Industry News

Chartered accountants in Singapore have been ranked as the second most trusted profession in the country, according to the 2025 Trust Survey conducted by Edelman DXI in partnership with Chartered Accountants Worldwide. The survey, which involved 1,725 senior financial decision-makers from 10 markets, found that 85% of Singaporeans trust chartered accountants to “do the right thing,” marking a 7-point increase since 2019.

The survey highlights the critical role chartered accountants play in business strategy, with 87% of respondents acknowledging their contribution to helping businesses adapt to new challenges. Additionally, 84% rely on them for strategic guidance, whilst 86% support their role in AI adoption and automation. The trust in the Institute of Singapore Chartered Accountants (ISCA) has also risen, with 88% of respondents expressing confidence in the organisation.

Teo Ser Luck, President of ISCA, emphasised the importance of trust in chartered accountants, stating, “Trust in ISCA members is rooted in their integral role in guiding businesses forward.” He also announced plans to launch a new professional credential pathway in 2026 to enhance sustainability reporting and assurance.

Tan Boon Gin, CEO of Singapore Exchange Regulation, noted the high standards to which chartered accountants are held, highlighting their roles as auditors, board members, and consultants. He expressed optimism about working with chartered accountants to advance the Singapore stock market.

Globally, trust in chartered accountants remains strong at 83%, despite a slight dip in trust for the broader accountancy profession since 2023. Ainslie van Onselen, Chair of Chartered Accountants Worldwide, remarked on the profession’s resilience, stating, “In a world shaped by AI, disinformation, and rising demand for accountability, our profession is standing tall.”

The Singapore Island Country Club (SICC) has announced Charles Schwab Singapore as the official sponsor for the 31st SICC Junior Invitational Golf Championship (JIGC), set to take place from 16 to 18 December 2025 at the historic Bukit Course. This partnership aims to enhance the tournament experience for young golfers across the Asia-Pacific region, providing them with opportunities to compete and develop their skills at a prestigious event.

Charles Schwab, a global advocate for golf, is known for its involvement in the sport from grassroots to elite levels, including sponsorship of the Charles Schwab Challenge on the PGA Tour. The company’s support for the JIGC aligns with its commitment to fostering discipline, integrity, and performance in young athletes. Greg Baker, Managing Director of Charles Schwab Singapore, expressed delight in supporting the championship, stating, “We believe in investing in potential.”

The JIGC, sanctioned by the Singapore Golf Association and recognised by the World Amateur Golf Ranking, is a key event in the junior golf calendar. It features Boys’ and Girls’ divisions in a 54-hole stroke-play format, attracting over 100 aspiring golfers annually. The Bukit Course, with its challenging terrain and rich heritage, offers a fitting backdrop for this competition.

SICC’s General Manager, Ian Roberts, highlighted the club’s dedication to nurturing future golf champions, noting that the partnership with Charles Schwab will create opportunities that inspire and empower young golfers. As the JIGC enters a new chapter, SICC remains committed to delivering a world-class championship that prepares juniors for the professional stage.

DBS Private Bank has announced that its DBS Multi Family Office Foundry VCC (DBS MFO) has achieved a milestone of S$1b in assets under management (AUM) just two years after its inception. This achievement highlights the growing demand for innovative wealth planning solutions in Asia, driven by a historic intergenerational wealth transfer and increased interest in alternative investments.

Since its launch in 2023, the DBS MFO has attracted more than 25 ultra-high net worth families worldwide. These families, initially considering setting up their own Single Family Offices, were drawn to DBS’s cost-effective and administratively efficient solutions. The DBS MFO offers a ‘plug-and-play’ model, where DBS manages the sub-fund setup and regulatory reporting, providing clients with tax incentives and investment flexibility.

Clients are not restricted to predetermined investment philosophies and can customise strategies aligned with their long-term goals. The bank’s open-architecture model allows access to a broad ecosystem of funds, including private and digital assets. “The wealth structuring landscape is evolving rapidly,” said Lee Woon Shiu, Group Head of Wealth Planning at DBS Private Bank. “This milestone reflects our clients’ trust in us to come up with innovative structures.”

DBS plans to double its AUM to S$2b by the end of 2026, capitalising on the growing interest in succession planning and wealth preservation. The bank is also focusing on expanding its wealth structuring solutions in key markets such as Taiwan, Japan, and the UK.

Kakao Pay, a leading South Korean mobile wallet, has partnered with Alipay+ and Mastercard to launch Near-Field Communication (NFC) payment capabilities for overseas transactions. This collaboration allows Kakao Pay users to make NFC payments at more than 150 million Mastercard merchant locations globally, including in Japan, Southeast Asia, the US, and Europe. The new NFC payment option complements Kakao Pay’s existing QR code and barcode-based cross-border payments, enhancing the travel and shopping experience for its users abroad.

