Industry News

Moody’s Ratings has affirmed a stable outlook for Singapore’s banking system, highlighting the country’s robust economic conditions and strategic diversification. The report, released today, underscores the resilience of Singapore banks amidst geopolitical tensions and economic fluctuations in the Asia-Pacific region.

Singapore’s banking sector is expected to maintain a stable operating environment, supported by strong domestic consumption and supply chain relocations from North Asia. Moody’s anticipates Singapore’s real GDP growth to normalise to 2%-3% in 2025, providing a solid foundation for the banks’ operations.

Asset quality remains a focal point, with problem loan ratios projected to stay between 1% to 2% in 2025. Despite risks associated with commercial real estate in Greater China, Singapore banks’ prudent risk management and robust credit reserves are expected to mitigate potential impacts. “Geopolitical tensions and rate cuts will have diverse effects on the operating environment of banking systems across APAC, but steady capitalisation, funding and liquidity will help many APAC banks withstand fundamental pressures,” said Chong Jun Wong, Assistant Vice President at Moody’s Ratings.

Profitability is set to remain stable, with return on average assets forecasted at 1.3% in 2025. The banks’ wealth management activities continue to drive strong fee income growth, offsetting modest declines in net interest margins.

The capital levels of Singapore’s three largest banks are expected to moderate due to higher distributions through special dividends and share buyback programmes. However, their capital ratios remain robust, providing opportunities for further overseas acquisitions.

Funding and liquidity are anticipated to remain strong, bolstered by a concentrated domestic deposit market and competitive regional banking franchises. The probability of government support for Singapore’s largest banks remains high, reinforcing their stability in times of need.

In summary, Singapore’s banking system is well-positioned to navigate the challenges posed by global economic uncertainties, thanks to its strategic diversification and strong risk management practices.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

BYD Singapore has successfully raised S$880,938 for the Singapore Breast Cancer Foundation (BCF) through the BYD Football Fiesta 2025, held on 22 February at ARFC Woodleigh. The event featured football legend Ryan Giggs, alongside Singapore icons Fandi Ahmad and V. Sundramoorthy, engaging the community in a spirited football tournament to support breast cancer awareness and patient programmes.

The funds were accumulated through BYD Singapore’s commitment to donate S$1,000 for every BYD or Denza D9 sold between 6 February and 6 March 2025, supplemented by tournament entry fees and contributions from partners. These funds will directly aid BCF’s public education, patient support, and advocacy efforts.

James Ng, Managing Director of BYD Singapore and the Philippines, expressed gratitude for the community’s support, stating, “The funds raised will go towards helping those affected by breast cancer, and we are honoured to contribute to this important cause.”

The event not only provided a platform for football fans to meet their idols but also underscored the power of sports in uniting people for a meaningful cause. Anthony Teo, Managing Director of Vantage Automotive, highlighted the event’s broader impact, saying, “This event was more than just about football—it was about uniting people in support of a cause that impacts many lives.”

The success of the BYD Football Fiesta underscores BYD Singapore’s dedication to community-driven initiatives, reinforcing their commitment to supporting meaningful causes beyond business.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

HashKey Exchange, Hong Kong’s largest licensed virtual asset platform, has announced a strategic partnership with B2C2, a global leader in institutional liquidity for digital assets. This collaboration aims to integrate multicurrency fiat trading networks, enhancing market efficiency and reinforcing Hong Kong’s position as a leading hub for regulated virtual asset trading.

The partnership is a significant milestone for HashKey Exchange, which has secured regulatory approvals from the Hong Kong Securities and Futures Commission (SFC), including a Type 1 Dealing in Securities licence, a Type 7 Providing Automated Trading Services licence, and a virtual asset trading platform operator licence. HashKey Exchange’s co-chief executive officer, Haiyang Ru, stated, “B2C2’s liquidity infrastructure will play a key role in fostering a more open and trusted digital finance ecosystem.”

B2C2, founded in 2015 and majority-owned by Japanese financial conglomerate SBI, is renowned for providing stable and consistent pricing, credit, and payment services across major crypto and fiat currencies. David Rogers, APAC CEO at B2C2, remarked, “We are seeing exciting growth in the APAC digital assets market. Increasing regulatory clarity has encouraged greater interest from institutional investors.”

As of 15 January 2025, HashKey Exchange ranks seventh on CoinGecko’s global exchange list and is the highest-ranked licensed virtual asset exchange in Hong Kong. This partnership is expected to expand institutional access to the digital assets market in the Asia-Pacific region, supporting the growth of a resilient and sustainable digital assets ecosystem.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Women-led tech start-ups in Southeast Asia (SEA) faced a significant funding decline in 2024, with total investments dropping 65% to $198m from $570m in 2023, according to the Tracxn Geo Annual Report. Despite this downturn, Singapore emerged as the leading city for women-led start-up funding, securing $154m, followed by Jakarta and Hanoi with $33m and $20m, respectively.

