The SIBOR to SORA transition largely involved the retail customers of banks, due to their usage in retail mortgage loans. Prior to the transition, the SC-STS conducted a public education campaign to provide retail customers with information on the transition and options that would best meet their needs, leading to over half of SIBOR retail loans being actively transitioned out of SIBOR, with the remaining 40,000 loans undergoing automatic conversion in October 2024 to reference the SORA.
The Steering Committee for SOR and SIBOR Transition to SORA (SC-STS) have announced the successful completion of the transition from the Singapore dollar swap offer rate (SOR) and Singapore interbank offered rate (SIBOR) to the Singapore overnight rate average (SORA).
This comes after banks in Singapore completed the transition to SORA from the SIBOR on Dec 31, 2024; about 87,000 retail loans were affected in the transition.
