Industry News

Franklin Templeton has announced the launch of the FTGF Putnam US Research Fund in Singapore and Hong Kong, marking the introduction of Putnam Investments’ strategies in Asia. This initiative aims to broaden investor access to differentiated investment opportunities, focusing on US large-cap equities with a sector-neutral portfolio. The fund is backed by Putnam’s extensive research capabilities, with analysts based in Boston, London, and Singapore.

The FTGF Putnam US Research Fund has been registered as an authorised scheme for retail investors in both Singapore and Hong Kong. Christian Bucaro, Head of Wealth for Asia at Franklin Templeton, highlighted Putnam’s reputation for deep research capabilities and consistent results. He stated, “We are delighted to broaden investor access to Putnam’s compelling investment strategies, starting with the FTGF Putnam US Research Fund, which seeks to achieve smoother relative performance through volatile markets.”

Kate Lakin, Portfolio Manager and Director of Research at Putnam Investments, explained that the fund’s sector-neutral portfolio aims to generate differentiated alpha through stock-specific exposures. “Our tenured team has deep sector expertise focused on driving returns from stock selection,” she noted.

In addition to the FTGF Putnam US Research Fund, Franklin Templeton has also registered the FTGF Franklin Ultra Short Duration Income Fund for retail investors in Singapore. The company plans to expand access to Putnam’s stock-driven equity strategies in Asia, covering sectors such as global healthcare.

Putnam Investments, with roots dating back to 1937, manages $129 billion (£103 billion) in assets and is known for its value, core, and growth strategies across various market caps. As of May 2025, 88% of Putnam’s mutual fund assets are rated 4 or 5 stars by Morningstar.
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MoneyMax Financial Services, a prominent pawnbroker and pre-owned luxury retailer, is making significant strides in Southeast Asia. Since opening its first store in Singapore in 2008, the company has expanded its network to over 100 outlets across Singapore and Malaysia. This growth positions MoneyMax as one of the largest pawnbroking and retail chains in the region.

The company, which also offers car financing and insurance services, is noted for its diverse range of services. According to a recent report by analyst Alfie Yeo, MoneyMax is “firing on all cylinders,” highlighting its robust performance and strategic expansion.

This expansion is significant as it underscores the increasing demand for pre-owned luxury goods and financial services in the region. MoneyMax’s growth reflects a broader trend in Southeast Asia, where consumers are increasingly turning to alternative financial services and luxury retail options.

The company’s success can be attributed to its strategic positioning and comprehensive service offerings, which cater to a wide range of consumer needs. As MoneyMax continues to expand, it is expected to further solidify its presence in the Southeast Asian market, potentially exploring new opportunities and markets in the future.
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StraitsX has unveiled its latest innovation, DVA/+, a next-generation virtual account solution designed to enhance fiat-stablecoin settlement for exchanges, wallet platforms, and market makers. This new infrastructure, launched on 18 June 2025, provides compliant USD banking access and real-time interoperability between fiat and stablecoins, addressing the evolving needs of digital finance institutions.

DVA/+ enables clients to issue named USD virtual accounts with full Collect on Behalf of (COBO) and Pay on Behalf of (POBO) support, seamlessly integrating with StraitsX’s XUSD stablecoin. This integration facilitates high-speed value movement between fiat and digital assets without the need for in-house treasury and compliance infrastructure. The solution is structured into two components: DVA, which offers compliant fiat access through named virtual accounts, and DVA+, which adds an enhanced compliance layer with top-tier banking connectivity.

The launch of DVA/+ marks a significant shift from isolated pilot projects to operational-grade digital finance infrastructure, built for regulatory clarity and scalability. Liu Tianwei, CEO and Co-Founder of StraitsX, stated, “DVA/+ is a turning point in how institutions connect to the future of digital finance. We’re removing the barriers that have long separated traditional finance from crypto-natives.”

This development is part of StraitsX’s broader mission to enable seamless value movement across currencies, networks, and jurisdictions. As the digital asset economy matures, DVA/+ provides institutions with the necessary infrastructure to bridge fiat and stablecoins, enhancing speed, security, and regulatory compliance. The launch also signifies StraitsX’s evolution from a stablecoin issuer to a full-stack infrastructure provider for regulated digital finance.
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Grab Holdings, a Singapore-based provider of mobility, delivery, and digital financial services, has had its ‘BB-‘ long-term issuer credit rating affirmed by S&P Global Ratings following a $1.5b convertible bond issuance. Despite an expected spike in leverage, S&P maintains a stable outlook for Grab, projecting improved earnings and cash flow over the next 12 to 24 months.