The report highlights that the SEA region, home to over 35,000 active tech companies, saw women-led start-ups account for just 6% of the total $3.09b tech start-up funding in 2024. The decline is attributed to global economic challenges and a general slowdown in funding. Notably, early-stage funding fell to $115m, a 39% decrease from the previous year, whilst seed-stage funding rose by 20% to $82.9m.

Blockchain technology companies led the funding landscape, receiving $133m, marking a 391% increase from 2023. However, the FinTech sector experienced a sharp decline, raising only $91m compared to $427m in 2023. The Enterprise Applications segment also saw a significant drop, securing $60.6m, down from $233m the previous year.

Despite the challenges, the number of acquisitions doubled to six in 2024, with notable deals such as Aptar Digital Health’s acquisition of Healint. Ongoing initiatives, including support from the ASEAN Coordinating Committee on Micro, Small, and Medium Enterprises and the SG Women in Tech initiative, continue to foster innovation and provide opportunities for women-led start-ups in the region.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Singapore’s Real Estate Investment Trusts (REITs) are set to benefit from a changing interest rate environment, according to a recent report. The report highlights that select REITs are already experiencing financing cost savings, signalling a shift in earnings trends. An anticipated 25 basis points rate cut could further enhance earnings estimates by approximately 1.2%, although this is not yet factored into current projections.

Retail REITs are maintaining resilient earnings, whilst Industrial REITs are offering attractive yield spreads. The report suggests a preference for retail REITs, followed by industrial, office, and hospitality sectors. This strategic positioning is crucial as the market adapts to the “higher for longer” interest rate scenario.

The implications of these findings are significant for investors seeking stable returns in a volatile market. As interest rates potentially decrease, the cost of borrowing for REITs could reduce, enhancing profitability and investor appeal. This trend underscores the importance of strategic investment in sectors poised for growth amidst economic shifts.

In conclusion, the report indicates that Singapore’s REITs are well-positioned to capitalise on potential interest rate cuts, with retail and industrial sectors leading the charge. Investors may find these insights valuable as they navigate the evolving financial landscape.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Webull Singapore, a subsidiary of Webull Corporation, has unveiled a trading competition aimed at Singaporean investors, running from 10 March to 6 April 2025. The competition, which includes both monthly and weekly challenges, is designed to test traders’ skills and reward top performers on the Webull platform.

Open to all registered users of Webull Singapore with funded accounts, participants will be ranked based on their cumulative returns. The weekly challenge concludes every Sunday at 11:59 PM SGT, whilst the monthly challenge ends on 6 April at 11:59 PM SGT. Jonathan Man, CEO of Webull Singapore, stated, “Through this trading competition and weekly challenges, we aim to create a fun and engaging environment for our investors.”

To qualify for the monthly competition, participants must execute at least five trades across two ticker symbols and achieve a cumulative trade amount of S$2,000 or more. For the weekly competition, the requirement is at least two trades across two ticker symbols with a cumulative trade amount of S$500 or more. Prizes include S$1,000 in trading vouchers for the monthly winner and S$300 for the weekly winner.

Participants must maintain an end-of-day asset value of at least S$500 to remain eligible for rewards. Daily ranking updates will be provided at 12:00 PM SGT. Webull Singapore encourages traders of all levels to join and compete for these attractive prizes. For more details, visit Webull’s official website.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Singapore has taken a significant step towards sustainable maritime fuel use with the launch of a new standard for methanol bunkering. The Maritime and Port Authority of Singapore (MPA) and Enterprise Singapore, through the Singapore Standards Council, have published Technical Reference 129 (TR 129), which provides a comprehensive framework for the safe and efficient use of methanol as an alternative fuel in bunkering operations.

TR 129 outlines critical requirements for the handling, transfer, and measurement of methanol. Key components include custody transfer requirements for ship-to-ship operations, operational and safety protocols for methanol delivery from bunker tankers to vessels, and guidance on using mass flow metres for accurate quantity management and digital documentation.

The standard was developed by a Working Group on Methanol Bunkering, comprising government agencies, research institutes, and industry stakeholders. David Foo, MPA Assistant Chief Executive, highlighted the collaborative effort behind TR 129, stating, “It provides clear guidelines to support the safe adoption of methanol as a marine fuel and gives the industry greater confidence in their transition to use of sustainable fuels.”

Choy Sauw Kook, Director-General of Enterprise Singapore, emphasised Singapore’s commitment to maintaining its status as a leading bunkering hub, noting that TR 129 will equip local operators with the capabilities and confidence needed for methanol bunkering.

Following successful methanol bunkering operations in 2023 and 2024, the new standard is expected to further Singapore’s ambitions as a sustainable, multi-fuel bunkering hub. Interested parties can learn more about TR 129 at a seminar during Singapore Maritime Week 2025.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Temus, a digital transformation consultancy based in Singapore, has been named the first OutSystems Premier Partner in the country. This partnership highlights Temus’ expertise in AI-powered low-code development, a method that allows for the rapid creation of digital applications with minimal coding. The collaboration aims to accelerate digital transformation across various sectors in Singapore, where demand for such solutions is growing rapidly.

