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).

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