Industry News

DBS and UnionPay International have announced the launch of the SplendorPlus campaign for the DBS UnionPay Platinum Debit Card, aiming to enhance financial connectivity between China and Singapore. The initiative, effective until 31 March 2026, offers cardholders up to 8% cashback and a 3% waiver on transaction fees for spending in China, providing a total benefit of up to 11%.

The campaign is part of a broader effort to support economic and cultural exchanges between the two nations, leveraging UnionPay’s extensive global merchant network. Cardholders can enjoy seamless transactions not only in China but also across countries involved in the Belt and Road Initiative, embodying the concept of “One Card Travel Across Asia.”

Additional perks include the UnionPay Global Privileges programme, which offers benefits such as complimentary hotel upgrades, dining discounts, and leisure privileges. These enhancements aim to deliver a premium cross-border payment experience, ensuring convenience and rewards for consumers.

To cater to the rising demand for mobile payments in China, cardholders can link their DBS UnionPay Platinum Debit Card to Alipay or WeChat Pay, enjoying a 3% waiver on transaction fees for transactions above RMB200. Furthermore, zero overseas ATM withdrawal fees offer savings of up to $5 (S$7) per transaction, making cash withdrawals abroad more convenient.

This initiative not only reduces the cost of cross-border mobile payments but also strengthens digital finance innovation and integration between China and Singapore.

Skylink Holdings, a prominent commercial vehicle leasing company in Singapore, has announced a significant 33.8% increase in revenue for the first half of 2026, following its successful reverse takeover (RTO) of Sincap Group Limited. The company’s revenue reached S$16.14m, bolstered by a 52.6% rise in its Commercial Vehicle Leasing segment and an 11.6% increase in its Engineering business.

The Group’s Credit business maintained a healthy loan book of S$66.3m as of 30 September 2025, with its paid-up capital recently increased by S$4m to S$7m. Despite higher depreciation costs due to increased Certificate of Entitlement (COE) prices, Skylink’s gross profit rose by 12.7% in 1H2026.

Executive Director and CEO Wesley Shen highlighted the company’s strategic positioning post-RTO, stating, “Following the milestone of our recent listing, the Group continues to deliver strong business performance that reflects not only the underlying strength and resilience of our business model but also the commitment and dedication of our team to deliver tangible results.”

Skylink’s net operating cash flows amounted to S$5.84m, underscoring the strength of its cash-generative activities. The company aims to leverage its listed status to accelerate growth across its core business segments, focusing on expanding its commercial leasing platform and enhancing its integrated ecosystem of mobility solutions.

Looking forward, Skylink Holdings is committed to scaling its business model to better serve its customers, reinforcing its position as a leading player in Singapore’s commercial vehicle leasing market.

Statrys has announced its expansion into Singapore, unveiling a non-traditional business account solution aimed at transforming how entrepreneurs, small and medium-sized enterprises (SMEs), and start-ups manage their finances across borders. This new offering provides both local and international businesses in Singapore with a platform designed to simplify cross-border payments, featuring competitive foreign exchange rates and personalised service.

The expansion is tailored to address the unique needs and challenges faced by SMEs, with Statrys aiming to streamline financial processes and facilitate easier navigation of international markets. The platform’s additional features are intended to optimise financial operations, thereby supporting sustainable global growth for businesses.

Statrys’ commitment to understanding and meeting the specific requirements of SMEs is evident in this new solution. By offering a comprehensive service that simplifies complex financial transactions, the company seeks to empower businesses to expand their reach and efficiency in the global market.

This strategic move by Statrys highlights the growing demand for innovative financial solutions that cater to the evolving needs of businesses operating in a globalised economy. As Singapore continues to be a hub for international business, the introduction of such solutions is likely to have significant implications for the financial landscape, potentially setting new standards for business account services in the region.

JTC has awarded the tender for the industrial site at Plot A Tuas Bay Drive to Zulin (S.E.A) Pte Ltd, following a competitive bidding process. The tender, which was launched on 26 August 2025 and closed on 21 October 2025, attracted two bids, with Zulin emerging as the successful bidder at a sum of $4.885m.

The awarded land parcel, located at Plot A Tuas Bay Drive, is zoned for Business 2 activities. It spans an area of 6,338.1 square metres and comes with a tenure of 23 years. The site has a gross plot ratio of 1.4, and the project is expected to be completed within 60 months.

