Industry News

Moody’s Ratings has affirmed the long-term and short-term foreign and local currency deposit ratings of Oversea-Chinese Banking Corp Ltd (OCBC) at Aa1/P-1, maintaining a stable outlook. The affirmation also includes OCBC’s senior unsecured debt and medium-term note programme ratings. This decision underscores Moody’s confidence in OCBC’s ability to sustain its solid fundamentals through 2025–2026, despite potential asset risks from exposure to trade-oriented companies and the property sector in Hong Kong.

Moody’s expects OCBC’s problem loans ratio to remain below 2% of gross loans, with a slight decline in its core capital ratio, which will still remain robust. Profitability is anticipated to decrease mildly, yet stay at a good level. The bank’s liquidity and funding are projected to remain very strong, with a continued reliance on deposit-led funding and a high buffer of liquid assets.

OCBC’s Common Equity Tier 1 (CET1) ratio was 15.5% at the end of March 2025, with expectations of a modest decrease to around 14% by 2026 due to higher capital distributions. The bank’s return on assets is predicted to decline to around 1.1% during this period, attributed to net interest margin compression from easing monetary policies in key markets. Despite this, OCBC’s non-net interest income, including contributions from its insurance subsidiary Great Eastern Holdings, is expected to remain robust.

The ratings reflect OCBC’s a1 baseline credit assessment and a three-notch uplift due to a very high probability of public support from the Singaporean government. Whilst an upgrade of OCBC’s ratings is unlikely, improvements in macroeconomic conditions could lead to an upgrade of its baseline credit assessment. Conversely, a downgrade could occur if the problem loans ratio exceeds 3% or if tangible common equity falls below 14%.
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SATS Ltd. has announced a net profit of S$243.8m for the financial year ending 31 March 2025, marking a significant increase from the previous year. The company reported a 13% rise in revenue to S$5.82b, attributed to volume growth across its core business segments and increased market share in air-cargo.

The company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) surged by 32.7% to S$1.04b, with margins expanding from 15.2% to 17.8%. Free cash flow also saw a turnaround, moving from a negative S$48.2m to a positive S$228.3m. SATS achieved S$103m in EBITDA integration synergies within two years, surpassing expectations.

Kerry Mok, President and CEO of SATS, highlighted the company’s robust performance amidst uncertainty, stating, “We achieved profitable growth across our business segments in FY25, consistently surpassing industry growth rates.” He attributed this success to SATS’s resilient business model and strong client relationships.

The company also announced a proposed final dividend of 3.5 pence per share, reflecting its commitment to returning value to shareholders. SATS’s strategic investments include a phased investment of over S$250m to upgrade its Singapore Hub’s ground operations and cargo handling infrastructure.

Looking ahead, SATS remains confident in navigating a dynamic landscape, with plans to capture new opportunities and sustain growth through its global network and service offerings. The proposed dividend will be subject to shareholder approval at the Annual General Meeting on 25 July 2025.

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Moody’s Ratings has affirmed the Aa1 deposit and senior unsecured debt ratings of United Overseas Bank Limited (UOB), maintaining a stable outlook. This decision reflects expectations that UOB will uphold strong fundamentals through 2025–2026, despite challenges such as exposure to trade-oriented companies and the property sector in Hong Kong.

The affirmation includes UOB’s subordinated debt instruments and preferred securities, alongside its a1 Baseline Credit Assessment (BCA) and adjusted BCA. Moody’s anticipates UOB’s problem loan ratio to remain between 1.5% and 2.5%, with a slight decline in its core capital ratio, yet maintaining robust profitability. The bank’s liquidity and funding are expected to remain strong, relying primarily on deposit-led funding.

UOB’s a1 BCA considers asset risks from exposure to trade-oriented companies affected by US trade policies and the property sector in Hong Kong. These risks are mitigated by prudent client selection and a solid capital buffer. At the end of 2025, UOB’s Common Equity Tier 1 ratio was 15.4%, expected to modestly decrease to around 14% by 2026 due to higher capital distributions.

