Regional News

Proxima, a global procurement consultancy backed by Bain & Company, has officially launched its Singapore office in collaboration with ArcBlue, a leading Asia Pacific consultancy. This strategic move aims to bolster procurement offerings by combining international expertise with local market insights. Chris Hampden, who previously led international purchasing for Rolls Royce in Singapore, will head the new office.

The launch comes at a critical time as businesses in Singapore face increasing trade risks, supply chain resilience challenges, and sustainability mandates. According to Proxima’s Global Sourcing Risk Index, developed with Oxford Economics, Singapore ranks as the 12th most exposed economy to supply chain risks among the world’s 30 largest economies. The city-state also tops the Trade Barrier Vulnerability Index due to its re-export model and reliance on cross-border trade.

Daniel Collings, Executive Vice President of Proxima APAC, emphasised the importance of procurement in business success, stating, “The procurement function has never been more critical to business success. With organisations typically spending around 70% of their revenues with third-party suppliers, the external enterprise is an immense source of value.”

The partnership with ArcBlue is expected to help Singaporean businesses navigate the complexities of global trade shifts, balancing cost, resilience, and risk. As trade policies and sustainability standards evolve, Proxima aims to support local companies in adapting their supplier strategies to maintain competitiveness.

The establishment of Proxima’s Singapore office signifies a significant investment in the region’s procurement consulting market, promising to unlock new value for businesses amidst ongoing global uncertainties.

Jollibee Singapore has been named the top fast food chain for customer service in Singapore, according to a survey by the Straits Times in collaboration with global research firm Statista. The survey, which gathered over 100,000 evaluations from more than 10,000 respondents, assessed companies on accessibility, communication, and professional competence. Jollibee emerged as the leader in the fast food category, reaffirming its commitment to delivering both great-tasting food and exceptional service.

The accolade highlights Jollibee’s dedication to its mission of providing joyful dining experiences. Dennis Flores, President of Jollibee Group EMEAA, stated, “This recognition from the Straits Times is a validation of Jollibee’s DNA—that our brand is not only about great-tasting food but also about spreading joy through consistently great customer service.” Most Jollibee outlets in Singapore boast an average Google rating of four stars, reflecting their reputation for warm and attentive service.

Jollibee’s popularity is further evidenced by a recent SGAG online poll, where its chicken was voted the top choice with 44% of the votes, surpassing other international brands. As part of its global expansion strategy, Jollibee is opening franchising opportunities in Europe, the Middle East, Asia, and Australia, aiming to bring its signature products and joyful dining experience to a wider audience.

With over 10,000 stores across 33 countries, Jollibee Foods Corporation continues to be one of the world’s fastest-growing restaurant companies, driven by its purpose of spreading joy through superior taste.

Angel Investment Network (AIN), the world’s largest online angel investment platform, has announced the launch of its first Chinese language site in Singapore. This strategic move aims to capitalise on the entrepreneurial potential of the Chinese-speaking population and the dynamic growth of the region. With 17% of the global population speaking Chinese, AIN is expanding its reach to connect investors with early-stage startups in one of its top 10 markets.

The decision to launch in Singapore, a key global financial hub, is driven by the country’s high rate of bilingualism, which is expected to enhance engagement and local investment activity. Mike Lebus, co-founder of AIN, stated, “We are delighted to launch our first Chinese language site in Singapore. This is a strategic step to break down language barriers and directly support entrepreneurs in markets we haven’t yet covered in their local language.”

AIN, founded in 2004, now operates 42 networks across 90 countries with over 2 million users. The new site is part of AIN’s commitment to improving accessibility for its international user base. The platform has supported tens of thousands of businesses worldwide, with investments ranging from £10,000 to £1m.

The launch marks a significant milestone in AIN’s global expansion, aiming to connect more investors with innovative startups. As the largest angel investment community globally, AIN continues to support ambitious founders in scaling their businesses.

CIMB Bank Berhad and PETRONAS Dagangan Berhad have introduced the CIMB PETRONAS Visa Debit Card, offering cardholders up to RM2,000 in annual cashback on petrol and car-related expenses. The card, launched on 16 October 2025, aims to ease living costs for customers by providing savings on fuel and other essential expenses.

The new debit card complements the existing CIMB PETRONAS Visa Credit Card, allowing customers to maximise their cashback benefits. Gurdip Singh Sidhu, CEO of CIMB Malaysia, highlighted the card’s role in stretching customers’ budgets and enhancing financial resilience. “By enabling these savings, we aim to deliver greater value to our customers and help them build better financial resilience,” he stated.

