A shared purpose: ABS and member banks give back to society

Straits Times

12-08-2025

Bank CEOs led 1,000 bankers from 30 banks to come together to plant 400 trees to mark ABS' 40th anniversary.
THE financial sector in Singapore has long sought to fulfil its role, not only in supporting economic development, but also in uplifting the broader community. As Singapore marks 60 years of independence, ABS and its member banks continue to affirm their commitment to social responsibility by coming together to give back meaningfully to society. With over 150 member banks, ABS has consistently led collective efforts that reflect the sector's deep-rooted belief in shared prosperity. Indeed, ABS' member banks individually contribute to, and actively support, many community and social responsibility programmes.
Initiatives such as the ABS Community Giveback Programme and ABS' continued support for the President's Challenge show how a united industry can make a difference. These efforts span financial literacy outreach, support for low-income households, green awareness campaigns, and scam education programmes – critical issues that directly affect the well-being of everyday Singaporeans. Leveraging the collaborative spirit that underpins all that the association does, they amplify the industry's collective impact.
In the words of ABS Chairman Helen Wong, 'The growth and development of the financial sector is inextricably tied to Singapore's success… Through the years, ABS has galvanised the banking sector for various industry charity programmes that complement individual banks' CSR efforts. In 2026, we will hold our next Community Giveback event as a clear demonstration of our commitment to serve our customers and uphold the trust placed in us by our customers and the broader community.'
As Singapore looks ahead, ABS remains committed to supporting our members to nurture a financial ecosystem that is not only resilient and innovative, but also inclusive and compassionate.
Here are some highlights of ABS' contributions through the years.
2025: ABS and its member banks raised S$2.3 million to support the President's Challenge, through donations and ticket sales from the June 3, 2025 SG60 Charity concert.
President Tharman Shanmugaratnam (2nd from left) with (from left) ABS director Ong-Ang Ai Boon, UOB deputy chairman and chief executive Wee Ee Cheong and Credit Bureau Singapore executive director William Lim at Victoria Concert Hall on June 3.
The Charity concert was organised in collaboration with Wolfgang Violin Studio. Honour The Past, Inspire the Future, the celebratory musical concert featured international violinist-composer Aleksey Igudesman and a talented ensemble comprising of 60 budding young musicians, aged 4 to 12 years old, guided by Singapore's renowned violinist Min Lee.
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The association also organised various initiatives, aimed at giving back to various segments of the community, including seniors.
2024: In the first year of the ABS Community Giveback Programme, in partnership with SG Cares, 22 pop-up community marketplaces were set up across the island. About 3,200 beneficiary households came to select and collect household essentials that they needed. More than 1,500 bank CEOs and staff volunteered across the 22 community marketplaces to help create a fun 'shopping' experience for beneficiaries. The marketplaces were also visited by various ministers and members of parliament to support the programme.
Minister for National Development Chee Hong Tat visiting one of the 22 community marketplaces at Beatty Secondary School, with bank staff volunteers.
2023: The ABS Community Giveback Programme was first conceived during the ABS 50th Anniversary dinner as a collective effort to give back to society. Designed as a two-to-three-year initiative, the programme raised S$4 million from member banks to support a range of social causes – from promoting financial literacy to helping families, especially vulnerable groups, adopt digital banking safely and confidently.
The ABS Community Giveback Programme was launched by Associate Professor Muhammad Faishal Ibrahim, Acting Minister-in-charge of Muslim Affairs.
2013: ABS mobilised members and raised S$450,000 to support the President's Challenge. ABS also organised more than 1,000 CEOs, senior management and staff of bank members to plant 400 trees along Marina Coastal Drive and donated S$160,000 to the National Parks Board's Garden City Fund to commemorate NParks 50 years of greening the island.
UOB deputy chairman and chief executive Wee Ee Cheong, ABS director Ong-Ang Ai Boon, former ANZ Singapore chief executive Vishnu Shahaney, and former OCBC group chief executive Samuel Tsien at the ABS 40th Anniversary Tree Planting event.
2003: To mark its 30th anniversary, ABS, together with its member banks, contributed S$1.1 million to the President's Challenge.
Senior bankers from a few banks band together for the President's Challenge at the ABS 30th Anniversary Dinner in 2003.
ABS: Building a digital, inclusive and secure financial future for all
SINCE it was established in 1973, ABS has evolved from a representative body into a trusted voice for the industry from building partnerships with regulators, government agencies and global institutions. Through its work, ABS has helped Singapore's financial sector stay resilient, embrace digital transformation and respond to growing public expectations for security, inclusion and ethical conduct.
ABS' mission today is a commitment to ensure its over 150 member banks continue to support Singapore's long-term success, not just economically, but socially as well.
