Industry News

The SPDR Gold Shares ETF has emerged as the leading exchange-traded fund (ETF) in Singapore for the first half of 2025, with net inflows reaching S$309m by 13 June. This marks the highest inflow among Singapore-listed ETFs, surpassing the Nikko AM SGD Investment Grade Corporate Bond ETF, which saw S$115m in net inflows. The SPDR Gold Shares ETF, available in both USD and SGD, has gained significant traction, particularly with young investors.

The ETF’s appeal is partly due to its role as a safe haven amid global economic uncertainties. Robin Tsui, State Street Global Advisors APAC Gold Strategist, noted, “Gold’s rise in early 2025 has reaffirmed its role as a low-volatility, portfolio-diversifying safe haven amid widening macroeconomic and geopolitical uncertainty.” Tsui projects a medium-term bullish outlook for gold, with prices potentially reaching $3,100–$3,500 (US$3,100–US$3,500) per ounce.

The SPDR Gold Shares ETF has delivered a 31% total return in USD terms for the year to 13 June, although the depreciation of USD/SGD has reduced this gain to 23% in SGD terms. The ETF’s structure allows for the creation of units through authorised participants, with each unit initially representing 1/10th of an ounce of gold.

Investors interested in learning more about gold’s strategic role in diversified portfolios can attend a free webinar hosted by SGX Academy on 26 June. The session will explore gold’s characteristics as an investment instrument and its potential to manage risk and enhance returns. As the ETF market continues to evolve, gold remains a pivotal asset for investors seeking stability amidst economic fluctuations.
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Singlife, a prominent financial services company, has announced its support for customers impacted by the abrupt cessation of Jetstar Asia’s operations. The insurer will provide full reimbursement for Jetstar Asia tickets to policyholders who purchased its single trip and annual travel insurance plans before 8:00 a.m. on 11 June 2025, if refunds are not available from the airline. Additionally, eligible customers can claim non-refundable expenses such as accommodation, transport, and entertainment, subject to policy terms.

The decision comes as a response to the stress and uncertainty faced by travellers due to the airline’s sudden shutdown. Alvino Kor, Senior Vice President of General Insurance at Singlife, stated, “We understand the stress and uncertainty caused by the sudden halt of Jetstar Asia’s services. Whilst the shutdown of an airline is not usually covered under our standard travel insurance policies, we believe it is important to step up and support our customers through this disruption.”

This initiative underscores Singlife’s commitment to customer support, complementing its existing offerings like flexible trip cancellation and coverage for air turbulence injuries. Affected customers are encouraged to contact Singlife’s Customer Service for assistance, with claims assessed according to policy limits and conditions.

Singlife, formed from the merger of Aviva Singapore and Singlife in 2022, continues to be a key player in the insurance sector, offering a wide range of products and maintaining a strong digital presence. The company is a wholly owned subsidiary of Sumitomo Life, one of Japan’s largest life insurance firms.
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Macquarie Capital has released its latest analysis on the Singapore equities market, spotlighting the potential impact of the Monetary Authority of Singapore’s (MAS) recently announced $5 billion Equity Market Development Programme (EQDP). The programme, set to be implemented in the third quarter of 2025, aims to invigorate investment in small to mid-cap stocks, broadening investor participation beyond the large-cap focus.

The EQDP will see MAS investing in strategies managed by Singapore-based asset managers, with an emphasis on local equities. Macquarie has identified a selection of small-mid cap stocks that meet the likely criteria for EQDP mandates, using their Quant Alpha model. These stocks include ComfortDelGro (CD), First Resources (FR), IFAST Corporation, Parkway Life REIT (PREIT), and Singapore Technologies Engineering (STH). Additionally, Macquarie’s top large-cap picks include OCBC, Sembcorp Industries (SCI), Singapore Technologies Engineering (STE), CapitaLand Ascendas REIT (CLAR), and Dairy Farm International (DFI).

Jayden Vantarakis, Head of ASEAN Equity Research at Macquarie Capital, noted that the EQDP is part of a broader effort by the Equities Market Review Group to enhance the competitiveness of Singapore’s equities market. The programme is expected to attract additional private capital, potentially increasing the total investment beyond the initial $5 billion allocation.

Macquarie’s analysis also indicates that mandates under the EQDP may include up to 40% of ASEAN stocks outside Singapore, further diversifying investment opportunities. Despite the current underperformance of small-mid caps compared to the Straits Times Index, the infusion of capital through the EQDP could shift market dynamics, potentially improving the relative performance of these stocks.
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Global management consultancy Kearney has announced significant leadership appointments across the Asia Pacific region, aiming to bolster its strategic operations and digital capabilities. The appointments, effective from 2025, are part of Kearney’s ongoing leadership rotation strategy, designed to foster a purpose-driven culture and empower its diverse talent pool.

