Industry News

OCBC has extended its partnership with Visa, allowing Singapore customers to transfer funds directly to eight major digital wallets across Southeast Asia via the OCBC app. This development builds on last year’s integration of Weixin Pay and Alipay, making the app the most connected in the region with a total of 10 digital wallet options. The initiative aims to simplify remittances for Singapore’s foreign workforce, who often rely on slower and more expensive transfer methods.

The new feature enables near-instant, fee-free transfers to popular wallets such as Coins and GCash in the Philippines, GoPay and Ovo in Indonesia, Momo in Vietnam, and Touch ‘n Go in Malaysia. Collectively, these wallets, along with the Chinese options, serve up to 2.72 billion users. This expansion addresses key remittance challenges—speed, cost, and accessibility—particularly benefiting the unbanked population in the region.

Since the service’s launch with Chinese wallets, OCBC has processed over S$60m in transfers, significantly increasing cross-border transactions to China. The bank anticipates strong adoption among Singapore’s 1.6 million foreign workers. Sunny Quek, Head of Global Consumer Financial Services at OCBC, stated, “By connecting OCBC accounts to eight of Southeast Asia’s most popular wallets, we are removing friction from cross-border payments and making remittances faster, cheaper, and more inclusive.”

Visa Direct powers the app’s capabilities, providing access to nearly 11 billion endpoints globally. Adeline Kim, Visa’s Country Manager for Singapore & Brunei, noted, “Visa Direct is transforming the way money moves globally, helping to bridge financial gaps and support the millions who rely on remittances.”

OCBC’s long-term goal is to connect customers to 50 digital wallets worldwide, further enhancing its comprehensive wallet access.

District 6, encompassing City Hall, Clarke Quay, Beach Road, and High Street, recorded the highest median rent for 3-bedroom non-landed homes at $10,950 (S$15,000) per month in the third quarter of 2025. This figure places it ahead of other districts, with District 1 (Boat Quay/Marina/Raffles Place) following at $6,205 (S$8,500) and District 4 (Harbourfront/Telok Blangah) at $6,055 (S$8,300).

The rental market for non-landed properties saw varied changes across different unit sizes. Whilst rents for 3-bedroom units increased by 3% year-on-year, 5-bedroom units experienced a decline of 2.3%. On a quarter-on-quarter basis, the rental increase was more modest, with a 1.1% rise overall. Notably, 5-bedroom units saw the largest quarterly increase at 4.2%.

The rise in rents is attributed to seasonal factors, such as the start of the academic year for international schools, and the completion of 1,776 new private residential units. These new units, equipped with modern facilities, have attracted tenants willing to pay a premium for the “newness” factor.

Looking ahead, Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted, “For 2026, although there will be more new completions, which has often contributed to lifting rents due to the premium from the ‘newness’ factor, this may be offset by the challenging business conditions. Overall, rents are expected to stay sideways.”

Despite a 2.4% increase in the URA rental index year-to-date, the forecast for private residential rents in 2025 is expected to remain flat, with only minor deviations anticipated.

UOB Travel has appointed Amadeus as its digital transformation partner to modernise its technology infrastructure and improve the travel experience for its customers. This strategic partnership aims to integrate advanced digital retailing, automation, and productivity solutions, enhancing operational efficiency and customer service for UOB Travel’s cardmembers and banking clients in Singapore.

The collaboration will enable UOB Travel to access modern distribution channels, including New Distribution Capability (NDC), allowing for richer content offerings and quicker service delivery. Steven Ler, Executive Director of UOB Travel, stated, “Amadeus’ holistic travel technology offering has transformative potential for UOB Travel in Singapore. Through a suite of digital retailing, automation, productivity, and back-office solutions, we are building a future-proof business system with scalable, efficient solutions.”

Amadeus, a leading provider of travel technology solutions, will work closely with UOB Travel to develop a modern end-to-end travel system. This system aims to streamline operations, maximise efficiency, and unlock new revenue opportunities, ultimately delivering exceptional value to customers. Javier Laforgue, Executive Vice President of Travel Unit & Managing Director of Asia Pacific at Amadeus, commented, “UOB Travel and Amadeus have a shared vision to make the travel experience better.”

With this partnership, UOB Travel is poised to offer a more connected and comprehensive booking experience, supporting its ongoing business growth across its global network. This initiative underscores UOB Travel’s commitment to enhancing the travel experience by tailoring solutions to meet evolving customer needs.

SCOR, Howden, and Charles Taylor have collaborated to launch Project INmersAbility, a pioneering initiative in Singapore’s general insurance sector aimed at promoting inclusivity for persons with disabilities (PWDs). This six-month programme offers rotational work placements across the three companies, providing participants with comprehensive exposure to the insurance value chain.

