Industry News

DBS and Kinexys by J.P. Morgan have announced a collaboration to develop a framework for interbank tokenised deposit transfers across multiple blockchains. This initiative seeks to create interoperability between DBS Token Services and Kinexys Digital Payments, allowing seamless exchange and settlement of tokenised deposits on both public and permissioned blockchains. The framework aims to set a new industry standard by enabling real-time, cross-bank transactions.

The collaboration will allow institutional clients of both banks to conduct transactions across borders with 24/7 availability. For instance, a J.P. Morgan client could use J.P. Morgan Deposit Tokens on the Base public blockchain to pay a DBS client, who could then exchange or redeem the tokens via DBS Token Services. This ensures that tokenised deposits remain fungible and represent the same value across different banks and blockchains.

Rachel Chew, Group Chief Operating Officer and Head of Digital Currencies at DBS Bank, highlighted the importance of interoperability in reducing fragmentation and enhancing the value of tokenised money. “Our collaboration with Kinexys by J.P. Morgan is a significant milestone for cross-border money movement,” she stated. Naveen Mallela, Global Co-Head of Kinexys by J.P. Morgan, emphasised the focus on building next-generation financial infrastructure through strong collaborations.

This initiative comes as tokenised finance experiences accelerated growth. A 2024 survey by the Bank for International Settlements revealed that commercial banks in nearly one-third of surveyed jurisdictions have explored tokenised deposits. Through this partnership, DBS and Kinexys by J.P. Morgan aim to advance the usability and scalability of tokenised deposits, transforming global financial management whilst ensuring regulatory compliance.

CapitaLand Ascendas REIT Management Limited has announced the divestment of 95 Gilmore Road, a logistics property in Queensland, Australia, for approximately S$90m. The sale, expected to complete in the fourth quarter of 2025, was negotiated on a willing-buyer and willing-seller basis, achieving a 9.5% premium over its independent market valuation as of 30 September 2025.

The transaction is part of CapitaLand Ascendas REIT’s (CLAR) strategy to optimise its portfolio and enhance returns for unitholders. The property was originally acquired in October 2015 for S$76.8m, and the current sale price represents a 17.2% premium over this purchase price. William Tay, Executive Director and CEO of the Manager, highlighted that this divestment is part of ongoing transactions totalling S$396 million, which are expected to be completed by the end of 2025. These transactions reflect a 6.6% premium over their collective market valuation.

The proceeds from the sale, estimated at S$83.4m after divestment costs, may be used for various purposes, including financing investments, reducing debt, and supporting corporate needs. The divestment is not anticipated to significantly impact CLAR’s net asset value or distribution per unit for the financial year ending 31 December 2025.

Following this divestment, CLAR will own 228 properties across Singapore, Australia, the United States, and the United Kingdom/Europe. The move aligns with CLAR’s broader strategy to maintain financial flexibility and pursue accretive investment opportunities.

Redux, a Singapore-based e-waste recycling company, has unveiled an advanced automated solar panel recycling facility to address the anticipated rise in photovoltaic (PV) waste over the next decade. The facility, part of Project SolaREV, aims to manage the decommissioning of solar panels efficiently as Singapore’s solar projects mature. Redux estimates that the number of solar panels to be decommissioned annually will increase from 138,522 to 143,000 over the next two years.

Solar panels globally experience an efficiency reduction of up to 80% after 25 years. However, in Singapore, due to limited maintenance services, panels often degrade by the 7-year mark, leading to early replacement and increased e-waste. Jeff Seah, Founder and Business Development Director of Redux, stated, “This is a fledgling industry for Singapore, with gaps in services to ensure truly sustainable solar panel maintenance and management.”

Project SolaREV, a collaboration between Redux, EtaVolt, and Vector Green, is designed to recover, recycle, and reuse up to 96% of each solar panel. The facility can process 18 panels per hour, or 36,000 annually, which is approximately 27% of Singapore’s current PV waste. The project integrates advanced automation with a partnership system to oversee end-to-end management of PV waste.

Seah added, “Project SolaREV is an industry-first to merge advanced automation with an integrated partnership and reporting system.” The initiative aims to set a benchmark for PV waste management across ASEAN, with a focus on sustainability and reducing carbon emissions.

Blue Planet Environmental Solutions Pte Ltd, a Singapore-based leader in sustainable waste management, has launched Blue Planet E-waste Solutions Pvt Ltd in India. This move follows the acquisition and integration of its subsidiaries in Haryana and Karnataka, formerly known as Pegasus Waste Management Pvt Ltd.

