SC-STS is co-chaired by Mr Wee Ee Cheong, Deputy Chairman and CEO, United Overseas Bank Ltd and ABS Chairman, and Mr Leong Sing Chiong, Deputy Managing Director, Markets and Development, Monetary Authority of Singapore. The Committee is responsible for providing strategic direction on industry proposals to develop new products and markets based on SORA. The Committee will also engage stakeholders to seek feedback and raise awareness on issues related to the transition from SOR and SIBOR 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: