Industry News

Moody’s Ratings has affirmed Singapore Exchange Limited’s (SGX) Aa2 long-term local and foreign currency issuer ratings, maintaining a stable outlook. The affirmation reflects SGX’s strong profit margins, low debt leverage, and moderate scale compared to global exchanges. The Aa2 ratings are two notches above SGX’s standalone A1 assessment, indicating a high probability of support from the Singapore government in times of need.

SGX’s pre-tax margin is expected to remain high at around 55% over the next 12 to 18 months, driven by its local monopoly, vertical integration, and diversified franchise. The group’s adjusted pre-tax earnings growth is projected to be in the mid to high single-digit percentage range, supported by the Singapore government’s focus on reforming the domestic equity market and increased investor participation in its derivative trading sessions.

SGX’s Debt/EBITDA ratio has declined to 0.8x as of 30 June 2025, continuing a deleveraging trend since 2022. Despite being open to debt-funded acquisitions, SGX’s strong cash position is expected to keep its debt leverage manageable. The creditworthiness of SGX’s clearing houses remains robust due to investment-grade clearing members and risk management standards aligned with global best practices.

Whilst SGX’s ratings are the highest among rated exchanges, an upgrade is unlikely unless the group significantly expands its scale without affecting profit margins and debt leverage. Conversely, a downgrade could occur if SGX’s Debt/EBITDA ratio exceeds 2.0x without a credible plan to restore leverage, or if increased competition leads to a significant drop in pre-tax earnings.
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ComfortDelGro has announced the launch of Zig Driverless, an autonomous shuttle service set to begin operations in Punggol, Singapore, in early 2026. This initiative, in collaboration with Pony.ai, aims to provide residents with improved mobility options and last-mile connectivity, complementing existing public transport infrastructure.

The Zig Driverless service will operate on fixed routes, connecting key destinations such as residential areas, transport hubs, and community facilities within Punggol. Bookings for these driverless rides can be made through the ComfortDelGro Zig app. The service builds on ComfortDelGro’s partnership with Pony.ai, leveraging over 50 million kilometres of autonomous driving experience and the company’s expertise in infrastructure and fleet management.

ComfortDelGro’s Managing Director and Group CEO, SK Cheng, highlighted the programme’s potential to attract younger talent to the transport industry. “This programme leverages ComfortDelGro’s unique position as a strong infrastructure and fleet management expert with successful AV trials,” he stated. The autonomous shuttles will feature advanced sensor fusion systems, including LiDAR, radar, and cameras, supported by high-precision mapping.

Safety remains a priority, with each vehicle undergoing rigorous testing and equipped with comprehensive safety systems such as obstacle detection and emergency braking protocols. Trained safety operators will oversee the programme, utilising ComfortDelGro’s expertise in human-machine interaction protocols.

This development marks a significant milestone in Singapore’s autonomous vehicle journey, promising innovative, safe, and reliable transport solutions whilst ensuring a responsible transition for the workforce and industry.

JTC has announced the successful awarding of the industrial site tender at Kaki Bukit Avenue 5 to Extra Space Kaki Bukit Pte. Ltd. The tender, which was launched on 27 May 2025, concluded on 22 July 2025, with the sole bid amounting to $31.39m.

The site at Kaki Bukit Avenue 5 is a significant addition to Singapore’s industrial landscape, providing opportunities for further development in the area. The tender process, managed by JTC, attracted interest but ultimately received only one bid, highlighting the competitive nature of industrial site allocations in Singapore.

Extra Space Kaki Bukit’s successful bid underscores the company’s commitment to expanding its footprint in the industrial sector. The awarded site is expected to bolster the company’s capabilities and contribute to the broader industrial growth in the region.

This development is part of JTC’s ongoing efforts to optimise land use and support industrial growth in Singapore. By awarding this tender, JTC aims to facilitate the development of infrastructure that meets the evolving needs of businesses and supports economic growth.

The Singapore Exchange (SGX) Group has announced that China Securities (International) Brokerage Company Limited has become its latest Derivatives Trading Member. This development aims to bolster the trading capabilities and market reach of SGX Group, further integrating international players into its trading ecosystem.

