Singapore has established a new core group to promote good culture and enhance conduct standards among banks in the country.
The group, called the Culture and Conduct Steering Group (CCSG), has been established by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS).
Go deeper with GlobalData
Singapore banking conduct group
CCSG comprises members from the MAS and 12 banks in Singapore. It will be led by DBS Bank Singapore Country Head Shee Tse Koon.
The group will work to promote adoption of ethical business practices, and update industry codes of conduct as necessary.
It will also work to identify and monitor new trends and implement measures needed to better banking services.
Koon said: “Banks understand the need to focus on culture as it drives the behaviour of their employees and leads to positive outcomes for customers.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“This is a nascent area where there is potential to do more. The CCSG is eager to work with the industry and MAS to foster a sound culture within their organisations and uplift industry standards.”
The establishment of new group is a part of MAS efforts to safeguard banking customers’ interests through various initiatives.
It is also working with the banks to optimise their risk-taking behaviour and maintain banks’ robustness.
MAS Banking and Insurance assistant managing director Ho Hern Shin said: “Good culture and conduct builds customer trust. It lays the foundation for sustainable business growth and enhances financial strength of banks.
“The establishment of the CCSG shows the industry’s recognition of the value of prioritising sound culture and good conduct standards. MAS looks forward to active collaboration with the CCSG.”
