Singapore’s Banking System Remains Sound and Resilient

The Monetary Authority of Singapore, MAS, has published a press statement in view of the recent bank failures of the two U.S. banks Silicon Valley Bank and Signature Bank and potential snowball effects upon the Singapore banking system.
In its statement, MAS notes that the exposures to the named banks both of Singapore financial institutions and of individuals were very limited, suggesting little or hardly noticeable effects upon the Singapore financial market. Additionally, the banking system in Singapore is robust and sound and Singapore banks are „well-capitalised and conduct regular stress tests against interest rate and other risks“. The current Singapore Dollar foreign exchange and money markets are functioning well, too.
MAS will closely monitor the situation and will not refrain from taking any measures to ensure that the Singapore financial market remains stable and secure. If needed, it will provide additional liquidity to the market through any of its multiple liquidity facilities.