Industry News

Nasdaq has announced a significant advancement in digital asset infrastructure by partnering with Singapore’s QCP Primrose Capital Management and Digital Asset. This collaboration integrates blockchain-based technology with Nasdaq Calypso, facilitating end-to-end margin and collateral workflows on the Canton Network. The initiative aims to enhance collateral mobility across all asset classes for institutional market participants.

Nasdaq Calypso, a leading technology platform, is designed to manage risk, margin, and collateral needs seamlessly. The partnership will expand its capabilities to support automated, 24/7 margin and collateral management across a wide range of assets, including crypto derivatives and over-the-counter derivatives. This move is seen as a step towards maturing and scaling next-generation digital asset infrastructure.

Melvin Deng, CEO of QCP, highlighted the significance of this development, stating, “Partnering with a global technology leader like Nasdaq is a testament to our commitment to building the next generation of institutional-grade market infrastructure.” He emphasised the paradigm shift in capital efficiency brought about by automating collateral management on-chain.

Yuval Rooz, Co-Founder and CEO of Digital Asset, noted that the integration enhances institutional workflows by automating margin and collateral processes on-chain, providing real-time efficiency and control. Linus Ong, Chief Investment Officer at Primrose Capital Management, added that this integration aligns portfolio management with institutional-grade on-chain infrastructure.

Nasdaq’s Head of Marketplace Technology, Magnus Haglind, remarked on the convergence of capital market infrastructure and the digital asset ecosystem, highlighting the need for improved real-time risk management. Nasdaq plans to advance its digital asset capabilities, supporting institutional adoption and driving resilience across the market.
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The Singapore Business Federation (SBF) has proposed extending the compliance deadline for International Sustainability Standards Board (ISSB)-based climate-related disclosures for smaller listed companies in Singapore. This recommendation follows feedback from nearly 40 companies on the Mainboard and Catalist boards, who expressed concerns about meeting the mandatory climate reporting requirements set to begin for financial years starting on or after 1 January 2025.

SBF’s recommendations aim to address the challenges faced by small- and mid-cap companies, which make up 84% of listings on the Singapore Exchange (SGX). The federation suggests granting these companies an additional one to two years to comply, making disclosure requirements proportionate to their size, providing Singapore-specific guidance, and establishing a central platform for digital reporting.

The feedback revealed that only 4% of the engaged companies are confident in meeting the current timeline. Many cited a lack of understanding of the disclosure requirements and insufficient resources to build the necessary internal capabilities. The SBF believes that extending the deadline would allow these companies to enhance their data collection processes and learn from the larger companies’ reports due in FY2025.

Kok Ping Soon, CEO of SBF, stated, “Our key recommendation is to extend their compliance deadline. This does not represent a step back from Singapore’s climate reporting ambitions, but is a practical measure to provide smaller ListCos more time to strengthen internal readiness.”

The SBF remains committed to collaborating with stakeholders, including SGX RegCo and other government agencies, to support the business community in preparing for climate-related risks and opportunities.
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Maybank IBG Research has released its latest reports on the economic outlook for Thailand and Singapore, highlighting key developments and forecasts. In Thailand, the Bank of Thailand (BOT) has maintained its interest rate at 1.75% but indicated a shift towards a more dovish monetary policy. The country’s GDP growth is projected to decline to 1.7% by 2026, down from 2.3% this year. The Thai Cabinet has approved a stimulus package worth THB115 billion, equivalent to 1.5% of GDP, to counteract potential economic challenges, including domestic political instability.

In Singapore, the report suggests that the city-state is well-positioned to benefit from capital rotations due to strong policy certainty amidst ongoing US economic uncertainties. The Singaporean market could gain momentum through equity market policy reforms and is expected to be driven by five key themes: domestic resilience, positive effects from China’s recovery, accelerating corporate capital returns, opportunities from the JS-SEZ, and AI-led efficiencies. Consequently, Maybank IBG Research has raised its 2025 Straits Times Index (STI) target to 4,185, with top stock picks including CICT, CD, CSE, FEH, ISOTeam, Sea, SGX, SCI, ST, and STEng.

These insights are crucial for investors and policymakers as they navigate the evolving economic landscapes in Thailand and Singapore. The reports underscore the importance of strategic planning and adaptation to both domestic and international economic shifts.
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Singapore’s workforce has experienced the highest global increase in thriving workers, with an 11 percentage point rise to 26%, according to ADP Research’s “People at Work 2025” report. This growth contrasts with a global decline of two percentage points in 2024. Thriving workers are defined as those who view work pressures positively, leading to higher engagement, productivity, and resilience.

