Industry News

Settio, a premium residential lettings and management firm, has announced the launch of its Settio Living Build-to-Rent (BTR) service, targeting institutional investors and funds acquiring buildings. Led by co-founder Samuel Fitz-Hugh, the new service promises to bring a fresh approach to the BTR sector by leveraging Settio’s extensive tenant database and market expertise to offer faster lease-up, higher occupancy rates, and improved resident retention.

Settio, which currently manages over £525m of property and supports more than 2,500 individual landlord clients, is expanding its focus from the private residential sector to BTR. The firm has already begun supporting lease-up efforts at key developments, including Legal & General’s Slate Yard in Salford and Vita Group’s Union and Uhaus in Manchester.

“The BTR sector has accelerated at high speed over the past five years,” said Fitz-Hugh. “Settio Living can deliver that fresh and innovative approach and produce better results for investors and communities.”

The launch follows a year of significant growth for Settio, including appointing Daniel de Abreu as managing director, expanding its ‘Asia Desk’ to include Mandarin and Cantonese-speaking consultants, and doubling the managed portfolio at its London Canary Wharf office.

With offices in Manchester, London, and Singapore, and plans to open in Birmingham in 2025, Settio continues to expand its reach. The firm aims to disrupt the BTR market with its innovative approach, striving for better outcomes for investors and communities alike.
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Leading figures in artificial intelligence (AI) safety research convened in Singapore on 26 April 2025 for the inaugural Singapore Conference on AI International Scientific Exchange on AI Safety (SCAI ISE). This event, part of Singapore AI Research Week, was held alongside the International Conference on Learning Representations (ICLR) 2025, marking its first appearance in Singapore. The conference brought together over 100 participants, including academics, industry leaders, and policymakers from 11 countries, to discuss AI safety and establish global research priorities.

The Singapore Consensus on Global AI Safety Research Priorities was published as a result of the conference, highlighting three key areas: risk assessment, development, and control. Risk assessment focuses on understanding potential harms from AI systems and developing methods for precise measurement and third-party audits. Development aims to create AI systems that are trustworthy and secure by design, following safety engineering frameworks. Control involves managing AI systems’ behaviour to achieve desired outcomes, even amidst uncertainties.

Minister for Digital Development and Information, Josephine Teo, emphasised the importance of bridging research and policy to ensure effective AI governance. The Singapore Consensus will be presented at the Asia Tech x Singapore Summit on 28–29 May 2025, aiming to influence policymaking and foster a balance between safety and innovation.

This conference is part of Singapore’s ongoing efforts to build a trusted AI ecosystem. Previous initiatives include the AI Verify Foundation’s toolkits for testing AI models and the Model AI Governance Framework for Gen AI, which addresses concerns whilst promoting innovation. The Singapore AI Safety Red-Teaming Challenge Evaluation Report was also published following a multicultural and multilingual exercise conducted in partnership with Humane Intelligence.
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Tech enthusiasts can enhance their smart living experience this May with Xiaomi’s latest promotional offers. Celebrating Mother’s Day and the opening of five revamped stores, Xiaomi is providing a range of discounts and special deals throughout the month.

From 1 to 11 May, Xiaomi is offering up to 47% off on selected products, including a free Xiaomi Smart Air Purifier 4 Lite with every purchase of a Xiaomi 15 smartphone. Other discounted items include Xiaomi TV A Series models and various smart home devices such as rice cookers and vacuum cleaners. The full list of offers can be found on Xiaomi’s official website.

In addition to these deals, Xiaomi is celebrating the refurbishment of five stores located in Bedok Mall, Waterway Point, Northpoint City, Jurong Point, and Causeway Point. These stores now feature a wider variety of products and a refreshed layout. On 10 and 11 May, customers can purchase the Xiaomi MIX Flip in-store at a special price of $730 (S$999), limited to the first five sets per day.

Throughout May, Xiaomi’s promotions extend to their online platforms, including Mi.com, Shopee, and Lazada, with discounts on wearables, robot vacuums, and more. Notable offers include the Xiaomi Watch S3 at $102 (S$139) and the Xiaomi Robot Vacuum X20+ at $374 (S$509).

These promotions not only provide consumers with significant savings but also mark Xiaomi’s commitment to enhancing the shopping experience across its physical and online stores.
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Grandtag Financial Consultancy, a prominent high-net-worth insurance broker, has inaugurated its new office in Singapore, which is approximately 40% larger than its previous location. This expansion aims to support the firm’s increasing team size and improve its ability to serve clients both locally and throughout Asia. The move comes as Grandtag’s headcount in Singapore has more than doubled over the past two years under the leadership of Martin Wong, Regional CEO, Ray Ang, Singapore CEO, and Louise Thean, then Global Head of Strategic Alliance.

