Industry News

Citi and SMRT have announced the renewal of their partnership, marking two decades of collaboration aimed at enhancing the daily journeys of Singapore’s commuters. Originally launched in 2006, the Citi SMRT Credit Card was the first of its kind in Singapore, integrating transit fare payments with credit card benefits. Over the years, it has become a staple for consumers, offering cashback on transport, groceries, and online shopping.

Ngien Hoon Ping, CEO of SMRT Corporation, highlighted the partnership’s vision to transform commuting into a vibrant lifestyle experience. “We wanted travel on our public transport system to be more than just moving from point A to point B,” he said. Yeo Wenxian, CEO of Citibank Singapore, echoed this sentiment, noting the partnership’s commitment to embedding convenience and connectivity into the commuter journey.

The renewal comes as digital payment options gain popularity amongst Singaporeans. Between 2019 and 2024, digital wallet transactions linked to the Citi SMRT Card increased sevenfold. Additionally, cardmembers have expanded their usage into everyday spending, with a 60% rise in transactions from 2021 to 2024 across categories like groceries and online shopping.

To keep pace with evolving consumer needs, Citi and SMRT are introducing new benefits, including a limited-time offer of $400 (S$400) cashback for new cardmembers and 5% savings on Malaysian Ringgit spend. The partnership renewal will also feature promotions such as 20-cent treats from popular F&B brands and a mobile game offering vouchers from Lazada and ZALORA.
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IPI Singapore has announced a significant leadership transition with Michael Goh stepping into the role of Chief Executive Officer, effective 1 September 2025. Goh, previously the Chief Operating Officer, succeeds Wong Lup Wai, who is retiring after a transformative tenure since 2019.

Under Wong’s leadership, IPI Singapore, a subsidiary of Enterprise Singapore, has made substantial strides in enhancing its Innovation Advisory Programme and expanding partnerships both locally and internationally. Wong’s efforts have been pivotal in promoting technology adoption among Singapore enterprises and strengthening the organisation’s leadership.

Michael Goh, a founding member of IPI Singapore, brings over 19 years of experience in intellectual property, business and technology management, and commercialisation. His leadership has been instrumental in helping enterprises across various sectors, including manufacturing, medtech, and sustainability, to harness growth through strategic innovation. Goh has also spearheaded organisational development and digital transformation initiatives within IPI Singapore.

Expressing his vision for the future, Goh stated, “I want to build on the strong foundation laid by Lup Wai to position IPI as the trusted innovation partner for Singapore enterprises. Together with our team and partners, we will accelerate impactful collaborations and further cement Singapore’s role as an innovation hub.”

As IPI Singapore enters this new chapter, the organisation aims to continue its mission of empowering enterprise growth through technology and innovation, leveraging its global ecosystem and advisory services to drive commercialisation and market strategies.
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Standard Chartered has announced the appointment of Roger Charles as the new Head of Sustainability Initiatives, Coverage, within its Corporate & Investment Banking (CIB) team. With over 25 years of experience in environmental, social, and climate risk roles, Charles will be instrumental in advancing the bank’s sustainability agenda. Previously at DBS Bank, he was pivotal in shaping sustainable finance and the net zero vision across the region. His career also includes roles at DuPont Sustainable Solutions and Tullow Oil.

Based in Singapore, Charles will report to Stella Choe, Global Head of Corporate Coverage. His responsibilities include supporting CIB’s coverage and product partners and collaborating with the Group Sustainability team to help clients meet their sustainability objectives. This appointment aligns with Standard Chartered’s ambitious targets of achieving at least $1 billion in annual sustainable finance income by 2025 and mobilising $300 billion in green and transition finance by 2030.

Stella Choe commented, “Scaling sustainable finance remains a key priority for the Bank. Our commitment to sustainability underpins the way we do business, whilst enabling us to drive long-term value for our clients. I’m confident that Roger’s extensive knowledge and experience will be an asset in supporting the continued growth of our sustainable finance franchise.”

This strategic move underscores Standard Chartered’s dedication to sustainability as it seeks to enhance its sustainable finance offerings and support clients in their transition towards greener practices.
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Scoot, the low-cost subsidiary of Singapore Airlines, has unveiled a new virtual interline platform in collaboration with Dohop, a travel solutions technology company. This platform, launched on 2 September, enables customers to book self-connect itineraries, combining flights operated by Scoot and partner airlines, directly from Scoot’s website.

