Industry News

The Monetary Authority of Singapore (MAS) has taken regulatory actions against nine financial institutions (FIs) and several individuals for breaches related to anti-money laundering (AML) and countering the financing of terrorism (CFT). These actions conclude MAS’s investigations into institutions linked to a major money laundering case from August 2023.

MAS has levied composition penalties totalling $20.1 million (S$27.45 million) on the FIs for failing to comply with AML/CFT requirements. The penalties were determined based on the institutions’ exposure to persons of interest, the number of breaches, and the weaknesses in their AML/CFT controls. Notable penalties include $4.25 million (S$5.8 million) for Credit Suisse Singapore Branch and $4.1 million (S$5.6 million) for United Overseas Bank Limited.

The breaches were identified during supervisory examinations conducted from early 2023 to early 2025. MAS found that whilst most FIs had established AML/CFT policies, the lapses were due to poor implementation. The institutions are now working on rectifying these deficiencies, with MAS closely monitoring their progress.

MAS highlighted specific shortcomings, including inadequate customer risk assessments, failure to establish and corroborate customers’ sources of wealth, insufficient transaction monitoring, and inadequate follow-up on suspicious transaction reports.

In addition to financial penalties, MAS has issued prohibition orders ranging from three to six years against individuals involved in managing relationships with persons of interest. These include Tsao Chung-Yi, CEO of Blue Ocean Invest Pte. Ltd., and Wong Xuan Ling, COO of the same firm.

MAS has also reprimanded several individuals for multiple lapses, emphasising the need for FIs to adopt best practices and remain vigilant against money laundering and terrorism financing risks. The authority has published supervisory expectations and encourages FIs to benchmark against these standards to strengthen their defences.
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In a bid to cool the property market, the Singapore government has announced an increase in the Seller’s Stamp Duty (SSD) by 4% and extended the holding period for properties subject to the SSD from three to four years. This measure, effective from 4 July, was jointly announced by the Ministry of National Development, Ministry of Finance, and Monetary Authority of Singapore.

The SSD, first introduced in 2010, has undergone several adjustments to align with policy and market conditions. The latest change reverts the SSD to its pre-March 2017 state. This move targets speculative private home purchases, which have seen a sharp rise in transactions with short holding periods, particularly in the sub-sale of uncompleted units.

Despite previous cooling measures, private property sub-sales have surged post-COVID, peaking at 9.5% of total transactions in Q4 2023. Although sub-sales have eased, they remain above pre-COVID levels, with 321 units or 4.4% of total transactions in Q1 2025. Concerns persist over market overheating due to increased transactions and declining domestic interest rates.

The property market has shown resilience despite high interest rates and multiple cooling measures since December 2021. The most recent measure, in April 2023, raised the Additional Buyers’ Stamp Duty for multiple home purchases by residents and foreigners. Economists expect the SSD tightening to moderately adjust property demand in the short term, with lower interest rates and robust economic growth acting as mitigating factors. The Singapore property market continues to rest on strong fundamentals.
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Singapore’s retail sector experienced a modest 1% month-on-month seasonally adjusted increase in May, primarily due to a surge in motor vehicle sales, according to a report by UOB Global Economics and Markets Research. Motor vehicle sales soared by 11.9% in May, a stark contrast to the 0.3% rise in April, attributed to a higher Certificate of Entitlement (COE) quota. Excluding motor vehicles, retail sales would have declined by 0.6%.

The report highlighted positive growth in several retail categories, including supermarkets and hypermarkets, which saw a 4.1% increase, and wearing apparel and footwear, which rose by 3.8%. Recreational goods and department stores also experienced gains of 3.5% and 3.3%, respectively. However, these were offset by declines in watches and jewellery, food and alcohol, and computer and telecommunications equipment.

Despite the gains in May, the year-to-date retail sales growth remains subdued at 1%, compared to 1.4% in 2024 and 2.3% in 2023. The slow recovery in tourist arrivals, which are still below pre-pandemic levels, and the diversion of resident spending abroad, influenced by the strong Singapore dollar, have been contributing factors.

Looking ahead, UOB anticipates that retail sales will remain tepid for the rest of 2025, with a cooling labour market and fewer firms intending to raise wages. However, government measures such as the disbursement of CDC and SG60 vouchers could provide some support to retail activity.
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The Agency for Science, Technology and Research (A*STAR) and Siemens have signed a Memorandum of Understanding to drive innovation and digital transformation in smart and sustainable manufacturing across Singapore and ASEAN. This collaboration aims to enhance access to industrial artificial intelligence (AI) and automation expertise, supporting companies in becoming more agile and globally competitive.