The project was initiated to address the slow adoption of inclusive hiring practices within the insurance industry compared to other sectors. Justin Wong, a Financial Technology diploma holder diagnosed with Autism Spectrum Disorder (ASD) and Attention Deficit Hyperactivity Disorder (ADHD), was selected for the programme due to his relevant experience and enthusiasm for gaining new skills.

Justin has completed rotations with Howden’s claims and strategic solutions teams and SCOR’s finance department. He is currently concluding his placement with Charles Taylor, working with the Property & Casualty and Natural Resources Adjusting teams. Reflecting on his experience, Justin stated, “Being part of Project INmersAbility has opened my eyes to the means in which I can contribute to the industry.”

Adil Aida, CFO of SCOR Asia-Pacific, emphasised the strategic advantage of disability inclusion, noting that it brings fresh perspectives and resilience to businesses. Jenny Lim, CEO of Howden Singapore, highlighted the programme’s success in demonstrating that insurance is a viable sector for PWDs. Stephen Thorpe, Managing Director of Charles Taylor, pointed out the untapped potential of PWD professionals in addressing the talent crunch in the industry.

The programme will culminate in an industry event on 10 December 2025, hosted by SCOR, to share insights and encourage similar initiatives across the insurance community.

CIMB Singapore has spearheaded the formation of the SME Resilience Circle, a strategic collaboration with CrediLinq, KPay, and Singlife, to bolster the resilience and growth of small and medium-sized enterprises (SMEs) in Singapore and the region. This initiative, formalised through Memoranda of Understanding (MOUs) signed on 19 November 2025, will provide over 30,000 retailers access to innovative financing solutions.

Central to this collaboration is CIMB FlexiPay, a “pay-as-you-earn” working capital solution launched in August 2025. This digital platform allows businesses to repay loans based on their daily revenue, with no interest or late fees, thereby offering a flexible financial lifeline to SMEs. Benjamin Tan, Head of Commercial & Transaction Banking at CIMB Singapore, emphasised the bank’s commitment to advancing customer and societal interests through such financial solutions.

CrediLinq’s Co-founder, Vikram Kotibhaskar, highlighted the partnership’s potential to make working capital more accessible by integrating AI-powered technology with CIMB’s financial ecosystem. Christopher Yu, President and CFO of KPay, noted the importance of connecting payment data with financing solutions to empower merchants with flexible credit options. Sandeep Nair, Head of Sales at Singlife, stressed the broader goal of building a supportive ecosystem for business continuity.

The SME Resilience Circle aims to address challenges such as rising costs and digital disruption, ultimately strengthening the economic fabric of the region. This initiative marks a significant step in providing SMEs with the tools needed for sustainable growth and competitiveness.

A recent survey by MoneyHero and Coinbase reveals that cryptocurrency ownership in Singapore has reached a significant milestone, with 61% of respondents reporting they hold digital assets. The survey, conducted between 15 and 19 August 2025, involved 3,513 active retail investors and crypto-curious individuals, highlighting the growing mainstream adoption of crypto in the city-state.

The findings underscore a shift in the financial landscape, with a notable 58% of participants identifying as long-term holders, or “HODLers,” rather than active traders. This indicates a preference for holding onto assets over trading them frequently. Furthermore, trust has emerged as the primary consideration for Singaporeans when selecting a cryptocurrency exchange, outranking fees, with 65% of respondents prioritising trust-related factors.

The survey also highlights the role of social media in shaping crypto knowledge, with 62% of participants citing it as their primary learning source. This reliance, however, poses risks of misinformation, emphasising the need for more robust educational initiatives.

Rohith Murthy, CEO of MoneyHero, remarked on the collaboration with Coinbase, stating, “The Pulse of Crypto — Singapore 2025 survey report provides timely, data-driven insights into consumer sentiment on digital assets.” Hassan Ahmed, Coinbase’s Country Director for Singapore, added, “As we deepen our position in Singapore, we remain committed to providing high-quality educational resources that help people make informed decisions.”

The report suggests that Singapore’s crypto market is maturing, with cautious allocations and a focus on trust. It calls for enhanced education, trust-building, and inclusive growth to support responsible market development.

Univers, a Singapore-based leader in AI and IoT for energy, has partnered with SBS Transit, the city-state’s foremost public transport operator, to develop the SBS Transit Energy and Operations AI Platform. This strategic collaboration aims to revolutionise energy and operations management across SBS Transit’s bus and rail facilities.

The AI-driven platform will enable SBS Transit to connect and analyse data, enhancing asset monitoring, control, and maintenance. This initiative is expected to significantly boost operational and energy efficiency, aligning with Singapore’s broader decarbonisation goals under the Green Plan 2030.

Chun Yin Mak, Global Senior Vice President of Univers, stated, “This collaboration builds on our ongoing efforts to empower enterprises globally with AI and IoT capabilities. As a Singapore-headquartered company, we’re proud to work with SBS Transit on a multi-year AI-driven transformation of energy and operations.”

