Industry News

StraitsX, Southeast Asia’s leading digital payment infrastructure provider, has announced the launch of its Singapore dollar-backed stablecoin, XSGD, on the XRP Ledger (XRPL), a decentralised blockchain. This marks the first phase of a strategic collaboration with Ripple, aiming to accelerate the adoption of regulated stablecoins in institutional-grade financial ecosystems.

The integration of XSGD on XRPL allows developers, fintechs, and financial institutions to utilise a programmable, fully regulated digital Singapore dollar for real-time cross-border payments and on-chain settlements. The XRPL’s efficient infrastructure supports these operations, enhancing the utility of XSGD in financial flows.

With cross-border commerce in Asia projected to exceed $4t by 2030, the demand for fast and trusted settlement infrastructure is rising. XSGD, issued by a Major Payment Institution licensed by the Monetary Authority of Singapore and backed 1:1 by reserves with DBS Bank and Standard Chartered, offers trust and utility. Users can mint, redeem, and integrate XSGD into decentralised applications and wallets via the StraitsX platform.

Liu Tianwei, Co-Founder and Deputy CEO at StraitsX, stated, “The availability of XSGD on the XRP Ledger is more than a deployment. It’s a marker of where financial infrastructure is heading.”

The XRPL launch is the first in a series of deployments under the StraitsX-Ripple collaboration. A second phase, set for June 2025, will focus on institutional use, enabling programmable payouts and compliance-ready integrations. This initiative aims to bridge digital assets’ speed and flexibility with the regulatory needs of businesses and financial institutions.

The expansion to XRPL strengthens StraitsX’s cross-chain capabilities, advancing its mission to enable SGD-denominated payments across diverse infrastructures. XSGD is already available on multiple platforms, including Arbitrum and Ethereum, further supporting its role in the digital economy.
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RHB has reiterated its overweight stance on Singapore Real Estate Investment Trusts (S-REITs), citing softer interest cost pressures and robust operational numbers as key positives. The financial results for S-REITs have largely met expectations, with a cautiously optimistic outlook despite moderating figures. The report, released on 20 May 2025, identifies CapitaLand Integrated Commercial Trust, CapitaLand Ascendas REIT, Frasers Centrepoint Trust, Keppel REIT, and AIMS APAC REIT as top picks.

The report notes that uncertainties from US tariffs remain a risk, but sector valuations are considered benign, presenting favourable medium-term risk-reward scenarios. Analyst Vijay Natarajan emphasised the importance of these factors in maintaining the overweight recommendation.

The focus on Singapore-centric REITs is due to their resilience in the face of global economic challenges. The report suggests that the softer interest costs will help these REITs maintain strong operational performance, which is crucial for investors seeking stable returns.

In addition to the REITs sector, the report also covers other investment areas, including data centres and sustainable plantations. The broader market strategy includes insights from the ASEAN Investment Conference 2025, highlighting regional investment opportunities.

Looking ahead, RHB’s analysis suggests that whilst challenges persist, the strategic positioning of S-REITs and their operational strengths make them a compelling investment choice. The report underscores the potential for continued growth and stability in the sector, driven by favourable economic conditions and strategic asset management.
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Moove Media Pte Ltd, the advertising arm of ComfortDelGro, has been awarded the Land Transport Authority’s tender to manage advertisements on public buses, terminals, and interchanges throughout Singapore. Starting 1 November 2025, this seven-year contract establishes Moove Media as the sole operator for bus advertising in the country, significantly enhancing its position in the Out-of-Home advertising sector.

The contract marks a substantial expansion of Moove Media’s advertising inventory, increasing from 4,500 to approximately 5,800 buses and from 20 to 28 bus interchanges. This growth offers advertisers a broader reach and more unified access to a diverse audience across the island. In addition to buses, Moove Media’s offerings include advertising in 52 rail stations on the Downtown and North East Lines, as well as on taxis and transport hubs.

Jeffrey Kwek, CEO of Moove Media, expressed enthusiasm about the opportunity, stating, “We are honoured to be entrusted with the responsibility of managing advertising across Singapore’s public bus network. With the expanded inventory, we are excited to offer advertisers an unparalleled opportunity to connect with a wide and diverse audience whilst delivering impactful, creative and effective campaigns.”

This development complements Moove Media’s unique offerings, including both 2D and 3D advertising formats on buses, providing brands with a distinctive platform for high-impact storytelling. As the only Out-of-Home advertising company in Singapore with such capabilities, Moove Media continues to innovate in the advertising landscape.

