Regional News

The Land Transport Authority (LTA) of Singapore has announced the extension of its Vehicle Emissions Scheme (VES) and Electric Vehicle Early Adoption Incentive (EEAI) until 31 December 2027. This move aims to further support the nation’s transition towards electric vehicles (EVs) by encouraging more environmentally friendly vehicle choices.

The VES, which categorises vehicles based on their emissions, will continue to offer rebates for cleaner vehicles whilst imposing surcharges on those with higher emissions. The EEAI provides a rebate of up to $20,000 for buyers of fully electric cars and taxis, making EVs more financially attractive. These incentives are part of Singapore’s broader strategy to reduce carbon emissions and promote sustainable transport solutions.

The LTA’s decision to extend these schemes underscores the government’s commitment to achieving its Green Plan 2030 targets, which include phasing out internal combustion engine vehicles and expanding the EV charging network. “The extension of these incentives is crucial in accelerating the adoption of electric vehicles in Singapore,” stated the LTA.

By maintaining these incentives, Singapore aims to increase the number of EVs on its roads, contributing to cleaner air and a reduction in the nation’s carbon footprint. The extension also provides certainty for consumers and manufacturers, encouraging further investment in EV technology and infrastructure.

As Singapore continues to push for a greener future, the extended VES and EEAI schemes are expected to play a significant role in shaping the country’s transport landscape over the coming years.
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Thakral Corporation Ltd has revealed plans for The Beauty Tech Group Limited, in which it holds a 9.32% stake, to pursue an initial public offering (IPO) on the London Stock Exchange. The announcement follows a previous clarification regarding a Sky News article and highlights the company’s strategic move to enhance its financial position through this potential listing.

The Beauty Tech Group, formerly known as CurrentBody.com Ltd, is a UK-based company under the parentage of Project Glow Topco Limited. Thakral’s investment in the firm is valued at $12.5 million (S$17.1 million), as per its latest audited financial statements for the year ending 31 December 2024. The IPO, if successful, is expected to positively impact Thakral’s financial standing by increasing the value of its pre-IPO interest in the company.

The board of Thakral Corporation has instructed its management to monitor the IPO’s progress and keep shareholders informed, adhering to legal and regulatory requirements in both Singapore and the UK. The company has cautioned shareholders and potential investors to exercise prudence when dealing with its securities, advising them to consult professional advisers if necessary.

Further updates will be provided as developments occur, ensuring compliance with any regulatory constraints. The announcement underscores Thakral’s commitment to transparency and strategic growth through its investment in The Beauty Tech Group.
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Singapore Exchange (SGX) Group has announced a notable increase in its derivatives trading activity, attributing the surge to heightened market volatility. The exchange reported that its derivatives daily average volume (DAV) rose by 14% year-on-year in August, reaching 1.2 million contracts. This growth was primarily driven by increased trading in equity index futures, particularly the FTSE China A50 Index Futures, which saw a 24% rise in volume.

The uptick in derivatives trading is significant as it reflects the growing demand for risk management tools amidst uncertain market conditions. SGX Group’s strong performance in this segment underscores its position as a leading derivatives marketplace in Asia. The exchange noted that its total derivatives open interest also increased by 9% to 4.3 million contracts, highlighting sustained investor interest.

Loh Boon Chye, CEO of SGX Group, commented on the results, stating, “Our derivatives business continues to demonstrate resilience and relevance, providing investors with essential tools to manage risk and capture opportunities in a volatile environment.”

The exchange’s robust performance in derivatives is complemented by its efforts to expand its product offerings and enhance market access. SGX Group’s strategic initiatives aim to cater to the evolving needs of global investors, ensuring that it remains a key player in the international financial markets.

Looking ahead, SGX Group plans to further diversify its derivatives portfolio and strengthen its market infrastructure, positioning itself for continued growth in the dynamic trading landscape.
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mm2 Asia Ltd. has announced the termination of its agreement to sell 97,553,226 ordinary shares in Vividthree Holdings Ltd., representing approximately 21.02% of Vividthree’s share capital, to Hildrics Asia Growth Fund VCC. The decision, made on 8 September 2025, was reached mutually by both parties due to recent market volatility and the current circumstances of mm2 Asia.

The termination of the share purchase agreement (SPA) was formalised through a deed of termination, releasing both parties from their obligations without any claims or rights against each other. Despite incurring professional fees and other expenses related to the proposed disposal, mm2 Asia stated that the termination is not expected to materially impact its financial performance for the year ending 31 March 2026.

