SIBOR stands for Singapore Interbank Offered Rate[1] and is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the Singapore wholesale money market (or interbank market).
Using SIBOR is more common in the Asian region and set by the Association of Banks in Singapore (ABS).
The 3-month SIBOR is the most popular rate that loans are pegged to and has been hovering below around 1% in the past few years.
Many floating rate mortgages in the country are pegged to SIBOR due to its transparency.
[2] SIBOR will be functionally replaced by SORA (Singapore Overnight Rate Average).