Industry News

Singapore’s inflation is projected to continue its downward trend into the fourth quarter of 2025, according to the latest Global Economics and Market Strategy Report by RHB Bank. The report, attributed to Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, maintains the full-year projections for headline and core inflation at 1.2% and 0.9%, respectively.

In August 2025, Singapore’s headline Consumer Price Index (CPI) decreased to 0.5% year-on-year, down from 0.6% in July, and below Bloomberg’s estimates of 0.6%. Core inflation also eased to 0.3% year-on-year from 0.5% in July. These figures suggest a continued moderation in inflationary pressures.

As the Monetary Authority of Singapore (MAS) prepares for its policy review in October, RHB Bank’s base case anticipates no changes to the current policy parameters through the end of the year. However, there is a possibility that the Singapore dollar nominal effective exchange rate (S$NEER) slope could flatten, reflecting a balance of risks.

This outlook is significant as it indicates a stable economic environment, potentially influencing monetary policy decisions and economic planning. The easing inflation could provide relief to consumers and businesses, fostering a more predictable economic landscape.

The Singapore Business Federation (SBF) led a 27-member delegation to Egypt on 21 September 2025, coinciding with President Tharman Shanmugaratnam’s state visit. The mission, part of the Overseas Market Workshop, aimed to deepen Singapore’s business ties with Egypt, a key gateway to the Middle East and Africa. The highlight was the Egypt-Singapore Business Forum in Cairo, attended by President Tharman, where five Memoranda of Understanding (MoUs) were signed between Singaporean and Egyptian companies.

The forum featured keynote addresses from notable figures including Masagos Zulkifli, Singapore’s Minister for Social and Family Development, and Hassan El-Khatib, Egypt’s Minister of Investment and Foreign Trade. These discussions emphasised Egypt’s strategic role as a trade hub and explored opportunities for Singaporean businesses in the region. Delegates engaged in business-to-business matchmaking and met with key stakeholders such as the General Authority for Investment and the Suez Canal Economic Zone.

SBF Chairman S. S. Teo highlighted the mission’s significance, stating, “Egypt’s rapid transformation and ambitious development agenda under Vision 2030 present a wealth of opportunities for Singapore companies.” The delegation, representing sectors like logistics, infrastructure, and renewable energy, also visited the Suez Canal Economic Zone to explore investment opportunities.

This initiative underscores the strengthening of economic ties between Singapore and Egypt, paving the way for future collaborations and enhanced market access in Africa and the Middle East.

The Monetary Authority of Singapore (MAS) and the China Securities Regulatory Commission (CSRC) convened their 9th annual Supervisory Roundtable in Datong, China. Co-chaired by MAS Deputy Managing Director Ho Hern Shin and CSRC Vice Chairman Li Ming, the event gathered regulators and industry participants to discuss capital market developments and explore opportunities for enhanced connectivity.

Key topics included derivatives regulations, investor protection measures, and the supervision of non-bank financial institutions. These discussions aimed to deepen mutual understanding of each market’s supervisory frameworks, thereby strengthening the resilience and functionality of both markets.

The roundtable also addressed the development of equity markets in China and Singapore, focusing on facilitating high-quality listings and capital raising. Industry participants highlighted progress on cross-border initiatives, such as enhanced index collaboration, to broaden product offerings and mobilise capital into the region. This initiative is seen as a step towards reinforcing Asia’s position as a key destination for global investment.

The roundtable underscores the ongoing commitment of MAS and CSRC to bolster regulatory cooperation and innovation, with implications for future growth and stability in the region’s capital markets.

AXS, Singapore’s pioneering fintech company, is marking its 25th anniversary by launching a suite of new solutions that extend beyond traditional payments into the realms of mobility, finance, and rewards. The announcement was made at the inaugural AXS Connect event, which brought together industry leaders and partners to explore the future of payments in Singapore and the region.

The new offerings include AXS Drive, which expands the company’s reach into mobility solutions, and AXS Ready Cash, its first personal finance product. Additionally, AXS is introducing next-generation kiosks designed to enhance convenience and accessibility with intuitive features. These initiatives are part of AXS’s strategy to build on its legacy of over 700 million transactions and partnerships with more than 800 businesses.

AXS’s Group CEO, Jeffrey Goh, highlighted the company’s commitment to evolving with the needs of Singaporeans. “Over the past 25 years, we’ve transformed alongside the needs of Singaporeans, whether through kiosks in the early days, mobile and digital platforms, or new services we offer today,” he stated.