The new contract not only strengthens Moove Media’s market presence but also promises to deliver more creative and effective advertising solutions for businesses aiming to engage with Singapore’s commuting public.
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DFI Retail Group Holdings Limited has released its Interim Management Statement for the first quarter of 2025, revealing a mixed performance amidst global economic uncertainties. The Group’s underlying subsidiary sales were 1% lower than the same period in 2024, with strong results in the Health and Beauty segment offset by weaker performance in other divisions. Despite these challenges, the Group reported a 28% increase in underlying profit, excluding divestments, compared to the previous year.

The Health and Beauty division experienced a 4% year-on-year increase in like-for-like (LFL) sales, driven by successful promotional campaigns and the introduction of a loyalty programme in Malaysia. Conversely, the Convenience division saw a 6% decline in LFL sales due to a cigarette tax increase in Hong Kong. The Food division’s LFL sales were slightly below the previous year, although profitability improved by 14% year-on-year.

DFI Retail Group continues to focus on high-growth, high-margin businesses, recently announcing the divestment of its Singapore Food business for approximately $93m. This move aligns with the Group’s strategy to strengthen its balance sheet and invest in growth areas such as Guardian and 7-Eleven in Singapore.

Looking ahead, the Group remains committed to expanding its market share through a robust value proposition and enhanced omnichannel presence. It maintains its full-year profit guidance of between $230m and $270m, supported by an anticipated 2% organic revenue growth.
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Singapore and the Netherlands celebrated 60 years of diplomatic relations at an event held on 19 May 2025 at the Fullerton Bay Hotel. The event, attended by Minister-in-Charge of Trade Relations Grace Fu and Dutch Minister of Economic Affairs Dirk Beljaarts, underscored the enduring partnership between the two nations, rooted in shared values and a commitment to open, rules-based trade.

The relationship between Singapore and the Netherlands has been pivotal, with Dutch economist Dr Albert Winsemius playing a significant role in Singapore’s early industrialisation. Dutch companies like Shell and Philips have had a longstanding presence in Singapore, with Shell establishing its first oil refinery in 1961 and Philips setting up manufacturing facilities in 1968.

Today, the economic partnership has expanded significantly. Major Dutch companies such as Heineken, FrieslandCampina, and DSM-Firmenich have regional headquarters in Singapore, whilst Singaporean firms like Olam and Keppel have operations in the Netherlands. The Netherlands is Singapore’s second-largest EU investor and investment destination within the EU.

Looking forward, both nations are enhancing collaboration in sustainability, digitalisation, and innovation. Initiatives such as the Singapore – Rotterdam Green and Digital Shipping Corridor and the Global Innovation Alliance nodes in Amsterdam and Eindhoven highlight their shared ambition to pioneer solutions in sustainable shipping and advanced manufacturing. The Netherlands’ participation in Semicon Southeast Asia further exemplifies the ongoing commitment to innovation.

The event symbolised the dynamic partnership between Singapore and the Netherlands, with both countries eager to build on their strong foundation for future prosperity.
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NetLink NBN Trust has announced its financial results for the fiscal year 2025, revealing a stable EBITDA of S$288.1m, consistent with the previous year. The trust’s performance was in line with expectations, despite facing challenges from a lower interconnect rate throughout the year. The distribution per unit (DPU) increased by 1.1% year-on-year to 5.36 Singapore cents, meeting market expectations.

The trust’s yield remains largely insulated from broader economic uncertainties, maintaining a 6% yield. DBS Group Research recommended a “BUY” with an unchanged target price of S$0.98, citing the current yield spread of 330 basis points, which is higher than its four-year average of 319 basis points. This spread is expected to support an increase in the share price.

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StarHub has signed a Memorandum of Understanding (MOU) with Trends and Technologies, Inc., a leading systems integrator in the Philippines, to bolster digital transformation efforts for businesses in the region. This collaboration is part of StarHub’s strategy to expand its enterprise presence across Asia through impactful local partnerships.

The partnership will integrate StarHub’s Modern Digital Infrastructure platform, powered by Cloud Infinity, with Trends’ expertise in cybersecurity and systems integration. This combination aims to provide secure, resilient, and scalable solutions to businesses in the Philippines, enhancing user experiences and supporting business continuity. “This partnership reflects our commitment to meeting enterprises and citizens where they are, with solutions that are secure, scalable, and built to deliver real results,” said Tan Kit Yong, Head of Enterprise Business Group at StarHub.

Hasan Fard, Chairman and CEO of Trends, added, “By combining our deep expertise and capabilities in cybersecurity, managed services, and technology-enabled business services with StarHub’s modern digital infrastructure solutions, we’re creating a powerful partnership that helps businesses in the Philippines simplify operations, strengthen digital foundations, and grow with confidence in a fast-evolving landscape.”

