Regional News

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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Private residential leasing activity in Singapore has seen a rise for the second consecutive quarter, according to Savills Singapore. In Q2 2025, leasing volume increased by 2.8% quarter-on-quarter, following a 4.9% rise in Q1. This growth was primarily driven by the non-landed segment, with the Outside of Central Region (OCR) leading the charge with a 4.1% increase. The Core Central Region (CCR) and Rest of Central Region (RCR) also saw increases of 3.0% and 2.2%, respectively.

Despite the uptick in leasing activity, the vacancy rate rose from 6.5% in Q1 to 7.1% in Q2, with a 10.5% increase in vacant stock. The OCR accounted for over 60% of this increase, attributed to new completions since Q3 2024 being slow to lease. Irwell Hill Residences emerged as a new leader in leasing activity, with 169 contracts commencing in Q2 2025.

In the high-end market, Savills reported a 0.7% increase in average monthly rents for high-end condominiums, reaching S$5.99 per square foot. Alan Cheong, Executive Director of Research and Consultancy at Savills Singapore, noted, “Notwithstanding business uncertainties, rents are holding up because newly completed and let-out flats carry a premium over the rest.”

Savills anticipates that overall private residential rents will remain stable throughout 2025, supported by the rental premium of newer units. However, smaller units may face downward pressure as additional supply enters the market.
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Etiqa Insurance Singapore is set to return as the Official Travel Insurer for the National Association of Travel Agents Singapore (NATAS) Travel Fair 2025, marking its fourth consecutive year in this role. The event, themed ‘DREAMS…to Destinations!’, will take place at the Singapore Expo Hall from 15 to 17 August 2025, offering a range of enticing promotions for travellers.

In celebration of Singapore’s 60th birthday, Etiqa is launching a special SG60 promotion at the fair. Travellers can enjoy up to 45% off on Etiqa Travel Infinite and up to 10% off Annual Travel Plans. Maybank cardholders are eligible for an additional 5% discount on Annual Plans, totalling up to 15% off. Additionally, customers with policy numbers ending in ’60’ will receive a surprise gift, adding an element of excitement to the occasion.

Raymond Ong, CEO of Etiqa Insurance Singapore, expressed the company’s commitment to ensuring peace of mind for travellers, stating, “At Etiqa Insurance Singapore, we are committed to being With You, ensuring that whether you’re travelling for adventure, business or with loved ones, you are doing so with complete peace of mind.”

Every purchase at the NATAS Fair will come with a complimentary gift, ranging from sleek toiletries pouches to lock and weigh luggage straps, enhancing the travel experience for customers. Visitors can explore these offers at Booths 5H54 and 6H05 at the Singapore Expo Hall.

Etiqa Insurance Singapore, a member of the Maybank Group, has been protecting customers since 1961 and is rated ‘A’ by Fitch for its strong business profile and capitalisation.
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Singapore’s economy demonstrated resilience in Q2 2025, achieving a 4.4% year-on-year growth, slightly above the advance estimate of 4.3% and improving on Q1’s 4.1% growth. The quarter-on-quarter growth was 1.4%, reversing a 0.5% decline from the previous quarter. This performance led the Ministry of Trade and Industry to adjust its full-year growth forecast to between 1.5% and 2.5%, up from the previous range of 0% to 2%.

The growth was largely driven by stronger-than-expected outputs in manufacturing, wholesale trade, and construction. Manufacturing saw a 5.2% year-on-year increase, with most clusters expanding except for chemicals and general manufacturing. Wholesale trade rose by 4.7%, propelled by machinery, equipment, and supplies, whilst construction climbed 6%, supported by both public and private projects. However, food and beverage services contracted by 0.5%, and retail growth remained subdued.

Zavier Wong, Market Analyst at eToro, noted that much of Q2’s strength came from exporters front-loading orders ahead of the 1 August US tariff deadline, providing a one-off boost unlikely to continue into the second half. “In H2, manufacturing could slow sharply, especially in electronics and transport-related goods,” Wong stated. The potential 100% US semiconductor tariff poses a direct threat to precision engineering and logistics.

