Regional News

The Wealth Management Institute (WMI) has announced a partnership with the Private Banking Industry Group (PBIG) to strengthen philanthropy advisory capabilities within Singapore’s private banking sector. This initiative, revealed at the Global Family Office Summit on 29 September 2025, seeks to position Singapore as a leading hub for effective philanthropy in Asia.

Since launching the Impact Philanthropy Partnership (IPP) in 2023, WMI and PBIG have facilitated forums and roundtables, producing seven research reports on topics like catalytic giving and donor-advised funds. The new phase focuses on enhancing the skills of client-facing advisers to align financial strategies with long-term legacy planning, addressing the growing demand for values-based philanthropy.

Young Jin Yee, Co-head of UBS Global Wealth Management APAC and Chair of the PBIG Philanthropy Workgroup, highlighted the need for skilled advisers. “Families want trusted partners who can engage in meaningful conversations about values, legacy, and purpose,” she said. This collaboration aims to equip advisers to support these aspirations and foster greater impact awareness among clients.

WMI’s philanthropy programmes have seen significant enrolment, with about 600 participants since 2022. New initiatives, including a Certificate in Philanthropy and Social Impact for Greater China Markets, are set to launch in November 2025. Foo Mee Har, CEO of WMI, noted that philanthropy often unites generations, emphasising the importance of informed and actionable conversations.

Beyond training, WMI and PBIG are exploring ways to elevate Singapore’s role as a philanthropy hub, potentially through convenings, advocacy, and research. With its robust financial ecosystem and regional connectivity, Singapore aspires to be a global centre for philanthropy, gathering leading philanthropists and thinkers to drive meaningful social impact.

The Monetary Authority of Singapore (MAS), in collaboration with industry partners, has published a technical report detailing a proof-of-concept sandbox for quantum-safe communications within the financial sector. This initiative aims to address the growing need for enhanced security measures as quantum computing advances pose potential threats to current encryption methods.

The report, released on 29 September, outlines the development and testing of quantum-safe communication protocols designed to protect sensitive financial data. The sandbox environment allows financial institutions to experiment with these protocols in a controlled setting, ensuring their effectiveness and reliability before wider implementation.

MAS emphasises the importance of this development, stating that it is crucial for the financial sector to stay ahead of technological threats. “As quantum computing technology evolves, it is imperative that we prepare our financial systems to withstand potential security challenges,” the report notes.

The collaboration includes various industry stakeholders who contributed to the research and testing phases. This collective effort underscores the sector’s commitment to safeguarding data integrity and confidentiality in an increasingly digital landscape.

Looking ahead, the findings from this sandbox could pave the way for broader adoption of quantum-safe technologies across the financial industry, reinforcing Singapore’s position as a leader in financial innovation and security.

Soon Hock Enterprise, a specialised industrial real estate developer, has lodged its preliminary prospectus with the Monetary Authority of Singapore (MAS) as part of its plans for an initial public offering (IPO) on the Singapore Exchange Securities Trading Limited (SGX-ST) Mainboard. The prospectus, filed on 29 September 2025, outlines the company’s intention to offer ordinary shares to the public.

Maybank Securities Pte. Ltd. and United Overseas Bank Limited are acting as the Joint Issue Managers, Joint Global Coordinators, and Joint Bookrunners for the IPO. The prospectus will be available for public viewing on the MAS website once it is registered. Interested investors will be able to apply for shares as detailed in the prospectus.

The move marks a significant step for Soon Hock Enterprise as it seeks to expand its capital base and enhance its market presence. The company, along with its subsidiaries, aims to leverage the IPO to support its growth strategies and future business plans.

Prospective investors are advised to consult the registered prospectus for detailed information on the offering. Copies will be available for download from the MAS website or can be requested from Maybank Securities and United Overseas Bank during office hours, subject to availability.

The Ministry of Manpower (MOM) and the International Labour Organisation (ILO) have launched the first Global Dialogue on Digital Platform Work in Singapore. The event, which began on 29 September, gathers over 150 participants, including policymakers, statisticians, and platform operators from more than 20 countries. The dialogue seeks to address data gaps in the platform economy and develop harmonised international statistical frameworks to inform policies that protect workers and promote economic growth.

