Industry News

Extreme climate events have financially impacted 58% of Singapore-listed Real Estate Investment Trusts (S-REITs) over the past three years, according to a joint study by Knight Frank and the REIT Association of Singapore (REITAS). The “Climate Readiness: From Disclosure to Asset Implementation” report examined sustainability practices across Singapore’s S$100b REIT market.

The study, which analysed sustainability reports from 40 S-REITs and surveyed 33 REIT managers, highlights the sector’s growing climate risk exposure. Nupur Joshi, CEO of REITAS, noted the industry’s progress in sustainability reporting and emphasised the need for concrete actions by REIT managers to support Singapore’s sustainable finance ambitions.

Key findings include that 70% of S-REITs anticipate green premiums for compliant buildings, whilst 42% have linked asset-level Environmental, Social, and Governance (ESG) Key Performance Indicators (KPIs) to financing instruments. Additionally, 78% of S-REITs have set carbon neutrality or net-zero targets, and all respondents reported board-level commitment to sustainability.

Jackie Cheung, Director of ESG at Knight Frank, stressed the urgency of asset-level adaptation strategies, stating, “Climate-related disruptions are no longer distant possibilities; they are happening now and directly affecting our industry.”

Despite progress, challenges remain. Only 20% of S-REITs have disclosed the severity of physical risks, and tenant resistance is cited as a significant hurdle by 55% of respondents. The study underscores the importance of integrating climate considerations into investment strategies to ensure long-term resilience and competitiveness.

Singapore-based equity management platform Qapita has successfully raised $26.5m in its Series B funding round, led by US-based Charles Schwab Corporation. The investment, which also saw participation from existing investors Citi and MassMutual Ventures, aims to support Qapita’s expansion into the US market and the launch of its fund administration product across multiple regions.

Qapita and Charles Schwab will collaborate on the Schwab Private Issuer Equity Services, a platform designed to help US-based private companies manage their cap tables and stock plans efficiently. This partnership is expected to facilitate a seamless transition for companies preparing to go public. Ravi Ravulaparthi, founder and CEO of Qapita, stated, “Our modern, configurable platform is designed to meet the needs of companies throughout their growth journey, and we think we can add immense value to the US start-up ecosystem.”

Operating in India, Southeast Asia, and the US, Qapita provides equity management solutions in two of the world’s largest start-up markets. The company aims to revolutionise how ownership is managed in private market ecosystems through its digital platform and service offerings. Qapita’s solutions include managing ownership records, fund administration, and facilitating secondary transactions and liquidity.

Previously, Qapita raised $10m from Analog Partners, a Singapore-based growth equity fund. Lakshman Gupta, founder and COO, remarked, “With our focus on product innovation, we’re raising the bar for how ownership is managed across private market ecosystems.”

Founded by Ravi Ravulaparthi, Lakshman Gupta, and Vamsee Mohan, Qapita is committed to building digital infrastructure for private markets across Asia and beyond.

Malaysia’s general insurance industry has reported a 4% growth in Gross Written Premiums (GWP), reaching RM12.3b in the first half of 2025. This increase from RM11.8 billion in the same period last year is attributed to enhanced operational performance and efficiency, with underwriting profit rising by RM153m to RM629m.

Motor insurance remains the largest segment, contributing RM5.3b, a 5.7% increase, and accounting for 42.8% of total premiums. Fire insurance saw a notable rise of 10.4% to RM2.6b, driven by infrastructure-led commercial property demand. Personal Accident (PA) insurance also experienced significant growth, with premiums increasing by 11.2% to RM0.8b, primarily due to travel insurance.

The industry’s overall combined ratio improved to 92.1%, highlighting efficiency gains across core business lines. Looking forward, insurers plan to bolster resilience through electric vehicle coverage, climate-risk solutions, and digital distribution. They will also continue efforts in consumer education, financial inclusion, and road safety initiatives.

Antony Lee, Deputy Chairman of the General Insurance Association of Malaysia (PIAM), emphasised the importance of these strategic initiatives in maintaining the industry’s growth trajectory. “We are committed to strengthening our offerings and ensuring sustainable growth,” he stated.

As the industry adapts to evolving market demands, these developments are expected to further solidify Malaysia’s position in the regional insurance landscape.

Cohen & Steers Inc, a global investment manager, has announced a partnership with DBS Bank to provide access to the Cohen & Steers Diversified Real Assets Fund. This fund aims to deliver attractive total returns whilst maximising real returns during inflationary periods by investing across global real estate, natural resources, listed infrastructure, and commodities. The collaboration will allow DBS clients to benefit from Cohen & Steers’ extensive expertise in managing real assets.

