Industry News

DBS Bank has announced a pioneering move to formally recognise CPF LIFE payouts as income for credit card applications, starting 11 June. This initiative aims to provide seniors aged 65 and above with clearer income recognition, enabling them to access credit options that were previously less accessible. Traditionally, banks have assessed credit card eligibility based on salary, rental, and investment income, with CPF LIFE payouts considered only on a discretionary basis.

This change follows the Monetary Authority of Singapore’s recent confirmation that CPF LIFE payouts can be considered a valid income source for retirees seeking unsecured loans, such as credit cards. Calvin Ong, Head of Consumer Banking Group at DBS Singapore, stated, “By recognising the payouts as income, we’re making sure seniors continue to have fair access to credit and the cards’ accompanying privileges.”

DBS remains the only bank to include CPF payouts in its “Bank & Earn” programme, allowing seniors to qualify for higher interest rates. This policy aligns with DBS’ broader strategy to support Singapore’s ageing population, as a recent report highlighted that CPF payouts cover more than half of retirees’ expenses.

Seniors can apply for credit cards using CPF LIFE payouts by visiting any DBS/POSB branch and submitting their CPF monthly payouts history or bank statements. This initiative is part of DBS’ ongoing commitment to financial inclusion and supporting retirees in maintaining financial independence and dignity.
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Aspire, a leading financial operating system for modern businesses, has announced its integration with Payboy, a prominent payroll software provider in Asia. This collaboration marks Aspire as the first fintech company to directly integrate with Payboy, aiming to simplify payroll management for businesses across the region. The integration allows businesses to seamlessly export payroll data from Payboy and import it into Aspire, eliminating the need for manual reformatting and significantly reducing error rates.

Payroll management has traditionally been a time-consuming process, with 52% of Singaporean HR professionals reportedly spending up to six hours per week troubleshooting payroll errors. The new integration addresses these challenges by enabling a streamlined process that reduces administrative workload and allows payroll to be executed efficiently in just two steps: export and upload.

Andrea Baronchelli, CEO and Co-Founder of Aspire, stated, “We are proud to be the first fintech to integrate with Payboy. Aspire is leading the way in simplifying financial operations. We’re not just offering faster payroll; we’re redefining what modern automated finance should look like for ambitious businesses.”

Raphael Ng, General Manager of Payboy, added, “Together with Aspire, we’re helping teams move faster with confidence and enabling data-driven decisions.”

This partnership aligns with Aspire’s broader vision of streamlining business finance through seamless integrations with trusted tools. The Payboy integration expands Aspire’s suite of payroll integrations, reinforcing its commitment to automating and simplifying financial operations for Singaporean entrepreneurs and businesses. The integration is now live and available to Aspire users in Singapore.
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McDonald’s Singapore has announced an exciting collaboration with the iconic lifestyle brand tokidoki, introducing exclusive limited-edition collectible charms. The charms feature beloved McDonaldland characters—The Hamburglar, Grimace, and Birdie—reimagined in tokidoki’s distinctive style. This collaboration coincides with the return of the fan-favourite Spicy Chicken McNuggets®, accompanied by new side offerings like Smoky Nacho Cheese Sauce, Roasted Sesame & Seaweed McShaker™ Fries, and Lychee McFizz®.

The charms, priced at $7.90 each, are available with the purchase of a Chicken McNuggets® meal from 12 June. Simone Legno, Co-Founder and Artist of tokidoki, expressed excitement about the partnership, stating, “We’re thrilled to help launch their Spicy Chicken McNuggets® with a fun collectible that brings our characters to life.”

In addition to the charms, McDonald’s is offering a special Collector’s Box, redeemable for 2,500 MyM Reward Points from 16 June. The first 500 redemptions will include an autographed set by Simone Legno. Fans will also have the opportunity to meet Legno during a special event at McDonald’s Great World on 28 June.

