Industry News

Citi has announced the appointment of Prashant Thakker as the new Head of Asia South Corporate Bank, effective immediately. Thakker will be responsible for overseeing business strategy, financial performance, talent development, and execution across Local Corporate, Financial Institution, Public Sector, and Global Network Banking businesses in nine Asian markets, including India, Indonesia, and Singapore. He will report to Jason Rekate and John Chirico, Global Co-Heads of Corporate Banking, and Amol Gupte, Head of Asia South Cluster.

Thakker, who has been with Citi for 18 years, brings a wealth of experience from various leadership roles. Previously, as head of Capital Management, he achieved significant gains in return on tangible common equity (ROTCE) and balance sheet efficiency. His earlier tenure in Shanghai saw him lead Diversified Industrials Coverage and Corporate Finance, contributing to revenue growth for the China Corporate Bank.

Having joined Citi in 2007 as a banker in India, Thakker moved to Hong Kong in 2013, where he managed the non-Target Market Leveraged Finance portfolio. He currently heads Capital Management for Japan, Asia North, and Australia, alongside Asia South, and will be relocating to Singapore for his new role.

This strategic appointment underscores Citi’s commitment to strengthening its corporate banking operations in the Asia South region. As Thakker steps into his new role, Citi anticipates continued growth and enhanced client engagement across its diverse markets.
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Centurion Corp is poised for growth as it capitalises on a dormitory supply shortage in Singapore, leading to improved rental rates. The company, which specialises in purpose-built workers accommodation (PBWA) and student accommodations (PBSAs), is expected to see a 13% upside in its stock, with a new target price of SGD1.50. This follows an increase from the previous target of SGD1.43, according to a report by analyst Alfie Yeo.

The company’s earnings forecasts have been revised upwards by 4% for FY25 and FY26, and by 5% for FY27. This optimism is driven by the expectation that bed rates will outperform previous assumptions, particularly in the PBWA and PBSA sectors. Centurion Corp’s strategic positioning in both local and overseas properties is seen as a key factor in its anticipated long-term growth.

The report highlights the company’s ability to leverage the current market conditions to enhance its profitability. “We believe Centurion Corp remains well positioned to yield better rental rates in Singapore from the dormitory supply shortage situation,” the report states.

As Centurion Corp continues to expand its footprint, the focus on improving bed rates and capacity is expected to drive its growth trajectory.
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Lazada has announced a significant $100 million investment into its LazAffiliate Programme, aiming to strengthen the creator economy in Southeast Asia. This strategic move, unveiled at the Lazada Affiliate Southeast Asia Awards 2025 in Bangkok, introduces new features designed to enhance performance-led marketing for brands and sellers in the region.

The revamped LazAffiliate Programme offers a range of new tools and incentives to empower creators, influencers, and everyday users. Key updates include customisable storefronts that allow affiliates to showcase recommended products, an advanced performance dashboard providing real-time data on clicks and conversions, and Campaign Rewards Accelerators offering bonuses and higher commissions during major shopping festivals.

This initiative is set to coincide with the upcoming 6.6 Mega Sale, where affiliates can earn up to 36% commission and share in over $100,000 in regional rewards. Lazada is also partnering with top brands to deliver cost-effective marketing strategies, co-investing in store vouchers to incentivise consumer purchases.

Jared Chan, Head of Regional Affiliate at Lazada Group, stated, “Lazada is committed to enabling influencers and content creators across Southeast Asia to unlock new income streams and scale their impact.”

The LazAffiliate Programme is open to a wide range of creators, from influencers to everyday shoppers, offering a no-barrier entry into creator commerce. With this investment, Lazada aims to cultivate a vibrant affiliate ecosystem that supports entrepreneurial growth and fosters authentic connections between brands and consumers.
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Tetra Pak has launched the 2025 edition of its Dairy Processing Handbook, coinciding with World Milk Day on 1 June. This updated resource, marking 40 years since its first publication, is designed to equip dairy professionals with the latest insights and innovations in the industry. With Singapore’s dairy market expected to grow at a compound annual growth rate of 5.3% from 2025 to 2033, the handbook arrives at a crucial time for the sector.

The new edition introduces chapters on mixing technology, lactose-free dairy products, and sustainability in dairy processing. These additions aim to address the rising demand for health-conscious and sustainable dairy options. Charles Brand, Executive Vice President of Processing Solutions & Equipment at Tetra Pak, stated, “For 40 years, the Dairy Processing Handbook has been a cornerstone of our commitment to the dairy industry, reflecting our deep heritage and expertise.”

The handbook, authored by 35 experts, features over 460 pages and 600 illustrations, making it a comprehensive guide for industry professionals, academics, and students. It also includes a chapter on the primary production of milk, contributed by experts from DeLaval.

