Regional News

Primer, a leader in global payments infrastructure, has officially incorporated in Singapore following a remarkable 239% year-on-year increase in payment volume in the Asia Pacific region. This strategic move aims to bolster its presence in its fastest-growing market and disrupt the fragmented payments landscape dominated by local players.

The company’s founder and CEO, Gabriel Le Roux, highlighted the importance of the Asia Pacific region, stating, “APAC is our fastest growing region globally. Highly fragmented and dominated by local players, the payments landscape is in need of disruption.” Primer’s unique position in the ecosystem, designed to be agnostic and global, allows it to redefine how payments are accepted and managed.

Over the past year, Primer’s growth has been supported by partnerships with major regional players such as Pelago by Singapore Airlines, HappyEasyGo, and Banxa. Additionally, the company expanded its integration portfolio with 17 new partners, including J.P. Morgan Chase and Airwallex.

Looking ahead, Primer anticipates strong adoption of its open infrastructure in China, driven by interest from sectors like gaming and travel. The company plans to leverage local integrations and strategic partnerships to empower Chinese merchants to scale into new markets.

Operating remotely across 30 markets, Primer’s incorporation in Singapore will facilitate access to the city’s skilled talent pool. Caitriona Staunton, VP of People, noted, “Singapore offers a unique mix of skilled, globally connected talent.”

In response to growing interest from startups, Primer launched “Primer for Growth,” offering startups access to its full suite of products, including a year of complimentary access to its intelligence suite. This initiative aims to empower startups with tools previously reserved for global enterprises.
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Grab, Southeast Asia’s leading super app, has announced a strategic partnership with NATIX, a Web3 mapping pioneer, to revolutionise the way autonomous vehicle (AV) data is captured and processed. This collaboration aims to enhance mapping accuracy and efficiency by combining NATIX’s global network of drivers with Grab’s proprietary mapping technology.

NATIX, based in Hamburg, Germany, operates a decentralised network of smart cameras that collect street-level visual data for mapping and autonomous driving applications. With over 250,000 drivers in 171 countries, NATIX’s model offers a cost-effective alternative to traditional mapping methods. The partnership will utilise Grab’s expertise in mapmaking and street-level imagery processing, leveraging its hardware and AI capabilities.

Alireza Ghods, CEO and co-founder of NATIX, stated, “We believe that by combining our worldwide data collection capabilities with Grab’s hardware and AI prowess, we can gain global market share.” The collaboration will initially see the launch of the VX360 device for Tesla owners, allowing them to access and store comprehensive 360° imagery from their vehicles.

Pradeep Banavara, Head of Geo Product at Grab, highlighted the potential impact of the partnership, saying, “Together, we can accelerate the availability of fresher, more up-to-date, accurate street-level data – not just in Southeast Asia, but across the globe.”

This partnership marks a significant step in the evolution of mapping technology, with implications for governments, mobility platforms, and businesses worldwide. By providing more dynamic and frequently updated maps, the collaboration aims to empower smarter data-driven decisions and advance the development of autonomous driving technologies.
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Raffles City is set to enchant beauty enthusiasts once again with the return of its Beauty Vault pop-up from 8 May to 15 June 2025 at the Level 3 Main Atrium. This second edition promises an expanded offering, bringing together 21 premium brands to showcase the latest in luxury beauty through product launches, exclusive masterclasses, and personalised experiences.

The Beauty Vault pop-up will feature a rotating schedule of unique showcases by select brands. Highlights include make-up masterclasses led by celebrity make-up artists, skincare demonstrations by professional trainers, and workshops on fragrance layering, home scent profiling, and floral bouquet arrangement. Visitors can also enjoy cocktail-making sessions and personalised colour analysis and wellness solutions. Interested participants can sign up for these masterclasses via the Raffles City Beauty Vault 2025 microsite.

In addition to the pop-up, Raffles City’s Level 1 Fashion Walkway will transform into a high-glam zone, spotlighting the latest in luxury beauty. As part of the event’s special promotions, Raffles City has partnered with Maison Francis Kurkdjian to offer its top spender a luxurious trip for two to Paris.

