, Singapore
Photo by Justin Lim via Unsplash.

Singapore's MAS: banking system sound amidst US bank failures

MAS said that its local banks have “insignificant exposures” to the failed banks.

Singapore assured that its banking system “remains sound and resilient” after the recent closure of two US banks fanned fears of a contagion effect.

Over a span of days, California-based Silicon Valley Bank (SVB) and New York-based Signature Bank both collapsed after. SVB and Signature Bank are now the second and third largest failures in US banking history, eclipsed only by Washington Mutual’s demise in 2008.

Days before, a crypto-focused bank, Silvergate, also announced that it is winding down operations and voluntarily liquidating.

ALSO READ: Weekly Global News Wrap: Nomura cuts entertainment budget; crypto bank Silvergate closing down

Silvergate and Signature Bank have been identified as the two largest providers of financial services to the cryptocurrency industry by the US media.

In a statement, MAS said that the local banking system has insignificant exposures to these failed banks in the US.

“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. These factors will allow them to weather potential stresses from global financial developments,” the financial regulator said.
MAS added that it is ready to provide liquidity if necessary to ensure that Singapore’s financial system remains stable and that its financial markets continue to function “in an orderly manner.”

MAS further shared that it has spoken with Enterprise Singapore on the failures’ potential impact to Singapore start-ups, including those with US operations. 

“The initial feedback indicates that the impact is limited,” MAS stated.

Follow the links for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


Hong Kong’s livi bank launches game-changing app for SMEs
Going fully digital on opening accounts and approving quick loans to SMEs raises ‘livi Business’ disbursements to over HK$70m (US$8.9m) as of end-April.
3 principles guide Bank Aladin Syariah in tapping Indonesia’s customer segments
Within a year, the digital sharia bank got past low penetration to record 1.7 million customers and now targets multiple times growth by end-2023.
Bankers face sluggish hiring market, layoffs in Hong Kong
Industry insiders reveal how investment banks prioritize cost efficiency and productivity over hiring new employees.