This collaboration not only offers a unique collectible experience but also enhances the dining experience with the return of the Spicy Chicken McNuggets® and new side options, available for a limited time.
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KrisFlyer, the rewards programme of the Singapore Airlines Group, is set to offer its members exclusive early access to tickets for the highly anticipated Jacky Cheung 60+ Concert Tour 2025 in Singapore. The concerts will take place at the Singapore Indoor Stadium on 21, 22, and 23 November 2025. Members can participate in the KrisFlyer Priority Sale starting 2 July 2025, using Mastercard credit or debit cards on Ticketmaster.

The concert, featuring the legendary Hong Kong singer known as the “God of Songs,” promises an unforgettable experience for attendees. KrisFlyer members can also redeem miles for tickets in Categories 1 to 3 through the KrisFlyer Experiences website. Redemption rates start at 60,000 miles for a pair of Category 3 tickets.

Dai Haoyu, Senior Vice President Marketing Planning at Singapore Airlines, stated, “KrisFlyer’s partnership with Jacky Cheung’s highly anticipated concerts in Singapore demonstrates our commitment to offering diverse, high-quality experiences to members.”

To access the priority sale, members must register online and subscribe to KrisFlyer and SIA Group’s Email Promotions by 17 June 2025. Eligible members will receive a unique access code by 24 June 2025. Each Ticketmaster account holder is limited to four tickets across all concert dates and categories.

This collaboration adds to KrisFlyer’s portfolio of high-profile music events, following partnerships with artists like Ed Sheeran and Lady Gaga. The initiative underscores KrisFlyer’s commitment to enhancing its programme’s value beyond travel, catering to the diverse interests of its global membership.
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FindTheLoan.com, Singapore’s pioneering loan marketplace, has successfully closed its seed funding round, paving the way for the launch of its new platform, Loan Comparison 2.0. The platform promises to revolutionise the loan application process by allowing borrowers to connect directly with multiple lenders, eliminating the need for intermediaries and enhancing transparency and efficiency.

The company’s founder, Daniel Tan, highlighted the need for a more transparent loan marketplace, especially in light of practices observed during the COVID-19 pandemic. “During COVID, we saw our peers exploiting the situation by cherry-picking customers or jacking up their finder’s fees,” he stated. Loan Comparison 2.0 addresses these issues by providing a seamless, end-to-end process that empowers borrowers to apply and compare offers directly on a single platform.

Investor Alan Li, a seasoned entrepreneur, expressed confidence in the platform’s potential, citing the dynamic financial landscape of Southeast Asia as a fertile ground for such innovations. “The loan industry in Southeast Asia presents immense opportunities due to its growing demand for accessible credit solutions,” Li noted.

Md Ishak, another investor and managing director of Dazzling Xchange, emphasised the platform’s automation as a key differentiator. “What truly sets FindTheLoan apart is that it is fully automated, with no human loan broker involved,” he said, highlighting its potential to disrupt traditional comparison websites.

FindTheLoan.com aims to fill the regulatory gap in Asia’s loan industry by offering a fully digital and transparent experience. As the platform scales, it is poised to challenge existing loan comparison sites, particularly as regulators scrutinise the clickbait nature of indicative rates.
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The Maritime and Port Authority of Singapore (MPA) announced that 18 crew members from the vessel Wan Hai 503 have been successfully rescued by the Indian Navy. The crew were transferred from lifeboats to an Indian Navy ship, which is currently heading towards New Mangalore Port. However, four crew members—two from Taiwan, one from Myanmar, and one from Indonesia—are still missing, and search and rescue (SAR) operations are ongoing.

The rescued crew includes five individuals who have sustained injuries. These injured crew members are receiving medical treatment onboard the Indian Navy ship as it makes its way to port. As of 20:30 on 9 June 2025, three vessels from the Indian Coast Guard and Indian Navy have been deployed to aid in the SAR operations, with aircraft also assisting in the search efforts.

MPA has expressed gratitude to the Indian authorities for their swift action in rescuing the crew and supporting the ongoing SAR operations. A team from MPA is on its way to assist the Indian authorities further. The situation remains critical, and MPA has conveyed its thoughts to the crew and their families during this challenging time. Further updates will be provided as more information becomes available.
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Singapore’s stock market has witnessed a vigorous start to 2025 with primary-listed companies engaging in substantial share buybacks. Over the first five months, companies have collectively repurchased millions of shares, with the top five buybacks totalling significant investments.

