The Association of Banks in Singapore (ABS) is transitioning towards an alternative interest rate benchmark called
SORA (Singapore Overnight Rate Average), to replace the existing SOR (Singapore Swap Offer Rate)
and SIBOR (Singapore Interbank Offered Rate).

Despite the economic uncertainties that COVID-19 wreaked, it did not quash Singaporeans’ appetite for nesting.
The pandemic did, however, drastically change the way we live, work and seek refuge, placing our homes
at the centre of our activities.

Therefore, what property owners seek in this uncertain new world
is a sense of security and stability – and property loans have a significant role to play.

Enter SORA, the new interest rate benchmark.

We launched Phase 1 of our campaign with an explainer video that drove awareness of the transition
and answered the questions our audiences may be asking through conversational dialogue and clear visual metaphors.
It articulated the campaign’s two-pronged approach – functional and emotional – by communicating information on
the switch and its impacts, and providing the assurance that SORA is a transparent, reliable and robust interest rate
benchmark administered by the Monetary Authority of Singapore (MAS). Finally, we pointed our audience in a clear
direction to take action as the transition approaches.

The campaign was amplified nationally across a range of platforms from OOH and print to digital
and social, creating awareness, understanding and confidence amongst property owners with
quick and direct communication.

Highly targeted banners speaking directly to audience segments were placed at MRT stations,
compelling home and commercial property owners on the move to take notice.

Programmatic banners in high-visibility digital spaces targeted property loan holders with
key information and directed them to learn more by visiting ABS’ website.

Social Carousel Ads extended the campaign message with short and sharp, bite-sized information
on the change to SORA, encouraging property owners to find out more.

Over 50% awareness generated across both target segments from KV and Video Ads,
9 in 10 demonstrated more awareness and acceptance towards SORA.

With SOR being discontinued after 31 August 2022, the focus of Phase 2 of the campaign was on driving
home and commercial property loan holders with SOR loans to switch to alternative loan packages or be
automatically switched to a SORA Conversion Package.

This campaign was launched with a 30 second explainer video for both home and commercial property owners.
Through targeted motion graphics and kinetic typography, the video communicated the urgent need to switch out of
SOR and the alternatives available, and incentivised SOR loan holders to contact their banks to learn about their options
and the impact of rising interest rates, in order to avoid any disruption to their loans.

Explainer Video for home and commercial property owners

The campaign message was magnified across Singapore through targeted Key Visuals across OOH, print, digital and social platforms, conveying to-the-point, actionable information with a human-centric approach.

Social Carousel Ads leveraged on high-traffic platforms like Facebook and Instagram to quickly
communicate key information and urge loan holders to contact their banks immediately.

Digital Banners on national news websites expanded reach while targeting specifically
homeowners and encouraging them to make the switch before the deadline.