Industry News

T’way Air, South Korea’s leading low-cost carrier, has announced the addition of a new Singapore-Jeju route to its network, complementing its existing Singapore-Incheon service. Starting 16 August 2025, the airline will operate five weekly flights on the Boeing 737 Max 8, increasing to daily service from 2 September to 26 October 2025.

The new service aims to cater to the growing demand for travel between Singapore and Jeju, a popular tourist destination known for its scenic landscapes. The flight will depart Singapore at 2:15 am, arriving in Jeju at 9:20 am. The return flight will leave Jeju at 7:50 pm, landing in Singapore at 12:45 am the following day.

To celebrate the launch, T’way Air is offering promotional fares starting at $142 (SGD 195) for travel between 16 August and 25 October 2025. Additionally, passengers can avail themselves of limited-time vouchers, including a $36 (SGD 50) Early Bird Voucher for bookings over $292 (SGD 400) and a $14 (SGD 20) Off Voucher for bookings over $146 (SGD 200). These offers are available until 30 June 2025.

T’way Air, established in 2010 and headquartered in Daegu, South Korea, currently serves 50 destinations worldwide. The airline continues to expand its global network, providing affordable and reliable air travel across East Asia, Southeast Asia, Central Asia, Oceania, and Europe. For more details on flight schedules and booking, visit twayair.com.
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MSD has announced the commencement of the MOBILISE-1 Phase 3 clinical trial in Singapore to assess the safety, immunogenicity, and efficacy of V181, a single-dose investigational vaccine for dengue. This trial marks a significant step in MSD’s clinical development programme, targeting all four dengue virus serotypes, irrespective of prior exposure. Recruitment has begun, with the first participants enrolling in Singapore.

The trial is crucial as dengue poses a serious public health threat, affecting nearly half of the world’s population. Dr. Paula Annunziato, senior vice president of infectious diseases and vaccines at MSD Research Laboratories, highlighted the importance of this milestone, stating, “If successful, V181 could provide an important single-dose option for at-risk populations.”

The study will involve approximately 12,000 healthy individuals aged 2 to 17 across more than 30 sites in dengue-endemic regions, including Southeast Asian countries like Indonesia, Malaysia, and Thailand. The primary focus is on the vaccine’s safety and efficacy in preventing symptomatic virologically confirmed dengue.

Dr. Abdullahi Sheriff, Managing Director of MSD in Singapore, Malaysia, and Brunei, expressed gratitude towards Singapore’s scientific community for their partnership. He emphasised the trial’s significance in addressing the unmet healthcare needs in dengue-prone areas.

The trial’s progress is promising, with Singapore’s robust clinical research infrastructure providing an ideal environment for such pivotal studies. Dr. Zhong Youjia from the National University Hospital noted that V181 could significantly enhance dengue prevention, especially among children.

MSD’s commitment to combating dengue extends globally, with plans for further trials in regions where the disease is prevalent. The outcome of this trial could potentially transform dengue prevention strategies worldwide.
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OMS Energy Technologies Inc., a manufacturer of surface wellhead systems and oil country tubular goods, has announced significant operational achievements following its recent Nasdaq listing. The company has secured a new order in Angola and renewed a contract in Thailand, marking Southeast Asia as a pivotal region for customer acquisition.

The company is expanding its business footprint and talent pool, with 11 manufacturing facilities across six countries, including Singapore, Malaysia, and Saudi Arabia. This strategic positioning allows OMS to participate in government tenders and contracts, enhancing its competitive edge.

OMS is also investing in research and development, with a $1.1 million investment in Additive Manufacturing research. This initiative aims to develop a metallic seal for high-pressure-high temperature gate valves, promising innovation and improved supply chain efficiency. Collaborations with institutions like the Singapore Institute of Manufacturing and Technology further bolster its R&D efforts.

Safety and environmental management remain priorities, with OMS maintaining ISO certifications across its sites. The company is committed to sustainable growth, exploring acquisitions and strategic alliances to diversify revenue streams.

CEO How Meng Hock stated, “We’re excited to begin our journey as a public company with a healthy operational foundation, underscored by thriving customer relationships and partnerships, an expanding brand presence and cutting-edge R&D and manufacturing capabilities.”

OMS’s strategic initiatives position it well for future growth, with a focus on delivering innovative solutions to a global customer base.
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Southeast Asia is increasingly feeling the effects of climate change, prompting countries like Singapore and Indonesia to adopt community-based agricultural practices to enhance resilience. Singapore, heavily reliant on food imports, is focusing on climate-resilient farming as part of its Singapore Green Plan 2030, aiming for net-zero emissions by 2050. Meanwhile, in Indonesia, smallholder farmers are supported by local alliances and civil society groups to implement sustainable farming practices.

