Association of Banks in Singapore's annual dinner set to be postponed

AN ANNUAL dinner where top bankers in Singapore gather, and where major banking announcements are made, will be postponed.

The Association of Banks in Singapore (ABS) will postpone its 47th annual dinner this year to a later date in light of the Covid-19 crisis and safe distancing measures in place, The Business Times (BT) understands.

It is understood that the annual event, typically held in June every year, will be postponed to a time when large-scale events are allowed under the Singapore government's directives. No date has been fixed, BT understands.

The ABS dinner is a key event for the Singapore banking industry as major announcements are typically made at the event.

Last year, the Monetary Authority of Singapore (MAS) announced during the dinner that it would issue up to five new digital banking licences in Singapore. That announcement marked one of the biggest liberalisation steps in the financial sector taken by the Republic in years. That being said, with the Covid-19 outbreak, MAS has delayed the announcement of the winners of the licences, with the regulator saying the names of successful applicants will be out latest by the end of the year.

The ABS dinner in 2011 was also when the Singapore regulator announced its capital requirements for Singapore banks, based on the Basel III framework.

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ABS's virtual annual general meeting this year will carry on as scheduled on Friday.

ABS is a non-profit organisation that aims to represent the interests of the commercial and investment banking community. As at Jan 31 this year, its membership comprised 154 local and foreign institutions and representative offices operating in Singapore.