Singapore has the ability to wield its significant financial leverage over Myanmar's military rulers to pressure them to return to a path of democracy amid a deteriorating humanitarian and economic crisis, a senior US official said this week.

Counselor of the US State Department Derek Chollet said partnerships with countries in the region were critical to pressuring Myanmar as it risks becoming a "failed state in the heart of Asia", according to Reuters.

Chollet was speaking in a Zoom call from Jakarta.

Noting US measures to sanction individuals and entities associated with Myanmar's military rulers who seized power in Feb 1 coup, Mr Chollet said Singapore also possessed leverage, the report said.