Industry News

Wise, the global technology company, has launched the Wise Young Explorer debit card in Singapore, targeting children and teens aged 6 to 17. This initiative is part of a global rollout across six markets, including Brazil, following successful launches in the UK, Switzerland, Australia, and New Zealand. The card is designed to help families teach children real-world money skills both at home and abroad.

The Wise Young Explorer card allows children to spend abroad at the mid-market exchange rate without foreign transaction fees, mirroring the transparent pricing Wise offers to parents. Parents can monitor transactions in real-time, set spending limits up to S$1,600 per month, and top up balances instantly. Additionally, they can add a co-parent or guardian to manage the card, and order up to five cards for different children, each personalised with the child’s name.

The card aims to transform family money management by providing practical money lessons. For teenagers, it offers a set budget for independent exploration during holidays, with the option to add the card to Apple Pay or Google Pay. Younger children can use it for small purchases without handling cash, and parents can easily top up the card for overseas school trips. Locally, it facilitates budgeting through automatic allowance transfers.

Wise’s comprehensive suite of travel and payment features, including a Travel Hub, airport lounge access, and bill-splitting options, complements the Young Explorer card. “We’re not just launching a card for kids — we’re addressing the full money management journey for Singaporean families,” said Yee Won Nyon, Product Manager at Wise. Parents can order the card through the Wise app or website.

Singapore-headquartered Chasen Holdings is reinforcing its strategic footprint in India through its subsidiary, Chasen Hi-Tech India, as the nation advances its semiconductor, solar, and electric vehicle (EV) battery sectors. The company is leveraging its expertise in precision relocation and technical engineering to support India’s burgeoning tech infrastructure.

India’s semiconductor ambitions are gaining momentum with the approval of several manufacturing facilities under the India Semiconductor Mission (ISM). Notably, Tata Electronics is establishing an approximately $11b semiconductor fabrication plant in Dholera, Gujarat, set to become the country’s first commercial chip fabrication facility.

In the renewable energy sector, Reliance Industries is developing a comprehensive ecosystem at its Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, Gujarat. This facility will integrate solar module, battery storage, and other clean energy manufacturing capabilities.

The growing demand for EVs in India is also driving the need for large-scale battery manufacturing. Chasen has secured an $18m expansion project for a Japanese EV battery manufacturer in the US, showcasing its global expertise in this field.

Chasen’s Managing Director and CEO, Low Weng Fatt, stated, “India is no longer a frontier market for Chasen, it is a core growth pillar. The projects secured in FY2027 are just the beginning. We are investing in our India capabilities with a long-term view, and we are confident that the country will deliver sustained, meaningful contributions to Chasen’s earnings and shareholder value in the years ahead.”

Chasen’s expansion in India is set to enhance its regional network, which spans Singapore, Malaysia, Vietnam, China, India, and the United States, positioning the company as a key player in the region’s tech transformation.

StarDream Cruises has announced a significant reduction in fuel surcharges across its regional operations, effective from 26 June 2026. This move comes as part of the company’s ongoing assessment of operating conditions and its commitment to providing value to its passengers aboard the Genting Dream, Star Navigator, and Star Voyager.

Passengers departing from Singapore and Malaysia will benefit from a complete waiver of fuel surcharges. Meanwhile, those travelling from Taiwan and Hong Kong will see a 50% reduction in the current surcharge. This adjustment reflects the improving conditions in the fuel market and the company’s dedication to delivering memorable cruise experiences.

Michael Goh, President of StarDream Cruises, stated, “As fuel prices have continued to stabilise, we are pleased to reduce and, where possible, fully waive the fuel surcharge across our deployments. We have always taken a transparent approach to fuel surcharges, introducing them only when necessary and reviewing them regularly.”

StarDream Cruises, which launched in March 2025, operates under two brands—StarCruises and Dream Cruises—offering diverse cruising experiences tailored to different markets. The company remains vigilant in monitoring global fuel price trends and will adjust its surcharge policies as needed to ensure value for its guests.

Bookings for these cruises can be made on the company’s website.

Singapore’s core inflation rate for May remained flat month-on-month, leading UOB Global Economics and Markets Research to adjust its forecast, now anticipating no further tightening by the Monetary Authority of Singapore (MAS) for the remainder of 2026. The core Consumer Price Index (CPI) showed a 1.4% year-on-year increase, falling short of both Bloomberg’s and UOB’s 1.6% forecast.

