The central bank’s move coincides with global banking industry concerns following US lender failures.
According to the Monetary Authority of Singapore, the increase will restore fully-insured depositors to 91% from 89%.
The boost by a third is from the existing level of S$75,000, according to the Monetary Authority of Singapore in a response to earlier consultation with firms including the local units of HSBC Holdings Plc and GXS Bank Pte, a digital-banking venture of Grab Holdings Ltd and Singapore Telecommunications Ltd.
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