Siemens will serve as the first technology partner for A*STAR’s Smart and Sustainable Advanced Manufacturing (SSAM) Catalyst, an innovation sandbox at the A*STAR Advanced Remanufacturing and Technology Centre. This sandbox will showcase Siemens’ integrated portfolio of automation, electrification, industrial software, and AI solutions, enabling companies to experiment and accelerate the development of industry-specific use cases.

The partnership also involves the A*STAR Institute of Sustainability for Chemicals, Energy and Environment collaborating with Siemens on research projects to explore decarbonisation in the Chemicals and Energy sector. Siemens’ Digital Twin capabilities will be utilised to integrate engineering and operations in manufacturing plants, aiding in managing complex plant designs and speeding up construction timelines.

Thai-Lai Pham, President and CEO of Siemens ASEAN, stated, “Our partnership with A*STAR reflects Siemens’ deep commitment to shaping the future of manufacturing in ASEAN.” Prof Lim Keng Hui from A*STAR added, “Together with Siemens, we are developing solutions that will accelerate digital transformation and support decarbonisation efforts across the region.”

This collaboration underscores the synergy between public and private sectors, aiming to position Singapore as a hub for scalable manufacturing solutions that benefit ASEAN and beyond.
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Linklaters has successfully advised DBS Bank Ltd. on the establishment of Thai Beverage Public Company Limited’s (ThaiBev) $2bn multicurrency debt issuance programme, which is set to be listed on the Singapore Exchange Securities Trading Limited (SGX-ST). ThaiBev, a leading beverage producer in Southeast Asia and the largest in Thailand, aims to leverage this programme to enhance its financial flexibility across its various segments, including spirits, beer, non-alcoholic beverages, and food.

The advisory team from Linklaters was spearheaded by Amit Singh, the partner and Head of South and Southeast Asia Capital Markets practice, with key contributions from managing associate Cherrylene Lee and associate Ashley Loh. This initiative underscores Linklaters’ prominent role in capital market transactions within Asia, where they have consistently led in bond issuances by both deal count and transaction volume.

Linklaters’ involvement in this programme highlights their expertise in handling complex securities transactions, including debt and equity issuances, as well as liability management. Their extensive experience in the region positions them as a trusted adviser for significant financial undertakings.

This development is significant for ThaiBev as it seeks to strengthen its market position and financial standing through diversified funding sources. The programme’s success could potentially pave the way for future financial strategies and expansions for the company.
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CGS International Securities Singapore Pte Ltd has announced its pivotal role as Joint Bookrunner and Underwriter in the successful Initial Public Offering (IPO) of Info-Tech Systems Ltd on the Mainboard of the Singapore Exchange (SGX). This IPO, marking Singapore’s first Mainboard listing in two years, raised approximately $42.1m (S$57.4m), excluding the over-allotment option.

The offering included around 24.86 million shares priced at $0.64 (S$0.87) each. Additionally, nine cornerstone investors, such as Dymon Asia Multi-Strategy Investment Master Fund and Lion Global Investors Limited, subscribed for approximately 41.1 million shares at the offering price. Jason Saw, Group Head of Investment Banking at CGS International Securities, stated, “CGS International is committed to empowering regional champions through capital market access, and we are honoured to support Info-Tech’s successful listing journey.”

Info-Tech Systems, a leading HR and payroll software provider in Singapore, aims to leverage this milestone to accelerate its regional expansion. The strong investor reception underscores the company’s potential to seize digital transformation opportunities across Southeast Asia.

CGS International’s involvement in this IPO highlights its reputation as a trusted gateway to Asia’s capital markets, supported by its extensive cross-border network and regional expertise. The firm, in conjunction with its parent company China Galaxy Securities, serves nearly 18 million customers globally, offering a wide range of financial services across 15 countries and regions.
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Singapore’s retail sales are expected to face challenges in the latter half of 2025, according to a report by RHB Bank’s Group Chief Economist and Head of Market Research, Barnabas Gan. The report anticipates a slowdown in retail activity due to an economic downturn, a weaker domestic labour market, and slow recovery in tourist arrivals.

In May, retail sales in Singapore rose by 1.4% year-on-year, a slight improvement from April’s revised growth of 0.2%. However, when excluding motor vehicles, sales remained flat compared to the previous year, down from a 0.8% increase in April. This data underscores the fragile state of the retail sector amidst broader economic uncertainties.

Gan’s analysis points to several factors contributing to the cautious outlook. The anticipated economic slowdown in Singapore is expected to dampen consumer spending, whilst the labour market’s weakened condition could further strain household budgets. Additionally, the recovery in tourist arrivals, a significant driver of retail sales, remains challenging.

