Industry News

Grab Holdings and WeRide have announced the launch of Ai.R, Singapore’s inaugural autonomous vehicle (AV) service, in the Punggol area. The service will commence passenger operations in early 2026, initially featuring 11 M1-certified vehicles with safety operators on board. This development marks a significant step in Singapore’s journey towards embracing AV technology.

The global deployment of AVs is accelerating, with companies like Waymo, Tesla, Zoox, Apollo Go, and WeRide expanding their robotaxi fleets across the US, China, Hong Kong, and the Middle East, according to Maybank Research. The early adoption of AV technology is expected to bring substantial benefits to Grab, potentially saving the company approximately $71m annually and increasing its net present value by 7%.

The launch of Ai.R is part of a broader trend of AV adoption in the ASEAN region, with implications for transportation and urban mobility. As the service prepares to go live, stakeholders are keenly observing its impact on the local transport landscape and its potential to influence AV policies and practices across the region.

Coinbase has announced a strategic partnership with StraitsX to introduce XSGD, the first Singapore dollar-backed stablecoin, to its users both in Singapore and globally. Recognised by the Monetary Authority of Singapore (MAS), XSGD is compliant with the upcoming Single Currency Stablecoin regulatory framework, marking a significant step in diversifying the stablecoin ecosystem beyond USD-based options.

XSGD allows users to convert Singapore dollars to XSGD on a one-to-one basis, facilitating instant local and cross-border payments. This stablecoin aims to mitigate foreign exchange volatility and promote financial inclusion by enabling transactions in local currency. The partnership will see XSGD available on Coinbase and Coinbase Advanced from 29 September, with plans to issue it on Base, Coinbase’s Ethereum Layer 2 chain, to enhance on-chain foreign exchange transactions.

Hassan Ahmed, Country Director of Coinbase Singapore, highlighted the transformative potential of stablecoins, stating, “With XSGD live on Coinbase Singapore, we’re one step closer to making local and cross-border payments instant and accessible to everyone with a phone and wallet.”

The collaboration also involves building liquidity pools for seamless stablecoin exchanges across different currency corridors. Tianwei Liu, CEO and Co-Founder of StraitsX, emphasised the partnership’s role in breaking USD-centric barriers, saying, “This partnership brings us closer to a truly multi-currency and frictionless global financial system.”

This initiative underscores Singapore’s leadership in regulated digital finance and represents Coinbase’s ongoing expansion in the Asia-Pacific region. Further details on the partnership’s products and services will be revealed in the coming months.

UK-based engineering firm IPM Group has acquired Singapore’s Celt-tech Marine & Offshore Ltd (CTM) as part of its strategy to expand its international portfolio. This acquisition, announced today, will integrate CTM’s 15-member team into IPM Group, strengthening its service offerings in the marine and offshore sectors across Asia.

Randall Smith, CEO of IPM Group, highlighted the strategic nature of the acquisition, stating, “The team in Singapore continues to deliver the high-quality outcomes and consistent successes that complement the IPM Group.” The acquisition aligns with IPM’s ambitious plans to double its £27m turnover within five years, leveraging CTM’s expertise in shipbuilding, vessel repairs, and engineering design.

Chris Lewis, COO of IPM Group, expressed confidence in the collaboration, noting the shared commitment to delivering sustainable solutions globally. CTM, founded in 2020 and led by Managing Director Craig Didio and Operations Director Thomas Davies, offers a comprehensive range of services, including structural fabrication and electrical & instrumentation.

The new IPM Group office in Tuas, Singapore, is strategically located near major marine and construction yards, positioning it well for future growth.

As part of its strategic initiatives, IPM Group plans to invest in new technologies, including bespoke software for asset management and advanced welding processes, further enhancing its capabilities in the region.

Singapore’s inflation is projected to continue its downward trend into the fourth quarter of 2025, according to the latest Global Economics and Market Strategy Report by RHB Bank. The report, attributed to Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, maintains the full-year projections for headline and core inflation at 1.2% and 0.9%, respectively.

In August 2025, Singapore’s headline Consumer Price Index (CPI) decreased to 0.5% year-on-year, down from 0.6% in July, and below Bloomberg’s estimates of 0.6%. Core inflation also eased to 0.3% year-on-year from 0.5% in July. These figures suggest a continued moderation in inflationary pressures.

As the Monetary Authority of Singapore (MAS) prepares for its policy review in October, RHB Bank’s base case anticipates no changes to the current policy parameters through the end of the year. However, there is a possibility that the Singapore dollar nominal effective exchange rate (S$NEER) slope could flatten, reflecting a balance of risks.

This outlook is significant as it indicates a stable economic environment, potentially influencing monetary policy decisions and economic planning. The easing inflation could provide relief to consumers and businesses, fostering a more predictable economic landscape.

The Singapore Business Federation (SBF) led a 27-member delegation to Egypt on 21 September 2025, coinciding with President Tharman Shanmugaratnam’s state visit. The mission, part of the Overseas Market Workshop, aimed to deepen Singapore’s business ties with Egypt, a key gateway to the Middle East and Africa. The highlight was the Egypt-Singapore Business Forum in Cairo, attended by President Tharman, where five Memoranda of Understanding (MoUs) were signed between Singaporean and Egyptian companies.

The forum featured keynote addresses from notable figures including Masagos Zulkifli, Singapore’s Minister for Social and Family Development, and Hassan El-Khatib, Egypt’s Minister of Investment and Foreign Trade. These discussions emphasised Egypt’s strategic role as a trade hub and explored opportunities for Singaporean businesses in the region. Delegates engaged in business-to-business matchmaking and met with key stakeholders such as the General Authority for Investment and the Suez Canal Economic Zone.

