Industry News

OKX Singapore, in collaboration with StraitsX and Grab, has launched OKX Pay, the first stablecoin-powered scan-to-pay service in Singapore. This innovative service enables customers to use stablecoins such as USDC and USDT for everyday transactions at GrabPay merchant-partners by scanning a GrabPay SGQR code. The service is integrated within the OKX SG App, now available on the App Store and Google Play.

The launch signifies a significant step in integrating stablecoins into regulated payment systems, with Singapore serving as a testing ground for this financial innovation. OKX Pay leverages StraitsX’s XSGD stablecoin, ensuring instant conversion into Singapore dollars (SGD) for merchant settlements, whilst maintaining existing payment flows for merchants.

Gracie Lin, CEO of OKX SG, stated, “OKX Pay addresses real needs for customers by expanding DPTs’ use beyond trading and investing to everyday payments.” Lim Kell Jay, Regional Head of Grab Financial Group, added that the partnership enhances the payment experience for consumers and businesses by broadening payment options without altering existing processes.

The service uses the Purpose Bound Money (PBM) framework for compliant and programmable blockchain transactions. This collaboration highlights Singapore’s role as a hub for financial innovation, with potential implications for stablecoin integration across Asia and beyond. Tianwei Liu, CEO of StraitsX, emphasised that the launch is a blueprint for how stablecoins will underpin global commerce in the future.

Naumi Hotels, a Singapore-based boutique hotel group, has opened its first property in the Middle East with the acquisition of a 237-room hotel in Barsha Heights, Dubai. The hotel, now operational, was acquired by Naumi Group and advised by SunStar Capital, a wealth management firm founded by Executive Chairman Surya Jhunjhnuwala. The property is managed by Naumi Hotels under the leadership of Group CEO Gaurang Jhunjhnuwala.

The expansion into Dubai is a strategic move for Naumi Hotels, known for its bold spaces and unscripted service. Gaurang Jhunjhnuwala stated, “Following Naumi Hotels’ success in the Asia-Pacific region, extending the experience to the Middle East felt like a natural next step.” He highlighted Dubai as a hub of innovation and a key player in the region’s hospitality market.

Naumi Hotels, established in Singapore in 2007, has developed a diverse portfolio with properties in Singapore, New Zealand, Australia, and now the UAE. Each location is characterised by unique design and personalised service, aiming to redefine the modern traveller’s experience.

The Dubai property is conveniently located near Dubai Internet City Metro, Mall of the Emirates, and The Palm. It will undergo a transformation to introduce a new visual identity, featuring whimsical spaces and imaginative experiences. The hotel offers 237 rooms and suites, two restaurants, a spa, a rooftop pool, a fitness centre, and meeting facilities.

Paul Stocker, Group Chief Operating Officer, remarked, “In Dubai, we’ve found the ideal canvas to express our playful sophistication and bring unexpected moments to life.” This launch marks the beginning of Naumi Hotels’ broader expansion strategy across the Middle East.

McKay Brothers has unveiled a groundbreaking private transport service for cryptocurrency and foreign exchange (FX) trading, connecting London and Singapore in less than 137 milliseconds round trip. This new network, announced on 29 September, is designed to cater to the increasing demand for rapid data transport in digital asset trading, where microsecond precision is crucial.

The service links Slough-LD4, home to major crypto platforms like Deribit, LMAX, and Kraken, with Singapore, integrating directly into the AWS cloud hosting Bybit. McKay Brothers’ Level Playing Field policy ensures that all subscribers have equal access to the best latency, making the service particularly appealing to firms that rely on speed for risk management.

This development is significant as it offers the fastest path for traders between these two financial hubs, enhancing the efficiency and competitiveness of digital asset trading. McKay Brothers, known for its robust and resilient networks, provides data transport services to some of the world’s most demanding firms, ensuring reliability and equal access for all its clients.

In addition to the London-Singapore link, McKay Brothers offers a portfolio of long-haul transport services connecting Tokyo, Hong Kong, Chicago, and Ashburn, VA, with the lowest latency available. The company will be showcasing its services at the Token 2049 conference in Singapore, where it will be present at Booth MB4 81.

As digital trading continues to evolve, McKay Brothers’ latest offering positions it at the forefront of providing cutting-edge solutions for the financial markets, ensuring traders can operate with unparalleled speed and reliability.