Digital platform work, despite its rapid expansion, remains underrepresented in labour force data due to the absence of standardised statistical definitions. This lack of data complicates the assessment of its impact on workers’ arrangements and incomes. The diverse nature of platform work, ranging from transport to professional services, further complicates measurement efforts.

Singapore has been proactive in this area, conducting annual national surveys on platform work since 2016. These efforts have informed the introduction of the Platform Workers Act, aimed at enhancing worker protection. The number of platform workers in Singapore who prefer this work as their main job has grown by an average of 7% annually from 2016 to 2024. Concurrently, challenges faced by these workers have decreased significantly.

Ng Chee Khern, Permanent Secretary of MOM, emphasised the need for international measurement standards to keep pace with the growth of digital platform employment. “By preparing early, as we did with delivery and ride-hailing workers a decade ago, we can ensure timely data and policies for this next wave of platform work,” he stated.

The dialogue will contribute to the development of international standards, with discussions set to continue leading up to the 22nd International Conference of Labour Statisticians in 2028.

Thunes, a global payments network, has launched its PaytoBanks solution, allowing banks to deliver faster cross-border payments through existing Swift connectivity. This innovation enables 11,000 banks within the Swift network to connect to Thunes’ Direct Global Network without additional integration, facilitating swift transfers to over 4 billion bank accounts in more than 130 countries.

The launch coincides with significant growth in the global B2B payments market, which reached $150t in 2024. Thunes has also expanded its PaytoWallets solution, enabling financial institutions to send global business payments via Swift. This builds on Thunes’ 2024 initiative, which allowed banks to make real-time payments to 3 billion mobile wallets across 120 brands.

Chloe Mayenobe, President and COO at Thunes, stated, “By extending the accessibility of our Direct Global Network via Swift, we are enabling banks to deliver faster, secure payments across both traditional financial systems and emerging payment methods.” Elie Bertha, Chief Product Officer at Thunes, added, “Now a person sending money to a loved one’s overseas bank account or a small business paying an international supplier can simply open their banking app and complete their transactions without delays.”

Thunes’ solutions leverage the SmartX Treasury System for advanced liquidity management and the Fortress Compliance platform for comprehensive risk controls, ensuring secure and compliant transactions. This development positions Thunes as a key player in the evolving landscape of cross-border payments, bridging fiat currencies, digital assets, and global wallets.

ASEAN banks are making strides in climate action, with 11 out of 14 major banks in Indonesia, Malaysia, Thailand, and the Philippines now setting long-term net-zero goals for financed emissions, according to a report by Asia Research & Engagement (ARE). This marks a significant increase from just three banks in 2022. However, these banks still fall short compared to their counterparts in Japan, Singapore, and South Korea, where decarbonisation targets are more comprehensive and aligned with national net-zero goals for 2050.

The report, titled “Bridging the Gap: Have ASEAN Banks Caught Up on Climate Action?”, highlights that Malaysia leads in policy progress, with Thailand and Indonesia catching up. The average policy performance rose to 38% in 2025 from 20% in 2022, with over half of the banks committing to halt new coal financing. Notably, Thailand’s KBank is the only bank with a disclosed policy on restricting gas-fired power financing.

Governance practices have also improved, with the average performance increasing to 54% from 39% in 2022. All banks now disclose board sustainability responsibilities, and more than half have climate expertise at the board level. In risk management, eight banks disclosed financed emissions for the first time in 2025, up from none in 2022.

Ben McCarron, Founder and Managing Director of ARE, commented, “ASEAN banks are making significant progress—from stronger governance and net-zero commitments to new restrictions on coal financing—but there’s more to do.” The report urges ASEAN banks to accelerate their transition to a low-carbon economy.

Edelteq Holdings Berhad has announced the formation of Halovision System Sdn. Bhd., a joint venture with Halo Technologies Sdn. Bhd., to develop advanced Automated Optical Inspection (AOI) systems for the semiconductor industry. The venture is supported by a strategic investment of $680,000 (RM3.2m) from Kumpulan Modal Perdana (KMP), a government-owned venture capital firm under Malaysia’s Ministry of Science, Technology and Innovation.

