Industry News

JCB International Co Ltd, the international operations arm of Japan’s sole international payment brand, has announced its premier sponsorship for the 10th edition of Sakura 2025 at Singapore’s Gardens by the Bay. The event, which aims to bring Japan’s unique culture and architectural history to Singapore, was inaugurated by Tan Kiat How, Senior Minister of State, Ministry of National Development and Ministry of Digital Development and Information, alongside Toru Hotta, Chargé d’Affaires of the Embassy of Japan in Singapore, and Felix Loh, CEO of Gardens by the Bay.

The sponsorship is part of JCB’s ongoing commitment to support local activities and attractions. Previously, in 2022, JCB sponsored Singapore’s Star Island Countdown event at Marina Bay. Hiroko Michishita, Managing Director of JCB International Asia Pacific, highlighted the event as an opportunity to promote cross-border tourism and deepen understanding of Japanese culture. “We hope this event will further boost tourism to Japan and raise awareness of JCB’s presence and merchant privileges in Singapore,” Michishita stated.

During Sakura 2025, promotional banners will be displayed on selected street lamps, garden banners, and MRT advertisements, enhancing JCB’s visibility. This initiative aligns with JCB’s strategy to strengthen its presence in Singapore and encourage cultural exchange between Japan and Singapore.

JCB, a major global payment brand, has an extensive acceptance network with about 53 million merchants worldwide and over 164 million cardmembers, primarily in Asia. Through strategic alliances, JCB continues to expand its international reach and enhance its service offerings.
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The Inland Revenue Authority of Singapore (IRAS) has announced that more than 19 million individual taxpayers will be eligible for the NoFiling Service (NFS) during the 2025 tax season.

This initiative, which simplifies the tax filing process, will also see nearly 500,000 individuals benefiting from the Direct Notice of Assessment (DNOA) for the Year of Assessment (YA) 2025. For the first time, self-employed persons will be included in the DNOA, thanks to income data provided by intermediaries such as commission-paying organisations and private hire car operators.

Taxpayers using the NFS are advised to verify the prefilled information in their returns, particularly the reliefs based on the previous year’s tax bill, due to changes in criteria for dependant-related tax reliefs effective from YA 2025. Despite not needing to file an Income Tax Return, this verification step remains crucial.

IRAS has also reminded all individual taxpayers and partnerships to submit their income tax returns by 18 April 2025. Additionally, all tax resident individuals will receive an automatic Individual Income Tax rebate of 60% of tax payable, capped at $200 per taxpayer, for YA 2025.

This expansion of services aims to streamline the tax process and reduce the administrative burden on taxpayers. As the tax season approaches, these changes are expected to enhance efficiency and accuracy in tax assessments.
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YouBiz, a leading multicurrency corporate card and spend management platform by YouTrip, has announced a strategic partnership with TikTok for Business to support the burgeoning e-commerce sector in Singapore. This collaboration aims to enhance financial and marketing solutions for local businesses, enabling them to optimise their advertising efforts and streamline financial operations.

Singapore’s e-commerce market is rapidly expanding, with gross merchandise value (GMV) rising from US$8b in 2023 to US$9b in 2024, according to a report by Google, Temasek, and Bain & Company. Video commerce now accounts for 20% of e-commerce GMV, highlighting the dynamic nature of the industry.

The partnership introduces an exclusive cashback scheme, providing new TikTok advertisers with up to US$100 in ad credits to refine their campaigns. Additionally, businesses can earn up to 3% cashback on TikTok ad spend through YouBiz, enhancing return on investment and freeing up capital for further growth. Beyond TikTok, YouBiz offers unlimited 1% cashback on all expenditures.

Benedict Khong, General Manager of YouBiz, stated, “This partnership with TikTok for Business is designed to bridge the gap by seamlessly integrating YouBiz’s innovative financial solutions with TikTok’s dynamic advertising platform.”

The collaboration was unveiled at an event featuring a panel discussion on leveraging digital platforms for effective marketing. Genecia Alluora, co-founder of local skincare brand Alluora, shared insights on the benefits of financial tools in reducing foreign exchange fees and earning cashback.

Through this partnership, YouBiz and TikTok for Business are committed to empowering e-commerce businesses in Singapore, driving growth and innovation in the digital economy.
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Moody’s Ratings has affirmed a stable outlook for Singapore’s banking system, highlighting the country’s robust economic conditions and strategic diversification. The report, released today, underscores the resilience of Singapore banks amidst geopolitical tensions and economic fluctuations in the Asia-Pacific region.

Singapore’s banking sector is expected to maintain a stable operating environment, supported by strong domestic consumption and supply chain relocations from North Asia. Moody’s anticipates Singapore’s real GDP growth to normalise to 2%-3% in 2025, providing a solid foundation for the banks’ operations.