United Overseas Bank (UOB) has launched a groundbreaking feature for its Singaporean credit cardholders, allowing them to redeem rewards points, known as UNI$, whilst shopping in Johor, Malaysia. This initiative, announced on 29 September 2025, marks UOB as the first Singapore financial institution to offer such a cross-border rewards redemption service.

The new capability enables UOB cardholders to instantly offset their bills at over 150 participating merchant outlets in Johor by using their UNI$ points at the point of sale. This development is part of UOB’s strategy to leverage its strong regional presence and enhance the benefits available to its customers across the Association of Southeast Asian Nations (ASEAN).

UOB’s move is expected to strengthen consumer connectivity between Singapore and Malaysia, providing added convenience for frequent travellers and shoppers. By allowing seamless rewards redemption across borders, UOB aims to enhance the overall customer experience and encourage more cross-border transactions.

This initiative not only highlights UOB’s commitment to innovation but also sets a new standard for financial institutions in the region. As the first of its kind, this feature could pave the way for similar offerings from other banks, potentially transforming the landscape of cross-border banking services in ASEAN.

Traveloka is set to launch its 10.10 Travel Sale from 1–10 October, offering a range of promotions aimed at supporting the growing trend of wellness travel among Singaporeans. The sale includes exclusive fares and discounts on flights, stays, and experiences, making self-care getaways more accessible and affordable.

The 10.10 Travel Sale features enticing offers such as S$100 off flights during Airline Super Brand Days with Malaysia Airlines and Singapore Airlines, with fares to popular wellness destinations like Bali, Bangkok, and Seoul starting from $168 (S$230). Additionally, daily $7 (S$10) Flash Deals on attractions such as Legoland Malaysia and Mandai Rainforest, as well as 50% off flash deals on flights and hotels, will be available at 7pm and 10pm.

Traveloka’s recent study highlights that 38% of Singaporeans travel to rest and recharge, with resorts and villas ranking among the top five most searched accommodation types. Popular wellness destinations include Bali, Penang, and Hanoi, whilst emerging spots like Yogyakarta and Da Nang are gaining attention for their cultural and nature-based offerings.

Baidi Li, VP Commercial at Traveloka, stated, “Travel is no longer just about sightseeing—it is increasingly a way to nurture well-being, build meaningful connections, and support local communities.”

The sale also offers up to $91 (S$125) in all-day coupons and a chance to win free flights on the Traveloka app. By aligning with the rising demand for wellness travel, Traveloka aims to empower Singaporeans to prioritise self-care and meaningful experiences.

Singapore’s Ministry of Finance has announced the allocation of S$2.8b from its sovereign green bonds for the financial year 2024 to fund the Jurong Region Line (JRL) and Cross Island Line (CRL). This allocation is part of the Singapore Green Bond Report for FY2024, which outlines the environmental impact of these projects. The report, released on 29 September 2025, highlights the country’s commitment to sustainable development and climate targets.

The Singapore Government issued a new 30-year Green Singapore Government Securities (SGS) bond in June 2024, raising S$2.5b. Additionally, a 50-year Green SGS bond was re-opened in October 2024, adding S$1.5b. Both issuances were met with strong demand, with subscription rates of 2.4 and 1.6 times, respectively. The total green bond proceeds allocated in FY2024 amount to S$2.8b, with S$3.6b remaining unallocated, expected to be fully allocated by FY2026.

The development of the JRL and CRL aligns with the “Sustainable Living” pillar of the Singapore Green Plan 2030. Once operational, these rail lines are projected to save between 100,000 and 120,000 tonnes of CO2-equivalent annually, equivalent to removing 22,000 cars from the roads. The expansion is also expected to create approximately 1,500 jobs by 2030, enhancing connectivity and reducing travel times for commuters.

CapitaLand Investment has unveiled its strategic initiatives for 2025 during its Corporate Day in Kuala Lumpur, focusing on expanding its funds under management (FUM) and enhancing platform synergies. The company aims to reach S$200 billion in FUM by the second half of 2025, driven by increased capital deployment and strategic alignments.

The company reported a significant increase in capital deployment, with S$3.2b invested year-to-date through private funds and real estate investment trusts (REITs), marking a 79% year-on-year growth. Additionally, CapitaLand Investment has raised S$2.6b in total equity, a 1.3 times increase compared to the previous year. These efforts are part of a broader strategy to fuel growth in key areas such as lodging, logistics, and private credit.

CapitaLand Investment is also focusing on expanding its global reach. The company has earmarked over S$700m for strategic co-investments and is aligning its operations with partners SCCP and Wingate to unlock platform synergies. This alignment is expected to contribute significantly to the company’s FUM ambitions.

