🎯Note for Towkayers: By 31 Dec 2024, 1-month and 3-month SIBOR will come to a hault...
Do you know that the industry-wide transition will be implemented through two phases? The first phase involves allowing the customers to convert SIBOR retail loans to SIBOR-SCP (Convert or Switch) or another bank's prevailing package. This decision can be made during the active transition period.
The second phase, which is the automatic conversion, will be triggered on June 2024. During this, retail customers that have not chosen to switch will be converted to the new benchmark reference rate (SORA), including their mortgages, personal instalment loans, and revolving credit.
Singapore is moving really fast, like the ambitious push for all-electric vehicles by 2030 presents both challenges and opportunities - so catch up in the second article below! |