The investment will accelerate the development of Halovision’s Raptor series for substrate panel inspection and the i-Falke series for wafer-level inspection. These AOI systems utilise high-resolution cameras and intelligent image analysis to detect microscopic defects, ensuring high yield and reliability in semiconductor manufacturing. This is crucial for industries such as AI, 5G, and electric vehicles.

Chin Yong Keong, Group CEO of Edelteq, stated, “This partnership is a strong vote of confidence in Halovision’s technology and vision.” Lee Hui-Ni, Chief Investment Officer of KMP, added, “This investment underscores our deep commitment to nurturing homegrown innovation and strengthening Malaysia’s position in the global electronics and semiconductor value chain.”

John Moon, CEO of Halovision, expressed confidence in the venture’s ability to bring cutting-edge solutions to market, establishing Halovision as a global technology partner. The collaboration aligns with Malaysia’s National Semiconductor Strategy, aiming to boost local talent and technological capabilities, reinforcing the country’s role in the global semiconductor ecosystem.

Singapore has solidified its status as the premier global destination for entrepreneurial wealth and relocation, according to HSBC’s Global Entrepreneurial Wealth Report 2025. The city-state has outpaced the UK and Switzerland, with 15% of entrepreneurs choosing to move their wealth to Singapore, compared to 11% for each of the other two countries. This trend is not limited to financial assets; entrepreneurs are also relocating themselves and their families to Singapore, highlighting its appeal as a trusted business hub.

The report underscores Singapore’s international reach, with nearly two-thirds (63%) of its entrepreneurs living across multiple markets, surpassing the global average of 56%. This global connectivity is complemented by a strong sense of optimism among Singaporean entrepreneurs, with 97% expressing a positive outlook for their business prospects. Artificial intelligence is identified as a significant growth driver, further enhancing Singapore’s attractiveness as a business centre.

The findings of the report suggest that Singapore’s robust infrastructure, business-friendly environment, and strategic location continue to draw entrepreneurial talent and wealth from around the world.

As Singapore continues to lead in this arena, the implications for its economy and global business influence are significant, potentially setting the stage for further growth and innovation in the coming years.

Singapore-based wellness tech startup MEURAKI is set to debut its innovative app at the Genesis Village Festival 2025, taking place from 11 to 12 October at Gardens by the Bay. The app, designed to gamify wellness, aims to engage users through digital quests and community activities, offering rewards and progress tracking to make wellness an interactive experience.

The launch comes in response to a survey by the Ministry of Manpower, which revealed that one in three workers in Singapore reported stress or burnout in 2024. With rising youth mental health challenges, MEURAKI seeks to provide accessible wellness solutions by integrating gamification, community, and marketplace features. Founder Michelle Ngiam stated, “Wellness shouldn’t feel like a chore; it should be something people want to engage with daily.”

The festival, located at Silver Garden near the Flower Dome, will offer free admission, with some workshops requiring paid passes. MEURAKI’s app, available on iOS and Android, extends the festival experience into a daily digital companion, supporting habit-building and community engagement.

Looking ahead, MEURAKI plans to launch a marketplace in Q1 2026, connecting users with wellness practitioners and products, thereby creating new channels for small and medium-sized enterprises in the wellness sector. The Genesis Village Festival marks a significant step in MEURAKI’s mission to become a comprehensive wellness ecosystem platform.

Withers has announced that Ceri Vokes will become its new Chief Executive Officer effective on 1 July 2026. Vokes, a private client and tax lawyer, has been with the firm since 2006 and specialises in tax and trust advice for entrepreneurs, founders, and large multi-generational family offices. She will succeed Margaret Robertson, who has led the firm for nearly 25 years, and will continue practising as a tax lawyer alongside her new role.

Vokes expressed her enthusiasm for the appointment, stating, “I am thrilled to have been elected as CEO and am grateful to the firm’s partnership for placing their trust in me.” She acknowledged Robertson’s leadership, noting, “Her clear vision has steered the firm with purpose and helped define the firm we are today.”

Withers, an international law firm, is renowned for its expertise in private client services, advising families, founders, and financial institutions. The firm operates 15 offices worldwide, including in London, New York, and Singapore, and has advised a significant portion of the top individuals on various Forbes Rich Lists.

The transition marks a significant leadership change for Withers, as the firm navigates a dynamic legal sector influenced by technological and geopolitical factors.