For corporates, Sora seems to be the hardest word

Singapore is facing challenges adapting to new overnight lending rate, but progress is being made

It’s often said that change doesn’t happen overnight, and the adage is doubly true when a country is switching to an overnight lending rate. Although progress has been made in the switch from Singapore’s Swap Offer Rate (SOR) to the new Singapore Overnight Rate Average (Sora), lenders in the city-state are wary about the accompanying regulatory and compliance requirements. Corporates that borrowed under the current benchmark are also proving slow to shift over to the new one.

“The rates have

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