The company is also expanding its cross-border payment services, having recently partnered with eft Payments (Asia) Limited in Hong Kong. This move aims to deliver smarter, more connected financial experiences across the region.

Looking ahead, AXS plans to introduce the AXS Card, focusing on customer rewards, and enhance its mobility offerings with cardless Electronic Road Pricing payments. AXS is also collaborating with Amazon Web Services to reimagine its kiosk interface, ensuring it remains user-friendly for all.

As AXS steps into its next chapter, it continues to build on its strong foundation, aiming to deliver seamless and rewarding services that support Singapore’s role in a connected regional economy.

Actis, a prominent growth market investor in sustainable infrastructure, has announced its acquisition of a 90% stake in 800 Super Holdings Ltd, a leading environmental management company in Singapore. This acquisition, made alongside Founder and CEO William Lee, is through Actis’ second Long Life Infrastructure Fund (ALLIF 2) and marks the fund’s sixth portfolio company investment.

800 Super Holdings, known for its comprehensive waste management, waste treatment, cleaning, and resource recovery services, is a key player in Singapore’s circular economy. The company holds a significant presence across the value chain and is one of only three licensed municipal solid waste and integrated public cleaning providers in the country. The acquisition aligns with ALLIF 2’s strategy of investing in critical infrastructure assets with long-term contracted revenues, primarily from government contracts.

Adrian Mucalov, Head of Long Life Infrastructure at Actis, stated, “Our investment in 800 Super demonstrates Actis’ strategic focus in Asia, providing investors with resilience and exposure to the region’s economic growth through investing in defensive infrastructure that is essential to national goals.”

The acquisition supports Singapore’s 2030 Zero Waste Masterplan by enhancing recycling, resource recovery, and green energy initiatives. The transaction is subject to regulatory approvals.

This move further solidifies Actis’ commitment to sustainable infrastructure, with the fund having already committed over two-thirds of its capital to similar investments across Asia, Latin America, Central & Eastern Europe, and the Middle East & Africa. The core sectors of this strategy include renewable energy, waste and water infrastructure, and digital infrastructure.

The Singapore Department of Statistics has reported a 0.5% increase in the Consumer Price Index (CPI) for August 2025, compared to both the previous month and the same month in the previous year. This marks a steady rise in consumer prices, reflecting ongoing economic trends in the region.

The CPI is a crucial indicator of inflation, measuring the average change over time in the prices paid by consumers for goods and services. The latest figures suggest a moderate inflationary trend, which could influence monetary policy decisions and consumer spending patterns in Singapore.

The Department of Statistics has made the detailed report available online, providing insights into the specific categories contributing to the CPI change. Interested parties can access this information through the SingStat Table Builder, a tool designed to facilitate the exploration of statistical data.

In addition to the CPI release, the Department has enhanced its SingStat Mobile App, offering new features to improve user experience. This app provides convenient access to Singapore’s statistical data, enabling users to stay informed about economic developments.

Chartered accountants in Singapore have been ranked as the second most trusted profession in the country, according to the 2025 Trust Survey conducted by Edelman DXI in partnership with Chartered Accountants Worldwide. The survey, which involved 1,725 senior financial decision-makers from 10 markets, found that 85% of Singaporeans trust chartered accountants to “do the right thing,” marking a 7-point increase since 2019.

The survey highlights the critical role chartered accountants play in business strategy, with 87% of respondents acknowledging their contribution to helping businesses adapt to new challenges. Additionally, 84% rely on them for strategic guidance, whilst 86% support their role in AI adoption and automation. The trust in the Institute of Singapore Chartered Accountants (ISCA) has also risen, with 88% of respondents expressing confidence in the organisation.

Teo Ser Luck, President of ISCA, emphasised the importance of trust in chartered accountants, stating, “Trust in ISCA members is rooted in their integral role in guiding businesses forward.” He also announced plans to launch a new professional credential pathway in 2026 to enhance sustainability reporting and assurance.

Tan Boon Gin, CEO of Singapore Exchange Regulation, noted the high standards to which chartered accountants are held, highlighting their roles as auditors, board members, and consultants. He expressed optimism about working with chartered accountants to advance the Singapore stock market.

