Regional News

Savills Singapore has announced the sale of two freehold strata-titled shophouses located in Singapore’s culturally rich districts. The properties, 6B Keong Saik Road and 290G Joo Chiat Road, are being marketed exclusively by Savills as a rare investment opportunity.

The shophouse at 6B Keong Saik Road is situated on the third floor within the Bukit Pasoh Conservation Area. It boasts excellent accessibility to Tanjong Pagar, Outram Park, and Maxwell MRT stations. Currently leased to an established tenant, this unit will be sold with the tenancy in place, offering immediate rental income. The guide price for this property is S$4.48 m.

Meanwhile, 290G Joo Chiat Road is a ground floor unit with a flexible layout, suitable for various uses such as F&B takeaway shops, medical, or wellness centres. This property, priced at S$5.08m, is located in a thriving enclave known for successful takeaway ventures like Petit Pain and Olsen Bakehouse.

Yap Hui Yee, Executive Director of Investment Sales & Capital Markets at Savills Singapore, highlighted the appeal of these properties, stating, “Freehold shophouses remain one of the most coveted asset classes among investors and buyers. This portfolio offers a rare and compelling entry point into Singapore’s tightly held shophouse market.”

Interested parties can acquire the shophouses individually or collectively and are invited to submit bids through an Expression of Interest exercise closing on 8 May 2025. With strong rental upside and long-term capital appreciation potential, these properties represent a unique opportunity in Singapore’s real estate market.
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Global payments and financial platform Airwallex has announced a remarkable 153% revenue growth in Singapore for the financial year 2024, driven by robust transaction volumes and a strong fourth quarter. The company also highlighted significant trends affecting small and medium enterprises (SMEs) in Singapore, which are expected to shape the business landscape in 2025.

Airwallex’s Singapore operations saw a 215% increase in Q4 revenue and a 192% rise in transaction volume year-on-year. The company expanded its local presence by partnering with brands such as Endowus, Love, Bonito, and Mighty Jaxx. Additionally, Airwallex increased its Singapore headcount by 58%, with a notable 98% growth in its Product, Engineering, and Design functions.

A recent study by Airwallex, involving 250 local business decision-makers, identified rising costs as the most pressing issue for SMEs, with 62% of respondents citing it as a concern. Other challenges include managing cash flow (48%), inflation (43%), and regulatory complexity (40%). The talent crunch remains a significant barrier, with 46% of SMEs struggling to find suitable manpower.

Despite these challenges, SMEs maintain an expansion-first mindset, with Southeast Asia, East Asia, and Central Asia being top destinations for growth. An impressive 96% of SMEs have adopted or plan to adopt digital and fintech platforms to enhance their financial operations, citing convenience, cost savings, and faster transactions as primary motivators.

Airwallex’s Head of Southeast Asia, Ershad Ahamed, emphasised the importance of understanding SME pain points to provide tailored solutions. “Our research shows they’re ready to grow and expand into new markets, despite the challenges they face,” he stated.

Founded in Melbourne and now headquartered in Singapore, Airwallex continues to expand globally, recently launching in New Zealand and acquiring CTIN Pay in Vietnam. The company has surpassed $600 million in annualised revenue and $130 billion in annualised transaction volume, further cementing its position as a leader in financial innovation.
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Teach For All has announced the launch of its Global Institute for Shaping a Better Future, set to open on 8 April 2025 in Singapore. This initiative seeks to create a global hub for learning, evidence generation, and leadership development, aiming to transform classrooms and education systems to better equip students for the future. The launch coincides with a Global Forum that will gather nearly 200 education leaders, policymakers, and philanthropists to discuss the future of education.

The Global Institute’s ambitious goal is to cultivate a movement of 10,000 agents of change across 100 countries by 2035. It aims to address global challenges such as climate change and inequality by fostering evidence-based learning and holistic student development, particularly for marginalised communities. Wendy Kopp, CEO and Co-founder of Teach For All, emphasised the importance of educators in shaping a better world, stating, “We believe that as educators, we have the greatest role to play in putting the world on a better trajectory.”

Based in Singapore, the Institute will leverage the city’s status as a global learning hub and engage local educators and regional partners. The Asia Community Foundation has committed S$10m to support the Institute’s pilot phase, with additional backing from DreamsAsia and Grab.

The Global Forum, running from 7 to 9 April, will feature a keynote by Andreas Schleicher, Director for Education and Skills at the OECD. Schleicher highlighted the need for ecosystems that support leadership and innovation, noting, “The Global Institute will serve as a platform that connects local insights with global learning.”