Through partnerships with easyJet and Citilink, the platform expands Scoot’s reach to over 30 new destinations across Europe and Indonesia. Travellers can now book flights from Singapore to cities such as Milan, Paris, and Geneva, as well as Indonesian locations like Kendari, Solo, and Ambon. Calvin Chan, Scoot’s Chief Commercial Officer, stated, “This launch represents an exciting step forward for Scoot as we continue to enhance the travel experience for our customers.”

The new platform is designed to complement traditional interline and codeshare agreements, offering flexible partnerships. Sarah Hanan, Chief Commercial Officer at Dohop, expressed enthusiasm for the collaboration, highlighting the trend towards flexible, passenger-centric connectivity in the airline industry.

In addition to the expanded destination options, the platform offers ConnectSure protection, ensuring passengers are covered in the event of flight delays or cancellations. This initiative marks a significant enhancement in Scoot’s service offerings, promising greater travel opportunities and peace of mind for its customers.
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QCP Trading, a leading digital asset trading firm, has been awarded a major payment institution licence by the Monetary Authority of Singapore (MAS). This significant development, announced on QCP’s website, allows the company to expand its payment services within Singapore, reinforcing its position in the digital asset market.

The licence enables QCP Trading to offer a wider range of payment services, including account issuance, domestic and cross-border money transfers, and digital payment token services. This move is expected to bolster the firm’s capabilities in providing comprehensive financial solutions to its clients.

QCP Trading’s achievement highlights Singapore’s supportive regulatory environment for financial technology companies. The MAS licence is a testament to the firm’s compliance with stringent regulatory standards, ensuring secure and efficient payment services.

The company’s expansion of services is anticipated to meet the growing demand for digital payment solutions in the region. As digital assets continue to gain traction, QCP Trading’s enhanced service offerings are poised to cater to a broader clientele, fostering innovation in the financial sector.

Looking ahead, QCP Trading’s new licence is expected to facilitate further growth and innovation in its operations, contributing to the dynamic landscape of digital finance in Singapore.
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Banyan Group, a global hospitality company, has announced a 100-day celebration, “100 Journeys,” to mark the opening of its 100th property, Mandai Rainforest Resort by Banyan Tree in Singapore. This milestone, reflecting three decades of growth, will culminate in a week-long festival from 27 November to 3 December 2025, featuring discovery trails, wellbeing sessions, and community activities. Proceeds from the festival will support the President’s Challenge, a local charity initiative.

The celebrations, running from 1 September to 9 December 2025, aim to honour the people, places, and communities that have shaped Banyan Group’s portfolio. Ren Yung Ho, Deputy Chief Executive, stated, “100 Journeys reflects how far we’ve come and how we’ve grown. It’s a tribute to the communities that shaped us and a promise to continue creating meaningful, place-led experiences.”

Banyan Group has curated 100 experiences across its resorts, including Tibetan pottery-making, zen meditation, and eco-walks, to immerse travellers in local cultures. The initiative also highlights the Group’s commitment to environmental stewardship, with projects like coral conservation in the Maldives and bird conservation in China.

Guests are invited to share their travel stories, with 100 submissions receiving a $100 (local currency) Banyan Group e-gift card. The top three storytellers will win a complimentary stay. This initiative underscores Banyan Group’s dedication to fostering meaningful connections and sustainable travel experiences.
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IPI Singapore has announced a significant leadership transition with Michael Goh stepping into the role of Chief Executive Officer as of 1 September 2025. Goh, who has been with the organisation since its inception, succeeds Wong Lup Wai, who is retiring after a transformative tenure that began in 2019.

Under Wong’s leadership, IPI Singapore significantly enhanced its Innovation Advisory Programme and expanded strategic partnerships both locally and internationally. His efforts have been pivotal in promoting technology adoption among Singapore enterprises. Reflecting on his tenure, Wong stated, “It has been an immense privilege to lead IPI Singapore and witness its transformative impact on the innovation landscape in Singapore.”

Michael Goh, previously the Chief Operating Officer, brings over 19 years of experience in intellectual property, business and technology management, and commercialisation. His leadership has been instrumental in helping enterprises across various sectors, including manufacturing, medtech, and sustainability, to unlock growth opportunities. Goh has also initiated organisational development and digital transformation efforts to position IPI Singapore as a strategic enabler for enterprise innovation.

Expressing his vision for the future, Goh remarked, “I want to build on this to position IPI as the trusted innovation partner for Singapore enterprises, enabling them to leverage innovation to scale beyond our shores.”

