Industry News

Fullerton Fund Management has been selected by the Monetary Authority of Singapore to manage a Singapore equities mandate under the Equity Market Development Programme (EQDP). This initiative aims to enhance Singapore’s asset management and research ecosystem whilst increasing investor interest in the local equities market. Fullerton plans to launch a dedicated Singapore equities unit trust to attract investor assets from both local and international segments.

The EQDP focuses on asset managers with a strong emphasis on Singapore-listed equities and aims to broaden investor participation beyond large-cap stocks. Fullerton, a home-grown investment specialist with over 20 years of experience, aligns with these goals due to its robust track record and proven investment capabilities. The programme’s selection criteria also highlighted the importance of a commitment to the EQDP’s objectives.

Chief Executive Officer Jenny Sofian expressed gratitude for the trust placed in Fullerton, stating, “This appointment is a strong validation of our commitment to Singapore’s capital markets.” She emphasised Fullerton’s strategic intent to contribute to a more vibrant investment ecosystem by linking buy-side and sell-side communities and fostering broader investor interest in mid-cap Singapore public equities.

Chief Business Development Officer Mark Yuen noted the current market volatility, influenced by dollar weakness and global interest rate movements, as a factor driving demand for Singapore and SGD-denominated assets. He stated, “We will be bringing a solution to the market in line with the goals of the EQDP.”

Fullerton’s initiative under the EQDP is expected to play a significant role in strengthening Singapore’s fund management and research ecosystem, potentially leading to increased investor participation and market liquidity.
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The Singapore Exchange (SGX) has witnessed a significant uptick in trading activity from late May to mid-July 2025, with the Straits Times Index (STI) returning 6.2% during this period. A group of 50 stocks outperformed, achieving average and median returns of 31% and 19%, respectively, alongside a notable increase in their combined daily trading turnover. This surge has resulted in tighter bid-ask spreads for most of these stocks.

Sanli Environmental and mDR have been standout performers, with their daily trading activity skyrocketing from approximately S$3,000 to over S$300,000 over seven weeks. This dramatic increase in turnover has led to tighter bid-ask spreads. Other notable stocks, including Cap Allianz, Oxley, Koh Brothers, Addvalue Tech, Banyan Tree, and Stamford Land, also experienced proportional rises in turnover.

Among the 50 stocks, Q&M Dental led institutional inflows, coinciding with a rise in share price, increased CEO ownership, and active share buybacks. OKP, LHN, Boustead, and Grand Venture also recorded significant net institutional inflows.

Sanli Environmental’s trading rank has soared in 2025, with its average daily turnover (ADT) increasing from around S$2,700 to S$83,000 by mid-July. The company recently announced a S$105.3 million contract for the Tuas NEWater plant, expected to boost its FY26 revenue. Meanwhile, mDR’s ADT rose from S$3,400 to S$103,000, with the stock moving up the ranks to become one of the top 150 most traded stocks by July.

The increased trading activity and tighter spreads reflect a dynamic shift in the market, with implications for future trading strategies and investor interest.
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Singapore Airlines (SIA) has entered a three-year partnership with Qualtrics, a leader in experience management, to enhance its customer experience analytics. By utilising Qualtrics’ advanced analytics and GenAI technology, SIA aims to gain deeper insights into customer preferences and feedback across multiple channels, thereby improving the overall travel experience.

The collaboration will enable SIA to process and analyse customer feedback more effectively, addressing evolving customer needs and concerns. Melvin Ng, Vice President of Customer Experience at SIA, stated, “By integrating advanced analytics with our customer experience strategies, we can better understand our customers’ evolving expectations, address their needs more effectively, and enhance their end-to-end journey with Singapore Airlines.”

Qualtrics’ GenAI capabilities will be leveraged to enhance the analysis of open-ended customer feedback, allowing SIA to extract more meaningful insights from written comments and suggestions. This approach is expected to improve the customer travel journey significantly.

Brad Anderson, President at Qualtrics, highlighted the importance of delivering great experiences, saying, “Companies that deliver great experiences build deeper relationships with their customers, and today’s market leaders are proven to have made this a greater priority over the last three years.”

This partnership underscores the growing importance of AI-driven analytics in the airline industry, particularly in a post-pandemic world where customer expectations are rapidly evolving. As SIA continues to prioritise customer experience, this collaboration with Qualtrics is set to play a crucial role in maintaining its competitive edge.
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Mediacorp has achieved a significant milestone, reaching an all-time high of 3.94 million weekly listeners across its audio network. This achievement underscores the enduring popularity of radio in Singapore, with Mediacorp’s eight leading stations, including YES 933 and LOVE 972, playing a pivotal role. The network’s market share stands at an impressive 84%, according to the latest Nielsen Radio Survey conducted from March to May 2025.