In the Mentawai Islands, a collaboration between Aliansi Kolibri and Yayasan Citra Mandiri Mentawai (YCMM) is empowering local communities with adaptive farming techniques. Since 1995, YCMM has protected over 237,000 hectares of forest, promoting agroforestry and climate-resilient crops. Yohanes, a 44-year-old farmer from Madobak Village, exemplifies this initiative by cultivating Songer bananas and areca nuts on his one-hectare plot. He emphasises the importance of protecting customary forests as both a livelihood and cultural heritage.

Yohanes encourages his community to participate in “goro,” a tradition where villagers plant trees and organise group harvests, fostering solidarity and environmental stewardship. “Through goro, we plant trees together and protect our village ecosystem. This collective spirit gives us strength to face everyday challenges,” Yohanes shared.

YCMM’s efforts highlight the importance of indigenous rights and forest sustainability in environmental protection. By promoting community-driven solutions, these initiatives aim to strengthen agricultural resilience across Southeast Asia, offering a model for other regions facing similar challenges.
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Puma and Adyen have showcased their strategic partnership at NRF 2025: Retail’s Big Show APAC, highlighting how they are revolutionising retail operations and customer experiences across Asia Pacific. Since 2020, Puma has utilised Adyen’s unified commerce platform to streamline its payment systems, previously fragmented across multiple providers, leading to issues such as fraud and reconciliation delays.

The collaboration has enabled Puma to consolidate its payment processes into a single ecosystem, enhancing both online and in-store transactions. This shift has not only improved backend operations and reporting accuracy but also accelerated store and event rollouts in regions including Singapore, Hong Kong, Malaysia, Australia, New Zealand, the UK, and Europe.

Puma’s adoption of Adyen’s platform is part of a broader trend among global retailers to unify fragmented payment systems, thereby enhancing the customer journey across all channels. In Australia, Puma successfully deployed Adyen’s point-of-sale terminals across 26 stores in under a month, demonstrating the platform’s capability for rapid, remote rollouts.

The partnership also supports Puma’s omnichannel innovation, allowing customers to seamlessly complete transactions whether buying online or in-store. Additionally, Puma can quickly adapt to local payment preferences, such as credit cards, e-wallets, or Buy Now, Pay Later options, via Adyen’s platform.

At high-volume events like Formula 1, Puma leverages Adyen’s scalable solution to efficiently process thousands of transactions, ensuring smooth customer experiences. Ben Wong, General Manager for Southeast Asia and Hong Kong at Adyen, stated, “Retail today is about agility, speed, and personalisation…our partnership with Puma is a clear example of how unified commerce can empower retailers to operate smarter, move faster, and adapt to rapidly changing market conditions.”
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Asian markets are bracing for a surge in restructuring activities in 2025, according to the latest survey by AlixPartners. The survey highlights that 92% of restructuring professionals in Asia anticipate geopolitical disruptions, such as elections and conflicts, will lead to increased distressed situations. This is expected to result in a rise in out-of-court restructurings and distressed mergers and acquisitions (M&A) as companies seek alternatives to formal insolvency proceedings.

The survey identifies Greater China as the region most likely to experience financial restructuring in the next 12 months, with 33% of respondents expecting significant activity. Singapore and Japan follow closely, each with 22%. Commercial Real Estate and Financial Services sectors are predicted to face the most distress, with 39% and 35% of professionals, respectively, highlighting these areas.

Despite these challenges, 81% of respondents foresee economic growth in Asia over the next year. This optimism is bolstered by expectations of increased capital availability, with 60% predicting a rise compared to the previous year. Private credit is anticipated to play a significant role, with 64% of respondents expecting its growth as companies seek diverse financing options amidst rising interest rates.

Lian Hoon Lim, Partner & Managing Director at AlixPartners Singapore, noted the impact of US geopolitical dynamics on Asia, stating, “The persistent volatility emanating from the United States… has clouded the global economic outlook, putting organisations in limbo.”

The survey underscores the need for Asian companies to navigate liquidity challenges, debt management, and technological investments to emerge stronger from current uncertainties.
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Franklin Templeton has announced the launch of the FTGF Putnam US Research Fund in Singapore and Hong Kong, marking the introduction of Putnam Investments’ strategies in Asia. This initiative aims to broaden investor access to differentiated investment opportunities, focusing on US large-cap equities with a sector-neutral portfolio. The fund is backed by Putnam’s extensive research capabilities, with analysts based in Boston, London, and Singapore.

The FTGF Putnam US Research Fund has been registered as an authorised scheme for retail investors in both Singapore and Hong Kong. Christian Bucaro, Head of Wealth for Asia at Franklin Templeton, highlighted Putnam’s reputation for deep research capabilities and consistent results. He stated, “We are delighted to broaden investor access to Putnam’s compelling investment strategies, starting with the FTGF Putnam US Research Fund, which seeks to achieve smoother relative performance through volatile markets.”