Asset quality remains a focal point, with problem loan ratios projected to stay between 1% to 2% in 2025. Despite risks associated with commercial real estate in Greater China, Singapore banks’ prudent risk management and robust credit reserves are expected to mitigate potential impacts. “Geopolitical tensions and rate cuts will have diverse effects on the operating environment of banking systems across APAC, but steady capitalisation, funding and liquidity will help many APAC banks withstand fundamental pressures,” said Chong Jun Wong, Assistant Vice President at Moody’s Ratings.

Profitability is set to remain stable, with return on average assets forecasted at 1.3% in 2025. The banks’ wealth management activities continue to drive strong fee income growth, offsetting modest declines in net interest margins.

The capital levels of Singapore’s three largest banks are expected to moderate due to higher distributions through special dividends and share buyback programmes. However, their capital ratios remain robust, providing opportunities for further overseas acquisitions.

Funding and liquidity are anticipated to remain strong, bolstered by a concentrated domestic deposit market and competitive regional banking franchises. The probability of government support for Singapore’s largest banks remains high, reinforcing their stability in times of need.

In summary, Singapore’s banking system is well-positioned to navigate the challenges posed by global economic uncertainties, thanks to its strategic diversification and strong risk management practices.
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BYD Singapore has successfully raised S$880,938 for the Singapore Breast Cancer Foundation (BCF) through the BYD Football Fiesta 2025, held on 22 February at ARFC Woodleigh. The event featured football legend Ryan Giggs, alongside Singapore icons Fandi Ahmad and V. Sundramoorthy, engaging the community in a spirited football tournament to support breast cancer awareness and patient programmes.

The funds were accumulated through BYD Singapore’s commitment to donate S$1,000 for every BYD or Denza D9 sold between 6 February and 6 March 2025, supplemented by tournament entry fees and contributions from partners. These funds will directly aid BCF’s public education, patient support, and advocacy efforts.

James Ng, Managing Director of BYD Singapore and the Philippines, expressed gratitude for the community’s support, stating, “The funds raised will go towards helping those affected by breast cancer, and we are honoured to contribute to this important cause.”

The event not only provided a platform for football fans to meet their idols but also underscored the power of sports in uniting people for a meaningful cause. Anthony Teo, Managing Director of Vantage Automotive, highlighted the event’s broader impact, saying, “This event was more than just about football—it was about uniting people in support of a cause that impacts many lives.”

The success of the BYD Football Fiesta underscores BYD Singapore’s dedication to community-driven initiatives, reinforcing their commitment to supporting meaningful causes beyond business.
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HashKey Exchange, Hong Kong’s largest licensed virtual asset platform, has announced a strategic partnership with B2C2, a global leader in institutional liquidity for digital assets. This collaboration aims to integrate multicurrency fiat trading networks, enhancing market efficiency and reinforcing Hong Kong’s position as a leading hub for regulated virtual asset trading.

The partnership is a significant milestone for HashKey Exchange, which has secured regulatory approvals from the Hong Kong Securities and Futures Commission (SFC), including a Type 1 Dealing in Securities licence, a Type 7 Providing Automated Trading Services licence, and a virtual asset trading platform operator licence. HashKey Exchange’s co-chief executive officer, Haiyang Ru, stated, “B2C2’s liquidity infrastructure will play a key role in fostering a more open and trusted digital finance ecosystem.”

B2C2, founded in 2015 and majority-owned by Japanese financial conglomerate SBI, is renowned for providing stable and consistent pricing, credit, and payment services across major crypto and fiat currencies. David Rogers, APAC CEO at B2C2, remarked, “We are seeing exciting growth in the APAC digital assets market. Increasing regulatory clarity has encouraged greater interest from institutional investors.”

As of 15 January 2025, HashKey Exchange ranks seventh on CoinGecko’s global exchange list and is the highest-ranked licensed virtual asset exchange in Hong Kong. This partnership is expected to expand institutional access to the digital assets market in the Asia-Pacific region, supporting the growth of a resilient and sustainable digital assets ecosystem.
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Women-led tech start-ups in Southeast Asia (SEA) faced a significant funding decline in 2024, with total investments dropping 65% to $198m from $570m in 2023, according to the Tracxn Geo Annual Report. Despite this downturn, Singapore emerged as the leading city for women-led start-up funding, securing $154m, followed by Jakarta and Hanoi with $33m and $20m, respectively.

