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Singapore's banking industry to impose minimum standards on OSPs

Nurdianah Md Nur | June 26, 2015
According to the Association of Banks Singapore, the guidelines will raise the level of compliance standards among outsourced service providers (OSPs) while reducing the industry's compliance costs.

"The guidelines provide clarity and consistency in the control and governance of the OSPs and their sub-contractors to a level which FIs adhere to. This allows FIs, OSPs, and subcontractors to benefit from enhanced levels of service," she concluded. 

 

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