Industry News

Singtel and UOB have unveiled the refreshed Singtel-UOB Credit Card, promising enhanced value and flexibility for users. The card now offers a market-leading 12% cashback on all Singtel transactions, including monthly bills, device purchases, and lifestyle spending. Additionally, cardholders can enjoy 10% cashback on online and mobile contactless payments, zero foreign currency conversion fees, and a perpetual waiver of annual card fees.

The revamped card aims to cater to the needs of digital natives with features such as seamless integration with mobile wallets like Apple Pay, Google Pay, and Samsung Pay. Diana Chen, Managing Director of Customer Management and Marketing Communications at Singtel Singapore, highlighted the card’s alignment with customer lifestyles, stating, “Whether they’re paying mobile or internet bills, shopping online or travelling, this card offers real value.”

Jacquelyn Tan, Head of Group Personal Financial Services at UOB, emphasised the power of partnerships in delivering exceptional value, noting that the card combines UOB’s data-backed insights with Singtel’s digital connectivity to provide better lifestyle deals.

The card also offers additional benefits during festive campaigns, allowing customers to stack rewards on top of the standard 12% cashback. Furthermore, the card supports international spending with no foreign currency markup and offers up to 6 GB of additional roaming data in Malaysia.

This latest offering is part of Singtel’s broader strategy to enhance customer rewards, which includes exclusive benefits for Singtel-UOB Card customers and other loyalty programmes. For more information or to apply for the card, visit Singtel’s website.
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SeaTown Holdings International, a prominent Asia-focused alternative investment firm and subsidiary of Temasek’s Seviora Holdings, has announced the successful first close of its SeaTown Private Credit Fund III (PCF III) with more than $612 million in capital commitments. This achievement marks a significant step in SeaTown’s expanding private credit franchise, building on the successes of its previous funds, PCF I and PCF II, to meet the growing demand for private credit opportunities in the Asia Pacific region.

Chi Kit Chai, Chief Investment Officer at SeaTown, expressed gratitude for the trust of investors, stating, “As markets evolve, private credit plays an increasingly important role in providing income-generating assets with built-in downside protection.” The fund has attracted a diverse group of investors from the Middle East, Japan, Taiwan, and Singapore, highlighting the global appeal of SeaTown’s investment strategy.

Eddie Ong, Deputy CIO and Head of Private Investments at SeaTown, noted, “What sets our private credit strategy apart is how we provide value for our investors, leveraging the team’s deep capabilities in sourcing proprietary transactions and structuring bespoke solutions across the region.” PCF III aims to deliver mid-teens net returns and a double-digit distribution yield, offering tailored financing solutions to companies across Asia Pacific.

With a sector-agnostic approach, PCF III is designed to meet the needs of income-oriented investors, providing a robust building block for multi-asset portfolios seeking diversification and structured downside protection. Clifford Chance serves as the lead fund counsel for PCF III.
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Condo resale prices in Singapore saw a notable increase in July 2025, with the Rest of Central Region (RCR) and Outside Central Region (OCR) experiencing price hikes of 2.1% and 0.1%, respectively, according to the latest 99-SRX Media Flash Report. However, the Core Central Region (CCR) faced a 2.1% decline in prices. Overall, resale prices rose by 0.7% month-on-month and 5.3% year-on-year.

The report highlighted a significant 15.1% rise in resale volumes from June, with 1,076 units resold in July. This surge is attributed to buyers acting swiftly as Singapore Overnight Rate Average (SORA) rates fell below Housing Development Board (HDB) interest rates. Despite this increase, sales volumes were 5.6% lower compared to July 2024, a period marked by heightened activity due to pent-up demand.

In terms of regional distribution, 50.5% of transactions occurred in the OCR, 32.6% in the RCR, and 16.9% in the CCR. The highest resale price was recorded at Boulevard 88, with a unit selling for $9,500,000 (S$13,000,000). Meanwhile, the RCR’s top transaction was $6,150,000 (S$8,400,000) at The Sovereign, and the OCR’s highest was $3,000,000 (S$4,100,000) at Ocean Park.

The overall median capital gain for resale condos was $270,000 (S$371,000), slightly down from June. District 11 posted the highest median capital gain at $560,000 (S$767,000), whilst District 1 recorded a loss of $36,500 (S$50,000). The median unlevered return stood at 31%, with District 20 achieving the highest at 46%.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that whilst luxury-heavy districts and Central Business District properties saw softer returns, family-friendly areas driven by upgraders showed more robust performance.
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RHB has reaffirmed its ‘overweight’ rating on the retail staples sector, citing its defensive nature and resilience in earnings. The report, released on 27 August 2025, identifies Sheng Siong and DFI Retail Group as top picks, with expected earnings compound annual growth rates (CAGRs) of 10% and 13% respectively from FY24 to FY27. The sector is projected to maintain a price-to-earnings ratio of 15-18 times for FY26, with a 4% yield.

