Regional News

ComfortDelGro has acquired the remaining stake in CityCab, reinforcing its strategic emphasis on Singapore’s point-to-point (P2P) mobility sector. Despite the modest immediate impact on earnings, the acquisition is expected to strengthen ComfortDelGro’s market position. The company maintains a “buy” recommendation with a target price of SGD1.75, reflecting an 18% potential upside.

The acquisition is part of ComfortDelGro’s broader strategy to enhance its presence in the P2P mobility market, which includes taxis and private hire services. The company is also focusing on improving public transport margins in the UK and exploring further contract wins and mergers and acquisitions. These efforts are anticipated to drive mid-teens earnings growth and ensure resilient cash flows.

ComfortDelGro’s financial outlook remains robust, with a forecasted yield of 6.3% for 2026, which is above the market average. The company’s target price incorporates a 6% premium for environmental, social, and governance (ESG) factors, highlighting its commitment to sustainable practices.

Analyst Shekhar Jaiswal from RHB Research notes that the acquisition aligns with ComfortDelGro’s strategic goals and supports its growth trajectory. The company’s focus on stable revenue streams and potential for further expansion positions it well for future success.

In summary, ComfortDelGro’s acquisition of CityCab is a strategic move to bolster its P2P mobility offerings in Singapore, with positive implications for its long-term growth and financial performance.
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The International Built Environment Week (IBEW) 2025 commenced today at the Expo & Convention Centre, Marina Bay Sands, Singapore, bringing together over 200 organisations, industry experts, and startups. Spearheaded by BCA International, in partnership with RX Singapore, the event aims to foster innovation, expertise, and sustainability within the built environment sector.

The IBEW Expert Series, under the theme “Today’s Professional, Tomorrow’s Expert,” is a key feature, offering sessions on prefab efficiency, carbon emissions tracking, and AI applications in Building Information Modelling (BIM). Tobias Zimmer of Camfil highlighted the importance of the event, stating, “IBEW continues to be an important platform for exchanging ideas and showcasing solutions that can address pressing challenges in the built environment.”

BEX Asia 2025, the anchor exhibition, showcases digitalisation, sustainability, and operational efficiency. Notable exhibitors include Doxa Holdings International, Oracle Corporation Singapore, and Signify Singapore. Edmund Ng, CEO of Doxa Holdings, emphasised the importance of financial security in construction, saying, “Construction works best when everyone wins.”

The event also features the CORENET X Industry Seminar, which introduces Singapore’s new digital platform for building approvals, mandatory from 1 October 2025 for projects over 30,000sqm. This platform aims to streamline approvals and reduce costs.

Strategic partnerships are also in focus, with BCA International signing an MoU with Bridge Data Centres to promote sustainable data centres. Additionally, Singapore Polytechnic and the Singapore Institute of Architects are collaborating to enhance architectural talent.

IBEW 2025 serves as a dynamic hub for stakeholders to engage in technology showcases, knowledge exchange, and strategic collaboration, driving the future of the built environment.
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State Street Investment Management has announced the cross-listing of the SPDR J.P. Morgan Saudi Arabia Aggregate Bond UCITS ETF (Acc) on the Singapore Exchange, effective 3 September 2025. This Saudi-focused exchange traded fund (ETF) aims to provide Singaporean investors with access to Saudi financial instruments, including government and quasi-government bonds.

The ETF, initially launched on the Deutsche Börse in December 2024, has since been cross-listed on the London Stock Exchange and Borse Italiana. The Public Investment Fund (PIF) is an anchor investor, reinforcing its strategy to attract foreign capital into Saudi Arabia’s capital market. Abdulmajeed Alhagbani, Head of Securities Investments at PIF, highlighted the ETF’s role in deepening capital inflow into Saudi Arabia, aligning with Saudi Vision 2030.

Anna Paglia, Chief Business Officer at State Street Investment Management, expressed excitement about the ETF’s introduction to Singapore, noting its potential for portfolio diversification amidst growing investment ties between Singapore and Saudi Arabia. “The ETF offers Singapore investors a unique opportunity to tap on the strengthening investment ties between Singapore and Saudi Arabia,” she stated.

The ETF tracks the J.P. Morgan Saudi Arabia Aggregate Index, offering exposure to liquid, dollar-denominated, and SAR-denominated bonds, including sukuk bonds. This development is part of PIF’s broader strategy to enhance international access to Saudi Arabia’s capital markets, with previous investments in ETFs listed in Hong Kong, Shanghai, Shenzhen, and Tokyo.