The new office underscores Grandtag’s commitment to agility, efficiency, and excellence in serving high-net-worth individuals and ultra-high-net-worth families across Asia. The firm, which has been operational since 2007, also maintains a presence in Hong Kong and Malaysia. In addition to the office expansion, Grandtag has made several strategic leadership appointments, including promoting Louise Thean to Chief Proposition Officer and appointing Ryan Ng as Chief Financial Officer and Lee Eik Hong as Chief Operating Officer.

Grandtag has also forged new strategic partnerships in Asia, reinforcing its dedication to legacy planning and wealth advisory services. Currently, the firm collaborates with over 60 private banks, trustees, family offices, and more than 30 reputable insurance companies globally. Martin Wong, Regional CEO, stated, “Our expansion in Singapore not only marks an important step in our growth but more importantly enhances our ability to support the evolving needs of our high-net-worth clients in Asia.”

Ray Ang, Singapore CEO, added, “The opening of our new Singapore office represents a significant investment in our people, our clients, and our future in this market.” This expansion reflects Grandtag’s vision for continued growth and its commitment to delivering bespoke liquidity and wealth planning solutions for clients across generations.
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Ottu, a global fintech leader, has announced the opening of its new regional headquarters in Singapore, marking its entry into the Asia-Pacific (APAC) market. This strategic move is part of Ottu’s global growth plan to introduce its digital payments platform to the dynamic financial ecosystems of Singapore, Malaysia, Thailand, and Cambodia. The company, known for its direct bank integration model, aims to provide enhanced transparency and scalability to banks and merchants in the region.

Following its success in the Middle East, where it supports over 1,000 merchants, Ottu plans to further expand its operations to Indonesia, the Philippines, and Australia. This expansion underscores Ottu’s commitment to facilitating seamless digital commerce across key APAC markets. The company has appointed S.N. Prasad as Chief Operating Officer for Ottu APAC, leveraging his extensive experience in global payment schemes and financial institutions to drive local partnerships and solutions.

The launch of the Singapore headquarters was highlighted by a visit from Munaf Bukhari, Deputy CEO of Ottu, emphasising the company’s focus on building strong regional relationships. Talal AlAwadhi, CEO of Ottu, stated, “Ottu’s expansion into APAC represents a bold step forward in our global mission to redefine digital payments. Our presence in Asia-Pacific reinforces our vision to foster innovation, strengthen digital commerce ecosystems, and deliver long-term value across the fintech landscape.”

Ottu’s platform offers businesses the ability to manage multiple payment gateways across regions, focusing on innovation, security, and operational efficiency to support business expansion.
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Raffles Family Office (RFO), a leading multi-family office in Asia, has announced the appointment of Terence Seow as Managing Director, Board Adviser, and Shaun Lim as Managing Director, Relationship Management, in its Singapore office. These strategic appointments aim to strengthen RFO’s advisory capabilities and expand its influence across Southeast Asia.

Terence Seow brings over 40 years of experience in the banking and financial services industry, having held senior positions at Citibank, DBS, and the Bank of Singapore. His expertise in market trends, global investments, and risk analysis will be instrumental in guiding RFO’s strategic direction. “I’m delighted to join RFO at such a dynamic stage of its growth,” Seow stated, emphasising his commitment to supporting the firm’s mission.

Shaun Lim, with over 25 years of experience advising ultra-high-net-worth (UHNW) clients, joins RFO from his previous role as Market Head of the North Asia Team at Royal Bank of Canada Wealth Management. Lim expressed his enthusiasm, saying, “Joining RFO is a natural next step that allows me to serve families with a broader lens.”

Kendrick Lee, CEO of Singapore, highlighted the significance of these appointments, noting that Lim’s client-first mindset and Seow’s strategic counsel will enhance RFO’s relationship management capabilities. As RFO continues its growth journey, these additions are expected to play a pivotal role in serving the evolving needs of UHNW families in Asia.
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The People’s Action Party (PAP) has secured another victory in Singapore’s recent election held on 3 May, ensuring the continuation of its established macroeconomic policies.

Fitch Ratings has highlighted that this win signals a sustained commitment to fiscal discipline and economic stability, which has been a hallmark of the PAP’s governance.

Fitch Ratings, a global credit rating agency, noted that the election outcome is expected to maintain Singapore’s strong economic framework. The agency stated, “The victory of the incumbent People’s Action Party in Singapore’s election suggests that the government will maintain its strong record of prudent macroeconomic policies and adherence to fiscal rules.”

