The Monetary Authority of Singapore has issued a statement about the city-state’s financial health in light of the recent closure of Silicon Valley Bank and others US lenders.
The MAS said that Singapore’s banking system «remains sound and resilient» amid heightened market volatility following the recent closure of banks in the US, according to a statement referring to the fall of Silicon Valley Bank, Signature Bank ad Silvergate Bank.
«The Singapore dollar money market and foreign exchange market continue to function well,» the MAS noted, adding that it was ready to provide liquidity when necessary to ensure stability.
Enterprise Singapore
In addition to the banking system, MAS said it was in close contact with government agency Enterprise Singapore to assess the impact on local startups, including those with operations in the US.
«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,» the regulator said.
