Singapore marks completion of transition to SORA

Over 87,000 retail loans were transitioned to the new benchmark rate.

Singapore banks have successfully transitioned to using the Singapore Overnight Rate Average (SORA), announced the Association of Banks in Singapore (ABS).

This involved the transition of 87,000 retail loans out of the Singapore Interbank Offered Rate (SIBOR). The transition was finished on 31 December 2024.

SIBOR was largely used in retail mortgage loans. More than half of the SIBOR retail loans were actively transitioned out of SIBOR, with the remaining 40,000 loans undergoing automatic conversion in October 2024.

With this, SORA is now the de facto standard for Singapore Dollar loan products, ABS said.

The completion also marks the end of the work of the Steering Committee for SOR & SIBOR Transition to SORA (SC-STS).

Follow the link for more news on

Association of Banks in Singapore

SORA

A NOTE FROM SINGAPORE BUSINESS REVIEW

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia