Regional News

The Monetary Authority of Singapore (MAS) and the Singapore FinTech Association (SFA) have announced a global call for nominations for the 2025 Singapore FinTech Festival (SFF) FinTech Excellence Awards. Celebrating its 10th anniversary, the awards aim to recognise innovative FinTech solutions and leaders who are transforming industry practices and promoting financial inclusion. Supported by PwC Singapore, the awards will be presented at the SFF 2025, scheduled from 12 to 14 November.

This year, the awards will highlight solutions with significant impact, particularly those utilising Artificial Intelligence (AI). Eight winners will be selected across six categories, including the Emerging FinTech Award, Financial Inclusivity Award, Regulatory Leader Award, Sustainable Innovator Award, and a thematic category focusing on AI. Three individual winners will also be recognised with the FinTech Mentor Award.

Applications must be submitted by 25 July 2025. The corporate categories will be judged on impact, sustainability, practicality, interoperability, and uniqueness. The FinTech Mentor Award will focus on leadership and contributions to the Singapore FinTech ecosystem. Each corporate category winner will receive a prize of $36,000 (S$50,000), whilst individual winners will receive $3,600 (S$5,000) each.

The awards aim to encourage the development of innovative solutions that address industry challenges and foster growth opportunities. As the FinTech landscape evolves, these awards continue to play a crucial role in recognising and promoting excellence within the sector.
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Mapletree Investments has unveiled the second instalment of the ‘Two Rivers’ photography exhibition by Singaporean photographer Melisa Teo at VivoCity, Singapore’s largest shopping centre. Running from 4 June to 4 July, the exhibition marks the 60th anniversary of diplomatic ties between Singapore and France, featuring eight new photographs alongside 60 original works previously displayed at Anderson Bridge.

The exhibition was officially launched by Dinesh Vasu Dash, Minister of State for Culture, Community and Youth, and Manpower, alongside Mapletree Chairman Edmund Cheng, French Ambassador Stephen Marchisio, and Melisa Teo. The event is part of the vOilah! France Singapore Festival, supported by both the Singaporean and French governments.

Teo’s ‘Two Rivers’ explores themes of life, memory, and dreams through images of the Singapore River and the Seine River in Paris. “This opportunity has allowed me to pursue my work with greater purpose,” Teo remarked, highlighting the cultural exchange fostered by the exhibition.

Mapletree’s commitment to the arts is evident, having invested over $7 million in arts-focused initiatives since 2010. “We are delighted to bring ‘Two Rivers’ to VivoCity,” said Cheng, emphasising the company’s dedication to community engagement through the arts.

The exhibition also features the ‘My Two Rivers Young Artist Competition’, inviting young creatives to submit artworks inspired by the theme. Winners will receive VivoCity eVouchers and have their works showcased in Paris.

Etiqa Insurance Singapore has announced a supportive measure for its travel insurance customers impacted by the impending closure of Jetstar Asia. In an unusual move, the insurer will extend coverage to eligible customers with affected bookings, despite airline cessation typically being excluded from travel insurance policies. This initiative aims to alleviate the financial strain on travellers facing disrupted plans.

Customers who purchased single-trip or annual travel insurance plans before 8 a.m. on 11 June 2025 can claim non-refundable expenses related to pre-booked accommodation, local transportation, and activities, subject to certain limits. Additionally, Etiqa has extended the claim submission period from 30 to 90 days, providing customers with more time to adjust their travel plans and file claims.

Raymond Ong, CEO of Etiqa Insurance Singapore, stated, “We understand the stress and uncertainty that the impending Jetstar Asia closure has brought to customers. We hope this goodwill gesture helps ease challenges faced by those with disrupted travel plans.”

Affected customers can also claim up to $200 (S$200) for fare differences if they rebook flights during the same travel period. For those experiencing flight disruptions between 11 and 31 July 2025, claims can be filed under the Travel Delay Clause. All claims must be supported by documentation from relevant service providers.

Etiqa Insurance Singapore, a subsidiary of Maybank Ageas Holdings Berhad, has been serving customers since 1961 and is regulated by the Monetary Authority of Singapore. This proactive approach underscores its commitment to customer support during unforeseen circumstances.
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The Purple Symphony, Singapore’s largest inclusive orchestra, is marking the nation’s 60th anniversary with a special concert series aimed at reaching vulnerable groups and heartland communities. The event, themed “Perhaps It’s Love,” will take place on 14 and 15 June 2025 at the Singapore Conference Hall, showcasing the orchestra’s commitment to fostering inclusivity and community connection through music.

Since its 10th anniversary in June 2024, The Purple Symphony has been dedicated to promoting a more inclusive society. This year’s concert is part of a broader initiative to engage with seniors and at-risk groups, reflecting the orchestra’s ongoing mission to build deeper community ties. The concert will feature a blend of classical and pop music, including the premiere of “Fortitude,” an original composition by Liong Kit Yeng, which honours Singapore’s 60 years of nation-building.