The Board of mm2 Asia, led by Executive Chairman Melvin Ang Wee Chye, emphasised that the mutual termination aligns with the best interests of both parties involved. Shareholders and potential investors are advised to exercise caution and seek professional advice when dealing with shares in the company.
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The Asia Pacific Enterprise Awards (APEA) 2025 Regional Edition, held on 5 September at the Sands Expo and Convention Centre in Singapore, recognised Asia’s most innovative and sustainable enterprises. Organised by Enterprise Asia, the event celebrated leaders and businesses that have successfully navigated technological and economic disruptions. The awards ceremony was attended by notable figures, including Ismail Mohamad Bkri, Deputy High Commissioner of Malaysia to Singapore, and Thomas Ardian Siregar, Deputy Chief of Mission of the Embassy of the Republic of Indonesia in Singapore.

The APEA 2025, themed “Showcasing Future-Ready Enterprises,” highlighted the resilience and strategic agility of businesses across Asia. Winners were selected from over 100 nominees, evaluated on operational excellence, leadership, business performance, and long-term impact. Categories included Master Entrepreneur, Inspirational Brand, Fast Enterprise, and Corporate Excellence.

Richard Tsang, President of Enterprise Asia, emphasised the importance of challenging conventions and leveraging transformative technologies. He stated, “Today’s most visionary organisations recognise the deep links between economies, societies, and the environment.”

Awardees included Ma Ya Fen, CEO of KOI Cafe Group, and Tan Soo Phor, Managing Director of Sydney Cake House, under the Master Entrepreneur category. The Fast Enterprise Award went to rising stars like Indonesia’s Evowaste Technology and Singapore’s Witthal International. The Corporate Excellence category celebrated industry giants such as Thailand’s Central Retail Corporation and Hong Kong’s Swiss-Belhotel International.

Earlier that day, the Asia Economic Forum 2025 convened over 300 leaders to discuss sustainable growth strategies. Tan Sri Dr Fong Chan Onn, Chairman of Enterprise Asia, urged businesses to adapt to technological disruptions whilst prioritising inclusivity and sustainability. The forum featured speakers like Eleonore Dachicourt of BNP Paribas Wealth Management, who shared insights on building agile and innovative enterprises.
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Singaporeans are eager to adopt artificial intelligence (AI) for its efficiency, but they insist on maintaining trust and human interaction, according to a new report by Sinch. The State of Customer Communications report, which surveyed over 600 consumers in Singapore, India, and Australia, highlights the delicate balance businesses must strike between AI-driven convenience and the need for human connection.

The report reveals that 45% of Singaporean consumers are willing to use AI-powered customer support if it is backed by reliable brand information. However, only 4% would choose AI or chatbots as their first option for customer support, indicating a preference for human interaction in complex situations. In healthcare, whilst 57% are comfortable using AI for basic tasks like appointment scheduling, nearly 70% prefer human engagement for sensitive issues.

Security remains a top priority, with 64% of respondents trusting Rich Communication Services (RCS) verification messages for financial transactions over basic SMS. This trust-first approach is crucial in sectors like financial services, where only 38% of consumers are open to AI-powered advice.

Wendy Johnstone, EVP APAC at Sinch, emphasised the importance of blending digital efficiency with human touch, stating, “The businesses that will win are those that blend digital efficiency with the human touch, giving customers control and choice at every step.”

The findings underscore the need for businesses to build trust and offer personalised experiences whilst ensuring security, as Singaporeans remain cautious about data privacy and AI’s role in their lives.
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Award-winning consultant Judd Labarthe, founder of Singapore-based consultancy Planner At Large LLP, has launched his début book, Swimming Downstream: How To Stop Struggling & Start Winning With Marketing That Actually Works. Published by Marshall Cavendish Business, the book challenges conventional marketing wisdom by offering practical, evidence-based guidance.

Labarthe argues that many marketing strategies are based on flawed assumptions, leading businesses to make avoidable mistakes. “Successful marketing is more accessible than most businesspeople realise,” Labarthe said, highlighting the importance of aligning with evidence-based marketing currents rather than following misguided trends.