Despite this progress, Singapore still lags behind regional leaders like China, which boasts 40% thriving workers, followed by The Philippines at 30% and Indonesia at 27%. The report highlights that 59% of Singaporean workers still feel stressed, impacting productivity, whilst 15% perceive work pressure negatively, affecting their well-being.

Yvonne Teo, Vice President of HR, APAC at ADP, noted, “Stress is a constant in a high-performing economy like Singapore, but not all stress is harmful. The data shows that more workers are managing stress in ways that drive performance and growth.”

The report also addresses the psychological impact of perceived judgement in the workplace. Nearly half of Singaporean respondents feel scrutinised in hybrid and remote work settings, a figure higher than the global average of 32%. This perceived pressure can exacerbate stress, reducing job satisfaction and productivity.

Nela Richardson, Chief Economist at ADP, emphasised, “The simple absence of bad on-the-job stress doesn’t guarantee that workers will thrive. Other factors, such as a lack of trusting relationships with one’s co-workers or leaders, or feelings of limited freedom and flexibility within the workplace, might also be involved.”

The findings underscore the need for organisations to support employee mental health and adapt to evolving workplace stressors.
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Morgan Stanley Research has reaffirmed its positive outlook on Singapore, projecting a robust return on equity (RoE) of 14% by 2030, supported by a price-to-book (P/B) re-rating to 2.3x. The report identifies Singapore’s strategic position as a “hub of hubs,” its swift adoption of new technologies, and proposed equity market reforms as key drivers of its structural wealth creation.

The report underscores Singapore’s defensive stance in a multipolar world, highlighting its macroeconomic stability, strong governance, and financial resilience. Morgan Stanley emphasises that Singapore’s corporate sector is shifting towards higher-return business models, particularly in banking, where wealth management businesses are expanding. This shift is expected to result in higher dividend payouts and buybacks.

Morgan Stanley’s analysis suggests that ongoing equity market reforms are beginning to attract institutional investors, with large-cap companies like Sembcorp, DBS, and SGX poised to benefit from initial inflows. The Monetary Authority of Singapore (MAS) has already introduced the first set of reform measures, with more expected in the latter half of 2025.

However, the report cautions that potential risks include a slowdown in global trade, financial decoupling between the US and China, and slower-than-anticipated market reforms. Despite these challenges, Morgan Stanley maintains Singapore as a key Overweight market alongside India, Japan, and Brazil, assigning a 100 basis point Overweight recommendation in its regional market allocation framework.

In conclusion, Morgan Stanley’s report positions Singapore as a leading market for investment, driven by its strategic economic initiatives and resilience in the face of global uncertainties.
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The ongoing conflict between Israel and Iran has led to significant impacts on Asian markets and airlines, according to Morningstar’s latest analysis. Despite a de-escalation, geopolitical risks remain high, potentially affecting oil prices and airline operations. The conflict has caused temporary airspace closures, disrupting Europe-Asia routes, particularly for Singapore Airlines (SIA), which relies on Iranian airspace for efficient connections.

Morningstar’s Asia Equity Market Strategist, Kai Wang, highlighted that whilst oil prices have returned to pre-conflict levels, any future increases are expected to be short-lived. The report suggests investors should consider taking profits on overvalued technology and communication services stocks due to increased market volatility.

In the airline sector, Lorraine Tan, Director at Morningstar, noted that whilst SIA faced disruptions, the impact on its operations is minimal. Other airlines, such as ANA and Cathay, were unaffected as their routes do not pass over Iran. The temporary airspace closures may redirect some international flight demand towards SIA and Cathay, although demand is expected to normalise as tensions ease.

The report also touches on the potential economic implications for Japan, with the looming end of a 90-day pause on US tariffs. Lorraine Tan indicated that whilst the impact on Japanese equities is expected to be contained, the auto industry may face valuation declines due to thin margins.

Overall, Morningstar maintains its fair value estimates for the affected companies, anticipating minimal long-term impact from the current geopolitical tensions. The situation underscores the importance of monitoring geopolitical developments and their potential economic consequences.
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The Hera Clinic, located in the heart of Singapore, is setting new standards in aesthetic medicine with the introduction of Profhilo Structura, a next-generation injectable designed for lifting and volume enhancement through fat rejuvenation. This innovative treatment, launched this week, utilises Nahyco Hybrid Technology to deliver natural-looking results without downtime, offering a fresh alternative to traditional fillers.

Profhilo Structura is part of the clinic’s comprehensive range of advanced treatments, which also includes Ultherapy Prime and Morpheus8. Ultherapy Prime, introduced in December 2024, uses focused ultrasound energy to stimulate collagen production, providing a non-invasive solution for firmer, lifted skin on the face, neck, and jawline. The Hera Clinic was among the first in Singapore to adopt this technology, highlighting its commitment to cutting-edge, non-surgical skin tightening.

