Regional News

Moody’s Ratings has affirmed the Aa1 issuer and senior unsecured medium-term note programme ratings for PSA International Pte Ltd (PSAI) and its subsidiary, PSA Treasury Pte Ltd. The outlook for these ratings remains stable, underscoring the company’s robust financial profile and strategic importance to Singapore’s logistics and trading hub status.

The affirmation considers PSAI’s Baseline Credit Assessment (BCA) of a3 and the high likelihood of support from its parent, Temasek Holdings, which is wholly owned by the Singapore government. This support is crucial given PSAI’s role in consolidating Singapore’s position as a global logistics centre. PSAI’s diversified portfolio and strong market positions globally, particularly through its subsidiary PSA Corporation Limited, contribute to its resilience and profitability.

However, PSAI faces challenges from higher US tariffs and evolving trade policies, which may slow throughput growth in 2025. Despite these uncertainties, PSAI’s ports, especially in Singapore, are pivotal in adjusting global trade flows, providing a buffer against potential negative impacts.

Financially, PSAI’s adjusted funds from operations to debt ratio is expected to moderate but remain supportive of its rating. The company’s liquidity is bolstered by substantial cash holdings and a flexible capital investment programme, including the Tuas mega port development.

An upgrade of PSAI’s ratings is unlikely in the near term due to tariff uncertainties. Conversely, a downgrade could occur if shareholder support diminishes or if PSAI’s financial metrics weaken significantly. PSA Treasury’s ratings are directly linked to PSAI’s ratings due to existing guarantees.
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The Singapore Armed Forces (SAF) will be conducting military and live-firing exercises across various locations from 18 to 25 August 2025. These exercises will take place on the islands of Pulau Sudong, Pulau Senang, and Pulau Pawai, as well as in the Pasir Laba SAFTI Live-Firing Area and several other locations across Singapore, including Seletar, Marsiling, and Lim Chu Kang.

The SAF has issued a public advisory to avoid these areas and their surrounding waters during the exercise period. The exercises will involve the use of live ammunition, flares, blanks, and thunderflashes, which may result in loud noises. The public is urged not to be alarmed by these sounds.

Sea vessels navigating the Western Johor Straits are instructed to remain within the 75-metre Navigable Sea Lane to avoid entering the live-firing boundary. Trespassing into gazetted and SAF restricted areas is illegal and punishable by law, emphasising the importance of adhering to these safety measures.

The SAF assures that all necessary safety and control measures will be in place to ensure public safety during the exercises. The public is reminded to stay clear of prohibited waters off Changi Naval Base and Tuas Naval Base.

These exercises are part of the SAF’s routine training to maintain operational readiness and effectiveness. The SAF appreciates the public’s cooperation and understanding during this period.
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Bridge Specialty International (BSI) has appointed Abhishek Chhajer as the Chief Executive Officer of its Asian business, effective 1 August. Chhajer, who brings 25 years of experience in banking and insurance, will lead the growth and development of BSI’s operations across Asia from its platforms in Singapore and Hong Kong.

Chhajer will also serve as Director at Capstone Insurance Brokers, a BSI company based in Hong Kong. His appointment marks a strategic move by BSI to strengthen its presence in the region. Tim Coles, CEO of BSI, expressed enthusiasm about Chhajer’s appointment, stating, “His expertise and international experience will help us build our Asian presence, creating a regional hub in Singapore.”

David Ong, co-founder of Acorn International Network, will step down as CEO and transition to the role of Chairman. Ong has been instrumental in building Acorn into a strong local presence, providing a solid foundation for BSI’s expansion in Asia.

Acorn International Network, acquired by BSI in October 2024, is a licenced insurance broker regulated by the Monetary Authority of Singapore. It offers risk-management solutions and insurance brokerage services to corporates, SMEs, and high-net-worth clients. Capstone, acquired in April 2022, specialises in insurance for the financial services industry, including digital assets and aviation pilots.

BSI aims to leverage Chhajer’s leadership to become a leading speciality and wholesale broker in the Asia region, further expanding its footprint and services.
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Vietjet, under the leadership of Dr. Nguyen Thi Phuong Thao, is making significant strides in the aviation industry by expanding its international network and enhancing its presence in Singapore. The airline, which first landed in Singapore in 2014, now operates 78 weekly flights between Vietnam and Singapore, serving over 500,000 passengers annually. This expansion is part of Dr. Thao’s ambitious vision to transform Vietjet into a multinational powerhouse whilst maintaining affordable air travel.

The airline’s growth is driven by a values-based approach that prioritises economic growth, cultural exchange, and social mobility. In a recent address to over 9,000 employees from more than 60 countries, Dr. Thao emphasised the airline’s mission to make air travel accessible and contribute to community development. She stated, “We have brought the image of Vietjet closer to the world, serving as a bridge for economic growth between nations.”