The bond issuance is anticipated to increase Grab’s debt-to-EBITDA ratio to 5.3x in 2025, up from previous expectations of 1.0x-1.5x. However, S&P expects this ratio to decline to 3.6x in 2026 and 3.0x in 2027, supported by a nearly 30% compounded annual growth rate in EBITDA. This growth is attributed to enhanced performance in Grab’s ride-hailing, food delivery, and digital financial services segments.

S&P highlights that Grab’s substantial liquidity, with more than $7b in cash and short-term investments projected through 2026, provides a buffer against operational volatility. The company’s prudent risk management has ensured a minimum of $4.9b in cash holdings since 2021.

The use of bond proceeds will be crucial in assessing Grab’s creditworthiness. S&P notes that if the funds are directed towards large-scale acquisitions or investments, a reassessment of Grab’s business competitiveness may be necessary. However, Grab’s history of measured acquisitions, such as its 2018 takeover of Uber’s Southeast Asia business, suggests a cautious approach.

S&P warns that the rating could be lowered if Grab fails to sustain positive EBITDA or if its liquidity weakens due to increased competition or aggressive market tactics. Conversely, an improvement in the rating could occur if Grab maintains positive financial metrics and strengthens its operational scale.
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Singapore Airshow, a leading global aerospace and defence event, has revealed a commemorative logo for its 10th edition during the Paris Air Show 2025. The new design integrates the numeral “10” into the existing logo, symbolising two decades of significant contributions to the aviation industry whilst maintaining the event’s strong brand identity.

The upcoming 10th edition of the Singapore Airshow is scheduled to take place from 3 to 8 February 2026 at the Changi Exhibition Centre. This event continues to serve as a vital platform for global aerospace leaders to connect and collaborate, shaping the future of aviation and space.

In a move to further its evolution, the Singapore Airshow will introduce a new segment, Space Summit@Singapore Airshow, in 2026. Organised in partnership with the Office for Space Technology & Industry (OSTIn), this two-day programme will run from 2 to 3 February 2026. It will feature high-level conferences, a curated exhibition zone, and exclusive networking opportunities aimed at advancing the global space economy.

The 2026 edition of the Singapore Airshow will focus on innovation, sustainability, and cross-sector partnerships, promising fresh perspectives and opportunities for the global aviation community. This event is organised by Experia Events Pte Ltd, known for curating strategic trade events that drive industry development.
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Rystad Energy has highlighted the potential risks to global liquefied natural gas (LNG) supplies due to escalating tensions between Iran and Israel. The Strait of Hormuz, a vital maritime route through which approximately 20% of the world’s LNG exports pass, is at the centre of these concerns. Following Israel’s strikes on Iranian sites on 13 June, retaliatory actions by Iran have raised fears of potential disruptions in this critical waterway.

The Strait of Hormuz, jointly controlled by Iran and Oman, is the only passage for vessels from the Persian Gulf to the open ocean. Any disruption could severely impact LNG exports from Qatar and the UAE, which together account for 27% of Asia’s and 8.5% of Europe’s LNG imports. Lu Ming Pang, a senior analyst at Rystad Energy, emphasised the importance of keeping the Strait open, stating, “It’s in the best interest of all Middle Eastern countries to keep the Strait of Hormuz open and prevent any supply disruption.”

Recent market reactions have been swift. European gas prices at the Title Transfer Facility (TTF) rose by 6.3% to $13.42 per million British thermal units (MMBtu) on 16 June, whilst East Asia Spot LNG prices increased by 8.9% to $13.58 per MMBtu. These price hikes reflect market concerns over potential supply shocks reminiscent of the 2022 Russian pipeline disruptions.

The US, with its Fifth Fleet stationed in the region, along with Middle Eastern LNG exporters, is keen to maintain stability. However, the ongoing conflict underscores the fragility of global energy supply chains and the potential for significant economic impacts if the Strait of Hormuz were to be closed.
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Chief Human Resources Officer (CHRO) turnover in Asia has remained remarkably low in the first quarter of 2025, according to the Global CHRO Turnover Index by Russell Reynolds Associates (RRA). The region’s turnover rate stayed flat year-on-year, with major markets like Hong Kong, Singapore, and India reporting no departures, whilst Japan and Australia recorded minimal changes. This stability contrasts with a global turnover rate of approximately 2.6%.

Globally, 54 CHROs left their roles in Q1 2025, marking a 15% increase from the previous year. The S&P 500 accounted for over half of these departures, highlighting volatility in Western markets. The average tenure for outgoing CHROs globally has decreased to 4.1 years, down from 4.5 years in Q1 2024, indicating a trend towards shorter leadership durations.

