Regional News

foodpanda has launched its first-ever Local Foodie Heroes Hall of Fame to celebrate Singapore’s 60th birthday, recognising the nation’s most cherished local food and beverage (F&B) brands. This initiative not only highlights the flavours and personalities that have shaped Singapore’s vibrant food scene but also offers exclusive deals for all users, with additional perks for pandapro subscribers.

Bhavani Mishra, Managing Director of foodpanda Singapore, stated, “These brands are more than just familiar names connecting generations of Singaporeans – they represent stories of resilience, innovation, and community that define what it means to be truly local.”

The Hall of Fame features ten categories, spotlighting beloved brands such as iTEA, OK Chicken Rice, and Pastamania. From 21 July to 31 August, foodpanda users can enjoy 30% off selected eats from these restaurants and best grocery picks on pandamart, Giant, and Cold Storage. Pandapro subscribers receive an additional 5% off.

Among the honourees, iTEA is celebrated for its “Most Tea-riffic Brew,” whilst OK Chicken Rice is recognised for its community spirit. Pastamania, known for its fusion of Italian and local flavours, is dubbed the “Ultimate Flavour Twirler.”

Additionally, shoppers spending $30 at any Giant or Cold Storage store between 8 to 24 August can redeem a $6 voucher for their first three online purchases on foodpanda.

This celebration not only honours local F&B heroes but also brings Singaporeans closer to the flavours they love, marking a delicious tribute to the nation’s culinary heritage.
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Singapore banks are bracing for a challenging second quarter (Q2) of 2025 as net interest margin (NIM) compression is expected to accelerate, according to a recent report. The report highlights that whilst the Singapore Dollar is likely to remain weak in the short term, the Hong Kong Dollar’s pressure may have eased. This financial landscape is impacting market sentiment, although wealth management continues to provide a medium-term tailwind for the sector.

The report further notes that United Overseas Bank (UOB) is anticipated to continue bolstering its general provisions buffer. However, writebacks across banks are unlikely to occur in the near future. This cautious approach reflects the ongoing uncertainties in the financial markets.

In terms of financial performance, the report predicts a decline in both revenues and net profits for Singapore banks on a quarter-on-quarter basis in Q2 2025. Despite these challenges, the focus remains on banks with higher and growing yields, which are expected to perform better amidst the NIM squeeze.

The report underscores the importance of strategic positioning for banks during this period of financial tightening. As the industry navigates these challenges, the emphasis on wealth management and prudent financial strategies will be crucial for maintaining stability and growth.
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The Monetary Authority of Singapore (MAS) is expected to ease its monetary policy at the upcoming meeting, according to a recent analysis by ING. The forecast is driven by a projected slowdown in Singapore’s GDP growth in the second half of 2025, compounded by ongoing tariff uncertainties and a persistent overvaluation of the Singapore dollar.

ING’s report highlights that Singapore’s GDP growth exceeded expectations in the second quarter, accelerating to 4.3% year-on-year, surpassing the consensus forecast of 3.6%. Despite this strong performance, ING anticipates a slowdown in the latter half of the year as global demand softens. The Singapore dollar’s continued appreciation against the US dollar has pushed its overvaluation to new highs, further supporting the case for policy easing.

The report notes that whilst the electronics and broader manufacturing sectors have remained resilient, uncertainty around global supply chains may impact investment decisions. Additionally, despite a robust labour market, consumer trends are weakening, with retail consumption slowing across most sectors.

Deepali Bhargava, ING’s Regional Head of Research for Asia-Pacific, emphasises the significant downside risks from external factors, stating, “Despite Singapore maintaining the baseline tariff rate of 10%, these risks have not abated.” The analysis suggests that reducing the slope of the Singapore dollar nominal effective exchange rate (SGD NEER) band to zero could be a prudent move.

As Singapore navigates these economic challenges, the MAS’s decision on monetary policy will be closely watched, with potential implications for the country’s economic trajectory in the coming months.
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Singaporeans’ inflation expectations have reached their lowest point since 2021, according to the latest Singapore Index of Inflation Expectations (SInDEx) survey conducted by the Singapore Management University (SMU) and DBS Group Research. The survey, which polled around 500 individuals, found that the One-year-Ahead headline inflation expectations dropped to 3.5% in June 2025, down from 3.8% in March 2025.

The survey also revealed that the overall aggregated Consumer Price Index (CPI) inflation expectations slightly decreased to 4.9% in June 2025 from 5% in March 2025. Notably, the expectations for major CPI components such as Food, Transportation, and Healthcare remained unchanged at 5%, whilst categories like Recreation, Sport & Culture, and Clothing & Footwear saw a decline.

