Industry News

Singaporean crypto investors are adopting a more strategic approach in response to a selective bull market, according to the 2025 Independent Reserve Cryptocurrency Index. The study, conducted by Independent Reserve, Singapore’s first licenced cryptocurrency exchange, highlights a trend of strategic profit-taking and portfolio rebalancing rather than widespread buying.

Nearly half of Singaporean crypto investors, or 49%, have sold part or all of their holdings, with 67% of these investors securing profits. This shift comes amid a changing macro environment marked by political changes and rising global costs. Despite a market rally in 2024, crypto ownership in Singapore has decreased, with only 29% of respondents reporting ownership, down from 40% the previous year.

Bitcoin and Ethereum remain the most popular cryptocurrencies, with 68% and 48% ownership, respectively. The study indicates a “flight to quality,” with 65% of investors holding only two to five types of crypto assets. Lasanka Perera, CEO of Independent Reserve Singapore, noted, “Seasoned investors in Singapore have weathered a few market cycles and are now choosing to concentrate on a handful of strong, well-established cryptocurrencies they have conviction in.”

Public awareness of cryptocurrencies is at an all-time high, with 94% of respondents familiar with at least one crypto asset. The study also highlights the influence of US policies, particularly under President Trump’s administration, which has introduced crypto-friendly measures. This has contributed to a surge in Bitcoin’s value, surpassing $100,000 in December 2024.

Looking ahead, 53% of crypto investors are likely to buy more in the next 12 months, reflecting continued confidence in the market. However, 58% of respondents indicated that clearer regulations would increase their trust in cryptocurrencies. As Singaporean investors navigate this selective bull market, they are prioritising strategic, informed decisions over speculative hype.
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TikTok Shop has rapidly become a major player in Singapore’s e-commerce landscape, marking its third anniversary with significant growth. As of April 2025, the platform has experienced a 69% year-on-year increase in shoppers and a 75% rise in active local sellers. This growth is attributed to its unique approach to “discovery commerce,” where engaging content and community interaction drive sales.

The platform’s success highlights a shift from traditional e-commerce to a model where entertainment and real-time engagement are central to the shopping experience. TikTok Shop’s innovative strategy has empowered creators and supported small businesses, contributing to the broader e-commerce boom in Southeast Asia. Regional sales are projected to more than double from $184b to $410b by 2030.

To commemorate its anniversary, TikTok Shop is launching the 6.6 Birthday Sale from 1-7 June, offering free shipping, daily 50% off LIVE vouchers, and stackable discounts of up to 70%. This celebration underscores TikTok Shop’s commitment to reshaping the retail landscape through innovation and community-driven commerce.

The platform’s success is also reflected in the stories of its livestream hosts. Emerging talents like Karen, Claire Si Ting, and Dave Peter Ho have turned livestreaming into lucrative careers, whilst established hosts such as Emily Tan and Fredy Chia have built thriving communities and businesses. Their journeys exemplify the transformative power of TikTok Shop in the e-commerce sector.

As TikTok Shop continues to grow, it sets new consumer trends and redefines how people shop online, promising further innovations in the future.
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Gprnt has unveiled the world’s first nationwide utility for sustainability reporting, enabling Singapore-based companies to automatically generate their emissions data using Corppass. Supported by Ant International and MUFG Bank, this initiative marks a significant step in Singapore’s ambition to lead in green finance and digital ESG infrastructure. The platform allows companies to access their utilities data, such as water and electricity consumption, and convert it into sustainability metrics at no cost.

The launch of Gprnt is a pivotal development for Singapore’s digital sustainability infrastructure. By integrating with the Government Technology Agency of Singapore’s Myinfo business service, companies can securely retrieve data and simplify their sustainability disclosures. This is particularly beneficial for small and medium-sized enterprises (SMEs), which can leverage these disclosures to access sustainable finance and participate in green procurement schemes.

Ravi Menon, Chairman of the GFTN Board of Directors, highlighted the platform’s potential: “Gprnt is a game-changer for Singapore companies’ sustainability reporting. High-integrity sustainability data is critical for businesses to formulate effective transition plans for decarbonisation.”

Gprnt has also completed a seed funding round, raising $4.62m (S$6m) to enhance its digital infrastructure and AI capabilities. The funds will accelerate the onboarding of partners in Singapore and across the region. Ant International and MUFG Bank are integrating Gprnt into their ecosystems to support firms with sustainability disclosures and unlock new opportunities.

Looking ahead, Gprnt plans to expand its services across Asia, introducing innovations such as a sustainability marketplace and support for Scope 3 supply chain reporting. This initiative aims to empower stakeholders across the value chain towards practical climate action.
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Asia Pacific Breweries Singapore, part of The HEINEKEN Company, has announced the appointment of Anca Olteanu as its new Managing Director, effective May 2025. Olteanu succeeds Reinoud Ottervanger, who has returned to the Netherlands due to personal circumstances but will remain with the HEINEKEN group. She will report to Kenneth Choo, Regional Managing Director of HEINEKEN Asia Pacific.

