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

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.

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, MAS said the Singapore banking system has “insignificant exposures to these failed banks in the US”.

All three of Singapore’s locally listed banks confirmed they do not have direct exposure to SVB, Signature Bank or Silvergate Bank. DBS also said its loan exposure to startups is “immaterial”.