Industry News

Standard Chartered Bank has announced a strategic partnership with StraitsX, a Singapore-licensed stablecoin issuer, to bolster the reserve management of its U.S. Dollar and Singapore Dollar stablecoins, XUSD and XSGD. This collaboration aims to integrate blockchain-based assets into mainstream finance, enhancing the security and transparency of digital payments.

StraitsX, a leading digital payment infrastructure provider, will benefit from Standard Chartered’s extensive expertise in cash management and custody services. This partnership is set to strengthen essential payment rails, ensuring seamless access to XUSD and XSGD for businesses and individuals. The stablecoins are fully backed and comply with the Monetary Authority of Singapore (MAS)’s upcoming regulatory framework, reinforcing their reliability and trustworthiness.

Jason Tay, Head of Commercial at StraitsX, stated, “At StraitsX, we believe that trust, transparency, and regulatory alignment are fundamental to the mainstream adoption of digital assets. Our collaboration with Standard Chartered marks a significant step in enhancing the security and resilience of our stablecoin ecosystem.”

Luke Boland, Head of Fintech, Asia at Standard Chartered Bank, added, “This partnership further expands Standard Chartered’s involvement across the digital asset ecosystem, reinforcing our role in supporting responsible growth within the industry.”

As global demand for efficient digital payment solutions accelerates, this partnership sets a new benchmark for integrating blockchain-powered finance with institutional banking expertise. It advances the future of regulated, cross-border digital transactions, aligning with Singapore’s vision for digital finance.

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RHB Bank has projected a 2% growth in Singapore’s non-oil domestic exports (NODX) for 2025, according to its latest Global Economics and Market Strategy Report. The report, attributed to Barnabas Gan, Acting Group Chief Economist and Head of Market Research at RHB Bank, also forecasts a 3% growth in the manufacturing sector. Despite these positive projections, the bank remains wary of external risks, particularly uncertainties surrounding US trade policies and potential trade tensions that could impact Singapore’s trade performance.

In January 2025, Singapore’s NODX experienced a 2.1% year-on-year decline, reversing a 9% growth observed in December 2024. This drop was contrary to market expectations, which had anticipated a modest 0.3% year-on-year increase. The month-on-month seasonally adjusted figure also fell by 3.3%.

Gan highlighted the cautious optimism in the report, noting the potential challenges posed by global trade dynamics. “We remain cautiously optimistic about Singapore’s NODX performance,” he stated, emphasising the need to monitor external factors closely.

The report underscores the importance of understanding global trade developments and their potential impact on Singapore’s economy. As the year progresses, stakeholders will be keenly observing how these projections align with actual performance, especially in light of evolving international trade relations.

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Aspire, a Singapore-based fintech company, has launched a Visa corporate card specifically designed for small and medium-sized enterprises (SMEs) in Hong Kong. This initiative aims to address the financial challenges faced by these businesses, which often include limited access to corporate cards, high fees, and inadequate expense visibility. The new card offers a user-friendly and cost-effective solution, empowering SMEs to manage their finances more efficiently.

The launch comes as nearly 79% of Hong Kong’s SMEs focus on growth through cross-border transactions. The Aspire Visa card facilitates this by providing access to multicurrency and seamless cross-border payments. By integrating Aspire’s innovative technology with Visa’s global network, businesses can manage their funds through a single account, ensuring secure and fast transactions worldwide.

Andrea Baronchelli, Co-founder and CEO of Aspire, stated, “Our partnership with Visa represents a significant leap forward in our mission to empower entrepreneurs and SMEs across the world.” Paulina Leong, General Manager of Visa Hong Kong and Macau, added, “This collaboration reinforces our commitment to equipping SMEs with world-class payment methods that will help drive Hong Kong’s digital economy forward.”

To celebrate the launch, Aspire is offering an 8% cashback on the first HKD18,888 spend for new clients who sign up before 28 February. This initiative underscores Aspire’s commitment to supporting Hong Kong’s SMEs in navigating the modern global economy.

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Singaporeans are generally optimistic about the future, with 60% expressing a positive outlook, according to Fidelity International’s Global Sentiment Survey. However, financial concerns remain prevalent, as only 49% feel secure about their day-to-day finances, and a mere 22% are confident in their investment abilities. The survey, which included 1,000 Singaporean respondents, highlights the ongoing stress caused by rising living costs and inflation.

The survey indicates a decline in optimism from the previous year, when 75% of Singaporeans felt positive about the future. Despite this, only 24% are pessimistic about the near future. Financial stress is exacerbated by the cost of living, with 77% of respondents citing it as a major concern, followed by healthcare costs and retirement savings.

