Singapore may open banking sector<\/p>\n
SINGAPORE (AFP): The Monetary Authority of Singapore (MAS) was
\nreported Saturday as saying it will \"consider seriously\" opening
\nup the island state's banking sector to full foreign
\nparticipation earlier than the existing five-year time frame.<\/p>\n
The move to shorten the time frame followed suggestions from a
\npanel of world finance experts that Singapore should swiftly
\nliberalize the banking sector if it wanted to enhance the
\nisland's financial hub status.<\/p>\n
The International Advisory Panel, comprising some of the top
\nnames in world finance, was set up by the Singapore government
\nlast year to get private-sector advice on the banking industry.<\/p>\n
The MAS, the de facto central bank in Singapore, said in a
\nstatement to local newspapers that the influential panel members
\nhad felt that the five-year period might be too long.<\/p>\n
\"This is because the best opportunity for Singapore banks to
\nbuild up a presence in the region will be when countries begin to
\nrecover over the next two to three years.<\/p>\n
\"MAS will consider seriously this view of the (panel) in
\nworking out the timetable for liberalization,\" the Business Times
\ndaily quoted the statement as saying Saturday.<\/p>\n
Among members of the International Advisory Panel were Alfred
\nBerkeley, president of the Nasdaq counter in the US stock market,
\nJan Kalff, chairman of Dutch bank ABN AMRO Bank NV, Michel
\nPbereau, chairman of Banque Nationale de Paris, and Yoh Kurosawa,
\nchairman of Industrial Bank of Japan.<\/p>\n
Among the panel's key suggestions after a meeting here earlier
\nthis week was that Singapore's banking sector should be open to
\nfull foreign participation, but in a \"properly paced and
\nsequenced manner.\"<\/p>\n
In the statement, MAS said it had been encouraging the
\nconsolidation of local banks but it \"cannot dictate actual
\nmergers.\"<\/p>\n
\"These are decisions for their boards and their shareholders
\nto make,\" it said, adding that the banks \"will have to weigh the
\ncompetitive implications and opportunities and decide for
\nthemselves the strategies to pursue.\"<\/p>\n
The panel thought that Singapore should allow foreign banks
\ngreater scope in providing retail banking services, while
\nencouraging local banks to consolidate among themselves and
\nexplore strategic alliances with foreign institutions.<\/p>\n
Some 200 foreign financial institutions operate in Singapore
\nwith restrictions largely on retail banking.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/singapore-may-open-banking-sector-1447893297",
"image": ""
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