Industry News

OCBC has unveiled a groundbreaking $1 billion digital US commercial paper (USCP) programme, leveraging blockchain technology to facilitate near-instantaneous short-term US dollar funding. This innovative approach allows OCBC to receive funds within minutes, thanks to tokenised securities and on-chain funds. The programme marks OCBC as the first USCP issuer globally to utilise blockchain throughout the entire lifecycle of securities, thereby reducing reliance on traditional infrastructure and intermediaries.

The initiative is a significant step in OCBC’s strategy to bolster liquidity resilience amidst a volatile geopolitical and macroeconomic environment. By tapping into the expansive $1.4t USCP market, OCBC aims to quickly raise USD, complementing its existing $25b conventional USCP programme. The blockchain-based system also enhances transparency and trust, as all parties involved can view and verify transaction data in real-time.

J.P. Morgan’s Digital Debt Service application, part of its Kinexys Digital Assets platform, will support OCBC’s digital USCP programme, with J.P. Morgan acting as the sole dealer. The first tokenised issuance under this programme occurred on 20 August 2025, with six-month maturity notes issued to an accredited institutional investor.

Kenneth Lai, OCBC’s Head of Global Markets, highlighted the bank’s focus on commercialisation within Singapore’s rapidly advancing blockchain ecosystem. “Our new digital USCP programme will deepen investor engagement and sharpen our global capital markets profile,” he stated. Scott Lucas from J.P. Morgan added, “Our partnership with OCBC in support of developing both their access to the US market and their digital agenda is aligned to our commitment of offering innovative liquidity solutions.”

The digital USCP programme has received top credit ratings of P-1 from Moody’s and F1+ from Fitch, underscoring its financial robustness. This development follows OCBC’s previous successes with blockchain applications for repo transactions, further strengthening its liquidity management capabilities.
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The Institute of Singapore Chartered Accountants (ISCA) and Ernst & Young LLP (EY Singapore) have signed a three-year Memorandum of Understanding to launch the “EY x ISCA SCAQ Career Mobility Programme”. Announced on 19 August 2025, this initiative seeks to develop and globally position accounting talents from Southeast Asia, particularly from Singapore, Thailand, and Vietnam, amidst a growing demand for accountants in the region.

The programme arrives at a crucial moment for the accounting profession, which is experiencing growth driven by digital transformation and sustainability reporting. However, the industry faces a talent shortage, with Singapore alone needing an additional 6,000 to 7,000 accountants by 2025. The programme promotes the Singapore Chartered Accountant Qualification (SCAQ) as a globally recognised pathway, offering university students a chance to gain international career opportunities.

ISCA President Teo Ser Luck highlighted the importance of talent mobility in adapting to industry changes, stating, “Through this partnership with EY, we are building a strong regional pipeline of future-ready Chartered Accountants.”

The collaboration will involve promoting the SCAQ among university students, providing training, and offering cross-cultural work experiences in Singapore. EY Singapore will also guarantee interview opportunities for students completing the SCAQ Foundation Programme, with successful candidates joining EY as full-time graduates.

EY’s Liew Nam Soon emphasised the programme’s role in nurturing talent, noting EY’s investment of $3.7 million (S$5 million) over five years to support local professionals pursuing the SCAQ. With enrolment in the SCAQ rising by 47% in 2024, ISCA aims to exceed 7,000 candidates in 2025, enhancing cross-border exposure and career prospects for aspiring accountants.
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Saint Clare School for Special Education has introduced an innovative Learning Management System (LMS) designed to revolutionise lesson planning and Individualised Education Plans (IEPs) for students with special needs. The system, enhanced by generative AI and leveraging over 15 years of curriculum data, promises to streamline planning, improve teaching efficiency, and strengthen parent-teacher communication.

Developed in collaboration with SOZCODE and guided by Saint Clare’s academic board, the LMS is expected to reduce curriculum development time by 30-50%. Teachers can now input basic learning needs into the system to receive suggested learning goals and lesson ideas, which can be tailored to each student’s unique requirements. Kelvin Ng, co-founder of Saint Clare School, highlighted the system’s potential to provide structured and validated curriculum access, especially in regions lacking special needs education support.

The LMS also features a Single Child View, consolidating each student’s class enrolment, IEPs, therapy records, and communication logs. This allows for more efficient collaboration among teachers, Heads of Department, and leadership teams. Additionally, the system supports student progress tracking and custom analytics, enabling educators to assess IEP effectiveness and refine teaching approaches based on real data.

Looking ahead, Saint Clare School plans to evolve the LMS into a comprehensive special education operating system, with pilot programmes set for late 2025 or early 2026 in Kuala Lumpur and Sabah. This initiative aims to empower schools across Southeast Asia to deliver credible individualised learning support, aligning with Singapore’s high educational standards.

