Industry News

The three major banks in the Straits Times Index (STI)—DBS Group Holdings, Oversea-Chinese Banking Corp, and United Overseas Bank—have reported a robust financial performance for the first quarter of 2025. Despite initial tariff concerns in April causing a 13.7% decline in total returns, the banks rebounded with a 12.3% average total return by mid-May. Retail investors responded by net buying S$1.47b in shares, although this slowed to S$65m in the following month.

The banks collectively reported a net interest income (NII) of S$8.4b and a non-interest income (NOII) of S$4.8b, culminating in a total income of S$13.2b for Q1 2025. This marks the tenth consecutive quarter where the combined NII exceeded S$8.0b. The banks have been able to maintain stable NII by securing fixed-rate loan portfolios, mitigating the impact of interest rate cuts.

Capital management initiatives are also underway, with DBS, UOB, and OCBC engaging in significant share buyback programmes and special dividends. Over the first four months of 2025, the banks led the local market in share buybacks, with a combined consideration of S$550m. DBS alone executed a S$3b share buyback programme, whilst UOB and OCBC announced capital returns of S$3b and S$2.5b, respectively, through dividends and buybacks.

The banks’ strong financial performance and strategic capital management initiatives underscore their resilience and adaptability in a challenging economic environment. Looking ahead, these initiatives are expected to continue bolstering investor confidence and shareholder value.

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FalconX, a leading digital asset prime broker, has announced a strategic partnership with Standard Chartered, a prominent international banking group. This collaboration aims to provide FalconX with a comprehensive suite of banking services, enhancing its offerings for institutional clients worldwide. Initially, FalconX will integrate Standard Chartered’s banking infrastructure, allowing access to a wide range of currency pairs and improving the speed, scale, and reliability of cross-border settlements.

The partnership marks a significant step in FalconX’s mission to bridge the gap between traditional finance and digital assets. Matt Long, General Manager for APAC and the Middle East at FalconX, expressed enthusiasm about the collaboration, stating, “We are pleased to partner with Standard Chartered, one of the most forward-thinking global banks in digital asset adoption.”

As the demand for digital assets continues to grow, the partnership is expected to evolve beyond banking services, potentially including new products and services tailored to the needs of institutional clients such as asset managers, hedge funds, token issuers, and payment platforms. Luke Boland, Head of Fintech for ASEAN, South Asia, and GCNA at Standard Chartered, highlighted the bank’s commitment to advancing the digital asset ecosystem, saying, “Our collaboration with FalconX underscores our commitment to advancing the digital asset ecosystem.”

This partnership not only strengthens FalconX’s global footprint but also positions both companies to better serve the evolving needs of their institutional clients in the rapidly growing digital asset market.
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PayPal has introduced its Complete Payments solution for businesses in Singapore, offering a comprehensive payments system designed to facilitate global commerce. This new service allows businesses to accept payments from over 200 markets, optimise cash flow with rapid settlements, and manage multi-currency balances, all whilst enhancing fraud protection.

The Complete Payments solution supports a wide range of payment methods, including PayPal, Apple Pay, Google Pay, Visa, Mastercard, and local alternatives like Alipay and iDEAL. Businesses using this service have reported a 4.7 percentage point increase in card authorisation rates globally, and the combination of PayPal Wallet and Apple Pay can boost checkout conversion by up to 17%.

Nadia Syed, Senior Vice President, International Cross Border Trade and General Manager Asia Pacific at PayPal, stated, “PayPal Complete Payments will give businesses here access to an extensive suite of new tools which will help them sell more effectively to global customers, in just one integration.”

The launch comes at a time when cross-border commerce is crucial for Singapore businesses amid a challenging global trade environment. The solution aims to simplify cross-border transactions and reduce foreign exchange exposure, providing businesses with the flexibility needed to thrive in international markets.

G2G, a leader in digital gaming goods, has already benefited from the solution. Ken Chee, G2G’s Group CEO and Co-Founder, noted that the service’s transparent fees and advanced fraud protection have been instrumental in their global expansion.

With e-commerce fraud rates in Singapore rising, PayPal’s enhanced security features, including Fraud Protection and Seller Protection, are designed to safeguard businesses against increasing threats. The integration with platforms like Adobe Commerce and WooCommerce further simplifies the adoption of these solutions for businesses.
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Kaplan (Singapore) and the National Youth Council (NYC) have announced a strategic partnership aimed at empowering Singaporean youths aged 18 to 35. This collaboration, formalised on 14 May at Kaplan City Campus, seeks to enhance career planning, self-development, and civic engagement opportunities for Kaplan students and alumni. The initiative integrates NYC’s youth portal, Discover, into Kaplan’s career-readiness programme, offering interactive content and programmes to equip youths with real-world skills.

