Industry News

Standard Chartered has announced that its Trade Institute has received full accreditation from the London Institute of Banking and Finance (LIBF), marking a significant milestone as the first bank in Singapore to achieve this recognition. The accreditation follows a comprehensive evaluation of the institute’s curriculum, which is designed to enhance clients’ understanding of trade and trade finance.

The LIBF accreditation underscores the quality and rigour of the training provided by Standard Chartered, which aims to equip clients with the necessary skills to navigate the evolving global trade landscape. Angel Cheung, Global Head of Trade Client Service at Standard Chartered, highlighted the bank’s commitment to raising industry standards, stating, “The LIBF accreditation is testament to our continued efforts in raising the standards in the industry.”

The Standard Chartered Trade Institute, launched in 2024, offers a suite of training programmes available both in-person and online. These sessions are tailored to provide clients with insights into trade industry guidelines and practices, as well as Standard Chartered’s trade solutions and capabilities. Alex Grey, Director of Trade and Transaction Banking at LIBF, noted the success of the programme, with over 1,000 clients having completed training sessions.

Madan Tamilselvan, a finance professional from Astra Klk Pte Ltd, praised the programme for its structure and relevance, particularly in addressing the risks of fraud in trade finance. As the institute continues to expand its offerings, the LIBF accreditation is expected to enhance its reputation and attract more participants seeking to upskill in trade finance.
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A recent study by the Centre for Investor Protection at the National University of Singapore (NUS) Business School has uncovered significant inadequacies in the whistleblowing policies of Singapore Exchange (SGX) primary-listed issuers. Analysing disclosures from 536 companies, the study found that many policies lack transparency, independent oversight, and clear protections for whistleblowers, which are crucial for effective corporate governance.

The study evaluated whistleblowing disclosures in annual and sustainability reports for FY2023 and FY2024, as well as on corporate websites, using a 20-item Whistleblowing Scorecard. The average score was 20.6 out of 40, with only 54.7% of issuers scoring 20 or above, and less than 10% reaching 30 or higher. This highlights the gaps in compliance with SGX rules, such as the absence of an independent function to investigate complaints and insufficient confidentiality measures.

Key findings include:
– 23.7% of issuers did not disclose an independent function for investigating reports.
– 85.1% committed to confidentiality but lacked procedural details.
– Only 0.7% provided specific support measures for whistleblowers.
– 19.8% failed to detail oversight beyond generic references to corporate governance codes.

Professor Mak Yuen Teen, Director of the Centre for Investor Protection, emphasised the importance of robust whistleblowing policies, stating, “Many corporate scandals could have been prevented if organisations have in place robust and rigorous whistleblowing policies that foster trust amongst employees and other stakeholders.”

The study calls for improved transparency and governance in whistleblowing mechanisms to prevent corporate misconduct and enhance trust in the system. The full report is available for download on the NUS Business School website.
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Temus, a digital transformation firm based in Singapore, has announced the fourth iteration of its Step IT Up Singapore programme, aimed at converting individuals with no prior IT experience into tech professionals. This initiative will see at least 20 more Singaporean locals undergo a four-month intensive training to become certified OutSystems Low-Code Developers, with guaranteed positions at Temus upon completion. This move will bring the total number of trained individuals to 80, comprising nearly 20% of the company’s workforce.

Since its inception in August 2022, Step IT Up has attracted over 3,000 applications for just 60 spots. This year, Temus is enhancing its commitment to gender diversity by reserving five spots for women, supporting the SG Women in Tech initiative by the Infocomm Media Development Authority. Ng Lai Yee, CEO of Temus, emphasised the importance of investing in human capital to build a future-ready workforce, stating, “Our commitment remains clear: to strengthen Singapore’s digital talent pipeline and empower individuals, regardless of background, to shape their own digital future.”

The demand for low-code development is rising in the Asia Pacific, with one-third of enterprises recognising its importance for automation and business resilience. Temus, as OutSystems’ longest-serving partner in Southeast Asia, is expanding its capabilities to meet this demand. Stephen Yeo, Director at Temus, noted the programme’s success in equipping participants with essential skills, highlighting the company’s culture of mentorship.

Applications for the programme’s fourth intake are open, with training commencing in June 2025. Participants will receive comprehensive training in OutSystems platform best practices and essential soft skills, ensuring their readiness for the tech industry.
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Singapore’s financial advisory professionals have a new opportunity to advance their careers with the High Net Worth (HNW) Certification and Fellow Chartered Financial Practitioner (FChFP) Certification now eligible for SkillsFuture Credit. This government initiative, aimed at promoting lifelong learning, allows eligible Singaporeans to offset course fees for approved programmes, including these two certifications.

