Industry News

Carro, Asia Pacific’s largest online used car platform, has entered a strategic partnership with Hong Kong-listed SY Holdings to bolster its expansion plans using technology-driven financing solutions. The collaboration, formalised through a Memorandum of Understanding, will see SY Holdings provide cross-border financing solutions powered by artificial intelligence (AI) predictive analytics and secure API-based integration.

The partnership aims to optimise efficiency, accelerate funding cycles, and enhance scalability whilst maintaining governance and compliance. Aaron Tan, co-founder and CEO of Carro, expressed enthusiasm about the collaboration, stating, “We’re excited to work with new partners like SY Holdings that can move quickly together with us as we expand into even more markets.”

SY Holdings, a digital intelligence technology company, will leverage Carro’s expertise in New Energy Vehicles (NEV) across the Asia Pacific. Kenny Ng, Head of International Partnerships at SY Holdings, noted, “This partnership will see us working closely to integrate systems that will handle dealership procurement and settlement cases within the NEV space.”

Carro, founded in 2015, has grown into a comprehensive automotive marketplace, offering services such as Carro Care, Genie Financing Services, and Coverro insurance. The company recently expanded its product line to include brand new cars in Singapore and Malaysia. Headquartered in Singapore, Carro has raised over $700 million and recorded a positive EBITDA of $43m in FY2024.

SY Holdings, recognised by CNBC and Forbes as a leading global fintech innovator, has facilitated financing services exceeding $38b for over 19,000 SMEs as of June 2025. The partnership with Carro is expected to further advance digital transformation and inclusive growth for SMEs worldwide.
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Ascentium, a global business services platform based in Singapore, has announced the acquisition of ZICO Holdings, a corporate services provider operating across key ASEAN markets. This strategic move, revealed on 21 August 2025, strengthens Ascentium’s footprint in Singapore, Malaysia, and the Philippines, whilst also marking its entry into the Labuan market. The acquisition integrates ZICO’s corporate services and trust services into Ascentium’s operations, enhancing its offerings in corporate secretarial services, trust administration, and regulatory compliance.

The acquisition builds on Ascentium’s previous expansion efforts, including its 2024 acquisition of InCorp Global, which is set to complete its brand transition by 2026. Ascentium’s Group CEO, Lennard Yong, highlighted the significance of this acquisition in advancing the company’s Southeast Asia growth strategy. “The acquisition marks an important advance in our Southeast Asia growth strategy and represents a crucial milestone towards building a leadership team with unmatched regional expertise,” Yong stated.

ZICO Holdings’ Group CEO, Datuk Kelvin Ng, expressed confidence in the transition, noting the strong reputation ZICO’s teams have built over the years. “We are confident that Ascentium’s leadership platform and global reach will enable our colleagues and valued clients to access new opportunities and enhanced solutions,” Ng said.

This acquisition underscores Ascentium’s commitment to delivering comprehensive, technology-enabled business services across the Asia-Pacific region and beyond, as it continues to expand its suite of corporate services.
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BOSS Fragrances has launched BOSS Bottled Beyond, a new premium Eau de Parfum that combines ginger and leather to create a distinctive scent. This innovative fragrance, available from 21 August 2025, marks a departure from traditional olfactory structures by blending its key ingredients throughout the scent’s lifecycle. The fragrance is available in 50ml and 100ml sizes at major retailers like Sephora and BHG.

BOSS Bottled Beyond is a continuation of the brand’s legacy, which began with the launch of the first men’s gourmand fragrance in 1998. The new scent reflects the evolving concept of success, now encompassing both personal achievements and the celebration of peers. The campaign features global ambassadors Bradley Cooper, Maluma, and Vinicius Junior, who embody the spirit of brotherhood and inspiration.

The fragrance’s composition is crafted with high-quality ingredients and advanced technology. The ginger component, extracted using CO₂ Extraction technology, offers a fresh and spicy dimension, whilst the leather adds warmth and refinement. The formula’s high concentration ensures a long-lasting scent, enhanced by a patented sugar-derived fixative.

The design of BOSS Bottled Beyond is equally striking, featuring a black lacquered bottle with a leather-touch trim and gunmetal-grey cap. The Double B monogram symbolises the fragrance’s duality and balance. The creation of this scent involved collaboration among three principal perfumers, each contributing their expertise to push the boundaries of traditional perfumery.
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Citi has introduced its Real-Time Funding (RTF) capabilities for corporate clients in Singapore, enhancing its suite of real-time liquidity solutions. This service, already operational in Australia, Hong Kong SAR, and the UK, automates the movement of funds across borders based on client-defined rules, ensuring cash availability when needed. In the first half of 2025, Citi RTF processed over 150 transactions for four clients across three currencies: AUD, EUR, and HKD.