The bank’s Aa1 ratings benefit from a three-notch uplift, reflecting a high likelihood of public support from the Singapore government. Whilst upward pressure on these ratings is unlikely, improvements in macroeconomic conditions and lower asset risk could lead to upgrades of its BCA. Conversely, a decline in asset quality or return on assets below 1% could negatively impact the ratings.
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The MacPherson Industrial Complex in Singapore has been sold for $75.5m (S$103.888m), exceeding its asking price by 17%, according to ETC, the sole marketing agent for the sale. The tender, which closed on 22 May 2025, attracted 12 competitive bids, highlighting strong investor interest in the property.

The 8-storey complex, located at 5 Lorong Bakar Batu, sits on a freehold land parcel of approximately 4,590.3 sq m and boasts a gross floor area of 11,613.07 sq m. The site is zoned for “Business 1” use under the URA Master Plan 2019, with a plot ratio of 2.5. Its strategic location offers excellent connectivity via major expressways and proximity to Potong Pasir MRT Station.

Swee Shou Fern, Head of Investment Advisory at ETC, expressed satisfaction with the sale’s outcome, stating, “We are pleased with the overwhelming response to the sale, which drew 12 competitive tender submissions. The exceptionally strong interest reflects not only the strategic attributes of MacPherson Industrial Complex, but also continued investor confidence in Singapore’s industrial real estate — especially freehold assets in prime city-fringe locations.”

The legal proceedings for the collective sale were managed by Terra Law LLC. The site benefits from its proximity to lifestyle amenities and retail centres, making it an attractive investment for potential buyers. The successful sale underscores the robust demand for industrial real estate in Singapore, particularly in prime locations.
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Trust Bank has announced its full-year financial results for 2024, highlighting significant growth and innovation. The bank’s customer numbers soared to 974,000 by December 2024, reaching 1m early in 2025, making it the fourth largest retail bank in Singapore. This growth was largely driven by word-of-mouth, with over 70% of new customers coming from referrals.

The bank’s deposit balances doubled to $2.8b (S$3.8b), up from $1.4b (S$1.9b) the previous year, thanks to the launch of Trust+ and the popularity of gamified savings pots. Customer lending balances also saw a substantial increase of 156%, rising from $0.22b (S$0.3b) to $0.59b (S$0.8b), following the expansion of personal loan offerings and the introduction of a cashback card.

Revenue for 2024 increased by 148%, reaching $71m (S$97m), whilst costs rose by only 4%, demonstrating the scalability of Trust Bank’s modern, automated platform. Operating losses narrowed to $68m (S$93m) from $94m (S$128m) in 2023.

CEO Dwaipayan Sadhu expressed optimism about the bank’s progress, stating, “2024 was a fantastic year for Trust. We saw continued strong financial progress as we move towards profitability. Our growth has been driven by the continued growth in our customer base and the rapid expansion of our range of innovative products and services.”

Trust Bank also maintained its status as a top-rated bank on the Singapore Apple App Store and received numerous industry accolades, including being named the best digital bank in Singapore by The Asian Banker. As the bank continues to innovate, it aims to enhance customer experiences by making banking easy, transparent, and rewarding.

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Singapore’s core inflation rate increased by 0.5% month-on-month in April, reversing a 0.1% decline in March, according to a report by UOB Global Economics and Markets Research. The year-on-year figure also rose to 0.7%, surpassing both market expectations and UOB’s forecast of a stable 0.5% rate. This uptick was primarily attributed to higher non-cooked food prices and a significant rise in health insurance premiums, linked to the phased increase in MediShield Life premiums.

The recent rebasing of the Consumer Price Index (CPI) has amplified the impact of rising insurance premiums, with the weight of health insurance in the 2024-based CPI nearly tripling compared to 2019. This change has had a pronounced effect on the core inflation reading. Within the non-cooked food category, notable price increases were observed in canned and fresh fruits, meat, and rice.

Despite these pressures, overall price increases remain contained, with several CPI categories, such as clothing and footwear, experiencing year-on-year declines. A notable exception was a 10% hike in water prices, which contributed to a rise in utilities and other fuels.