The report highlights that the SEA region, home to over 35,000 active tech companies, saw women-led start-ups account for just 6% of the total $3.09b tech start-up funding in 2024. The decline is attributed to global economic challenges and a general slowdown in funding. Notably, early-stage funding fell to $115m, a 39% decrease from the previous year, whilst seed-stage funding rose by 20% to $82.9m.

Blockchain technology companies led the funding landscape, receiving $133m, marking a 391% increase from 2023. However, the FinTech sector experienced a sharp decline, raising only $91m compared to $427m in 2023. The Enterprise Applications segment also saw a significant drop, securing $60.6m, down from $233m the previous year.

Despite the challenges, the number of acquisitions doubled to six in 2024, with notable deals such as Aptar Digital Health’s acquisition of Healint. Ongoing initiatives, including support from the ASEAN Coordinating Committee on Micro, Small, and Medium Enterprises and the SG Women in Tech initiative, continue to foster innovation and provide opportunities for women-led start-ups in the region.
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Singapore’s Real Estate Investment Trusts (REITs) are set to benefit from a changing interest rate environment, according to a recent report. The report highlights that select REITs are already experiencing financing cost savings, signalling a shift in earnings trends. An anticipated 25 basis points rate cut could further enhance earnings estimates by approximately 1.2%, although this is not yet factored into current projections.

Retail REITs are maintaining resilient earnings, whilst Industrial REITs are offering attractive yield spreads. The report suggests a preference for retail REITs, followed by industrial, office, and hospitality sectors. This strategic positioning is crucial as the market adapts to the “higher for longer” interest rate scenario.

The implications of these findings are significant for investors seeking stable returns in a volatile market. As interest rates potentially decrease, the cost of borrowing for REITs could reduce, enhancing profitability and investor appeal. This trend underscores the importance of strategic investment in sectors poised for growth amidst economic shifts.

In conclusion, the report indicates that Singapore’s REITs are well-positioned to capitalise on potential interest rate cuts, with retail and industrial sectors leading the charge. Investors may find these insights valuable as they navigate the evolving financial landscape.
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Webull Singapore, a subsidiary of Webull Corporation, has unveiled a trading competition aimed at Singaporean investors, running from 10 March to 6 April 2025. The competition, which includes both monthly and weekly challenges, is designed to test traders’ skills and reward top performers on the Webull platform.

Open to all registered users of Webull Singapore with funded accounts, participants will be ranked based on their cumulative returns. The weekly challenge concludes every Sunday at 11:59 PM SGT, whilst the monthly challenge ends on 6 April at 11:59 PM SGT. Jonathan Man, CEO of Webull Singapore, stated, “Through this trading competition and weekly challenges, we aim to create a fun and engaging environment for our investors.”

To qualify for the monthly competition, participants must execute at least five trades across two ticker symbols and achieve a cumulative trade amount of S$2,000 or more. For the weekly competition, the requirement is at least two trades across two ticker symbols with a cumulative trade amount of S$500 or more. Prizes include S$1,000 in trading vouchers for the monthly winner and S$300 for the weekly winner.

Participants must maintain an end-of-day asset value of at least S$500 to remain eligible for rewards. Daily ranking updates will be provided at 12:00 PM SGT. Webull Singapore encourages traders of all levels to join and compete for these attractive prizes. For more details, visit Webull’s official website.
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Singapore has taken a significant step towards sustainable maritime fuel use with the launch of a new standard for methanol bunkering. The Maritime and Port Authority of Singapore (MPA) and Enterprise Singapore, through the Singapore Standards Council, have published Technical Reference 129 (TR 129), which provides a comprehensive framework for the safe and efficient use of methanol as an alternative fuel in bunkering operations.

TR 129 outlines critical requirements for the handling, transfer, and measurement of methanol. Key components include custody transfer requirements for ship-to-ship operations, operational and safety protocols for methanol delivery from bunker tankers to vessels, and guidance on using mass flow metres for accurate quantity management and digital documentation.

The standard was developed by a Working Group on Methanol Bunkering, comprising government agencies, research institutes, and industry stakeholders. David Foo, MPA Assistant Chief Executive, highlighted the collaborative effort behind TR 129, stating, “It provides clear guidelines to support the safe adoption of methanol as a marine fuel and gives the industry greater confidence in their transition to use of sustainable fuels.”

Choy Sauw Kook, Director-General of Enterprise Singapore, emphasised Singapore’s commitment to maintaining its status as a leading bunkering hub, noting that TR 129 will equip local operators with the capabilities and confidence needed for methanol bunkering.

Following successful methanol bunkering operations in 2023 and 2024, the new standard is expected to further Singapore’s ambitions as a sustainable, multi-fuel bunkering hub. Interested parties can learn more about TR 129 at a seminar during Singapore Maritime Week 2025.
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