Singapore banking system remains ‘sound and resilient’ amid SVB collapse: MAS

THE Singapore banking system remains “sound and resilient” amid the recent collapse of Silicon Valley Bank (SVB) and a couple of other small banks, said the Monetary Authority of Singapore (MAS) on Monday (Mar 13).

Analysts also expect SVB’s fallout to have limited impact on Singapore’s banks, given fundamental differences between the local lenders and SVB.

In a statement on Monday, MAS said the Singapore banking system has “insignificant exposures to these failed banks in the US”.