Industry News

Astrea 9 Pte. Ltd., wholly owned by Azalea Asset Management, has lodged a preliminary prospectus with the Monetary Authority of Singapore (MAS) for the public offering of Astrea 9 Private Equity (PE) Bonds. The bonds, part of the Astrea Platform, provide retail investors in Singapore with a unique opportunity to invest in private equity through a diversified portfolio of 40 PE funds managed by 31 reputable general partners.

The Astrea 9 PE Bonds are divided into three classes: Class A-1 and Class A-2 Bonds, available to retail investors, and Class B Payment-in-Kind (PIK) Bonds, which are not offered to retail investors. The total offering size is approximately US$780 million, with S$615 million allocated to Class A-1 Bonds, US$200 million to Class A-2 Bonds, and US$100 million to Class B PIK Bonds. These bonds are backed by cash flows from over 1,000 investee companies across various regions and sectors.

Both Class A-1 and Class A-2 Bonds are expected to receive investment-grade ratings from Fitch and will be listed on the Mainboard of the Singapore Exchange (SGX-ST). Interest rates will be determined through a bookbuilding process with institutional investors and will be offered to retail investors at the same rates.

The Astrea Platform, initiated in 2006, has seen eight series to date, with Astrea 9 being the latest. Azalea has been committed to developing this platform since 2015, with all bond obligations fulfilled to date. The Astrea PE bonds have also experienced multiple credit ratings upgrades since issuance.

Applications for the Class A-1 and Class A-2 Public Offer Bonds will be open from 31 July to 6 August 2025. The bonds are not guaranteed or insured by any party, but structural safeguards are in place to ensure timely payment of interest and principal.
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HeyMax, a Singapore-based loyalty and travel rewards platform, has announced its acquisition of krip, a leading fintech platform in Hong Kong. This strategic move aims to accelerate HeyMax’s expansion into the regional loyalty and rewards market, offering more than 6,000 credit card deals from over 3,000 merchants to consumers and travellers in Hong Kong.

The acquisition marks HeyMax’s first and follows its impressive fivefold year-on-year revenue growth reported in May 2025. As part of the deal, krip’s founder, David B Wang, will join HeyMax as Global Head of Loyalty Partnerships and General Manager of Hong Kong. “This is a strategic step forward in our mission to make travel more accessible through everyday spending,” said Joe Lu, CEO and co-founder of HeyMax.

Krip, launched in 2022, has been instrumental in helping consumers maximise their credit card rewards, supporting an estimated $74 billion in additional annual card spending. The platform’s integration into HeyMax will allow users to manage all their cards in one place, enhancing customer engagement and loyalty.

The acquisition comes at a time when the Asia-Pacific region is experiencing a strong travel rebound, with tourism projected to exceed pre-pandemic levels by 2025. The global market for travel loyalty programmes is expected to grow significantly, with Asia-Pacific leading the charge.

HeyMax plans to officially launch in Hong Kong soon, offering local users and visitors access to its expanding network of rewards. The company has opened a waitlist for early sign-ups, promising priority access and exclusive rewards.
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The Lee Kuan Yew School of Public Policy has unveiled a strategic roadmap detailing how ASEAN can leverage the convergence of 5G and artificial intelligence (AI) to drive economic growth, projecting a $130 billion boost to the Asia-Pacific economy by 2030. The report, “Leveraging 5G to Accelerate AI-Driven Transformation in ASEAN,” provides policymakers with actionable strategies to unlock the region’s digital potential.

The study highlights the uneven adoption of 5G across ASEAN, with penetration rates ranging from 48% in Singapore to less than 1% in other member states. Without coordinated action, these disparities could exacerbate digital divides and hinder regional competitiveness. Professor Vu Minh Khuong from the Lee Kuan Yew School of Public Policy emphasised the urgency, stating, “The window for establishing regional leadership in intelligent connectivity is rapidly closing.”

The report identifies ten critical imperatives for accelerating 5G-AI transformation, beginning with establishing coordinated digital leadership to address fragmentation. It recommends five strategic priorities, including developing national 5G-AI strategies, creating empowered coordination agencies, and fostering AI-driven ecosystems through public-private collaboration.

The study also underscores the importance of private 5G networks for Industry 4.0 transformation and positions current 5G deployment as critical infrastructure for the anticipated 6G evolution by 2030. Successful examples, such as Singapore’s 5G-powered smart ports and Thailand’s AI-enhanced disaster management systems, illustrate the transformative potential of coordinated strategies.

The comprehensive 148-page report serves as a strategic guide for policymakers and a call to action for regional institutions to seize the 5G-AI moment, aiming to shape a digitally empowered future for ASEAN’s 700 million citizens.
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Temasek Financial (I) Limited, a subsidiary of Temasek Holdings, has announced the launch of its multi-tranche offshore renminbi bonds, comprising 5-year, 10-year, and 30-year options. These bonds, named T2030-CNH, T2035-CNH, and T2055-CNH Temasek Bonds, are part of Temasek’s $25 billion Guaranteed Global Medium Term Note Programme and are guaranteed by Temasek Holdings.

