Industry News

Syfe, Asia’s leading digital wealth platform, has announced a collaboration with BlackRock, the world’s largest asset manager, to expand access to private credit investments for Accredited Investors in Singapore. This initiative aims to provide investors with access to high-quality, institutional-grade private credit opportunities, traditionally reserved for large institutions and ultra-high-net-worth individuals, at a fraction of the usual investment size.

Private credit, which involves direct loans to companies, has gained popularity due to its higher yields and lower volatility compared to public debt. Over the past decade, private credit funds have delivered average annual returns of 8-10%, outperforming traditional bonds. This collaboration marks a significant step in making these investment opportunities more accessible in Singapore.

Syfe clients will gain access to BlackRock’s US middle market direct lending strategy, part of a credit platform managing over $63 billion globally. BlackRock will offer marketing exclusivity in Singapore for this strategy with Syfe for a limited period. Ritesh Ganeriwal, Head of Investment and Advisory at Syfe, stated, “Syfe’s launch of BlackRock’s US middle market direct lending strategy unlocks access for our clients to products with exposure to high-quality, institutional-grade private credit opportunities.”

The partnership aligns with Syfe’s mission to empower individuals to build wealth by lowering investment minimums and eliminating complex fees. George Maltezos, Head of Capital Formation Team for APAC at BlackRock, expressed excitement about the collaboration, noting, “We’re pleased to expand access to our US middle market direct lending strategy and empower Accredited Investors in Singapore to make smarter, more diversified investment choices.”

As the wealth management landscape evolves, Syfe’s collaboration with BlackRock reinforces its commitment to providing diversified investment opportunities to its growing client base.
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Booking.com has unveiled its 2025 Sustainability & Travel Report, highlighting a significant shift in the attitudes of Singapore-based travellers towards sustainable tourism. The report, released on Earth Day, draws on insights from nearly 230,000 travellers across 35 markets, including 1,000 from Singapore, to explore how climate anxiety and community impact are influencing travel choices.

The study reveals that 46% of Singaporean travellers are now mindful of tourism’s effects not only on the environment but also on local communities. Despite recognising tourism’s positive impact, concerns about overcrowding, rising living costs, and noise pollution persist. Only 22% support capping visitor numbers, preferring infrastructure improvements to manage tourism sustainably.

Singaporeans are increasingly committed to supporting local economies, with 68% wanting their spending to benefit local communities. However, the report highlights a gap between sustainable intentions and actions, with cost and convenience cited as barriers. Whilst 64% plan to travel more sustainably, only 25% consistently make sustainable choices.

Climate change is a significant concern, with 33% altering travel plans due to extreme weather. Singaporeans associate sustainable travel with reducing plastic waste and offsetting carbon emissions. Yet, 54% remain sceptical of sustainability labels, calling for unified certification systems to enhance trust.

Booking.com aims to facilitate sustainable travel by offering options like eco-friendly accommodations and lower-emission flights. The report underscores the need for transparency and incentives to bridge the gap between sustainable intentions and actions, providing an opportunity for travel brands to engage with environmentally conscious travellers.
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DBS Group has reported a record profit before tax of S$3.44b for the first quarter of 2025, marking a slight increase from the previous year.

This achievement comes as the bank’s total income rose by 6% to S$5.91b, driven by strong business growth, particularly in wealth management and markets trading. However, net profit saw a 2% decline to S$2.90b due to increased tax expenses following the implementation of a 15% global minimum tax.

The bank’s total income growth was supported by balance sheet expansion, record fee income, and treasury customer sales. Despite these gains, DBS took a prudent approach by setting aside S$205m in general allowances to bolster reserves against ongoing macroeconomic and geopolitical uncertainties. The cost-income ratio remained stable at 37%, with asset quality showing resilience as the non-performing loan (NPL) ratio stood at 1.1%.

Compared to the previous quarter, DBS’s net profit increased by 10%, with non-interest income growing by 25% due to higher fees and trading income. Expenses decreased by 8%, partly due to non-recurring items from the previous quarter. Tan Su Shan, CEO of DBS, highlighted the bank’s strong start to the year, stating, “We had a strong start to the year with broad-based business growth led by wealth management, and ROE above 17% despite the impact of the global minimum tax.”

As trade tensions escalate, DBS remains focused on managing risks whilst capturing opportunities. The bank has strengthened its general allowance reserves and maintains strong capital and liquidity positions to support its customers.

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The Centre for Impact Investing and Practices (CIIP) and the Singapore Fashion Council (SFC) have signed a Memorandum of Understanding (MOU) to enhance supply chain sustainability in the fashion industry, focusing on micro, small, and medium enterprises (MSMEs). This collaboration, announced during Ecosperity Week 2025, aims to empower MSMEs to adopt Environmental, Social, and Governance (ESG) practices, thereby driving industry-wide resilience.