UOB maintains its full-year 2025 core inflation forecast at 0.7%, with potential downside risks due to weaker external demand and possible excess supply from China. The report suggests that the Monetary Authority of Singapore (MAS) may further ease monetary policy in July by flattening the Singapore dollar nominal effective exchange rate (S$NEER) slope to zero percent appreciation, given the current economic outlook.
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The Singapore Flyer is set to offer a unique experience as it partners with Wiggle Wiggle to introduce the world’s first Wiggle Wiggle-themed Giant Observation Wheel Experience. From 23 May to 28 September 2025, five capsules on the iconic wheel will be transformed into vibrant, retro-themed spaces, providing a whimsical journey 165 metres above the ground.

Each ticket for the Wiggle Wiggle capsules includes a 30-minute rotation, promising an exclusive ride filled with playful surprises and photo opportunities. The themed capsules aim to create memorable experiences for visitors, combining the thrill of the observation wheel with the charm of Wiggle Wiggle’s distinctive designs.

This collaboration marks a significant addition to Singapore’s tourism offerings, enhancing the appeal of the Singapore Flyer as a must-visit attraction. The initiative is expected to draw both locals and tourists, eager to experience the unique blend of art and entertainment.

The Wiggle Wiggle-themed capsules are part of a broader effort to revitalise the Singapore Flyer, ensuring it remains a dynamic and engaging destination. As the city continues to innovate its attractions, this partnership highlights the creative potential of themed experiences in enhancing visitor engagement.

With the introduction of these themed capsules, the Singapore Flyer not only reinforces its status as a landmark but also sets a precedent for future collaborations that blend creativity with iconic structures.
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BTS member Jin has released the official music video for “Don’t Say You Love Me,” the main track from his second solo album, Echo, in collaboration with the Singapore Tourism Board and BIGHIT MUSIC. The video, launched globally on 16 May, features Singapore’s iconic landmarks and hidden gems, offering a unique visual experience that complements Jin’s emotive music.

The music video, set against Singapore’s vibrant cityscape, includes stunning visuals of the National Gallery Singapore, the Singapore Flyer, Gardens by the Bay, and Anderson Bridge. It also highlights local favourites such as Keng Eng Kee Seafood and Goldhill Plaza. This collaboration aims to showcase Singapore’s diverse culture, nature, and architecture to a global audience.

An official from BIGHIT MUSIC expressed that the collaboration beautifully combined the charm of Singapore’s scenery with the message Jin hopes to convey through his music. Serene Tan, Executive Director, North Asia, Singapore Tourism Board, noted, “We hope that people around the world will come to see and experience Singapore from a new perspective through the music video.”

The video is available on HYBE LABELS’ YouTube channel and has been cross-posted on the Singapore Tourism Board’s social media platforms. This collaboration not only highlights Singapore as a dynamic travel destination but also enhances the storytelling of Jin’s music, offering fans a fresh perspective on the city.
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The Singapore Department of Statistics has reported a 0.3% decline in the Consumer Price Index (CPI) for April 2025 compared to the previous month. However, on a year-on-year basis, the CPI has increased by 0.9%.
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Tianlong Services, a corporate and accounting service provider in Singapore, has unveiled an AI-driven corporate secretarial compliance suite designed to simplify compliance processes for startups, small and medium-sized enterprises (SMEs), and growth-stage companies. The new suite, launched on 23 May 2025, aims to transform traditionally manual tasks into efficient, error-resistant processes through automation and intelligent workflows.

The suite automates key functions such as ACRA filings, share capital changes, board resolutions, and annual returns. “Our goal is simple. We are looking to make corporate secretarial compliance effortless, accurate, and affordable,” said Kay Teng, CEO of Tianlong Services. The AI-powered solution includes features like AI-driven document management, smart KYC (Know Your Customer) and due diligence, and predictive compliance monitoring set to launch in Q4 2025.

Tianlong Services offers tiered pricing plans starting at $218 per year, ensuring affordability without compromising on quality or regulatory adherence. The hybrid model blends automation with expert human oversight, providing white-glove onboarding and flexible support via email, WhatsApp, or phone.

This launch positions Tianlong Services as a regtech disruptor, offering a reliable alternative to outdated manual systems. With regulatory automation gaining traction in Singapore’s corporate sector, the firm’s solutions arrive at a crucial time for businesses seeking smarter compliance methods.
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