Industry News

Eddid Financial has announced that its Singapore subsidiary, Eddid Financial Singapore Pte Ltd, has been granted a Capital Markets Services (CMS) licence by the Monetary Authority of Singapore (MAS). This significant development marks a pivotal step in the group’s international expansion strategy, enhancing its presence in key global markets, including Hong Kong and the US.

The newly acquired CMS licence allows Eddid Financial to offer a comprehensive range of financial services in Singapore, such as dealing in securities and derivatives, forex product financing, and custodial solutions. The group is actively establishing its operations in Singapore by setting up local offices, assembling a dedicated team, and developing a proprietary trading platform. This platform aims to provide seamless access to Singapore equities, US stocks, and global futures, offering a streamlined trading experience.

Dr Jerry Tse, CEO of Eddid Financial, stated, “Securing our CMS licence in Singapore is a key milestone in our global strategy. With strong regulatory foundations in Hong Kong and the US, our entry into Singapore further enhances our ability to serve clients across borders. Singapore’s dynamic financial ecosystem presents exciting opportunities, and we’re eager to bring our global expertise and integrated service model to this vibrant market.”

Looking ahead, Eddid Financial plans to expand into virtual assets, corporate financing, and fund management, driving continued diversification and innovation in its service offerings. This strategic move underscores the group’s commitment to strengthening its global footprint and delivering comprehensive financial solutions across borders.
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Amazon Singapore is set to captivate shoppers with its Amazon Prime Day Maze, a free interactive event at Suntec City Mall from 5 to 6 July. This immersive experience offers a preview of the deals and new product launches ahead of the longest-ever Prime Day in Singapore, running from 8 to 14 July. The maze, designed for all ages, allows visitors to engage in themed challenges, unlocking exclusive deals and exploring Prime membership benefits.

The Amazon Prime Day Maze promises a hands-on exploration of Prime Day offerings, including access to exclusive deals, free and fast shipping, and unlimited streaming with Prime Video. “This year marks our longest-ever Prime Day in Singapore,” said Peter Li, Director – China and Singapore, International Stores at Amazon. “The Amazon Prime Day Maze gives visitors a hands-on way to discover new products and explore Prime Day benefits.”

Visitors can participate in hourly sessions from 12:00 PM to 7:00 PM, with the fastest participant in each session winning a $74 (S$100) Amazon Prime Day voucher. Additional interactive stations throughout the venue offer further engagement, with activities such as the Prime Video Puzzle and Data Defenders game.

In addition to the maze, visitors can enjoy a variety of experiences, including a LEGO Play Area and a Prime Day Deals Zone featuring discounts on popular brands. The event also ties into Singapore’s National Day celebrations, with Amazon Fresh offering curated local products and special deals.

As Prime Day approaches, Amazon Singapore encourages shoppers to make the most of the extended event, offering exclusive deals across a wide range of products from local and international brands.
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Seafood Expo Asia, organised by Diversified, is set to take place from 10-12 September 2025 at the Sands Expo and Convention Centre in Singapore. This annual event will bring together seafood suppliers and buyers from across the globe, offering a platform for networking, business growth, and exploring the latest trends in the Asian seafood market.

The expo will feature a diverse range of activities, including seafood tastings, culinary demonstrations, and educational conference sessions. Wynter Courmont, Vice President of Seafood at Diversified, emphasised the event’s focus on connecting global seafood companies with Asian market buyers, stating, “The event offers several onsite opportunities for exhibitors, buyers in the Asian market, and seafood professionals to develop deeper relationships in-person and discover new market opportunities.”

This year’s expo will see participation from seafood companies across the world, including new entrants from Estonia and the United Arab Emirates. National pavilions from China, Estonia, South Korea, and Taiwan will also be present. Notable exhibitors include AquaChile, Blumar Seafoods, and Vinh Hoan Corporation, alongside processing equipment companies like BAADER ASIA PTE LTD and Moon Environment Technology SDN BHD.

Attendees, including key buyers and decision-makers from various sectors, can engage in the Business Matchmaking Programme, facilitating dedicated meetings with suppliers. The event will also host competitions such as the Seafood Excellence Asia Awards and the Oyster Challenge, alongside discussions on aquaculture innovations and supply chain accountability.

For more information and registration details, visit the official Seafood Expo Asia website.
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Singapore’s core inflation rate eased to 0.6% year-on-year in May, down from 0.7% in April, as reported by Nomura’s Asia ex-Japan Daily Research Summary. This decline aligns with expectations and is attributed to falling raw food price inflation. Despite this easing, core-core inflation remained stable, indicating underlying inflationary pressures are unchanged.