The MOU outlines the development of a sectoral plan, a resource guidebook, and a digital toolkit tailored for the fashion and textiles sector. These initiatives will be spearheaded by SFC, with CIIP providing insights from its recent report, “Transforming for Sustainability: Driving Impact and Value through Supply Chain Action.” The report, based on a survey of over 3,500 MSMEs and interviews with 85 organisations across Asia, identifies key barriers and enablers for sustainable supply chain practices.

Dawn Chan, CEO of CIIP, emphasised the importance of supporting MSMEs, stating, “Their growing interest in ESG signals a real opportunity to unlock business resilience and long-term value.” Zhang Ting Ting, CEO of SFC, added, “By partnering with forward-thinking organisations like Temasek Trust’s CIIP, we are bridging insight with implementation.”

The partnership seeks to provide MSMEs with practical tools to integrate sustainability into their operations, thereby strengthening resilience and competitiveness across supply chains. This initiative is expected to help businesses build more resilient, sustainable supply chains, positioning them to take advantage of future demand and opportunities.
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Singapore has launched a new entity, Singapore GasCo Pte Ltd, to centralise the procurement and supply of natural gas for the power sector. This initiative, announced on 7 May 2025, aims to enhance energy security and support Singapore’s transition towards net-zero emissions by 2050. Natural gas currently accounts for approximately 95% of the country’s electricity generation, underscoring its critical role in the energy landscape.

Singapore GasCo, fully owned by the government, will streamline gas procurement processes to achieve economies of scale and secure more favourable contracting terms. The entity will source natural gas from diverse suppliers and engage in long-term contracts to ensure stable supply and pricing. This strategic move is expected to bolster the resilience and cost-competitiveness of Singapore’s power system.

Alan Heng has been appointed as the Chief Executive Officer of Singapore GasCo. Heng brings over 37 years of experience in the energy sector, having previously served as Group CEO of Pavilion Energy until March 2025. His extensive background includes senior roles in planning, operations, and marketing at ExxonMobil over a 23-year tenure.

The establishment of Singapore GasCo marks a significant milestone in Singapore’s energy transition journey. The entity is poised to play a pivotal role in maintaining a secure and sustainable power system as the nation progresses towards a greener future.
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Over-The-Rainbow (OTR), a leader in youth mental wellness in Singapore, has announced a $1m pledge to launch The OTR Academy. This initiative, revealed during the Parenting Conference 2.0 at The Catapult Singapore, seeks to address the urgent need for accessible mental health support across the nation. The Academy’s first cohort will commence on 17 May 2025, offering science-backed courses and practical tools to empower community-led care.

The founders, Yen-Lu and Yee Ling Chow, have committed this substantial funding through their family foundation to support the Academy’s mission of training 10,000 wellbeing practitioners by 2030. The Academy is designed to equip individuals, including parents, educators, and peers, with the skills necessary to support mental wellbeing within their communities. This initiative underscores the growing awareness of the challenges many Singaporeans face in accessing timely and affordable mental health support.

The OTR Academy is grounded in the belief that personal growth through holistic self-care enables individuals to better support those around them. By providing structured, evidence-based training, the Academy aims to foster a community of practitioners capable of delivering effective mental health support. This commitment highlights the importance of community-driven solutions in addressing mental health needs in Singapore.

As the Academy prepares to launch its first cohort, the initiative represents a significant step towards enhancing mental healthcare and community wellbeing in Singapore. The founders’ pledge and the Academy’s ambitious goals reflect a broader movement towards improving mental health support across the nation.
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Chinese tourists flocked to Singapore during the 2025 Labour Day holiday, making it one of the top destinations based on Alipay spending data. The surge in travel spending was part of a broader trend observed during China’s Golden Week, with both inbound and outbound tourism experiencing significant growth.

Alipay and its partner payment apps reported a notable increase in transactions, with Singapore among the top destinations alongside Hong Kong SAR, Japan, and South Korea. The data highlights the growing preference for seamless digital payment solutions among Chinese travellers, facilitated by Alipay+’s cross-border payment services.

The Alipay+ platform, developed by Ant International, allows users of 36 e-wallets across Asia and Europe to make payments in over 70 markets without currency exchange. This convenience has led to increased spending on local experiences, with Switzerland recording the highest average Alipay spending per user.

In addition to outbound travel, inbound tourism to China also saw a remarkable boost. The number of transactions and total spending by international travellers using 13 supported e-wallets rose by over 100% year-on-year. This growth is attributed to China’s updated tax refund and visa-free policies, which have attracted more international visitors.

