Various

MAS: Singapore Banking System Has “Insignificant Exposures” to Failed US Banks

The Singapore banking system has “insignificant exposures” to the failed Silicon Valley Bank (SVB), Signature Bank and Silvergate Bank in the US, according to the Monetary Authority of Singapore (MAS).

The regulator added that Singapore’s banking system still remains sound and resilient despite the financial market turbulence due to the spectacular implosion of these banks.

“Banks in Singapore are well-capitalised and conduct regular stress tests against interest rate and other risks. Their liquidity positions are healthy, underpinned by a stable and diversified funding base,”

MAS said in a statement.

MAS is closely monitoring the domestic financial system and international developments. The regulator added that it is ready to provide liquidity to ensure that Singapore’s financial system remains stable and financial markets continue to function in an orderly manner.

Currently, MAS is in close touch with Enterprise Singapore to assess any potential impact of international developments on Singapore startups, including those with operations in the US.

The regulator found out through initial feedback that the impact of these failed banks on Singapore-based startups is limited.

MAS and other government agencies will continue to monitor the situation closely for any signs of stress.