The SkillsFuture Credit, which includes a base tier of $365 (S$500), is designed to encourage skills development. Additionally, a one-time top-up was provided in 2020 for those aged 25 and above, expiring at the end of this year. Both certifications are also eligible for up to 70% funding under the Institute of Banking and Finance Singapore (IBF) Standards Training Scheme, offering significant financial incentives for enrolment.

Delivered by the Insurance and Financial Practitioners Association of Singapore (IFPAS) and Kaplan Professional Australia, these courses are accredited under the Skills Framework for Financial Services. IFPAS President Ng Eng Beow stated, “At IFPAS, we believe in continuous professional development; this initiative makes it easier for professionals to invest in their education without financial barriers.”

Brian Knight, CEO of Kaplan Professional Australia, highlighted the courses’ popularity and their practical, client-centric focus. The FChFP Certification covers advanced financial advisory areas, whilst the HNW Certification targets wealth management for high-net-worth clients.

With intakes available in early 2025, these certifications offer a timely opportunity for professionals to enhance their skills and remain competitive in Singapore’s evolving financial landscape.
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JLL has announced the collective sale of the Ching Shine Industrial Building, a freehold industrial development in Singapore, with a minimum price set at $113m. The site, built in the early 1980s, spans 49,308 square feet and includes 52 strata units. The tender closes on 3 April 2025.

The building, located on Shaw Road, is zoned ‘Business 1’ under the Urban Redevelopment Authority’s 2019 Master Plan, with a gross plot ratio of 2.5. Over 80% of the owners have agreed to the sale, with Donaldson & Burkinshaw LLP representing them. The site offers a gross floor area of approximately 137,341 square feet and presents opportunities for conversion into a food factory, pending approval from the Urban Redevelopment Authority (URA).

The National Environment Agency has confirmed that the site meets the requirements for redevelopment into a multi-user food factory. The Singapore Food Agency has also expressed no objection to the proposed conversion. Nicholas Ng, Senior Director of Capital Markets at JLL Singapore, noted the site’s appeal due to its freehold tenure and absence of Additional Buyer’s Stamp Duty, which can affect project timelines.

The property is strategically located near major expressways and just five minutes from Tai Seng MRT Station, enhancing its attractiveness. It is also close to notable food factories and amenities, such as Grantral Mall @ Macpherson. Ng highlighted the recent sale of the Noel Building, which exceeded its reserve price by 17%, as an indicator of strong demand in the area.

The tender for Ching Shine Industrial Building presents a rare opportunity for developers, family offices, and owner-occupiers seeking long-term growth and strategic positioning in Singapore’s industrial sector.
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Singapore Post Limited (SingPost) has announced an Extraordinary General Meeting (EGM) on 13 March 2025 to seek shareholder approval for the divestment of its Australia business, Freight Management Holdings Pty. Ltd. (FMH), to Pacific Equity Partners. The proposed transaction is valued at A$1.02b (approximately S$867.0mm).

The divestment is expected to generate a realised gain of approximately S$289.5m, with a levered return on equity of about four times SingPost’s A$93.6m equity investment in FMH over the past four years. FMH, a leading logistics provider, has grown significantly since SingPost’s initial investment in 2014, becoming one of the top five logistics players in Australia by revenue.

Simon Israel, Chairman of the Board at SingPost, stated, “This EGM provides our shareholders with the opportunity to vote on this important transaction, which we believe will unlock substantial value.”

The proceeds from the divestment, approximately A$775.9m (S$659.5m), will be used to repay borrowings, including Australian Dollar-denominated debt of A$362.1m (S$307.8m). Additionally, the Board is considering a one-tier tax-exempt special dividend, subject to the transaction’s completion.

Following the divestment, SingPost will focus on its Singapore and International business units, continuing as a postal and eCommerce logistics provider in Asia Pacific. The Board plans to reset its strategy post-completion, potentially divesting non-core assets to pay down debt and reinvest.

The EGM will allow shareholders to review and vote on the proposed divestment, with further details available in the Notice of EGM. If the proposal is not approved, the Board will reassess its strategy for the Australian business.
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OKP Holdings Limited, a Singapore-based infrastructure and civil engineering firm, has announced a 13.3% increase in revenue for the financial year ending 31 December 2024, reaching S$181.8m. This growth was primarily fuelled by robust performances in its construction and maintenance segments, which saw a combined increase of S$21.7m, despite a slight dip in rental income.

The company also reported a net profit of S$32.8m for FY2024. The Board of Directors has proposed a total dividend of 2.5 Singapore cents per share, comprising a final dividend of 1.0 cent and a special dividend of 1.5 cents, as a gesture of appreciation to shareholders.

OKP’s order book has strengthened, now standing at S$600.7 million, a 15.8% rise from the previous year, providing revenue visibility through to 2027. The company’s balance sheet remains healthy, with free cash and cash equivalents increasing to S$124.3m from S$81.7m in FY2023.

