Industry News

Global ratings agency Fitch Ratings has announced an upgrade to the ratings of Astrea VI Class B Bonds and Astrea 7 Class A-2 Bonds. The agency also affirmed the existing ratings for Astrea VI, Astrea 7, and Astrea 8 Private Equity Bonds. This development reflects Fitch’s confidence in the financial stability and performance of these bonds.

The upgrade is significant for investors, as it indicates a lower risk associated with these bonds, potentially enhancing their attractiveness in the market. Fitch’s decision to upgrade and affirm these ratings underscores the robust management and strategic direction of the bonds’ issuer, Azalea.

The Astrea series of bonds are known for their innovative approach to private equity investments, offering retail investors access to a diversified portfolio of private equity funds. The upgraded ratings are expected to bolster investor confidence and could lead to increased demand for these bonds.

Azalea Investor Relations expressed satisfaction with Fitch’s decision, highlighting the importance of maintaining strong credit ratings to support investor trust and market credibility. The affirmation of the other ratings further solidifies the standing of Astrea’s offerings in the competitive financial market.

As the market responds to these upgrades, the future implications could include enhanced liquidity and potentially more favourable terms for future bond issuances by Azalea.

Heidi, a rapidly expanding healthcare AI company, has announced the establishment of its regional headquarters in Singapore, following a US$65m Series B funding round led by Point72 Private Investments. The company plans to invest US$8m over the next two to three years, aiming to hire 10–12 roles initially, with further expansion anticipated as the business grows.

The move comes as Singapore grapples with an ageing population and a shortage of clinicians, with projections indicating that by 2030, one in four Singaporeans will be aged 65 or older. Heidi’s AI platform, which transcribes doctor-patient conversations into structured clinical notes, is designed to increase clinicians’ effective capacity, allowing them more time for patient care. The platform has already supported nearly 55,000 consultations in Singapore.

“For Heidi, Singapore represents more than a market entry, it’s a launchpad for the next phase of healthcare innovation and growth across Southeast Asia,” said Dr Thomas Kelly, CEO and co-founder of Heidi. He highlighted Singapore’s supportive ecosystem and initiatives like the TRUST platform as key factors in accelerating AI adoption in healthcare.

Heidi’s Singapore launch is part of its broader global expansion, including recent moves into Hong Kong. The company’s AI tools currently process over 2 million patient consultations weekly across 116 countries. With this latest funding, Heidi’s total capital raised stands at US$96.6m, supported by investors such as Blackbird Ventures and LocalGlobe.

The National University of Singapore (NUS) Business School and Tencent co-hosted the “Technology for Good: Driving Social Impact” conference on 19 November 2025, bringing together 100 academics, industry leaders, and policymakers. The event, held at NUS Business School, focused on how technology can promote inclusion and social progress across Asia. This conference marked a significant milestone in the ongoing collaboration between NUS, Tencent, and the China Association for NGO Cooperation (CANGO).

The conference followed a global research call launched in April 2025, which attracted 134 submissions on AI inclusion, ethics, and corporate responsibility. From these, 60 proposals were shortlisted and developed into full research papers, commentaries, or videos, competing for nine awards. The Best Paper Award was given to Yukun Zhang and Tianyang Zhang for their work on an economic model addressing information pollution from generative AI. The Best Commentary Award went to a team from the Hertie School, University College London, and Berlin Social Science Centre for their analysis of AI regulation in China and the European Union.

Building on this success, NUS and Tencent signed a new Memorandum of Understanding (MOU) to extend their partnership into 2026. This will include another research call and conference related to Technology for Good. Professor Lawrence Loh of NUS emphasised the potential of technology as a catalyst for good when guided by ethical leadership. Tencent’s Xiao Liming highlighted the company’s commitment to social good through technology.

The conference underscored the importance of cross-sector partnerships in harnessing technology for social impact, as noted by Xu Xiaoxiao of CANGO. Further announcements regarding the partnership’s future initiatives are expected in 2026.

OCBC has extended its partnership with Visa, allowing Singapore customers to transfer funds directly to eight major digital wallets across Southeast Asia via the OCBC app. This development builds on last year’s integration of Weixin Pay and Alipay, making the app the most connected in the region with a total of 10 digital wallet options. The initiative aims to simplify remittances for Singapore’s foreign workforce, who often rely on slower and more expensive transfer methods.

The new feature enables near-instant, fee-free transfers to popular wallets such as Coins and GCash in the Philippines, GoPay and Ovo in Indonesia, Momo in Vietnam, and Touch ‘n Go in Malaysia. Collectively, these wallets, along with the Chinese options, serve up to 2.72 billion users. This expansion addresses key remittance challenges—speed, cost, and accessibility—particularly benefiting the unbanked population in the region.

