Regional News

HSBC has broadened its Tokenised Deposit Service (TDS), a blockchain-based platform enabling real-time, secure currency transfers, to include cross-border transactions. Initially launched in Hong Kong and Singapore, the service now extends to the UK and Luxembourg. This expansion follows the first successful cross-border transaction between Hong Kong and Singapore in September, optimising treasury management for Ant International, the service’s inaugural client.

The TDS addresses the increasing demand for instant cross-border settlements by providing a 24/7 blockchain-based platform. It supports the rise of digital money and adapts to clients’ evolving needs. The service now accommodates domestic payments in additional currencies such as GBP, EUR, and USD, with plans for further expansion across HSBC’s key markets.

Manish Kohli, Head of Global Payments Solutions at HSBC, stated, “Tokenised deposits represent a major step forward in the future of transaction banking and open new opportunities for our clients.” He highlighted the benefits of combining real-time liquidity with blockchain’s secure settlement capabilities.

Kelvin Li, General Manager of Platform Tech at Ant International, remarked, “This milestone marks the next step in our joint innovation with HSBC on tokenised deposits.”

HSBC’s Distributed Ledger Technology (DLT) underpins the service, converting traditional fiat deposits into digital tokens. This allows for instant cash movements and seamless integration with existing treasury operations. The service also supports programmability, enabling conditional payments and efficient settlement of tokenised assets.

The expansion of TDS reinforces HSBC’s commitment to integrating with clients’ enterprise DLT systems, paving the way for the bank’s next-generation payment infrastructure.

Charge+, a leading electric vehicle (EV) charging company in Southeast Asia, and XPENG Motors, a high-tech firm from China, have announced a strategic partnership to establish a supercharging network across Southeast Asia. This collaboration aims to facilitate long-distance EV travel by offering ultrafast charging speeds of up to 480kW DC, enabling a charge from 10% to 80% in just 12 minutes.

The initial phase of the project includes the launch of four supercharging sites located in Singapore, Malaysia, and Thailand. These sites are at Royal Square Novena and Downtown East in Singapore, KL Eco City in Kuala Lumpur, and One Bangkok in Thailand. Charge+ has installed six ultra-fast charging points at KL Eco City, making it the fastest EV charging station in Kuala Lumpur with speeds up to 350kW DC.

The second phase will see the expansion of the supercharging network to additional high-traffic locations, including commercial hubs and motorway rest stops in countries like Indonesia. This initiative aligns with Charge+’s ongoing project to create a 5,000km EV charging highway across five Southeast Asian countries.

XPENG EV owners will benefit from exclusive charging discounts at Charge+ public chargers and the new supercharging hubs for three years. By the end of 2025, XPENG users will be able to access Charge+’s network via the XPENG mobile app, with integration into vehicle dashboards and start-stop charging capabilities.

Goh Chee Kiong, CEO of Charge+, emphasised the partnership’s role in enhancing cross-border EV travel, whilst Gao Xiang, General Manager of XPENG Charging, highlighted the potential for unlocking new opportunities in the region.

The London School of Business and Finance (LSBF) Singapore Campus has teamed up with the Singapore Computer Society (SCS) to launch the SCS Student Chapter on campus. This initiative aims to provide students with direct access to Singapore’s leading infocomm and digital media community, equipping them with essential skills for the digital economy.

The collaboration is designed to integrate LSBF students into Singapore’s thriving digital ecosystem through professional networks, career mentoring, and real-world industry exposure. This partnership aligns with LSBF Singapore’s technology-driven academic offerings, such as the Diploma in Information Technology and Degrees in Cyber Security, enhancing the institution’s commitment to blending classroom learning with industry immersion.

Preethi Kesavan, Director of Studies at LSBF Singapore, highlighted the significance of the initiative: “The launch of the SCS Student Chapter is a milestone in LSBF’s commitment to developing future-ready graduates. By integrating our students into Singapore’s vibrant tech ecosystem, we are giving them the skills, networks, and insights to thrive as leaders and innovators in a digital-first world.”

The SCS Student Chapter at LSBF is more than just an enrichment programme; it serves as a strategic bridge between education and industry. This partnership ensures that LSBF graduates are well-prepared to navigate and excel in the rapidly evolving digital landscape.