This continuity is crucial for Singapore as it navigates the complexities of the global economic landscape. The PAP’s approach has historically been characterised by a focus on fiscal prudence, which Fitch Ratings believes will persist, thereby supporting the country’s economic resilience.

The election results are significant for investors and businesses operating in Singapore, as they provide a stable and predictable policy environment. This stability is particularly important in the context of ongoing global economic uncertainties.

Looking ahead, the PAP is expected to bolster confidence in Singapore’s economic policies, ensuring that the nation remains an attractive destination for investment. The emphasis on maintaining fiscal discipline is likely to support Singapore’s long-term economic growth and stability.
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Fraser and Neave, Limited (F&N) has announced a 13% increase in revenue for the first half of 2025, reaching $1,212.6m, driven by robust performance in its Food & Beverage (F&B) division. Despite market challenges, the company maintained profitability with a 2% rise in profit before interest and taxation (PBIT) to $165.1m.

The F&B division’s revenue surged by 15%, with the Beverages segment, including Beer and Soft Drinks, experiencing a 28% increase. This growth was attributed to successful Chinese New Year campaigns, new product launches, and improved pricing. The Dairies segment also saw an 8% rise in revenue, bolstered by strong domestic sales and contributions from the Malaysia Schools Milk Programme.

However, the Publishing & Printing segment faced a slight revenue decline of 1%, primarily due to the absence of one-off contributions from the previous year. The Group’s profit after taxation was slightly lower at $124.8m, reflecting a higher effective tax rate.

Chief Executive Officer Hui Choon Kit commented, “F&N has delivered a resilient performance despite the challenging market environment. Strong sales, a favourable cost environment, and positive forex movements in our F&B division reflect our ability to navigate external challenges.”

F&N also declared an interim dividend of 1.5 pence per share, consistent with the previous year. Looking ahead, the company is focusing on strengthening regional food security through its F&N AgriValley project, which aims to establish a sustainable fresh milk supply chain in Southeast Asia.
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Oversea-Chinese Banking Corporation Limited (OCBC) has announced a 12% increase in net profit for the first quarter of 2025, reaching S$1.88b. This growth is attributed to broad-based improvements across fees, trading, and insurance income, despite a challenging economic environment. The bank’s cost-to-income ratio improved to 38.7%, reflecting lower operating expenses.

The bank’s total income rose by 7% quarter-on-quarter to S$3.66b, with non-interest income experiencing a significant 36% increase to S$1.31b. This was largely due to heightened customer activity in wealth management, brokerage, and fund management. Insurance income also saw a substantial rise, reaching S$306m, attributed to improved performance and a rebound from previous challenges in the medical insurance sector.

OCBC’s loan and deposit growth remained robust, with customer loans increasing by 7% year-on-year to S$322b and deposits rising by 9% to S$403b. The bank’s non-performing loan ratio stood at 0.9%, indicating stable asset quality.

The bank’s return on equity improved to 13.0%, and earnings per share increased to S$1.68 on an annualised basis. OCBC’s capital and liquidity positions remain strong, with a Common Equity Tier 1 capital adequacy ratio of 17.6% under transitional Basel III reforms.

Looking ahead, OCBC has adopted a cautious approach by setting aside allowances for non-impaired assets, preparing for potential uncertainties in the operating environment.

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Frasers Property Limited has announced a profit attributable to shareholders of S$142.2m for the first half of the financial year ending 31 March 2025. The company attributes its performance to a strategic focus on creating, sustaining, and unlocking value across its diverse portfolio, which spans residential, industrial, and logistics sectors in multiple countries.

The group’s residential development pipeline in Singapore, Australia, Thailand, and China has generated significant earnings visibility, with unrecognised revenue of S$1.4b as of 31 March 2025. Additionally, Frasers Property has delivered approximately 402,500 square metres of industrial and logistics projects, with a further 682,000 square metres in the pipeline.

In sustaining value, the company has actively managed its investment properties, adding approximately one million square metres of income-generating assets over the past 18 months. This strategy aligns with favourable long-term market dynamics, whilst non-core properties have been divested.

Frasers Property is also unlocking value through strategic divestments and acquisitions. Notably, it proposed the divestment of a 50% stake in Northpoint City South Wing to Frasers Centrepoint Trust for S$187.6m. The group also acquired a residential land site in Shanghai and established a new capital partnership in Australia, placing eight industrial and logistics assets into a joint venture.

Looking ahead, Frasers Property plans to launch the Robertson Walk redevelopment project in Singapore in the latter half of 2025. The company remains committed to navigating economic challenges whilst leveraging its integrated business model to deliver long-term returns.
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