Since the service’s launch with Chinese wallets, OCBC has processed over S$60m in transfers, significantly increasing cross-border transactions to China. The bank anticipates strong adoption among Singapore’s 1.6 million foreign workers. Sunny Quek, Head of Global Consumer Financial Services at OCBC, stated, “By connecting OCBC accounts to eight of Southeast Asia’s most popular wallets, we are removing friction from cross-border payments and making remittances faster, cheaper, and more inclusive.”

Visa Direct powers the app’s capabilities, providing access to nearly 11 billion endpoints globally. Adeline Kim, Visa’s Country Manager for Singapore & Brunei, noted, “Visa Direct is transforming the way money moves globally, helping to bridge financial gaps and support the millions who rely on remittances.”

OCBC’s long-term goal is to connect customers to 50 digital wallets worldwide, further enhancing its comprehensive wallet access.

District 6, encompassing City Hall, Clarke Quay, Beach Road, and High Street, recorded the highest median rent for 3-bedroom non-landed homes at $10,950 (S$15,000) per month in the third quarter of 2025. This figure places it ahead of other districts, with District 1 (Boat Quay/Marina/Raffles Place) following at $6,205 (S$8,500) and District 4 (Harbourfront/Telok Blangah) at $6,055 (S$8,300).

The rental market for non-landed properties saw varied changes across different unit sizes. Whilst rents for 3-bedroom units increased by 3% year-on-year, 5-bedroom units experienced a decline of 2.3%. On a quarter-on-quarter basis, the rental increase was more modest, with a 1.1% rise overall. Notably, 5-bedroom units saw the largest quarterly increase at 4.2%.

The rise in rents is attributed to seasonal factors, such as the start of the academic year for international schools, and the completion of 1,776 new private residential units. These new units, equipped with modern facilities, have attracted tenants willing to pay a premium for the “newness” factor.

Looking ahead, Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted, “For 2026, although there will be more new completions, which has often contributed to lifting rents due to the premium from the ‘newness’ factor, this may be offset by the challenging business conditions. Overall, rents are expected to stay sideways.”

Despite a 2.4% increase in the URA rental index year-to-date, the forecast for private residential rents in 2025 is expected to remain flat, with only minor deviations anticipated.

UOB Travel has appointed Amadeus as its digital transformation partner to modernise its technology infrastructure and improve the travel experience for its customers. This strategic partnership aims to integrate advanced digital retailing, automation, and productivity solutions, enhancing operational efficiency and customer service for UOB Travel’s cardmembers and banking clients in Singapore.

The collaboration will enable UOB Travel to access modern distribution channels, including New Distribution Capability (NDC), allowing for richer content offerings and quicker service delivery. Steven Ler, Executive Director of UOB Travel, stated, “Amadeus’ holistic travel technology offering has transformative potential for UOB Travel in Singapore. Through a suite of digital retailing, automation, productivity, and back-office solutions, we are building a future-proof business system with scalable, efficient solutions.”

Amadeus, a leading provider of travel technology solutions, will work closely with UOB Travel to develop a modern end-to-end travel system. This system aims to streamline operations, maximise efficiency, and unlock new revenue opportunities, ultimately delivering exceptional value to customers. Javier Laforgue, Executive Vice President of Travel Unit & Managing Director of Asia Pacific at Amadeus, commented, “UOB Travel and Amadeus have a shared vision to make the travel experience better.”

With this partnership, UOB Travel is poised to offer a more connected and comprehensive booking experience, supporting its ongoing business growth across its global network. This initiative underscores UOB Travel’s commitment to enhancing the travel experience by tailoring solutions to meet evolving customer needs.

SCOR, Howden, and Charles Taylor have collaborated to launch Project INmersAbility, a pioneering initiative in Singapore’s general insurance sector aimed at promoting inclusivity for persons with disabilities (PWDs). This six-month programme offers rotational work placements across the three companies, providing participants with comprehensive exposure to the insurance value chain.

The project was initiated to address the slow adoption of inclusive hiring practices within the insurance industry compared to other sectors. Justin Wong, a Financial Technology diploma holder diagnosed with Autism Spectrum Disorder (ASD) and Attention Deficit Hyperactivity Disorder (ADHD), was selected for the programme due to his relevant experience and enthusiasm for gaining new skills.

Justin has completed rotations with Howden’s claims and strategic solutions teams and SCOR’s finance department. He is currently concluding his placement with Charles Taylor, working with the Property & Casualty and Natural Resources Adjusting teams. Reflecting on his experience, Justin stated, “Being part of Project INmersAbility has opened my eyes to the means in which I can contribute to the industry.”

