SINGAPORE - Amid a global erosion of trust in the banking industry, a new group has been formed to promote better culture and conduct among banks in Singapore.
The MAS and ABS said in a joint statement on Wednesday that the group's aims are to identify best practices and share them with banks to facilitate their adoption; monitor trends and identify emerging conduct and culture issues within the banking industry; and collaborate with MAS on initiatives to promote strong culture and conduct, such as performing industry self-assessments or updating codes of behaviour.
ABS director Ong-Ang Ai Boon also said that the new group will help to ensure integrity and ethical behaviour."It builds on our existing practices to embed these values deeply among our member banks, so that as an industry, we will achieve higher standards of culture and conduct for our customers," she said.