Regional News

Sustainable Fitch has issued a Second-Party Opinion on the Impact Investment Exchange’s (IIX) Women’s Livelihood Bond (WLB) Series framework, declaring it fully aligned with the International Capital Market Association’s Green Bond Principles, Social Bond Principles, and Sustainability Bond Guidelines. The opinion, rated as ‘Excellent’, also marks Sustainable Fitch’s inaugural evaluation against the Orange Bond Principles, developed by the Orange Movement.

IIX, a Singapore-based impact investment management firm, focuses on providing financial solutions to underserved communities. The WLB Series targets low-income women in South Asia, Southeast Asia, and Sub-Saharan Africa, offering loans in sectors such as clean energy, sustainable agriculture, and affordable housing. The framework’s proceeds are allocated across seven categories, including water, sanitation, and hygiene loans, as well as microfinance and micro-insurance products.

Sustainable Fitch anticipates that these projects will significantly enhance environmental and social outcomes, such as employment generation and improved access to financial services for underserved women. The evaluation underscores the framework’s potential to increase renewable energy use and improve sanitation facilities.

The endorsement by Sustainable Fitch not only validates IIX’s commitment to sustainable finance but also sets a precedent for future evaluations under the Orange Bond Principles. This development is expected to bolster confidence in impact investments aimed at fostering social and environmental progress.
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ABB has entered into a new five-year service agreement with StarDream Cruises, covering maintenance and lifecycle support for the luxury cruise ships Star Navigator and Genting Dream. This collaboration marks a significant milestone as ABB celebrates the 25th anniversary of its Marine & Ports division’s operations in Singapore.

The agreement ensures that both vessels, measuring 269 and 335 metres respectively, will receive 24/7 technical support from ABB. Star Navigator is scheduled for two drydocking projects, whilst Genting Dream will undergo one during this period. This partnership comes at a time when Asia’s cruise market is experiencing robust growth, contributing 16.7% to the global cruise market in 2024 and generating revenues of $1.48 billion, with projections to reach $3.23 billion by 2030.

Rickard Cignozzi, Vice President of Technical Operations at StarDream Cruises, expressed confidence in ABB’s services, stating, “ABB’s commitment to innovation and service excellence has consistently supported our own.” Juha Koskela, President of ABB’s Marine & Ports division, highlighted the enduring relationship, noting, “This renewed partnership with StarDream Cruises is more than just a service agreement. It’s a celebration of a relationship that began 25 years ago here in Singapore.”

Both ships are equipped with ABB’s Remote Diagnostic System and Propulsion Control System. Genting Dream also features ABB Ability™ OptimE, an automated marine software toolset for optimising propulsion unit performance. This agreement underscores ABB’s continued success in Asia and its commitment to supporting the cruise industry’s growth and technological advancement.
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In a recent survey conducted by Randstad, the world’s largest talent agency, 41% of Singaporean respondents expressed a desire to change jobs to improve their work-life balance. This finding is part of the 2025 Employer Brand Research, which surveyed 2,522 working adults in Singapore. The study highlights that alongside work-life balance, 36% of respondents are motivated by the need for higher salaries due to rising living costs.

The research, independently conducted by Kantar, also indicates a decline in job-switching intentions. Between July and December 2024, 17% of respondents changed jobs, a 2-point decrease from the previous year. Furthermore, only 31% plan to switch jobs in the first half of 2025, marking a 3-point decline year-on-year.

David Blasco, Country Director at Randstad Singapore, emphasised the importance of employee retention, stating, “Employers need to pay attention to their employees’ growth, well-being and happiness to reduce these push factors.”

Sector-specific data reveals that tech and finance professionals are the most likely to consider job changes in 2025, with 43% of tech talent and 37% of finance professionals planning to switch. However, the tech sector is facing a tougher job market, with only 11% of tech workers securing new positions between July and December 2024, down from 16% the previous year.

The full results of the 2025 Employer Brand Research will be released on 25 June 2025, offering further insights into employee motivations and engagement factors.
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Patients and caregivers visiting the National University Health System (NUHS) hospitals can now access real-time emergency department wait times through the newly enhanced NUHS App. This digital feature, launched on 23 March 2025, allows users to check estimated wait times at the National University Hospital (NUH), Ng Teng Fong General Hospital, and Alexandra Hospital before arrival, with updates every 30 minutes.

The app’s enhancements aim to reduce uncertainty and improve patient flow by allowing individuals to complete health declarations in advance. This streamlines the triage process and helps identify high-risk patients promptly. Adjunct Professor Malcolm Mahadevan, Group Chief of Emergency Medicine at NUHS, stated, “Providing transparency about wait times helps to support hospital operations by improving patient flow and managing expectations.”