China Securities, a prominent player in the financial services sector, is expected to bring significant expertise and resources to SGX Group’s derivatives market. The inclusion of China Securities is part of SGX Group’s ongoing strategy to expand its network of trading members, thereby enhancing market liquidity and offering a wider range of trading opportunities to its participants.

The addition of China Securities is anticipated to strengthen the ties between Singapore and China in the financial sector, promoting cross-border trading activities. This move aligns with SGX Group’s commitment to fostering a robust and diverse trading environment, which is crucial for maintaining its competitive edge in the global financial markets.

SGX Group’s decision to welcome China Securities as a Derivatives Trading Member underscores its dedication to expanding its international footprint and enhancing its service offerings. As the financial landscape continues to evolve, such strategic partnerships are vital for sustaining growth and innovation within the industry.

AvePoint, a leader in data security governance, has announced its dual listing on the Singapore Exchange (SGX) under the symbol AVP, making it the first B2B SaaS stock to be listed on SGX and the first company to be dual listed on both Nasdaq and SGX. This strategic move aims to broaden AvePoint’s customer, partner, and investor base amidst growing demand for its data protection technology.

The listing on SGX complements AvePoint’s presence on Nasdaq, where it initially went public in 2021. Tianyi Jiang, CEO and Co-Founder of AvePoint, highlighted the significance of this expansion, stating, “Our SGX listing is an exciting step in AvePoint’s ongoing global expansion, broadening our customer, partner, and investor base as the demand for our data protection technology increases.”

Established in Singapore in 2009, AvePoint has made the city-state its Asia Headquarters and International R&D Hub. The company continues to address data protection challenges globally, leveraging Singapore’s dynamic technological landscape.

Loh Boon Chye, CEO of SGX Group, welcomed AvePoint, noting that the dual listing reflects AvePoint’s strong track record in the Asia Pacific region. “This milestone underscores Singapore’s stature as a trusted international hub at the intersection of capital and innovation,” he said.

In conjunction with the SGX listing, AvePoint completed a secondary offering of its common stock, which was more than three times oversubscribed, priced at $14.30 (S$19.50) per share. This development marks a significant phase in AvePoint’s growth, reinforcing its global reach and ambition.

CIMB Singapore has introduced the CIMB Founders Card, a new personal credit card designed specifically for sole proprietors and small and medium-sized enterprise (SME) owners. Launched on 19 September 2025, the card provides instant cash access with up to 114 days of zero interest and no foreign exchange fees, addressing the liquidity challenges faced by many entrepreneurs.

As Singapore’s entrepreneurial landscape continues to expand, sole proprietors and SMEs represent 99% of the country’s businesses, employing 70% of the workforce. However, these businesses often struggle with financing due to irregular income and limited credit histories. The CIMB Founders Card aims to bridge this gap by offering financial flexibility and easy access to capital, enabling business owners to seize growth opportunities and manage unexpected expenses.

Merlyn Tsai, Head of Consumer Banking and Digital at CIMB Singapore, stated, “We are committed to advancing customers and society with services and solutions that drive progress, and the CIMB Founders Card is a meaningful step in that direction.”

In collaboration with Mastercard, the card also offers additional benefits such as complimentary access to over 1,300 airport lounges worldwide and travel insurance coverage of up to $730,000 (S$1m). Furthermore, cardholders can enjoy discounts on workplace productivity software and hotels, enhancing both business productivity and personal lifestyle.

The launch of the CIMB Founders Card reflects a broader commitment to supporting SMEs with innovative financial solutions, ensuring they have the tools needed to thrive in a competitive market.

Kilde, a Singapore-based private credit investment platform, has successfully raised $15m in a Pre-Series A funding round led by Purple Ventures, with contributions from existing investors. This funding aims to enhance Kilde’s team, expand its capital markets capabilities, and improve its technology infrastructure, setting the stage for rapid scaling.

Kilde’s CEO and co-founder, Radek Jezbera, highlighted the platform’s growth, stating, “We’ve officially crossed $127m in assets under management on our platform. That means investors choose simplicity, safety, and stable returns. They chose Kilde.” The company is now targeting $1b in assets under management, supported by a lean team, standardised deal structures, and proprietary technology.

The private credit market is poised for sustained growth, with BlackRock projecting assets under management could reach $4.5t by 2030. Kilde’s strategic positioning allows it to access higher-quality borrowers and larger deals, offering investors above-market returns of 10.5% to 13.5% annually.