The partnership was celebrated during Kaplan’s CampusLife day, featuring a dialogue between NYC Youth Leader Suhaimi Zainal Shah and Team Singapore cycling coach Calvin Sim. The discussion highlighted the evolving role of youths in shaping Singapore’s future and the importance of civic engagement.

Alex Chevrolle, Managing Director at Kaplan (Singapore), emphasised the shared vision of the partnership, stating, “This collaboration with NYC is more than just an agreement—it is a shared vision. At Kaplan, we believe that youths are a powerful catalyst for innovation, progress, and positive societal impact.”

The collaboration aims to develop new platforms for work readiness and industry networking, supporting youth-centric campaigns and community leadership programmes. David Chua, CEO of NYC, noted the importance of such partnerships for the SG Youth Plan, expressing hope that more organisations will join the initiative.

This partnership marks a significant step towards creating a future-ready generation, equipped to lead and contribute meaningfully to Singapore’s development, especially as the nation celebrates SG60.
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Sngapore-headquartered Synagie, a leading AI-powered digital commerce platform in Southeast Asia, has announced a strategic partnership with Jiangsu Soho Ecommerce Co. Ltd to create a digital trade corridor linking China, Central Asia, and Southeast Asia. This initiative, unveiled on 14 May 2025, aims to enhance regional commerce by leveraging AI-driven infrastructure to tap into Southeast Asia’s burgeoning $600b digital economy.

The collaboration will connect enterprises across 11 countries, including China, Kazakhstan, and Singapore, through a unified digital and logistics infrastructure. This corridor is designed to reduce costs, increase speed, and streamline market entry for businesses of all sizes. Peggy Shen, General Manager of Jiangsu Soho, highlighted the importance of regional connectivity amidst global trade shifts, stating, “This partnership brings together our on-the-ground trade networks in Central Asia with Synagie’s digital commerce expertise to build a smarter, faster, and more inclusive trade bridge across Asia.”

The initiative promises significant benefits for governments, markets, and businesses. It supports Belt and Road Initiative trade objectives, diversifies supply chains, and offers businesses turnkey access to high-growth e-commerce markets. Olive Tai, Co-Founder and CEO of Synagistics, noted, “We are building a regional economic artery powered by AI, technology, and deep-market know-how, that lowers the barrier to cross-border trade and fuels sustainable growth.”

Key features of the partnership include an AI-powered cross-border commerce platform and an integrated physical-digital trade corridor. This builds on Synagie’s previous success with ShopHK, a platform aiding Hong Kong SMEs in global expansion. The new corridor aligns with Synagistics’ innovation roadmap, including the launch of Geene, a platform integrating Generative AI, Blockchain, and Big Data.
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Xiaomi has launched its latest TV A Pro 2026 Series in Singapore, offering a range of four screen sizes—43-inch, 55-inch, 65-inch, and 75-inch—to cater to diverse viewing needs. The series, available from 15 May, boasts a 4K QLED display, sleek metal finishing, and an ultra-thin bezel design. It features an upgraded 120Hz refresh rate under Game Boost Mode via HDMI and supports Dolby Audio, DTS:X, and DTS Virtual:X for an immersive audio experience.

The Xiaomi TV A Pro 2026 Series enhances home entertainment with its DCI-P3 colour gamut standard, providing vibrant and realistic images. It supports HDR 10+ and HDR Enhance features for optimal picture quality and improved contrast in HDR videos. The inclusion of Filmmaker Mode allows viewers to enjoy films as intended by the creators, whilst MEMC technology ensures clear and sharp high-speed motion images.

For those who enjoy extended viewing sessions, the series offers a low blue light mode and DC dimming technology to reduce eye strain. The TVs come pre-installed with Xiaomi TV+, a free ad-supported streaming service, and support Google TV, Google Cast, Miracast, and Apple AirPlay. Users can control the TV using the built-in Google Assistant.

The series is available for purchase on mi.com and Lazada, with prices starting at $292 (S$399) for the 43-inch model, $431 (S$589) for the 55-inch, $621 (S$849) for the 65-inch, and $803 (S$1099) for the 75-inch.
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Forrester has announced a downward revision of its 2025 technology spending forecast for the Asia Pacific (APAC) region due to evolving tariff negotiations. Initially, Forrester projected a 6.5% growth in tech spending, reaching $722 billion, up from $678 billion in 2024. However, the imposition of broad-based tariffs by the US is expected to increase technology costs and disrupt supply chains, potentially reducing growth by 1 to 2 percentage points.

Despite these challenges, the adoption of artificial intelligence (AI) and cloud technologies is anticipated to continue driving robust growth in software and IT services across Asia. Countries like India and Vietnam, initially expected to see tech spending grow by 11% and 10% respectively, may experience a slight dip but are still projected to outperform the regional average. The software market is set to grow by 10.4% in 2025, with AI and cloud services dominating demand, particularly in Southeast Asian economies.