The subdued inflation was attributed to declines in sectors such as information and communication, and transport services, with cheaper internet and telecommunication services, and a slight dip in airfares. Despite the energy price shock impacting petrol and utilities, its broader effect on core inflation was less pronounced, indicating weaker pricing power among firms amidst uncertain demand.

UOB maintains its 2026 headline and core inflation forecasts at 2.2% and 1.9%, respectively, with no anticipated upside risks due to recent softening in energy prices. The bank expects MAS to maintain its current Singapore Dollar Nominal Effective Exchange Rate (S$NEER) slope setting of 1.0% per annum through 2026 and into 2027. However, there remains a 30% risk of a 50 basis point slope steepening later in the year if imported inflation pressures rise or if geopolitical tensions in the Middle East escalate.

The labour market showed signs of slack, with increased redundancies and declining recruitment and resignation rates, potentially dampening inflationary pressures. UOB’s analysis suggests that core inflation may peak around August to September 2026 before gradually moderating.

DBS and the Climate Bonds Initiative (CBI) have released a report detailing a framework for banks and businesses to finance climate resilience investments in the Asia-Pacific region. As climate change increasingly impacts the financial landscape, the report, titled “Adaptation and Resilience: Exploring Investable Opportunities in Asia-Pacific,” aims to bridge the gap between the need for and the availability of adaptation and resilience (A&R) financing.

The report highlights that annual costs associated with physical climate risks for companies in Asia are expected to reach US$336b by the 2030s. Despite this, less than 10% of global climate finance supports A&R, with a mere 11% of that coming from the private sector. Asia accounts for 69% of global adaptation financing needs and 75% of the financing gap by 2030.

The report introduces a structured approach to assessing climate resilience investments, focusing on four key sectors: commercial real estate in India, data centres in Singapore and Malaysia, power infrastructure in coastal China, and transport corridors in Taiwan. It emphasises the need for localised resilience measures whilst promoting standardisation to support investment decisions.

Kelvin Wong, Chief Sustainability Officer at DBS, stated, “We believe the transition to a low-carbon economy must go hand-in-hand with adaptation.” Sean Kidney, CEO of CBI, added, “Adaptation and resilience is moving from the margins into the core of banking strategy and risk management.”

The publication marks a significant step in the partnership between DBS and CBI, with future plans to embed adaptation and resilience considerations across DBS’s business operations.

Singapore’s Consumer Price Index (CPI) for May 2026 saw a year-on-year increase of 1.8%, according to the latest data. The month-on-month rise was 0.7%, reflecting notable increases in specific sectors such as transport and health.

The transport sector experienced a significant year-on-year increase of 7.4%, with private transport costs rising by 8.6%. Health costs also saw a substantial rise, with an increase of 3.1% compared to the previous year. Within the health sector, health insurance costs surged by 8.6%.

Food prices remained stable month-on-month but rose by 1.8% compared to May 2025. Notably, the cost of fish and other seafood increased by 7.4% year-on-year. Meanwhile, the information and communication sector saw a decline, with prices dropping by 2.9% year-on-year.

The CPI, which uses 2024 as its base year, provides a comprehensive measure of the average change over time in the prices paid by consumers for a basket of goods and services. This latest data highlights the ongoing pressures in specific sectors, particularly transport and health, which continue to drive overall inflation.

As the Monetary Authority of Singapore (MAS) monitors these trends, the data will likely inform future policy decisions aimed at managing inflation and ensuring economic stability.

CBRE has announced the sale of a freehold 5-storey shophouse with an attic, located at 42 South Bridge Road in Singapore’s Upper Circular Conservation Area. The sale will be conducted via an Expression of Interest (EOI) exercise, closing on 28 July 2026 at 3pm.

The property, which spans approximately 6,430 square feet, is zoned for commercial use under the Urban Redevelopment Authority’s (URA) Master Plan 2025. It features a refurbished façade and modern interiors, with restaurant approval for the ground floor, fifth floor, and attic. These spaces are currently leased to a bar-cum-coffeehouse and a modern East Asian bistro, whilst the third floor houses a private wine club. The remaining floors serve as office space.

Strategically located within the Central Business District (CBD), the shophouse benefits from proximity to popular lifestyle destinations such as Boat Quay and Clarke Quay. The area is known for its vibrant mix of restaurants, bars, boutique hotels, and offices. The property is a short walk from Clarke Quay MRT station and several other MRT stations, offering excellent connectivity.

The indicative guide price for the property is S$33.4m, equating to approximately S$5,200 per square foot. As a commercial property, it is available for purchase by foreigners without Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD).