Nomura analysts Euben Paracuelles and Charnon Boonnuch maintain their 2025 core inflation forecast at 0.7%, reflecting anticipated easing in labour market conditions. However, they caution that sustained surges in oil prices could present upside risks to this forecast. The Monetary Authority of Singapore (MAS) has kept its 2025 forecast range unchanged at 0.5-1.5%, though it has highlighted increased uncertainty in the economic outlook.

Headline inflation also saw a slight decrease, dropping to 0.8% from 0.9% in April. This was in line with consensus expectations but slightly below Nomura’s forecast of 0.9%. The decline in headline inflation was primarily due to a reduction in private road transport inflation, which fell to 1.1% from 1.3%, despite an increase in certificate of entitlement (COE) premiums.

The report underscores the complexity of inflation dynamics in Singapore, with various factors such as raw food prices and transport costs influencing the overall inflationary environment. As the year progresses, the interplay between these elements and external factors like oil prices will be crucial in shaping the inflation outlook.
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Singapore-based digital travel platform Agoda has unveiled a curated list of Asia’s best-kept waterfall secrets, inviting travellers to explore nine hidden gems across the continent. From the secluded Thi Lo Su in Thailand to the enchanting Sendang Gile in Indonesia, these destinations promise unforgettable experiences for those seeking to escape the ordinary.

Asia’s diverse landscapes offer a plethora of hidden waterfalls, each providing a unique blend of natural beauty and adventure. Agoda’s list includes destinations like Shiraito Falls in Japan, nestled near Mt Fuji, and the dramatic cascades of Seoraksan National Park in South Korea. These sites are perfect for those looking to connect with nature and uncover lesser-known treasures.

Andrew Smith, Senior Vice President at Agoda, highlighted the allure of these destinations: “Asia’s hidden waterfalls showcase the continent’s incredible diversity and untapped beauty, offering travellers a chance to discover the extraordinary.”

Agoda’s extensive offerings make it easy for travellers to plan their waterfall adventures, with over 5 million holiday properties, 130,000 flight routes, and 300,000 activities available. The Agoda mobile app provides the best deals, ensuring a seamless booking experience.

For those eager to explore these natural wonders, Agoda’s guide serves as an invitation to venture off the beaten path and experience the serene beauty of Asia’s waterfalls. With Agoda, the journey to these tranquil escapes is just a booking away.
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Huttons Asia has provided insights into the Government Land Sales (GLS) sites at Dorset Road, Telok Blangah Road, and Upper Thomson Road (Parcel A), highlighting factors that may affect developer bids. The doubling of tariffs on steel and aluminium exports to the US could lead to lower steel prices in Singapore, whilst potential interest rate hikes and tightened liquidity might impact developers’ margins. Additionally, the draft Master Plan 2025 could reveal transformative plans, boosting interest in certain areas.

The Dorset Road site, located on the city fringe and near Farrer Park MRT station, is expected to attract around three bidders, with top bids ranging from $950 to $1,050 per square foot per plot ratio (psf ppr). The area has a strong demand for larger projects, as evidenced by the successful launch of Piccadilly Grand.

Telok Blangah Road’s GLS site marks the first launch in the Greater Southern Waterfront, a significant transformation project for Singapore. With excellent transport links and proximity to key business districts, it is anticipated to draw similar interest to the Bayshore Road GLS site, with top bids between $1,200 and $1,300 psf ppr.

Upper Thomson Road (Parcel A), situated above Springleaf MRT station, is expected to see competitive bids due to its strategic location and commercial amenities. The site may attract up to three bidders, with top bids ranging from $900 to $950 psf ppr, considering the upcoming Springleaf Residence and other projects in the area.

These GLS sites offer strategic opportunities for developers, influenced by market conditions and future urban planning developments.
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Citi has announced the appointment of Nathan Swami as the new Head of Markets for Singapore, succeeding Smith Smithangura, who is retiring after more than 30 years in the banking industry. Swami, who will continue his role as Head of FX Trading for Asia-Pacific (APAC), brings over 17 years of experience with Citi in Singapore to his new position.

Singapore is a significant hub for Citi’s Markets business, which operates trading floors in 77 countries. The bank’s Markets division reported revenues of $6 billion for the first quarter of 2025, marking a 12% increase from the previous year. Swami’s appointment is seen as a strategic move to leverage his extensive experience and leadership skills to further strengthen Citi’s presence in the region.

Swami has held various leadership roles within Citi, including Head of FX Options Trading and CEO of CIBSL. Before joining Citi, he worked as an FX Options Trader at Lehman Brothers in London. His deep understanding of the market and proven track record make him well-suited to lead Citi’s Singapore operations.