Wildon Goh, Head of Southeast Asia and Country Head of Singapore at Fidelity International, noted, “It is clear that finances and planning for retirement remain the top concerns for most people, as individuals are feeling less confident about managing their money and investing.”

The survey also reveals that 33% of Singaporeans are saving less than six months ago, primarily due to increased household and commuting expenses. Savings and investments are identified as the most pressing financial needs by 49% of respondents, yet many do not seek financial advice.

As Singaporeans navigate these challenges, the importance of consistent investment and financial education is underscored. Fidelity International emphasises the role of financial institutions in supporting individuals to achieve their financial goals amidst the evolving economic landscape.

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Seavolt and RAD Propulsion have announced a strategic partnership aimed at revolutionising electric boating in Australia and the Pacific.

This collaboration merges Seavolt’s advanced marine charging technology with RAD Propulsion’s innovative electric drive systems, providing a comprehensive solution for boat manufacturers, marinas, ports, sporting organisations, and governments in the region.

Seavolt, a leader in marine electrification, offers marinised chargers ranging from 7kW to 360kW, capable of charging boats in minutes. These chargers are powered by micro-grid solar systems, ensuring 100% renewable energy.

RAD Propulsion, a UK-based company, is known for its RAD 40 electric drive, which is lightweight and designed for intuitive use, aiming to reduce maritime carbon emissions.

Dan Hook, CEO of RAD Propulsion, expressed enthusiasm about the partnership, stating, “We’re thrilled to collaborate with Seavolt to bring sustainable and high-performance solutions to Australia and the Pacific.” This partnership aligns with RAD Propulsion’s mission to make electric propulsion smarter and cleaner.

Seavolt CEO, Chris Cudlipp, highlighted the transformative potential of the partnership, noting that it allows Seavolt to offer a complete engine, battery, and charging solution. “We’re receiving constant enquiries from customers who want to electrify their fleets,” he said.

The partnership is set to meet growing demand with the RAD 40 kW engine, paired with high-performance batteries and advanced features like multi-function displays and connectivity solutions. This collaboration promises to set a new standard for electric boating, offering a seamless transition to clean energy.

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The Straits Times Index (STI) has achieved a new milestone by climbing above 3,900 points, marking an all-time high. This surge is attributed to significant gains in key constituents, including notable increases in the prices of stocks such as BS6, S68, and H78. Between 16 April 2024 and 10 February 2025, BS6 saw a price change of 61.1%, whilst S68 and H78 recorded increases of 53% and 45%, respectively.

Retail investors have been actively participating in the market, with net purchases amounting to S$487m in Singapore shares since the end of 2024. This activity has been concentrated in the Financial Services, Real Estate Investment Trusts (REITs), and Technology sectors. Interestingly, historical trends suggest that retail investors tend to sell during periods of strong market performance and buy during weaker phases.

The Singapore Exchange (SGX) has also introduced Singapore Depository Receipts (SDRs) for Hong Kong-listed companies, allowing local investors to access these markets without currency risk. This initiative is expected to provide more opportunities for Singapore-based investors.

As the STI continues to break records, market analysts and investors are closely monitoring the trends and movements within the index. The current landscape presents both opportunities and challenges, with the potential for further growth in the coming months.

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Singapore Airlines (SIA) Group reported a significant rise in passenger traffic for January 2025, with an 8.6% increase compared to the same period last year.

This surge was largely attributed to the heightened travel demand during the Lunar New Year holiday season.

The Group’s passenger load factor (PLF) improved to 87.8%, a 2.5 percentage point increase, with Singapore Airlines and its low-cost subsidiary, Scoot, achieving monthly PLFs of 87.2% and 90.3% respectively.

The Group’s overall passenger carriage rose by 9.1%, reaching 3.5 million passengers. Available seat-kilometres (ASK), which measures the number of available seats multiplied by the distance flown, increased by 5.5% to 15,558.4 million.

Revenue passenger-kilometres (RPK), indicating the number of passengers carried multiplied by the distance flown, climbed by 8.6% to 13,664.0 million.

In contrast, cargo operations experienced a more modest growth. Cargo loads increased by 2.6% year-on-year, which was below the 9.5% rise in cargo capacity. The cargo load factor decreased by 3.4 percentage points to 51.1%, as inventory stocking was less pronounced and factory closures during the holiday period reduced cargo movement.

Scoot expanded its network by launching new passenger services to Padang in Indonesia and Shantou in China. By the end of January 2025, the SIA Group’s passenger network spanned 131 destinations across 36 countries and territories, with SIA serving 80 destinations and Scoot covering 74. The cargo network included 135 destinations in 37 countries and territories.