This strategic initiative positions Blue Planet as a significant player in India’s e-waste management sector. The company aims to address the growing challenge of electronic waste, as India is one of the top five e-waste producers globally. The sharp increase in discarded electronics presents both an environmental challenge and an opportunity to recover valuable resources through responsible recycling.

Blue Planet E-waste Solutions plans to develop a technology-enabled platform for managing e-waste, focusing on refurbishment, recycling, upcycling, and reusing components. The company will extend product lifecycles through refurbishment, recover usable parts from non-refurbishable items, and recycle the remaining materials, extracting valuable metals and plastics for reintroduction into manufacturing supply chains.

Ravi Kumar Neeladri, CEO of Blue Planet E-waste Solutions, emphasised the importance of transparency and sustainability in recycling, stating, “In a technology-driven world, e-waste generation is inevitable — but the way we manage it defines our collective future.”

This launch marks a significant milestone in Blue Planet’s mission to build a transparent and scalable recycling infrastructure in India, uniting technology, compliance, and sustainability under a single identity. The initiative aims to lead the transformation of e-waste management in the country, ensuring a cleaner and more sustainable future.

Medical costs in Singapore are projected to rise by 16.9% in 2026, surpassing this year’s rate of 15.5%, according to WTW’s 2026 Global Medical Trends report. This increase is part of a broader trend in the Asia Pacific (APAC) region, which is expected to experience the highest global increase at 14%. The report highlights the need for companies to consider co-pay or co-insurance designs to manage costs and discourage excessive claims.

The report reveals that 57% of insurers in APAC expect medical cost trends to continue rising over the next three years, with 42% anticipating these levels to persist beyond that. Key drivers include new medical technologies, cited by 77% of insurers as the primary factor, followed by advancements in pharmaceuticals and a lack of cost-sharing mechanisms.

In Singapore, factors such as an ageing population, increased disease incidence, and the adoption of costly new technologies contribute to the rising costs. The shortage of healthcare staff and high operating expenses also play a role. Fong Han Wei, Head of Health & Benefits in Singapore, noted that insurers are raising co-pays and deductibles to share costs with insured members.

Eva Liu, Head of Strategic Development, Asia Pacific, Health & Benefits at WTW, emphasised the importance of understanding these trends to develop effective strategies. She suggested that employers invest in education and prevention, and incorporate flexibility into employee benefits programmes to manage costs effectively.

Aster and Aether Fuels have announced a partnership to establish Southeast Asia’s first next-generation, commercial-scale Sustainable Aviation Fuel (SAF) plant at Aster Pulau Bukom in Singapore. The facility, set to begin construction in 2026 and operations in 2028, will utilise Aether’s Aurora technology to convert industrial waste gas and biomethane into SAF, achieving more than a 70% reduction in greenhouse gas emissions compared to conventional jet fuel.

The project, named Project Beacon, is a significant step in advancing SAF production, addressing current feedstock constraints. Aster will provide renewable power and waste carbon feedstock, supporting the development of Aether’s scalable solution. Erwin Ciputra, CEO of Aster, highlighted the collaboration as a demonstration of how partnerships can introduce disruptive solutions on a commercial scale, aligning with Aster’s sustainability agenda.

Conor Madigan, CEO of Aether Fuels, praised Singapore’s innovation ecosystem and support from the Economic Development Board (EDB), noting the project’s meaningful connection to Aether’s origins at Xora Innovation. The facility aims to position Southeast Asia as a global hub for sustainable fuels.

Png Cheong Boon, Chairman of the EDB, emphasised the facility’s role in enhancing Singapore’s competitiveness in sustainable products and innovation. Project Beacon will utilise a variety of waste carbon feedstocks, overcoming limitations of previous SAF production methods and paving the way for future advancements in sustainable aviation fuel.

The recent Urban Redevelopment Authority (URA) tender for a residential site at Bukit Timah Road has concluded with a top bid of $1,820 per square foot per plot ratio (psf ppr), submitted by HH Investment Private Limited. This bid, which exceeded expectations, highlights a strong recovery in homebuying interest, driven by low interest rates and economic resilience.

The Bukit Timah Road site, which can accommodate 340 units, attracted eight bids, making it one of the most popular tenders of 2025. The top bid was 12.3% higher than the second-highest bid of $1,621 psf ppr from Hoi Hup Realty and Sunway Developments, and 17% above the third-highest bid by Wing Tai Holdings Limited. This indicates varying perspectives on the site’s value among developers.

