Regional News

The Monetary Authority of Singapore (MAS) and the Hong Kong Monetary Authority (HKMA) have signed a Memorandum of Understanding (MoU) to bolster their cooperation in banking supervision. The agreement aims to facilitate the exchange of information and mutual assistance between the two authorities, enhancing the oversight of banks operating across both jurisdictions.

The MoU marks a significant step in the longstanding collaboration between MAS and HKMA. With both Singapore and Hong Kong hosting a substantial number of banks from each other’s territories, the enhanced cooperation is expected to improve the supervision of cross-border banking operations. This development is crucial given the prominent roles both cities play as international financial centres.

Chia Der Jiun, Managing Director of MAS, highlighted the importance of the MoU, stating, “This MOU reaffirms the strong partnership between MAS and the HKMA and paves the way for deeper collaboration, fostering supervisory cooperation, exchange of information and sharing of best practices in key areas of mutual interest between the authorities.”

Eddie Yue, Chief Executive of the HKMA, echoed these sentiments, noting that the agreement reinforces the close ties between the two authorities and enhances their ability to manage cross-border banking matters effectively.

The strengthened cooperation is expected to lead to more robust supervision of banks, ensuring stability and resilience in the financial sectors of both Singapore and Hong Kong. This initiative underscores the commitment of both authorities to maintaining high standards of banking oversight in the region.
“`

Chronic pain is increasingly affecting Singaporeans, with a notable rise in musculoskeletal discomfort among both younger working adults and seniors. This trend is attributed to sedentary work habits, prolonged screen time, and an ageing population, according to Singapore Paincare’s internal data from 2020 to 2024.

Lower back pain has surged by over a third among those aged 21 to 40, whilst neck pain has increased nearly 50%, often linked to poor home-office ergonomics. Additionally, headaches and migraines have doubled over the past five years. These issues highlight the importance of early attention to musculoskeletal health to support mobility and independence across all age groups.

The implications of these trends are significant for public health, as they affect productivity, daily functioning, and quality of life. Singapore Paincare emphasises the need for lifestyle awareness and early intervention to mitigate these effects. “Musculoskeletal discomfort affects all ages, including seniors, highlighting the importance of early attention and lifestyle awareness,” it states.

As Singapore grapples with these health challenges, the focus on improving ergonomics and promoting active lifestyles becomes crucial. Addressing these issues early can help maintain daily functioning and quality of life for individuals across generations.

Singapore’s co-living sector has emerged as a mature and institutionally recognised asset class, drawing over $1.02b (S$1.4b) in transaction volume since 2022, according to a recent report by JLL. The sector has maintained high occupancy rates of 85-95% despite a broader market normalisation, reflecting its resilience and growing investor confidence.

The report notes a strategic shift in investor sentiment towards stable, core-focused strategies, moving away from high-risk plays. This shift indicates confidence in the sector’s long-term viability and its integration into Singapore’s mainstream residential landscape. “The co-living sector has proven its resilience and is now a structural component of our residential landscape,” said Chia Siew Chuin, Head of Residential Research at JLL Singapore.

A significant growth driver for the sector is the demand from international students, who now make up 25 to 40% of residents for some operators. This trend is supported by projections of 6.7% annual growth in Singapore’s higher education market through 2031. Additionally, government involvement has facilitated the sector’s growth, with state-owned properties being tendered for co-living use, targeting specific demographics like students and healthcare workers.

Major operators are now focusing on acquiring and managing entire buildings for operational efficiency, whilst also offering comprehensive amenities to enhance resident experience. Investor sentiment reflects this evolution, with a notable decline in high-risk investments and a preference for core or core-plus approaches. This maturation is further evidenced by compressed return expectations, with 65% of investors targeting an Internal Rate of Return below 15%.

As the sector continues to mature, it is expected to further embed itself into Singapore’s residential landscape, driven by strategic demographic targeting and operational innovations.

DBS has launched its new alternate site, DBS Asia Gateway, at Jurong Hub, aiming to bolster operational resilience and encourage sustainable business practices among small and medium-sized enterprises (SMEs) in Singapore. The announcement was made during the second edition of the DBS Regenerative Festival, which attracted over 300 business owners and industry partners.

The event featured a fireside chat with Senior Minister of State for Education, and Sustainability and the Environment, Janil Puthucheary, and DBS CEO Tan Su Shan, discussing Singapore’s sustainability goals and the benefits of regenerative practices for SMEs. Derrick Goh, Group Chief Operating Officer at DBS, highlighted the bank’s commitment to sustainability, stating, “Being in Jurong allows us to better serve our customers in the western part of Singapore and further our sustainability objectives.”