The bonds are set to be listed on the Singapore Exchange Securities Trading Limited, with applications for listing and quotation already underway. Temasek has received top-tier credit ratings of “Aaa” from Moody’s Investors Service and “AAA” from S&P Global Ratings, underscoring its financial stability.

The proceeds from these bonds will be channelled to Temasek and its investment holding companies to support their regular business activities. The bonds will be offered outside the United States to non-U.S. persons under Regulation S of the U.S. Securities Act of 1933.

This strategic move by Temasek aims to bolster its financial resources and support its investment activities globally. The issuance of these bonds highlights Temasek’s robust financial standing and its commitment to maintaining a strong presence in the global financial markets. As the bonds are set to be listed on the Singapore Exchange, they are expected to attract significant interest from international investors.
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Changi Airport in Singapore reported a significant increase in passenger traffic for the second quarter of 2025, with 17.5 million passenger movements recorded from April to June. This marks a 5.9% year-on-year growth, driven by strong double-digit increases in traffic from China and Indonesia. Aircraft movements also rose by 4.9%, totalling 93,600 for the quarter.

China and Indonesia emerged as the top-performing markets, with passenger traffic surpassing 2024 levels by 15.8% and 12.0% respectively. Jakarta and Shanghai were the fastest-growing cities among Changi’s top 10 destinations. The airport’s top five markets for the quarter included China, Indonesia, Malaysia, Australia, and India.

Airfreight throughput at Changi Airport also saw a boost, with 516,000 tonnes handled in Q2 2025, reflecting a 6.2% increase from the previous year. Imports led the growth in cargo flows, rising by 8% compared to Q2 2024. The top air cargo markets were China, the United States, Hong Kong, Australia, and India.

Lim Ching Kiat, Executive Vice President for Air Hub and Cargo Development at Changi Airport Group, noted the robust growth in passenger traffic, particularly from China and Indonesia, highlighting the airport’s efforts to enhance travel demand in the region. “Together with our airline partners, we strive to establish more connections for passengers to travel to new and exciting destinations,” he stated.

In June, Scoot launched a non-stop service to Vienna, expanding Changi’s reach into Central Europe. The airline also announced new routes to Southeast Asian cities, including Da Nang, Kota Bharu, Nha Trang, and Labuan Bajo, as well as Okinawa in Japan, further enhancing regional connectivity.

Additionally, Myanmar National Airlines, Myanmar Airways International, Philippine Airlines, and T’Way Air will commence operations from Terminal 2 starting in July, as part of Changi’s resource optimisation efforts. As of 1 July, Changi Airport hosts over 7,200 weekly flights, connecting Singapore to 170 cities across 50 countries and territories.
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OMRON Healthcare Singapore has partnered with global insurtech bolttech and insurer QBE to introduce the Premium Care subscription plan in Singapore. This innovative programme, tailored for OMRON blood pressure monitor owners, combines health insights, insurance coverage, and device protection. The plan is available to registered OMRON connect members and is underwritten by QBE, which has been operating in Singapore for over a century.

The Premium Care plan offers three main features: monthly AI-powered blood pressure status reports, step-up insurance coverage, and comprehensive device protection. Subscribers receive personalised health recommendations and can access insurance coverage up to S$10,000 for heart attacks and strokes. The plan also includes device protection with premium delivery services for repairs.

Masanori Matsubara, Managing Director of OMRON Healthcare Singapore, stated, “At OMRON, we’re committed to realising the vision of ‘Going for Zero’, a society with Zero cardiovascular deaths. Partnering with bolttech and QBE is a transformative step forward.”

Koh Yen Yen, General Manager of bolttech Singapore, highlighted the plan’s potential to empower users with real-time health insights and seamless services. Ronak Shah, CEO of QBE Singapore, noted that the plan aligns with QBE’s innovative insurance solutions, rewarding subscribers for proactive health management.

As a promotional offer, new subscribers will receive a free one-month subscription to the Premium Care plan. This initiative aims to enhance health management and provide peace of mind for OMRON device users in Singapore.
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Tradekins and Temasek Polytechnic have unveiled a new anti-money laundering (AML) training programme in response to escalating financial crime in Singapore. The initiative, launched on 22 July 2025, aims to equip compliance professionals with the necessary skills to combat increasingly sophisticated scams and navigate a complex regulatory environment.

Financial crime in Singapore reached unprecedented levels in 2024, with scam victims losing S$1.1b, highlighting the urgent need for enhanced AML frameworks. The Monetary Authority of Singapore’s recent consultation on AML/CFT regulation amendments further underscores the necessity for industry-wide upskilling.

The two-day course, ‘Anti-Money Laundering Essentials: Practical Strategies for Compliance and Risk Mitigation’, is accredited by SkillsFuture Singapore. It is designed to provide practical skills and strategic insights for identifying and mitigating financial crime risks. The course targets professionals in finance, fintech, and related sectors, integrating Tradekins’ industry expertise with Temasek Polytechnic’s applied learning approach.