The cross-listing marks a significant step in expanding Saudi Arabia’s capital market reach, providing Singaporean investors with new opportunities for international investment.
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The Civil Aviation Authority of Singapore (CAAS) has announced the National Aviation Safety Plan (NASP) for 2025–2027, aiming to bolster aviation safety by addressing emerging risks and enhancing safety oversight. This initiative is part of Singapore’s State Safety Programme, developed in collaboration with the Transport Safety Investigation Bureau, aviation industry partners, and unions.

The NASP seeks to tackle new challenges such as manpower constraints, the adoption of new technology, and Global Navigation Satellite System Radio Frequency Interference. By fostering collaboration among over 200 aviation companies and 25,000 personnel, the plan aims to ensure a safe and resilient aviation ecosystem. “It is by working together that we can best assure aviation safety for the flying public,” said Han Kok Juan, Director-General of CAAS.

The plan aligns with the International Civil Aviation Organisation’s Global Aviation Safety Plan and the Asia-Pacific Regional Aviation Safety Plan, reinforcing Singapore’s commitment to international safety standards. It includes a proactive hazard identification and safety risk management process, ensuring that potential risks are identified early and addressed effectively.

Singapore’s aviation sector has seen a full recovery post-COVID, and the NASP aims to maintain this momentum by enhancing safety measures. The plan’s development involved a working group comprising key aviation stakeholders, ensuring continuous improvement and addressing any barriers to implementation. As the global aviation industry continues to grow, the NASP positions Singapore to seize opportunities whilst prioritising safety.
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Morningstar has announced a reduction in the uncertainty ratings for Singapore’s major banks, including DBS Group Holdings, Oversea-Chinese Banking Corporation (OCBC), and United Overseas Bank (UOB), from Medium to Low. This change follows a reassessment of risks associated with US import tariffs, which have now eased, according to Michael Makdad, Senior Equity Analyst at Morningstar.

The decision to lower the ratings comes after a period of heightened concern earlier in 2025, when the ratings were temporarily increased due to tariff-related uncertainties. The recent stability in share price volatility has also contributed to the decision to restore the Low rating. In contrast, HSBC and Standard Chartered, which were also affected by the tariff concerns, have seen their ratings adjusted back to Medium from High.

The implications of this adjustment are significant for investors. OCBC, which is currently trading at a 10% discount to its fair value estimate of SGD 18.50 ($___), is expected to move into 4-star territory under the new rating. Meanwhile, DBS Group and UOB are trading at 5% above and 7% below their fair value estimates of SGD 48 ($___) and SGD 38 ($___), respectively.

This development is expected to influence investor sentiment positively, as the reduction in uncertainty ratings suggests a more stable outlook for Singapore’s banking sector. The reassessment reflects Morningstar’s confidence in the banks’ ability to navigate the current economic landscape with reduced external risks.
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Fullerton Fund Management and Da Cheng International Asset Management have announced a strategic partnership to co-sponsor and distribute equity products in Singapore and Hong Kong. This collaboration combines Fullerton’s Global Absolute Alpha equity strategy with Da Cheng’s Gao Xin China equity strategy, aiming to leverage each firm’s strengths in their respective markets.

The partnership builds on Fullerton’s recent launch of the Fullerton Lux Funds – China Equities, which is sub-advised by Da Cheng. Fullerton, a Singapore-based investment specialist with over 20 years of experience, serves a diverse clientele including government entities and private wealth clients. Da Cheng International, a subsidiary of one of China’s pioneering fund houses, brings its robust local expertise and a strong presence in the Hong Kong market.

Mark Yuen, Chief Business Development Officer at Fullerton, emphasised the partnership’s potential to connect global investors with China’s dynamic market. “Our partnership with DCI fulfils our aim by providing our investors access to Da Cheng’s deep local expertise,” he stated. Xiao Jian, deputy CEO of Da Cheng Fund, expressed enthusiasm for bringing Fullerton’s global equity expertise to Hong Kong investors, highlighting the complementary nature of their strategies.

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Centurion Corporation Limited has announced the acquisition of Harum Megah, a Johor-based dormitory operator, for $33.2m (RM110.8m). This strategic move, executed through Centurion’s subsidiary, Centurion Dormitories Sdn. Bhd., adds six Purpose-Built Worker Accommodation assets to its portfolio, increasing its bed capacity in Malaysia by 25% to approximately 35,610 beds.

The acquisition aligns with Centurion’s goal to double its bed capacity in Malaysia over the next five years, as outlined in a letter of intent signed with the Iskandar Regional Development Authority. The six assets, strategically located in mature industrial estates, boast a total capacity of around 7,197 beds and are fully operational with healthy occupancies. These assets are licensed as Centralised Labour Quarters and comply with Malaysia’s Workers’ Minimum Standards of Housing and Amenities Act 1990 (Act 446).