Artistic Director Quek Ling Kiong expressed pride in the orchestra’s progress, noting the musicians’ dedication to honing their skills and the unique blend of Eastern and Western musical elements. “Their dedication to perfecting every note shows their love for music,” he said.

Mayor Denise Phua, an adviser to The Purple Symphony, highlighted the concert’s role in promoting love and inclusion. “This year’s concert is a reminder that love is a collective effort—to care for and uplift one another regardless of ability,” she stated.

With performances scheduled throughout the year, The Purple Symphony continues to champion inclusion, aiming to inspire and unite through the power of music.
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A new quay crane tipped over at Tuas Port on 15 June 2025 at approximately 1:20pm whilst being delivered to a non-operational berth. Fortunately, there were no injuries or fatalities reported, and the incident did not impact the port’s operations or facilities.

The Maritime and Port Authority of Singapore (MPA) and PSA Singapore have confirmed that all current operational berths remain fully accessible, ensuring that port activities and development works continue without interruption. The incident is currently under investigation, with both PSA and MPA collaborating with relevant authorities to determine the cause.

PSA Singapore operates the world’s largest container transhipment hub, handling 40.9 million TEUs in 2024, and maintains connections to 600 ports globally. Despite the crane accident, PSA’s commitment to providing seamless port operations and services remains steadfast.

The MPA, established in 1996, continues to play a crucial role in developing Singapore as a premier global hub port and international maritime centre. It partners with industry and research communities to enhance safety, security, and environmental protection within the maritime sector.

As investigations proceed, both PSA and MPA are focused on maintaining the safety and efficiency of port operations, ensuring that such incidents do not disrupt Singapore’s strategic maritime interests.
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The 2025 Land-Sea Economic Forum, held on 12 June in Singapore, brought together nearly 200 participants from political, business, and academic sectors to discuss the expansion of Chinese industries into Southeast Asia. Themed “Connectivity for Shared Success: Trends and Visions for Chinese Industries Expanding into Southeast Asia,” the forum aimed to promote coordinated regional economic development.

Kishore Mahbubani, a Distinguished Fellow at the Asia Research Institute at NUS, emphasised the importance of ASEAN’s effective functioning as a regional organisation in fostering smooth ASEAN-China relations. He Dong, Chief Economist at the ASEAN+3 Macroeconomic Research Office, noted that whilst China’s direct investment in ASEAN has doubled since the pandemic, it still accounts for less than 10% of total investment, indicating significant growth potential.

Guan Xin, Vice President of Changan Auto Southeast Asia Co Ltd, highlighted the company’s recent achievements, including the launch of its first overseas new energy vehicle manufacturing base in Rayong, Thailand, and the creation of over 300,000 jobs across Southeast Asia. Changan has also established over 190 stores and partnered with more than 200 suppliers in the region.

China Securities released the “Southeast Asia Investment Report 2025” during the forum, identifying digitalisation, manufacturing, and services as key areas for China-ASEAN cooperation. Representatives from MINISO, Tencent, and the Singapore Exchange shared insights on global expansion, with discussions on AI’s impact on cross-border e-commerce and the strengthening of financial services between China and Singapore.

The forum underscored the potential for further collaboration between China and ASEAN, with Singapore and Chongqing serving as models of successful partnership.
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The Health Sciences Authority (HSA) has intensified its efforts against the illegal sale of evaporisers, conducting a significant raid on 15 May at Club Slim, located in Excelsior Shopping Centre, Coleman Street. The operation led to the arrest of a 45-year-old club manager who confessed to selling evaporisers to staff members. Further investigations revealed his involvement in a broader illegal distribution network.

During the raid, HSA officers also found three men and two women, aged between 22 and 40, in possession of evaporisers and related components. These individuals were fined on the spot as part of HSA’s ongoing crackdown on unauthorised evaporiser sales in nightlife venues.

The possession, use, or purchase of evaporisers in Singapore is prohibited under the Tobacco Control of Advertisements and Sale Act, with offenders facing fines up to $2,000. More severe penalties apply for importing, distributing, or selling prohibited tobacco products, with fines reaching $10,000 and potential imprisonment for repeat offences.

HSA continues to warn the public about the health risks associated with all tobacco products, including evaporisers. Information on these risks is available on the HealthHub website. The public is encouraged to report any illegal activities related to evaporisers to the Tobacco Regulation Branch.