As lactose-free options gain popularity, the handbook’s focus on this segment reflects global consumer trends and offers new opportunities for innovation. Additionally, the sustainability chapter provides insights into transitioning towards more environmentally friendly operations, addressing the industry’s responsibility to reduce its 2.7% contribution to global greenhouse gas emissions.

The 2025 edition of the Dairy Processing Handbook is set to empower the next generation of dairy professionals, fostering innovation and resilience in a rapidly evolving industry.
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Vogue Singapore’s flagship event, Next in Vogue, has clinched the Gold for Best Event (In-Person and Virtual) at the Native Advertising Awards 2025. Celebrated for its innovative approach to experiential storytelling, the 2024 edition of the event brought together over 1,200 guests, marking it as Singapore’s premier fashion conference.

Held in October 2024, Next in Vogue showcased a blend of fashion, technology, and culture through a series of curated panels, exhibitions, and immersive activations. The event featured five key components, including Vogue Conversations, which hosted 13 panel sessions with 41 global voices, and the Vogue Closet, an exhibition of red carpet couture by Asian designers like Chet Lo and Gaurav Gupta.

The event also highlighted fashion-tech innovations in the Vogue Innovation Lounge, featuring an Apple Vision Pro experience and a carbon-capturing dress by COzTERRA and Bryan Yeo. Additionally, the Vogue Glam Room offered beauty innovation masterclasses, whilst the Vogue Networking Lounge facilitated brand showcases and collaborations.

Natasha Damodaran, Publisher of Vogue Singapore, remarked, “With NEXT IN VOGUE, our aim was to create a future-facing platform that actively shaped change. This recognition affirms our belief in fashion as a powerful cultural connector—and in Singapore as a creative hub for the region.”

The event achieved significant milestones, including $42m (S$58m) in media value and a 97% satisfaction rate among attendees from across Southeast Asia. Next in Vogue is set to return this October, continuing its mission to inspire and lead the conversation in fashion.
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Singapore Telecommunications Ltd. (Singtel) is set to bolster its shareholder returns through an expanded asset monetisation programme, according to a recent report by S&P Global Ratings. The telecommunications giant aims to repurchase up to S$2b of shares over the next three years, supplementing its core dividends and a “value realisation” dividend announced in 2024.

Singtel’s asset recycling programme, initially valued at S$6b, has been increased to S$9b and will span the next three to four years. This initiative is expected to generate cash proceeds of S$2.4b to S$2.6b in fiscal 2026, up from S$1.9b in fiscal 2025. A significant portion of these proceeds includes the recent S$2b sale of a 1.2% stake in Bharti Airtel Ltd., completed on 16 May 2025.

Despite the increased spending on shareholder returns, Singtel’s capital expenditure will remain high, focusing on network enhancements and growth areas such as data centres and artificial intelligence. The company anticipates capex to be between S$2.4b and S$2.6b annually for fiscals 2026 and 2027.

Singtel’s adjusted EBITDA is projected to decline by S$250m to S$350m in fiscal 2026, before recovering in subsequent years. This is attributed to a reduction in dividends from associates and the impact of a stronger Singapore dollar on its Australian subsidiary, Singtel Optus Pty Ltd. However, cost reduction efforts and a recovery in Optus’ mobile segment are expected to partially offset these challenges.

Looking ahead, Singtel’s earnings are expected to rise in fiscals 2027 and 2028, driven by improvements in Optus’ performance and contributions from new data centres. The company’s debt-to-EBITDA ratio is anticipated to remain within acceptable limits, providing further financial flexibility.

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International law firm Penningtons Manches Cooper has appointed Zhi Chao Chor as a partner in its Singapore office, bolstering its capabilities in commodities and trade finance. Zhi Chao, a dual-qualified lawyer, brings extensive experience from his previous roles at Wong Partnership and Rajah & Tann, where he specialised in sustainability-linked finance, leveraged finance, Islamic finance, and real estate finance.

Zhi Chao’s notable achievements include advising on a $1.393b credit facility for Mercuria Energy Group and a S$540m refinancing for Accor’s Mercure and Novotel hotels in Singapore. His expertise is expected to enhance the firm’s existing strengths and complement its international offerings.

Johan Wong, head of Penningtons Manches Cooper’s Singapore office, expressed enthusiasm about Zhi Chao’s arrival, stating, “Zhi Chao is a first-rate lawyer and his acknowledged expertise will further boost the firm’s banking, trade finance and commodities practices.” Zhi Chao himself is eager to contribute, saying, “I am delighted to be joining Penningtons Manches Cooper. This feels like a great opportunity and I cannot wait to get started.”

