SINGAPORE: Singapore’s banking system remains robust and well-equipped to navigate current macro-financial uncertainties, according to the Monetary Authority of Singapore .
In its 2024 Financial Stability Report, released on Nov 27, the central bank highlighted the sector’s strong capital and liquidity buffers, as well as the overall health of asset quality.
“Asset quality remains healthy despite still-elevated borrowing costs, and banks have adequate precautionary buffers to guard against any credit quality decline,” the report stated. Credit growth peaked earlier in 2024 and has moderated since the third quarter, primarily due to a slowdown in interbank lending. However, lending to non-bank entities has continued to grow since March, coinciding with a global shift towards easing interest rates.The report noted that the recovery in lending to non-bank entities has been largely supported by loans extended to Singapore residents.
Loans to small and medium enterprises remain a concern. MAS reported a decline in total loan value to SMEs, which was attributed to the expiration of COVID-19-era loans provided by Enterprise Singapore.
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