As IPI Singapore enters this new chapter, the organisation aims to continue its role as a catalyst for enterprise growth, fostering impactful collaborations and cementing Singapore’s status as an innovation hub.
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Marco Polo Marine, an integrated marine logistics group, has announced significant strategic developments aimed at enhancing its growth trajectory. The company has secured its first contract for the newly launched fourth dry dock, signed a three-year Master Service Agreement (MSA) with Cyan Renewables, and is planning a Taiwan listing for its subsidiary, PKRO. These initiatives are designed to capture increasing demand in both the traditional oil and gas sector and the burgeoning renewable energy market.

The newly launched Dry Dock 4 has already secured a ship repair contract valued at approximately $3.7m (S$5m), with the vessel expected to arrive at the Batam yard by the end of August 2025. This swift contract win underscores the robust demand for Marco Polo Marine’s repair and maintenance services, particularly as global fleets age and require more upkeep.

In a move to deepen its involvement in the renewable energy sector, Marco Polo Marine’s shipyard subsidiary has entered into a three-year MSA with Cyan Renewables. This agreement will see the company providing repair, maintenance, and conversion services for Cyan’s offshore wind vessel fleet, reinforcing its role in Asia’s energy transition.

Additionally, Marco Polo Marine’s 49%-owned subsidiary, PKRO, plans to pursue a Taiwan listing by the third quarter of 2026. The listing is expected to fund fleet expansion, including commissioning service operation vessels, to tap into the rapidly growing offshore wind markets in Taiwan, South Korea, and Japan.

These strategic moves are anticipated to drive sustained earnings growth for Marco Polo Marine, with the company maintaining a “buy” recommendation and raising its target price by 16% to $0.065 (S$0.088). The developments position the company to benefit from favourable sector conditions and increased demand for specialised vessels in the offshore wind industry.
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The Civil Aviation Authority of Singapore (CAAS) and the Latin American Civil Aviation Commission (LACAC) have signed a Memorandum of Understanding (MOU) to bolster their collaboration in civil aviation training. This agreement aims to support aviation growth and elevate international civil aviation standards across Latin America.

The MOU was signed by Ng Tee Chiou, Deputy Director-General of CAAS, and Ingrid Azucena Zelaya Florian, President of LACAC, during the CVII Meeting of the Extended Executive Committee of LACAC in Guatemala. This partnership, which began in 1998, has already seen CAAS award nearly 170 fellowships and train over 1,250 Latin American aviation professionals.

Under the new agreement, CAAS will provide 75 fellowships over the next three years for aviation professionals from LACAC’s 22 member states, including Brazil, Mexico, and Argentina. These fellowships will cover specialised courses at the Singapore Aviation Academy (SAA) in areas such as aviation safety and management. Additionally, CAAS will conduct three in-region training programmes tailored to regional needs.

The enhanced MOU introduces three initiatives to develop young aviation professionals and promote bilateral knowledge sharing. These include scholarships under the Singapore-ICAO Next Generation of Aviation Professionals Scholarship Programme, a Directors-General of Civil Aviation Programme, and high-level exchanges.

Ng Tee Chiou emphasised the importance of skilled manpower for the region’s growth, stating, “CAAS is providing more fellowships and in-region trainings to help support human talent development.” Ingrid Azucena Zelaya Florian added, “This agreement will allow us to continue strengthening our aeronautical technical capabilities in Latin America and the Caribbean.”
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John Elkovich has been appointed as the Chief Executive Officer of St. James’s Place (SJP) in Singapore, effective 1 September 2025. In his new role, Elkovich will spearhead the Singapore office’s efforts in market expansion, business development, and enhancing client services. He will report to Oliver Wickham, Partnership Director for Asia and the Middle East.

Elkovich joined SJP as Head of Partnership in September 2024 and served as Interim CEO of the Singapore office since April this year. His extensive career in financial services spans over three decades, covering wealth management, insurance, and private banking in both Singapore and Australia. He is recognised for his strategic leadership and ability to drive innovation and build strategic partnerships.

Oliver Wickham expressed confidence in Elkovich’s leadership, stating, “John’s proven leadership and deep experience in financial services will be instrumental in guiding our next phase of growth. Singapore continues to be a centre of financial advice excellence, and I’m excited to build on that strength—attracting more high-calibre professionals to St. James’s Place as demand for quality advice continues to rise.”

Elkovich commented on his appointment, saying, “I’m honoured to lead SJP’s Singapore office at this pivotal time. Our success is driven by world-class advisers, a strong client-first culture, and rising demand for cross-border expertise. As CEO, I’m focused on deepening that impact — by attracting top talent, fostering innovation, and ensuring we remain a trusted partner for clients.”

St. James’s Place, founded in the UK in 1991, is a leading financial advisory group with a significant presence in Asia since 2014. The company provides tailored financial advice to nearly one million clients globally.
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