The NFC payment feature enables users to tap their NFC-enabled Android phones on contactless point-of-sale terminals that accept Mastercard, simplifying cross-border commerce and reducing the need for physical payment methods. This service is currently available on the latest versions of the Kakao Pay app and will soon be introduced to the KakaoTalk app for Android, with plans for a future rollout on iOS.

Seung Jun Oh, Head of Payment Group at Kakao Pay, stated, “Just as we do in South Korea, we aim to provide the most convenient and rewarding payment experience overseas.” Sandeep Malhotra, Executive Vice President of Core Payments, Asia Pacific at Mastercard, added, “Through this partnership, Mastercard is making overseas payments simpler and more secure for Korean users when they travel.”

Douglas Feagin, President of Ant International, highlighted the broader impact, saying, “By working with Mastercard, we are expanding digital payment acceptance to millions of merchants worldwide.” This initiative marks a significant step towards creating a more inclusive and interoperable global payment ecosystem.

Microsoft has announced the appointment of Chia Wee Luen as the new Managing Director for Singapore. With over 20 years of experience in enterprise technology, Chia is set to drive Singapore’s digital ambitions through cloud and artificial intelligence (AI). His leadership aims to accelerate innovation and foster inclusive transformation in the region.

Chia, who has previously held senior roles at Red Hat, Qlik, and Oracle, was most recently the Managing Director for Asia at ServiceNow. He also contributes to the Digital & Technology Committee of the Children’s Cancer Foundation and chairs the Tech for Good Committee of the Singapore Computer Society.

Mayank Wadhwa, Microsoft ASEAN President, highlighted Singapore’s strategic importance, stating, “Singapore is a cornerstone for Microsoft in Southeast Asia, fuelling innovation, deepening regional collaboration, and accelerating customer success. Under Wee Luen’s leadership, we will empower our customers to harness the full power of technology to drive meaningful impact and unlock the region’s extraordinary potential.”

Chia expressed his enthusiasm, saying, “I am deeply passionate about empowering customers, partners and communities, so I’m honoured to join Microsoft Singapore at this pivotal moment. I look forward to working with the team, our partner ecosystem and visionary customers to capitalise on this transformative era of AI and continue shaping Singapore’s future together.”

He succeeds Lee Hui Li, who has established a strong foundation for Microsoft’s growth in Singapore. This leadership change is expected to further enhance Microsoft’s role in the region’s technological advancement.

Zurich Insurance has introduced two innovative features—Digital Wallet Policy Cards and Travel Alerts—as part of its Zurich Edge proposition, aiming to enhance customer experience across Singapore, Malaysia, and Australia. These features provide seamless access to insurance information and real-time travel updates, ensuring safety and convenience for customers.

The Digital Wallet Policy Cards, developed in collaboration with Miss Moneypenny Technologies, integrate with Google Wallet and Apple Wallet, allowing instant access to policy details and emergency contacts. This first-of-its-kind solution for travel and motor insurance in the Asia Pacific region also enables sharing of policy information via QR codes and hyperlinks, which is crucial during emergencies. Anna Bojic, CEO of Miss Moneypenny Technologies, stated, “The Digital Wallet Policy Card is not just digital proof, but a living, interactive connection to Zurich’s services.”

Travel Alerts, powered by Riskline, offer pre-trip advice and real-time updates, delivered directly to customers’ email inboxes. This service eliminates the need for additional apps, providing peace of mind and timely support. Suzanne Sangiovese, CEO of Riskline, emphasised the importance of traveller safety, saying, “We ensure they feel supported and informed before and during their journeys.”

The rollout of these features marks the first phase of Zurich’s digital distribution platform expansion in the Asia Pacific, with plans to extend to more markets soon. Customer feedback highlights the effectiveness of these services, with 100% of respondents feeling better informed and 77% experiencing reduced stress when travelling.

Amazon Singapore has expanded its offerings by introducing Whole Foods Market’s private label products to the local market, marking the first availability of these items in Asia. Starting today, nearly 300 products from Whole Foods Market will be accessible to Singaporean customers through Amazon.sg, Amazon Fresh, and Little Farms, enhancing the selection of premium and organic groceries available online.

The launch aims to meet the growing demand for high-quality and organic food options in Singapore’s rapidly expanding online grocery sector. Mizue Arakawa, Country Leader for Amazon Fresh Singapore, expressed enthusiasm about the launch, stating, “This launch gives customers greater choice and access to high-quality groceries they can trust.”

Whole Foods Market’s Chief Merchandising and Marketing Officer, Sonya Gafsi Oblisk, highlighted the significance of this expansion, noting, “Together with Amazon and Little Farms, we’re expanding access to high-quality and sustainable grocery options.”

