SINGAPORE — The banking system here has 'insignificant exposures' to failed banks in the United States, and remains 'sound and resilient', said the Monetary Authority of Singapore (MAS) on Monday (March 13).
SINGAPORE — The banking system here has"insignificant exposures" to failed banks in the United States, and remains"sound and resilient", said the Monetary Authority of Singapore on Monday .last Friday and Signature Bank on Sunday — continues to rock global financial markets.
The failure of Silicon Valley Bank, which has been one of the go-to banks for US start-ups since 2008, has been described as America's biggest banking failure since the 2008 financial crisis.In a press release, MAS said that the Singapore dollar money market and foreign exchange market"continue to function well".
Some reasons why banks in Singapore are able to weather potential stresses from global financial developments include having an ample amount of capitalTheir liquidity positions are also healthy, underpinned by a stable and diversified funding base, added MAS."MAS stands ready to provide liquidity through its suite of facilities to ensure that Singapore’s financial system remains stable and financial markets continue to function in an orderly manner.
The authority is in contact with Enterprise Singapore to assess whether Singapore start-ups, including those with operations in the US, are impacted by international developments.Related topics
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