Regional News

Singapore Exchange (SGX) has reported record-high revenue and profit for the financial year 2025, according to a recent DBS Group Research report. The report highlights SGX’s strategic investments across multiple asset classes, including equities, fixed income, foreign exchange (FX), and commodities, which are expected to mitigate market cyclicality and drive future growth.

SGX’s management remains optimistic about the initial public offering (IPO) pipeline, which currently includes over 30 companies. This, coupled with the Monetary Authority of Singapore’s (MAS) Equity Market Development Programme, is anticipated to further boost SGX’s share price. The report notes that SGX’s securities daily average value (SDAV) grew by 27% year-on-year, reflecting increased market activity.

The report also outlines SGX’s commitment to increasing dividends, with a proposed 0.25 Singapore cents per share increase each quarter from FY2026 to FY2028, contingent on earnings growth. The final quarterly dividend for FY2025 has been declared at 10.5 Singapore cents per share, up from the previous 9 cents.

DBS maintains a “BUY” rating for SGX, with a target price of SGD18.20, citing the exchange’s robust revenue drivers and strategic positioning. The report warns, however, that slower-than-expected growth across various asset classes could pose risks to these estimates.

As SGX continues to enhance its capabilities and technology infrastructure, it remains on track to achieve its medium-term guidance of 6%-8% growth in net revenue, excluding treasury income. This growth is supported by a strong focus on thematic product development and increased client adoption.
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Klook, a leading travel and experiences platform in Asia, is set to make its inaugural appearance at the NATAS Travel Fair 2025, taking place from 15 to 17 August at Singapore Expo. The company will showcase specially curated travel inspirations and exclusive deals aimed at multi-generational travellers, reflecting the growing demand for flexible, customisable holidays. This debut marks Klook’s commitment to offering enriching and accessible travel experiences that cater to diverse family interests and comfort levels.

Sarah Wan, General Manager for Klook Singapore, Malaysia, and Indonesia, highlighted the increasing trend of multi-generational trips on their platform, stating, “Over the past year, the number of users booking multi-generational trips on our platform has grown—a clear signal that they are actively seeking meaningful, stress-free travel experiences.”

Klook’s participation comes as multi-generational travellers increasingly plan family trips, especially ahead of the September and year-end school holidays. Steven Ler, President of NATAS, expressed enthusiasm for Klook’s participation, noting that their focus on multi-generational travellers adds significant value to the fair.

Visitors to the Klook booth can expect a variety of exclusive offers, including up to $120 off sitewide on Klook bookings, additional savings with Citi and HSBC credit cards, and 50% off flash deals on select services. The booth will also feature on-site experts providing travel recommendations and booking guidance.

Klook’s presence at NATAS 2025 is not just about deals but also an invitation for Singaporeans to rethink travel as a means to reconnect with loved ones and rediscover joy.
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The Monetary Authority of Singapore (MAS) has released a circular detailing new governance and management requirements for Variable Capital Companies (VCCs). Issued on 26 June 2025, the circular follows a thematic review by MAS and outlines key regulatory expectations for fund managers operating VCCs.

The circular, identified as IID 04/2025, emphasises the need for robust governance frameworks to ensure the effective management of VCCs. This move is part of MAS’s ongoing efforts to strengthen Singapore’s position as a leading fund management hub. The circular highlights several areas of focus, including the roles and responsibilities of directors, risk management practices, and the importance of maintaining high standards of corporate governance.

MAS’s observations from the review indicate that whilst many VCCs have adopted sound governance practices, there is room for improvement. The circular serves as a guide for fund managers to align their operations with regulatory expectations and enhance their governance structures. This is crucial for maintaining investor confidence and ensuring the long-term sustainability of the VCC framework.

Fund managers are advised to review their current practices and make necessary adjustments to comply with the new guidelines. The circular also provides a roadmap for implementing these changes, ensuring a smooth transition for fund managers.

As Singapore continues to attract global investment, the enhanced governance standards are expected to bolster the country’s reputation as a secure and reliable financial centre. The MAS circular is a significant step towards ensuring that VCCs operate with transparency and accountability, ultimately benefiting investors and the broader financial ecosystem.
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Singapore’s leading banks—DBS Group Holdings, Oversea-Chinese Banking Corp, and United Overseas Bank—have reported a slight decline in profitability for the first half of 2025, according to Moody’s. The decrease is attributed to falling benchmark rates, yet the banks maintain robust balance sheets capable of withstanding tariff risks.

Moody’s highlights that the banks’ return on average assets fell to between 1.1% and 1.4% due to compressed net interest margins from lower Hong Kong Dollar and Singapore Dollar rates. However, non-interest income saw significant growth, driven by trading and wealth-related fees. Loan growth accelerated to 4%-9% year over year, primarily through corporate and housing loans in Singapore.