Globally, trust in chartered accountants remains strong at 83%, despite a slight dip in trust for the broader accountancy profession since 2023. Ainslie van Onselen, Chair of Chartered Accountants Worldwide, remarked on the profession’s resilience, stating, “In a world shaped by AI, disinformation, and rising demand for accountability, our profession is standing tall.”

The Singapore Island Country Club (SICC) has announced Charles Schwab Singapore as the official sponsor for the 31st SICC Junior Invitational Golf Championship (JIGC), set to take place from 16 to 18 December 2025 at the historic Bukit Course. This partnership aims to enhance the tournament experience for young golfers across the Asia-Pacific region, providing them with opportunities to compete and develop their skills at a prestigious event.

Charles Schwab, a global advocate for golf, is known for its involvement in the sport from grassroots to elite levels, including sponsorship of the Charles Schwab Challenge on the PGA Tour. The company’s support for the JIGC aligns with its commitment to fostering discipline, integrity, and performance in young athletes. Greg Baker, Managing Director of Charles Schwab Singapore, expressed delight in supporting the championship, stating, “We believe in investing in potential.”

The JIGC, sanctioned by the Singapore Golf Association and recognised by the World Amateur Golf Ranking, is a key event in the junior golf calendar. It features Boys’ and Girls’ divisions in a 54-hole stroke-play format, attracting over 100 aspiring golfers annually. The Bukit Course, with its challenging terrain and rich heritage, offers a fitting backdrop for this competition.

SICC’s General Manager, Ian Roberts, highlighted the club’s dedication to nurturing future golf champions, noting that the partnership with Charles Schwab will create opportunities that inspire and empower young golfers. As the JIGC enters a new chapter, SICC remains committed to delivering a world-class championship that prepares juniors for the professional stage.

DBS Private Bank has announced that its DBS Multi Family Office Foundry VCC (DBS MFO) has achieved a milestone of S$1b in assets under management (AUM) just two years after its inception. This achievement highlights the growing demand for innovative wealth planning solutions in Asia, driven by a historic intergenerational wealth transfer and increased interest in alternative investments.

Since its launch in 2023, the DBS MFO has attracted more than 25 ultra-high net worth families worldwide. These families, initially considering setting up their own Single Family Offices, were drawn to DBS’s cost-effective and administratively efficient solutions. The DBS MFO offers a ‘plug-and-play’ model, where DBS manages the sub-fund setup and regulatory reporting, providing clients with tax incentives and investment flexibility.

Clients are not restricted to predetermined investment philosophies and can customise strategies aligned with their long-term goals. The bank’s open-architecture model allows access to a broad ecosystem of funds, including private and digital assets. “The wealth structuring landscape is evolving rapidly,” said Lee Woon Shiu, Group Head of Wealth Planning at DBS Private Bank. “This milestone reflects our clients’ trust in us to come up with innovative structures.”

DBS plans to double its AUM to S$2b by the end of 2026, capitalising on the growing interest in succession planning and wealth preservation. The bank is also focusing on expanding its wealth structuring solutions in key markets such as Taiwan, Japan, and the UK.

Kakao Pay, a leading South Korean mobile wallet, has partnered with Alipay+ and Mastercard to launch Near-Field Communication (NFC) payment capabilities for overseas transactions. This collaboration allows Kakao Pay users to make NFC payments at more than 150 million Mastercard merchant locations globally, including in Japan, Southeast Asia, the US, and Europe. The new NFC payment option complements Kakao Pay’s existing QR code and barcode-based cross-border payments, enhancing the travel and shopping experience for its users abroad.

The NFC payment feature enables users to tap their NFC-enabled Android phones on contactless point-of-sale terminals that accept Mastercard, simplifying cross-border commerce and reducing the need for physical payment methods. This service is currently available on the latest versions of the Kakao Pay app and will soon be introduced to the KakaoTalk app for Android, with plans for a future rollout on iOS.

Seung Jun Oh, Head of Payment Group at Kakao Pay, stated, “Just as we do in South Korea, we aim to provide the most convenient and rewarding payment experience overseas.” Sandeep Malhotra, Executive Vice President of Core Payments, Asia Pacific at Mastercard, added, “Through this partnership, Mastercard is making overseas payments simpler and more secure for Korean users when they travel.”

Douglas Feagin, President of Ant International, highlighted the broader impact, saying, “By working with Mastercard, we are expanding digital payment acceptance to millions of merchants worldwide.” This initiative marks a significant step towards creating a more inclusive and interoperable global payment ecosystem.