In addition to wait times, the app offers resources for non-emergency conditions, including access to the NurseFirst helpline, staffed by triage nurses from Woodlands Health. This service directs patients to appropriate care based on their symptoms. Users can also locate nearby GPFirst and PaedsENGAGE clinics within a 2km radius, enhancing access to primary care.

The NUHS App, developed with Synapxe, has over 840,000 unique users and is part of a broader initiative to leverage digital tools for better healthcare navigation. As the Ministry of Health plans to consolidate public healthcare apps by 2027, NUHS will continue to refine its digital offerings, contributing to the development of a unified platform.
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The SPDR Gold Shares ETF has emerged as the leading exchange-traded fund (ETF) in Singapore for the first half of 2025, with net inflows reaching S$309m by 13 June. This marks the highest inflow among Singapore-listed ETFs, surpassing the Nikko AM SGD Investment Grade Corporate Bond ETF, which saw S$115m in net inflows. The SPDR Gold Shares ETF, available in both USD and SGD, has gained significant traction, particularly with young investors.

The ETF’s appeal is partly due to its role as a safe haven amid global economic uncertainties. Robin Tsui, State Street Global Advisors APAC Gold Strategist, noted, “Gold’s rise in early 2025 has reaffirmed its role as a low-volatility, portfolio-diversifying safe haven amid widening macroeconomic and geopolitical uncertainty.” Tsui projects a medium-term bullish outlook for gold, with prices potentially reaching $3,100–$3,500 (US$3,100–US$3,500) per ounce.

The SPDR Gold Shares ETF has delivered a 31% total return in USD terms for the year to 13 June, although the depreciation of USD/SGD has reduced this gain to 23% in SGD terms. The ETF’s structure allows for the creation of units through authorised participants, with each unit initially representing 1/10th of an ounce of gold.

Investors interested in learning more about gold’s strategic role in diversified portfolios can attend a free webinar hosted by SGX Academy on 26 June. The session will explore gold’s characteristics as an investment instrument and its potential to manage risk and enhance returns. As the ETF market continues to evolve, gold remains a pivotal asset for investors seeking stability amidst economic fluctuations.
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Singlife, a prominent financial services company, has announced its support for customers impacted by the abrupt cessation of Jetstar Asia’s operations. The insurer will provide full reimbursement for Jetstar Asia tickets to policyholders who purchased its single trip and annual travel insurance plans before 8:00 a.m. on 11 June 2025, if refunds are not available from the airline. Additionally, eligible customers can claim non-refundable expenses such as accommodation, transport, and entertainment, subject to policy terms.

The decision comes as a response to the stress and uncertainty faced by travellers due to the airline’s sudden shutdown. Alvino Kor, Senior Vice President of General Insurance at Singlife, stated, “We understand the stress and uncertainty caused by the sudden halt of Jetstar Asia’s services. Whilst the shutdown of an airline is not usually covered under our standard travel insurance policies, we believe it is important to step up and support our customers through this disruption.”

This initiative underscores Singlife’s commitment to customer support, complementing its existing offerings like flexible trip cancellation and coverage for air turbulence injuries. Affected customers are encouraged to contact Singlife’s Customer Service for assistance, with claims assessed according to policy limits and conditions.

Singlife, formed from the merger of Aviva Singapore and Singlife in 2022, continues to be a key player in the insurance sector, offering a wide range of products and maintaining a strong digital presence. The company is a wholly owned subsidiary of Sumitomo Life, one of Japan’s largest life insurance firms.
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Macquarie Capital has released its latest analysis on the Singapore equities market, spotlighting the potential impact of the Monetary Authority of Singapore’s (MAS) recently announced $5 billion Equity Market Development Programme (EQDP). The programme, set to be implemented in the third quarter of 2025, aims to invigorate investment in small to mid-cap stocks, broadening investor participation beyond the large-cap focus.

The EQDP will see MAS investing in strategies managed by Singapore-based asset managers, with an emphasis on local equities. Macquarie has identified a selection of small-mid cap stocks that meet the likely criteria for EQDP mandates, using their Quant Alpha model. These stocks include ComfortDelGro (CD), First Resources (FR), IFAST Corporation, Parkway Life REIT (PREIT), and Singapore Technologies Engineering (STH). Additionally, Macquarie’s top large-cap picks include OCBC, Sembcorp Industries (SCI), Singapore Technologies Engineering (STE), CapitaLand Ascendas REIT (CLAR), and Dairy Farm International (DFI).

Jayden Vantarakis, Head of ASEAN Equity Research at Macquarie Capital, noted that the EQDP is part of a broader effort by the Equities Market Review Group to enhance the competitiveness of Singapore’s equities market. The programme is expected to attract additional private capital, potentially increasing the total investment beyond the initial $5 billion allocation.

