Industry News

Singapore’s economic outlook is tilting towards a potential easing of monetary policy in January 2026, according to UOB Global Economics and Markets Research. The bank’s latest macro note suggests a 55% probability of easing at the Monetary Authority of Singapore’s (MAS) January meeting, compared to a 45% chance in October 2025. This forecast is based on resilient trade indicators and a modest GDP growth projection of 0.5% quarter-on-quarter for Q3 2025.

Trade-related indicators for July and August have shown resilience, despite the impact of US tariffs. Non-oil re-exports remained robust, although there was a decline in momentum due to fading tailwinds from earlier front-loading. The bank has revised its 2025 growth forecast to 2.7%, up from a previous 2.2%, exceeding the Ministry of Trade and Industry’s range of 1.5% to 2.5%.

Inflation remains below historical averages, with core inflation projected at 0.5% for 2025 and 1.1% for 2026. UOB notes that monetary conditions have already eased, as reflected in the decline of the three-month compounded Singapore Overnight Rate Average (SORA) and the Singapore Dollar Nominal Effective Exchange Rate (S$NEER) position within the policy band.

The note also highlights potential risks from US tariffs on pharmaceuticals and electronic devices, which could affect Singapore’s exports. However, exemptions may apply to pharmaceutical firms with existing US investment plans. The situation underscores the complex dynamics of Singapore’s trade relationships and the potential impact on its economic growth trajectory.

A recent report by BVI Finance reveals that an overwhelming 95% of fintech companies in Singapore consider cross-border expansion vital to their growth strategy over the next five years. The “Destination Digital” report, based on a survey of 451 global fintech executives, highlights the importance of accessing new markets, leveraging economies of scale, and attracting fresh talent and investment as key drivers for this strategic focus.

The report also uncovers that 41% of global firms in Singapore identify blockchain or distributed ledger technology (DLT) as central to their operations. Furthermore, 47% of fintech leaders in the region cite economic sanctions and access to finance as significant trends impacting their businesses.

Additional findings specific to Singapore indicate that 68% of fintech businesses already utilise an international finance centre (IFC). Meanwhile, 48% of firms prioritise the adoption of new technologies to enhance efficiency, marking it as a top investment focus. Moreover, 29% of companies find access to international markets and banking services crucial for their operations.

Elise Donovan, CEO of BVI Finance, is available to discuss these findings further, particularly in relation to Singapore’s fintech landscape. The report underscores the strategic importance of international expansion and technological adoption for Singapore’s fintech sector, suggesting a dynamic future for the industry.

OCBC has launched an innovative upskilling programme designed to transform experienced mortgage specialists into certified wealth advisers. This four-month initiative allows these specialists to expand their roles, offering comprehensive advice on investment and insurance products alongside home loans. The programme aligns with OCBC’s strategic focus on wealth management, aiming to enhance customer relationships and service delivery.

Traditionally, mortgage specialists have been restricted to home loan services, whilst wealth advisory services were the domain of certified financial advisers. By equipping mortgage specialists with both capabilities, OCBC aims to streamline service delivery and deepen customer engagement. According to OCBC, home loan customers typically have twice as many products with the bank and 1.6 times higher assets under management compared to those without a home loan.

The programme also serves as a talent retention strategy, enabling mortgage specialists to develop new skills and remain engaged with the bank. As the first point of contact for many new customers, these specialists are well-positioned to support affluent clients by leveraging their property expertise—a key component of wealth portfolios.

Sunny Quek, Head of Global Consumer Financial Services at OCBC, stated, “This initiative not only expands their areas of expertise but also strengthens the OCBC Premier Banking proposition.” Mortgage specialist Belle Leow, who completed the programme, expressed enthusiasm about her new role, saying, “It’s not just about expanding my role—it’s a chance for personal growth.”

The programme has already seen its first batch of nine specialists, with an average tenure of nine years, complete their training and step into their expanded roles as of 1 October 2025.

Grab Holdings is set to see a significant turnaround in its financial services segment, with losses anticipated to narrow sharply and breakeven projected by the end of 2026. The company expects its adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) to grow by 14% quarter-on-quarter to $124m in the third quarter of 2025. This growth is attributed to higher on-demand gross merchandise value (GMV) and stable margins.

The equity research report from CGS International highlights the improved profitability of Grab’s digital financial services (DFS) segment, prompting an upgrade of the company’s target price to $7.00. This reflects the valuation for the financial year 2027 and the enhanced value of the DFS segment.

