SIBOR is the primary interbank loan rate quoted in the Asian markets.
SIBOR stands for the Singapore Interbank Offered Rate, and is a regional equivalent of the LIBOR, or London Interbank Offered Rate.
It serves as a reference rate and is a composite of the reported rates offered by member banks of the Association of Banks in Singapore (ABS) for the lending of unsecured funds over several time frames.
It is not the only rate used in Asian markets; there is also the Hong Kong Interbank Offered Rate (HIBOR). The Singapore Swap Offer Rate (SOR), which is also set by the ABS, is a more volatile reference than the SIBOR because it is tied to currency movement between the USD and the Singapore dollar.