The collaboration will focus on delivering practical innovation through a unified go-to-market strategy, including co-developed bundled offerings and coordinated sales and marketing efforts. This initiative aims to make innovation more accessible and practical for businesses, ensuring they can adapt to a rapidly changing market with confidence.
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VFlowTech, a leader in long-duration energy storage solutions, has successfully raised $20.5m in its latest funding round. The investment, led by Granite Asia, includes new investors such as Antares Ventures, EDBI, MOL PLUS, and PSA Ventures, alongside existing backers like İnci Holding and Wavemaker Partners. This funding will enable VFlowTech to scale the manufacturing and deployment of its vanadium redox flow batteries (VRFBs) and enhance its AI-driven cloud energy management platform.

The company aims to optimise energy efficiency and create new revenue streams through advanced smart grid functionalities. Dr Avishek Kumar, Founder and CEO of VFlowTech, stated, “As industries and governments prioritise sustainability, VFlowTech is at the forefront of providing advanced storage solutions that optimise energy usage and reduce environmental impact.”

The funding will also support the development of critical supply chains, including vanadium recycling and electrolyte innovation. Dr Arjun Bhattarai, Co-Founder of VFlowTech, expressed excitement about the strong group of financial and strategic partners, stating that the investment allows the company to expand into new markets and integrate cutting-edge digital intelligence into their solutions.

VFlowTech plans to accelerate its expansion across Asia, the Middle East, and other global markets, focusing on utilities, grid-scale storage, and industrial decarbonisation. With Singapore positioning itself as a global hub for sustainability, VFlowTech’s innovations are set to play a significant role in the region’s energy landscape.
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FedEx and Singapore Post Limited (SingPost) have expanded their collaboration to enhance international shipping accessibility in Singapore. Following a successful pilot programme launched in September 2023, FedEx parcel drop-off services are now available at all 43 SingPost post offices and POPStop@Tampines MRT. This expansion aims to streamline the delivery process and improve service efficiency, particularly for cross-border shipments.

The initiative allows customers to drop off FedEx parcels at any SingPost post office’s POPStop counters or at POPStop@Tampines MRT, with parcels transferred to FedEx daily. This process requires no additional paperwork or charges, making it a seamless experience for users. Eric Tan, Managing Director of FedEx Singapore, stated, “Expanding our collaboration with SingPost enhances the accessibility and convenience of our international shipping services across Singapore.”

The collaboration reflects FedEx’s strategy to increase accessibility and flexibility through strategic partnerships. With the inclusion of SingPost outlets, FedEx now boasts over 410 drop-off locations across Singapore, including SingPost’s Parcel Santa lockers in flats. Neo Su Yin, Group Chief Operating Officer of SingPost, remarked, “Partnerships with international logistics companies like FedEx allow us to offer even greater value to our customers by providing more options for international shipping.”

Since the pilot’s inception, there has been a steady increase in the use of the drop-off service, indicating strong demand for accessible international shipping solutions. This initiative underscores both companies’ commitment to enhancing logistics solutions for businesses and individuals in Singapore.
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Singapore start-up EXPIScore has unveiled the world’s first star rating system focused on human-centric customer experience (CX) in buildings. Developed by Dr Marigold Kimura, an internationally acclaimed researcher, in collaboration with Executive Adviser Peter Holland, the system aims to simplify and clarify the delivery of experiential real estate environments.

EXPIScore’s framework is based on comprehensive criteria that reflect people’s needs and preferences, identified through consumer surveys and expert consultations. The system offers two assessment categories: EXPIScore: LIVE and EXPIScore: WORK. Real estate providers receive a CX score out of 100 and a star rating from three to six stars, valid for 18 months for new developments and three years for existing properties.

The Singapore Land Group’s Singapore Land Tower has already achieved a 6-star EXPIScore: WORK rating, the highest tier, recognising its industry-leading innovation and design. This rating system provides real estate providers with a detailed report, including a scorecard and actionable roadmap to enhance CX outcomes.

Dr Kimura noted, “Singapore’s innovation culture and sophisticated real estate market make it the ideal launch pad for EXPIScore.” Peter Holland added that human-centric designs are becoming as standard as sustainability measures in real estate.

EXPIScore’s consumer survey revealed that 70% of private residence dwellers value ‘hotel-style’ services, whilst 76% of office workers prioritise safety features like CCTV. The launch of EXPIScore marks a pioneering step in the global real estate industry, offering a benchmark for experience-oriented investments.
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