In Singapore, Hemanth Peyyeti has been named Co-Lead of the Operations and Performance practice in APAC. With a robust background in consumer goods, Hemanth is set to drive sustainable client impact. Joining him as Co-Lead is Nori Hamaguchi from Tokyo, who brings expertise in operational and digital transformations, particularly in the consumer goods and retail sectors.

Anshuman Sengar, based in Sydney, has been appointed as the Global Lead of Data & Artificial Intelligence, whilst continuing his role as APAC Lead for Digital & Analytics. His dual role will focus on enhancing the firm’s data-driven solutions to boost client competitiveness.

In Kuala Lumpur, Keat Yap will lead Kearney’s Product Excellence and Renewal Lab (PERLab), which aims to accelerate growth through product and service innovation.

Shigeru Sekinada, Region Chair of Asia Pacific, commented on the appointments: “Leadership rotations are key to growing a stronger, more connected firm. They bring fresh perspectives, build diverse leadership, and help us shape the next generation of leaders.”

These strategic appointments are expected to deepen Kearney’s capabilities in AI, emerging technologies, and product innovation, positioning the firm to deliver meaningful impact for clients across the region.
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OA Group of Companies, based in Singapore, and Malaysia’s Chia Ka Partners PLT (CKP) have announced a strategic alliance to drive small and medium-sized enterprise (SME) growth across Southeast Asia. This collaboration focuses on leveraging digital transformation and regional advisory services to help SMEs expand beyond their domestic markets.

The alliance combines the strengths of two award-winning firms known for their innovation and client-centric approaches in the accounting and advisory sectors. Alan Chang, CEO of OA Group, highlighted the challenges SMEs face in navigating regulatory frameworks and integrating digital solutions across borders. He stated, “This alliance creates a trusted bridge between Singapore and Malaysia, giving business owners practical support to expand into new markets without the usual guesswork, delays, or compliance headaches.”

Both firms have a strong relationship with Xero, a global leader in cloud accounting, which enhances their ability to provide comprehensive support. Jeremy Chia, Managing Director of CKP, noted that the collaboration extends beyond compliance and bookkeeping into regional strategy and growth execution.

The partnership is further strengthened by the launch of a new book, “Why Breakeven,” co-authored by Chang and Chia. The book challenges traditional profit-focused thinking and promotes data-driven strategies for long-term success. Industry leaders have praised the publication, with Ang Yuit, President of ASME, emphasising the importance of shared knowledge and partnerships for SME growth.

With offices in Singapore, Malaysia, Hong Kong, and China, OA Group’s regional reach complements CKP’s digital expertise, marking a significant step towards building an integrated cross-border ecosystem for SMEs. This initiative aims to help businesses navigate complexity, seize new market opportunities, and scale sustainably.
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Singapore’s vibrant dining culture, with residents eating out five to six times a week, is increasingly influencing the shift towards sustainable packaging. As the demand for eco-friendly options grows, APP Group has introduced Foopak Bio Natura, a compostable and biodegradable food packaging solution. This innovation aligns with the nation’s fast-paced lifestyle and environmental goals, addressing the rising concern over packaging waste.

Foopak Bio Natura is designed to meet the needs of Singapore’s food and beverage scene, offering a food-safe, grease-resistant, and heat-stable material. It is suitable for various dining establishments, from hawker centres to artisanal cafés. Ricca Windysari, Foopak SEA Regional Sales Head, stated, “Consumers want their meals fast, tasty, and Instagram-worthy, but also better for the planet, and that’s where Foopak Bio Natura steps in.”

The packaging solution supports Singapore’s Green Plan 2030 by reducing single-use plastics and food packaging waste. Its adaptability makes it ideal for eateries adopting sustainable practices, including farm-to-table restaurants and delivery-focused cloud kitchens. Windysari added, “Packaging is no longer just about function but brand values. When a business chooses Foopak, it signals to customers that they care about both the product and the planet.”

As Singapore continues to lead in food innovation and green transformation, Foopak Bio Natura offers a practical way for food businesses to embrace sustainability, one meal at a time. APP Group, a leading pulp, paper, and forestry company, prioritises sustainability and ethical practices, aligning with its Sustainability Roadmap Vision 2030.
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Ginger.Lily at Hilton Singapore Orchard is set to elevate the afternoon tea experience with its latest offering, A Symphony of Origins: Terroir and Bloom, starting 3 July 2025. This unique collaboration features Michelin-starred Chef Adrien Descouls, known for his eco-responsible gastronomy, alongside Hilton’s Executive Sous Chef Cindy Khoo. The duo aims to blend fine dining elegance with the traditional teatime ritual.

