Regional News

The Investment Management Association of Singapore (IMAS) and the UK’s Investment Association (IA) have announced their participation in Project Guardian, an initiative led by the Monetary Authority of Singapore (MAS) aimed at exploring blockchain and asset tokenisation. This collaboration marks the first time domestic trade associations and asset management-specific bodies have joined the project, which seeks to enhance the liquidity and efficiency of financial markets.

Project Guardian is a global initiative that brings together policymakers and the finance industry to establish frameworks and standards for asset tokenisation. The project aims to foster the use of tokenisation across various asset classes, potentially improving financial inclusion by making tokenised assets more accessible. The initiative also includes other regulators, such as the Financial Conduct Authority (FCA) in the UK.

Carmen Wee, CEO of IMAS, expressed enthusiasm for the project, stating, “IMAS is proud to be part of Project Guardian. Tokenisation offers real potential to enhance cross-border access, efficiency whilst reducing costs, making investments accessible.” Chris Cummings, CEO of the IA, highlighted the growth potential for the UK investment management industry, noting, “Blockchain and tokenised assets are not constrained by borders, and the Investment Association is delighted to have been invited to join Project Guardian.”

By participating in Project Guardian, IMAS and IA UK aim to ensure that investor protection, commercial viability, and responsible innovation are central to the development of tokenised markets. This collaboration is expected to drive forward innovative regulatory developments for the benefit of investors globally.
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The Housing Development Board (HDB) resale market in Singapore witnessed a new record in July 2025, with 169 flats sold for at least $1,000,000, according to the latest 99-SRX Media Flash Report. This marks a significant increase from June’s 132 million-dollar transactions, despite a 15.4% year-on-year decline in overall resale volumes.

The report highlights a 13.4% month-on-month increase in resale transactions, attributed to buyers returning to the market after the June school holidays. However, the overall decline compared to last year is linked to affordability concerns and competition from new Build-To-Order (BTO) launches and Sale of Balance exercises. Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that demand for larger flats, such as Executive and 5-room units in city-fringe locations, remained robust, driven by upgraders and private property right-sizers.

Despite stable overall HDB resale prices in July, with Mature and Non-Mature Estates seeing slight increases of 0.2% and 0.1% respectively, the number of million-dollar flats sold comprised 6.6% of the total resale volume. The highest transacted price was $1,588,000 for an Executive flat at Bishan Spring, whilst the top price in Non-Mature Estates was $1,288,888 for an Executive flat at Yishun Avenue 4.

As of July 2025, 488 million-dollar flat transactions have been recorded, surpassing the 470 total for 2023, indicating a potential for 2025 to exceed 2024’s figures. The report underscores the ongoing demand for spacious homes amidst evolving market dynamics.
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The Institution of Engineers, Singapore (IES) has announced a series of initiatives aimed at strengthening the engineering talent pipeline in Singapore. These announcements were made during the National Engineers Day (NED) 2025 and Engineering Innovation Challenge (EIC) Prize Presentation Ceremony at ITE College Central. The event, attended by Senior Minister of State for National Development and Transport Sun Xueling, focused on the theme “Shaping the Future with Engineering Innovation.”

IES has signed an enhanced Memorandum of Understanding with the Institute of Technical Education (ITE), offering complimentary IES Student Memberships to all ITE Engineering students. This initiative aims to provide students with opportunities for dialogue sessions, learning journeys, and STEM-related activities. Additionally, IES will sponsor book prizes to recognise outstanding ITE engineering students, ensuring an inclusive pathway into the profession.

To further professional recognition, IES has established new Chartership Assessment Centres at ITE and Singapore Polytechnic. These centres will offer alternative routes to certification for Chartered Technicians and Chartered Technologists, expanding access to industry-recognised credentials.

The IES Scholarship Fund, launched in 2024, will award its first six bond-free scholarships this year to students from ITE, polytechnics, and universities. The fund recently received a $180,000 (local currency) boost from the IES Charity Golf 2025 event.

The EIC 2025 crowned its winners, with nearly 180 teams participating. The challenge highlighted innovative solutions in areas such as renewable energy and healthcare. “The EIC continues to showcase the potential of young minds,” said Deckson Ang, NED 2025 Organising Committee Chairman.

Looking ahead, IES organised a career fair in partnership with NTUC Youth, connecting students with potential employers and mentors. A fireside chat with Sun Xueling provided insights into the future of engineering, encouraging students to consider careers in this vital field.
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Yeo Hiap Seng (Yeo’s) is marking Singapore’s 60th birthday with a series of festive activities, including the launch of the SG60 Fun Pack, which features special-edition beverages. Under the theme “Nourishing Our Nation”, Yeo’s aims to evoke the kampong spirit with drinks like Orchid Chrysanthemum Tea, Lion City Peach Brew, and Cheng Bou Long Herbal Tea. These beverages are crafted to rekindle memories and connections among Singaporeans.