SBF Chairman S. S. Teo highlighted the mission’s significance, stating, “Egypt’s rapid transformation and ambitious development agenda under Vision 2030 present a wealth of opportunities for Singapore companies.” The delegation, representing sectors like logistics, infrastructure, and renewable energy, also visited the Suez Canal Economic Zone to explore investment opportunities.

This initiative underscores the strengthening of economic ties between Singapore and Egypt, paving the way for future collaborations and enhanced market access in Africa and the Middle East.

The Monetary Authority of Singapore (MAS) and the China Securities Regulatory Commission (CSRC) convened their 9th annual Supervisory Roundtable in Datong, China. Co-chaired by MAS Deputy Managing Director Ho Hern Shin and CSRC Vice Chairman Li Ming, the event gathered regulators and industry participants to discuss capital market developments and explore opportunities for enhanced connectivity.

Key topics included derivatives regulations, investor protection measures, and the supervision of non-bank financial institutions. These discussions aimed to deepen mutual understanding of each market’s supervisory frameworks, thereby strengthening the resilience and functionality of both markets.

The roundtable also addressed the development of equity markets in China and Singapore, focusing on facilitating high-quality listings and capital raising. Industry participants highlighted progress on cross-border initiatives, such as enhanced index collaboration, to broaden product offerings and mobilise capital into the region. This initiative is seen as a step towards reinforcing Asia’s position as a key destination for global investment.

The roundtable underscores the ongoing commitment of MAS and CSRC to bolster regulatory cooperation and innovation, with implications for future growth and stability in the region’s capital markets.

AXS, Singapore’s pioneering fintech company, is marking its 25th anniversary by launching a suite of new solutions that extend beyond traditional payments into the realms of mobility, finance, and rewards. The announcement was made at the inaugural AXS Connect event, which brought together industry leaders and partners to explore the future of payments in Singapore and the region.

The new offerings include AXS Drive, which expands the company’s reach into mobility solutions, and AXS Ready Cash, its first personal finance product. Additionally, AXS is introducing next-generation kiosks designed to enhance convenience and accessibility with intuitive features. These initiatives are part of AXS’s strategy to build on its legacy of over 700 million transactions and partnerships with more than 800 businesses.

AXS’s Group CEO, Jeffrey Goh, highlighted the company’s commitment to evolving with the needs of Singaporeans. “Over the past 25 years, we’ve transformed alongside the needs of Singaporeans, whether through kiosks in the early days, mobile and digital platforms, or new services we offer today,” he stated.

The company is also expanding its cross-border payment services, having recently partnered with eft Payments (Asia) Limited in Hong Kong. This move aims to deliver smarter, more connected financial experiences across the region.

Looking ahead, AXS plans to introduce the AXS Card, focusing on customer rewards, and enhance its mobility offerings with cardless Electronic Road Pricing payments. AXS is also collaborating with Amazon Web Services to reimagine its kiosk interface, ensuring it remains user-friendly for all.

As AXS steps into its next chapter, it continues to build on its strong foundation, aiming to deliver seamless and rewarding services that support Singapore’s role in a connected regional economy.

Actis, a prominent growth market investor in sustainable infrastructure, has announced its acquisition of a 90% stake in 800 Super Holdings Ltd, a leading environmental management company in Singapore. This acquisition, made alongside Founder and CEO William Lee, is through Actis’ second Long Life Infrastructure Fund (ALLIF 2) and marks the fund’s sixth portfolio company investment.

800 Super Holdings, known for its comprehensive waste management, waste treatment, cleaning, and resource recovery services, is a key player in Singapore’s circular economy. The company holds a significant presence across the value chain and is one of only three licensed municipal solid waste and integrated public cleaning providers in the country. The acquisition aligns with ALLIF 2’s strategy of investing in critical infrastructure assets with long-term contracted revenues, primarily from government contracts.

Adrian Mucalov, Head of Long Life Infrastructure at Actis, stated, “Our investment in 800 Super demonstrates Actis’ strategic focus in Asia, providing investors with resilience and exposure to the region’s economic growth through investing in defensive infrastructure that is essential to national goals.”

The acquisition supports Singapore’s 2030 Zero Waste Masterplan by enhancing recycling, resource recovery, and green energy initiatives. The transaction is subject to regulatory approvals.

This move further solidifies Actis’ commitment to sustainable infrastructure, with the fund having already committed over two-thirds of its capital to similar investments across Asia, Latin America, Central & Eastern Europe, and the Middle East & Africa. The core sectors of this strategy include renewable energy, waste and water infrastructure, and digital infrastructure.

The Singapore Department of Statistics has reported a 0.5% increase in the Consumer Price Index (CPI) for August 2025, compared to both the previous month and the same month in the previous year. This marks a steady rise in consumer prices, reflecting ongoing economic trends in the region.

The CPI is a crucial indicator of inflation, measuring the average change over time in the prices paid by consumers for goods and services. The latest figures suggest a moderate inflationary trend, which could influence monetary policy decisions and consumer spending patterns in Singapore.

The Department of Statistics has made the detailed report available online, providing insights into the specific categories contributing to the CPI change. Interested parties can access this information through the SingStat Table Builder, a tool designed to facilitate the exploration of statistical data.

In addition to the CPI release, the Department has enhanced its SingStat Mobile App, offering new features to improve user experience. This app provides convenient access to Singapore’s statistical data, enabling users to stay informed about economic developments.

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.”