Singapore's MAS: Banking system sound despite US banks' collapse

MAS will work with Enterprise Singapore to assess any potential impact the failure of SVB and Signature Bank might have on Singapore start-ups, including those with operations in the United States. — Bloomberg

SINGAPORE: The local banking system remains “sound and resilient”, said the Monetary Authority of Singapore (MAS), amid the closure of two banks in the United States over the weekend.

The US authorities have since said that all customers in the two banks would be paid in full.