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MAS has initiated efforts to ensure Singapore's competitiveness by promoting the adoption of global best practices and standards for back-office operations, developing Singapore as the Asian hub for
high value-added processing activities, and ensuring a conducive and competitive environment for these activities.
MAS also collaborated with the local banks to identify and to facilitate back-office consolidation opportunities. The emphasis was on efficient processing and cost savings through greater economies
of scale for the banks and improved service levels for consumers. Two specific opportunities were identified – the CPFIS and the ATM networks which led to the formation of AceNet.
MAS also worked closely with other fellow agencies like the Economic Development Board and Jurong Town Corporation to promote Singapore as a processing hub as well as to enhance its competitive advantages. Specific measures included the provision of relevant incentives for capital investments and expansion plans, and improved accessibility to cheaper land via the business parks. These moves have made Singapore an even more attractive processing hub to financial
institutions. This attractiveness was
reinforced when Citibank decided to locate its information technology global centre in Singapore, which will service 56 countries around the
world, in addition to basing its global credit card and regional cash processing operations here.
CPF Investment Scheme
MAS worked in conjunction with the Ministry of Manpower, CPF Board and local banks to consolidate CPFIS
processing under a sole backroom processor. The tender notice was issued on 19 December 2000 and the
submission for proposals closed on 31 January 2001. The review and selection process is currently ongoing. Its eventual implementation will translate into cost savings to CPFIS investors in terms of more competitive transaction charges.
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