Or Toh Wat, Group Managing Director, highlighted the company’s strategic focus on technology and innovation, stating, “Our robust order book of S$600.7m, built on our decades-long track record and core expertise, has positioned us to capitalise on growth opportunities.” He also emphasised the importance of strategic partnerships in diversifying earnings and enhancing financial stability.

Looking ahead, OKP aims to sustain its growth by maintaining financial prudence and exploring new geographical markets to bolster recurring income.
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Delfi Limited, the Singapore-based chocolate confectionery company, announced a profit after tax and minority interests (PATMI) of $33.m on sales of $502.7m for the financial year ending 31 December 2024. This marks a year-on-year (YoY) decrease of 26.6% in PATMI and 6.6%  in sales, attributed partly to the stronger US Dollar against regional currencies, particularly the Indonesian Rupiah.

Despite the decline, Delfi increased its market share in Indonesia in the second half of 2024 through heightened promotional spending on its SilverQueen and Cha Cha brands. The company anticipates continued positive momentum in its own brands into 2025, although agency brands in Indonesia saw a decline due to a terminated partnership in late 2023.

Delfi generated $52.6m in net cash from operations, a significant increase of $27.4m YoY. The company allocated $28.6m to capital expenditures, focusing on capacity expansion and efficiency improvements. As of 31 December 2024, Delfi held a cash balance of $43.8m.

The Board of Directors has proposed a final dividend of 1.18 US cents per share, bringing the total dividend for FY2024 to 3.24 US cents per share, equivalent to 59% of PATMI.

Looking ahead, Delfi acknowledges the challenging global environment, with geopolitical tensions and high cocoa bean prices expected to impact profitability. However, the company remains committed to its long-term strategy, leveraging its strong brand portfolio and distribution networks to navigate these challenges.
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Food Empire Holdings Limited has reported a record revenue of $476.3m for the financial year ending 31 December 2024, marking its fourth consecutive year of topline growth. This represents an 11.9% increase from the previous year, driven by strong performance in South-East Asia, South Asia, and the Ukraine, Kazakhstan, and CIS regions.

The company’s diversification strategy and focus on the fast-growing Asian market have been pivotal in achieving this growth. Notably, the South-East Asia segment saw a 27.3% increase in revenue, reaching $129.4 million. Meanwhile, the South Asia segment grew by 24.9% to $61.4m, and the Ukraine, Kazakhstan, and CIS segment rose by 12.6% to $124.7m. However, revenue from Russia dipped slightly by 1.1% due to currency depreciation, although it increased by 7.3% in local currency terms.

Despite the impressive revenue figures, Food Empire’s normalised net profit after tax fell by 11.4% to $50.0m, impacted by high coffee prices and increased expenses. Sales and marketing costs rose by 14.2%, particularly in Vietnam, whilst general and administrative expenses increased by 15.6%.

The Board of Directors has proposed a total dividend of 8.0 Singapore cents per ordinary share, marking the third consecutive year of dividend increases. Group CEO Sudeep Nair expressed optimism about future growth, citing ongoing investments in flagship brands and expansion projects.

Looking ahead, Food Empire plans to continue its growth momentum with strategic initiatives in Asia, including new production facilities in Kazakhstan and Vietnam. The company remains cautious of geopolitical challenges and economic uncertainties but is committed to sustaining its growth trajectory.
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Two outstanding young Singaporeans, Sasha Ng and Hannah Yeo, have been honoured with the Ryde Education Merit Awards (REMA) 2024 for their exceptional academic achievements and leadership potential. The awards, presented by Ryde Group, aim to empower future leaders and change-makers in Singapore.

Sasha Ng, a student at Dunman High School, achieved five straight As in subjects including English Literature and Economics. She plans to pursue Law and International Relations at Oxford University, driven by her interest in policymaking and diplomacy. Hannah Yeo, from Ngee Ann Polytechnic, boasts a 3.85 GPA in Early Childhood Development and Education and aspires to become an art teacher, furthering her studies at the National Institute of Education.

The REMA selection process was highly competitive, involving multiple rounds of interviews and assessments to ensure the awardees embody Ryde’s values of aspiration, leadership, and societal impact. Both recipients have demonstrated a clear vision for their future and a commitment to shaping Singapore’s society through their respective fields.

In addition to the awards, Sasha and Hannah will receive mentorship from Terence Zou, Founder, Chairman, and CEO of Ryde Group. This opportunity will provide them with insights into leadership and innovation.

The REMA initiative, originally launched to support driver-partners and their children during the pandemic, continues to provide financial and social resources to empower the next generation. As Ryde celebrates REMA 2024, the company encourages future applicants to strive for excellence and societal impact.
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