Asset quality remained stable, with non-performing loan coverage ratios largely unchanged. The banks’ exposure to US tariffs is expected to have a limited impact, though the evolving trade policies pose some uncertainty. Their commercial real estate exposure in Greater China is mitigated by focusing on top-tier developers and state-owned enterprises.

Capital ratios remained high, with Common Equity Tier 1 ratios between 15.3% and 17% on a transitional basis. Liquidity also stayed strong, with liquidity coverage ratios and net stable funding ratios well above regulatory requirements. The banks are primarily funded by customer deposits, which increased to 70%-83% of total liabilities.

Despite the dip in profitability, the banks’ strong liquidity and capital positions suggest resilience against potential economic challenges in the latter half of 2025.
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Private home prices in Singapore have risen for the third consecutive quarter, according to OrangeTee’s Q2 2025 Private Residential Report by Realion Research. The report highlights a 1% increase in prices, a faster pace than the previous quarter’s 0.8% rise. However, the sales volume of private homes, excluding executive condominiums, fell by 29.4% from Q1 2025, marking the lowest volume since Q2 2024.

The report indicates that new home sales plummeted by 64.1% to 1,212 units, whilst resale transactions saw a modest rebound of 2.3% to 3,647 units. Despite fewer launches, the average prices of new homes in the Core Central Region (CCR) and Rest of Central Region (RCR) reached record highs, with CCR prices surging to S$3,380 per square foot (psf).

In the resale market, prices continued to climb, reaching a record high of S$1,779 psf. Landed property prices also rose by 2.2%, the highest growth since Q1 2024. The number of Good Class Bungalow transactions increased significantly, from two units in Q1 2025 to nine units in Q2 2025.

Rental prices saw a slight increase, with non-landed homes in CCR experiencing the fastest growth at 1.8%. The overall private rental volume rose by 2.8% quarter-on-quarter.

Looking ahead, several new projects are expected to launch in the latter half of 2025, potentially boosting sales. However, ongoing geopolitical uncertainties may lead to cautious spending and investment, with prices projected to rise by 3%-5% for the year.
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DBS China has entered into a memorandum of understanding with China-Singapore Suzhou Industrial Park Green Development Company (CSSGD) and Climate Impact X (CIX) to advance carbon credit trading in China and beyond. The agreement, signed at Suzhou Industrial Park, aims to assess the demand for carbon credits and Renewable Energy Certificates (RECs) within the park, with potential expansion across China.

The collaboration will see CSSGD leading local engagement and market research, whilst CIX provides technical expertise. DBS will offer strategic guidance and sustainable financial solutions as a green finance adviser. This initiative is expected to pave the way for a pilot programme tailored to the needs of companies in Suzhou Industrial Park, potentially scaling to a broader market.

Han Kwee Juan, Group Head of Institutional Banking Group at DBS, highlighted the partnership’s potential: “Together, we are well-positioned to develop scalable carbon solutions that connect domestic sustainability goals with global carbon standards.” Oi-Yee Choo, CEO of CIX, noted the significant demand in China for carbon asset services, emphasising the need for deeper collaboration.

Xiao Jianzhong, Vice President of CSSD and Chairman of CSSGD, expressed the aim to enhance CSSGD’s green service capabilities through this collaboration. The partnership aligns with the 35th anniversary of China-Singapore diplomatic relations and reflects a shared commitment to sustainable development.

This initiative marks a significant step in strengthening Singapore-China collaboration on green finance, supporting China’s low-carbon transition and aligning with international carbon market mechanisms.
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GROW with Singlife, in partnership with Fullerton Fund Management, has launched the Fullerton Lux Funds – China Equities (Class A) SGD, offering investors a unique opportunity to tap into China’s dynamic growth market. This marks the third collaboration between the two firms, following previous successful fund launches in 2023 and 2024.

The fund aims to generate long-term capital appreciation by investing primarily in China A-Shares and stocks listed on the Hong Kong Stock Exchange. It employs a high-conviction, lower-volatility strategy, focusing on quality companies through a bottom-up approach. This strategy prioritises individual company fundamentals over market trends, providing exposure to sectors such as consumer goods, manufacturing, and communication services.

A key feature of the fund is its sub-adviser, Da Cheng International Asset Management, a renowned China investment specialist. Da Cheng brings deep expertise in China’s capital markets and regulatory environment, having managed numerous Social Security Pension Portfolios across Mainland China and overseas.

Tim Wong, Head of Product at GROW with Singlife, highlighted the fund’s potential to enhance portfolio diversification and align with their strategy of offering progressive investment options. Mark Yuen, Chief Business Development Officer at Fullerton, expressed confidence in the fund’s ability to deliver compelling financial outcomes for investors.