Michael Tay, Deputy Managing Director at CBRE, highlighted the property’s strategic position and strong demand from investors and tenants. Clemence Lee, Executive Director at CBRE, noted that recent URA regulatory changes could enhance the area’s appeal, potentially boosting rental growth and capital values.

Winking Studios Limited, a leading AAA game art outsourcing and development company, has announced the commencement of a share buyback programme. The initiative, valued at approximately S$857,000 (US$665,000), follows the approval of a share buyback mandate at the Extraordinary General Meeting on 30 April 2026.

The programme aims to purchase up to 44,193,811 ordinary shares, representing 10% of the company’s existing shares, excluding treasury shares and subsidiary holdings. The buyback will be conducted through licenced stockbrokers, adhering to the mandate’s guidelines detailed in a circular issued to shareholders on 7 April 2026.

Johnny Jan, Executive Director and CEO of Winking Studios, stated, “As part of our long-term growth strategy, we remain committed to disciplined capital allocation, balancing investments in growth opportunities with initiatives focused on enhancing shareholder returns.”

The board believes that the current market value of the company’s shares does not reflect its true worth, making the buyback a strategic use of capital. The programme underscores the company’s confidence in its business strength and growth strategy.

The company will ensure that the public float remains above 10% and will avoid share purchases during periods of price-sensitive developments. Decisions on whether to cancel or retain purchased shares as treasury shares will be made based on prevailing circumstances.

Winking Studios, dual-listed on the London Stock Exchange and Singapore Exchange, continues to serve a global clientele, including 22 of the top 25 game publishers worldwide.

International law firm Trowers & Hamlins has announced the appointment of senior corporate lawyers Saravanan Rathakrishnan and Dato’ Kunal Chahl to its Singapore office, enhancing its private capital and family office offerings in the region. The appointments are part of the firm’s ongoing investment in its Singapore and Asia business.

Saravanan Rathakrishnan brings expertise in investment funds, family office structuring, and private equity transactions. He has a strong track record advising ultra-high-net-worth individuals and fund managers on collective investment schemes, particularly focusing on Singapore Variable Capital Company (VCC) platforms and cross-jurisdictional fund arrangements.

Dato’ Kunal Chahl, with extensive experience in corporate and M&A, private equity, private credit, and venture capital transactions, joins from a Singapore-licensed asset and wealth management firm where he served as General Counsel. His dual qualification in Singapore and Malaysia further strengthens Trowers’ combined team in these regions.

Abdulhaq Mohammed, Head of Asia and Singapore Managing Partner, stated, “We are delighted to have both Saravanan and Kunal join our team. The world of family offices and private capital are strategic priorities for us. Singapore’s position as a hub for private capital and investment structuring is only getting stronger, and both appointments align strongly with the evolving needs of our clients in the region.”

These strategic hires underscore Trowers & Hamlins’ commitment to expanding its influence in the Asia-Pacific region, leveraging its expertise in fund structuring and cross-border investments to meet the growing demands of its clientele.

A recent study by Duke-NUS Medical School has highlighted that 77% of adults in Singapore experiencing anxiety or depression symptoms have not pursued professional mental health care. However, the research, conducted in collaboration with the Institute of Mental Health, found that a significant portion of these individuals are open to receiving peer support, suggesting a potential community-based approach to mental health intervention.

The study, published in the Singapore Medical Journal, surveyed 350 adults and revealed that 62% would consider peer support from individuals with similar experiences. This openness to peer support could address unmet mental health needs and complement existing healthcare services. Assistant Professor Irene Teo noted, “Fear of stigma and judgement can make professional care feel intimidating. Our findings suggest that peer support, which feels more informal and relatable, could help lower the psychological barriers that prevent many adults from reaching out for help.”

The research also identified that younger adults and those in managerial roles are more inclined towards peer support, possibly due to greater mental health awareness and stress levels. Furthermore, 51% of respondents preferred one-on-one interactions, whilst 43% favoured virtual support, indicating the need for flexible peer-support programmes.

Professor Eric Finkelstein, Executive Director of the Lien Centre for Palliative Care at Duke-NUS, emphasised the importance of designing mental health programmes that balance emotional support and guidance. He stated, “Mental health support is not a one-size-fits-all solution. Programmes and networks must be thoughtfully designed to provide the right balance of emotional support, guidance and safeguards.”

This study underscores the potential role of community-based peer support in enhancing mental health care accessibility and effectiveness in Singapore.