Alipay’s real-time tax refund service and instant discount offers have also seen significant increases, reflecting the platform’s role in enhancing the travel experience. As digital payment solutions continue to evolve, destinations like Singapore are likely to remain popular among Chinese tourists seeking convenient and immersive travel experiences.
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Flagship Pioneering, a bioplatform innovation company, has joined forces with the Yong Loo Lin School of Medicine at the National University of Singapore (NUS Medicine), National University Hospital (NUH), and the National University Health System (NUHS) to advance research and development in human health and sustainability. This collaboration, formalised through a Memorandum of Understanding signed this week, will focus on creating and co-developing research projects over the next five years.

The partnership will leverage Flagship’s ecosystem of over 40 companies, alongside future ventures, to foster innovation. It will also provide career development opportunities for NUS Medicine scientists and students through secondments, internships, and participation in the Flagship Fellowship programme. Additionally, Flagship will utilise clinical data from NUH and NUHS to gain new biological insights and test clinical hypotheses.

André Andonian, Chair of Asia Pacific and Strategic Adviser at Flagship Pioneering, stated, “Our collaboration with NUS Medicine, NUH, and NUHS will help us realise our goal to expand the global reach and impact of Flagship and its companies and serve as an anchor in Singapore and throughout Asia Pacific for globally connected life science innovation.”

Professor Chong Yap Seng, Dean of NUS Medicine, highlighted the potential of this partnership to drive innovation and bridge the gap between discovery and patient care, ultimately benefiting patients and communities worldwide.

This collaboration is expected to significantly contribute to Singapore’s biotech ecosystem, potentially leading to breakthroughs that impact both patients and the planet.
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Aster Chemicals and Energy has announced the acquisition of Chevron Phillips Singapore Chemicals Pte Ltd (CPSC), a joint venture involving Chevron Phillips Chemical, EDB Investments, and Sumitomo Chemical Company.

The acquisition, facilitated through Aster’s affiliate Chandra Asri Capital, includes a polyethylene manufacturing facility on Singapore’s Jurong Island with an annual production capacity of 400 KTA.

The unanimous agreement from CPSC’s shareholders underscores their confidence in Aster’s strategic vision. This acquisition is set to enhance Aster’s value chain and support its growth objectives. Aster’s existing infrastructure includes a refinery with a capacity of 237,000 barrels per day and a 1.1 million metric tonne ethylene cracker on Bukom Island, alongside downstream chemical assets on Jurong Island.

Erwin Ciputra, Group CEO of Aster, remarked, “This acquisition represents a key achievement for Aster, supporting our strategic goals with new capabilities and strengthening our offerings to customers. CPSC’s manufacturing operations will enhance our ecosystem and advance opportunities for innovation and new collaboration.”

The transaction is pending customary closing conditions. Once completed, CPSC will integrate into the Aster group, further solidifying Aster’s position as a leading chemical and infrastructure player in Southeast Asia. This move is expected to create new opportunities for collaboration and innovation within the industry.
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Citi and SDX have announced a groundbreaking partnership aimed at transforming access to private market assets for global issuers and investors. Expected to launch in the third quarter of 2025, the collaboration will see Citi join SDX as a custodian and tokenisation agent, leveraging SDX’s digital Central Securities Depositary (CSD) platform to tokenise, settle, and safeguard assets.

The initiative, revealed at the Point Zero Forum in Switzerland, seeks to address the complexities of traditional private markets. By making shares in high-growth, venture-backed private companies more accessible, the partnership aims to simplify liquidity management for early investors and employees whilst maintaining control over cap tables. David Newns, Head of SDX, highlighted the project’s significance, stating, “This initiative will distinguish itself in the industry by using SDX’s regulated blockchain-based technology.”

Citi’s involvement will enable the distribution of late-stage pre-IPO equities to institutional and eligible investors on the SDX platform. Marni McManus, Citi Country Officer and Head of Banking for Switzerland, Monaco, and Liechtenstein, noted that Switzerland’s regulatory framework and SDX’s infrastructure are pivotal in bringing this innovative solution to market.

The collaboration also supports the development of the Swiss digital asset ecosystem, with global digital asset banking group Sygnum and Singapore-based SBI Digital Markets facilitating access to the equities in Europe and Asia. Ryan Marsh, Head of Innovation and Strategic Partnerships at Citi, emphasised the importance of meeting client demand for digital asset ecosystems, stating, “As tokenisation scales, we are meeting client demand for access to emerging and relevant digital asset ecosystems and investments.”

This partnership marks a significant step in the digitisation of private markets, promising to streamline what has traditionally been a manual and paper-driven industry.
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