Chef Adrien, celebrated for his commitment to sustainability and local ingredients, brings a selection of savoury dishes inspired by the rich terroir of his native Auvergne. Highlights include freshly-shucked oysters with floral tea jelly, Tartare de Bœuf with roasted artichoke sabayon, and Slow-cooked Veal baked in hay. Chef Cindy complements these with her French-Japanese fusion desserts, such as Hakuto Peach Chouquettes and Tarte aux Amandes.

The afternoon tea is priced at $78++ per person, including a welcome cocktail or mocktail and two coffee or tea beverages. Hilton Honors members can enjoy up to 25% off and earn bonus points.

This collaboration not only enhances the culinary offerings at Hilton Singapore Orchard but also showcases the innovative approaches of both chefs. With two daily seatings, guests can indulge in this gourmet experience whilst enjoying discounts through the Hilton Honors programme.
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Knight Frank Singapore and CBRE have announced the sale of a unique portfolio of four large-format Housing & Development Board (HDB) retail units through an Expression of Interest (EOI) exercise. Located in the bustling town centres of Ang Mo Kio, Bukit Merah, Clementi, and Toa Payoh, these fully-tenanted units present a rare investment opportunity in Singapore’s competitive retail market.

The portfolio, with a combined strata area of approximately 104,808 sq ft, includes properties with prominent street frontages and high footfall. Each unit spans two levels within standalone HDB commercial blocks, offering substantial income-generating potential. The properties are anchored by established tenants such as NTUC FairPrice and COURTS, ensuring a stable rental income.

Galven Tan, CEO of Knight Frank Singapore, highlighted the scarcity of such assets, stating, “With only approximately 8,500 HDB commercial units available for private ownership, this portfolio represents a truly scarce and highly sought-after investment opportunity.” Michael Tay, Executive Director of Capital Markets at CBRE Singapore, added that HDB town centres are vital for daily life in Singapore, serving as key destinations for dining, shopping, and leisure.

The properties are not subject to Additional Buyer’s Stamp Duty and Seller Stamp Duty, making them eligible for foreign purchase. The EOI exercise will close on 23 July 2025 at 3pm. This sale offers investors a chance to acquire prime retail assets in mature residential hubs, with potential for future repositioning and rent reversions.
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Beautique is setting a new benchmark in the beauty industry by merging scientific precision with luxury, offering personalised skincare and hair treatments across its four locations in Singapore. With outlets in Orchard, Toa Payoh, and Ang Mo Kio, Beautique provides accessible yet premium beauty care, ensuring clients receive consistent excellence and trusted solutions.

Founded on the principle that beauty should be both effective and elevated, Beautique offers a comprehensive range of advanced treatments for skin, body, hair, and scalp. Each service is meticulously crafted, combining clinical expertise with world-class skincare formulations to deliver visible improvements and long-term transformations. Clients are guided through a personalised journey, starting with expert consultations and continuing with treatments tailored to their individual needs.

Beautique’s offerings include a selection of globally renowned skincare brands, known for their performance-driven ingredients. These are paired with cutting-edge techniques such as microcurrent lifting and oxygen infusion, ensuring results that are both immediate and sustainable. Additionally, specialised hair and scalp treatments address concerns like thinning hair and oily scalps, using deep-cleansing and microcirculation-boosting methods.

The team at Beautique consists of highly experienced therapists and specialists, committed to a collaborative and transparent approach. This makes Beautique not just a beauty destination, but a long-term partner in self-care. For those seeking performance without compromising on experience, Beautique offers an intelligent and indulgent beauty philosophy.
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International law firm Withers has announced the appointment of Mohammed Reza as a Partner and Head of International Arbitration at Withers KhattarWong LLP, its Singapore branch. Reza, an experienced commercial disputes lawyer, brings a wealth of expertise in litigation and arbitration, particularly in cross-border disputes across sectors such as banking, energy, and insurance.

Reza’s move to Withers follows his leadership role in the dispute resolution practice at another leading international firm. His appointment is part of Withers’ strategic expansion in Asia, as the region continues to grow as a hub for international arbitration.

Peter Wood, CEO of Withers’ global dispute resolution division, highlighted the importance of resolving complex, cross-border disputes, stating, “Reza’s arrival enhances our international offering and reflects our continued commitment to providing market-leading dispute resolution services across key global centres.”

Chenthil Kumarasingam, Regional Division Leader for Dispute Resolution in Asia, praised Reza as an “outstanding lawyer” and noted the firm’s efforts to strengthen its disputes team in Singapore. Reza himself expressed enthusiasm about joining Withers, citing the firm’s investment in Asian disputes capabilities and the transformative period for international arbitration in the region.

Reza is a Fellow of the Singapore Institute of Arbitrators and serves as a Specialist Mediator with the Singapore International Mediation Centre. His roles in the legal community include membership on the Appeals Board of the Council for Estate Agencies and contributions to the Law Society of Singapore and Pro Bono SG.
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