The Institute will focus on enabling global learning, translating evidence into practice, and developing collective leadership to drive systemic change in education.
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Australian lender Bizcap has officially launched its operations in Singapore, aiming to provide fast and flexible funding solutions to the country’s small and medium-sized enterprises (SMEs). Since its entry into the market, Bizcap has already facilitated over S$6m  in deals, establishing strong partnerships with local brokers and advisers. The company, which operates in Australia, New Zealand, and the UK, sees Singapore as a strategic hub for its Southeast Asia expansion.

Bizcap’s co-founder, Zalman Blachman, highlighted the demand for accessible funding in Singapore’s SME sector, similar to trends observed in other markets. “The SME segment is underserved, and there’s strong demand for faster, more accessible funding,” he stated. The company plans to expand into additional Asian markets over the next three years.

Bizcap’s lending model offers loan sizes ranging from S$5,000 to S$500,000, with plans to increase these amounts. The company utilises a flexible risk model that goes beyond traditional credit scores, employing automated bank statement aggregation and open banking integrations to assess business performance. This approach allows Bizcap to approve loans more frequently than traditional lenders.

Joseph Lim, Bizcap’s Asia Managing Partner, emphasised the company’s efficient processes, noting that the average assessment time during pre-launch testing was under four hours. “With our new systems coming online, we expect same-day funding to become a reality for eligible Singapore SMEs,” Lim said.

Bizcap’s partner-first approach includes lifetime commissions, dedicated support, and product education for brokers. The company offers two partnership models—Tick and Flick or broker-managed—to cater to different needs. Bizcap plans to introduce new products, such as a caveat-secured loan and a revolving line of credit, within the next 6 to 12 months, further enhancing its offerings for Singapore’s SMEs.
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GXS Bank has unveiled the GXS Reno Club, a new initiative aimed at making home renovations more affordable for consumers. With 17,000 new build-to-order (BTO) flat owners expected to receive their keys in 2025, the bank is targeting a significant market of homeowners who typically set aside around S$15,000 for home improvements.

The GXS Reno Club offers the first 1,000 consumers each month who take up a GXS FlexiLoan of at least S$15,000 over a 12-month period access to exclusive benefits. These include a preferential interest rate on their loans and enhanced savings on their GXS Savings Account balances up to S$20,000. To join, members must name their loan “RENOCLUB.”

The programme is supported by GXS Bank’s ecosystem partners, Grab and Singtel, providing members with exclusive deals. Jenn Ong, Head of Retail at GXS Bank, emphasised the financial strain renovations can impose, noting that costs for an HDB flat can range from S$35,000 to over S$80,000. “We created the GXS FlexiLoan with one question in mind: ‘Why should loans feel like shackles on your feet when it should help you soar?’” Ong stated.

The GXS FlexiLoan allows for multiple drawdowns without reapplying, and repayments can be made in instalments or in full without early charges. This flexibility is designed to accommodate the staggered payment nature of renovation projects.

To celebrate the launch, from 10 April to 30 June 2025, GXS Reno Club members will enjoy a 1% interest rate reduction on their first loan, additional bonus interest on savings, and discounts on home furnishings through Grab’s services. Members will also receive six months of free Amazon Prime subscription via cast.sg.
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The Monetary Authority of Singapore (MAS) has expressed its sorrow at the passing of Lee Ek Tieng, who served as the organisation’s Managing Director from November 1989 to December 1997 and as Deputy Chairman from January 1998 to December 2000. Lee is credited with guiding MAS through significant challenges, including the collapse of Barings Bank in 1995, and implementing vital regulatory measures to enhance financial stability.

Lee’s tenure at MAS was marked by his efforts to strengthen cooperation with regional central banks, fostering closer relationships through dialogue and collaboration. His leadership was instrumental in transforming MAS into a more transparent and cohesive organisation, with improved policy coordination across departments.

MAS acknowledged Lee’s legacy of stewardship and dedication to public service, which set high standards of excellence within the organisation. “He was instrumental in the transformation of MAS, fostering better coordination and integration of policies across departments, greater transparency as an organisation, and a more cohesive organisation,” the statement read.

The authority conveyed its deepest condolences to Lee’s family, recognising his exemplary leadership and sterling service. His contributions have left a lasting impact on MAS and the broader financial community.
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The Maritime and Port Authority of Singapore (MPA) has announced the receipt of 14 proposals under its Expression of Interest (EOI) to enhance the supply of liquefied natural gas (LNG) as a marine fuel in the Port of Singapore. Amongst these, eight submissions include bio-methane and e-methane solutions, which promise lower lifecycle greenhouse gas emissions, aligning with international shipping’s energy transition goals.

A diverse group of 18 companies, including energy firms, fuel suppliers, traders, bunker operators, and storage providers, participated in the EOI. This reflects the industry’s readiness to support sea-based LNG reloading, complementing existing onshore infrastructure and expanding fuel options for vessel operators.