Singapore plays a crucial role in Vietjet’s expansion strategy. On 30 May 2025, the airline launched its fourth route to Singapore, connecting the city with Phu Quoc. This development aligns with Singapore’s robust air travel recovery, with Changi Airport experiencing record passenger movements.

Dr. Thao’s leadership extends beyond business, focusing on creating an interconnected future that integrates aviation with tourism and finance. As Vietjet continues its global journey, it remains committed to innovation, inclusion, and human connection, offering a new model of aviation that elevates lives and empowers people.
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Singapore-based data centre developer DayOne has announced a €1.2 billion investment in a hyperscale data centre campus in Lahti, Finland. This significant move marks DayOne’s expansion into Europe and underscores its commitment to enhancing Finland’s digital infrastructure. The project, set to transform a former industrial site in Kiveriö, will commence with site demolition in Q3 2025 and is expected to be operational by 2027.

The Lahti data centre will span 98,901 square metres and is designed to support a total potential capacity of 128 megawatts IT load. The first phase will include a building with a 50MW IT load. DayOne is currently in negotiations with potential tenants, although no agreements have been finalised. The facility aims for LEED Gold certification and will utilise Finland’s cool climate for energy-efficient operations.

DayOne has partnered with Lahti Energy to enhance local energy grid resilience and is exploring waste heat reuse to integrate the data centre into the local district heating system. This initiative aligns with Lahti’s sustainability goals and aims to contribute to the city’s carbon neutrality efforts.

Jamie Khoo, CEO of DayOne, highlighted Finland’s strategic advantages, including its reliable energy infrastructure and skilled workforce. “Finland offers unique advantages that align perfectly with our commitment to sustainable digital infrastructure,” Khoo stated.

The project is expected to create 100 skilled jobs and employ 1,000 construction workers at its peak. Additionally, DayOne has entered into a Growth Partnership Agreement with the City of Lahti and local institutions, committing €2.5 million ($___) to LUT Universities to foster regional cooperation and talent development.
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Startale Ventures, the investment arm of Web3 infrastructure developer Startale Group, has announced a strategic investment in Kyo Finance, a Singapore-based decentralised finance (DeFi) protocol. This partnership aims to enhance Kyo Finance’s position as a leading liquidity hub in Asia by providing access to Startale’s extensive ecosystem, including institutional partners and technical advisory.

Kyo Finance, which has achieved over $55 million in peak total value locked (TVL) and more than $530 million in cumulative trading volume since its launch, will utilise the funding to expand across more than 50 Optimism (OP) Superchains. The investment will also help Kyo Finance enhance its compliance frameworks to meet the growing demands of institutional clients and scale its liquidity solutions for enterprise and government adoption.

Sota Watanabe, CEO of Startale Group, expressed enthusiasm for the collaboration, stating, “We are excited to support and join forces with such an innovative project as Kyo Finance, which has rightfully become the winner of the Soneium Spark programme.” The partnership is part of Startale Ventures’ broader vision to establish dominant liquidity infrastructure across emerging blockchain ecosystems.

Kyo Finance CEO Kai highlighted the importance of addressing liquidity fragmentation, noting, “With over 50 chains launching within the Superchain, Kyo addresses critical liquidity fragmentation through a fully vertically integrated stack.” The investment comes at a time when institutional interest in compliant DeFi solutions is increasing, driven by regulatory developments like the US Clarity Act.

With this strategic backing, Kyo Finance aims to set a new standard for DeFi infrastructure, optimising capital flows and unifying fragmented liquidity across Superchain networks. The collaboration with Startale Ventures positions Kyo Finance to leverage advanced technologies, such as gasless transactions, to enhance its service offerings in the rapidly evolving DeFi landscape.
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The FTSE ST Mid & Small Cap Index has delivered a notable 9% total return in the third quarter of 2025, outperforming the Straits Times Index (STI), which recorded a 7% return. This performance was spearheaded by PropNex, which achieved a 52% total return, driven by a record first-half net profit.

The index, comprising 74 constituents, maintains a significant 40% weightage in the Singapore Real Estate Investment Trust (S-REIT) sector. The 29 trusts within this sector averaged a 4% total return, whilst the remaining 45 stocks, including three business trusts, averaged a 15% return. Notably, the index recorded a net institutional inflow of $280 million (S$382 million) in the third quarter to 12 August, with significant contributions from companies like iFAST, Frencken, and City Developments.

PropNex’s impressive performance was underpinned by a doubling of its first-half net profit to $31 million (S$42.3 million), alongside a 73.3% surge in revenue to $439 million (S$598.9 million). This growth was largely attributed to a 183.2% increase in project marketing commissions. The company also proposed a 5.0 cent interim dividend, reflecting an 87.6% payout ratio.