The report emphasises Sheng Siong’s growth potential through the opening of new stores, whilst DFI Retail Group is highlighted as an earnings recovery play due to corporate restructuring. Analyst Alfie Yeo notes, “Our investment thesis remains intact, with both companies poised to deliver on earnings and dividends.”

This analysis comes amidst a broader economic landscape where RHB is also monitoring global economic trends, including potential fading industrial production momentum in the second half of 2025. The retail staples sector’s stability offers a buffer against such uncertainties, making it an attractive option for investors seeking reliable returns.

Looking ahead, the sector’s performance will be closely watched, particularly in light of ongoing corporate strategies and market conditions. RHB’s continued ‘overweight’ stance suggests confidence in the sector’s ability to navigate challenges and sustain growth.
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Economic ties between Singapore and Africa have strengthened significantly, with bilateral trade surging by over 50% from S$12.1 billion in 2020 to S$18.7 billion in 2024. This growth was highlighted during the eighth Africa Singapore Business Forum (ASBF), where Singapore’s Minister for Sustainability and the Environment, Grace Fu, announced the enforcement of new investment treaties with Côte d’Ivoire and Nigeria. These treaties are designed to enhance investor confidence and promote increased investment flows between Singapore and these West African nations.

The ASBF, organised by Enterprise Singapore, also marked a historic moment with the presence of Ghana’s President, John Dramani Mahama, the first African Head of State to attend the forum since its inception in 2010. The event featured discussions on strengthening Africa-Asia collaboration amidst global challenges, with Singapore’s Minister of State for Trade and Industry, Alvin Tan, participating in a keynote dialogue alongside African business leaders.

Five agreements were exchanged at the forum, including a Memorandum of Understanding between Enterprise Singapore and the Ghana Standards Authority. This agreement aims to enhance standardisation cooperation, particularly in petroleum transactions, by adopting Singapore’s Mass Flow Metre standards in Ghana. Other agreements spanned financial services, sustainability, and consumer sectors, reflecting the growing business partnerships between Singapore and Africa.

Enterprise Singapore’s Chairman, Lee Chuan Teck, emphasised the importance of building bridges with like-minded nations, noting the fourfold increase in first-time market entry projects by Singapore companies in Africa from 2020 to 2024. The ASBF 2025, themed “Bridging Capabilities, Charting Sustainable Growth,” continues until 28 August, gathering over 700 business and government leaders from around 40 countries.
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Singapore is poised to become a leader in advanced healthcare with the recent regulatory approval of AI-powered intraoperative imaging technologies for pulmonary care. The Health Sciences Authority (HSA) has granted pre-market approval for Body Vision Medical’s LungVision platform, a move that promises to enhance diagnostic accuracy and facilitate earlier interventions for lung cancer patients. This development underscores Singapore’s commitment to innovative healthcare solutions, according to GlobalData.

LungVision employs AI-guided navigation to overlay imaging data on live fluoroscopy, creating CT-like visualisation during bronchoscopy. This real-time mapping allows pulmonologists to accurately locate small nodules, including those previously difficult to reach, making the procedure more efficient and less invasive. Divya Soni, a Medical Devices Analyst at GlobalData, stated, “With lung cancer being one of the leading causes of cancer-related mortality worldwide, technologies that improve early detection can significantly impact patient survival rates.”

The integration of AI into routine clinical practice not only elevates standards of patient care but also reinforces Singapore’s position as a regional leader in precision medicine. Soni added, “By adopting such cutting-edge platforms, Singapore is strengthening both its healthcare outcomes and its innovation ecosystem.”

The approval of LungVision marks a significant step in transforming the pulmonary care landscape, potentially improving patient outcomes and setting a precedent for the adoption of AI technologies in healthcare across the region.
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The Jackson Hole Symposium has highlighted a potential shift in US monetary policy, with Federal Reserve Chair Jerome Powell indicating that interest rate cuts could be on the horizon. This comes as the US job market has shown significant signs of weakening over the past three months, with job creation falling short of expectations. Powell noted that whilst the unemployment rate remains low at 4.2%, underlying issues such as tighter immigration policies and a slowing labour force growth could lead to increased layoffs and rising unemployment.

Powell’s remarks suggest that the Federal Reserve may consider adjusting its policy stance at the upcoming Federal Open Market Committee meeting on 16-17 September. The current policy rate is considered restrictive, and a transition towards monetary easing could support the labour market. This potential policy shift is seen as a response to the marked slowdown in job creation and a temporary rise in inflation due to factors like new tariffs and supply chain adjustments.

