personally, I don't see any difference from jobstreet or jobscentral.
I thought this jobsbank is only for singaporeans, but it seems like you don't need a password to view the jobs (and the email addresses which you can send your application in). you'll still get foreigners competing with you for job.
1. You don't need a password to view jobs, but need one to apply for a job. Only Sinaporeans with Singpass can apply.
2. Jobs on jobstreet, etc, stay forever. Even when the advertiser finds a candidate, they may forget to remove the posting. On jobsbank, all postings will expire in 30 days. This will ensure freshness.
3. Once a company wishes to get an EP,
MOM will ask them "20 Singaporeans applied for this job, yet you say that every single one of these was incompetent. Tell us how this can be true." Many companies are already fearing this line of inquiry.