Established in 2007, Saint Clare School has supported over 2,000 students and is recognised for its commitment to quality education. The school is expanding regionally, licensing its curriculum to partners in Malaysia and attracting interest from Indonesia. With this new LMS, Saint Clare School is poised to lead the way in data-driven, inclusive special education.
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Mapletree Investments has announced its entry into Australia’s student housing sector with the acquisition of a 1,398-square-metre site on Wellington Street, Perth. The site will host a premium 835-bed student housing development, marking the company’s first venture into this market in Australia. The project is set to be completed by 2027, with operations beginning in February 2028.

The development is strategically located near major educational institutions, including Edith Cowan University and Curtin University Law School, and is within walking distance of Perth’s first city-based campus, ECU City Campus, which is scheduled to open in 2026. This prime location is expected to attract a significant number of students, enhancing the demand for student accommodation in the area.

Matt Walker, CEO of Student Housing at Mapletree, highlighted the appeal of Australia’s student housing sector, noting its large student population and limited supply. “Perth remains one of Australia’s most undersupplied central business districts for student accommodation,” he said. The project aligns with Mapletree’s strategy to focus on student housing as a core sector.

The development will feature extensive amenities, including a communal rooftop area, dining and game facilities, green spaces, and leisure options such as a café, gym, music room, and cinema. It aims to achieve a 5 Green Star rating, reflecting its commitment to sustainability.

Mapletree’s expansion into Australia adds to its growing portfolio of student housing assets, which includes properties in the US, UK, Canada, and Germany. The company continues to leverage its real estate capabilities to deliver top-tier assets that appeal to both students and investors.
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The Singapore telecommunications sector is witnessing significant consolidation, potentially leading to market price adjustments. Recent mergers and acquisitions are expected to influence the mobile and broadband markets, with mobile network operators maintaining a “high-press” strategy to protect and expand their revenue market share in the short to medium term. RHB has maintained a NEUTRAL sector rating, with Singtel highlighted as the top pick due to its return on invested capital (ROIC) expansion and capital management advantages.

The consolidation trend is seen as a positive development, potentially stabilising the market. However, expectations regarding market price repair vary. Singtel’s strategic positioning in key markets undergoing price adjustments, along with its robust capital management, makes it a standout choice for investors. The company’s focus on ROIC expansion and exposure to markets with pricing opportunities further solidifies its position.

Singtel’s strategic initiatives include a cost-out programme that has already achieved $400m in savings for FY24-25, with a target of $600m by FY26. Additionally, a $2b share buy-back programme over three years is expected to be earnings accretive. The company’s upgraded capital recycling target of $9bn in the mid-term offers further dividend upsides, supported by a strong balance sheet.

As the sector evolves, the impact of these consolidations will be closely monitored, with potential implications for pricing strategies and market dynamics. Singtel’s proactive measures and strategic focus position it well to navigate these changes and capitalise on emerging opportunities.
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Luxury watchmaker IWC Schaffhausen has teamed up with GASSAN to unveil an exclusive pop-up store at Singapore Changi Airport. This new venture aims to offer travellers a unique shopping experience, featuring a selection of IWC’s renowned timepieces. The pop-up store is strategically located to attract the airport’s diverse international clientele, providing them with access to IWC’s iconic collections.

The collaboration between IWC Schaffhausen and GASSAN highlights both brands’ commitment to delivering luxury and craftsmanship in travel retail. GASSAN, a family-owned company based in Amsterdam, is a prominent name in luxury retail and diamond cutting, with a strong presence in travel retail, including 11 stores at Schiphol Airport and six at Changi Airport.

The pop-up store will showcase IWC’s celebrated collections, including the Pilot’s Watches, known for their aviation-inspired designs, and the Portugieser, which epitomises elegance and technical sophistication. Other collections featured include the timeless Portofino, the sporty Aquatimer, and the robust Ingenieur, each offering a unique blend of style and functionality.

This initiative not only enhances the shopping experience at Changi Airport but also strengthens GASSAN’s position in the luxury travel retail sector. The pop-up store is expected to attract watch enthusiasts and travellers seeking exclusive timepieces, further cementing IWC Schaffhausen’s reputation as a leader in haute horlogerie.
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First Resources has announced a mandatory takeover of Austindo Nusantara Jaya, a move expected to bolster its earnings through strategic synergies and cost consolidation. The acquisition is projected to enhance First Resources’ financial performance, with a 17% upside and a forecasted yield of approximately 6% for the financial year 2025. The company’s stock is currently trading at a price-to-earnings ratio of 7.9x for 2026, which is at the lower end of its peer range of 6-11x.

The acquisition is anticipated to provide a full impact on earnings, leveraging the synergies from the consolidation of costing strategies. This strategic move aligns with First Resources’ ongoing efforts to strengthen its market position and financial stability. The company’s target price remains at SGD2.10, reflecting confidence in the potential growth and profitability post-acquisition.