Singapore’s top food and beverage (F&B) brands were celebrated at the Yindii Eco-Brand Awards 2025 on 18 September for their efforts in combating food waste. The event, hosted by Yindii, Asia’s leading sustainable food app, highlighted the achievements of businesses and individuals who have collectively rescued over 200,000 meals from being discarded and prevented more than half a million kilograms of CO₂ emissions in less than a year.

Food waste is a significant contributor to global greenhouse gas emissions, accounting for nearly 10% worldwide. In Singapore, over 2,200 tonnes of food are wasted daily. The Yindii Eco-Brand Awards, part of Impact Week AT ONE, aimed to demonstrate that sustainability and business success can coexist. More than 25 brands across hospitality, retail, and F&B, including Cedele, Paul, and Grand Hyatt Singapore, were recognised for their contributions.

Poh Li San, Member of Parliament and Chairperson for the Government Parliamentary Committee for Environment and Sustainability, stressed the importance of collaboration in addressing food waste. “With 800,000 tonnes wasted annually in a country that imports 90% of its food supply, reducing waste is not just an environmental issue but a matter of food security and resilience,” she stated. The awards highlighted the potential for practical, scalable solutions to this pressing challenge.

Pialiving Co Ltd, a leading Japanese soundproofing specialist, has announced that its Singapore subsidiary, Cocospace PTE LTD, will host the first-ever Soundproofing Consultation and Experience Event in Singapore. Scheduled for 4–5 October 2025, the event will take place at Cocospace’s new exhibition space in Bedok, offering free admission with advance registration.

For over 20 years, Pialiving has provided easy-to-install soundproofing products, such as curtains, panels, and mats, which are trusted by over 40,000 households in Japan annually. The company aims to address noise complaints, a significant issue in both Japan and Singapore. In Japan, from October 2024 to August 2025, Pialiving received 2,842 consultations, with 97 cases related to children’s footsteps. Similarly, Singapore has seen a surge in noise complaints, with numbers rising from 4,800 in 2019 to 27,600 in 2022, according to the Housing Development Board.

The event will feature an exhibition where attendees can experience soundproofing products firsthand, along with free consultations and hands-on experiments. This initiative provides Singapore residents with access to effective soundproofing solutions previously available only in Japan.

Following this event, Pialiving will also participate in the Kawaiimama Festival Singapore from 14–16 November 2025, showcasing soundproofing items in a family-oriented setting. Fusako Muromizu, CEO of Pialiving and Cocospace, expressed the company’s commitment to creating peaceful living environments, stating, “We are delighted to bring Japan’s expertise and soundproofing products to Singapore.”

Singapore has emerged as the global leader in artificial intelligence (AI) mentions within job postings, with one in six listings referencing AI technologies such as machine learning, generative AI, and agentic AI, according to new data from Indeed. This trend highlights Singapore’s status as a tech hub in the Asia Pacific region.

Data and analytics roles topped the list with 57% of AI mentions, followed by software development at 39%, scientific research at 35%, and industrial engineering at 33%. Callam Pickering, Indeed’s APAC Senior Economist, noted, “The adoption of AI technologies continues to be rapid throughout Singapore, with one-in-six job postings mentioning these tools in August.”

Despite a decline in job postings, the market showed signs of stabilisation. August saw a 1.3% dip in job postings, a significant improvement from the 4.8% drop in July. Although postings are 16.2% lower than the previous year, they remain 35% above the pre-pandemic baseline of February 2020.

Essential services such as food preparation and service saw a 10.7% increase in job postings, whilst legal and personal care roles also experienced growth. Conversely, sectors like childcare and IT support faced declines, with postings dropping by 46.5% and 17.6%, respectively.

Pickering added, “Whilst hiring demand is normalising, the overall volume of opportunities continues to reflect a healthy, resilient labour market.” The data suggests that Singapore’s job market remains robust, though further declines could soften labour conditions if not stabilised soon.

Seatrium Limited has announced the sale of its AmFELS Yard in Brownsville, Texas, to Karpowership for S$65m. This strategic divestment is designed to enhance Seatrium’s capital and operational efficiencies by unlocking value from a surplus facility. The transaction, executed through Seatrium’s subsidiary, Seatrium AmFELS, Inc., involves a binding agreement with Karpower Valley LLC, a related entity of Karpowership.

Chris Ong, CEO of Seatrium, expressed confidence in the partnership with Karpowership, stating, “We have a strong and longstanding relationship with Karpowership, and are pleased to entrust the yard to a partner with whom we will continue to deepen our collaboration.” Despite the divestment, Seatrium remains committed to the US market, focusing on engineering innovation and technology capabilities to support its customers’ evolving needs.