The return of the Beauty Vault solidifies Raffles City’s position as Singapore’s premier destination for luxury beauty, offering a comprehensive and immersive experience for shoppers. With a focus on celebrating beauty in all its forms, the event promises to delight the senses and provide a unique opportunity for beauty enthusiasts to explore the latest trends and products.
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Affluential, a leading data and insights platform for affluent and high-net-worth consumers, has announced the appointment of three new members to its Advisory Board. The appointments of Christian Foddis, Emma Sherrard, and Nipun Mehra aim to bolster the company’s expertise in luxury, technology, and consumer engagement across both developed and emerging markets.

Christian Foddis brings over 30 years of experience from luxury brands such as Zegna and Valentino, offering a global perspective on luxury retail strategy. “Christian’s global luxury retail experience will help guide Affluential in sharpening its value to C-suites navigating the dynamic landscape of affluent consumers,” said Ali Mirza, CEO of Affluential.

Emma Sherrard, known for her role in scaling Quintessentially across Asia-Pacific, will enhance Affluential’s capabilities in advising brands on brand loyalty and premium customer experience. Mirza noted, “Emma’s exceptional network and understanding of the luxury mindset position her perfectly to help our clients deepen their engagement with the world’s most influential consumers.”

Nipun Mehra, a digital visionary with experience at BCG and as a co-founder of Ula, will focus on integrating technology and data to deliver insights more effectively. “Nipun’s experience at the intersection of tech, data, and entrepreneurship will shape how we deliver cutting-edge insights in a more agile and scalable way,” Mirza added.

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Singapore-headquartered Turion Labs has officially launched Southeast Asia’s first full-stack biotech innovation platform, designed to support start-ups and early-stage ventures in the region.

Backed by South Korea’s S&S LAB and Indonesia’s Future Lestari, the platform integrates shared laboratory infrastructure, contract research services, and regulatory enablement to accelerate the journey from discovery to market.

The announcement was made today during Ecosperity Week in Singapore.

The platform’s flagship site will open later this year at the Sinarmas Land Biomedical Hub in Indonesia’s Biomedical Special Economic Zone.

This facility will feature modular labs, pilot-scale research suites, and clinical support services, providing a comprehensive environment for biotech development. Dominic Jeong, CEO of S&S LAB Korea, stated, “We’re bridging the gap between high-potential science and scalable solutions.”

Turion Labs aims to address critical gaps in Southeast Asia’s biotech ecosystem by reducing capital and timeline barriers for new ventures and enhancing cross-border collaboration. Cynthia Krisanti, Director of Future Lestari, highlighted the platform’s role in enabling faster product development and expanded market access, saying, “Turion Labs is a platform for acceleration — a place where biotech ideas become real-world impact.”

The launch event was attended by Indonesia’s Coordinating Minister for Human Development and Cultural Affairs, who expressed support for the initiative. Turion Labs plans to expand beyond Singapore and Indonesia, with projects in Thailand, Malaysia, and the Philippines, creating a cross-border biotech corridor to attract venture capital and connect research hubs.
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The Nature Conservancy (TNC), a global environmental non-profit, has announced the expansion of its carbon project development capabilities in Singapore.

This initiative, revealed at the GenZero Climate Summit 2025, is supported by the Singapore Economic Development Board (EDB) through its Carbon Project Development Grant. TNC aims to leverage Singapore’s status as a regional carbon services hub by establishing a dedicated team focused on community engagement, applied science, and financial planning.

TNC’s expansion will involve assessing nature-based carbon projects aligned with Singapore’s International Carbon Credit Framework. The focus will be on countries with which Singapore has signed Article 6 agreements under the Paris Agreement. The team will conduct feasibility studies, project design, carbon accounting, and local stakeholder engagement to ensure high-quality project development.

Tamara Singh, Managing Director of TNC Singapore, highlighted the organisation’s legacy of collaboration in the region. “This grant builds on that foundation, enabling us to apply our decades of science-based expertise to develop high-quality, nature-based carbon projects,” she stated. Lim Wey-Len, Executive Vice President of Green Economy at EDB, emphasised Singapore’s growing role as a carbon hub, noting TNC’s valuable expertise in nature-based solutions.