Olteanu joins the Singapore team with a robust background in commercial and operational excellence. Previously, she served as Managing Director of HEINEKEN Bahamas, where she led the business to achieve its highest operating profit levels since 2017. Her success was attributed to growth in local beer brands, innovation in the Ready to Drink segment, and strengthened partnerships across hotel and retail channels.

Her journey with HEINEKEN began in 2019 as Strategic Sourcing Director for Global Packaging, managing a €4bsupply strategy across four regions. In this role, she implemented sustainability-led sourcing strategies and secured critical capacity in challenging market conditions. Before HEINEKEN, Olteanu held senior procurement roles at companies such as Danone, Kraft Heinz, and Procter & Gamble.

Olteanu holds a degree in Law and a master’s degree in Business Management from the Economic Studies Academy of Bucharest, alongside certifications in International Business Management from the International Institute for Management Development in Switzerland.

Her appointment marks a new chapter for Asia Pacific Breweries Singapore, as the company continues to focus on growth and sustainability under her leadership.
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The Singapore Business Federation (SBF) has launched the “Navigating U.S. Tariffs” Playbook to aid Singapore businesses in addressing the challenges posed by recent US tariff changes. This initiative follows an SBF poll conducted in April 2025, which revealed that 81% of nearly 300 surveyed businesses expect negative impacts from the tariffs, with multinational corporations (MNCs) and large enterprises being more vulnerable than small and medium-sized enterprises (SMEs).

The poll highlighted that three in five businesses anticipate a need for additional working capital, whilst many seek tax relief and clearer Free Trade Agreement (FTA) guidance. In response, SBF’s Centre for the Future of Trade and Investment (CFOTI), in collaboration with partners such as DBS Bank and DHL Express Singapore, developed the Playbook. It offers a phased approach to help companies assess risk, take immediate action, and plan for long-term resilience.

The Playbook’s three phases include “Make Sense” (0–3 months) for risk assessment, “Take Action” (4–12 months) for supply chain reconfiguration, and “Plan Ahead” (12+ months) for building resilience through digitalisation and market diversification. SBF CEO Kok Ping Soon emphasised the importance of structured guidance amidst the uncertainty caused by erratic US tariff policies.

To further support businesses, CFOTI will conduct workshops and briefings on tariff rules and FTA utilisation, complemented by strategic partner support in legal, financial, and logistics areas. This comprehensive approach aims to move companies from awareness to action, ensuring they are well-prepared for the evolving global trade landscape.
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Moody’s Ratings has affirmed the long-term bank deposits and senior unsecured debt ratings of DBS Bank Ltd at Aa1 and the issuer ratings of DBS Group Holdings Ltd at Aa2, maintaining stable outlooks for both. The decision reflects expectations of DBS’s continued strong solvency and liquidity through 2025–2026, supported by a high probability of government backing from Singapore.

DBS’s robust financial health is attributed to its superior funding franchise, diversified income streams, and substantial credit reserves. The bank’s problem loans ratio was reported at a low 1.1% as of 31 March 2025, with only a mild increase anticipated due to exposure in Hong Kong’s building and construction sector and personal unsecured loans. Despite potential challenges from higher US tariffs, DBS’s credit reserves are deemed sufficient to cover these risks.

Profitability is expected to dip slightly due to easing monetary policies but will remain buoyed by DBS’s wealth management business. The bank’s net interest income is less sensitive to rate cuts compared to its peers. The Common Equity Tier 1 ratio is projected to decrease moderately to around 14% over the next two years, influenced by higher capital distributions.

DBS’s funding and liquidity strengths are underscored by limited market borrowings and a high ratio of current account savings deposits. The bank’s liquid assets remain substantial, ensuring a strong buffer against market fluctuations. Moody’s highlights DBS’s conservative risk management culture as a key factor in its low credit losses across cycles.

Whilst an upgrade in ratings is unlikely, significant improvements in macroeconomic conditions and DBS’s financial metrics could positively impact its baseline credit assessment. Conversely, a rise in problem loans or a decrease in capital ratios could lead to a downgrade. The ratings of DBS Group Holdings would similarly be affected by any changes to DBS’s ratings.
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RHB Bank has announced that it is maintaining its forecast for Singapore’s GDP growth at 2.0% for 2025.

This decision comes amidst ongoing US-China trade negotiations, which present a potential downside risk to the economy. However, RHB suggests that these risks are likely to be limited, with the GDP potentially dipping only to a range of 0.5% to 1.0%.