The index’s constituents have collectively seen an average daily turnover of $310 million (S$423 million) in 2025, with the S-REIT and industrial sectors leading trading activity. The technology sector, represented by eight constituents, accounted for $132 million (S$180 million) of the total net institutional inflow.

Overall, the FTSE ST Mid & Small Cap Index’s robust performance highlights its diverse composition and the strong market interest in mid and small-cap stocks.
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China Aviation Oil (Singapore) Corporation Ltd (CAO) has announced an impressive financial performance for the first half of 2025, with net profit rising by 18.4% year-on-year to $50.04 million. This growth was driven by a significant increase in business volume, leading to a 13.6% rise in revenue to $8.56 billion and a 25.7% jump in gross profit to $30.38 million.

The company, a major player in the Asia Pacific jet fuel market, attributed its success to a 35.4% increase in total supply and trading volume, reaching 13.77 million metric tonnes. This was largely due to higher trading volumes in crude and fuel oil, as well as increased jet fuel supply.

CAO’s associates also contributed to this growth, with a notable 18.6% increase in share of results, amounting to $27.44 million. This was primarily due to higher refuelling volumes at Shanghai Pudong International Airport and increased contributions from Oilhub Korea Yeosu Co. Ltd.

Despite global economic uncertainties, CAO remains optimistic about the aviation industry’s recovery. CEO Lin Yi stated, “Supported by healthy recovery in the global aviation industry, rising demand across our key markets and new opportunities posed by the low-carbon business, CAO is well positioned to benefit from these opportunities.”

The company maintains a robust financial position with no net interest-bearing debt and an increase in cash and cash equivalents to $515.33 million as of 30 June 2025. Looking ahead, CAO aims to expand its trading network and focus on sustainable aviation fuel as a key growth area.
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MetaComp, a subsidiary of Alpha Ladder Group and a licensed Major Payment Institution by the Monetary Authority of Singapore, has successfully executed the first real-world cross-border payment using the CNT Carbon Stablecoin framework. This landmark transaction, completed on 14 August 2025, facilitated a same-day settlement from Euros to offshore Chinese Yuan, demonstrating the efficiency and sustainability of blockchain-enabled carbon-backed stablecoins.

The CNT Carbon Stablecoin framework, patented in Singapore by Alpha Ladder Group, converts verified decarbonisation activities into programmable stablecoins. Each coin is issued against certified emission reductions, ensuring full auditability through Alpha Ladder’s Non-Fungible Digital Twin technology. This innovation allows for faster and cheaper settlements by bypassing multiple intermediaries, traditionally required for such transactions.

The transaction was processed via MetaComp’s StableX platform, which leverages stablecoins for programmable foreign exchange operations. The CNT carbon stablecoins used were backed by Chinese Certified Emission Reduction credits from a wind power project in Zhangjiakou City, verified by China’s national carbon credits registry.

Tin Pei Ling, Co-President of MetaComp, remarked, “This first real-world transaction shows that sustainable cross-border payments are not a future concept—they are here today.” By integrating Alpha Ladder’s patented framework, MetaComp aims to enable institutions to conduct global transactions with both financial efficiency and verifiable climate benefits.

Alpha Ladder Group continues to advance its mission of Digital Green Transformation, building an interoperable financial infrastructure that promotes faster, greener, and more inclusive global transactions.
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Income Insurance has unveiled a limited-edition card game, The Singaporean Dream: Income 55th Anniversary Edition, to celebrate its 55th anniversary and Singapore’s Diamond Jubilee. Developed in collaboration with the creators of the original The Singaporean Dream, the game uses humour and satire to reflect everyday Singaporean experiences whilst highlighting the importance of insurance in protecting aspirations.

The game, which allows players to “pay, steal, sabo, and insure” their way to success, mirrors real-life financial challenges such as travel disruptions and health scares. This initiative is part of Income Insurance’s strategy to make financial planning more relatable and engaging, particularly for younger demographics. “The Singaporean Dream means something different to everyone, and we believe that with proper financial planning and the right protection, people can feel confident turning those dreams into reality,” said Andrew Yeo, Chief Executive at Income Insurance.

Theresa Syn, founder of The Singaporean Dream, expressed excitement about the collaboration, stating, “We reimagined the gameplay to reflect how financial decisions and protection come into play in real life.”

The card game is available to customers purchasing family travel insurance from 8 August, and pop-up play zones will be set up at Income Insurance branches from 1 September. This initiative is part of a broader series of activities marking Income’s 55th anniversary, including promotions and community support programmes. Through these efforts, Income Insurance aims to spark national conversations about protecting the Singaporean Dream.
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