Swimming Downstream provides a framework for success, drawing from marketing science, real-life case studies, and Labarthe’s extensive experience. The book aims to help brand and business owners recognise and harness the true drivers of marketing success, whilst avoiding common pitfalls. It also serves as a resource for marketing professionals and students, offering alternatives to conventional wisdom.

Labarthe’s consultancy, Planner At Large LLP, applies these principles to help clients grow their businesses by focusing on building fame and distinctiveness. “Marketing is much more than logos and package designs,” Labarthe explained. “It’s how a business competes.”

Swimming Downstream is available on Amazon, Google Play, and in major bookshops. The book has received early praise for its analytical approach and practical guidance, with industry experts commending its ability to rethink marketing for long-term success.
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The Ministry of Finance has responded to the Auditor-General’s Report for FY2024/25, which issued an unmodified audit opinion on the Government Financial Statements, confirming that public funds are properly accounted for. The Ministry emphasised the importance of the Auditor-General’s Office (AGO) audits in maintaining public trust and accountability, and committed to addressing any identified lapses.

The report identified three key areas requiring attention: contract management and procurement, revenue management, and irregularities in records. In response, the Government plans to enhance procurement practices by sharing lessons across agencies and updating training programmes to improve officers’ capabilities. Agencies will also tighten revenue management processes and address any irregularities, with potential police involvement if necessary.

Additionally, the report suggested improvements in IT controls and data analytics. The Government has already enhanced its IT audit approach and is focusing on privileged account management. Efforts are underway to encourage better use of data analytics for verification checks in government schemes.

A thematic audit on Research, Innovation and Enterprise (RIE) 2025 grants managed by A*STAR and the National Research Foundation highlighted good practices but also areas for improvement, such as policy deviation approvals and conflict of interest management. The agencies involved have acknowledged these findings and are implementing new measures.

The Ministry of Finance reiterated its commitment to upholding high standards of governance and accountability, ensuring continuous improvement in managing public resources to better serve Singapore and its citizens.
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Far East Hospitality has announced that its Managing Director, Arthur Kiong, will retire on 31 December 2025. Kiong, who has been pivotal in the company’s growth, will transition to a consultant role from 1 January to 30 April 2026 to ensure a smooth leadership change. Mark Rohner, currently Deputy Managing Director, will take over as Managing Director from 1 January 2026.

Kiong, a veteran with nearly 14 years at Far East Hospitality, has been instrumental in expanding the brand’s footprint and establishing its Singapore-Inspired Hospitality ethos. Under his leadership, the company has received numerous accolades, including seven hotels being named Best of the Best in Singapore at the TripAdvisor Travellers’ Choice Awards. Kiong’s tenure also saw the strategic expansion into Japan, with five hotels opening in as many years.

Rohner, who joined the company in 2024, has been driving operational excellence and was key in the group’s recent growth in Japan. With over 25 years in the hospitality industry, he is poised to build on the strong foundation laid by Kiong. “I am honoured to succeed Arthur and look forward to further strengthening our operating capabilities and expanding our presence beyond Singapore,” Rohner stated.

This transition marks a continuation of Far East Hospitality’s commitment to its brand values and ambitions, with plans to enhance its portfolio and deliver exceptional experiences to guests and partners regionally.
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S&P Global Ratings has assigned a ‘BBB+’ long-term issue rating to a Tier 2 subordinated corporate bond proposed by Nanshan Life Pte. Ltd., a Singapore-based company. The rating reflects an unconditional and irrevocable guarantee provided by its parent company, Taiwan-based Nan Shan Life Insurance Co. Ltd., which holds an ‘A-‘ rating with a stable outlook.

The guarantee ensures that Nan Shan Life will cover principal and interest payments if Nanshan Life Pte. Ltd. defaults. This assurance aligns the bond’s rating with other subordinated obligations issued by Nan Shan Life. The bond, which qualifies as Tier 2 capital for Nan Shan Life, will be consolidated under the parent company’s balance sheet, with no significant impact on its financial structure.

The bond has a maturity of 15.5 years and may be redeemed at the issuer’s discretion within three months up to the reset date in 10.5 years. Notably, the bond does not include step-up or interest deferral terms. Proceeds from the issuance will primarily enhance Nan Shan Life’s regulatory capital adequacy ratio.

Any substantial changes to the bond’s terms could affect its rating. This issuance underscores Nan Shan Life’s commitment to maintaining robust financial health and supporting its subsidiary’s financial obligations.
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