Industry News

DCS Innov has unveiled the iChange Debit Mastercard, a new financial product developed in collaboration with its first Cards-as-a-Service (CaaS) client, IBV Pte Ltd.

This innovative debit card, paired with a multi-currency wallet, allows users to hold and exchange over 40 major currencies on demand, marking a significant step in simplifying fintech enablement.

The iChange card is designed to provide seamless access to global payment infrastructure for fintechs, Web3 companies, and retailers. DCS Innov’s CaaS proposition, which includes licence sponsorship, API integration, and ongoing card operations support, enables clients like the Singapore-based IBV to focus on their core business without navigating complex payment ecosystems. “Our CaaS solution fast-tracked the development effort of such a typical product by more than 50%,” said Ceridwen Choo, CEO of DCS Innov.

The iChange Platinum Debit Mastercard offers features such as real-time rate comparisons, zero foreign exchange fees, and e-wallet integration, catering to global citizens and travellers. Suresh Parthasarathy, CEO of IBV, highlighted the collaboration’s success, stating, “Their expertise was instrumental in bringing our vision to market swiftly.”

DCS Innov aims to lead the embedded finance (EmFi) space, offering a pre-built mobile wallet and integrating regulatory compliance and operational scalability. This launch underscores DCS Innov’s commitment to transforming financial solutions for businesses and consumers, with ambitions to expand its footprint in the EmFi sector.

Lions Befrienders marked a memorable Chinese New Year on 4 February 2025, as over 400 seniors gathered at their Active Ageing Centre (AAC) in Tampines 434 for the annual Ren Ri Ang Bao collection.

The event, coinciding with the seventh day of the Lunar Calendar, saw a queue of eager seniors forming well before the 2 PM start time, keen to receive their birthday gifts, known as Ang Baos.

The celebration, now in its third year, was a testament to the spirit of renewal and community that Ren Ri symbolises. Volunteers and staff from Lions Befrienders began preparations early, packing 800 fresh oranges into 400 gift bags, each accompanied by Ang Baos prepared by generous donors.

The event drew a diverse crowd, with seniors arriving alongside caregivers, family, and friends, all eager to partake in the festivities.

A standout moment was the arrival of a group of seniors in vibrant cheongsams, adding a splash of colour and joy to the occasion. These active members of the Lions Befrienders community not only participate in centre activities but also contribute by supporting fellow seniors.

Originally set to conclude at 3 PM, the overwhelming response extended the event by an hour. Despite the heat and long wait, the atmosphere remained lively, filled with laughter and camaraderie.

The success of the event was attributed to the dedication of Lions Befrienders’ volunteers and the generosity of donors, who played a crucial role in bringing joy to the seniors.

As the day concluded, Lions Befrienders expressed gratitude to all involved, wishing everyone a prosperous and healthy year ahead.

HDB resale flat prices in Singapore saw a 1% increase in January 2025 compared to the previous month, according to the latest 99-SRX Media Flash Report.

This rise marks a continuation of the upward trend from December’s 0.2% growth. The report highlights a shift in bargaining power towards buyers, with prices stabilising near recent transaction levels as many areas have reached record highs.

The report, attributed to Luqman Hakim, Chief Data & Analytics Officer at 99.co, projects a more moderate price increase of 4% to 6% for 2025, compared to the 9% rise in 2024.

Despite this moderation, transactions of million-pound flats remain robust, with 119 such sales recorded in January alone, just one shy of the all-time high. Larger homes, such as lofts and maisonettes, continue to drive these high-value deals as buyers seek more spacious living options.

In January, 2,329 HDB resale flats were transacted, a 9.4% increase from December 2024. However, this figure represents an 11.4% decrease compared to January 2024.

The highest transacted price for the month was $1.6m for a 5-room flat at Lor 1A Toa Payoh, while the highest in Non-Mature Estates was $1.168m for an Executive flat at Toh Guan Rd.

The launch of more Build-To-Order flats this year is anticipated to alleviate some pressure on the resale market, potentially moderating price growth. However, global economic uncertainties, such as recent US tariffs, could pose challenges to market stability.

CapitaLand Integrated Commercial Trust (CICT) has announced a 6.4% year-on-year increase in distributable income, reaching S$385.7 million for the second half of 2024. This growth is attributed to the acquisition of a 50% stake in ION Orchard and improved performance of existing properties, despite the divestment of 21 Collyer Quay. The Trust’s distribution per unit (DPU) remained stable at 5.45 cents, with a total DPU of 10.88 cents for the full year 2024, marking a 1.2% increase from the previous year.

Gross revenue for CICT rose by 1.2% year-on-year to S$794.4 million in the second half of 2024, while net property income increased by 1.3% to S$571.1 million. The portfolio’s property value also saw a 6.2% uplift, reaching S$26.0 billion by the end of 2024, largely due to strategic acquisitions and enhanced performance in Singapore.

