Moody's: Singapore banks robust

Moody's Investors Service said in a new report that the Singapore banking system is essential to the economy and high systemic support is expected in time of financial turbulence.

Moody's also noted that Singaporean banks enjoy a stronger operating and regulatory environment than banks in most of its neighboring countries despite the volatility in the city-state's economic growth.

Singapore's economic growth is more volatile than many developed economies, the agency said, but the operating environment for the Singaporean banks is robust.

The banks also benefit from a sound regulatory and supervisory environment, Moody's said.

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