The survey, which involved 2,021 adults aged 15 and above, highlighted increased engagement, with listeners tuning in for an average of 10.3 hours weekly. YES 933 led the charge with 1.22 million weekly listeners, whilst WARNA 942 and LOVE 972 also saw significant increases in their audience numbers.

Mediacorp’s success extends beyond traditional radio, with strong growth in digital audio and social media engagement. Nine in 10 digital audio listeners, or 1.4 million individuals, tuned into Mediacorp stations, spending an average of 8.1 hours weekly. Social media platforms also saw a surge, with Facebook and Instagram engagement rising by 22.4% year-on-year, and TikTok engagement nearly doubling.

Angeline Poh, Mediacorp’s Chief Customer & Corporate Development Officer, remarked, “Reaching this all-time high is a humbling milestone that affirms our role as a trusted companion in the daily lives of Singaporeans.”

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BOSS Fragrances is set to celebrate its 101st anniversary with the debut of its first-ever pop-up at Paragon Orchard Lobby in Singapore. From 26 to 31 July, visitors can explore BOSS The Collection, a luxurious range of fragrances inspired by the style codes of the BOSS man and woman, alongside a unique mixology experience.

The pop-up will feature 15 distinctive scents, each designed to mirror a piece of the BOSS wardrobe, offering wearers the ability to adapt their fragrance to different moods and occasions. The collection includes Eau De Parfum and Eau De Intense, priced at $330 and $390 respectively, available at the pop-up, TANGS VivoCity, and Metro Paragon.

In collaboration with Lunì, Southeast Asia’s first scented cocktail bar, the pop-up will offer cocktails inspired by the ingredients of BOSS The Collection fragrances. This partnership extends beyond the pop-up, with a special cocktail menu available at Lunì from 1 August to 7 September 2025.

Visitors to the pop-up can enjoy bespoke experiences, including live bottle engraving and whisky cocktail pairings. Registered guests will receive complimentary fragrance samples tailored to their personal style. The pop-up promises an immersive journey where scent and style converge, offering a refined introduction to BOSS’s craftsmanship.

As BOSS continues to innovate in the world of fragrance, this pop-up marks a significant milestone in its centennial celebrations, blending tradition with modern sensory experiences.
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Moody’s Ratings has affirmed Singapore Telecommunications Limited’s (Singtel) A1 senior unsecured rating and a3 Baseline Credit Assessment (BCA), maintaining a stable outlook. This decision reflects Singtel’s strong market presence in Singapore and Australia, its diversified cash flow from Asian mobile associates, and its substantial financial flexibility through asset recycling initiatives.

Singtel’s A1 rating incorporates its a3 BCA, highlighting its well-established and geographically diversified business platform. Moody’s also expects strong support from the Government of Singapore through Temasek Holdings, which contributes to a two-notch uplift in the rating. Despite facing intense competition in its core markets and a depreciating Australian dollar, Singtel’s profitability is expected to be bolstered by cost-saving measures and earnings growth from regional mobile associates like Bharti Airtel and AIS.

The company anticipates an improvement in its EBITDA margin to 40-41% over the next 12-18 months. In May 2025, Singtel increased its asset monetisation target to $6.6 billion (SGD9 billion), with proceeds earmarked for growth initiatives, dividend payments, and a share buyback programme of up to $1.5 billion (SGD2 billion) over three years. However, Singtel’s adjusted free cash flows are projected to be negative in fiscal 2026 and 2027 due to higher dividends and ongoing capital expenditure.

Singtel’s liquidity remains strong, supported by a well-staggered debt maturity profile and robust access to funding. Governance risks are mitigated by a board with a majority of independent directors, ensuring compliance with Singapore Exchange regulations.

Looking ahead, Singtel’s stable outlook is supported by its dominant market position and diversification efforts. The company aims to reduce leverage towards 2.0x over the next two to three years. Potential rating upgrades or downgrades will depend on Singtel’s financial performance and its relationship with the Singapore government.
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Scientists from Nanyang Technological University, Singapore (NTU Singapore) and the University of Oxford have identified how cells repair toxic DNA damage, which is linked to cancer and premature ageing. The study, published in “Nucleic Acids Research”, highlights the role of the enzyme SPRTN in recognising and repairing DNA-protein crosslinks (DPCs), lesions caused by chemotherapy, UV exposure, and formaldehyde.

The research team discovered a new region within SPRTN that targets DPC lesions, increasing its repair efficiency by 67 times without harming other cellular proteins. This discovery is significant for cancer therapy and healthy ageing, as DPCs, if left unrepaired, can lead to neurodegeneration, premature ageing, and cancer.

DPCs occur during normal cellular processes and through exposure to harmful agents. SPRTN acts by degrading proteins in these lesions, allowing DNA replication to continue. The study found that SPRTN’s activity is enhanced by ubiquitin chains, which guide the enzyme to DPCs, accelerating the repair process.