Macquarie’s analysis also indicates that mandates under the EQDP may include up to 40% of ASEAN stocks outside Singapore, further diversifying investment opportunities. Despite the current underperformance of small-mid caps compared to the Straits Times Index, the infusion of capital through the EQDP could shift market dynamics, potentially improving the relative performance of these stocks.
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Global management consultancy Kearney has announced significant leadership appointments across the Asia Pacific region, aiming to bolster its strategic operations and digital capabilities. The appointments, effective from 2025, are part of Kearney’s ongoing leadership rotation strategy, designed to foster a purpose-driven culture and empower its diverse talent pool.

In Singapore, Hemanth Peyyeti has been named Co-Lead of the Operations and Performance practice in APAC. With a robust background in consumer goods, Hemanth is set to drive sustainable client impact. Joining him as Co-Lead is Nori Hamaguchi from Tokyo, who brings expertise in operational and digital transformations, particularly in the consumer goods and retail sectors.

Anshuman Sengar, based in Sydney, has been appointed as the Global Lead of Data & Artificial Intelligence, whilst continuing his role as APAC Lead for Digital & Analytics. His dual role will focus on enhancing the firm’s data-driven solutions to boost client competitiveness.

In Kuala Lumpur, Keat Yap will lead Kearney’s Product Excellence and Renewal Lab (PERLab), which aims to accelerate growth through product and service innovation.

Shigeru Sekinada, Region Chair of Asia Pacific, commented on the appointments: “Leadership rotations are key to growing a stronger, more connected firm. They bring fresh perspectives, build diverse leadership, and help us shape the next generation of leaders.”

These strategic appointments are expected to deepen Kearney’s capabilities in AI, emerging technologies, and product innovation, positioning the firm to deliver meaningful impact for clients across the region.
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OA Group of Companies, based in Singapore, and Malaysia’s Chia Ka Partners PLT (CKP) have announced a strategic alliance to drive small and medium-sized enterprise (SME) growth across Southeast Asia. This collaboration focuses on leveraging digital transformation and regional advisory services to help SMEs expand beyond their domestic markets.

The alliance combines the strengths of two award-winning firms known for their innovation and client-centric approaches in the accounting and advisory sectors. Alan Chang, CEO of OA Group, highlighted the challenges SMEs face in navigating regulatory frameworks and integrating digital solutions across borders. He stated, “This alliance creates a trusted bridge between Singapore and Malaysia, giving business owners practical support to expand into new markets without the usual guesswork, delays, or compliance headaches.”

Both firms have a strong relationship with Xero, a global leader in cloud accounting, which enhances their ability to provide comprehensive support. Jeremy Chia, Managing Director of CKP, noted that the collaboration extends beyond compliance and bookkeeping into regional strategy and growth execution.

The partnership is further strengthened by the launch of a new book, “Why Breakeven,” co-authored by Chang and Chia. The book challenges traditional profit-focused thinking and promotes data-driven strategies for long-term success. Industry leaders have praised the publication, with Ang Yuit, President of ASME, emphasising the importance of shared knowledge and partnerships for SME growth.

With offices in Singapore, Malaysia, Hong Kong, and China, OA Group’s regional reach complements CKP’s digital expertise, marking a significant step towards building an integrated cross-border ecosystem for SMEs. This initiative aims to help businesses navigate complexity, seize new market opportunities, and scale sustainably.
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Singapore’s vibrant dining culture, with residents eating out five to six times a week, is increasingly influencing the shift towards sustainable packaging. As the demand for eco-friendly options grows, APP Group has introduced Foopak Bio Natura, a compostable and biodegradable food packaging solution. This innovation aligns with the nation’s fast-paced lifestyle and environmental goals, addressing the rising concern over packaging waste.

Foopak Bio Natura is designed to meet the needs of Singapore’s food and beverage scene, offering a food-safe, grease-resistant, and heat-stable material. It is suitable for various dining establishments, from hawker centres to artisanal cafés. Ricca Windysari, Foopak SEA Regional Sales Head, stated, “Consumers want their meals fast, tasty, and Instagram-worthy, but also better for the planet, and that’s where Foopak Bio Natura steps in.”

The packaging solution supports Singapore’s Green Plan 2030 by reducing single-use plastics and food packaging waste. Its adaptability makes it ideal for eateries adopting sustainable practices, including farm-to-table restaurants and delivery-focused cloud kitchens. Windysari added, “Packaging is no longer just about function but brand values. When a business chooses Foopak, it signals to customers that they care about both the product and the planet.”

As Singapore continues to lead in food innovation and green transformation, Foopak Bio Natura offers a practical way for food businesses to embrace sustainability, one meal at a time. APP Group, a leading pulp, paper, and forestry company, prioritises sustainability and ethical practices, aligning with its Sustainability Roadmap Vision 2030.
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