The SG60 Fun Pack is a tribute to the flavours that have shaped Singapore’s heritage. The Orchid Chrysanthemum Tea blends Yeo’s signature tea with the national flower, whilst the Lion City Peach Brew combines peach and green tea, available exclusively at FairPrice and Cheers. Cheng Bou Long Herbal Tea, a cooling classic, is exclusive to Sheng Siong.

In addition to the Fun Pack, Yeo’s is hosting an Instagram contest from 11 to 18 August 2025, inviting fans to share their favourite childhood games for a chance to win the pack. Alex Chen, Head of Marketing and Business Development at Yeo’s Singapore, stated, “This SG60, we’re celebrating not just how far we’ve come, but the flavours, games, and everyday rituals that keep us united and grounded.”

The celebrations continue with the Yeo’s Kampong Games at One Holland Village from 22 to 24 August 2025. This event will transform the space into a nostalgic playground featuring traditional games like chapteh and five stones, celebrating resilience, connection, and camaraderie.
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Tech Data, a TD SYNNEX company, has announced an expansion of its strategic partnership with HCLSoftware to include 10 new markets across Asia Pacific and Japan. This collaboration, which builds on an existing agreement in Hong Kong, now extends to India, Singapore, Malaysia, Indonesia, Vietnam, Australia, New Zealand, Japan, and Thailand. The move comes as HCLSoftware transitions to a distributor-led model globally, leveraging Tech Data’s strong regional presence and deep channel capabilities.

The partnership is set to accelerate access to HCLSoftware’s enterprise-grade solutions in high-demand areas such as digital workplace transformation, enterprise security, and AI innovation. Anand Chakravarthy, Vice President of Advanced Solutions at Tech Data APJ, highlighted the growing demand for software solutions in the region, projected to grow at a 14.11% compound annual growth rate and reach $571.46 billion by 2030.

Tech Data will provide distribution and local support for HCLSoftware’s portfolio, which includes products like AppScan for application security, BigFix for endpoint management, and Commerce for eCommerce experiences. Other offerings include Domino for collaborative email and workflow automation, Unica for personalised marketing campaigns, Volt MX for mobile and web applications, and Workload Automation for IT workflow efficiency.

Partners in the region will benefit from Tech Data’s local presales and technical enablement resources, enhancing their ability to meet rising customer needs. This strategic expansion is poised to significantly impact the digital economy across Asia Pacific and Japan.
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Linklaters has successfully advised on several high-profile equity capital markets (ECM) transactions in India and Singapore during the first half of 2025. These deals, spanning industries such as banking, pharmaceuticals, logistics, infrastructure, technology, and real estate, highlight the firm’s expertise in handling complex and structured mandates across South and Southeast Asia.

In India, Linklaters played a pivotal role in the qualified institutional placement (QIP) of shares for the State Bank of India, marking the largest QIP in the Indian equity capital markets to date. The firm also advised on the initial public offering (IPO) of Travel Food Services, a leader in India’s airport quick service restaurant and lounge segments, and the QIP of shares for Biocon Limited, the country’s largest biopharmaceutical company. Other significant transactions included rights issues for Mahindra Logistics and Mahindra Finance, an offer for sale by Aether Industries, and a follow-on offering for National Highways Infra Trust.

In Singapore, Linklaters advised on the IPO of Info-Tech Systems on the Singapore Exchange’s mainboard, the first such listing in nearly two years. The firm also facilitated the follow-on equity offering of Elite UK REIT and the private placement of Frasers Centrepoint Trust.

Amit Singh, Head of India Group and Head of South and Southeast Asia Capital Markets at Linklaters, remarked, “The equity capital markets in India and across Southeast Asia remain robust despite the ongoing macroeconomic uncertainty, as evidenced by our firm’s robust deal pipeline.”

These transactions underscore Linklaters’ ability to navigate complex cross-border and regulatory considerations, setting new benchmarks in the ECM landscape. The firm anticipates continued activity in the region for the remainder of 2025.
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Princeton Digital Group (PDG), a Singapore-based data centre developer, has become the first operator in the Asia Pacific region to earn the OCP Ready v2 for Hyperscale certification from the Open Compute Project Foundation. This prestigious certification has been awarded to PDG’s AI-ready campuses in Tokyo, Johor, and Mumbai, marking a significant milestone in the company’s commitment to delivering high-performance infrastructure for hyperscale operators.

The OCP Ready v2 certification ensures that PDG’s facilities meet stringent infrastructure standards required by hyperscale operators, covering logistics, site access, security, power, cooling, and connectivity. This allows hyperscalers to identify qualified sites earlier in their development cycles, thereby accelerating time-to-market. Varoon Raghavan, Chief Operating Officer and Co-founder of PDG, stated, “The demands of AI and hyperscale computing are redefining digital infrastructure, and PDG is at the forefront with TY1, JH1, and MU1 now OCP Ready v2 certified for hyperscale.”

The TY1 campus in Greater Tokyo offers a capacity of 96MW and supports power densities of over 140 kW per rack, featuring state-of-the-art liquid cooling. The JH1 campus in Johor spans three buildings and covers over 128,000 square metres, making it one of Southeast Asia’s largest AI-ready data centres. Meanwhile, the MU1 campus in Mumbai provides 150 MW of critical IT capacity and is powered with renewable energy, achieving Mumbai’s first IGBC Platinum certification.