Adil Aida, CFO of SCOR Asia-Pacific, emphasised the strategic advantage of disability inclusion, noting that it brings fresh perspectives and resilience to businesses. Jenny Lim, CEO of Howden Singapore, highlighted the programme’s success in demonstrating that insurance is a viable sector for PWDs. Stephen Thorpe, Managing Director of Charles Taylor, pointed out the untapped potential of PWD professionals in addressing the talent crunch in the industry.

The programme will culminate in an industry event on 10 December 2025, hosted by SCOR, to share insights and encourage similar initiatives across the insurance community.

CIMB Singapore has spearheaded the formation of the SME Resilience Circle, a strategic collaboration with CrediLinq, KPay, and Singlife, to bolster the resilience and growth of small and medium-sized enterprises (SMEs) in Singapore and the region. This initiative, formalised through Memoranda of Understanding (MOUs) signed on 19 November 2025, will provide over 30,000 retailers access to innovative financing solutions.

Central to this collaboration is CIMB FlexiPay, a “pay-as-you-earn” working capital solution launched in August 2025. This digital platform allows businesses to repay loans based on their daily revenue, with no interest or late fees, thereby offering a flexible financial lifeline to SMEs. Benjamin Tan, Head of Commercial & Transaction Banking at CIMB Singapore, emphasised the bank’s commitment to advancing customer and societal interests through such financial solutions.

CrediLinq’s Co-founder, Vikram Kotibhaskar, highlighted the partnership’s potential to make working capital more accessible by integrating AI-powered technology with CIMB’s financial ecosystem. Christopher Yu, President and CFO of KPay, noted the importance of connecting payment data with financing solutions to empower merchants with flexible credit options. Sandeep Nair, Head of Sales at Singlife, stressed the broader goal of building a supportive ecosystem for business continuity.

The SME Resilience Circle aims to address challenges such as rising costs and digital disruption, ultimately strengthening the economic fabric of the region. This initiative marks a significant step in providing SMEs with the tools needed for sustainable growth and competitiveness.

A recent survey by MoneyHero and Coinbase reveals that cryptocurrency ownership in Singapore has reached a significant milestone, with 61% of respondents reporting they hold digital assets. The survey, conducted between 15 and 19 August 2025, involved 3,513 active retail investors and crypto-curious individuals, highlighting the growing mainstream adoption of crypto in the city-state.

The findings underscore a shift in the financial landscape, with a notable 58% of participants identifying as long-term holders, or “HODLers,” rather than active traders. This indicates a preference for holding onto assets over trading them frequently. Furthermore, trust has emerged as the primary consideration for Singaporeans when selecting a cryptocurrency exchange, outranking fees, with 65% of respondents prioritising trust-related factors.

The survey also highlights the role of social media in shaping crypto knowledge, with 62% of participants citing it as their primary learning source. This reliance, however, poses risks of misinformation, emphasising the need for more robust educational initiatives.

Rohith Murthy, CEO of MoneyHero, remarked on the collaboration with Coinbase, stating, “The Pulse of Crypto — Singapore 2025 survey report provides timely, data-driven insights into consumer sentiment on digital assets.” Hassan Ahmed, Coinbase’s Country Director for Singapore, added, “As we deepen our position in Singapore, we remain committed to providing high-quality educational resources that help people make informed decisions.”

The report suggests that Singapore’s crypto market is maturing, with cautious allocations and a focus on trust. It calls for enhanced education, trust-building, and inclusive growth to support responsible market development.

Univers, a Singapore-based leader in AI and IoT for energy, has partnered with SBS Transit, the city-state’s foremost public transport operator, to develop the SBS Transit Energy and Operations AI Platform. This strategic collaboration aims to revolutionise energy and operations management across SBS Transit’s bus and rail facilities.

The AI-driven platform will enable SBS Transit to connect and analyse data, enhancing asset monitoring, control, and maintenance. This initiative is expected to significantly boost operational and energy efficiency, aligning with Singapore’s broader decarbonisation goals under the Green Plan 2030.

Chun Yin Mak, Global Senior Vice President of Univers, stated, “This collaboration builds on our ongoing efforts to empower enterprises globally with AI and IoT capabilities. As a Singapore-headquartered company, we’re proud to work with SBS Transit on a multi-year AI-driven transformation of energy and operations.”

The partnership will also benefit from Univers’ Global Impact AI Lab, which aims to accelerate innovations in the transport sector. This lab will foster AI-driven solutions that can be scaled beyond Singapore, potentially impacting global public transport systems.

SBS Transit, with over 50 years of experience, operates around 200 bus services and several rail lines, including the North East MRT Line and the Downtown Line. The company’s network facilitates more than 3.5 million passenger trips daily, underscoring the potential impact of this AI platform on Singapore’s public transport efficiency.

This collaboration marks a significant step towards sustainable public transport solutions, with potential implications for global transport systems.