Kong Chee Min, CEO of Centurion Corporation, stated, “The acquisition expands our Malaysia portfolio with six additional operating assets, strengthening our presence in Johor and broadening our reach in the market. The properties will accrete to the Group’s revenue immediately.”

This acquisition marks a significant step in Centurion’s strategy to support the Johor-Singapore Special Economic Zone and meet the growing demand for quality, compliant accommodation in Malaysia. With ongoing infrastructure and industrial development in the region, the demand for certified worker accommodation remains strong, reinforcing Centurion’s commitment to delivering safe and professionally managed living environments.
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DHL Express has announced the appointment of Karen Tan as Chief Information Officer (CIO) for the Asia-Pacific region, effective 1 September. Based in Singapore, Tan succeeds Jimmy Yeoh, who will retire at the end of the year after 33 years with the company. Tan’s new role will involve overseeing IT infrastructure, digital acceleration, and cybersecurity strategy across more than 40 countries and territories.

Tan previously served as CIO for DHL Express Singapore, where she developed a digitalisation framework and enhanced data protection measures. Her leadership in diversity and inclusion initiatives, such as International Women’s Day, has also been notable. In her new position, Tan aims to facilitate cross-functional collaboration and enhance customer service.

Ken Lee, CEO for Asia Pacific at DHL Express, remarked, “A robust IT strategy will empower us to become more agile, reliable, and resilient. Karen’s proven track record makes her the ideal leader to take our Asia Pacific IT function to the next level.”

Tan began her career at DHL Express in 1990 and has held various roles, including Vice President of Operations Programmes for Asia Pacific. She expressed her enthusiasm for the new role, stating, “Asia Pacific is a dynamic and diverse region, and I am honoured to work closely with a passionate team committed to driving innovation and operational excellence.”

This leadership change underscores DHL’s commitment to digital innovation and talent development, aligning with its Strategy 2030 to enhance customer experience through digitalisation.
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Citi’s latest whitepaper, “Securities Services Evolution,” outlines a significant transformation in the global post-trade industry, driven by digital assets, accelerated settlements, and the adoption of artificial intelligence (AI). The report, released on 2 September 2025, highlights that 10% of global market turnover is expected to be tokenised by 2030, with 76% of respondents actively working on T1 initiatives by 2025.

The whitepaper, which surveyed 537 industry leaders, reveals that bank-issued stablecoins are anticipated to play a crucial role in supporting collateral efficiency and fund tokenisation. Additionally, the cumulative workload of T1 initiatives is at a historical high, with a focus on optimising internal processes for North American settlements.

Automation is identified as essential for T1 readiness in the UK and Europe, with improvements in operational processes and technology upgrades being key enablers. The report also notes that 86% of firms are piloting GenAI, particularly for client onboarding and post-trade operations.

Asia Pacific is leading in digital asset adoption, driven by retail cryptocurrency uptake and regulatory efforts. Chris Cox, Head of Investor Services at Citi, stated, “The industry is at the cusp of significant change as market participants intensify their focus on T1, accelerate the adoption of digital assets, and implement GenAI across their operations.”

Amit Agarwal, Head of Custody at Citi, added that custodians are expected to be the largest agents of securities tokenisation by 2030. As digital and traditional assets converge, Citi is developing innovative solutions to meet the growing demand for digital asset custody services.
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Thunes, a global money movement platform, and Ripple, a leader in digital asset infrastructure, have announced an expanded partnership to transform cross-border payments worldwide. Building on their collaboration since 2020, the partnership aims to improve customer payout experiences and broaden payout reach across key markets. By integrating blockchain and digital asset technologies, Thunes enhances its Direct Global Network, enabling more efficient and accessible payments for financial institutions and businesses globally.

The collaboration allows Ripple’s enterprise customers to withdraw funds in new currencies and countries, enhancing global payment capabilities. Thunes ensures real-time payouts in local currencies, crucial for regions with limited banking infrastructure. “Members across both the traditional finance space and the digital assets ecosystem connect with Thunes. We are in a prime position to bridge these two worlds and drive the future of digital assets,” said Chloe Mayenobe, President and COO at Thunes.

Ripple Payments, utilised by Thunes, offers fast, transparent, and reliable cross-border payments, covering 90 payout markets and processing over $70 billion in volume. Fiona Murray, Managing Director Asia Pacific at Ripple, stated, “Our partnership with Thunes accelerates our shared mission to improve the efficiency, speed, and security of global payments.”

This partnership not only facilitates seamless, low-cost transactions but also supports the growing demand for innovative blockchain-powered financial solutions globally. As the demand for digital financial services grows, the collaboration between Thunes and Ripple is set to reshape the future of global payments through blockchain technology.
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