Temus has been OutSystems’ longest-serving services partner in Southeast Asia, and this new status cements their decade-long collaboration. The consultancy has a proven track record of delivering complex web and mobile applications efficiently, benefiting both public and private sectors. In the telecommunications sector, Temus has developed customer-facing mobile applications for a leading Singapore telco, enabling users to manage subscriptions and access self-service functions. In education, the firm has created digital solutions that streamline attendance tracking and schedule management for academic institutions.

The popularity of low-code platforms like OutSystems is on the rise, with IDC predicting that over 60% of enterprises globally will adopt these technologies by 2025. In Singapore, the government’s Smart Nation 2.0 initiative has further driven the demand for rapid software deployment methods. Daniel Lim, Managing Director of Cloud, Applications and Platform at Temus, stated, “We are proud to be named as OutSystems Premier Partner. It is a significant milestone that recognises our deep expertise and shared vision for accelerating digital transformation through the use of low-code.”

Temus is also committed to growing the local tech talent pool. Through its Step IT Up Singapore programme, launched in 2022, the firm has placed 59 graduates in full-time technology roles, with 17 becoming low-code application developers. This initiative supports Singapore’s efforts to bridge tech skills gaps and expand its pool of tech talent.

With the rapid advancement of AI, data analytics, and cloud infrastructure, Temus and OutSystems are well-positioned to lead Singapore’s low-code revolution. Mark Weaser, APAC Vice President of OutSystems, remarked, “This achievement underscores our shared commitment to accelerating digital transformation and equipping businesses with the agility to thrive in an evolving landscape.” As the demand for digital solutions continues to grow, Temus’ expertise in OutSystems technology places it at the forefront of this transformation.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Kallang Alive Sport Management (KASM), in collaboration with Live Nation, has announced that Lady Gaga will perform exclusively in Singapore this May. This marks her only Asian performance, with over 200,000 local and international fans expected to attend the four-night event at the Singapore Sports Hub’s National Stadium on 18, 19, 21, and 24 May 2025.

Edwin Tong, Minister for Culture, Community and Youth, expressed enthusiasm for the event, highlighting its significance in enhancing Singapore’s status as a leading destination for sports, entertainment, and lifestyle. “This enhances Singapore’s position as one of the leading sports, entertainment and lifestyle destinations in the region,” Tong stated. He also noted that the event reflects KASM’s commitment to securing high-quality programming for the Singapore Sports Hub.

Lady Gaga’s return to Singapore is highly anticipated, as it is her first performance in the city-state since her 2012 Born This Way Ball Tour. KASM Chairman Keith Magnus remarked, “KASM is proud to build on a record-breaking 2024 with yet another only-in-Singapore event, reinforcing our reputation as the driving force behind Singapore’s biggest and most iconic live experiences.”

Tickets for the concert will be available through various presales starting 18 March, with general sales commencing on 21 March at 2pm via Ticketmaster. This event is part of KASM’s broader strategy to transform the Kallang Alive Precinct into a hub for world-class live events, further cementing Singapore’s place on the global entertainment stage.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

KrisFlyer, the rewards programme of Singapore Airlines, has announced its role as the official Lifestyle Rewards Partner for Lady Gaga’s upcoming concerts in Singapore. The concerts, scheduled for 18, 19, 21, and 24 May 2025 at the Singapore National Stadium, mark the tour’s exclusive stop in the Asia-Pacific region. KrisFlyer members will enjoy priority access to tickets across nine categories starting 20 March 2025 at 1200hrs, Singapore time.

Members can purchase tickets using their Mastercard credit or debit cards through a private link, which requires registration by 13 March 2025. Eligible members will receive an access code and link by 18 March 2025. Additionally, KrisFlyer members can redeem miles for tickets in Categories 1 to 6 via the KrisFlyer Experiences website. Redemption begins at 1200hrs for PPS Club members, Solitaire PPS Club supplementary cardholders, and KrisFlyer Elite Gold members, whilst KrisFlyer and KrisFlyer Elite Silver members can redeem from 1500hrs.

The redemption rates range from 26,000 miles for Category 6 tickets to 42,000 miles for Category 1 tickets. Each member can purchase or redeem up to six tickets per transaction. This collaboration follows KrisFlyer’s partnerships with other high-profile artistes, including Ed Sheeran and Stefanie Sun.

Dai Haoyu, Senior Vice President Marketing Planning at Singapore Airlines, stated, “KrisFlyer’s exciting partnership with Lady Gaga’s Singapore concert underscores our commitment to offering members world-class experiences with globally acclaimed artistes.” This initiative highlights KrisFlyer’s dedication to expanding its rewards programme beyond travel, providing members with unique and memorable experiences.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.