Kate Lakin, Portfolio Manager and Director of Research at Putnam Investments, explained that the fund’s sector-neutral portfolio aims to generate differentiated alpha through stock-specific exposures. “Our tenured team has deep sector expertise focused on driving returns from stock selection,” she noted.

In addition to the FTGF Putnam US Research Fund, Franklin Templeton has also registered the FTGF Franklin Ultra Short Duration Income Fund for retail investors in Singapore. The company plans to expand access to Putnam’s stock-driven equity strategies in Asia, covering sectors such as global healthcare.

Putnam Investments, with roots dating back to 1937, manages $129 billion (£103 billion) in assets and is known for its value, core, and growth strategies across various market caps. As of May 2025, 88% of Putnam’s mutual fund assets are rated 4 or 5 stars by Morningstar.
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MoneyMax Financial Services, a prominent pawnbroker and pre-owned luxury retailer, is making significant strides in Southeast Asia. Since opening its first store in Singapore in 2008, the company has expanded its network to over 100 outlets across Singapore and Malaysia. This growth positions MoneyMax as one of the largest pawnbroking and retail chains in the region.

The company, which also offers car financing and insurance services, is noted for its diverse range of services. According to a recent report by analyst Alfie Yeo, MoneyMax is “firing on all cylinders,” highlighting its robust performance and strategic expansion.

This expansion is significant as it underscores the increasing demand for pre-owned luxury goods and financial services in the region. MoneyMax’s growth reflects a broader trend in Southeast Asia, where consumers are increasingly turning to alternative financial services and luxury retail options.

The company’s success can be attributed to its strategic positioning and comprehensive service offerings, which cater to a wide range of consumer needs. As MoneyMax continues to expand, it is expected to further solidify its presence in the Southeast Asian market, potentially exploring new opportunities and markets in the future.
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StraitsX has unveiled its latest innovation, DVA/+, a next-generation virtual account solution designed to enhance fiat-stablecoin settlement for exchanges, wallet platforms, and market makers. This new infrastructure, launched on 18 June 2025, provides compliant USD banking access and real-time interoperability between fiat and stablecoins, addressing the evolving needs of digital finance institutions.

DVA/+ enables clients to issue named USD virtual accounts with full Collect on Behalf of (COBO) and Pay on Behalf of (POBO) support, seamlessly integrating with StraitsX’s XUSD stablecoin. This integration facilitates high-speed value movement between fiat and digital assets without the need for in-house treasury and compliance infrastructure. The solution is structured into two components: DVA, which offers compliant fiat access through named virtual accounts, and DVA+, which adds an enhanced compliance layer with top-tier banking connectivity.

The launch of DVA/+ marks a significant shift from isolated pilot projects to operational-grade digital finance infrastructure, built for regulatory clarity and scalability. Liu Tianwei, CEO and Co-Founder of StraitsX, stated, “DVA/+ is a turning point in how institutions connect to the future of digital finance. We’re removing the barriers that have long separated traditional finance from crypto-natives.”

This development is part of StraitsX’s broader mission to enable seamless value movement across currencies, networks, and jurisdictions. As the digital asset economy matures, DVA/+ provides institutions with the necessary infrastructure to bridge fiat and stablecoins, enhancing speed, security, and regulatory compliance. The launch also signifies StraitsX’s evolution from a stablecoin issuer to a full-stack infrastructure provider for regulated digital finance.
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Grab Holdings, a Singapore-based provider of mobility, delivery, and digital financial services, has had its ‘BB-‘ long-term issuer credit rating affirmed by S&P Global Ratings following a $1.5b convertible bond issuance. Despite an expected spike in leverage, S&P maintains a stable outlook for Grab, projecting improved earnings and cash flow over the next 12 to 24 months.

The bond issuance is anticipated to increase Grab’s debt-to-EBITDA ratio to 5.3x in 2025, up from previous expectations of 1.0x-1.5x. However, S&P expects this ratio to decline to 3.6x in 2026 and 3.0x in 2027, supported by a nearly 30% compounded annual growth rate in EBITDA. This growth is attributed to enhanced performance in Grab’s ride-hailing, food delivery, and digital financial services segments.

S&P highlights that Grab’s substantial liquidity, with more than $7b in cash and short-term investments projected through 2026, provides a buffer against operational volatility. The company’s prudent risk management has ensured a minimum of $4.9b in cash holdings since 2021.

The use of bond proceeds will be crucial in assessing Grab’s creditworthiness. S&P notes that if the funds are directed towards large-scale acquisitions or investments, a reassessment of Grab’s business competitiveness may be necessary. However, Grab’s history of measured acquisitions, such as its 2018 takeover of Uber’s Southeast Asia business, suggests a cautious approach.

S&P warns that the rating could be lowered if Grab fails to sustain positive EBITDA or if its liquidity weakens due to increased competition or aggressive market tactics. Conversely, an improvement in the rating could occur if Grab maintains positive financial metrics and strengthens its operational scale.
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