Some fears were allayed when the US government said depositors of the failed US banks will, alongside other actions to provide banks with access to emergency funding and stem any broader financial fallout.
This impact will be “universal” and comes as a double whammy for the tech sector that is already grappling with layoffs and recessionary fears, said Professor Lawrence Loh, director of National University of Singapore Business School’s Centre for Governance and Sustainability. “We anticipate lower fund-raising activity from US-centric venture capital funds in the Southeast Asia region,” he said, because they need to “stabilise the ship” in core domestic markets.
This is because rising interest rates have had a “disproportionate effect” on the valuation of start-ups whose cashflows are “expected to arrive far in the future and therefore get more heavily discounted at higher interest rates”, he explained.The sudden bank closures in the US are unlikely to have a significant direct impact on Singapore’s banking and financial system, experts said, noting that there are several differences which set local lenders apart.
MAS, in its statement, said the banking system in Singapore remains “sound and resilient” with “insignificant exposures” to the failed US banks.
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