This development is significant for Zulin as it expands its footprint in Singapore’s industrial sector. The strategic location and zoning of the site are expected to support the company’s business operations and growth plans.

The tender process reflects JTC’s ongoing efforts to facilitate industrial development in Singapore, providing opportunities for businesses to expand and innovate. The successful bid by Zulin underscores the company’s commitment to enhancing its capabilities and presence in the region.

As the project progresses, it will be interesting to observe how Zulin utilises the site to further its business objectives and contribute to the industrial landscape in Singapore.

Metro Holdings Limited, a property investment and development group, has reported a pre-tax loss of S$12.9m for the first half of the financial year ending 30 September 2025 (1HFY2026). This marks a significant downturn from the S$7.0m profit before tax recorded in the same period last year.

The loss is attributed primarily to a S$13.7m decrease in interest income, alongside a S$4.6m increase in the share of losses from associates and a S$3.5 million drop in joint venture profits. These declines are largely due to higher fair value losses on properties in China. Additionally, the retail division’s contributions fell by S$1.6m. However, the impact was somewhat offset by a reduction in finance costs by S$3.3m, thanks to lower average interest rates and borrowings.

Revenue for 1HFY2026 decreased by 13.9% to S$41.6m, down from S$48.4m in the previous year, driven by reduced retail contributions and lower rental income from GIE Tower in China. Despite these challenges, Metro Holdings maintains a robust balance sheet, with net assets valued at S$1.1b and total assets at S$2.0b.

Metro’s proactive asset management strategy included the sale of approximately 29% of the strata area at VisionCrest Orchard, a Grade-A office building in Singapore. Chairman Tan Soo Khoon noted the ongoing global uncertainties and market headwinds, particularly the slowdown in China’s property sector and Singapore’s retail challenges. He emphasised the company’s commitment to maintaining financial strength and optimising returns through diversified portfolios and prudent capital management.

UBS has announced a strategic partnership with Ant International to explore blockchain-based innovations for global payments settlement and liquidity management. The collaboration, formalised through a Memorandum of Understanding (MoU) signed at UBS’s Singapore office, will see Ant International utilise UBS Digital Cash, a blockchain-based payment platform, to enhance its global treasury operations.

The partnership aims to leverage blockchain technology to improve efficiency, transparency, and security in cross-border payments. UBS Digital Cash, piloted in 2024, will support Ant International’s operations by enabling real-time, multi-currency fund flows without the constraints of traditional payment cut-off times. This initiative will also incorporate Ant’s proprietary Whale platform, a next-generation treasury management solution.

Young Jin Yee, Co-Head of UBS Global Wealth Management Asia Pacific, highlighted the collaboration’s significance, stating, “This partnership underscores our commitment to empowering our clients with best-in-class platforms and providing them with greater access to global financial markets.” Kelvin Li, General Manager of Platform Tech at Ant International, expressed enthusiasm for the partnership, noting the shared belief in blockchain’s potential to transform cross-border payments.

The alliance between UBS and Ant International underscores their mutual focus on innovation and digitalisation, aiming to set new standards in the financial technology landscape. This collaboration is expected to enhance client value by providing more efficient and transparent financial solutions.

Phillip Securities, a Singapore-based financial institution, has partnered with Integral, a leading US currency technology provider, to enhance its institutional foreign exchange (FX) offerings. This collaboration, announced on 13 November 2025, aims to expand Phillip Securities’ FX trading capabilities, traditionally focused on retail markets, by integrating Integral’s pricing and distribution solutions.

The integration will enable Phillip Securities to manage higher volumes of FX Contracts for Difference (CFDs) and offer Direct Market Access (DMA) trading, providing faster and more transparent execution across a broader range of FX instruments. This move is in response to growing market demand for FX CFDs and aims to complement the firm’s existing equity CFD services.

Luke Lim, Managing Director of Phillip Securities, highlighted the strategic importance of this partnership, stating, “Diversifying into the institutional markets is a key pillar of our development strategy, and Integral’s solutions give us the pricing precision and distribution efficiency to deliver an institutional-grade FX capability that meets the expectations of today’s professional clients.”

Integral’s CEO, Harpal Sandhu, expressed confidence in the partnership, noting, “Phillip Securities’ selection of Integral is a testament to the value delivered by our solutions for other members of PhillipCapital group, upgrading the trading infrastructure and delivering tangible results.”