The initial public offering of the fund is open until 22 August 2025, priced at $7.40 (S$10.00) per unit, with a minimum investment of $148.00 (S$200.00). Investors can use cash or the Supplementary Retirement Scheme to invest, with trading commencing on 25 August 2025. The fund is currently available exclusively to GROW customers.
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CIMB Singapore has introduced CIMB FX Online, a digital foreign exchange platform aimed at supporting small and medium-sized enterprises (SMEs) in Singapore with their cross-border transactions. The platform promises guaranteed best exchange rates for Singapore Dollar to Malaysian Ringgit, Indonesian Rupiah, and Thailand Baht, alongside real-time FX pricing and zero FX fees for the first transfer, enhancing transparency and cost-effectiveness for businesses.

The launch of CIMB FX Online addresses common challenges faced by SMEs, such as high costs and frequent delays in overseas payments. The platform allows non-CIMB customers to make a one-time FX booking without needing a CIMB business account, providing flexibility and ease of use. Existing CIMB Business Current Account holders can also transact directly within the business banking portal.

Benjamin Tan, Head of Commercial & Transaction Banking at CIMB Singapore, stated, “CIMB FX Online underscores our commitment to helping SMEs thrive across markets with a more transparent and cost-effective way to manage regional transactions.”

Key features of the platform include instant FX booking, zero FX fees for the first transfer, and a wide currency selection, all accessible through a secure and intuitive interface. The platform is designed to provide SMEs with the tools needed to manage their finances confidently as they expand internationally.

CIMB’s initiative reflects its dedication to empowering SMEs with innovative solutions, reinforcing its position as a leading banking group in ASEAN. The platform is part of CIMB’s broader strategy to support sustainable finance and economic growth across the region.
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Savills Singapore has adjusted its 2025 private residential price growth forecast to between 3% and 5%. This revision reflects resilient demand driven by higher Housing Development Board (HDB) resale prices and strong purchasing power among older buyers, despite cooling measures and a reduction in new launches affecting sales volumes. The adjustment comes amid a mixed performance in Q2 2025, where new home sales fell sharply due to fewer project launches, whilst the secondary market showed a modest recovery.

New private residential launches in Q2 2025 dropped by 51.6% quarter-on-quarter, attributed to project delays following the announcement of US tariffs and the June school holidays. This led to a 64.1% decline in primary sales. Conversely, secondary home sales increased by 0.8% quarter-on-quarter, supported by narrowing price gaps between new and resale homes, higher HDB resale prices, and easing mortgage rates. However, year-on-year volumes saw a 6.5% decrease, marking the first annual fall after six consecutive quarters of growth.

All buyer groups purchased fewer homes in Q2, with Singaporean buyers experiencing the steepest decline at 37% quarter-on-quarter. Foreigners and permanent residents also saw declines of 23.2% and 13.9% respectively. The fall in new launches, global economic uncertainties, and high additional buyer’s stamp duty (ABSD) rates for foreigners are believed to have deterred these groups from purchasing.

Alan Cheong, Executive Director of Savills Research & Consultancy, noted, “Whilst broader economic uncertainties and job security issues may kerb some near-term demand, the weight of money from the baby boomer generation and upgraders from higher priced HDB flats is still expected to buttress the market.”

Private residential prices rose by 1.0% quarter-on-quarter in Q2 2025, with landed homes leading the increase at 2.2%, whilst non-landed homes posted a 0.7% rise. As the market adjusts, Savills anticipates that upcoming launches will continue to support prices.
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Sun Life Singapore has launched its inaugural Social Impact Report, “Making Lives Brighter,” marking a pivotal step in its mission to enhance community well-being. The report highlights the company’s philanthropic achievements in 2024, with a focus on Diabetes prevention, mental wellness, and active living, and outlines plans for expanded initiatives in 2025.

The report reveals that Sun Life Singapore has contributed over $870,000 (S$1.2 million) to local philanthropic efforts since 2020. In 2025, the company plans to donate more than $510,000 (S$700,000), targeting Diabetes health initiatives and introducing a new focus on financial literacy and resilience for low-income households. Christopher Albrecht, CEO of Sun Life Singapore, emphasised the importance of these efforts, stating, “We believe our communities should grow alongside our business and flourish together.”

Sun Life Singapore’s philanthropic strategy is supported by two key enablers: the “Life is Brighter” charity fund and the Sun Life Singapore Philanthropic Pledge. The charity fund, launched in 2024, channels donations to local programmes, whilst the Philanthropic Pledge integrates charitable giving into life insurance products, donating 0.5% of premiums to charity.

The company also plans to expand its Hoops + Health programme, which promotes active living among youths, aiming to reach 45,000 individuals by the end of 2025. This initiative reflects Sun Life’s commitment to empowering communities through health and wellness.

As Sun Life Singapore continues to broaden its social impact initiatives, the company remains dedicated to fostering healthier, more resilient communities.
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