To celebrate the launch, Amazon is offering special promotions, including a 20% discount on purchases of three or more Whole Foods Market products. Additionally, Little Farms will host tasting events at their Tanglin Mall and Sentosa locations on 27 September and 11 October, respectively.

Joe Stevens, CEO of Little Farms, commented on the collaboration, saying, “Whole Foods Market has set the benchmark globally for organic groceries, and at Little Farms, we share that same commitment to quality ingredients, transparency, and responsible sourcing.”

This strategic move by Amazon not only broadens its product range but also strengthens its position in the competitive online grocery market in Singapore.

Vietnam Airlines and Singapore Airlines (SIA) have announced a new codeshare agreement, set to commence on 26 October 2025, offering customers increased flight options between Singapore and Vietnam. Under this agreement, SIA will codeshare on Vietnam Airlines-operated flights to Hanoi and Ho Chi Minh City, whilst Vietnam Airlines will codeshare on SIA-operated flights to Da Nang, Hanoi, and Ho Chi Minh City. These flights will be available for purchase from 10 October 2025, pending regulatory approvals.

This collaboration aims to deepen the partnership between the two airlines, potentially expanding to include additional destinations in the future. Nguyen Quang Trung, Director of Corporate Planning and Development at Vietnam Airlines, highlighted the significance of this agreement, stating it enhances connectivity and offers a more seamless travel experience. “This partnership not only strengthens our international presence but also supports our commitment to aligning with world-class service standards,” he said.

Dai Haoyu, Senior Vice President Marketing Planning at Singapore Airlines, emphasised the strategic importance of the partnership. “By leveraging our respective networks, we can offer customers more choice, greater flexibility, and seamless transfers across our services between the two countries,” he noted. This initiative is expected to bolster economic growth and tourism, further solidifying the ties between Singapore and Vietnam.

The codeshare agreement marks a significant milestone in the ongoing strategic partnership between the two airlines, promising enhanced connectivity and value for passengers travelling between the two nations.

Anchorage Digital, SAP, and the Bank for International Settlements (BIS) are set to present at the Stablecoin Summit Singapore 2025, taking place on 2 October during TOKEN2049 at Andaz Singapore. The summit will explore the transformative role of stablecoins in cross-border payments and enterprise finance, particularly in Asia and emerging markets. Hosted by XREX Group and the Unitas Foundation, the event aims to address compliance challenges, scalable practices, and regulatory frameworks.

The summit comes at a pivotal time as stablecoins, digital assets pegged to the US dollar, are gaining traction with an annual transaction volume exceeding 27 trillion. The event will feature keynotes and panels with notable speakers such as Friedrich K from BIS, Wayne Huang from XREX Group, and Paul Brody from EY. Discussions will focus on the integration of stablecoins into existing financial systems, with SAP’s Tushar Gulhane highlighting the potential for stablecoins to streamline B2B payments.

Recent regulatory developments, including the US GENIUS Act and the EU’s MiCA, underscore the growing institutional recognition of stablecoins. As stablecoins become more mainstream, their adoption is expected to reach a circulating supply of 2 trillion by 2028. The summit will provide a platform for stakeholders to align on infrastructure, policy, and product design, with support from global players like Curve, Polygon, and Scroll.

Wayne Huang, CEO of XREX Group, emphasised the importance of the summit in setting standards for responsible adoption, stating, “We are convening global leaders to accelerate responsible adoption.” The event marks a significant step in the evolution of stablecoins as a key component of the global financial infrastructure.

Singapore’s co-living sector has transitioned from a niche accommodation option to a mainstream asset class, according to a new report by Jones Lang LaSalle (JLL). The report, a follow-up to JLL’s 2023 white paper, reveals significant shifts in demographics, operator strategies, and investor perspectives over the past two years.

The co-living landscape in Singapore has matured, with established operators refining their service offerings and investors gaining a deeper understanding of the sector’s unique value proposition. This evolution is marked by strategic business model shifts, including a move towards asset-light management contracts and master leases for entire buildings. Larger operators are also adopting unbundled pricing models to enhance flexibility.

The introduction of Long-stay Serviced Apartments (SA2) by Singapore’s Urban Redevelopment Authority in November 2023 has further diversified the market. This new housing typology, designed for stays of at least three months, aims to bridge the gap between short-term serviced apartments and traditional private leases, offering more rental options amid rising housing costs.

Eugenio Ferrante, CEO and Co-founder of Casa Mia Coliving, noted, “When we first launched Casa Mia in 2019, co-living was niche and often misunderstood. Today, it’s a mainstream category shaped by lifestyle shifts, rising rents, and hybrid work.”

The report also highlights the growing demand from foreign students, who now represent a significant portion of co-living residents. This demographic shift is supported by Singapore’s expanding international student population.

As the sector continues to evolve, JLL’s report underscores the importance of sustainable growth, regulatory frameworks, and market resilience in shaping the future of co-living in Singapore.