In Asia, external candidates dominated new CHRO appointments, comprising 75% of hires, diverging from the global trend of internal promotions, which rose to 58%. Additionally, women accounted for 85% of CHRO appointments globally, reflecting a significant increase in gender diversity.

Michelle Chan Crouse, Asia lead for Consumer Packaged Goods and Human Resources Practices, noted, “Whilst CHRO turnover in Asia remains low, we are seeing a clear trend toward appointing external candidates to these critical roles.”

The Tech sector experienced a notable turnover, with 6.2% of companies reporting CHRO departures, more than double the global average. This highlights the pressures faced by industries amid rapid innovation.

The evolving role of CHROs, now central alongside CEOs, is driving turnover as organisations seek leaders capable of managing complex transformations and disruptions.
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The Institute of Chartered Accountants in England and Wales (ICAEW) and the Tax Academy Singapore (TA) have signed a Memorandum of Understanding (MoU) to enhance collaboration and professional development in the field of taxation. This strategic partnership, formalised by Azlina Bulmer, Interim International Director of ICAEW, and Dennis Lui, CEO of TA, seeks to strengthen Singapore’s talent pipeline and support its position as a competitive global business hub.

The partnership will provide Singaporean tax professionals with access to ICAEW’s world-leading expertise and resources, alongside TA’s industry-relevant programmes. These initiatives aim to bridge academic knowledge with real-world application, raising professional standards and advancing Singapore’s standing as a hub for thought leadership in taxation.

Azlina Bulmer highlighted the importance of the collaboration, stating, “Tax professionals serve all areas of business and public life and play a key role in shaping trust and inspiring confidence in economies.” Dennis Lui added that the partnership underscores TA’s vision to be a leading centre for tax education, reflecting their commitment to nurturing tax expertise.

Following the MoU signing, Dennis Lui participated in the ICAEW VAT Conference, where a Singaporean team presented their award-winning research on reforming the UK VAT system. This research provided a comparative analysis with tax systems in Singapore and New Zealand, offering insights into potential reforms for the UK.

This partnership marks a significant step in international collaboration, aiming to build a future-ready tax workforce in Singapore.
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A recent report by Docusign and Deloitte has revealed that whilst Singapore excels in digital trust, it lags behind its Asia Pacific peers in adopting AI and automation in agreement management. The 2025 Optimising Agreement Management report highlights that 89% of Singaporean business leaders express strong confidence in their agreement systems, yet only 16% of businesses have fully automated contract creation.

The study, which surveyed over 1,400 business leaders across 14 markets, underscores the strategic importance of agreement management in driving business performance. It found that organisations with mature agreement systems are 77% more likely to outperform their peers. However, Singapore trails behind Australia, New Zealand, and Japan in terms of automation and AI integration, with these countries reporting significantly higher levels of advanced capabilities.

Kartik Krishnamurthy, Vice President, Asia at Docusign, noted, “The divergence in agreement management maturity across APAC highlights unique opportunities for businesses in each market. Singapore’s strong foundation in digital governance and trust positions it well to accelerate AI adoption and automation in agreement processes.”

The report also indicates a shift in how agreement management is perceived within organisations, with over 75% of businesses now assigning C-level oversight to these processes. This reflects a move from viewing agreement management as a back-office function to recognising it as a critical component of business infrastructure.

As Singapore looks to enhance its agreement capabilities, the report suggests that embracing AI and automation could unlock significant productivity gains and ensure competitiveness in a digital-first economy.
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A new diagnostic kit, Steadfast H5-HPAI, developed in Singapore for detecting the highly pathogenic H5 Avian Influenza Virus (AIV), has been commercialised and licenced for laboratory use. This significant milestone follows its development in November last year through a collaboration between the Diagnostics Development Hub (DxD Hub), the Agency for Science, Technology and Research (A*STAR), and Japan’s National Institute for Environmental Studies.

The Steadfast kit is designed for centralised laboratories, offering rapid and accurate detection of avian influenza viruses within three hours. Its high sensitivity and specificity make it crucial for early outbreak detection and biosecurity response. The kit will be distributed by BioAcumen Global Pte Ltd to national surveillance centres, veterinary clinics, hospitals, and private laboratories across Southeast Asia by December 2025.

Jimmy Toh, Director and Chief Scientist of BioAcumen Global, stated, “Our goal is to make advanced diagnostics more accessible and responsive to real-world needs.” This sentiment was echoed by Dr Weng Ruifen, CEO of DxD Hub, who highlighted the collaboration’s role in bolstering regional preparedness against emerging infectious diseases.

The commercialisation of Steadfast underscores the power of public-private collaboration in accelerating healthcare innovation. With its regional rollout underway, the technology is poised to enhance avian flu surveillance and response throughout Asia, marking a significant step forward in public health protection.
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