Participants will engage in case-based training, focusing on real-world scenarios such as suspicious fund transfers and drafting Suspicious Transaction Reports. Tradekins CEO V Jesudevan emphasised the need for agile executives to embed resilience and strategic thinking into operations, whilst Dr Kwan Kian Hoong of Temasek Polytechnic highlighted the programme’s role in nurturing future leaders in governance and financial innovation.

The first intake is scheduled for 4 and 5 September 2025, supporting Singapore’s goal of cultivating a resilient talent pipeline in financial governance and compliance.
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Lum Chang Creations Limited (LCC) marked a robust debut on the SGX Catalist Board on 21 July 2025, with shares opening at S$0.30 and peaking at S$0.335, a 34% increase over its initial public offering (IPO) price of S$0.25. The public offer was oversubscribed by approximately 47.3 times, with 47.3 million shares applied for, generating application monies of about S$11.8m.

The company attracted significant interest from institutional investors, including Lion Global Investors, Ginko-AGT Alpha Fund VCC, Nikko Asset Management Asia, Asdew Acquisitions, and ICHAM Master Fund VCC. LCC raised total gross proceeds of S$12.25m, comprising S$8.75m from new shares and S$3.50m from vendor shares, resulting in a market capitalisation of S$78.75m post-IPO.

LCC, a leader in urban revitalisation, operates through subsidiaries such as Lum Chang Interior and Lum Chang Brandsbridge, providing services in conservation, restoration, interior fit-out, and addition and alteration works across various sectors, including retail, hospitality, and infrastructure.

Managing Director Lim Thiam Hooi expressed enthusiasm about the company’s market entry, stating, “We are delighted to begin trading on the SGX Catalist Board today, marking an important milestone in our journey as Singapore’s leading urban revitalisation specialist. This listing reflects the confidence our investors have in our proven capabilities across conservation, restoration, and interior fit-out works.”

With this successful listing, LCC aims to continue enhancing Singapore’s built environment and explore new opportunities for sustainable growth.
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Scientists from Singapore’s ASTAR Institute of Molecular and Cell Biology and Singapore General Hospital have developed an AI-powered scoring system, the Tumour Immune Microenvironment Spatial (TIMES) score, to predict the recurrence of hepatocellular carcinoma (HCC), the most common form of liver cancer. Featured on the cover of the scientific journal Nature, the TIMES score analyses the spatial distribution of immune cells and specific genes within liver tumour tissues, achieving an 82% accuracy rate in predicting recurrence risk.

The TIMES score’s ability to outperform existing staging methods allows doctors to identify patients likely to experience a recurrence soon after surgery, facilitating earlier and more targeted treatment. “In Singapore, up to 70% of liver cancer patients experience recurrence within five years,” said Joe Yeong, Principal Investigator at ASTAR IMCB. “TIMES offers a significant advancement in predicting these outcomes, enabling clinicians to intervene at the earliest possible stage.”

Denise Goh, Senior Research Officer at ASTAR IMCB, highlighted the transformative potential of the TIMES scoring system, stating, “By identifying patients at higher risk of relapse, we can proactively alter treatment strategies and monitoring, potentially saving more lives.”

The system was validated using samples from 231 patients across five hospitals and is now accessible through a free web portal for research use. Plans are underway to integrate TIMES into routine clinical workflows, with further validation studies scheduled at Singapore General Hospital and the National Cancer Centre Singapore later this year. Discussions with diagnostic partners aim to develop TIMES into a clinically approved diagnostic test kit.
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Singapore and Malaysia experienced contrasting export growth in June, according to a report by Nomura Global Economics. Singapore’s non-oil domestic exports (NODX) saw a surprising increase, although the rise was modest when excluding gold exports. In contrast, Malaysia’s total export growth remained negative, primarily due to a decline in electronics exports and softer re-exports following new government regulations on transshipments.

Singapore’s Deputy Prime Minister Gan Kim Yong is currently visiting the US to discuss sectoral tariffs, whilst Malaysia’s Trade Minister Zafrul is committed to negotiating a favourable trade deal with the US. Despite the current challenges, Nomura maintains its GDP growth forecasts for 2025 at 2.6% for Singapore and 4.4% for Malaysia, although both countries are expected to see slower growth in the second half of the year.

The report highlights that electronics export growth has been softening in both countries since a surge in April, attributed to export front-loading. Singapore’s gold exports surged, but pharmaceuticals exports remained weak. Meanwhile, Malaysia’s petroleum and LNG exports continued to drag on overall growth.

Malaysia’s export growth fell further to -3.5% year-on-year in June, with electronics exports dropping to 1.3% year-on-year. Import growth also moderated, leading to a rebound in the goods trade surplus to MYR8.6bn. In Singapore, re-export growth held up, indicating potential re-routing of transshipments.

Looking ahead, both countries are expected to face challenges in maintaining export growth, with ongoing trade discussions and sectoral tariffs likely to play a significant role in shaping future economic performance.
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