Regional News

Coda, a Singapore-based leader in digital content monetisation, has announced its acquisition of Recharge, a prominent European prepaid payments platform headquartered in Amsterdam. This strategic move aims to bolster Coda’s expansion beyond gaming and strengthen its direct-to-consumer capabilities by integrating Recharge’s expertise in prepaid digital storefronts. The acquisition is set to enhance Coda’s presence in Europe and broaden its reach across the digital content economy.

The combined entity, based on 2024 figures, processed over $175 billion in sales and served more than 200 million customers across 180 markets. Coda, known for its partnerships with major publishers like Electronic Arts and Activision, will benefit from Recharge’s established brand equity and consumer-first approach, which includes a user base of over 8 million and partnerships with global brands such as Apple and Google.

Coda CEO Shane Happach expressed admiration for Recharge’s consumer-focused business model, highlighting the complementary strengths of both companies. “At Coda, we’ve focused on scaling our B2B capabilities alongside working with the world’s leading digital publishers to maximise their revenue,” he said. “Recharge adds a powerful direct-to-consumer engine, deep prepaid expertise, and strong brand equity across Europe.”

Recharge CEO Günther Vogelpoel emphasised the opportunity to extend their platform and partnerships globally. “Joining forces with Coda gives us the opportunity to take everything we’ve built and extend it globally to truly become the global leader we set out to be,” he stated.

The acquisition, backed by investors including Apis Partners and Insight Partners, positions the combined company to deliver enhanced value and convenience to partners and consumers worldwide, leveraging secure and locally relevant monetisation solutions.
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Pink Warriors 3×3 is set to make a grand return on 9–10 August for its fourth season, promising a bigger and bolder experience at its new venue, *SCAPE The Ground Theatre and Somerset Youth Park. The event, which has grown from a tribute to International Women’s Day into a major community basketball tournament, will offer over $10,000 in prizes, including $5,000 in Li-Ning product vouchers and cash for champion teams.

The tournament aims to empower youth and promote mental wellness through basketball. Esther Quek, CEO of Jumpshot Singapore, stated, “Pink Warriors 3×3 Season 4 represents more than just a basketball tournament—it’s a movement to empower youth, promote mental wellness through sports, and unite the community.”

This year’s event will run from 9:00AM to 9:00PM, featuring categories for both boys and girls, as well as open categories for men and women. Registration fees vary, with U12, U13, and U14 categories priced at $80, and U17, U20, and open categories at $120. Teams in the higher fee categories will compete for cash prizes, whilst all champion and first-runner up teams will receive exclusive medals and limited-edition pink basketballs.

In celebration of Singapore’s National Day, attendees dressed in red or white can win a mystery prize. Li-Ning, a key supporter of the event, will host an interactive booth on-site. A spokesperson from Li-Ning Singapore expressed pride in supporting initiatives like Pink Warriors 3×3, which align with their vision to celebrate the sport.

Ethen Ong, Deputy Executive Director of *SCAPE Singapore, shared excitement about hosting the event, emphasising the venue’s commitment to creating spaces for youth to connect and express themselves.

The Pink Warriors 3×3 promises a weekend filled with basketball and community spirit, inviting participants and fans to join the celebration at *SCAPE The Ground Theatre and Somerset Youth Park.
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Seatrium Limited, a prominent player in the offshore and marine engineering sector, is making significant strides in establishing a global engineering brand. Under the leadership of CEO Chris Ong, the company is leveraging its Singaporean roots to enhance its reputation for reliability and innovation in the global energy landscape.

Chris Ong, who began his career as a young engineer, has been instrumental in steering Seatrium towards international recognition. “More than two decades later, he is now the CEO of Seatrium, one of the world’s leading offshore and marine engineering firms,” the company stated. This journey reflects Seatrium’s commitment to excellence and its strategic vision to expand its influence beyond Singapore.

Seatrium’s efforts are particularly noteworthy as the company seeks to navigate the evolving demands of the global energy sector. The firm is focused on delivering cutting-edge solutions that meet the needs of its international clientele, thereby reinforcing its position as a leader in the industry.

The company’s growth strategy is underpinned by its dedication to maintaining high standards of quality and service, attributes that have become synonymous with the Seatrium brand. As the firm continues to expand its operations, it remains committed to upholding the values that have driven its success.

Looking ahead, Seatrium’s expansion efforts are expected to further solidify its standing in the global market, potentially opening new avenues for collaboration and innovation in the offshore and marine engineering sectors.
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Little Farms has launched its latest outlet at Raffles Place, bringing its commitment to quality and ethically sourced food to Singapore’s bustling Central Business District. Situated at street level within One Raffles Place, the 2,600 square foot space combines a speciality grocer with a takeaway-focused café, catering to the fast-paced lifestyle of the CBD crowd. The menu features nourishing, ready-to-go dishes and drinks, all made fresh daily using the same high-quality ingredients available on Little Farms’ shelves.