Azureen Azita Abdullah, COO of PETRONAS Dagangan Berhad, expressed enthusiasm for the collaboration, noting that the card is designed to manage everyday expenses with meaningful savings. “We continue to make life Simpler, Better and More Rewarding for our customers in their everyday journeys,” she said.

The card offers 10% cashback on PETRONAS transactions, including Setel App top-ups and Café Mesra purchases, as well as selected EV charging stations, motor insurance, and car wash services. Eligibility requires a minimum monthly average balance of RM1,000 in a CIMB account.

This initiative also aims to digitise transactions at petrol stations, promoting seamless and secure payments. Previn Pillay, Visa’s Country Manager for Malaysia, emphasised the opportunity to enhance urban mobility and payment convenience through this partnership. The card is available at all CIMB branches nationwide.

Visa has revealed that the recent F1 Singapore Night Race significantly boosted tourism and commerce, with a marked rise in visitor arrivals and spending. The event, known for its global appeal, saw a substantial increase in digital payment adoption and nighttime economy activities, according to VisaNet data.

During the race period, travel-related spending in Singapore surged compared to the previous year, with international visitors primarily from China, Australia, the US, and Malaysia. These visitors contributed to a double-digit percentage increase in transaction volumes across hospitality, retail, and entertainment sectors. Notably, affluent travellers, who comprised 30% of visitors, accounted for 40% of the total spending, highlighting their impact on the local economy.

Visa’s data also indicated a significant rise in corporate travel during the race week, coinciding with various conferences and exhibitions. Business cardholder visits increased by 80%, with their spending nearly tripling. The unique timing of the race led to a 90% surge in late-night spending, particularly in areas like Marina Bay, Clarke Quay, and Tanjong Pagar.

Small and medium-sized businesses (SMBs) in Singapore benefited greatly, with traveller spending rising by 65%, especially in retail and dining. Local eateries, cafes, and SMBs in electronics and groceries saw notable spending increases.

Adeline Kim, Visa’s Country Manager for Singapore and Brunei, stated, “The F1 Singapore Night Race is a showcase of Singapore’s vibrancy and global appeal. Our data shows that the event not only attracts a diverse group of affluent travellers but also drives significant uplift for local businesses.” Visa’s insights aim to help merchants tailor their offerings and marketing strategies to maximise engagement and spending.

The Ascott Limited, a wholly owned lodging business unit of CapitaLand Investment, has announced the signing of seven new properties in Vienna and Seville, marking a significant expansion in its European footprint. This development adds nearly 1,100 units to Ascott’s portfolio, bringing its total to 64 properties across 26 cities in Europe.

The announcement was made during the official opening of lyf Gambetta Paris, Ascott’s first lyf property in France. The lyf brand, known for its experience-led social living concept, now has eight properties across Europe. Kevin Goh, CEO of Ascott, highlighted Europe’s importance in the company’s global growth strategy, citing strong tourism fundamentals and fragmented supply as key factors.

In Vienna, Ascott has strengthened its partnership with VIE Trust Real Estate Group by signing five new properties, adding over 750 units. These include a second lyf-branded property set to open by the end of 2026. Meanwhile, in Seville, Ascott has partnered with Forty Management SA to develop two properties as part of the Lagoon City resort, marking its first beachside resort project in Europe.

Lee Ngor Houai, COO for Europe, Middle East, Africa, South Asia, and China at Ascott, emphasised the company’s disciplined expansion strategy, focusing on destinations with authentic demand for quality accommodation. The new signings reflect Ascott’s commitment to expanding its asset-light model through franchise and management agreements, enhancing its presence in one of the world’s most attractive hospitality markets.

DBS, Southeast Asia’s largest bank, and Banque Saudi Fransi (BSF), a leading financial institution in Saudi Arabia, have announced a strategic partnership to enhance trade settlement, financing, and regional currency clearing solutions. Formalised at the Sibos conference, this collaboration seeks to facilitate trade, investments, and remittances across the burgeoning Asia-Gulf Cooperation Council (GCC) economic corridor.

Trade between Southeast Asia and GCC nations reached approximately $130.7b in 2023, with an additional $50b expected by 2027. The partnership aims to leverage the strengths and networks of both banks to offer trade financing solutions, including letters of credit and trade loans, to their clients. Additionally, DBS and BSF will explore joint financing of client transactions to manage risk and expand financing capacities.

To address the increasing demand for seamless cross-border payments, the banks plan to utilise each other’s clearing networks. This includes DBS’ access to seven major Asian currency clearing corridors and BSF’s Saudi Riyal clearing services. BSF will also consider using DBS GlobeSend, a cross-border payment solution, to enable same-day payments across DBS’ global network.