The addition of Zhi Chao follows the recent appointment of Max Lim, indicating the firm’s strategic focus on expanding its presence and capabilities in the region. This move is set to open up new opportunities for the firm in Singapore and beyond, as it continues to serve a diverse range of clients in the Asia Pacific region.
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HTX (Home Team Science and Technology Agency) has entered into a strategic partnership with Mistral AI and Microsoft to advance the development of Generative AI models and platforms aimed at enhancing Home Team operations. This collaboration will see the refinement of Microsoft’s Phi-4-multimodal Small Language Model (SLM) and the co-development of Large Language Models (LLMs) with Mistral AI, under the project codename Phoenix.

The initiative involves training these models on domain-specific and multilingual data to support frontline operations through AI chatbots and developer APIs. HTX will also create a unified platform to host its LLMs and Vision Language Models (VLMs), enhancing its capability to train, deploy, and manage advanced AI tools tailored for public safety. Mistral AI will contribute its expertise in LLM training, whilst Microsoft will provide the technological infrastructure.

Phoenix, pre-trained on extensive knowledge relevant to the Home Team and Singapore, will be deployed as an AI chatbot and API, offering more accurate responses in 10 major languages spoken in Singapore. This marks a significant step in establishing sovereign AI capabilities within the Home Team.

Ang Chee Wee, HTX Chief AI Officer, stated, “This collaboration with industry leaders Mistral AI and Microsoft will allow us to fast track our progress to empower the Home Team with AI.” Microsoft’s Public Sector Director, Wong Sook Huey, added, “Together we’re building local AI capabilities and delivering technology tailored to the specific needs of our community to keep Singapore safe.”

The partnership reflects a commitment to enhancing public safety through AI innovation, with HTX poised to become a leader in AI development in Singapore.
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Weave Living, a leading provider of urban rental accommodation in the Asia Pacific, has announced the acquisition of a new property at 12 Shan Road, Singapore, in partnership with BlackRock and Lian Beng Group. This acquisition, valued at over $100m, marks Weave Living’s fourth property in Singapore and is set to transform into Weave Suites – Novena by 2026.

The new Weave Suites – Novena will feature 99 units, offering a range of layouts from open-plan to two-bedroom flats. The property will include modern amenities such as a lap pool, a communal courtyard, and a sheltered play area for children. It will also provide services like housekeeping and on-site maintenance, catering to families, corporate travellers, and long-term residents.

Sachin Doshi, Founder and Group CEO of Weave Living, highlighted the strategic importance of the location, stating, “The strategic location of Weave Suites – Novena opens up a unique opportunity to cater to Singapore’s growing strength as a regional corporate, medical, and wellness hub.”

This development is Weave Living’s second collaboration with BlackRock, reinforcing their commitment to Singapore as a key growth market. Andrew Lee, Head of Investments, Singapore Real Estate at BlackRock, expressed confidence in the project, noting, “We remain highly confident in Singapore’s living and lodging sector and have been actively investing in the last 18 months.”

With this latest acquisition, Weave Living’s portfolio in Singapore will expand to approximately 500 units, valued at over $500m, further solidifying its presence in the city-state.
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DCS Card Centre has been announced as the official payments solution provider for GastroBeats 2025, enabling festival-goers to enjoy seamless transactions across all vendors. The collaboration allows visitors to pay effortlessly using cards funded by fiat or stablecoins, ensuring a smooth experience throughout the month-long festival of food, music, and games.

DCS’s extensive merchant network, which includes Visa, Mastercard, UnionPay, Diners, Discover, Alipay, and WeChat Pay, supports this initiative. Callistus Ong, Managing Director of Merchant Acquiring at DCS Card Centre, stated, “We’re proud to support GastroBeats with a payment experience that’s as seamless as the festival is exciting.”

The festival, known for its vibrant mix of culinary delights and live performances, will feature DCS’s Treasure Cove booth, offering rewards and games. Attendees can apply for the DCS Flex Visa Platinum Card and the DeCard Visa Card, with perks such as instant approval and exclusive festival merchandise.

Liyana Salman Morrison, General Manager of O4X (Singapore), organisers of GastroBeats, expressed enthusiasm for the partnership, highlighting DCS’s role in delivering a people-first festival experience. “With DCS powering seamless, secure, and inclusive transactions across the entire festival, our guests can immerse themselves in the flavours, fun, and festivity without missing a beat,” she commented.

As GastroBeats 2025 unfolds, DCS ensures that festival-goers can focus on enjoying the event without payment hassles, reinforcing its commitment to smarter, faster, and more inclusive payment solutions.
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