Kristijan Ramadan, leading the study, noted the importance of ubiquitin chains in SPRTN’s rapid activation. This understanding could lead to new therapeutic strategies, especially for patients resistant to chemotherapy. Dr Wei Song from Oxford emphasised the potential to strengthen the body’s defences against age-related diseases.

Future research aims to validate these findings in animal models and explore therapeutic interventions, potentially revolutionising the understanding of ageing and cancer.
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The Faculty of Law at the National University of Singapore (NUS Law) has launched a  podcast series that transforms articles from the Singapore Journal of Legal Studies into audio content using Google’s AI-powered tool, NotebookLM. This initiative, a first in the realm of legal publishing, aims to make complex legal research accessible to a broader audience.

NUS Law’s innovative approach seeks to bridge the gap between legal academia and the public by converting peer-reviewed legal articles into podcasts that maintain intellectual depth whilst being easy to understand. “This innovation underscores NUS Law’s commitment to thought leadership, academic excellence, and public engagement,” said Andrew Simester, Dean of NUS Law.

The Singapore Journal of Legal Studies, established in 1959, is a cornerstone of legal commentary in Singapore and the British Commonwealth. Traditionally catering to lawyers, academics, and legal observers, the new podcast series aims to benefit a wider audience, including business leaders and policymakers. The full articles remain available under open access on the journal’s website, whilst the podcasts offer concise summaries to engage listeners beyond the legal field.

Professor Julien Chaisse from the City University of Hong Kong, whose work is featured in the series, praised the format for its accessibility. Similarly, Emilios Avgouleas, Chair of International Banking Law and Finance at the University of Edinburgh, highlighted the initiative’s potential to disseminate legal scholarship more widely.

Available for free on Spotify, the podcast releases new episodes regularly.
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DBS has unveiled Programmable Rewards, a new digital voucher system powered by blockchain technology, accessible through the DBS PayLah! app. This innovative solution allows customers to redeem DBS points for Flexi eVouchers, which can be used at over 40,000 acceptance points across Singapore, thanks to integration with NETS QR. The launch aims to streamline the issuance and management of digital vouchers, enhancing customer experiences and supporting local businesses.

Programmable Rewards is part of DBS Token Services, which combines tokenisation and smart contracts with DBS’ transaction banking services. This system simplifies the creation and scalability of digital voucher programmes, providing issuers direct access to millions of wallet users. The smart contract technology ensures vouchers are automatically verified and settled, offering a seamless experience for both consumers and merchants.

Han Kwee Juan, Group Head of Institutional Banking at DBS, highlighted the platform’s potential: “By integrating our consumer and institutional banking capabilities with smart contracts and blockchain technology, we have created a transformative platform to rapidly launch and scale digital voucher programmes.”

As part of the launch, DBS is offering an SG60 promotion from 1 August to 30 September 2025. Customers redeeming 6,000 DBS Points for a SGD60 DBS Rewards Flexi eVoucher will receive an additional SGD60 cashback. This initiative supports local businesses and celebrates Singapore’s 60th anniversary.

DBS’ Programmable Rewards builds on its involvement in Project Orchid, a Monetary Authority of Singapore-led initiative exploring digital money use cases. This launch marks another step in DBS’ commitment to leveraging digital technology to enhance banking services.
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The Monetary Authority of Singapore (MAS) has announced the appointment of the first batch of asset managers under its S$5b Equity Market Development Programme (EQDP). This initiative sees MAS and the Financial Sector Development Fund (FSDF) placing an initial S$1.1b with the selected managers. Additionally, MAS has committed S$50m to bolster local equity research and expand the ecosystem of listed products.

The three asset managers appointed are Avanda Investment Management, Fullerton Fund Management, and JP Morgan Asset Management. These managers were chosen based on their fund strategies’ alignment with EQDP objectives, their ability to attract third-party capital, and their commitment to enhancing asset management and research capabilities in Singapore. The focus is on improving liquidity and participation in Singapore equities, particularly small- and mid-cap stocks.

MAS’s commitment of S$50m aims to strengthen the Grant for Equity Market Singapore (GEMS) Scheme, enhancing the equity research ecosystem. The scheme will now offer increased funding for research reports, particularly those covering small- and mid-cap enterprises and pre-IPO companies. New funding will also support research dissemination via digital media and research on private companies with strong local presence.

Furthermore, MAS is exploring measures to enhance investor protection by improving avenues for civil recourse. This includes consulting on proposals to facilitate legal action and self-organisation among investors. These initiatives are part of a broader effort to increase investor interest and trading liquidity in Singapore’s equities market, with the Review Group expected to release its final report by the end of 2025.
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