The survey also explored the impact of global economic developments on Singapore’s growth, with respondents anticipating a slight negative impact over the next 12 months. Despite this, 50.3% of those surveyed expect inflation to decline, citing factors such as a slowdown in global growth and trade policy uncertainties.

As Singaporeans adjust to post-pandemic consumption patterns, the survey suggests that inflation expectations may continue to stabilise, reflecting a cautious yet optimistic outlook for the nation’s economic future.
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Astrea 9 Pte. Ltd., wholly owned by Azalea Asset Management, has lodged a preliminary prospectus with the Monetary Authority of Singapore (MAS) for the public offering of Astrea 9 Private Equity (PE) Bonds. The bonds, part of the Astrea Platform, provide retail investors in Singapore with a unique opportunity to invest in private equity through a diversified portfolio of 40 PE funds managed by 31 reputable general partners.

The Astrea 9 PE Bonds are divided into three classes: Class A-1 and Class A-2 Bonds, available to retail investors, and Class B Payment-in-Kind (PIK) Bonds, which are not offered to retail investors. The total offering size is approximately US$780 million, with S$615 million allocated to Class A-1 Bonds, US$200 million to Class A-2 Bonds, and US$100 million to Class B PIK Bonds. These bonds are backed by cash flows from over 1,000 investee companies across various regions and sectors.

Both Class A-1 and Class A-2 Bonds are expected to receive investment-grade ratings from Fitch and will be listed on the Mainboard of the Singapore Exchange (SGX-ST). Interest rates will be determined through a bookbuilding process with institutional investors and will be offered to retail investors at the same rates.

The Astrea Platform, initiated in 2006, has seen eight series to date, with Astrea 9 being the latest. Azalea has been committed to developing this platform since 2015, with all bond obligations fulfilled to date. The Astrea PE bonds have also experienced multiple credit ratings upgrades since issuance.

Applications for the Class A-1 and Class A-2 Public Offer Bonds will be open from 31 July to 6 August 2025. The bonds are not guaranteed or insured by any party, but structural safeguards are in place to ensure timely payment of interest and principal.
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HeyMax, a Singapore-based loyalty and travel rewards platform, has announced its acquisition of krip, a leading fintech platform in Hong Kong. This strategic move aims to accelerate HeyMax’s expansion into the regional loyalty and rewards market, offering more than 6,000 credit card deals from over 3,000 merchants to consumers and travellers in Hong Kong.

The acquisition marks HeyMax’s first and follows its impressive fivefold year-on-year revenue growth reported in May 2025. As part of the deal, krip’s founder, David B Wang, will join HeyMax as Global Head of Loyalty Partnerships and General Manager of Hong Kong. “This is a strategic step forward in our mission to make travel more accessible through everyday spending,” said Joe Lu, CEO and co-founder of HeyMax.

Krip, launched in 2022, has been instrumental in helping consumers maximise their credit card rewards, supporting an estimated $74 billion in additional annual card spending. The platform’s integration into HeyMax will allow users to manage all their cards in one place, enhancing customer engagement and loyalty.

The acquisition comes at a time when the Asia-Pacific region is experiencing a strong travel rebound, with tourism projected to exceed pre-pandemic levels by 2025. The global market for travel loyalty programmes is expected to grow significantly, with Asia-Pacific leading the charge.

HeyMax plans to officially launch in Hong Kong soon, offering local users and visitors access to its expanding network of rewards. The company has opened a waitlist for early sign-ups, promising priority access and exclusive rewards.
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The Lee Kuan Yew School of Public Policy has unveiled a strategic roadmap detailing how ASEAN can leverage the convergence of 5G and artificial intelligence (AI) to drive economic growth, projecting a $130 billion boost to the Asia-Pacific economy by 2030. The report, “Leveraging 5G to Accelerate AI-Driven Transformation in ASEAN,” provides policymakers with actionable strategies to unlock the region’s digital potential.

The study highlights the uneven adoption of 5G across ASEAN, with penetration rates ranging from 48% in Singapore to less than 1% in other member states. Without coordinated action, these disparities could exacerbate digital divides and hinder regional competitiveness. Professor Vu Minh Khuong from the Lee Kuan Yew School of Public Policy emphasised the urgency, stating, “The window for establishing regional leadership in intelligent connectivity is rapidly closing.”

The report identifies ten critical imperatives for accelerating 5G-AI transformation, beginning with establishing coordinated digital leadership to address fragmentation. It recommends five strategic priorities, including developing national 5G-AI strategies, creating empowered coordination agencies, and fostering AI-driven ecosystems through public-private collaboration.

The study also underscores the importance of private 5G networks for Industry 4.0 transformation and positions current 5G deployment as critical infrastructure for the anticipated 6G evolution by 2030. Successful examples, such as Singapore’s 5G-powered smart ports and Thailand’s AI-enhanced disaster management systems, illustrate the transformative potential of coordinated strategies.