The festival showcased over 20 exhibitors, including DBS-supported companies like MYCL and AlterPacks, which offer innovative regenerative products. The event is part of DBS’s broader initiative to integrate sustainability into business models, including the ESG Ready Programme and a decarbonisation playbook for manufacturers.

DBS Asia Gateway, located at Perennial Business City, exemplifies regenerative practices with features like reclaimed materials and energy-efficient cooling systems. The site aims to serve as a model for sustainable office design, housing around 1,000 employees from DBS’s Operations Group. The bank’s efforts underscore its commitment to the Singapore Green Plan 2030 and its role in advancing sustainable business practices.

Huize Holding Limited has announced that its international brand, Poni Insurtech, has been granted a Financial Adviser and Exempt Insurance Broker licence by the Monetary Authority of Singapore (MAS). This development is a significant step in Huize’s strategy to establish dual regional hubs in Singapore and Hong Kong, enhancing its commitment to the ASEAN market.

The newly acquired licence allows Poni Financial Advisory Pte Ltd to expand its tech-enabled advisory services across the region. Poni’s model integrates regulated advisory platforms with modern infrastructure, including cloud APIs and AI-assisted consultation, to streamline processes from onboarding to servicing. This approach aims to simplify digital distribution for insurers, independent financial advisers, and affinity partners, ensuring a consistent customer experience.

Ron Tam, International CEO at Poni Insurtech and Co-CFO at Huize Holding Limited, stated, “Securing the MAS licence is a pivotal step in our international expansion. With Singapore and Hong Kong as twin hubs, we are positioned to serve sophisticated clients across the region with trusted advice and technology at scale.”

Cassandra Wee, Managing Director of Poni Insurtech Singapore and CEO of Poni Financial Advisory, highlighted the strategic importance of Singapore and Hong Kong as insurance and wealth hubs in Asia. She noted that their regulatory clarity and adviser density make them ideal launchpads for scalable tech-enabled advisory services.

Poni Insurtech, as part of Huize Holding Limited, continues to expand its operations across Hong Kong, Singapore, and Vietnam, leveraging technology to support embedded insurance and advisory platforms.

The Hong Kong Productivity Council (HKPC) is set to make its inaugural appearance at the China International Industry Fair (CIIF) from 23 to 27 September in Shanghai. As the only Hong Kong public organisation participating, HKPC aims to highlight the region’s advancements in artificial intelligence (AI) and technology applications. The event will also see a delegation of 54 Hong Kong enterprises engaging with Mainland counterparts to explore cutting-edge technologies and international market opportunities.

HKPC’s booth will feature globally recognised AI technologies, including award-winning solutions in robotics and green technology. “HKPC is delighted to participate in the CIIF for the first time,” said Sunny Tan, Chairman of HKPC. “We aim to demonstrate Hong Kong’s technological strengths and international competitiveness.”

The CIIF, one of the largest industrial exhibitions, will host around 3,000 exhibitors. HKPC will present innovations such as the AI Autonomous Wheelchair and the AIM Automation Platform, which enhance manufacturing efficiency and offer new intelligent solutions.

In addition to showcasing technology, HKPC will host technical seminars and networking events, including the New Productive Forces Meetup and Industry Network Clusters Shanghai. These sessions will focus on AI integration and smart manufacturing, providing a platform for over 100 representatives from various sectors to share insights.

With the State Council’s recent AI Plus initiative, HKPC is poised to drive AI applications further, supporting enterprises in leveraging Hong Kong’s unique advantages and expanding globally. Visitors can register for free admission to the fair by 20 September.

Cathay Cargo has launched the Air-Land Fresh Lane, a pioneering initiative that facilitates the seamless import of perishable goods into the Greater Bay Area (GBA) via the Hong Kong–Zhuhai–Macao Bridge. This new service, developed in collaboration with the governments of Guangdong and Hong Kong SAR, allows shipments of fruit, live, and chilled seafood to travel from overseas through Hong Kong International Airport to Zhuhai by temperature-controlled lorries under a single air waybill.

The initiative is supported by the Hong Kong Customs and Excise Department, which issues a “Certificate for Transshipment Confirmation” for live seafood and fruit shipments. This certificate streamlines the customs process, allowing goods to enter the Chinese Mainland via Hong Kong without the need for food importer registration, thus reducing costs and expediting the process.

A newly opened temperature-controlled inspection facility at the Zhuhai Port ensures that any necessary checks on fresh goods are conducted efficiently. The Air-Land Fresh Lane simplifies booking and offers cost savings compared to other lorry arrangements from Hong Kong into the GBA.

James Evans, General Manager Cargo Commercial at Cathay Cargo, stated, “The new Air-Land Fresh Lane is great news for shippers looking to send premium perishable products into the heart of the GBA.” He highlighted the consumer power of the GBA’s 86 million inhabitants and the potential for high-quality perishables to find a new market.

