Industry News

Juspay, a global leader in payment infrastructure solutions, has inaugurated its new Asia Pacific hub in Singapore, marking a significant step in its international expansion. This move is designed to support the region’s burgeoning digital economy by offering streamlined payment solutions to enterprise merchants. Juspay, backed by investors such as SoftBank, Accel, and VEF, processes over 200 million transactions daily and aims to enhance its collaboration with partners like Agoda.

The Singapore office will enable Juspay to work closely with merchants to address unique challenges in the Asia Pacific market. Co-founder and COO of Juspay, Sheetal Lalwani, stated, “Our expansion into Singapore positions us at the heart of the dynamic Asia Pacific market, where we can work closely with merchants to tackle their unique challenges.”

Juspay’s offerings include services such as 1-click checkout, full-stack orchestration, and fraud solutions, which are crucial for enterprises looking to optimise transaction costs and improve authorisation rates. Nakul Kothari, Head of APAC & Middle East at Juspay, highlighted the importance of this expansion, noting, “Our expansion comes at a crucial moment as APAC’s digital payment landscape undergoes rapid transformation.”

The partnership with Agoda further solidifies Juspay’s presence in the region. Jibran Bugvi, Head of Fintech & Business Initiatives at Agoda, commented on the collaboration, emphasising the importance of maintaining efficient and reliable payment processes.

Juspay’s strategic move into Singapore is set to reshape the payment landscape in the Asia Pacific region, offering scalable and reliable payment infrastructure to enterprises.
“`

The Rare Skin Conditions Society of Singapore (RSCS) and DEBRA Singapore will host the “Skin and Kin” Gala on 2 May 2025, marking the launch of “The Skin We Wear,” a book that shares personal stories of individuals living with rare skin conditions. The event, held under the patronage of Singapore’s First Lady, Jane Yumiko Ittogi, aims to raise awareness and foster empathy for those affected.

The book, co-created by RSCS, features narratives and portraits that reveal the often-invisible battles faced by individuals with rare skin conditions. “The Skin We Wear is an apt and bold expression of dignity,” said Ittogi, emphasising the need for deeper understanding and empathy.

RSCS, founded to support individuals with rare genetic and chronic skin conditions, collaborates with medical professionals to improve diagnosis and care. DEBRA Singapore, part of a global network, focuses on Epidermolysis Bullosa (EB), a painful skin disorder. Both organisations advocate for inclusion and better healthcare.

Prof. Durreen Shahnaz, co-founder of RSCS, shared her personal connection: “As a mother of a child with Harlequin Ichthyosis, I know the anguish of watching your child struggle with a condition that few understand.” The book, she said, is a collective voice affirming the importance of belonging and visibility.

The gala will also honour healthcare professionals dedicated to improving care for rare skin conditions. Dr. Mark Koh, co-founder of RSCS, highlighted the progress made: “What we’ve built is a united medical front… because we believe every patient deserves dignity, understanding, and access to expert care.”

The event underscores the importance of systemic change and community support, aiming to make the invisible visible.
“`

Singapore-based digital wealth management platform Syfe is set to acquire Selfwealth, one of Australia’s largest digital investing platforms, following a successful shareholder vote approving the AU$65m transaction. The acquisition, expected to be completed by 7 May, will see Selfwealth delisted from the Australian Securities Exchange (ASX) and operate as Selfwealth by Syfe, maintaining its headquarters in Melbourne.

Syfe, founded in 2019, aims to democratise wealth management by providing accessible and affordable investment solutions. The acquisition of Selfwealth aligns with Syfe’s strategy to grow its presence in Australia and expand its investor base. Dhruv Arora, Syfe’s CEO, stated, “Selfwealth’s strong user base and credibility in the Australian market make it a natural strategic fit for Syfe.”

The deal will allow Syfe to offer its broader suite of investment products and technology-driven solutions to Selfwealth’s existing customers, whilst maintaining the services they currently enjoy. Samantha Horton, Syfe’s Group Chief Operating Officer, will lead the integration process.

Selfwealth CEO Craig Keary expressed confidence in the partnership, highlighting the alignment of both companies’ visions to enhance the digital investing experience. “We see great value in entering a new phase for the Selfwealth business with Syfe’s vision,” Keary said.

Australia’s growing ‘mass affluent’ population, with nearly 12 million individuals holding investable wealth over $100,000, presents a significant opportunity for Syfe. The company aims to address the gap in digital investment and advice services, offering a holistic platform that provides global market access and end-to-end wealth solutions.
“`

ASEAN economies are grappling with the repercussions of a recent 10% reciprocal tariff, as outlined in CGS International’s latest economic note.

The tariff has led to downward adjustments in growth forecasts for Singapore, Malaysia, and Thailand, whilst Vietnam emerges as the most adversely affected due to its high dependence on the US market. Indonesia, however, remains relatively insulated given its low export reliance on the US.