The launch in Singapore provides clients with unprecedented control over their cash, enabling instant, round-the-clock cross-border liquidity transfers. This eliminates the need for manual fund transfers or reliance on end-of-day sweeps. Rupa Mankad, Citi’s Asia South and Singapore Head of Liquidity Management Services, stated, “This launch empowers businesses with continuous access to their funds, offering greater efficiency, improved working capital management, and stronger control over their financial positions across borders.”

Citi’s RTF is designed to optimise liquidity and automate traditionally manual processes, supporting 24/7 account monitoring and complex cash forecasting. Key features include seamless intercompany transfers, overcoming time zone limitations, and enhanced cross-border capabilities for efficient liquidity management across multiple jurisdictions.

This expansion underscores Citi’s leadership in real-time liquidity solutions, complementing offerings like Real-Time Liquidity Sharing and Real-Time Multi-Banking. The move is part of Citi’s strategy to grow its real-time liquidity offerings with new products and expanded reach.
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DBS has announced the tokenisation of structured notes on the Ethereum public blockchain, making them available to eligible investors through digital platforms such as ADDX, DigiFT, and HydraX. This initiative marks DBS’s first token distribution of crypto-linked structured notes, allowing non-DBS clients to access these assets via the bank’s digital ecosystem. The move addresses the increasing demand for digital assets, with DBS clients trading over $1 billion in crypto options and structured notes in the first half of 2025.

The tokenisation process transforms structured notes, traditionally requiring a minimum investment of $100,000, into more accessible $1,000 tokens. This makes them fungible and easier to trade, offering investors greater flexibility in portfolio management. The initiative is particularly timely as Singapore continues to grow as a wealth management hub, with the number of single family offices exceeding 2,000 in 2024.

DBS’s first tokenised product is a cash-settled cryptocurrency-linked participation note, which provides investors with a cash payout when cryptocurrency prices rise, whilst mitigating potential losses if prices fall. This product is part of DBS’s broader strategy to offer advanced investment strategies and expand access to a wide range of asset classes, including equity-linked and credit-linked notes.

Li Zhen, Head of Foreign Exchange and Digital Assets at DBS, stated, “Asset tokenisation is the next frontier of financial markets infrastructure. By leveraging DBS’s strong credit ratings, partnerships, and capabilities, more investors can now tap our solutions to better manage their portfolios.”

The bank’s initiative is set to broaden access to sophisticated financial instruments, catering to the growing institutional appetite for digital assets.
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OrangeTee, a leading Singaporean proptech real estate agency, has announced a strategic partnership with Tokyu Livable Inc., a prominent Japanese real estate consultancy, to bring curated property investment opportunities in Japan to Singaporean investors. This collaboration aims to provide comprehensive support, including property tours, personalised consultations, and market insights, to help clients navigate the Japanese real estate market.

The partnership, which began in 2014, has facilitated significant transactions for institutional and high-net-worth clients. Now elevated to the Group level, it reflects Realion Group’s broader regional strategy, with OrangeTee playing a key role in delivering integrated, cross-border solutions. Investors will gain access to Tokyu Livable’s exclusive portfolio, including premium flats and newly built condominiums.

Steven Tan, Director of OrangeTee International, highlighted Japan’s appeal as an investment destination, citing stable yields and growing demand for quality residential units. “This partnership enables us to offer Singapore-based investors exclusive access to Tokyu Livable’s highly curated portfolio,” he said.

Yasuaki Nagasaka, Manager of Overseas Sales at Tokyu Livable, expressed excitement about the collaboration, noting that it offers Singaporean investors a unique opportunity to expand their portfolios internationally.

This expansion aligns with Realion Group’s ambition to deliver cross-border real estate solutions across Asia. Justin Quek, CEO of OrangeTee, stated, “Japan is a key market in our growth strategy, and deepening ties with Tokyu Livable strengthens our capabilities.”

To launch this initiative, OrangeTee will host an investor seminar on 24 August 2025 at their Singapore headquarters, providing further insights into the Japanese market.
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M1 Limited has announced that its popular SIM-only mobile plan, Maxx, now includes 5G connectivity for both new and existing customers. This enhancement allows users to experience faster downloads, smoother streaming, and more responsive connectivity, leveraging M1’s highly-rated 5G network in Singapore.

Maxx, known for its simplicity, flexibility, and value, offers generous data bundles and easy activation without hidden charges. As part of a limited-time offer, customers can upgrade their plans to 5G at no additional cost. Those opting for a 5G eSIM can upgrade instantly via the Maxx App, whilst customers preferring a physical 5G SIM can visit designated M1 Shops or Maxx 5G SIM Exchange roadshows.

Customers can verify their handset, SIM, and plan eligibility for 5G through the Maxx App under the “Account” section by selecting “Check Your 5G Readiness.” This move is part of M1’s ongoing commitment to provide cutting-edge technology and tailored offerings to its over two million customers.