Frederic Giron, VP and senior research director at Forrester, noted, “Asia Pacific’s tech spending growth continues to demonstrate the region’s commitment to leveraging technology to build resilience and drive innovation in an uncertain global climate.” However, he cautioned that the new tariffs are likely to influence the pace and prioritisation of technology initiatives.

Forrester’s projections for 2025 include a 6.6% growth in Australia, 7.7% in China, 11% in India, and 5.6% in Singapore, with Southeast Asia also showing strong growth. Business and tech leaders are advised to engage in comprehensive scenario planning to navigate these economic headwinds effectively.
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OxPay Financial Limited has announced the appointment of Chin Mun Chung as the Chief Operating Officer of its subsidiary, OxPay SG Pte. Ltd. Chin, who brings over 28 years of experience in Singapore’s technology and payments industry, will lead the strategic direction and operations of OxPay SG, pending approval from the Monetary Authority of Singapore.

Chin’s extensive career includes a significant tenure at AXS Pte Ltd, where he served as Chief Executive Officer and played a pivotal role in the company’s growth and adaptation to the evolving fintech landscape. His leadership is expected to enhance OxPay’s operational execution and set a path for sustainable growth. “We are pleased to welcome Chin Mun Chung onboard,” said Shawn Ching Wei Hung, Non-Executive Non-Independent Deputy Chairman of OxPay. “His expertise and leadership will support the Group’s ongoing efforts to improve operational performance and reposition OxPay for future growth.”

OxPay, which operates in Singapore, Malaysia, Indonesia, and Thailand, provides merchant payment services and digital commerce solutions. The company aims to diversify its service portfolio to meet evolving customer demands and mitigate competition with larger players. As the digital payments landscape evolves, OxPay is confident in capturing emerging market opportunities and overcoming recent business challenges.

Chin’s appointment is part of OxPay’s strategy to leverage its established payment platform, backed by a licence from the Monetary Authority of Singapore to provide five categories of payment services, to pursue financial recovery and long-term growth.
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MetaComp, a Singapore-based digital asset platform, has unveiled StableX, a cutting-edge infrastructure designed to revolutionise cross-border foreign exchange (FX) payments through the use of stablecoins. Announced on 14 May, StableX is integrated with MetaComp’s institutional platform, CAMP, and is set to operate continuously, supporting a wide range of currencies to facilitate global payment flows.

StableX addresses the complexities of the current FX market, which sees over $7 trillion traded daily through outdated systems. By leveraging stablecoins, StableX offers a more efficient alternative, enabling real-time execution and reducing transaction friction. The platform’s intelligent routing engine optimises each transaction, choosing between stablecoins or US dollars (USD) for the best cost, speed, and settlement certainty. Initially, StableX supports USDT and USDC, with plans to include other stablecoins like FDUSD, PYUSD, and WUSD soon.

Tin Pei Ling, Co-President of MetaComp, highlighted the platform’s benefits: “StableX delivers what businesses need most—24/7 access, real-time execution, and infrastructure they can trust.” Eddie Hui, Co-President and COO, added that StableX bridges the gap left by legacy systems, offering agility and scalability for global financial flows.

Built on MetaComp’s Web 2.5 Core Banking System, StableX integrates seamlessly with CAMP, supporting high-volume FX transactions and offering additional services like collection-on-behalf and payment-on-behalf. As it launches, StableX will support major currency pairs, with plans to expand to 31 currencies, ensuring liquidity and compliance.

StableX is now live, providing a robust solution for businesses seeking efficient, transparent, and cost-effective cross-border payments.
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Deloitte’s 2025 Gen Z and Millennial Survey has revealed that young professionals in Singapore are prioritising financial independence, meaningful work, and well-being over traditional leadership roles.

The survey, which included 309 participants from Singapore, highlights a significant shift in career aspirations and expectations from employers.

The survey found that only 8% of Gen Zs and 9% of millennials in Singapore aim for leadership positions, with the majority seeking financial independence as their primary career goal. This trend is accompanied by a strong desire for managerial support, as 62% of Gen Zs and 63% of millennials expect guidance from their managers, yet less than half report receiving it.

Generative AI is also influencing career choices, with 75% of Gen Zs and 77% of millennials considering job opportunities less susceptible to automation. Elizabeth Faber, Deloitte Global Chief People & Purpose Officer, noted, “These generations prioritise work/life balance and meaningful work as they strive for financial stability.”

The survey further reveals that financial insecurity is a growing concern, with 62% of Gen Zs and 52% of millennials citing the cost of living as their top worry. Additionally, a sense of purpose is crucial, as nearly all respondents consider it vital for job satisfaction.

As the workplace continues to evolve, Deloitte’s findings suggest that employers must adapt to meet the changing needs of these generations, focusing on providing meaningful work and supporting their development.
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