Industry News

Western Union and TenPay Global, Tencent’s cross-border payment platform, have announced a strategic partnership aimed at revolutionising remittance services. This collaboration introduces a cobranded flagship store in Singapore’s Chinatown, combining physical and digital remittance solutions for a seamless customer experience.

The new store, located at the People’s Park Complex, integrates Western Union’s retail network with TenPay Global’s payment capabilities. Customers can initiate money transfers via their mobile devices and finalise transactions either in cash or digitally at the counter. The process is streamlined with prefilled sender and receiver information, reducing the need for physical forms and saving time.

Vince Tallent, Senior Vice President and Head of Asia-Pacific for Western Union, expressed enthusiasm about the partnership, stating, “We are delighted to be partnering with Tencent, one of the world’s most innovative technology companies. This strategic partnership marks an exciting new chapter in our presence in the country.”

Wenhui Yang, CEO of TenPay Global Singapore, highlighted the benefits of the collaboration, saying, “Through the Weixin and Mini Programmes ecosystem, we are empowering digital transformation in offline remittances to enable users to enjoy a smoother, more connected, and efficient remittance experience.”

This partnership signifies a significant step in enhancing cross-border money transfers, making them more inclusive and accessible. With the integration of digital innovation and a trusted retail network, Western Union and TenPay Global aim to offer a more connected remittance service, bridging online and offline channels for customers. The flagship store is one of Western Union’s 20 branches in Singapore, further solidifying its commitment to serving the local community.

SATS Ltd has announced a net profit of S$78.9m for the second quarter of the financial year 2026, marking a 13.3% increase compared to the same period last year. The company’s revenue rose by 8.4% to S$1.6 billion, driven by robust cargo volume growth across Asia, Europe, and the Middle East. This performance was supported by a 15.7% rise in EBITDA to S$307.4m, with margins expanding from 18.3% to 19.6%.

The company’s Gateway Services saw a 10.7% increase in revenue, reaching S$1.22b, as it continued to gain market share with cargo volumes surpassing global growth benchmarks set by the International Air Transport Association (IATA). Meanwhile, SATS’ Food Solutions division experienced a modest 1% revenue growth to S$356.5m, reflecting stable inflight meal demand amidst expanding air travel in the Asia-Pacific region.

Kerry Mok, President and CEO of SATS, highlighted the company’s strategic focus on managing capacity and resources as demand patterns evolve. “SATS’ second quarter results were enabled by a global network and consistent execution across our operations,” Mok stated. He also emphasised the company’s commitment to investing in specialised handling capabilities to support customer growth.

Looking ahead, SATS plans to continue enhancing its operations in Singapore, which remains central to its global network. The company is investing in next-generation mega air hubs and recently completed a S$40m upgrade at the Marina Bay Cruise Centre Singapore. These initiatives aim to bolster Singapore’s position as a world-class hub for trade and travel. The company has declared an interim dividend of 2 Singapore cents per share, payable on 5 December 2025.

The Investment Management Association of Singapore (IMAS) has unveiled a series of education-focused initiatives aimed at accelerating the understanding and adoption of blockchain and tokenisation within the investment community. This announcement follows a collaborative white paper with the Monetary Authority of Singapore (MAS), the UK Financial Conduct Authority (FCA), and the UK Investment Association (IA).

IMAS has launched an e-learning course titled “The Brave New World of Tokenisation and Blockchain in Asset Management,” developed with the support of Schroders, Baker McKenzie Wong & Leow, and Phillip Capital. This course aims to provide foundational knowledge on blockchain and tokenisation, covering real-world applications, trends, and regulatory considerations.

In addition, IMAS has introduced TokenAIse, a Gen-AI powered chatbot created in partnership with AI Singapore. This tool is designed to democratise access to information on distributed ledger technology (DLT) and tokenisation, enhancing understanding across the investment sector.

Carmen Wee, CEO of IMAS, highlighted the transformative impact of tokenisation on global capital markets, stating, “The industry can only progress by building shared knowledge and readiness.” Stephanie Magnus from Baker McKenzie Wong & Leow emphasised the importance of regulatory clarity in navigating the evolving investment landscape.

These initiatives are part of IMAS’s broader strategy to close the education gap and foster a future-ready investment community. By collaborating with fintech innovators, regulators, and asset managers, IMAS aims to support industry alignment and innovation.

The Sen, a new residential project in Jalan Jurong Kechil, launched over the weekend, selling 80 out of its 347 units, marking a 23% sales rate. The average price was approximately $2,358 per square foot (psf). This launch concludes a bustling year for Singapore’s property market, with 27 projects introduced in 2025.