The company’s listed funds platform in the Asia-Pacific region has also seen robust growth, with a 16% year-on-year increase in listed FUM, reaching S$71b. The recent listing of CapitaLand Commercial C-REIT on the Shanghai Stock Exchange has further bolstered its institutional subscription rates.

Looking ahead, CapitaLand Investment plans to continue its thematic strategies, particularly in private funds, with a target of over S$2b in committed FUM within the next 12 months. The company is poised to accelerate its growth in the second half of 2025, leveraging its diversified brand strategy and strategic partnerships.

Singapore’s Department of Statistics has unveiled the Population Trends, 2025 report, revealing that the nation’s total population has reached 6.11 million as of the end of June 2025. This figure includes 3.66 million Singapore citizens and 0.54 million permanent residents, alongside 1.91 million non-residents.

The report, now in its twenty-first edition, provides a comprehensive analysis of Singapore’s demographic landscape. It highlights key aspects such as population size, growth, and the age structure, which are crucial for understanding the implications on production, investment, and community development. The report is divided into six chapters, covering topics from geographical distribution to fertility and mortality rates.

Chief Statistician Koh Eng Chuan expressed gratitude to various government agencies for their data contributions, emphasising the importance of these statistics for policymakers, planners, and businesses. “A good understanding of demographic forces and emerging trends is useful for policy makers, planners, businesses and the academia,” he stated.

In the third quarter of 2025, Singapore’s office market experienced a notable trend of flight-to-quality moves, as reported by Knight Frank Singapore. With limited new office supply, occupiers are focusing on renewing leases and selectively upgrading to newer, well-connected buildings. This has resulted in a two-tier market where modern buildings thrive, whilst older properties face increasing vacancy pressures.

Prime office rents in the Raffles Place and Marina Bay precincts rose by 0.3% quarter-on-quarter, reaching an average of S$11.41 per square foot per month. Occupancy levels in these areas remained stable at 94.7%, with overall Central Business District (CBD) occupancy increasing by 0.5 percentage points to 94.2%. Calvin Yeo, Head of Occupier Strategy and Solutions at Knight Frank Singapore, noted, “With limited fresh supply in the pipeline, most occupiers continue to prioritise renewals.”

The demand for quality office spaces is driven by the enhanced tenant experience, often referred to as “hotelification,” which includes concierge services and smart building operations. Notable relocations include Zoom Communications and Jane Street moving to IOI Central Boulevard Towers. Meanwhile, older buildings are becoming less attractive to modern businesses, especially with upcoming projects like the Comcentre redevelopment offering AI-enabled, carbon-neutral offices.

The Singapore economy’s growth, with a 4.4% year-on-year increase in Q2 2025, has led the Ministry of Trade and Industry to revise the GDP growth forecast to 1.5% to 2.5% for the year. Despite global uncertainties, Singapore remains a stable business hub, with prime rental growth expected to remain flat in the coming months.

Novartis Singapore and the Singapore Heart Foundation have launched the ‘Beat the Block’ campaign to tackle misconceptions about high blood cholesterol in Singapore. This initiative, unveiled on 30 September, aims to educate the public on managing cholesterol levels effectively to prevent cardiovascular diseases, which account for nearly one in three deaths in the country.

The campaign follows a survey revealing that whilst high blood cholesterol prevalence has decreased from 39.1% in 2020 to 31.9% in 2022, misconceptions persist. The survey, conducted by IQVIA, highlighted that 93% of respondents believe diet and exercise are as effective as medication in lowering cholesterol, and 72% fear long-term statin use could harm kidneys and liver. These misconceptions contribute to non-compliance with prescribed treatments, with 37% of patients skipping medication doses.

Geoffrey Ong, CEO of the Singapore Heart Foundation, emphasised the campaign’s importance, stating, “Heart health is fundamental to the strength and vitality of individuals, families, and communities.” Dr. Bernard Kwok, a cardiologist, added, “High blood cholesterol is silent and has no symptom. It is crucial for all adults to regularly check their blood cholesterol levels.”

A key feature of the campaign is the Cardiovascular Risk Calculator, which uses the Singapore-modified Framingham Risk Score to estimate an individual’s 10-year risk of coronary artery disease. This tool aims to provide personalised LDL-C targets, crucial for managing cholesterol levels and preventing heart attacks and strokes.