The analyst report from RHB Group highlights the positive outlook for First Resources, maintaining a “BUY” recommendation. The report underscores the attractiveness of the stock, given its current valuation and the expected benefits from the takeover.

Looking ahead, First Resources’ acquisition of Austindo Nusantara Jaya is poised to significantly impact its market standing, potentially setting a precedent for similar strategic moves within the industry. The consolidation is expected to drive robust earnings and enhance shareholder value, marking a pivotal step in the company’s growth trajectory.
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Forbes Asia has released its fifth annual ‘100 to Watch’ list, highlighting promising small companies and startups across the Asia-Pacific region.

This year’s list, sponsored by FedEx, features firms from 16 countries, with India leading with 18 companies, followed by Singapore and Japan with 14 each. The list is available on Forbes’ website and in the September issue of Forbes Asia.

The 2025 edition showcases startups excelling in fields such as biotech, spacetech, and green tech, with many utilising advanced technologies like AI. These companies have collectively raised nearly $3b in funding, underscoring their potential. “Our fifth annual Forbes Asia 100 To Watch list showcases a range of innovative startups,” said Rana Wehbe Watson, Editorial Director at Forbes Asia.

The list categorises companies into ten industry sectors, with biotechnology and healthcare leading with 18 companies, followed by enterprise technology and robotics with 16. The selection process involved online submissions and nominations from accelerators, incubators, and venture capitalists. Criteria included being headquartered in the Asia-Pacific, privately owned, and having no more than $50m in annual revenue or $100m in total funding by 15 August.

Forbes Asia editors evaluated each submission based on industry impact, market fit, business model innovation, revenue growth, and funding ability. The list offers a glimpse into the dynamic startup ecosystem in the region, highlighting companies poised to make significant contributions to their industries.
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AsiaNext, a global institution-only digital asset exchange, has announced the appointment of David Martin as CEO of its derivatives business. This strategic move comes as institutions increasingly seek regulated, capital-efficient venues that bridge traditional and digital markets. Martin, who previously served as an executive at FalconX, brings over 17 years of experience in investment management, fintech, and cryptocurrency markets.

Martin’s career highlights include co-founding Blockforce Capital, a crypto hedge fund, and launching the first blockchain ETF. His extensive experience in the crypto industry, particularly in scaling FalconX into a leading global prime broker, positions him well to drive AsiaNext’s growth. David Newns, Head of SDX at SIX Group and AsiaNext Board Member, remarked, “David’s proven experience in leading teams through the crypto industry’s cycles of rapid expansion and volatility makes him exceptionally well placed to guide AsiaNext forward.”

Based in Singapore, Martin will focus on expanding AsiaNext’s derivatives offerings, leveraging the exchange’s robust infrastructure to provide a seamless bridge between traditional and digital finance. “Institutions want more than access to digital assets; they want efficiency, trust, and infrastructure that reflects how they trade,” Martin stated. “AsiaNext has been designed from the outset to meet those needs.”

AsiaNext, backed by SBI Digital Asset Holdings and SIX Group, operates under rigorous corporate governance standards and holds a Recognised Market Operator licence from the Monetary Authority of Singapore. As the digital asset market evolves, AsiaNext aims to provide a comprehensive platform for institutional traders, ensuring a secure and efficient trading environment.
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Singapore’s inflation rate continued to decelerate in July, with the Consumer Price Index (CPI) increasing by just 0.6% year-on-year, according to UOB Global Economics and Markets Research. This marks the slowest inflation pace since January 2021, when it was 0.2%. Core inflation, which excludes private road transport and accommodation, rose by 0.5% year-on-year, matching its slowest pace since March this year.

The July headline inflation figure came in below both Bloomberg’s consensus and UOB’s forecast of 0.8%. On a month-on-month basis, headline inflation declined by 0.4%, whilst core inflation edged down by 0.1%.

Several components of the core CPI experienced sharper year-on-year declines, notably in information and communication, which fell by 2.6%, and household durables and services, which decreased by 0.5%. Clothing and footwear resumed its deflationary trend with a 2.3% drop after a brief rebound in June. However, the recreation, sport, and culture sector saw a smaller decline due to improved demand for leisure travel.

Despite a slight increase in private transport prices, headline inflation eased, offset by slower accommodation inflation and a significant reduction in housing maintenance and repair costs. Food inflation saw a slight uptick to 1.1% due to incremental price increases in non-cooked food and food serving services.

UOB maintains its average core inflation forecast for 2025 at 0.6% and 1.1% for 2026, with headline CPI forecasts unchanged at 0.9% for 2025 and 1.6% for 2026, though there is a risk of undershooting the 2025 headline forecast.
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