M1, a subsidiary of Keppel Ltd., has been a pioneer in Singapore’s telecommunications landscape since its commercial launch in 1997. It was among the first to receive a nationwide 5G-SA standalone network licence and continues to innovate with services like ultra high-speed fixed broadband and fixed voice on the Next Generation Nationwide Broadband Network. For more details or to sign up, customers can visit maxx.sg/maxx-5g.
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Emirates, the world’s largest international airline, is set to host a recruitment drive in Singapore on 2 and 3 September 2025, as part of its global initiative to hire 550 aircraft technicians. Successful candidates will be based in Dubai, where they will join the airline’s expanding technical operations team. This effort is part of the Emirates Group’s broader strategy to recruit 17,300 professionals across 350 roles this year.

The Singapore roadshow will provide both experienced and aspiring aircraft technicians the opportunity to engage with Emirates’ recruiters and engineers. Attendees will gain insights into the roles, benefits, and career progression opportunities available, as well as life in Dubai. The event will also highlight Emirates’ upcoming $950 million (US$950 million) ultra-modern engineering facility at Dubai World Central, which promises to be one of the largest and most advanced in commercial aviation.

Rashed Alfajeer, Emirates’ Country Manager for Singapore and Brunei, expressed enthusiasm for the recruitment drive, stating, “Singapore is home to some of the most talented aviation professionals in the world, and we are excited to bring our global recruitment drive here, as we mark 35 years of operations in this market.”

Emirates Engineering, known for its advanced aircraft maintenance facilities, supports the airline’s fleet of Airbus and Boeing aircraft. The new engineering facility, expected to be completed by 2027, will serve as a centre of excellence for aviation engineering services in the Middle East.

Candidates interested in attending the roadshow must register online. The opportunity to join Emirates offers a competitive tax-free salary, profit-sharing eligibility, and a range of benefits, including discounted flight tickets and access to exclusive privileges through the Emirates Platinum card.
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CNA, the global news brand of Mediacorp, has introduced a paid media release service in collaboration with Media OutReach Newswire. This new service allows businesses worldwide to publish their media releases on CNA’s flagship website, cna.asia, offering unprecedented access to one of Asia’s most trusted news platforms.

The partnership with Media OutReach Newswire marks CNA’s first venture into third-party content services. Jennifer Kok, founder and CEO of Media OutReach, expressed pride in being the inaugural newswire partner, highlighting the recognition of their investment in delivering corporate news across the Asia Pacific region. “Based on data from Similarweb, we know that the highest readership can be attributed to local media,” Kok stated, emphasising their focus on forming content partnerships with local media in Southeast Asia, Africa, the Middle East, and globally.

Yong Chung Jin, Head of Business Operations at CNA, clarified that the service operates separately from CNA’s editorial operations. He noted that it provides corporates and newsmakers a unique opportunity to showcase developments and enhance visibility by leveraging CNA’s strong online presence.

Since its inception in 1999, CNA has evolved into a global news brand, attracting over 90 million page views and nearly 12 million unique visitors monthly, according to Adobe Analytics data from January to July 2025. All media releases will be published as received, without edits, on CNA’s dedicated media release page.

CNA continues to expand its reach, offering content across TV, radio, and digital platforms, and is available on social media and messaging services.
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Singapore-based shipbuilder Strategic Marine has announced a partnership with US naval innovator Eureka Naval Craft to construct the Aircat Bengal MC Modular Attack Surface Craft. This collaboration, formalised through a Memorandum of Understanding, aims to leverage Eureka’s pioneering Surface Effect Ship design and Strategic Marine’s shipbuilding expertise to produce a versatile vessel for both defence and civilian use.

The Aircat Bengal MC, a 36-metre modular platform, will be constructed at Strategic Marine’s advanced facilities in Singapore. The vessel is designed to meet the evolving needs of modern naval and maritime security forces, as well as the offshore energy industry. It features a highly modular payload architecture, allowing for rapid integration of various mission modules, including sensors, unmanned systems, and specialised equipment.

Bo Jardine, CEO of Eureka Naval Craft, stated, “This partnership marks a new chapter in delivering next-generation, dual-use maritime solutions to the global market.” Chan Eng Yew, CEO of Strategic Marine, added, “Our Singapore shipyard is equipped with the latest technology and staffed by a highly experienced team, enabling us to deliver complex vessels quickly and at scale.”

The Aircat Bengal MC is also equipped with Greenroom Robotics’ GAMA maritime autonomy solution, enhancing its operational flexibility and safety. This aligns with the US Department of Defense’s strategic goals in the Indo-Pacific region, offering advanced mission flexibility for various defence scenarios.

The partnership between Eureka and Strategic Marine underscores the potential of international collaboration in advancing maritime innovation and security, combining American technological leadership with Singaporean shipbuilding excellence.
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