The report serves as a critical indicator for businesses and policymakers, highlighting the need for strategic planning to navigate the anticipated downturn. As the second half of 2025 unfolds, stakeholders in the retail sector will need to adapt to these evolving economic conditions to sustain growth and stability.
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A recent clinical trial conducted in Singapore has revealed that a novel drug combination significantly enhances treatment outcomes for patients with recurrent or advanced nasopharyngeal cancer. The trial, led by the National University Cancer Institute, Singapore (NCIS), demonstrated that a combination of pembrolizumab and bevacizumab increased tumour response rates by more than four times compared to pembrolizumab alone.

The study, published in The Lancet Oncology on 15 January 2025, involved 48 patients from the National University Hospital, NCIS, and Tan Tock Seng Hospital. Results showed that 58.3% of patients receiving the drug cocktail experienced tumour shrinkage or disappearance, compared to just 12.5% in the single-drug group. The median progression-free survival was notably longer at 13.8 months for the combination therapy, as opposed to 1.6 months for the single drug.

Pembrolizumab, an immunotherapy drug, works by blocking the PD-1 protein on immune cells, enhancing their ability to attack cancer cells. Bevacizumab targets the vascular endothelial growth factor (VEGF), which is abundant in nasopharyngeal cancer cells, helping to normalise blood vessels and facilitate immune cell movement into the tumour.

Professor Goh Boon Cher, Deputy Director of NCIS, highlighted the significance of the findings, stating that the combination therapy could potentially change treatment practices. Dr Chong Wan Qin, a lead investigator, noted the therapy’s potential to extend progression-free survival and improve quality of life for patients who have exhausted standard treatments.

This breakthrough offers new hope for nasopharyngeal cancer patients, particularly in Singapore, where it is the third most common cancer among men aged 30 to 49. The study was supported by various Singaporean health and research bodies, underscoring the collaborative effort to advance cancer treatment.
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Frasers Property Singapore has announced a community campaign titled ‘Our Love Letter to Singapore’ in celebration of the nation’s 60th birthday. Running from 7 July to 3 August, the initiative seeks to raise $73,000 (S$100,000) for SGSHARE, a Community Chest initiative, with Frasers Property matching every dollar raised. The funds will benefit Caregivers Alliance and SG Enable, providing essential support to seniors, caregivers, and persons with disabilities.

The campaign features several engaging activities across ten participating shopping centres. Shoppers can participate in the ‘Snap, Donate, and Collect’ initiative by donating $7.30 (S$10) at roving vending machines to receive a special SG60 LINE FRIENDS tote bag. These machines will be stationed at various shopping centres, including Tampines 1 and Northpoint City, from 7 to 20 July, before moving to other locations like Causeway Point and Eastpoint Mall from 21 July to 3 August.

Tiong Bahru Plaza will host the ‘Local Meets Global’ event from 28 July to 31 August, showcasing local and international culinary delights, live music, and interactive workshops.

Additionally, ‘Project Red Dot’ will feature 180 oversized red balls across selected shopping centres, symbolising Singapore’s growth.

The ‘Mad About Singapore’ exhibition at Waterway Point from 21 to 27 July will highlight local architecture, whilst Causeway Point will offer nostalgic experiences in collaboration with OSIM from 4 to 17 August. On National Day, 9 August, participating shopping centres will broadcast the National Anthem and Pledge, fostering a sense of unity.

Frasers Property Singapore’s initiative not only celebrates the nation’s milestone but also strengthens community bonds by supporting those in need.
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CBRE and Savills Singapore have announced the sale of Weave Suites – Midtown, a meticulously restored heritage hospitality asset located at 17–49 Jalan Sultan in Singapore’s vibrant Bugis/Ophir-Rochor corridor. The property is being offered through an Expression of Interest exercise, closing on 13 August 2025.

The asset comprises 17 adjoining two-storey conservation shophouses with mezzanine levels, featuring 65 hotel suites and ground-floor retail units. It boasts a dual road frontage of approximately 90 metres along Jalan Sultan Road and Pahang Street, offering valuable branding opportunities. The property underwent a comprehensive refurbishment in 2023, enhancing it with modern hospitality features such as meeting rooms, shared lounges, a gym, and a fully equipped kitchen.

Yap Hui Yee, Executive Director of Investment Sales & Capital Markets at Savills Singapore, highlighted the property’s uniqueness, stating, “Weave Suites – Midtown is one of the last few remaining heritage hotels in Singapore housed within a full row of conserved shophouses – a truly scarce asset in today’s market.”

The property presents strong upside potential, with permanent approvals for hotel and F&B use, and rooms averaging 23.5 sqm. Investors can expect a yield of approximately 3%, with no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty applicable. Clemence Lee, Executive Director of Capital Markets at CBRE, noted the growing interest in boutique hotels within conservation shophouses, driven by strong market fundamentals and Singapore’s position as a leading hospitality market in Asia Pacific.
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