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The latest figures from Huttons Asia reveal a significant shift in the Housing Development Board’s (HDB) Build-To-Order (BTO) application rates as of 17 February 2025. This year, 34,444 applicants vied for 10,622 BTO and Sale of Balance Flats (SBF), averaging 3.2 applicants per flat. This marks a decrease from the previous year’s 4.0 applicants per flat, where 22,581 applicants competed for 5,714 flats.

The SBF exercise attracted more interest, particularly for flats that are already completed or nearing completion. This trend is expected to alleviate demand pressure and stabilise resale market prices. Notably, more singles opted for the 2-room flexi flats under the SBF exercise, with a median application rate of 4.8 for BTO flats among first-time singles. In contrast, the application rate for 2-room flexi SBF flats ranged from 53.2 to 393.

The supply of over 700 SBF flats in Woodlands and Yishun impacted the BTO application rates for projects like Chencharu Green and Woodlands North Verge. First-time applicants for 4-room flats in Urban Rise @ Woodlands and Chencharu Hills saw an application rate of 2.1, dropping to around 1 for other projects in the area. Most applicants should be able to secure a flat, subject to the Ethnic Integration Policy quota.

Prime and Plus projects remained unaffected by the SBF, likely due to the absence of comparable SBF projects. Tanjong Rhu Parc Front experienced 3.5 applicants per 4-room flat, attributed to fewer available units compared to previous offerings. Stirling Horizon also saw higher demand with 1.7 applicants per 4-room flat, surpassing Queensway Canopy, although a direct comparison was not possible due to aggregated data.

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OrangeTee has released its analysis of the February 2025 Build-To-Order (BTO) and Sale of Balance Flats (SBF) application results, revealing a notable decline in overall application rates compared to the previous sales launch in October 2024.

As of 17 February 2025, 12,431 applicants vied for 5,032 BTO units, resulting in an application rate of 2.5, down from 4.2 in October 2024.

This decrease is attributed to the simultaneous release of numerous SBF flats and the anticipation of upcoming BTO projects in June.

The Prime and Plus Flats in Tanjong Rhu and Queenstown emerged as the most sought-after projects. In Tanjong Rhu’s Kallang/Whampoa project, Tanjong Rhu Parc Front, application rates for 3-room and 4-room flats were 2.6 and 5.4, respectively.

These figures surpass those of the previous Tanjong Rhu Riverfront I and II project, despite the latter offering more units. The current project’s lower prices and strategic location near MRT stations and the city centre contributed to its popularity.

Conversely, Queenstown’s Stirling Horizon project experienced lower-than-expected application rates, with a 2.5 rate for 4-room flats, compared to Holland Vista’s 9.8. The larger number of available units and longer waiting time of over four years likely influenced this outcome.

In the SBF exercise, 22,013 applicants competed for 5,590 units, yielding a 3.9 application rate, higher than the BTO rate. The SBF’s diverse range of flats across the island offered applicants more choices, particularly in popular estates like Bedok, Bishan, and Clementi. However, the median application rate for 3-room or larger flats for first-time families fell to 2.5, down from 10.5 in February 2024, due to the increased number of flats launched over the past year.

Notably, non-mature estates such as Tampines and Hougang saw high demand for 2-room flexi flats, indicating a preference amongst seniors and singles for these areas due to availability and lower prices.

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Danfoss Singapore celebrates the first anniversary of its fully electric ferry fleet, Electric Dream, which has significantly contributed to Singapore’s maritime decarbonisation efforts by eliminating over 6,000 tonnes of CO2 emissions annually. In collaboration with Penguin and other industry partners, Danfoss has developed a scalable and adaptable model that aligns with Singapore’s Green Plan 2030 and the 2050 decarbonisation goal.

The Electric Dream fleet’s success is attributed to Danfoss’ innovative fast-charging solutions and technology, making the fully electric ferry operationally viable. Lodi Boedels, Head of Engineering for Marine & Land Electrification, APAC, Danfoss Drives, highlighted the efficiency and output advantages of a fully electric system over a hybrid propulsion system. He noted, “The sustainability impact of Electric Dream demonstrates how this project model can be replicated for Singapore’s maritime decarbonisation roadmap.”

Huan Ping Tan, Head of Drives Singapore at Danfoss Drives, emphasised the importance of tailored decarbonisation solutions and customer-centric approaches in facilitating the adoption of electric solutions in the maritime industry. He addressed the challenges of balancing operational needs with sustainability, stating that upcoming shifts towards electrification are crucial for the industry’s future.

As Singapore continues to pursue its ambitious environmental goals, the Electric Dream project stands as a testament to the potential of electric solutions in reducing carbon emissions and promoting sustainable practices in maritime operations.

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