Singapore’s banking system has 'insignificant exposures' to SVB and Signature Bank; the impact on Singapore start-ups is 'limited' based on initial feedback, says MAS. READ:
The Singapore banking system has “insignificant exposures” to the failed US banks,SVB was closed by Californian regulators on March 10 while Signature Bank was closed by New York regulators on March 12.
In addition, MAS says that banks in Singapore are “well-capitalised” and that they “conduct regular stress tests against interest rate and other risks”. “MAS is closely monitoring the domestic financial system and international developments. 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,” it adds.
“The initial feedback indicates that the impact is limited. MAS and other government agencies will continue to monitor the situation closely for any signs of stress,” continues the statement.
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