This raid underscores HSA’s commitment to enforcing tobacco regulations and protecting public health, with further actions anticipated as part of their ongoing strategy.
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Kaspersky’s latest annual report highlights a significant increase in children’s interest in AI-powered chatbots, accounting for over 7.5% of all search queries from May 2024 to April 2025. This marks more than a doubling from the previous year’s 3.19%. The report, released to coincide with International Children’s Day, also notes the viral rise of Italian brainrot memes and the growing popularity of the rhythm-based game Sprunki.

The most common online activity among kids was searching on Google for streaming platforms — almost 18% of all queries were related to watching videos.

Unsurprisingly, YouTube remains the clear favourite Android app in Singapore, with the proportion of time spent on the platform standing at 22.19%. WhatsApp rose to second place with 21.35%, overtaking TikTok (13.14%), while Facebook continued to decline.

Kaspersky’s findings also reveal that AI tools are becoming integrated into children’s digital lives, with platforms like Character.AI gaining traction. However, the report warns of potential risks associated with AI chatbots, such as exposure to inappropriate content due to user-generated material and lack of strict moderation.

Anna Larkina, a privacy expert at Kaspersky, emphasises the importance of parental involvement: “When parents take time to understand what their children are watching, playing or searching for, it opens the door to meaningful conversations — and helps build safer, more trusting digital habits.”

To ensure a safe digital environment, Kaspersky recommends open communication about online risks, securing gaming experiences with trusted solutions, and using digital parenting apps like Kaspersky Safe Kids. The full report is available on Kaspersky’s website, providing further insights into the digital trends shaping children’s online activities.
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MoneyHero Group, a prominent personal finance platform in Greater Southeast Asia, has reported a significant reduction in its financial losses for the first quarter of 2025. The company’s adjusted EBITDA loss improved by 49% year-on-year to $33m, whilst net loss decreased to $24m from $131m in the same period last year. This progress is attributed to a strategic pivot towards high-margin verticals such as insurance and wealth, which now constitute 25% of total revenue, an increase of 11 percentage points year-on-year.

The company’s CEO, Rohith Murthy, highlighted the success of their car insurance platform, launched in partnership with bolttech, which has exceeded expectations by enhancing conversion rates and generating recurring revenue. Murthy stated, “Our strategy is delivering. By reallocating resources towards higher-margin verticals, we are steering the business towards sustainable, profitable growth.”

Operational efficiency has also been a key focus, with the company leveraging artificial intelligence to maintain a lean cost structure. This has resulted in a 26% reduction in total operating expenses year-on-year. The member base has expanded by 38% to over 8 million, enabling more personalised marketing efforts and a 25% reduction in marketing costs.

In the Philippines, MoneyHero has secured new partnerships with BPI and RCBC, strengthening its market position after a major banking partner exited last year. Looking forward, the company plans to launch the Credit Hero Club in collaboration with TransUnion, offering free credit scores and personalised financial recommendations to boost user engagement.

Interim CFO Danny Leung noted the improved revenue mix, with personal loans, insurance, and wealth products increasing their share of total revenue. Despite a 35% year-on-year revenue decline, the focus on high-margin products has improved gross margins and reduced reliance on lower-margin credit cards.

With $366m in cash and no debt, MoneyHero is well-positioned to invest in growth initiatives and aims to achieve positive adjusted EBITDA later in the year.
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Mastercard has unveiled a new cloud-based connectivity solution, Cloud Edge, which allows banks and fintechs in the Asia Pacific region to onboard to its network up to four times faster. Developed in collaboration with cloud providers such as Amazon Web Services (AWS), this innovation aims to enhance agility and efficiency in launching new payment solutions amidst growing digital demand.

Cloud Edge provides seamless, private connectivity to Mastercard, enabling financial institutions to avoid reliance on a single IT infrastructure. This flexibility is crucial as fintechs are projected to grow three times faster than the traditional banking industry by 2028, driven by emerging markets in Asia Pacific. The region’s fintech market is expected to reach nearly $311 billion by 2029, largely due to the integration of cloud computing.

Sandeep Malhotra, executive vice president of Core Payments at Mastercard, highlighted the benefits of Cloud Edge, stating, “Cloud Edge reinforces Mastercard’s commitment to resiliency, redundancy and security whilst offering customers cost efficiency as well as greater choice, speed and flexibility.”

The solution also reduces capital expenditure by eliminating the need for physical data centres and provides direct access to modern payment technologies. Episode Six, a global provider of enterprise-grade ledger and cards infrastructure, is already leveraging Cloud Edge to assist banks and fintechs in the region.

Scott Mullins, Managing Director of Financial Services at AWS, noted that the AWS Regions across Asia Pacific offer Mastercard extensive connectivity and secure cloud services, ensuring compliance with regional data residency regulations.

Mastercard Cloud Edge is now available in several Asia Pacific markets, including India, Australia, Singapore, and Hong Kong SAR, as well as in the US, Canada, and other regions worldwide.
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