The comprehensive 148-page report serves as a strategic guide for policymakers and a call to action for regional institutions to seize the 5G-AI moment, aiming to shape a digitally empowered future for ASEAN’s 700 million citizens.
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Temasek Financial (I) Limited, a subsidiary of Temasek Holdings, has announced the launch of its multi-tranche offshore renminbi bonds, comprising 5-year, 10-year, and 30-year options. These bonds, named T2030-CNH, T2035-CNH, and T2055-CNH Temasek Bonds, are part of Temasek’s $25 billion Guaranteed Global Medium Term Note Programme and are guaranteed by Temasek Holdings.

The bonds are set to be listed on the Singapore Exchange Securities Trading Limited, with applications for listing and quotation already underway. Temasek has received top-tier credit ratings of “Aaa” from Moody’s Investors Service and “AAA” from S&P Global Ratings, underscoring its financial stability.

The proceeds from these bonds will be channelled to Temasek and its investment holding companies to support their regular business activities. The bonds will be offered outside the United States to non-U.S. persons under Regulation S of the U.S. Securities Act of 1933.

This strategic move by Temasek aims to bolster its financial resources and support its investment activities globally. The issuance of these bonds highlights Temasek’s robust financial standing and its commitment to maintaining a strong presence in the global financial markets. As the bonds are set to be listed on the Singapore Exchange, they are expected to attract significant interest from international investors.
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Changi Airport in Singapore reported a significant increase in passenger traffic for the second quarter of 2025, with 17.5 million passenger movements recorded from April to June. This marks a 5.9% year-on-year growth, driven by strong double-digit increases in traffic from China and Indonesia. Aircraft movements also rose by 4.9%, totalling 93,600 for the quarter.

China and Indonesia emerged as the top-performing markets, with passenger traffic surpassing 2024 levels by 15.8% and 12.0% respectively. Jakarta and Shanghai were the fastest-growing cities among Changi’s top 10 destinations. The airport’s top five markets for the quarter included China, Indonesia, Malaysia, Australia, and India.

Airfreight throughput at Changi Airport also saw a boost, with 516,000 tonnes handled in Q2 2025, reflecting a 6.2% increase from the previous year. Imports led the growth in cargo flows, rising by 8% compared to Q2 2024. The top air cargo markets were China, the United States, Hong Kong, Australia, and India.

Lim Ching Kiat, Executive Vice President for Air Hub and Cargo Development at Changi Airport Group, noted the robust growth in passenger traffic, particularly from China and Indonesia, highlighting the airport’s efforts to enhance travel demand in the region. “Together with our airline partners, we strive to establish more connections for passengers to travel to new and exciting destinations,” he stated.

In June, Scoot launched a non-stop service to Vienna, expanding Changi’s reach into Central Europe. The airline also announced new routes to Southeast Asian cities, including Da Nang, Kota Bharu, Nha Trang, and Labuan Bajo, as well as Okinawa in Japan, further enhancing regional connectivity.

Additionally, Myanmar National Airlines, Myanmar Airways International, Philippine Airlines, and T’Way Air will commence operations from Terminal 2 starting in July, as part of Changi’s resource optimisation efforts. As of 1 July, Changi Airport hosts over 7,200 weekly flights, connecting Singapore to 170 cities across 50 countries and territories.
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OMRON Healthcare Singapore has partnered with global insurtech bolttech and insurer QBE to introduce the Premium Care subscription plan in Singapore. This innovative programme, tailored for OMRON blood pressure monitor owners, combines health insights, insurance coverage, and device protection. The plan is available to registered OMRON connect members and is underwritten by QBE, which has been operating in Singapore for over a century.

The Premium Care plan offers three main features: monthly AI-powered blood pressure status reports, step-up insurance coverage, and comprehensive device protection. Subscribers receive personalised health recommendations and can access insurance coverage up to S$10,000 for heart attacks and strokes. The plan also includes device protection with premium delivery services for repairs.

Masanori Matsubara, Managing Director of OMRON Healthcare Singapore, stated, “At OMRON, we’re committed to realising the vision of ‘Going for Zero’, a society with Zero cardiovascular deaths. Partnering with bolttech and QBE is a transformative step forward.”

Koh Yen Yen, General Manager of bolttech Singapore, highlighted the plan’s potential to empower users with real-time health insights and seamless services. Ronak Shah, CEO of QBE Singapore, noted that the plan aligns with QBE’s innovative insurance solutions, rewarding subscribers for proactive health management.

As a promotional offer, new subscribers will receive a free one-month subscription to the Premium Care plan. This initiative aims to enhance health management and provide peace of mind for OMRON device users in Singapore.
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