In addition to Grab Holdings, the report also covers other companies and sectors. Lindian Resources in Australia has seen a target price increase to $0.58 (AU$0.91), driven by progress in its projects in Malawi. Meanwhile, MTM Critical Metals Ltd has been noted for its memorandum of understanding with Glencore, which could address both feedstock and sales challenges.

The report further discusses the rise of the “guzi” economy in China’s consumer discretionary sector, driven by Gen Z’s emotional consumption, and the ongoing structural tailwinds in Singapore’s offshore and marine industry.

Overall, the CGS International equity research report provides insights into various sectors and companies, with Grab Holdings’ financial services segment standing out as a key turnaround story. The anticipated breakeven and EBITDA growth signal a positive outlook for the company in the coming years.

Siemens Healthineers and the National University Hospital (NUH) in Singapore have announced a strategic partnership to enhance the diagnosis of Metabolic Dysfunction-Associated Steatotic Liver Disease (MASLD), affecting nearly 40% of Singaporean adults. The collaboration will explore advanced ultrasound technologies as safer, more accessible alternatives to invasive liver biopsies.

The research, led by Associate Professor Dan Yock Young, a renowned hepatologist, will focus on evaluating Siemens Healthineers’ Ultrasound-Derived Fat Fraction (UDFF) and Auto Point Shear Wave Elastography (Auto pSWE). These technologies allow for non-invasive measurement of liver fat and stiffness, offering a cost-effective alternative to MRI scans and biopsies. This initiative aims to improve early detection and monitoring, potentially transforming liver care across the region.

Vy Tran, President Asia-Pacific Japan at Siemens Healthineers, emphasised the importance of making these technologies accessible beyond tertiary hospitals, stating, “Our aim is to make ultrasound technologies accessible not only in tertiary hospitals but also at the polyclinic level.”

Associate Professor Dan Yock Young highlighted the significance of the collaboration, noting, “This collaboration represents an important step forward in addressing MASLD, which is fast emerging as a major health burden in Singapore.”

The initiative is part of the forthcoming National University Centre for Digestive Health, set to open in January 2026, which aims to enhance patient access to innovative diagnostics. This partnership combines NUH’s clinical expertise with Siemens Healthineers’ technological innovation, aiming to pioneer breakthroughs in healthcare and improve patient outcomes across the Asia Pacific region.

The Agency for Science, Technology and Research (A*STAR) has partnered with local small and medium-sized enterprises (SMEs) to establish three new industry joint labs, investing over S$21m. These collaborations with Abrasive Engineering, Applied Total Control Treatment, and Grand Venture Technology are set to enhance Singapore’s advanced manufacturing capabilities and strengthen its local supply chain ecosystem.

The joint labs are designed to generate new intellectual property, product lines, and business opportunities, whilst creating high-value jobs in sectors such as semiconductors, aerospace, and life sciences. Abrasive Engineering, traditionally a service-focused business, has already transformed into a technology-driven product owner, doubling its revenue to S$12 million through its collaboration with A*STAR.

The partnership has led to the creation of six new product lines, including the world’s first microwave media dosing unit, and generated a S$3.5m revenue increase during the joint lab period. The next phase aims to deliver advanced surface treatment solutions, projecting S$25m in revenues by 2030.

The new labs with Applied Total Control Treatment and Grand Venture Technology will focus on advanced surface engineering technologies and high-value ceramics, crucial for frontier industries like semiconductors and aerospace. These initiatives are expected to drive significant business growth and open new market opportunities for the SMEs involved.

By co-developing solutions with A*STAR, these SMEs are scaling their technical capabilities, positioning themselves as key players in global supply chains and high-value sectors.

The Singapore Statutory Boards Employees’ Co-operative Thrift and Loan Society Ltd (SSBEC) celebrated its 100th anniversary with a Gala Dinner on 4 October 2025, attended by Seah Kian Peng, Speaker of the Parliament of Singapore. Founded in 1925 to protect workers from exploitative moneylenders, SSBEC has grown into a trusted credit co-operative, offering a range of thrift and loan services.

In 2013, SSBEC faced a major crisis when internal fraud led to a loss of over $5m, nearly forcing its closure. However, 99.9% of its members voted to continue operations, leading to a successful restructuring. Today, SSBEC manages nearly $60m in assets and boasts over 11,000 members, making it one of Singapore’s largest co-operatives.