MPA plans to collaborate with shortlisted companies to conduct sea-based LNG reloading trials by the second half of 2025. These trials will evaluate scalability, technical feasibility, safety, operational readiness, and digital connectivity, whilst also addressing methane slip. The insights gained will inform MPA’s review of the LNG bunkering licencing framework, aiming to enhance supply arrangements for international shipping.

In support of LNG demand, MPA anticipates calling for applications for additional bunker supply licences, including those for bio- and e-methane, by early 2026. These efforts contribute to global emission reduction discussions at the International Maritime Organisation.
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M1 Limited is marking its 28th anniversary with its largest sale to date, offering new and existing customers in Singapore the opportunity to acquire the latest smartphones at zero upfront cost. Running until 15 June 2025, the sale includes competitive monthly plans and exclusive gifts, making it easier for customers to own top-tier devices without financial strain.

The sale features popular devices such as the iPhone 16 Pro Max 256GB, available with a S$79.95 monthly plan, and the Samsung S25 256GB, paired with a S$51.95 monthly plan. Additionally, M1 is the only telecom provider in Singapore offering significant discounts on both phones and monthly plans to all customers.

As part of the anniversary celebrations, M1 is also introducing worldwide roaming in all device plans, allowing customers to stay connected globally. Customers can trade in old phones for substantial savings, with the potential to receive up to S$805 back. Existing M1 customers will benefit from loyalty vouchers and discounts on their next phone upgrade.

Further enhancing the offer, M1 provides cashback rewards through online shopping with partners like Shopee and Expedia, potentially reducing bills to zero. Customers can also participate in the Anniversary Claw Catcher Game via the My M1+ App for a chance to win weekly prizes.

This promotional event coincides with M1’s recent accolades as Best Telecom Provider 2025 and Best Customer-Centric Telecom Provider by World Business Outlook. For more details, visit any M1 Shop or the official website.
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MSIG Singapore has unveiled PawEasy, a new pet insurance plan designed to address the rising costs of pet medical care. With pet ownership increasing and a heightened focus on pet wellness, PawEasy aims to support owners by providing extensive coverage for their furry companions.

PawEasy offers one of the highest coverage limits in the market, with up to S$20,000 annually for hospitalisation and surgery. The plan also includes coverage for pre-surgery consultations and diagnostic tests up to 30 days before surgery, as well as post-surgery treatment for up to 60 days after discharge. Additionally, it covers complementary therapies such as acupuncture and physiotherapy, along with pet mobility aids, cremation, and burial expenses.

Pet owners can further enhance their coverage with optional add-ons, including third-party liability coverage up to S$500,000, outpatient non-surgical medical coverage up to S$5,000, and chemotherapy treatment coverage up to S$6,000 per pet’s lifetime. The plan also offers pet boarding cover if the owner is stranded overseas due to injury, illness, or public transport delays.

Steven Leong, Senior Vice President of Retail Distribution at MSIG Singapore, stated, “With PawEasy, our customers are assured of exceptional coverage, allowing them to be worry-free as they focus on their pets’ needs.”

PawEasy is available in three plan levels, with premiums starting at S$319 per year for dogs and S$128 per year for cats. New customers can enjoy a 30% discount on PawEasy until 30 April 2025. Pets eligible for coverage must be between 16 weeks and nine years old, microchipped, and licensed with the owner.
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Singapore-headquartered ST Engineering has been awarded a significant contract by the Rapid Transit System Bureau of Taichung City Government, valued at approximately S$1.4b, to deliver turnkey rail services for the new Taichung MRT Blue Line. This contract, announced on 10 April 2025, is part of a larger collaboration with Alstom Transport S.A., CTCI Corporation, and Hyundai Rotem Company, who will provide the signalling system, power supply, and rolling stock, respectively. The project is set to commence in the second quarter of 2025 and will span 14 years.

The Urban Solutions division of ST Engineering will spearhead the project management and systems integration. Their responsibilities include implementing rail electronics such as communications systems, automatic fare collection, platform screen doors, and the SCADA system. Additionally, they will oversee the development of an above-ground train depot. This contract further solidifies ST Engineering’s presence in Taiwan, building on their existing rail projects in the region.

Chew Men Leong, President of Urban Solutions at ST Engineering, stated, “This win reflects our strong technical and engineering expertise and further affirms our reputation as a trusted provider of turnkey rail services with expertise in managing and successfully delivering large-scale rail infrastructure projects.”

The 24.78km Blue Line will feature eight elevated and 12 underground stations, connecting the east and west of Taichung. It will integrate with the existing Green Line, significantly boosting the city’s public transport capacity. ST Engineering’s extensive experience in Taiwan, including projects like the Taichung MRT Green Line, underpins their capability to deliver this ambitious project.
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