This opening marks a significant milestone for Little Farms, which now operates eight outlets across Singapore. The company aims to double its footprint in the next five years and explore international markets. Joe Stevens, CEO of Little Farms, stated, “Having worked in the CBD for many years, I know first-hand how hard it can be to find convenient, nutritious food and great coffee in one place. With our new location at One Raffles Place, we’re bringing that solution to the heart of the city.”

The new outlet’s design, inspired by a greenhouse farm, promotes a sense of fresh harvests amidst the urban environment. The café offers a wide range of meals, including protein-rich lunches and high-protein smoothies, all prepared with premium, all-natural ingredients. The retail section features a diverse selection of fresh produce, ethically sourced meats, and clean-label snacks, supporting various dietary needs.

To celebrate the opening, Little Farms is offering a series of promotions throughout July and August, including complimentary tote bags and notebooks with qualifying purchases. The Raffles Place outlet is open Monday to Friday from 7.30am to 6.00pm and on weekends from 9.00am to 1.00pm.
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Singtel, alongside a consortium of leading telecommunications and tech companies, has signed a contract with NEC Corporation to construct the Asia United Gateway East (AUG East) submarine cable system. This ambitious project will link Singapore and Japan, with additional connections to Brunei, Indonesia, Malaysia, the Philippines, South Korea, and Taiwan. Scheduled for completion by Q3 2029, the 8,900 km cable aims to meet the increasing demand for bandwidth and bolster digital connectivity across the region.

The consortium, chaired by Singtel, includes major players such as Amazon Web Services, Microsoft, and Telekom Malaysia. Alan Tan, Chairperson of the Asia United Gateway Cable Management Committee, highlighted the importance of this development, stating, “With the surge in demand for high-speed connectivity and bandwidth needed for AI innovation in the region, the development of resilient, high-capacity digital infrastructure is more important than ever.”

NEC Corporation, a leader in the submarine cable industry, will leverage its extensive experience to ensure the project’s success. Tomonori Uematsu, Corporate Senior Vice President at NEC, expressed the company’s commitment: “NEC is honoured to have been selected as a partner for this significant project.”

The AUG East system will utilise the latest submarine fibre optic technologies, featuring a high-count fibre pair system to deliver unprecedented bandwidth capacity. This infrastructure will not only support the growing demand for reliable data access but also improve network resilience against natural disasters.

Singtel’s involvement in the AUG East project underscores its expertise in submarine cable investments, further solidifying its role in advancing digital connectivity across Asia.
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Dream Cruises is set to delight durian enthusiasts with the return of its celebrated “Durian Party” aboard the Genting Dream. The event will feature four exclusive two-night cruises from Singapore to Melaka, Malaysia, scheduled for 24 and 31 August, and 7 and 14 September 2025. This unique celebration promises an indulgent experience with an “Eat-All-You-Can Premium Durian Buffet” featuring Malaysia’s finest durian varieties, including the renowned Musang King and Black Thorn.

The cruise offers more than just a durian feast. Guests can enjoy a 1.5-hour durian extravaganza followed by a stroll along Melaka’s iconic Jonker Street. The package, priced at $33 (SG$45) per person, includes round-trip coach transfers and can be booked in advance or onboard.

Michael Goh, President of StarDream Cruises, expressed excitement about the event, stating, “We’re delighted to bring back the Durian Party – a uniquely Southeast Asian celebration – in a bigger and more exciting way.”

Adding to the allure, Edison Ang, a popular durian content creator, will make special appearances at the Melaka Durian Buffet, offering guests insights into the world of durians.

Beyond the durian festivities, the cruise offers a range of activities, including tropical-themed games, creative workshops, and various onboard entertainment options. With limited sailings and high demand, early booking is recommended. For more information, visit StarDream Cruises’ website or contact local travel agents.
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Southeast Asia’s leading foodservice and hospitality trade shows, Restaurant Asia 2025 and SIGEP Asia 2025, have officially commenced at Marina Bay Sands, Singapore. Running from 16 to 18 July, these events are jointly organised by the Restaurant Association of Singapore (RAS) and IEG Asia. They are set to attract a record 12,000 trade visitors and conference delegates, showcasing innovations in the food and beverage (F&B) and hospitality sectors.

The opening ceremony was attended by Low Yen Ling, Senior Minister of State for Trade and Industry and Culture, Community and Youth. Key figures such as Ilaria Cicero, CEO of IEG Asia, and Dante Brandi, Ambassador of Italy to Singapore and Brunei, also delivered remarks.

This year’s edition introduces several industry milestones, including the formalisation of the ASEAN Restaurant Associations Alliance (ARAA), which aims to enhance regional workforce development and sustainability practices. Additionally, the F&B People Collective, Singapore’s first HR-centric platform for the foodservice sector, was launched to improve manpower practices and employee well-being.

The RAS Symposium 2025, themed “The Future of Smart F&B Ecosystems,” features speakers like Xie Pengwei, Deputy CTO of Haidilao, discussing automation and robotics. The event also includes the Belt-and-Road Hospitality and China-ASEAN Dialogue, focusing on tourism diplomacy and sustainable development.