Ms Teo Swee Lian, Chair of CICT Management Limited, highlighted the Trust’s strategic moves, stating, “CICT’s positive performance in FY 2024 reflects its portfolio strength, bolstered by the timely acquisition of the iconic destination mall ION Orchard and the divestment of 21 Collyer Quay, despite market uncertainties.”

CEO Tony Tan emphasised the Trust’s proactive leasing efforts, which resulted in a high overall portfolio occupancy of 96.7% and positive rent reversions. “We will continue to prioritise leasing initiatives to retain tenants and attract new ones,” he said.

Looking ahead, CICT plans to focus on sustainable growth through active portfolio management and disciplined cost strategies, while exploring new growth opportunities. The Trust’s commitment to enhancing its market positioning in Singapore, Australia, and Germany through asset enhancement initiatives remains a priority.

MCL Land and CSC Land Group have announced the launch of ELTA, a 501-unit residential development in Clementi, Singapore. The project will be available for preview from 7 February 2025, with public sales commencing on 22 February 2025. Situated along Clementi Avenue 1, ELTA benefits from proximity to schools, eateries, and the Clementi MRT station.

ELTA comprises two 39-storey towers, providing expansive views of the city, Pandan Reservoir, and the sea. The development offers a range of units from one-bedroom + study to five-bedroom configurations, with sizes ranging from 506 to 1,776 square feet. Indicative pricing starts at $1,158,000 for a one-bedroom + study unit.

The development adheres to the Urban Redevelopment Authority’s harmonisation guidelines, ensuring fair pricing and transparency for buyers. MCL Land CEO Lee Tong Voon stated, “ELTA is designed to offer elevated living, with its high-rise towers strategically oriented to provide the best views.”

Residents will enjoy over 50 resort-style facilities, including a 50-metre lap pool, gymnasium, and tennis court. The development is also close to various educational institutions, such as Nan Hua Primary School and the National University of Singapore.

ELTA is a joint venture by HC Land (Clementi), combining the expertise of MCL Land and CSC Land Group. The project is expected to receive its Temporary Occupation Permit in 2028, marking a significant addition to the vibrant Clementi area.

Singapore’s Central Business District (CBD) Grade A office rents could remain stable in 2025, despite potential challenges posed by artificial intelligence (AI) on service sector employment, according to Savills Singapore’s latest report. The office market showed signs of recovery in the second half of 2024, although this was from a low base earlier in the year when leasing activity was subdued.

The report highlights that most leasing activity in the latter half of 2024 occurred in new buildings and those with higher vacancies. Despite a slow office investment market, with only one block transaction and a few strata transactions, the total transaction value in Q4 2024 increased due to higher-value block transactions. However, strata transaction values fell by 69.5% quarter-on-quarter.

Vacancy rates for CBD Grade A offices rose by 1.8 percentage points to 8.0% in Q4 2024, the highest since Q1 2018. This increase was largely due to the addition of IOI Central Boulevard Towers to the office stock. Despite this, landlords have maintained asking rents, resulting in a 0.6% quarter-on-quarter rise in average monthly rents to S$9.79 per square foot. For the entire year, office rents grew by 1.1%, slightly down from 1.2% in 2023.

Layoffs in 2024 were mainly concentrated in tech companies located in business parks, with CBD Grade A office tenants largely unaffected. However, the rollout of AI services by tech companies could impact office employment by late 2025, potentially keeping rents flat after a 1.1% rise in 2024. Alan Cheong, Executive Director of Savills Research, noted, “CBD Grade A office rents may hold up in 2025 with some downside risk associated with AI’s implications for service sector employment.”

FedEx, one of the world’s largest express transportation companies, has announced the expansion of its International Connect Plus (FICP) service to Singapore. This move aims to provide Singapore-based e-tailers with a reliable and cost-effective shipping solution to key destinations in the US and Europe. The service promises delivery within two to three working days, aligning with FedEx’s commitment to supporting cross-border e-commerce growth from Asia.

The expansion of FICP is timely, as e-commerce sales in Asia are projected to reach US$13,209 billion by 2030, with Singapore’s market expected to generate US$5.91 billion in 2025. Eric Tan, Managing Director of FedEx Singapore, stated, “As e-commerce continues to redefine global trade, FedEx® International Connect Plus enables local SMEs to expand their global reach with greater speed and efficiency.”

Key benefits of the FICP service include greater value through competitive pricing, flexibility with multiple delivery options, seamless integration for a paperless experience, and comprehensive parcel tracking for peace of mind. Additionally, the service offers Picture Proof of Delivery, ensuring recipients have visual confirmation of their package’s arrival.

