Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong on Private Credit: 1) Singapore Financial Institutions Have Very Small Exposure to Private Credit, 2) MAS Regularly Monitors Risk Exposures of Singapore Financial Institutions Including Engaging on Balance Sheets Stress Testing with Scenarios Such as Defaults on Private Credit Assets
9th April 2026 | Hong Kong
Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong on Private Credit – 1) Singapore financial institutions have very small exposure to private credit, 2) MAS regularly monitors risk exposures of Singapore financial institutions including engaging on balance sheets stress testing with scenarios such as defaults on private credit assets. More info below:
“ Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong on Private Credit: 1) Singapore Financial Institutions Have Very Small Exposure to Private Credit, 2) MAS Regularly Monitors Risk Exposures of Singapore Financial Institutions Including Engaging on Balance Sheets Stress Testing with Scenarios Such as Defaults on Private Credit Assets “
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Written reply to Parliamentary Question on exposure of Singapore-domiciled financial institutions to US private credit
Date: For Parliament Sitting on 7 April 2026
Name and Constituency of Member of Parliament
Mr Kenneth Tiong Boon Kiat, Aljunied GRC
Question
Mr Kenneth Tiong Boon Kiat: To ask the Prime Minister and Minister for Finance given US private credit defaults reached a record 9.2% in 2025 and the Bank of England, European Central Bank (ECB), and the US Securities and Exchange Commission (SEC) have each initiated supervisory reviews of private credit risk exposure (a) whether MAS has assessed the aggregate exposure of Singapore-domiciled financial institutions to US private credit; (b) whether MAS has conducted or plans to conduct equivalent stress tests; and (c) if not, why not.
Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:
1. Singapore financial institutions have very small exposure to private credit.
2. MAS regularly monitors the risk exposures of Singapore financial institutions as part of our supervisory oversight. This includes engaging financial institutions on stress testing their balance sheets, which features global financial stress scenarios such as defaults on private credit assets.
Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong on Private Credit: 1) Singapore Financial Institutions Have Very Small Exposure to Private Credit, 2) MAS Regularly Monitors Risk Exposures of Singapore Financial Institutions Including Engaging on Balance Sheets Stress Testing with Scenarios Such as Defaults on Private Credit Assets
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