Experiential zones, such as a 9-metre chocolate wall by Janice Wong and the Panettone World Cup – Asian Selection, add a sensory dimension to the exhibition. The event also marks the Southeast Asian debut of MrBeast Burger, with exclusive tastings and demonstrations.

With over 100 international buyers participating in the Hosted Buyer Programme, the event promises significant business opportunities and networking sessions, including a closed-door event hosted by NETS.
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Singapore’s major banks are bracing for a decline in profits for the second quarter of 2025, with net interest income (NII) expected to fall by 1.1-1.9% due to lower interest rates and subdued loan growth, according to CGS International report. The Singapore overnight rate average (SORA) dropped by 50 basis points quarter-on-quarter to 2.04%, whilst the Hong Kong interbank offered rate (HIBOR) saw a steeper decline of 200 basis points to 1.88%.

The banks’ net interest margins (NIMs) are anticipated to compress by 5-7 basis points, with OCBC experiencing an 11 basis point drop in the previous quarter. Non-interest income (Non-II) is also likely to have softened following the US Liberation Day in April, impacting wealth management fees and trading income.

Despite these challenges, DBS remains a preferred choice due to its dividend per share (DPS) growth, which supports a yield of 6.6-7.6% for the financial years 2025-2027. The bank is expected to report a net profit of S$2.79 billion for Q2 2025, a slight decrease of 3.7% quarter-on-quarter.

OCBC and United Overseas Bank (UOB) are also expected to report declines in net profits, with OCBC facing a 5.2% drop and UOB a 5.3% decrease. The banks’ exposure to weaker ASEAN economies could lead to higher specific provisions (SPs), although pre-emptive general provisions (GPs) from the first quarter should mitigate drastic changes in credit costs.

Looking ahead, the banks face an uncertain economic outlook with limited growth catalysts. However, potential sector upside risks include stronger-than-expected loan growth and a recovery in interest rates, which could support NIMs. Conversely, further deterioration in non-interest income and an increase in SPs pose downside risks.
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Singapore’s property market witnessed a notable increase in new home sales in June 2025, with figures rising 19% year-on-year, according to the Urban Redevelopment Authority (URA). Despite a 13% month-on-month decline, 305 units were sold, including 33 executive condos (ECs). Excluding ECs, private home sales reached 272 units, a significant rise from the previous year, attributed to the absence of major new launches, according to CGS International report.

Projects such as One Marina Gardens, Bloomsbury Residences, The Hill @ One-North, and Hillock Green were among the top performers, contributing to the robust sales figures. The Rest of Central Region (RCR) dominated the sales, accounting for 69% of the total, whilst the Outside of Central Region (OCR) and Core Central Region (CCR) contributed 25% and 6%, respectively.

Looking ahead, the market anticipates a strong performance in July 2025, bolstered by new launches like UPPERHOUSE at Orchard Boulevard and Robertson Opus. The LyndenWoods project, which achieved a 94% take-up rate during its initial launch weekend, exemplifies the ongoing demand.

The government has also announced changes to the sellers’ stamp duty (SSD) for residential properties, extending the holding period from three to four years and increasing rates by 4% for each tier. However, these changes are not expected to significantly impact the market due to the low percentage of sub-sale transactions.

Despite favourable mortgage rates, the sector remains neutral due to a cautious macroeconomic outlook. UOL Group is highlighted as a preferred pick, with its strong balance sheet and potential for value creation through redevelopment projects. The market remains vigilant, with potential risks including economic sluggishness affecting housing demand.
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Singapore’s Real Estate Investment Trusts (SREITs) are gearing up for a mixed set of results in the upcoming reporting season, as they navigate the effects of fluctuating interest rates and global tariff hikes, according to CGS International report.

The sector has seen a 3% rally since 23 June 2025, driven by expectations of potential cuts in the Federal Reserve’s interest rates in the second half of the year.

The anticipated results for SREITs are varied, with some trusts like CapitaLand Ascendas REIT (CLAR) and Keppel DC REIT (KDCREIT) expected to report year-on-year growth in distribution per unit (DPU) due to positive rental reversions and lower funding costs. However, others may face challenges from reduced capital top-ups and increased asset vacancies.

The sector’s overall DPU is projected to remain relatively flat year-on-year, although there is optimism that declining interest rates could lead to reduced average debt costs, potentially boosting DPU growth. “We anticipate SREITs to enjoy stable and high portfolio occupancy,” the report noted, highlighting the benefits of moderated positive rental reversions and interest cost savings.

Despite these positives, some SREITs may experience lower DPU due to factors such as frictional vacancies and high funding costs. The report also suggests that hospitality REITs might face challenges due to a weaker first quarter, despite improved international visitor arrivals in April and May 2025.

The sector remains optimistic, maintaining an “Overweight” rating on SREITs, with top picks including KDCREIT and CLAR. These trusts are favoured for their strong operating metrics and diversified portfolios, which are expected to support growth and value creation opportunities. As the reporting season unfolds, investors will be closely monitoring updated guidance on debt costs and the impact of tariff hikes on industrial spaces.
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