Sriram Muthukrishnan of DBS highlighted the growing interconnection between Asia and the Middle East, stating that the partnership aims to facilitate the flow of goods, services, and capital. Faisal Darwish of BSF emphasised the collaboration’s potential to strengthen financial connectivity and open new opportunities for businesses and consumers. This partnership underscores Saudi Arabia’s pivotal role in the Asia-GCC corridor’s growth.

Rex International Holding Limited has announced that its subsidiaries achieved a combined production of 10,999 barrels of oil equivalent per day (boepd) in September 2025 across fields in Norway, Oman, and Germany. Lime Petroleum AS, a subsidiary of Rex, reported a production of 10,501 boepd from the Brage and Yme Fields in Norway. Lime Petroleum holds a 33.8434% interest in Brage, operated by OKEA ASA, and a 25% interest in Yme, operated by Repsol Norge AS. The Yme Field’s gas is utilised for production operations and re-injected for enhanced oil recovery.

In Oman, Masirah Oil Limited, another Rex subsidiary, recorded an average production of 444 stock tank barrels per day (stb/d) from the Yumna Field in Block 50. The field experienced a shutdown from 1 to 20 September to facilitate a change in the Floating Storage and Offloading tanker, resuming operations on 21 September. Masirah Oil holds a 100% interest in this block.

Meanwhile, Lime Resources Germany GmbH reported a production of 54 barrels of oil per day (bopd) from the Schwarzbach and Lauben Fields in Germany. Lime Resources holds full ownership of the Schwarzbach Field and a 50% stake in the Lauben Field, operated by ONEO GmbH & Co.KG. The gas produced at these fields is used on-site for heating purposes.

These updates highlight Rex International Holding’s ongoing activities and interests in oil production across multiple regions, showcasing the company’s strategic operations in the energy sector.

Strutt Inc, a Singapore-based mobility robotics company, has achieved significant recognition by winning the Red Dot Best of the Best and the Red Dot Luminary awards for its flagship personal mobility product, the Strutt ev¹. These prestigious awards highlight the company’s innovation in integrating advanced automotive technology into personal mobility. Following this success, Strutt is establishing a manufacturing facility at JTC’s Bulim Square in the Jurong Innovation District, aiming to produce 1,000 units per month.

The Red Dot awards, evaluated by 16 international experts, celebrate design excellence and innovation. The Red Dot Luminary, awarded to only one project globally each year, underscores Strutt’s leadership in design. Tony Hong, CEO of Strutt Inc, expressed pride in bringing this recognition to Singapore whilst enhancing local manufacturing capabilities.

Strutt’s operations align with Singapore’s Smart Nation initiative, which seeks to improve citizens’ quality of life through technology. The Strutt ev¹, featuring sensors and autonomous navigation, empowers users to navigate urban environments confidently. With Singapore’s ageing population projected to reach 25% by 2030, Strutt’s technology addresses societal needs by offering smart mobility solutions.

In collaboration with MOBOT, Singapore’s largest personal mobility device retailer, Strutt introduced the ev¹ to the local market. The company also plans to participate in the Consumer Electronics Show (CES) 2026, marking a significant step in its global expansion strategy.

Capital Group, a leading global investment manager, has partnered with DBS to offer Singaporean investors a simplified entry into the world of stocks and bonds. From 13 October, DBS/POSB customers can invest in the Capital Group American Balanced Fund (LUX) (AMBAL) through Class U1 fdxm, a share class with a 0% upfront sales charge available for a limited time.

The collaboration aims to lower investment barriers for retail investors by providing access to a globally diversified, actively managed strategy. Jeik Sohn, Head of Singapore and Southeast Asia Client Group at Capital Group, highlighted the importance of encouraging long-term investing habits, noting that idle cash can be eroded by inflation and represents missed growth opportunities. “We’re proud to offer local investors access to our AMBAL fund, part of a time-tested strategy with nearly five decades of consistent performance,” Sohn stated.

James Tan, Group Head of Investment Products and Advisory at DBS Bank, emphasised the initiative’s significance for younger investors who may find investing daunting. “Launching AMBAL reflects our commitment to offering trusted, time-tested investment solutions,” Tan said.

The AMBAL fund, managed by a team of 12 portfolio managers with extensive experience, focuses on capturing US market growth whilst preserving capital. With a minimum investment of S$1,000 and a 1.15% annual management fee, the fund offers a balanced approach to investing. The initiative underscores the commitment of both Capital Group and DBS to providing world-class investment solutions to Asian investors.