Sue Lee and Tibor Pandi, in a joint statement, expressed confidence in Swami’s ability to deliver top-tier solutions to clients and drive business growth. They also extended their gratitude to Smithangura for his invaluable contributions to Citi over the years.

Swami’s appointment is effective immediately, pending regulatory approvals, and he is expected to continue fostering collaboration across Citi’s products and sales teams.
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Morgan Stanley Research has unveiled a report highlighting Singapore’s potential for significant wealth creation as it approaches its 60th anniversary of independence. The report outlines how Singapore’s established position as a global hub for data, energy, finance, and transport, combined with its rapid adoption of emerging technologies, positions it for economic growth. The bank forecasts a 3% compound annual growth rate in GDP over the next five years, the highest among developed economies.

The report emphasises that wealth creation is crucial for addressing the challenges posed by Singapore’s ageing population. Morgan Stanley predicts that household net assets could nearly double to reach $4 trillion by 2030, signalling substantial wealth creation. The report also anticipates improved productivity driving a rise in return on equity (RoE) from 12% to 14%, with price-to-book (P/B) multiples increasing from 1.7x to 2.3x, potentially doubling the stock market capitalisation by 2030.

Singapore’s strategic focus on governance, macroeconomic stability, and international cooperation positions it well in a complex geopolitical landscape. The report notes that Singapore’s large-cap companies have adeptly adapted to global trends, whilst its burgeoning tech start-up ecosystem is nurturing unicorns ready for public listing. An unprecedented government initiative to revitalise the stock market, involving substantial capital inflows, could see index values double within five years.

In conclusion, Morgan Stanley’s report underscores Singapore’s readiness to leverage its institutional strengths and technological advancements to drive wealth creation, promising significant gains for investors and bolstering the nation’s economic standing on the global stage.
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Kyndryl has announced the opening of its ASEAN AI Innovation Lab in Singapore, aiming to bolster AI capabilities across Southeast Asia. This initiative will see the employment of approximately 50 local AI specialists, including data scientists and engineers, to assist organisations in understanding and implementing responsible AI technologies. The Lab will also offer co-creation experiences through Kyndryl Vital, enabling businesses to tackle complex challenges using design-led thinking.

The Lab’s launch is part of Kyndryl’s broader strategy to establish regional AI hubs, following similar investments in the United Kingdom and France. Andrew Lim, Managing Director of Kyndryl ASEAN and Korea, highlighted the company’s commitment to scaling trustworthy AI solutions in partnership with Digital Industry Singapore (DISG) and Google Cloud. “Our experience in designing and delivering complex systems at scale gives us an advantage in implementing end-to-end AI solutions,” Lim stated.

In collaboration with Google Cloud, the Lab will provide access to advanced AI tools such as Vertex AI and BigQuery, facilitating AI solution development and business growth. Mark Micallef, Managing Director of Southeast Asia at Google Cloud, noted the importance of responsible AI deployment, saying, “Enterprises across Southeast Asia are moving quickly to harness generative AI and agentic AI, and they need trusted partners to do it responsibly and at scale.”

The Lab will also support Singapore’s ambition to become a global AI leader by fostering an AI ecosystem and providing expertise across the region. Philbert Gomez, Senior Vice President at DISG, remarked, “By bringing together industry, academia, and government, this Lab will serve as a catalyst for innovation, workforce skilling, and the development of scalable AI infrastructure in Singapore and the broader ASEAN region.”
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An unauthorised individual was injured on 15 June 2025 within a restricted area designated as a Singapore Armed Forces (SAF) live-firing ground in the Central Catchment Nature Reserve. At the time, a live-firing exercise was underway at the Nee Soon 500m Range, located approximately 2.3 km from the incident site. The SAF has confirmed that all safety protocols and training directives were strictly followed during the exercise.

The Nee Soon 500m Range, designed to international safety standards, is certified for weapons such as general-purpose machine guns and sniper rifles. The range includes a safety buffer beyond the stop butt to account for scenarios like ammunition ricochet. This buffer was established through trials and simulations, ensuring areas outside the restricted zone, including public parks and trails, remain safe for public use.

Despite clear signage warning against entry into the restricted area, the cyclist involved is currently under investigation for wilful trespass. The SAF emphasises the importance of public cooperation in avoiding restricted zones to prevent similar incidents. Trespassing in these areas is a violation under the Military Manoeuvres Act.

The SAF, in collaboration with NParks, continues to uphold a robust safety framework for live-firing activities. The Nee Soon 500m Range has resumed operations, with the next live-firing scheduled for 26 June 2025.
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