Tricia Song, Head of Research at CBRE Singapore and Southeast Asia, noted that the site’s appeal lies in its connectivity and proximity to Newton MRT, as well as its location within 1km of two primary schools. The site is also part of the Draft Master Plan 2025, which aims to transform the Newton area into a balanced residential and lifestyle hub.

The top bid of $1,820 psf ppr is the highest for a Core Central Region (CCR) site since 2018, when a site on Cuscaden Road fetched $2,377 psf ppr. The Bukit Timah Road site is expected to launch at an average price of $3,300 to $3,500 psf, reflecting its prime location and the strong demand for residential properties in the area.

Japanese golfer Yosuke Asaji clinched victory at the Moutai Singapore Open on 9 November, finishing with a score of 19-under-par 269. The tournament, held over four days, culminated in a gala hosted by Moutai, which served as a platform for cultural exchange and professional networking. The event attracted distinguished guests, including Asian Tour representatives and global business leaders.

Zhang Xu, Deputy General Manager of Kweichow Moutai Co. Ltd, highlighted the significance of Moutai’s cultural heritage, stating, “The Chinese culture carried by Moutai is the core force for us to go global.” He emphasised the role of golf as a medium to showcase Moutai’s craftsmanship in Singapore, a city known for its cultural diversity.

Cho Minn Thant, CEO of the Asian Tour, praised Moutai’s partnership with the tour, noting its expansion across Japan, Hong Kong SAR, and Singapore. He commended Moutai’s dedication to quality, which aligns with the standards the tour aspires to globally.

Guests at the gala experienced Moutai’s unique distilling techniques and flavours, with one Singaporean player remarking on its distinctiveness compared to other liquors. The event also featured performances with Chinese and Southeast Asian artistic elements, creating a rich cultural atmosphere.

The Moutai Night gala underscored Moutai’s vision of using culture and taste as bridges to connect globally, reinforcing its status as a model brand of Chinese baijiu.

The Monetary Authority of Singapore (MAS) and Indonesia’s Otoritas Jasa Keuangan (OJK) have signed a new Memorandum of Understanding (MOU) to deepen their collaboration in FinTech and digital financial assets. This agreement, signed on 10 November 2025, builds upon a previous MOU from 2018 and aims to foster technological innovation in the financial sector of both countries.

The partnership is set to benefit financial institutions and FinTech firms by leveraging developments in digital financial assets and artificial intelligence. It also seeks to position Singapore and Indonesia as pivotal nodes in ASEAN’s digital economy. Key initiatives under the MOU include the sharing of knowledge and best practices, promoting industry cooperation, and facilitating cross-border information flow for FinTech firms operating within legal frameworks.

Leong Sing Chiong, Deputy Managing Director of MAS, emphasised the longstanding partnership between the two organisations, stating, “We share the same commitment to fostering innovation, addressing barriers, and developing FinTech ecosystems to better serve our markets and across ASEAN.”

Hasan Fawzi, Chief Executive of Financial Sector Technological Innovation at OJK, highlighted the importance of responsible innovation, saying, “Through joint pilots and knowledge-sharing in areas such as Regulatory Sandboxes, digital financial assets, and sustainable innovations, we aim to foster innovations, ensure consumer protection, support MSMEs, and catalyse sustainable growth.”

The MOU signing occurred during a bilateral meeting, underscoring the ongoing commitment of both nations to advance digital finance and support economic growth in the region.

CSE Global Limited has announced a significant transaction with Amazon.com, Inc., involving the issuance of 62,968,580 new warrants. Each warrant grants the right to purchase one ordinary share in CSE Global at an exercise price of S$0.7671. This move, formalised on 10 November 2025, aims to bolster CSE Global’s financial position and support its operational expenditures.

The issuance is part of a broader commercial agreement between CSE Global and Amazon, with the potential to raise approximately S$48.3 million, assuming all warrants are exercised. The funds will be utilised to strengthen the company’s capital base and support ongoing operations. CSE Global has committed to providing updates on the utilisation of these proceeds, ensuring transparency and accountability.

The warrants, which are non-transferable except under specific conditions, are set to expire on 9 November 2030. They are subject to vesting based on qualifying payments by Amazon and its affiliates, with full vesting occurring upon reaching $1.5 billion (US$1.5 billion) in qualifying payments.

CSE Global, a systems integrator listed on the Singapore Exchange, has a strong presence across 15 countries and is known for its electrification, communications, and automation solutions. This partnership with Amazon underscores its commitment to leveraging strategic alliances for sustainable growth. The company will apply for the listing of the warrant shares on the SGX Mainboard, with further announcements to follow upon approval.