The first successful shipment under this initiative took place in mid-August, with live lobsters transported from Melbourne. This was followed by a shipment of live geoducks from Los Angeles, both transitioning smoothly to temperature-controlled lorries and crossing the border without delay.

Cathay Cargo’s Air-Land Fresh Lane complements its existing intermodal links across the GBA, including scheduled and chartered lorry services to six cities and a sea lane for bonded cargo. This development further strengthens Cathay Cargo’s position in the region, ensuring perishables arrive in peak condition for the GBA market.

Half of Singapore’s workforce is experiencing financial stress, with payroll teams under increasing operational pressure, according to Deel’s 2025 Singapore Payday Expectations Report. The report highlights that most employees feel their pay has not kept pace with inflation, leading to potential payroll errors and employee disengagement. This situation underscores the urgent need for businesses to modernise their pay systems to retain talent and trust.

Financial hardship is now a common issue for many working Singaporeans, with 50% of employees stating they are just getting by or struggling financially. This figure is notably higher than in Hong Kong, where 37% report similar struggles. Millennials are particularly affected, with only 8% reporting salary increases in line with inflation. Additionally, 42% of workers say they could sustain their lifestyle for less than three months without income.

The report also indicates a growing demand for flexible pay models. Traditional pay cycles are becoming less relevant, especially among younger workers who prefer immediate access to earnings. Earned wage access (EWA), allowing employees to access part of their wages before payday, is gaining traction, although only 25% of payroll teams currently invest in such solutions.

Payroll professionals are facing intensified workloads due to regulatory changes, such as increases to CPF monthly salary ceilings. Over three-quarters of payroll teams report added processes, with many organisations considering outsourcing payroll to manage the strain. Karen Ng, Regional Head of Expansion at Deel, emphasised the need for companies to modernise payroll systems to prevent burnout and maintain trust.

Ant International has announced its collaboration with Google as a launch partner for the Agent Payments Protocol (AP2), an innovative framework designed to facilitate transactions by AI agents with user authorisation. This partnership aims to address the evolving needs of agentic commerce, where AI agents increasingly conduct transactions on behalf of users.

AP2, developed by Google in collaboration with industry leaders, outlines the essential components of agentic payments, ensuring that user intent is verifiable, transactions are traceable, and accountability is maintained throughout the payment process. The protocol also enhances privacy and supports various payment methods.

Ant International, known for its expertise in alternative payment methods (APMs), is contributing to the development of an APM-based agent payments protocol for AP2. The company is leveraging its connections with 36 leading digital wallets to streamline the APM checkout process and utilise AI to prevent fraudulent transactions. Additionally, Ant International’s payment mandate model will provide insights into strengthening traceability and compliance.

The company is also exploring practical applications of AP2, such as enabling its AI travel agent, Alipay+ Voyager, to book rides and process payments through a multi-agent model. This capability will operate under the Agent2Agent protocol, ensuring compliance with AP2 standards.

Jiangming Yang, Chief Innovation Officer of Ant International, stated, “Ant International is excited to partner with Google to advance standards-setting in agentic payments, leveraging our expertise in APM payments and trusted AI innovations.”

This collaboration further strengthens Ant International’s partnership with Google Cloud, following the launch of its AI-as-a-Service platform, Alipay+ GenAI Cockpit, in June 2025. The platform aims to empower fintechs and super apps to develop AI-native financial services with enhanced efficiency and security.

Sumitomo Life Insurance Company has successfully issued US$1.2b in subordinated notes, marking a significant financial manoeuvre for the Japanese insurer. The 5.875% step-up callable notes, due in 2055, have been listed on the Singapore Stock Exchange. Skadden, Arps, Slate, Meagher & Flom LLP, a prominent law firm, advised the underwriters on this substantial offering.

The issuance of these notes is a strategic move by Sumitomo Life, a private life insurance company in Japan, known for its comprehensive range of individual and group life insurance products, annuities, and other insurance offerings. The funds raised are expected to bolster the company’s financial flexibility and support its long-term growth objectives.

The legal team from Skadden’s Tokyo office played a pivotal role in this transaction. The Tokyo-based corporate team was led by partner and head of Skadden’s Tokyo office Kenji Taneda and included counsel Ken Kiyota, Asia Pacific counsel Yuko Ozaki and associate Spencer Rauner. Their expertise ensured the smooth execution of the offering, which is a testament to Skadden’s strong presence in the Asia Pacific region.

This financial development not only highlights Sumitomo Life’s robust market position but also underscores the growing importance of the Singapore Stock Exchange as a hub for significant financial transactions. The successful issuance of these notes is likely to enhance Sumitomo Life’s capital structure and support its future endeavours in the insurance sector.