The Monetary Authority of
Singapore (MAS) has said that the collapse of Silicon Valley Bank (SVB) and other two
US-based banks has limited impact on startups in its ecosystem, including those
with operations in the United States.
The conclusion is based on initial
feedback, MAS announced on Monday, noting that it is working closely with
Enterprise Singapore, a statutory board under the country’s Ministry of Trade
and Industry, to assess any potential impact of the developments on the
country.
“MAS and other government
agencies will continue to monitor the situation closely for any signs of
stress,” the central bank noted.
Furthermore, the financial
regulator noted that the Singapore banking system, on the whole, has
“insignificant exposures” to the failed United States banks, adding that banks
in the Asian country are “well-capitalized and conduct regular stress tests
against interest rate and other risks.”
MAS also assured that the
country’s banking system remains “sound and resilient,” adding that the Singapore
Dollar money and foreign exchange markets “continue to function well.”
“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,” the central bank explained.
The Monetary Authority of
Singapore (MAS) has said that the collapse of Silicon Valley Bank (SVB) and other two
US-based banks has limited impact on startups in its ecosystem, including those
with operations in the United States.
The conclusion is based on initial
feedback, MAS announced on Monday, noting that it is working closely with
Enterprise Singapore, a statutory board under the country’s Ministry of Trade
and Industry, to assess any potential impact of the developments on the
country.
“MAS and other government
agencies will continue to monitor the situation closely for any signs of
stress,” the central bank noted.
Furthermore, the financial
regulator noted that the Singapore banking system, on the whole, has
“insignificant exposures” to the failed United States banks, adding that banks
in the Asian country are “well-capitalized and conduct regular stress tests
against interest rate and other risks.”
MAS also assured that the
country’s banking system remains “sound and resilient,” adding that the Singapore
Dollar money and foreign exchange markets “continue to function well.”
“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,” the central bank explained.