Jan Stanek, Managing Director at Purple Ventures, expressed confidence in Kilde’s trajectory, stating, “We are delighted to be a part of Kilde as early equity investors starting in 2020. As we saw the platform’s exponential growth over the past two years, we gained full confidence in Kilde’s team and business model.”

Founded in 2019, Kilde connects family offices, funds, and accredited investors to private credit opportunities across Europe and Asia, specialising in senior-secured lending to consumer and SME lending platforms. The company holds a Capital Markets Services licence issued by the Monetary Authority of Singapore.

UOB and UnionPay International have launched the SplendorPlus Campaign, offering UOB UnionPay cardholders up to 5% cashback on purchases in China’s mainland until 31 December 2025. This initiative comes as Singaporeans increasingly travel to China, with Changi Airport reporting a 158% year-on-year increase in Singapore-China passenger traffic in Q2 2025.

The campaign provides UOB UnionPay cardholders with 2% base cashback on all eligible local and overseas retail purchases, with no minimum spend required. An additional 3% cashback is available for eligible in-store and online purchases in China’s mainland, processed through the UnionPay network. However, transactions via third-party mobile wallets like Alipay and WeixinPay are excluded. The total cashback is capped at S$50 per card monthly.

This campaign is part of a strategic partnership between UOB and UnionPay, aimed at enhancing cross-border payment solutions and enriching customer experiences across Asia. UOB, a leading local bank issuing UnionPay credit cards, plays a crucial role in expanding UnionPay’s reach within Singapore and beyond. UnionPay cardholders benefit from broad acceptance across Singapore, including in retail, dining, transport, and tourist hubs, thanks to UOB’s deep merchant integration.

The SplendorPlus Campaign underscores UnionPay’s commitment to simplifying overseas payments for global cardholders, supporting its broader goal of making international payments more intuitive and accessible.

CapitaLand Hope Foundation (CHF), the philanthropic arm of CapitaLand Group, has awarded S$3.4m to 12 grantees in Singapore, India, China, and Vietnam under its inaugural CapitaLand Community Resilience Initiative. Collaborating with AVPN, Asia’s largest network of social investors, the initiative aims to bolster education, skills development, and the physical and mental well-being of vulnerable children and youth.

The initiative reflects CHF’s commitment to fostering long-term community resilience through strategic partnerships. Tony Tan, Executive Director of CHF, highlighted the importance of resilience for community sustainability, stating, “The strong response and quality of proposals we received reaffirmed the need for meaningful, sustainable solutions.”

As CHF celebrates its 20th anniversary, it continues to evolve its philanthropic efforts, having contributed over S$64m to support more than 540,000 beneficiaries across Asia. The CapitaLand Community Resilience Initiative builds on this legacy, aiming for sustainable community development and resilience for future generations.

SingHealth’s Healthier EAST @ SG initiative has been inducted into the World Health Organisation’s Global Network for Age-Friendly Cities and Communities (GNAFCC), marking a significant milestone for Singapore’s Eastern region. Announced at the SingHealth Duke-NUS Scientific Congress 2025, the initiative aims to transform the area into an inclusive, age-friendly community, impacting over 610,000 residents.

Healthier EAST @ SG collaborates with healthcare providers, community partners, and social service agencies to serve residents in Bedok, Changi, Marine Parade, and Tampines, where nearly 28% of the population is aged 60 and above. By joining GNAFCC, Eastern Singapore aligns with over 1,700 cities worldwide, committed to creating age-inclusive environments across eight essential domains, including housing, transportation, and health services.

Lee Chien Earn, Deputy Group Chief Executive Officer of SingHealth, highlighted the importance of this global connection, stating, “Inauguration into the WHO GNAFCC connects us with a global community of cities and regions dedicated to a singular mission of enabling healthy ageing.”

For nearly two decades, SingHealth has led efforts to develop integrated age-friendly initiatives. The HealthUP movement, launched in 2021, has shown significant health improvements among participants and now supports over 170,000 residents. It empowers individuals with preventive health goals through activities like physical exercise and healthy eating, supported by telehealth and digital tools.

The initiative also transforms urban spaces into therapeutic environments, promoting mental wellness and community connection.