The exclusion of the semiconductor segment from the tariff list, announced on 2 April and extended on 11 April, offers some respite. Over 60% of Singapore and Malaysia’s exports to the US are exempted, compared to 30% for Thailand and Vietnam, and 10% for Indonesia. However, CGS International warns that this relief may be temporary as the US administration considers additional tariffs targeting the semiconductor and pharmaceutical sectors.

The economic note suggests that the ASEAN region may need to pivot towards a consumption-driven growth model, as the US remains a critical market for its exports. The possibility of a ‘Mar-a-Lago accord’ could cement a permanent minimum tariff, further complicating ASEAN’s export-oriented growth strategy.

Forecast revisions include Malaysia’s GDP growth for 2025 being lowered to 4.2% from 4.6%, and Singapore’s to 1.6% from 2.5%. Thailand’s forecast sees a slight increase to 1.8% from an earlier 1.5%, though still below pre-April expectations. Indonesia’s growth remains projected at 5.0%, reflecting its relative insulation from the trade tensions.

These developments underscore the need for ASEAN economies to navigate the evolving trade landscape carefully, balancing national interests with external pressures.
“`

Meta has announced the appointment of Nicole Tan as its new Country Director for Singapore, effective 2 June 2025. With over 25 years of industry experience, including nine years at the helm of Meta’s operations in Malaysia, Tan is set to drive digital empowerment and innovation across industries in Singapore. Her role will focus on leveraging artificial intelligence (AI) to create new business opportunities and support the growth of Singapore’s digital economy.

Tan’s appointment is seen as a strategic move by Meta to strengthen its presence in Singapore, a key hub for innovation and regional collaboration in Southeast Asia. Benjamin Joe, Vice President of Southeast Asia and Emerging Markets at Meta, expressed confidence in Tan’s leadership, stating, “Nicole has a deep understanding of what businesses and communities across Southeast Asia need to thrive in a digital world.”

In her new role, Tan aims to work closely with Meta’s team and partners in Singapore to foster growth through technology and build meaningful connections within the digital economy. “Singapore is a dynamic market that is spearheading Southeast Asia’s digital transformation,” Tan remarked, highlighting her enthusiasm for the opportunities ahead.

Before joining Meta, Tan held senior leadership positions in Malaysia and China, and she has been a vocal advocate for inclusive leadership, particularly in supporting women in tech and marketing. Her extensive experience in accelerating digital adoption and expanding cross-industry partnerships is expected to be instrumental in her new role.
“`

HealthMetrics, a leading digital Third-party Administrator (TPA) in Southeast Asia, has officially launched HealthMetrics Indonesia, enhancing access for Indonesian and international patients to Singapore healthcare providers. This expansion, announced on 17 April 2025, integrates HealthMetrics’ advanced digital infrastructure with the expertise of Across Asia Assist Indonesia, acquired in 2022.

The initiative allows over 850 Singapore healthcare providers, including HMI Surgery Centre, to connect with HealthMetrics’ extensive client base in Indonesia and the region. This move is significant as Indonesia accounts for more than half of Singapore’s inbound medical tourists. Alvin Yuan, Group CEO of HealthMetrics Group, stated, “We see ourselves not just as a digital TPA – but as a regional enabler of smarter, connected healthcare ecosystems.”

HealthMetrics’ platform, which includes the Global Member App and International Assistance Hub, facilitates seamless cross-border healthcare access. The app offers real-time claims submission and tracking, whilst the hub connects over 15,000 direct billing providers regionally. This digital-first approach aims to improve access, efficiency, and quality of care for patients across Southeast Asia.

The launch event, HealthMetrics Spotlight 2025, held in Jakarta, highlighted the role of digital infrastructure in healthcare administration. Supported by Singapore-based partners like Curie Oncology and Forte Cardiology, the event underscored the importance of cross-border partnerships in advancing a connected healthcare experience.

HealthMetrics plans to continue its growth in Southeast Asia through strategic partnerships, aiming to exceed $1b in cumulative medical treatments by the end of 2025. This expansion underscores Singapore’s role as a premium medical hub and opens new opportunities for inbound medical travel.
“`

A raid conducted by the Health Sciences Authority (HSA) on 21 March 2025 at a Housing Development Board (HDB) flat in Beo Crescent led to the seizure of illegal health products valued at S$51,000. The operation uncovered more than 18,000 units of prescription medicines and supplements for sexual enhancement, along with 30 vaporisers and related components. Equipment used for manufacturing these products, including a blister pack sealing machine and capsule filling machine, was also confiscated.

The raid followed a tip-off about the illegal manufacturing and storage activities within the flat. A 36-year-old male suspect is currently assisting HSA with investigations regarding the suspected illegal manufacture and supply of these products.