Whilst construction and precision engineering tied to non-US markets may continue to support growth, global demand softening could challenge Singapore’s economic momentum. If growth falters, the Monetary Authority of Singapore might need to adjust its exchange rate stance before the year ends. The second half of the year will reveal whether Singapore’s economic strength is sustainable or merely a temporary boost from trade flows.
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Simba Telecom’s acquisition of M1 for S$1.43 billion marks a significant shift in Singapore’s telecommunications landscape. The deal, valued at 7.3 times M1’s enterprise value to EBITDA, positions Simba as a formidable player with a 22% market share, alongside Singtel’s 55% and StarHub’s 24%. This move is expected to ease price pressures as mobile virtual network operator (MVNO) contracts expire and market consolidation takes hold.

The acquisition is seen as a strategic move towards rational competition, potentially benefiting all major players in the sector. StarHub stands to gain from network synergies without bearing the consolidation costs, which could support its dividend certainty. Meanwhile, Singtel is expected to benefit modestly, given that less than 10% of its sum-of-the-parts valuation comes from its Singapore consumer segment.

Hussaini Saifee, an analyst at Maybank IBG Research, noted, “We see easing price pressure as MVNO contracts expire and consolidation takes hold.” This suggests a more stable pricing environment in the future, which could be advantageous for consumers and the industry alike.

The acquisition reflects a broader trend in the telecom sector towards consolidation and strategic partnerships, aiming to enhance competitiveness and operational efficiencies. As the market adjusts to these changes, the focus will likely be on how these shifts impact service offerings and pricing strategies for consumers.

In conclusion, Simba’s acquisition of M1 is poised to reshape the competitive dynamics of Singapore’s telecom sector, with potential benefits for both operators and consumers. As the industry evolves, stakeholders will be keenly observing the implications of this significant market development.
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The telecommunications landscape in Singapore is undergoing significant changes as the two smallest mobile network operators (MNOs) consolidate, creating a formidable competitor for StarHub. This development, highlighted in RHB’s latest sector update, is expected to reduce market competition intensity. However, it presents a missed opportunity for StarHub, which now faces a larger rival with enhanced scale and efficiencies. The consolidation reinforces RHB’s preference for Singtel, which benefits from substantial earnings outside Singapore.

The merger is seen as a strategic move to streamline operations and improve market dynamics. “Whilst the consolidation of the two smallest MNOs is viewed positively and should lower the market’s competitive intensity, we see an opportunity lost for StarHub,” the report states. This shift in the competitive landscape is likely to impact StarHub’s market strategy as it contends with the newly formed entity’s improved capabilities.

Singtel, on the other hand, stands to gain from this development. With a significant portion of its earnings derived from international markets, Singtel is well-positioned to leverage the reduced competition domestically. The report maintains a neutral stance on the telecommunications sector, indicating that whilst consolidation brings certain advantages, challenges remain for some players.

As the sector evolves, companies will need to adapt to the changing competitive environment. The consolidation could lead to further strategic alliances and shifts in market strategies, impacting consumer choices and service offerings in the long term.
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CytoNiche Biotech has inaugurated its 3D FloTrix Experience Hub in Singapore, marking a significant milestone in its global expansion strategy. The hub showcases the company’s cutting-edge 3D cell production technology, which supports China’s first approved stem cell drug at a fraction of the cost of Western alternatives.

The new facility addresses the global challenge of high mesenchymal stem cell therapy costs. In the US, the first FDA-approved stem cell therapy is priced at $1.55 million per treatment, whereas China’s Amimestrocel Injection costs approximately $21,600 per course. This cost efficiency is achieved through CytoNiche’s 3D FloTrix platform, which utilises automated, scalable 3D cell production systems with GMP-grade dissolvable microcarriers, moving away from traditional 2D methods.

The Singapore hub will serve as a global headquarters, technology demonstration centre, and training facility for international partners. It aims to promote cost-effective stem cell manufacturing and support regulatory and clinical advancements in Asia and beyond. Dr. Yan Xiaojun, CTO and Co-Founder of CytoNiche, highlighted Singapore’s strategic location and robust biotech ecosystem as ideal for global outreach.

At the opening ceremony, Dr. Yan reflected on CytoNiche’s journey since its founding in 2018, culminating in the approval of China’s first stem cell drug. Professor Hanry Yu of the National University of Singapore praised the company’s international collaboration efforts.

Looking ahead, CytoNiche plans to expand its international presence and further reduce barriers to cell-based therapies through automated biomanufacturing platforms. Professor Du Yanan, Chief Scientist at CytoNiche, emphasised the hub’s role in making regenerative medicine more accessible worldwide.
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