George Tchaparian, CEO of OCP, remarked, “PDG’s achievement reflects a strong commitment to OCP’s community-defined best practices.” With this certification, PDG continues to reinforce its leadership in delivering scalable, sustainable infrastructure across Asia Pacific’s fastest-growing digital economies.
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Shareholder activism in Asia has reached a five-year high, with 163 public companies facing activist demands in the first half of 2025, marking a 3% increase from the previous year. This is according to the Diligent Market Intelligence: Proxy Season Review 2025 report, which highlights the region’s resilience amid a global decline in activist campaigns.

The report reveals that whilst activists in Asia are pushing for stronger governance, their success in securing board seats has diminished. Only 32% of campaigns resulted in at least one board seat being secured, down from 42% in the same period last year. Despite this, governance demands have surged, with 98 demands advanced in H1 2025, nearly triple the volume seen in 2021.

In contrast to the US, where short-selling activity has increased, Asia has seen muted activity in this area. Only four companies in China, Singapore, and Taiwan were targeted in the first half of the year. Meanwhile, Asia leads globally in director support, with a 96.7% average for director re-election proposals, tying with Europe.

The report also notes that “say on pay” proposals in Asia received 91.3% average support, maintaining levels close to 2024’s 91.6%. Leading activist players in the region include Nippon Active Value Fund, Dalton Investments, and Strategic Capital, Inc.

Josh Black, editor in chief of Diligent Market Intelligence, commented on the shifting strategies of US activists, noting, “The first half of 2025 showed that U.S. activists are not just reacting to market conditions but actively shaping their strategies to capitalise on emerging opportunities.”

As shareholder activism continues to evolve, the report suggests that both boards and investors should remain vigilant and adaptable to these changing dynamics.
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ICH Group has emerged as a pivotal investor in the recent Initial Public Offerings (IPOs) of Lum Chang Creations, Info-Tech, and Goodwill Entertainment on the Singapore Exchange (SGX), marking a significant resurgence in local listings after a two-year lull. This strategic move is part of ICH’s broader initiative to channel essential capital into Singapore’s burgeoning small- and mid-cap companies.

Since its establishment in 2000, ICH Group has been a steadfast supporter of local enterprises, advising and investing in over 200 SGX-listed companies. The group’s integrated platform, which includes ICH Asset Management, ADDX, and ICAPITAL, offers comprehensive services from asset management to capital advisory, catering to businesses at various stages of their growth.

ICH Group’s focus on high-growth sectors such as technology, healthcare, sustainability, and consumer services has seen it deploy over $1 billion into Singapore and international markets. This investment strategy not only addresses local capital shortages but also attracts global investors committed to the long-term growth of Singapore’s equity market.

Vincent Toe, co-founder of ICH Group, highlighted Singapore’s role as a trusted hub for global capital flows, particularly in the ASEAN region. “Our partnerships with foreign companies, coupled with our local market expertise, allow us to be an effective bridge for this inbound capital,” Toe stated.

In addition to supporting local companies, ICH Group is enhancing its cross-border capital capabilities, acting as a gateway for Chinese institutional capital into Southeast Asia through the Qualified Domestic Limited Partner (QDLP) programme. This initiative positions Singapore as an attractive platform for international issuers, particularly in sectors like new energy and biotechnology.

ICH Group’s efforts are set to bolster Singapore’s position as a leading financial hub, fostering growth and innovation in the region’s small- and mid-cap markets.
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Nanyang Technological University, Singapore (NTU Singapore) and the National University of Singapore (NUS) have renewed their commitment to share high-value research facilities, aiming to advance scientific research in Singapore. This collaboration provides scientists from both institutions access to cutting-edge, multi-million dollar research infrastructure, fostering deeper collaboration and enabling more joint research projects and co-authored publications.

The partnership is designed to strengthen institutional ties and promote a culture of knowledge sharing, equipping students and researchers with specialised tools and cross-institutional expertise. NTU President Ho Teck Hua stated, “By partnering with each other through shared research facilities, we are better positioned to enhance Singapore’s standing in global research.”

The agreement grants NUS scientists access to NTU’s ultra-powerful aberration-corrected transmission electron microscope, which allows for high-resolution imaging and analysis of materials. Conversely, NTU researchers can utilise NUS’s Invizo 6000 3D Atom Probe microscope, a rare tool that enables 3D imaging and chemical analysis at the atomic level.

NUS President Tan Eng Chye described the collaboration as a “win-win partnership” that amplifies research capabilities and accelerates discoveries. The sharing arrangement builds on existing partnerships, including the Sustainable Tropical Data Centre Testbed and a joint pilot programme with Temasek to foster deep-tech start-ups.

This initiative not only enhances research quality and innovation but also positions Singapore as a leader in global scientific research, with the Republic currently ranked 16th globally in the Nature Index for its share of top research.
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