Among the leaders, Sembcorp Industries acquired 15 million shares for a consideration of S$29.5m. Other notable buybacks include purchases of 6.58 million shares for S$277.2m and 7.26 million shares for S$253m. These strategic moves reflect a growing trend among companies to enhance shareholder value and optimise capital structures.

The Lion-OCBC Securities Singapore Low Carbon ETF, which tracks the top 40 companies focusing on decarbonisation, has also shown impressive performance. It recorded a 31.6% total return over the past three years, marking it as the best-performing Singapore equity ETF by the end of April 2025. This ETF evaluates companies based on their carbon emissions relative to their sector, excluding those with significant fossil fuel involvement.

Retail investor activity has also been notable, with the 25 most net-sold stocks by retail investors in May averaging an 8.5% total return, surpassing the Straits Times Index’s 2.9% return. Non-STI stocks, such as Sheng Siong and SIA Engineering, led with 13% total returns.

As the year progresses, these buyback activities and investment trends are expected to continue influencing the market dynamics, potentially impacting stock valuations and investor strategies.
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DFI Retail Group Holdings is set to strategically reinvest its significant cash reserves following the sale of its stakes in RRHI and Giant Singapore. The company is considering reinvestment and special dividends as more prudent options whilst waiting for suitable merger and acquisition (M&A) opportunities, given the current high cost and risk of potential targets.

The group’s financial strategy comes after a strong first quarter performance in 2025, leading to an adjustment in the forecasted core earnings for the financial years 2025 and 2026 by 4% and 3%, respectively. This adjustment reflects the impact of recent divestments and the robust performance in the first quarter.

DFI Retail Group has also increased its target price to $3.60, supported by a higher price-to-earnings ratio of 16.7 times, aligning with the median of its peers. This increase is largely attributed to the anticipated special dividend payouts, which are expected to enhance shareholder value.

The company’s decision to focus on reinvestment and special dividends highlights a cautious approach in the current market environment, where M&A targets are deemed expensive and carry a high risk of write-offs. This strategy aims to optimise capital use whilst positioning the company for future growth opportunities.

As DFI Retail Group navigates these strategic decisions, the market will be closely watching its next moves, particularly in terms of reinvestment and potential dividend distributions.
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Retail sales in Singapore experienced a modest increase of 0.3% in April 2025 compared to the same month last year, according to the latest data released by the Singapore Department of Statistics.

When excluding motor vehicles, retail sales saw a slightly higher rise of 0.8%. Meanwhile, the food and beverage services sector reported a 1.2% increase over the same period.

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OCBC Bank has announced a proposal to privatise Great Eastern, offering S$30.15 per share, in an effort to resolve the trading suspension of the latter. This move, revealed on 10 June 2025, provides Great Eastern shareholders with an exit option or the alternative of resuming trading through a bonus issue.

RHB analysts suggest the exit offer is likely to be accepted due to its improved pricing, although the impact on OCBC’s financials is expected to be minimal.

The proposal aims to address the liquidity issues faced by Great Eastern’s minority shareholders, who would otherwise have to deal with limited stock liquidity if trading resumes. The offer represents a strategic decision by OCBC to streamline its operations and potentially enhance shareholder value.

The financial implications for OCBC are projected to be negligible, maintaining a neutral stance with a target price of SGD17.50 and a forecasted yield of approximately 6% for the financial year 2025. The bank’s decision reflects its ongoing efforts to optimise its investment portfolio and address market challenges.

This development is part of OCBC’s broader strategy to strengthen its market position and improve operational efficiency. The outcome of the proposal will be closely watched by investors and analysts, as it could set a precedent for similar corporate actions in the region. The decision underscores the bank’s commitment to addressing shareholder concerns whilst navigating the complexities of the current financial landscape.
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