No glitches in South-east Asia

By P. S. Suryanarayana

SINGAPORE, JAN. 1. The frenetic preparations in several key South- east Asian countries for the ``millennium crossover'' without Y2K-related computer problems seem to have paid off. Hours after the clock struck the midnight hour in two distinctive ``time zones'' in South-east Asia, no major Y2K-related problems were reported from Singapore, Bangkok, Jakarta and Kuala Lumpur. Experts, however, cautioned that some problems could still occur, although the initial crossover was smooth.

Singapore has been the most Y2K-conscious country in South-east Asia and it reported a success story in the small hours of January 1. Mr. Tharman Shanmugaratnam, Deputy Managing Director (Financial Supervision) in the Monetary Authority of Singapore (MAS), said: ``The financial sector has been preparing for the year 2000 for the last four years, and (it) has now crossed the threshold without incident. On January 3, 2000, Singapore will be one of the first major financial centres (in the world) to resume operations in the New Year. We will continue to put in every effort to ensure that it's business as usual come Monday.''

Under strict MAS norms, all the Indian banking establishments in Singapore too, had prepared themselves for the Y2K rollover. Some experts pointed out that countries like Indonesia or more particularly the lesser developed ones in South-east Asia could be less vulnerable to the Y2K-related computer snags on account of their relative late entry into the cyberworld that had already been equipped with the means to ensure a smooth passage into the new millennium.

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Section  : International
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