TNC is renowned for its global experience in developing high-quality carbon projects, having advanced over 60 projects in 18 countries. In Singapore, TNC is a founding member of the Southeast Asia Climate and Nature-based Solution Coalition, working to scale high-quality solutions across the region. This expansion signifies a significant step in supporting Singapore’s and the region’s climate goals.
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Singapore-based fintech platform Seedflex has successfully raised $3.2m in a seed extension round, co-led by Z Venture Capital and Iterative, to enhance access to capital for micro, small, and medium enterprises (MSMEs) across Emerging Asia. The funds will support the company’s expansion into new markets, starting with Indonesia later this year.

Seedflex, co-founded by former Grab executives Ritwik Ghosh and Sauvik Datta, launched in Malaysia last year. The company offers a unique “Pay-As-You-Sell Advance” (PAYS Advance) credit solution, which adjusts loans and repayments based on sales revenue. This model has already attracted over 5,000 merchants in Malaysia, with plans to increase this number to 50,000 by the end of 2025.

The recent investment will enable Seedflex to scale its operations and introduce its embedded credit application programming interface (API) to more distribution partners. “In these turbulent and uncertain economic times, access to flexible credit is vital for the survival and growth of MSMEs,” said Ritwik Ghosh.

ZVC’s Principal, Janice Sa, highlighted the significance of Seedflex’s model, stating, “It directly addresses the core pain points in SME lending.” Iterative’s General Partner, Brian Ma, praised the founders’ expertise, noting their experience in building embedded finance at scale.

With Indonesia’s vast market potential, Seedflex aims to leverage its innovative credit solutions to empower more businesses in the region, ensuring they have the necessary resources to thrive in a competitive landscape.
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Landed home prices in Singapore have surpassed $2,000 per square foot (psf) for the first time, according to Huttons’ quarterly report for the first quarter (Q1) of 2025.

This represents a 3.3% increase from the previous quarter, marking the fastest growth in prices since the third quarter (Q3) of 2022.

The rise is attributed to strong income growth, increased wealth, and declining interest rates, which have facilitated buyers in achieving their aspirations of owning landed properties.

Despite a 5.3% decline in transaction volume to 412 units, Q1 2025 recorded the highest first-quarter sales since 2021.

The semi-detached homes segment experienced the most significant increase, with a 15.7% rise to 147 units, as prices remained relatively stable.

Conversely, the transaction volume for terrace homes dropped by 18.4% due to a preference for larger units in new launches.

The report highlights that 85% of transactions involved 999-year leasehold and freehold properties. The average price for these homes increased, with terrace homes reaching $4.6 million, semi-detached homes at $6.8 million, and detached homes at $12.2 million.

Looking ahead, the landed homes market may be influenced by the global tariffs war, potentially causing locals to delay purchases. However, Singapore’s stability might attract ultra-high-net-worth individuals (UHNWIs) seeking safe havens. Prices and transaction volumes are expected to remain steady throughout 2025.
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Tech funding in Singapore experienced a notable increase in April 2025, according to the latest monthly trackers from Tracxn.

The data indicates a strong investment climate in the country, with Singapore seeing a particularly impressive rise in funding activity.

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UOB Group has reported a net profit of S$1.5b for the first quarter of 2025, maintaining stability year on year.

This performance was driven by diversified growth across its wholesale banking and retail businesses, with net fee income reaching a record S$694m, a 20% increase from the previous year.

The growth was primarily attributed to loan-related and wealth management fees, alongside a 6% rise in loan growth, which also contributed to a 2% increase in net interest income.

Despite a 5% year-on-year decline in other non-interest income due to lower trading and investment income, there was a 25% increase from the previous quarter, bolstered by strong customer treasury income and effective trading and liquidity management activities.

Credit costs rose to 35 basis points as UOB set aside additional pre-emptive allowances to bolster provision coverage amidst growing macroeconomic uncertainties. The non-performing loan ratio remained stable at 1.6%, reflecting resilient asset quality.

Wee Ee Cheong, UOB’s Deputy Chairman and CEO, commented on the results, stating, “The Group achieved a solid set of results for the first quarter, supported by broad-based income growth, record fee income and robust loan growth.”

He also noted the impact of US tariffs on market volatility and global trade, anticipating a slowdown in global growth but expressing confidence in ASEAN’s resilience and long-term potential.

With a robust balance sheet, healthy capital, and strong liquidity positions, UOB is well-prepared to navigate risks and seize growth opportunities, supporting customers and communities through challenging times.

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