Seah Kian Peng praised SSBEC’s enduring spirit, stating, “For a century, SSBEC has placed its members at the heart of all it does, extending vital support to those in need and adapting to the changing times.”

SSBEC’s transformation is anchored in trust, innovation, and leadership empowerment. The co-operative has embraced digitisation to enhance member services, including loan applications and communication platforms. It remains committed to social responsibility, offering welfare initiatives and community outreach programmes.

As SSBEC embarks on its next century, it aims to continue its legacy of financial empowerment and community support, ensuring a resilient future for its members.

Savills Singapore has announced the sale of an entire office floor at GB Building, located at 143 Cecil Street in the Tanjong Pagar financial district. The office, situated on the 19th floor, spans approximately 5,425 square feet and features a column-free layout with exclusive lift lobby access. This offering presents a unique chance for investors to secure a full-floor office in Singapore’s tightly held Central Business District (CBD).

GB Building, a 26-storey commercial development, benefits from dual frontage along Cecil Street and McCallum Street and is well-connected by major expressways and MRT stations, including a direct sheltered linkway to Tanjong Pagar MRT. The property is zoned “Commercial” and is available for purchase by both foreign buyers and companies without Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD).

Yap Hui Yee, Executive Director of Investment Sales & Capital Markets at Savills Singapore, highlighted the investment’s appeal: “At S$10.8m, or $1,990 per square foot, level 19 at GB Building offers the smallest entry quantum for a full-floor office in the CBD, making it highly palatable to investors.”

The Tanjong Pagar area is undergoing significant transformation with projects like Keppel South Central and Newport Tower, enhancing its status as a premier commercial district. The sale will be conducted via an Expression of Interest exercise, closing on 31 October 2025.

Singapore’s retail sector experienced a notable boost in July and August, with sales increasing by 0.5% month-on-month in August, following a robust 3.9% rise in July. This growth translated to a year-on-year increase of 5.2%, marking the strongest performance since February 2024, according to UOB Global Economics and Markets Research.

The surge in retail sales was largely attributed to a significant influx of tourists, particularly from China, which reached 103% of 2019 levels during the summer school holidays. This was complemented by a decline in outbound travel by Singapore residents, as the school term resumed, bolstering domestic spending. Categories such as furniture and household equipment, recreational goods, wearing apparel and footwear, and cosmetics saw substantial growth.

Additionally, supermarkets, mini-marts, and convenience stores maintained strong sales, partly due to the SG60 vouchers distributed in July, which are expected to continue influencing consumer spending into September and October.

Looking ahead, UOB remains cautious about sustaining this momentum, citing potential challenges from a cooling labour market. The Ministry of Manpower’s Net Employment Outlook for Q3 2025 showed a slight decline, indicating potential slowdowns in hiring and wage growth, which could impact consumer sentiment. However, October may see a temporary boost in retail sales from events like the Formula 1 Singapore Grand Prix and increased tourist arrivals during China’s Golden Week holiday.

Danny Leung has been appointed as the Chief Financial Officer (CFO) of MoneyHero Limited, a prominent personal finance aggregation and comparison platform in Greater Southeast Asia. Effective from 1 October 2025, Leung’s promotion follows his tenure as interim CFO since December 2024. Under his leadership, MoneyHero has made significant strides towards sustainable growth, achieving its first quarterly net profit in Q2 2025.

Leung’s appointment comes as MoneyHero aims to continue its trajectory towards profitability by the end of 2025. CEO Rohith Murthy expressed confidence in Leung’s ability to “optimise operations, strengthen financial discipline, and drive strong sequential revenue growth.” Leung himself commented, “I am honoured to officially step into the role of permanent CFO for MoneyHero Group.”

With over two decades of experience in finance and accounting, Leung joined MoneyHero in 2024 as Group Director of Finance. His expertise has been pivotal in enhancing the company’s financial systems and expanding its partnership ecosystem. MoneyHero, which operates in Singapore, Hong Kong, Taiwan, and the Philippines, boasts a diverse brand portfolio and maintains an equity stake in Malaysian fintech company Jirnexu.

The company’s recent financial achievements underscore its transformation strategy, with sequential revenue growth reported in Q1 and Q2 2025. As MoneyHero continues to expand its digital insurance brokerage services, Leung’s leadership is expected to further solidify its position in the competitive fintech landscape.