FedEx’s enhanced service is designed to empower Singaporean e-tailers, enabling them to compete more effectively in international markets. By offering faster and more cost-effective shipping options, FedEx aims to fuel the growth of local businesses and improve customer experience. For more information, interested parties can visit the FedEx Singapore website.

Singapore’s tourism sector has achieved a historic milestone in 2024, with Tourism Receipts (TR) anticipated to hit the upper limit of the Singapore Tourism Board’s (STB) forecast, marking a new record in tourism expenditure. International Visitor Arrivals (IVA) surged by 21% from the previous year, reaching 16.5 million, underscoring robust growth in the sector.

Between January and September 2024, tourism receipts totalled $22.4 billion, a 10% increase compared to the same period in 2023. The growth was led by Sightseeing, Entertainment & Gaming (SEG), which saw a 25% rise, followed by Accommodation at 17%. Mainland China, Indonesia, and Australia were the top contributors to tourism receipts, generating $3.58 billion, $2.13 billion, and $1.44 billion, respectively.

Chief Executive of STB, Melissa Ow, attributed the success to the industry’s efforts in refreshing products and experiences and forming new collaborations. “These efforts elevated Singapore’s destination appeal and strengthened the sector’s capabilities and competitiveness,” she stated.

Singapore’s appeal was further enhanced by a robust calendar of events, including concerts by Coldplay and Taylor Swift, and major attractions like Gardens by the Bay and Sentosa. The city-state also hosted significant business events such as the World Economic Forum Young Global Leaders Summit 2024.

The hotel industry also saw positive growth, with Average Room Rate (ARR) and Revenue per Available Room (RevPAR) increasing year-on-year. The cruise industry contributed significantly, with 1.8 million passenger throughput from 340 ship calls.

Strategic partnerships with digital travel platforms and aviation partners have been pivotal in promoting Singapore as a preferred travel destination, ensuring continued growth in visitor arrivals and enhancing visitor experiences.

Syfe, a leading saving and investment platform in the Asia Pacific, has announced a non-binding offer to acquire Selfwealth, an Australian digital investing platform, for A$65 million. This strategic move is part of Syfe’s plan to enhance its market reach and product offerings in the region. The acquisition, if successful, will integrate Selfwealth’s platform into Syfe’s operations, significantly boosting its footprint in Australia.

The proposed acquisition aligns with Syfe’s growth strategy, which was highlighted during its Series C-1 fundraising round in 2024. Syfe’s founder and CEO, Dhruv Arora, stated, “This acquisition is a testament to the strength of our business, our ambition, and our belief that wealth management should be accessible and innovative.” The company plans to maintain Selfwealth’s current operations while gradually introducing enhancements through Syfe’s technology and expertise.

Selfwealth’s established user base and brand make it a strategic fit for Syfe, promising a seamless transition for customers. The acquisition will allow Selfwealth users to access Syfe’s broader suite of investment products and solutions. Arora added, “Adding Selfwealth to the Syfe ecosystem strengthens our foothold in the market and accelerates our vision of building Asia Pacific’s most comprehensive digital wealth platform.”

Despite market challenges, Syfe has shown resilience, achieving profitability in early 2024 and securing SGD 105 million in funding. The company continues to expand its influence, with over 5% of Singaporean adults using its platform. This acquisition marks another step in Syfe’s mission to lead the wealthtech sector in the Asia Pacific.

Uni-Fuels Holdings Limited, a Singapore-based global provider of marine fuel solutions, has announced that the underwriter of its initial public offering (IPO) has fully exercised its over-allotment option. This move, completed on 4 February 2025, resulted in the purchase of an additional 315,000 Class A Ordinary Shares at $4.00 per share, generating an extra $1.26 million in gross proceeds. Consequently, the total shares sold in the offering have increased to 2,415,000, raising the gross proceeds to $9.66 million.

The company’s Class A Ordinary Shares began trading on the Nasdaq Capital Market on 14 January 2025 under the ticker symbol “UFG”. The proceeds from the IPO are earmarked for expanding Uni-Fuels’ reselling activities, strengthening its workforce, and enhancing its market presence in new geographical locations. Additionally, funds will be allocated for cash reserves and general corporate purposes.

R. F. Lafferty & Co., Inc. served as the sole book-running manager for the offering, which was conducted on a firm commitment basis. The registration statement for the shares was filed with the U.S. Securities and Exchange Commission (SEC) on 28 October 2024 and became effective on 10 January 2025.

Founded in 2021, Uni-Fuels has rapidly grown into a dynamic company, forming trusted partnerships with shipping companies to optimise fuel procurement across global markets. The company aims to leverage the IPO proceeds to further its growth and operational objectives.