The sales performance at The Sen was more measured compared to recent launches, attributed to buyer fatigue and seasonal distractions as the year-end approaches. Kelvin Fong, CEO of PropNex, noted that potential buyers might be pausing to consider upcoming projects in Q1 2026. Despite this, all 10 one-bedroom units were sold, with prices starting at $993,900. Two- and three-bedroom units, which accounted for 79% of sales, began at $1.54m and $2.06m, respectively.

Fong highlighted that the price range of $1.5m to $2.5m is attractive to HDB upgraders and property investors. The Sen’s pricing is competitive for the Rest of Central Region (RCR), where new non-landed private homes averaged $2,770 psf this year. The easing interest rates could further boost sales.

Although not within walking distance to Beauty World MRT station, The Sen is accessible by a short bus ride and offers ample amenities, including the upcoming Bukit V mall. Its proximity to nature reserves and schools enhances its appeal to families.

This launch caps a remarkable year for Singapore’s private housing market, with new home sales reaching a multi-year high. Developers sold an estimated 10,379 new units by 9 November 2025, the first time in nearly four years that sales have surpassed 10,000 units. PropNex remains optimistic about continued sales momentum into 2026, supported by favourable interest rates and strategic pricing.

The Potters Garden, a five-hectare park in JTC’s Jurong Innovation District, has officially opened to the public, offering a blend of nature and industry. Originally launched as Jurong Eco-Garden in 2014, the park has been renamed to honour Jurong’s rich pottery legacy, with connections to Singapore’s last two dragon kilns at Thow Kwang Pottery Jungle and Jalan Bahar Clay Studios. The park’s rejuvenation aims to serve workers in the advanced manufacturing hub, nearby residents, and nature enthusiasts.

Located within the CleanTech Park, The Potters Garden showcases over 1,500 trees, including new species to complement existing vegetation, creating a habitat for wildlife. Notable species such as the Straw-headed Bulbul and the critically endangered Harlequin butterfly can be found here. The park’s biodiversity is further enhanced by an expanded Butterfly Garden and a new eco-pond designed to manage rainwater sustainably.

Community feedback from 2021 surveys led to the addition of new amenities, including playgrounds, a fitness corner, and refurbished footpaths. Minister Desmond Lee, who officially opened the park, expressed delight at the park’s reopening, highlighting its celebration of pottery heritage and its benefits for all generations.

Nelson Liew, Group Director of New Estates at JTC, emphasised the importance of integrating green spaces within industrial estates to support community wellbeing. The park is easily accessible via a pedestrian bridge near Jurong West Street 81, enhancing its appeal to the public.

AJJ Medtech Holdings Limited and Autagco Limited have entered into a strategic partnership to develop and commercialise humanoid elderly care robots in Singapore. This collaboration, formalised through a Memorandum of Understanding (MOU) on 12 November 2025, aims to integrate advanced robotics and artificial intelligence into Autagco’s assisted living facilities, creating AI-powered care environments.

The partnership will see Autagco initially acquiring six AJJ-HT-X1 humanoid robots for deployment across its facilities. These robots will undergo clinical trials to assess their capabilities in companionship, rehabilitation assistance, health monitoring, and cognitive interaction. The trials will ensure the robots meet safety and effectiveness standards, with data handled in compliance with Singapore’s Personal Data Protection Act.

AJJ Medtech’s Executive Director and CEO, Zhao Xin, highlighted the significance of the MOU, stating, “We will capitalise on our expertise in digital healthcare, product know-how and understanding of Singapore’s healthcare and regulatory requirements to bring this collaboration forward.”

Autagco’s Executive Chairman and CEO, Ng Boon Hui, expressed enthusiasm for the partnership, noting its potential to elevate care services and transform service delivery models.

AJJ will manage regulatory approvals, robot hardware provision, and data analysis, whilst Autagco will facilitate clinical trials and operational integration within its facilities. The MOU, valid for 36 months, may be renewed upon mutual agreement, aiming to set a benchmark for scalable, high-quality eldercare services in Singapore.

Banyan Group is set to host its inaugural Rainforest Festival from 27 November to 3 December 2025 at the Mandai Rainforest Resort by Banyan Tree in Singapore. The festival will feature a range of curated paid experiences, including behind-the-scenes wildlife tours and exclusive dining options, with 20% of proceeds going to the President’s Challenge. Banyan Group will also match festival ticket sales dollar-for-dollar, further supporting the charitable initiative.

Festival-goers will enjoy complimentary same-day entry with paid experiences and a 30% discount on admission to Rainforest Wild Asia, Bird Paradise, and the new Curiosity Cove. These attractions offer unique encounters with over 3,000 birds and a nature-inspired playscape. Discounts of up to 10% are also available at select dining and retail outlets operated by Mandai Wildlife Group.