The partnership comes at a time when geopolitical uncertainties and market volatility are prompting investors to seek alternatives and real assets for portfolio resilience. Hou Wey Fook, Chief Investment Officer at DBS Bank, highlighted the importance of real assets as an inflation hedge, noting the rising demand due to monetary and fiscal easing in developed markets. Sean Wong, Head of Product Management at DBS, emphasised the fund’s role in providing diversification benefits and inflation protection.

Vince Childers, Head of Real Assets at Cohen & Steers, stated, “Our research shows that combining global real estate, global natural resources, global listed infrastructure, and commodities creates a more balanced real assets strategy.” The initiative aims to support clients in building resilient portfolios that can withstand inflationary pressures and market volatility.

David Conway, Head of International Wholesale Distribution at Cohen & Steers, expressed excitement about the collaboration, noting the privilege of working with DBS, one of the region’s most respected private banks. The partnership underscores a shared commitment to offering innovative investment solutions tailored to the evolving needs of investors in Asia.

Weixin Pay experienced a significant increase in cross-border transactions during China’s National Day and Mid-Autumn Festival holiday period, with a 21% rise year-on-year. The surge was driven by Chinese tourists travelling abroad, particularly to visa-free Southeast Asian countries like Singapore, Malaysia, and Thailand. These countries saw a notable boost in spending, with Singapore’s transactions up by 32% and Malaysia’s PayNet transactions tripling.

The Greater Bay Area, including Hong Kong SAR and Macao SAR, remained popular destinations, leading in cross-border Weixin Pay transaction volumes. Ride-hailing services in Hong Kong, such as DiDi and Uber, saw a fivefold increase in bookings by mainland tourists. Meanwhile, Japan also benefited from a 25% rise in Weixin Pay transactions, aided by integration with local e-wallets.

Weixin Mini Programmes, which now operate in 92 countries, also saw growth. Transactions in the tourism and catering sectors increased by 50% and 30% year-on-year, respectively. New Mini Programmes for airport express services in Hong Kong, Kuala Lumpur, and Heathrow enhanced travel convenience.

Inbound tourism to China also saw a boost, with a 60% increase in international tourists using Mini Programmes. Hong Kong residents travelling to the mainland during the holiday increased their spending by over 120% year-on-year, with entertainment and sports events being particularly popular.

The data underscores the growing global reach of Weixin Pay and its Mini Programmes, facilitating seamless travel and spending for Chinese tourists worldwide.

Soon Hock Enterprise, a specialised industrial real estate developer, has announced its initial public offering (IPO) on the Singapore Exchange Mainboard, aiming to raise approximately $25.3m (S$34.6m). The offering includes 21.6 million shares priced at $0.42 (S$0.58) each, with trading set to commence on 16 October 2025.

The IPO comprises 18.8 million placement shares and 2.8 million public offer shares. Additionally, cornerstone investors, including Amova Asset Management Asia Limited and Maybank Asset Management Singapore, have committed to subscribing to new shares valued at $26.1m (S$35.6m), bringing the total deal size to approximately $35.3m (S$48.1m).

Soon Hock Enterprise, known for its expertise in industrial property development in Singapore, plans to use the proceeds to capitalise on the country’s growing demand for modern industrial spaces. The company has a strong track record, having developed over 1,200 units of strata-titled industrial properties and completed projects with a gross development value exceeding $731.5m (S$1b).

The company, led by Executive Chairman Tan Yeow Khoon and CEO Tan Min Loon, aims to expand its portfolio by pursuing new tenders and exploring residential property development. The IPO is managed by Maybank Securities and United Overseas Bank, serving as joint issue managers and bookrunners.

With a market capitalisation expected to reach $131.7m (S$180.1m) post-IPO, Soon Hock Enterprise is poised to strengthen its position in Singapore’s industrial real estate market.

The National Volunteer and Philanthropy Centre (NVPC) has launched the Great Singapore Give (GSG) 2025, a three-month nationwide campaign to encourage giving and volunteerism. Running from 1 October to 31 December 2025, the initiative aims to surpass the $30.6m (S$42m) raised in the same period last year and sign up 10,000 volunteers. This year’s campaign, themed “Everyone Can Give,” seeks to foster a ‘we first’ society by involving over 200 organisations across various sectors.

The launch event, held at the newly renovated Temasek Shophouse, was attended by more than 150 representatives from the National Council of Social Service, charities, and corporate partners. Tony Soh, CEO of NVPC, highlighted the campaign’s goal to make giving a part of everyday life, stating, “The Great Singapore Give is a time where Singaporeans can come together to express and celebrate generosity in all forms.”