The book value of the divested assets as of 30 June 2025 was approximately S$39m. The sale, subject to customary closing conditions, includes a deferred payment of S$50m to be settled one year post-closing. Seatrium plans to complete all ongoing projects at the AmFELS Yard by the end of 2025, ensuring a smooth transition for its customers and partners.

This move aligns with Seatrium’s broader strategy to leverage its global footprint and integrated delivery model to provide world-class solutions in the offshore and energy sectors.

Digital Edge Singapore Holdings and Hulic Co Ltd have launched TYO7, a state-of-the-art data centre in central Tokyo. Situated in Nihonbashi, the facility is strategically located just one kilometre from Japan’s central network hub at Otemachi and less than 300 metres from Digital Edge’s existing TYO2 site. This marks Digital Edge’s seventh data centre in Tokyo and ninth in Japan, highlighting its expansion in Asia’s digital market.

TYO7 is designed to cater to the increasing demand for digital services in Japan, driven by the rapid adoption of cloud and AI technologies. The facility offers high power density colocation, direct access to multiple carriers and internet exchanges, and low-latency connectivity. John Freeman, CEO of Digital Edge, stated, “With TYO7, we are delivering a network-dense, sustainable, high-performance facility.”

The project also represents Hulic’s commitment to developing next-generation infrastructure in Tokyo. Takaya Maeda, President of Hulic, expressed satisfaction with the partnership, stating, “This facility not only addresses Japan’s growing digital infrastructure requirements but also sets a new standard for environmentally responsible development.”

TYO7 is on track to achieve LEED Silver certification, reflecting its energy-efficient design and commitment to reducing environmental impact. The facility underscores Digital Edge and Hulic’s shared goal of creating long-term value for customers and the Tokyo community.

Grab Holdings and WeRide have announced the launch of Ai.R, Singapore’s inaugural autonomous vehicle (AV) service, in the Punggol area. The service will commence passenger operations in early 2026, initially featuring 11 M1-certified vehicles with safety operators on board. This development marks a significant step in Singapore’s journey towards embracing AV technology.

The global deployment of AVs is accelerating, with companies like Waymo, Tesla, Zoox, Apollo Go, and WeRide expanding their robotaxi fleets across the US, China, Hong Kong, and the Middle East, according to Maybank Research. The early adoption of AV technology is expected to bring substantial benefits to Grab, potentially saving the company approximately $71m annually and increasing its net present value by 7%.

The launch of Ai.R is part of a broader trend of AV adoption in the ASEAN region, with implications for transportation and urban mobility. As the service prepares to go live, stakeholders are keenly observing its impact on the local transport landscape and its potential to influence AV policies and practices across the region.

Coinbase has announced a strategic partnership with StraitsX to introduce XSGD, the first Singapore dollar-backed stablecoin, to its users both in Singapore and globally. Recognised by the Monetary Authority of Singapore (MAS), XSGD is compliant with the upcoming Single Currency Stablecoin regulatory framework, marking a significant step in diversifying the stablecoin ecosystem beyond USD-based options.

XSGD allows users to convert Singapore dollars to XSGD on a one-to-one basis, facilitating instant local and cross-border payments. This stablecoin aims to mitigate foreign exchange volatility and promote financial inclusion by enabling transactions in local currency. The partnership will see XSGD available on Coinbase and Coinbase Advanced from 29 September, with plans to issue it on Base, Coinbase’s Ethereum Layer 2 chain, to enhance on-chain foreign exchange transactions.

Hassan Ahmed, Country Director of Coinbase Singapore, highlighted the transformative potential of stablecoins, stating, “With XSGD live on Coinbase Singapore, we’re one step closer to making local and cross-border payments instant and accessible to everyone with a phone and wallet.”

The collaboration also involves building liquidity pools for seamless stablecoin exchanges across different currency corridors. Tianwei Liu, CEO and Co-Founder of StraitsX, emphasised the partnership’s role in breaking USD-centric barriers, saying, “This partnership brings us closer to a truly multi-currency and frictionless global financial system.”

This initiative underscores Singapore’s leadership in regulated digital finance and represents Coinbase’s ongoing expansion in the Asia-Pacific region. Further details on the partnership’s products and services will be revealed in the coming months.