SINGAPORE has become only the second country to be given a Y2K ‘all-green rating’ by one of the world’s leading Y2K watchdogs – the Global 2000 Coordinating Group.
The rating is awarded by a consortium of banks, securities firms and insurance companies from 65 countries.
The green rating means the Global 2000 Group is comfortable with the level of public information and progress towards becoming Y2K compliant in six key sectors – financial services firms, clearing and settlement organisations, telecommunications providers, transport systems, basic utilities such as energy and water and government.
Global 2000 Group ratings can be either green, amber, red or black.
Singapore’s six key components are all in the the final phases of Y2K preparations, in line with the country’s objective of having all systems and services ahead of schedule.
Already 90 per cent of Singapore’s government systems have been converted and all government agencies and key infrastructure systems and service providers are expected to be Y2K ready shortly.
Preparations are also believed to be well underway in Singapore’s financial sector.
Monetary Authority of Singapore director Koh Yong Guan said Year 2000 readiness was one of the biggest challenges facing the financial industry globally.
“We are confident our financial sector will remain resilient in the transition into 2000,” Mr Guan said.
Singapore has also signed agreements with Australia, Chile and Thailand to facilitate the sharing and exchange of information related to Y2K issues.