This collaboration marks a significant step for Phillip Securities as it seeks to expand its institutional client base and adapt to evolving market conditions. The scalability of Integral’s technology also positions Phillip Securities to incorporate additional FX instruments in the future, further solidifying its presence in the institutional FX market.

China Construction Bank (CCB) Singapore has announced a strategic partnership with NUS Enterprise, the Tianjin Financial Technology Association (TTFA), and Co-Axis to promote green technology and innovation ecosystems. This collaboration will be showcased at the Singapore Fintech Festival 2025, aiming to foster sustainable development and technological advancements.

The partnership is set to leverage the expertise of each organisation to create a robust platform for green technology initiatives. CCB Singapore, known for its financial services, will provide the necessary financial backing and industry insights. NUS Enterprise, the entrepreneurial arm of the National University of Singapore, will contribute its academic and research capabilities. TTFA will bring its experience in financial technology, whilst Co-Axis will offer its technological solutions.

A spokesperson from CCB Singapore highlighted the importance of this collaboration, stating, “This partnership is a significant step towards integrating green technology into the financial sector, which is crucial for sustainable economic growth.”

The Singapore Fintech Festival 2025 serves as an ideal venue for this initiative, given its reputation as a leading global platform for fintech innovation. The event will provide an opportunity for stakeholders to engage with cutting-edge green technologies and explore potential collaborations.

The collaboration is expected to have long-term implications for the financial and technological sectors, potentially setting a precedent for future partnerships aimed at sustainable development. As the festival unfolds, industry observers will be keen to see how these initiatives impact the broader fintech landscape.

ST Engineering has announced the divestment of its 49% equity interest in Shanghai Technologies Aerospace Company Limited (STARCO) to China Eastern Airlines (CEA). The joint venture, established in 2004, provided airframe maintenance, repair, and overhaul (MRO) services in Shanghai. The decision to end the partnership comes as both companies aim to focus on their individual growth strategies.

The sale, valued at approximately $91.2m (S$124.6m), will be completed in two tranches. The first payment of $67.9m (S$92.8m) is due upon completion, with the remaining $23.3m (S$31.8m) to be paid by 31 December 2026, secured by a bank guarantee. This transaction is expected to result in a one-off gain of $35.2m (S$48.1m) for ST Engineering.

The divestment aligns with ST Engineering’s strategy to rationalise its MRO facilities and enhance operational efficiency. Despite the sale, the company maintains that its total MRO capacity remains above pre-COVID levels, supported by ongoing expansions in Singapore, China, and the US. “The Group’s total capacity remains higher than pre-COVID levels, ensuring continued ability to meet customer MRO demand,” the company stated.

The transaction is anticipated to close in the coming months, subject to customary conditions. ST Engineering plans to use the proceeds to reduce debt, expecting annual interest savings of $3.1m (S$4.2m). The company will continue to support CEA as a valued customer, reflecting the strong collaboration between the two entities over the years.

Sanli Environmental Limited has reported a significant 84.1% increase in net profit to S$3.2m for the first half of 2026, despite a slight dip in revenue. The growth was primarily driven by higher margin projects in its Engineering, Procurement, and Construction (EPC) segment, which saw gross profit rise by 16.7% to S$9.3m.

The company’s Operations and Maintenance (O&M) segment maintained its growth momentum, contributing S$25.4m in revenue, a 16.6% increase from the previous year. This segment’s performance underscores Sanli’s focus on securing long-term contracts for water and wastewater plant maintenance.

Sanli’s diversification strategy is also showing promise, particularly in its Chemical Manufacturing business, where production volumes are increasing to meet demand. The company is also expanding its Renewable Energy Solutions, with ongoing projects in Thailand aimed at building a stable revenue stream.

CEO Sim Hock Heng expressed optimism about the company’s trajectory, stating, “We are encouraged to see our gross margins gradually normalising, reflecting the effectiveness of our disciplined cost management and project execution.”

Sanli’s order book reached a record S$781.5m, providing improved revenue visibility. The company is strategically positioned to capitalise on large-scale projects in Singapore’s coastal protection, water infrastructure, and transport initiatives. Looking forward, Sanli aims to expand its order book and strengthen its core capabilities to enhance long-term value for stakeholders.