Annie Tan, Director of the Enforcement Branch at HSA, highlighted the potential health risks posed by products made in unlicensed facilities. “Health products made in non-licensed facilities could pose an immense health risk. The products are produced under poor manufacturing conditions with no quality controls,” she stated.

HSA has not detected any online sales of these illegal products but has alerted local e-commerce and social media platforms to prevent their listing. Consumers are advised to be cautious when purchasing health products, ensuring they buy from reputable sources and report any suspicious items to HSA.

The authority emphasises its commitment to combating illegal health product activities, warning that offenders face severe penalties, including imprisonment and hefty fines. The public is encouraged to report any illegal activities involving health products to HSA’s Enforcement Branch.
“`

The Singapore Business Chamber in Cambodia Association (SBCCA) is set to officially launch on 26 April 2025 in Phnom Penh, marking a significant step in bolstering business and investment relations between Singapore, Cambodia, and the wider Asia-Pacific region. The event will gather key business and government figures to celebrate the establishment of this new platform, which is dedicated to fostering professional networks and promoting cross-border investment.

SBCCA’s mission is to serve as a trusted bridge between Singapore and Cambodia, offering insights, resources, and connections to help businesses explore regional opportunities. “Cambodia represents both opportunity and momentum,” said Tan Wee Pin, Chairman of SBCCA. “SBCCA’s role is to be the launchpad — helping Singaporean businesses plant deep roots here, grow with confidence, and lead with purpose.”

The chamber has outlined several strategic priorities, including building a professional network for Singaporean entrepreneurs and corporations in Cambodia, facilitating high-level business dialogues, hosting events for professional development, and providing market insights to navigate Cambodia’s business landscape.

The launch of SBCCA aligns with Singapore’s global economic diplomacy efforts, joining other international business chambers in championing Singapore’s presence abroad. The event will take place at the Hyatt Regency Phnom Penh from 5:30 PM to 9:30 PM, with media invited to cover this landmark occasion.

SBCCA offers structured membership tiers, with corporate membership priced at $350 (£280) per annum and individual membership at $100 (£80) per annum, providing access to exclusive events and networking opportunities. For more information, interested parties can visit the SBCCA website.
“`

The Singapore Index of Inflation Expectations (SInDEx), conducted by the Singapore Management University (SMU) and co-sponsored by DBS Group Research, indicates that Singapore’s inflation expectations remain stable despite mixed public sentiments. The survey, conducted from 24 to 30 March 2025, involved around 500 Singaporean households and revealed that the One-year-Ahead headline inflation expectations remained unchanged at 3.8% in March 2025 compared to December 2024.

The survey findings highlight that whilst the overall Consumer Price Index Inflation Expectations (CPIEx) increased to 5% in March 2025 from 4.4% in December 2024, reflecting global uncertainty, the One-year-Ahead inflation expectations for major components like food, transportation, and healthcare mostly increased or remained unchanged. Dr. Aurobindo Ghosh, the principal investigator, noted that these expectations signal potential risks from geopolitical tensions and trade wars.

DBS Chief Economist Taimur Baig commented on the survey’s findings, noting the impact of global economic developments on Singapore’s growth and inflation. The survey also revealed that 44.4% of respondents expect inflation to decline in the medium term, whilst an equal percentage anticipate an increase, illustrating a cognitive dissonance among consumers.

The survey further indicated that Singaporean consumers expect a slight increase in expenses over the next 12 months, with changes in consumption behaviour potentially influenced by post-pandemic lifestyle shifts. The next monetary policy statement by the Monetary Authority of Singapore is anticipated by July 2025, which may further influence inflation expectations.
“`

RHB has downgraded its outlook for Singapore’s banking sector from “Overweight” to “Neutral” due to a subdued global macroeconomic environment and the impact of US President Donald Trump’s reciprocal tariffs. The financial services group has reduced its earnings forecasts for the sector by 2% to 3% for the fiscal years 2025 to 2027, affecting major banks such as OCBC Bank and United Overseas Bank (UOB), which have both been downgraded to “Neutral” from “Buy”.

The decision comes as RHB Economics adopts a more cautious stance on the global economic outlook, prompting a realignment of its sector view. “The pause provides investors with a reprieve and an opportunity to reposition,” the report noted, highlighting the potential for strategic adjustments in response to market volatility.

DBS remains RHB’s top pick, with the bank expected to maintain strong yields and capital returns despite the challenging environment. The report suggests that investors should stay focused on these aspects as they navigate the current market conditions.

This adjustment in RHB’s outlook reflects broader concerns about the impact of geopolitical tensions and economic policies on financial markets. As the sector faces these headwinds, the emphasis on yields and strategic positioning becomes increasingly crucial for investors.

Looking ahead, the banking sector’s performance will likely hinge on its ability to adapt to these external pressures whilst maintaining robust financial health. The ongoing developments in global trade and economic policy will continue to be closely monitored by market participants.
“`