The Rainforest Festival marks the grand opening of Banyan Group’s 100th resort and its symbolic return to Singapore. The event aligns with the group’s commitment to sustainability and community support, benefiting 60 programmes across 52 charities through the President’s Challenge. The festival will run daily from 10am to 6pm, with general admission tickets priced at $7.30 (S$10) on weekdays and $11 (S$15) on weekends. Children under four, in-house guests, and participants in paid experiences will receive free entry.

The National Volunteer and Philanthropy Centre (NVPC) has welcomed 74 new Companies of Good at the inaugural Company of Good – 1 Heart Conferment, with 62 of these being small and medium enterprises (SMEs). This event marks a significant step in the lead-up to the 10th anniversary of the Company of Good (COG) initiative in 2026, highlighting the growing commitment of SMEs to integrate Corporate Purpose into their business models.

Since the refresh of the Company of Good Recognition System in 2023, 720 organisations have been acknowledged for their dedication to societal impact, with 495, or 69%, being SMEs. This trend underscores the increasing emphasis smaller businesses are placing on societal impact as a core business priority.

Among the newly conferred companies is By Invite Only, a local jewellery brand that prioritises sustainability and ethical practices. The brand uses waste-minimising packaging and ensures its products are manufactured in factories compliant with the Business Social Compliance Initiative. “Purpose has always guided our decisions,” said Trixie Khong, CEO and Founder of By Invite Only. “We hope to connect with other organisations and discover new ways to contribute across other areas of impact.”

QXY Resources Pte Ltd, a construction company, has also been recognised for its community contributions, including fundraising for local hospitals and supporting migrant workers during the COVID-19 pandemic. CEO Lynn Koh stated, “This recognition affirms our belief that businesses can be, and should be, a force for good.”

The Company of Good – 1 Heart Conferment uses a Simplified Questionnaire to track companies’ progress across five impact areas, providing an accessible entry point for businesses to join the Profit with Purpose movement. This initiative aims to foster a community of purpose-driven companies, encouraging them to deepen their societal impact.

Frasers Property Limited has reported a 17.8% increase in attributable profit, reaching S$243.1m for the financial year ending 30 September 2025. The rise in earnings was primarily driven by net fair value changes and the reversal of tax provisions, which helped offset lower residential contributions due to project timing.

The company has proposed a dividend of 4.5 Singapore cents per share, reflecting its commitment to delivering shareholder value. Frasers Property continues to focus on three strategic pillars for sustainable value creation: increasing development exposure, driving recurring income through active portfolio and asset management, and enhancing capital efficiency.

Group CEO Panote Sirivadhanabhakdi highlighted the company’s resilience amidst macroeconomic challenges, stating, “Our long-term priorities—portfolio rebalancing and capital efficiency—continue to shape a future-ready business that aims to deliver enduring value for all stakeholders.” He acknowledged the challenges ahead but emphasised the company’s disciplined approach to strengthening performance and protecting value.

In addition to financial results, Frasers Property announced several strategic initiatives, including a partnership with CIMB Singapore to provide preferential financing for SMEs and an expanded capital partnership with Morgan Stanley Real Estate Investing in Australia. These moves are part of the company’s broader strategy to enhance its market position and drive growth.

Looking forward, Frasers Property remains focused on delivering near-term outcomes whilst staying committed to its long-term goals, ensuring it remains well-positioned to navigate future market conditions.

The Bank of England, Monetary Authority of Singapore (MAS), and Bank of Thailand have announced a joint initiative to explore the technical and policy implications of synchronised foreign exchange (FX) settlements across borders. This collaboration aims to test the interoperability of central banks’ Real Time Gross Settlement systems and Distributed Ledger Technology-based environments.

Building on insights from Project Meridian FX, the central banks will conduct experiments to enable atomic, real-time FX transactions that are secure and interoperable. The project will explore the potential of synchronisation to support Payment versus Payment FX settlement across jurisdictions with varying infrastructures, time zones, and regulatory frameworks.

Tom Mutton, Director of Fintech at the Bank of England, stated, “This project explores, in more realistic conditions, how synchronisation solutions might support an open and effective global financial system by providing a new, innovative FX settlement channel.”

Kenneth Gay, Chief FinTech Officer at MAS, highlighted the importance of international cooperation in fostering open and interoperable networks. He said, “We look forward to exploring how synchronised settlement can enhance interoperability across different jurisdictions and infrastructures.”

Thammarak Moenjak, Senior Director at the Bank of Thailand, noted that the initiative could enhance the efficiency of FX Payment versus Payment transactions and support cross-border Delivery versus Payment use cases.

This collaboration underscores the central banks’ commitment to developing financial infrastructure that enhances cross-border interoperability of tokenised transactions, potentially transforming the global FX settlement landscape.