The campaign will feature over 200 digital and physical activations, including events like the Sinaran Hati Livestream Show and the Community Chest Christmas Light Up 2025. SGSHARE, the national regular giving programme, will be central to the campaign, with enhanced features on giving.sg to facilitate participation.

Corporate sponsors such as ABR Holdings, IHH Healthcare Singapore, and UOB are supporting the campaign to boost public engagement. The SG Cares Giving Week, from 1 to 7 December, will serve as the campaign’s pinnacle, spotlighting volunteer centres and heartwarming stories of giving.

NVPC aims to extend the momentum of the campaign beyond SG60, forging new partnerships to sustain giving initiatives into 2026 and beyond.

UNIQLO Singapore has teamed up with beloved local food brand Old Chang Kee to launch a special collection of seven UTme! T-shirt designs and six embroidery options, available from 17 October. The collection, featuring designs inspired by Old Chang Kee’s iconic Curry’O and its heritage store at REX, is brought to life by local design studio When I Was Four. This collaboration aims to celebrate Singapore’s rich food culture and heritage.

The launch will be accompanied by exclusive in-store experiences from 17 to 19 October at select UNIQLO stores. Customers purchasing two Old Chang Kee UTme! shirts at the Orchard Central Global Flagship Store will receive a complimentary Old Chang Kee snack, including the new Japanese Cheezy Curry’O. Additionally, a luggage sticker will be available with every shirt purchase at UNIQLO Jewel, ION, Orchard Central, and VivoCity.

Han Keen Juan, Chairman and Founder of Old Chang Kee, expressed the significance of the collaboration, stating, “This collaboration with UNIQLO is especially meaningful as we both uphold strong values of providing the best experience for our customers.”

The collection underscores UNIQLO’s commitment to its LifeWear Philosophy, which focuses on enhancing everyday life by spotlighting local culture and artists. Paulene Ong, Marketing Director of UNIQLO Singapore, highlighted the shared values, saying, “Together with Old Chang Kee and local design studio Wheniwasfour, we hope that every design resonates strongly with our local community and tourists exploring more about Singapore’s food culture.”

MS Amlin, a global (re)insurer under Lloyd’s, has announced the appointment of three new reinsurance underwriters to enhance its Asia Pacific (APAC) platform. The appointments are part of the company’s ongoing strategy to expand its presence and capabilities in the region.

Darren Toh, with nearly a decade of experience from Nephila Capital in Bermuda, joins as a Senior Underwriter based in Singapore. He will focus on developing the reinsurance property catastrophe portfolio and report to William Ho, CEO of MS Amlin APAC. Toh’s appointment became effective on 6 October 2025.

Yosuke Yasuda, previously Head of Casualty for Asia and China at Aon, has also been named Senior Underwriter. Yasuda brings extensive market knowledge from his 17-year tenure at Swiss Re and will enhance MS Amlin’s Speciality offering. His role, effective from 13 October 2025, will also see him reporting to Ho.

Completing the trio is Amirul (PJ) Ashraf, a qualified actuary from Malaysian Re. Ashraf, who will start on 5 January 2026, will focus on international underwriting, risk, and capital management, reporting to Ee Voon Teh, Underwriter.

These strategic hires follow the recent opening of MS Amlin’s Australian branch and the appointment of Matt Botfield as Head of Australia and New Zealand. William Ho commented, “Darren, Yosuke, and PJ bring a powerful mix of technical knowledge and client insight that will help MS Amlin accelerate growth and innovation in APAC.”

Singapore and Australia have announced the launch of the Singapore-Australia Comprehensive Strategic Partnership (2.0) upgrade during the 10th Annual Leaders’ Meeting. This significant development aims to deepen cooperation between the two nations across various sectors, including trade, defence, and climate change initiatives.

The upgraded partnership reflects a mutual commitment to strengthening ties and addressing shared challenges. It includes enhanced collaboration in digital trade, cybersecurity, and sustainable development. The leaders emphasised the importance of this partnership in fostering regional stability and economic growth.

Singapore’s Prime Minister and Australia’s Prime Minister highlighted the strategic importance of the partnership. “This upgrade underscores our shared vision for a prosperous and secure region,” said Singapore’s Prime Minister. Australia’s Prime Minister echoed this sentiment, stating, “Our partnership is a testament to the enduring friendship and shared values between our nations.”

The Comprehensive Strategic Partnership (2.0) is expected to facilitate greater economic integration and innovation. It will also focus on enhancing people-to-people links, promoting cultural exchanges, and supporting educational initiatives.

As both countries navigate an increasingly complex global landscape, this partnership aims to provide a robust framework for cooperation. The leaders expressed optimism that the upgraded partnership will pave the way for new opportunities and reinforce the bilateral relationship.