Empowering through financial literacy
As financial markets continue to evolve and innovate, ABS is making sure all consumers are equipped with the knowledge and confidence to make informed financial decisions. ABS believes financial literacy is essential to building an inclusive financial ecosystem.
ABS, together with its member banks, actively supports nationwide campaigns and education programmes to improve financial literacy across all age groups. Over the years, in partnership with agencies like CPF and MoneySense, these initiatives help Singaporeans understand key financial concepts, avoid risky behaviour, and adopt digital tools with confidence. Such efforts play a vital role in narrowing the financial literacy gap and promoting long-term financial well-being.
In 2023, ABS partnered with the Monetary Authority of Singapore (MAS) and other industry bodies to launch the Basic Financial Planning Guide, which outlines four key principles: saving for emergencies, obtaining adequate insurance, planning early for retirement and keeping financial commitments manageable. In addition, ABS maintains a long-standing and ongoing partnership with the CPF Board to support homebuyers. ABS and the CPF Board regularly host public webinars to guide first-time homebuyers especially couples and singles on how to maximise their CPF savings alongside bank loans, in line with public housing policy.
Driving innovation with purpose
Another major area of focus for ABS is digitalisation. The association has played a pivotal role in some of Singapore's most important financial innovations. The most prominent one being PayNow. Developed in collaboration with the MAS, PayNow allows users to make instant bank transfers using just a mobile, NRIC number or business UEN, without the need for account details. It now serves as the national digital payment rail for consumers, businesses, and even government agencies. PayNow is convenient, secure, and inclusive – everything a modern digital payment platform should be. In 2024, PayNow transactions grew to over 580 million, with a total value of S$222.4 billion.
PayNow launched at the ABS Annual Dinner 2017 by CEOs and senior management of the seven participating banks and the director of ABS.
ABS is not just concerned with rolling out new financial initiatives, it's also focused on ensuring accessibility. As banks adopt digital-first models, ABS is working to ensure that vulnerable groups, particularly seniors, are not left behind. Over the years, member banks have been sharing with elderly customers ways to bank digitally at workshops and carnivals.
Fighting scams and fraud, together
With the growth of digital banking comes a rise in scams and fraud, a serious challenge that ABS has taken on. From phishing and impersonation scams to money mule networks, the sophistication of threats has escalated sharply in the last few years.
ABS has responded by coordinating industry-wide efforts to bolster security and raise public awareness. Working closely with MAS, the Singapore Police Force, and law enforcement agencies, ABS and its member banks have initiated multiple safeguards from phasing out One-Time Passwords to introducing Singpass Face Verification for stronger authentication.
The banking industry has also introduced 'cognitive breaks' interruptions during high-risk transactions that prompt users with alerts or step-up verification. These features are designed to disrupt the psychological manipulation that scammers often use to pressure victims into transferring funds.
Technology alone isn't enough. Customer vigilance is critical in the fight against scams. That's why ABS launched Canny the anti-scam mascot, a friendly figure used in campaigns to educate the public on scam tactics and prevention tips. This year, ABS will scale its efforts and launch a new wave of public education campaigns and expand to schools.
To promote vigilance against scams, ABS and the banks launched a mascot to be a visual reminder for households to be on guard against digital fraud.
The impact is measurable: in 2024, industry efforts helped prevent more than S$74 million in potential scam losses, with S$20.9 billion in funds proactively protected through new features like Money Lock.
Supporting responsible AI adoption
As the financial sector enters a new phase of innovation driven by artificial intelligence (AI) and generative AI, ABS is taking a proactive stance in supporting banks harness these technologies responsibly.
AI is already transforming the way banks operate from personalising customer service and improving employee productivity to enhancing fraud detection and credit decisioning. But with great potential comes new risks: ethical concerns, transparency gaps, and operational vulnerabilities.
To address this, ABS is working with MAS, technology partners, and audit firms to publish a practical Generative AI handbook in November 2025. The guide will outline best practices, risk considerations, and safeguards for secure and transparent implementation. It comes after a handbook issued by the association in May 2025 on Generative AI Guardrails in banking that was developed in collaboration with MAS and Accenture.
Looking ahead
As Singapore navigates the next phase of its growth, ABS will continue to play a leading role in uniting the industry around shared challenges and opportunities. Whether it's building digital trust, protecting the vulnerable, promoting responsible innovation, or empowering communities through education, ABS remains committed to shaping a future-ready financial sector, one that is inclusive, resilient, and above all, trusted by the people it serves.