The partnership will also benefit from Univers’ Global Impact AI Lab, which aims to accelerate innovations in the transport sector. This lab will foster AI-driven solutions that can be scaled beyond Singapore, potentially impacting global public transport systems.

SBS Transit, with over 50 years of experience, operates around 200 bus services and several rail lines, including the North East MRT Line and the Downtown Line. The company’s network facilitates more than 3.5 million passenger trips daily, underscoring the potential impact of this AI platform on Singapore’s public transport efficiency.

This collaboration marks a significant step towards sustainable public transport solutions, with potential implications for global transport systems.

HSBC has launched its Tokenised Deposit Service (TDS) in Singapore, expanding its blockchain-based payment capabilities across Asia. This service, initially launched in Hong Kong SAR, allows for 24/7 real-time instant settlement of cross-border transactions between Hong Kong SAR and Singapore. It aims to enhance treasury operations and cash flow management, crucial in managing liquidity amidst volatile foreign exchange and interest rate environments.

The introduction of TDS underscores Singapore’s position as a leading international treasury hub, where corporations are increasingly adopting digital treasury models. The service is expected to streamline operations for businesses operating across these financial centres.

Linklaters, a global law firm, advised HSBC on this launch. The team was led by Peiying Chua, Head of Singapore Financial Regulation and Asia Head of Fintech, with support from associate Alcander Seah.

Chua remarked, “This transaction exemplifies the convergence of traditional banking and cutting-edge digital solutions. We are proud to support our client in delivering a service that not only enhances operational efficiency but also sets a new benchmark for cross-border financial innovation in Asia.”

Linklaters has been at the forefront of digital asset innovation, having advised on several market-firsts in the region. These include the token offering for Zilliqa, a Singapore-based blockchain platform, and the world’s first blockchain-based fractional bond trading platform, BondbloX.

The launch of HSBC’s TDS in Singapore marks a significant step in the bank’s strategy to leverage blockchain technology for enhanced financial services, potentially setting a precedent for future innovations in the sector.

Singlife, a leading financial services company, has announced a partnership with CIMB Singapore aimed at bolstering the resilience and growth of small and medium-sized enterprises (SMEs). The collaboration, formalised through a Memorandum of Understanding (MOU), will see Singlife providing bespoke insurance solutions to help SMEs manage risks and focus on sustainable growth.

The partnership is part of CIMB’s SME Resilience Circle, an initiative designed to support SMEs in Singapore and the region by integrating financial and protection solutions. A notable feature of this initiative is the CIMB FlexiPay, a “pay-as-you-earn” working capital loan that adjusts repayments based on daily revenue, offering businesses flexibility in cash flow management. Currently available to CIMB’s commercial banking clients, the partnership will explore extending this feature to Singlife’s clientele.

Singlife plans to offer embedded insurance solutions, including mandatory SME coverage and employee benefits programmes, to protect workforce and operations. Sandeep Nair, Head of Sales at Singlife, highlighted the importance of such initiatives, stating, “By embedding insurance into initiatives such as CIMB FlexiPay, we are helping business owners manage growth whilst protecting their people and operations.”

Benjamin Tan, Head of Commercial & Transaction Banking at CIMB Singapore, emphasised the ecosystem’s role in equipping SMEs with necessary tools and insights for sustainable growth.

This collaboration expands Singlife’s role in creating a resilient financial ecosystem for SMEs, reinforcing its commitment to integrating investment and insurance solutions for enhanced financial security and growth.

Westcon-Comstor’s recent research has unveiled significant gaps in the readiness of Singaporean channel partners to deliver AI-driven networking solutions. Despite a strong demand from customers, 82% of partners in Singapore report being unable to design and implement AI-ready networks. This figure is notably lower than the global average of 26%, positioning Singapore at the bottom among the five countries surveyed.

The study, conducted with 500 senior decision-makers across various countries, highlights that only 18% of Singaporean partners currently offer advanced AI-integrated network services. Furthermore, less than a third believe their customers’ existing network infrastructures are fully prepared for AI workloads, compared to a global average of 33%.

Whilst many partners in Singapore are developing their AI capabilities, with 61% actively doing so and 20% exploring AI, the readiness challenges remain acute. Most partners are engaged in network transformation areas like visibility and security, but fewer are involved in emerging technologies such as zero-trust architecture and intent-based networking.

The research, part of Westcon-Comstor’s Future Ready programme, identifies barriers such as integration with existing systems and security concerns. However, it also points to growth opportunities, with 48% of Singaporean respondents identifying AI-powered network observability and diagnostics as a major revenue driver in the next 12–18 months.

Wilson Ho, Managing Director, Asia, Westcon-Comstor, emphasised the urgency for Singapore’s channel partners to embrace AI-driven solutions, stating, “The time to act is now.” Patrick Aronson, Chief Marketing Officer, added, “Partners have a rare window to step up as true strategic advisers.”