The implications of this potential policy change are significant for Singapore’s Real Estate Investment Trusts (S-REITs). UOB Kay Hian Research maintains an “OVERWEIGHT” recommendation on S-REITs, anticipating a recovery in liquidity triggered by the expected rate cuts. The report recommends buying blue-chip S-REITs such as CapitaLand Ascendas REIT, Keppel DC REIT, and Lendlease REIT, which are poised to benefit from the anticipated easing of monetary policy.

As the Federal Reserve considers rate cuts, business sentiment is buoyed by easing trade tensions, with the US reaching trade agreements with the EU and Japan. These developments, coupled with Singapore’s stable fiscal environment, position S-REITs as attractive investment options amidst the evolving economic landscape.
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Maybank Singapore has reported a significant 17.9% year-on-year increase in its net fund based income, reaching S$382.19m. This growth is attributed to the expansion of its balance sheet and proactive management of funding costs. However, the bank’s non-interest income (NoII) saw a slight decline of 2.4% to S$286.81m, primarily due to a decrease in treasury income linked to lower foreign exchange-related earnings.

Despite the dip in NoII, Maybank Singapore experienced stronger wealth income, bolstered by bancassurance commissions and investment income. Additionally, the bank benefited from higher non-operating income, which included gains from government bond sales and improved loan-related fees.

The bank’s profit before tax (PBT) for the first half of the financial year 2025 was S$363.82m, marking a 5.8% decrease. This decline was influenced by increased overheads and a lower write-back in impairment allowance, which offset the growth in fund based income.

Maybank Singapore’s financial performance highlights the challenges and opportunities within the banking sector, as it navigates fluctuating income streams and operational costs. The bank’s ability to manage funding costs and leverage its balance sheet growth has been crucial in achieving its net fund based income rise. Looking ahead, the bank will need to address the factors impacting its PBT to sustain its financial health.
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UOB Kay Hian has raised its Straits Times Index (STI) target to 4,602, reflecting an 8% upside, following a resilient first half of 2025 where 75% of Singaporean companies met or exceeded earnings expectations. Despite challenges such as tariff uncertainties and a strong Singapore dollar, banks and real estate investment trusts (REITs) have led the way, delivering stable earnings and positive rental reversions.

The report highlights that banks, despite facing net interest margin compression, have maintained resilient earnings, with DBS and OCBC showing stable performance. The banks’ attractive dividend yields, particularly OCBC’s 5.9% for 2025, are noted as key factors supporting the STI. Additionally, the Monetary Authority of Singapore’s (MAS) allocation of $800m (S$1.1b) in new funds from the Equity Market Development Programme is expected to provide further market support.

Consumer companies like Sheng Siong and Food Empire have shown strong revenue growth, whilst DFI Retail has rewarded shareholders with a significant interim dividend following a robust performance. In the healthcare sector, Raffles Medical has reported revenue growth despite rising manpower costs.

The report also mentions that REITs experienced positive rental reversions, with Digital Core REIT achieving triple-digit increases. UOB Kay Hian has upgraded its ratings for City Developments and Venture, citing strong divestment momentum and improved capital management.

Overall, UOB Kay Hian’s analysis suggests that the STI’s current valuations are not overstretched, trading at a discount to long-term averages, and anticipates continued growth into the latter half of 2025 and beyond.
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Nanyang Biologics Pte Ltd (NYB), a biotech firm spun out from Nanyang Technological University, has announced a collaboration with Equinix and HPE to develop Vecura, an AI-driven platform for drug discovery. This partnership, formalised through a Memorandum of Understanding (MOU) at the AI4Life Summit in Singapore, aims to establish the world’s largest natural drug compound library within the next year.

The collaboration is a significant step in positioning Singapore as a hub for AI-driven biomedical innovation. NYB’s Chairman, Dr Roland Ong, highlighted the initiative’s goal to transform natural compounds into health solutions, leveraging research from the NYB–NTU Joint Laboratory. The Vecura platform, powered by HPE’s AI infrastructure and anchored by Equinix’s digital systems, promises to enhance drug discovery efficiency and reduce R&D costs by over 50%.

NYB’s Group Chief Technology Officer, Giang Nguyen, noted the expanding database of potential therapeutic compounds, emphasising the role of global leaders like Equinix and HPE in supporting this growth. The collaboration aims to drive breakthroughs in oncology, neuroscience, and metabolic health.

The AI4Life Summit, co-organised by the Workforce Advancement Federation, underscores the growing demand for AI-driven drug discovery platforms. The global market for these platforms is expected to grow significantly, with the Asia-Pacific region poised for rapid expansion. This initiative marks a pivotal moment in advancing healthcare solutions through strategic cross-industry collaboration.
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