Association of Banks in Singapore, The The Association of Banks in Singapore (ABS) was formed in 1973 after Singapore and Malaysia ended the interchangeability agreement on their currencies and each issued its own currency. ABS membership is voluntary and is open to both local and foreign banks licensed by the Monetary Authority of Singapore (MAS) to operate in Singapore. As of 30 April 2006, the ABS had 106 ordinary and seven associate members who are involved in a wide spectrum of financial and banking activities, ranging from major global giants to smaller financial niche service providers.
The role of the ABS is to represent and further the interest of its member banks, set standards of good practice and upgrade the expertise of the Singapore banking sector. The association holds regular consultations with the MAS to discuss industry issues and promote a sound financial system. It also 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. The association liaises with institutions and trade associations, such as the Singapore Exchange, the Real Estate Developers Association and the Consumers Association of Singapore, who use banking and financial services extensively. ABS also works closely with MAS to support Singapore’s continuing ambition to become a premier financial centre within the Asia– Pacific region.