The report, attributed to Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, highlights that Singapore’s first quarter GDP for 2025 showed a year-on-year growth of 3.9%, slightly surpassing both RHB’s own projection of 3.6% and the Ministry of Trade and Industry’s (MTI) advanced estimate of 3.8%. This performance is seen as a positive indicator for the year ahead.

RHB also anticipates that the Monetary Authority of Singapore (MAS) will maintain its current policy parameters in the second half of 2025, reinforcing stability in the economic outlook. This expectation is based on the tapering growth risks as the year progresses.

The report underscores the resilience of Singapore’s economy in the face of external uncertainties, suggesting that the country’s economic fundamentals remain robust. As the year unfolds, the focus will be on how the global trade environment evolves and its impact on Singapore’s economic trajectory.
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UOB Global Economics and Markets Research has revised Singapore’s GDP growth forecast for 2025 to 1.7%, up from the previous 1.5%, driven by continued front-loading of exports amidst easing US-China trade tensions. The first quarter of 2025 saw GDP growth adjusted to 3.9% year-on-year, a slight increase from earlier estimates, with significant contributions from the construction and services sectors.

The report highlights that domestic-oriented services such as food and beverage, accommodation, and retail trade remain sluggish, partly due to a slow recovery in tourist arrivals, which reached 92% of 2019 levels in Q1 2025. However, transportation and storage services benefitted from export front-loading, with real non-oil re-exports (NORX) showing strong growth.

Despite the positive adjustments, UOB warns of potential headwinds. The Ministry of Trade and Industry (MTI) maintains a cautious outlook, citing risks such as possible re-escalation of tariffs and a slowdown in global trade, particularly in the latter half of 2025. The financial services sector is also expected to face challenges due to slower growth in banking and fund management.

Looking ahead, UOB anticipates that consumer-facing sectors may encounter difficulties due to a cooling domestic labour market and challenging tourist recovery. The bank has lowered its 2026 GDP growth forecast to 1.4%, reflecting concerns over a potential downturn in trade and manufacturing activities.
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CBRE has announced the sale of a rare 9999-year tenure, 3-storey shophouse located at 1 Jalan Wangi, Singapore. The property, situated at the junction of MacPherson Road and Jalan Wangi, is being marketed exclusively by CBRE through an Expression of Interest exercise, closing on 18 June 2025 at 12pm.

The shophouse, occupying a site of approximately 2,944 square feet with an estimated Gross Floor Area (GFA) of 4,800 square feet, is currently tenanted. The ground floor hosts a retailer, whilst levels two and three are occupied by a co-living operator. The guide price for this asset is set at $5.7 million (S$7.8 million), translating to about $1,187 (S$1,625) per square foot based on the GFA.

Michael Tay, Deputy Managing Director and Head of Capital Markets at CBRE, highlighted the property’s investment potential, stating, “Shophouses along MacPherson main road are hard to come by and this opportunity is ideal for investors looking to capitalise on strong rental upside and capital appreciation.” The property’s proximity to industrial estates is expected to ensure strong occupancy for its residential component.

Joshua Giam, Director of Capital Markets at CBRE, noted the strong demand from local high net worth individuals for city fringe shophouses. He mentioned potential value-add options for the incoming buyer, such as converting the ground floor for alternative uses, subject to approval.

Located in Sennett Estate, the property is within a 10-minute walk from Potong Pasir MRT Station and is well-connected to key areas like the Central Business District and Orchard Road.
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AngelSchool.vc, a global network and accelerator for angel investors, has achieved a milestone by onboarding more than 1,400 Limited Partners (LPs). This growth has been driven by the platform’s community-focused and educational approach, which eschews traditional marketing in favour of organic engagement and word-of-mouth referrals.

Founded by Jed Ng, AngelSchool.vc aims to revolutionise the education and empowerment of emerging angel investors. The platform’s success is attributed to its innovative model that combines expert training with practical application and a robust peer-to-peer network. “Exceeding more than 1,400 LPs is a testament in itself that what we’re building is taking hold,” said Ng. “Our simple equation is to give deep value, emphasise results, and build a community that gets stronger through teamwork.”

Central to AngelSchool.vc’s expansion are its two flagship programmes: Venture Fundamentals and Syndicate Blueprint. Venture Fundamentals targets beginners, teaching essential concepts in start-up investing, whilst Syndicate Blueprint is designed for emerging syndicate leads, offering guidance on establishing and expanding angel syndicates.

The platform’s community-driven model has created a close-knit network of graduates who continue to collaborate and invest together. This approach has led to numerous success stories, with alumni leading syndicates and investing alongside leading venture capitalists. “We measure success by how many graduates out there are making deals, raising syndicates, and succeeding as part of that network worldwide,” Ng added.

Looking ahead, AngelSchool.vc plans to scale its model globally, maintaining its focus on quality instruction and community engagement. The platform invites aspiring angel investors to join its upcoming cohort, promising the tools and support needed to succeed in the venture ecosystem.
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