Morpheus8, another offering from The Hera Clinic, combines microneedling with radiofrequency energy to target deeper skin layers, promoting collagen production for improved texture and fat remodelling. This FDA-cleared procedure is suitable for all skin types and offers minimal discomfort with little to no downtime.

The Hera Clinic is making these advanced aesthetic treatments more accessible with exclusive pricing available until the end of June 2025. Clients can benefit from Ultherapy Prime at $1,999 for 600 lines, Biostimulator CaHa or PLLA at $2,488 for three syringes, and Salmon DNA Hb Plus at $488 for two syringes.

With a focus on personalised care and innovative technology, The Hera Clinic continues to redefine modern beauty, offering solutions for a wide range of skin concerns.
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Only 6% of Singaporeans wish to live longer, with the majority prioritising health, dignity, and financial independence over lifespan, according to Manulife Asia. The Manulife Asia Care Survey 2025, which interviewed 1,021 Singapore consumers, highlights a shift in attitudes towards ageing, with a focus on quality rather than quantity of life.

The survey found that Singaporeans expect to live until 79 but anticipate health issues by 67, indicating a 12-year wellness gap. Concerns about physical health and financial security are prevalent, with 51% worried about losing their physical health and 48% fearing they will outlive their savings. Despite these concerns, only 35% of respondents have critical illness insurance, 41% have life protection insurance, and a mere 15% have disability insurance.

Benoit Meslet, CEO of Manulife Singapore, noted, “We see a shift in perspectives of ageing and longevity in Singapore. It is no longer defined by the number of years, but by the quality of the years lived.”

Financial planning remains a significant concern, with 35% of Singaporeans relying primarily on cash for retirement. Additionally, 65% are financially supporting their parents, often using their own retirement savings. Koh Hui-Jian, CEO of Manulife Investments Singapore, emphasised the importance of diversifying investments to build robust income streams for retirement.

The survey underscores the need for more integrated conversations around financial planning, health, and wellness to ensure Singaporeans can live not just longer, but better lives. As Singaporeans navigate these challenges, Manulife Singapore aims to support them with comprehensive financial and wellness solutions.
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Sun Life Asia has released its second Financial Resilience Index, revealing that Gen Z is the least financially secure generation in Asia. The survey, which included over 6,000 respondents from Hong Kong, the Philippines, Indonesia, Malaysia, Singapore, and Vietnam, highlights the impact of inflation on financial security and planning. Whilst 69% of Baby Boomers feel financially secure, only 57% of Gen Z share this sentiment, indicating a significant generational gap in financial confidence.

The research underscores a shift towards short-term financial priorities, with 60% of respondents focusing on managing daily expenses, up from 54% last year. Retirement planning has notably dropped from second to sixth place in financial priorities. David Broom, Chief Client and Distribution Officer at Sun Life Asia, noted, “Gen Z has time on their side, but instead of confidence, we’re seeing hesitation and concern as they are coming of age in a world shaped by economic volatility and rising living costs.”

The survey also highlights that 92% of respondents feel the pressure of inflation, with 44% experiencing a significant impact on their ability to cover expenses. Furthermore, more than half of the respondents lack a financial plan extending beyond 12 months, and only 8% are planning more than 10 years ahead.

The findings reveal a stark divide between individuals with high financial resilience and those without. High resilience individuals are more likely to seek professional financial advice and focus on long-term goals, whereas low resilience individuals rely more on informal networks and struggle with short-term financial management. The full report is available on Sun Life’s website.
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Singapore has unveiled the Singapore Payments Network Limited (SPaN), a new entity designed to bolster the country’s payment infrastructure and foster innovation within the sector. Announced by Deputy Prime Minister Gan Kim Yong during the Association of Banks in Singapore (ABS) Annual Dinner on 25 June 2025, SPaN is set to integrate and enhance existing national payment schemes such as FAST, GIRO, PayNow, and SGQR.

The banking sector in Singapore, a cornerstone of the nation’s status as a global financial hub, is poised to play a crucial role in navigating the challenges posed by global economic shifts. Gan highlighted the importance of adapting to protectionist measures and geo-economic disruptions, including climate change and technological advancements like artificial intelligence. “Our banks are critical enablers for growth, transformation, and mobility,” he stated.

Gan also addressed the impact of US tariffs on global trade, urging businesses to adapt to a more complex economic landscape. He noted that Singapore’s role as a hub is vital for its survival and success, emphasising the need for the Singapore Economic Resilience Taskforce to support businesses and workers.

In the realm of sustainable finance, Singapore is positioned as a leader in catalysing the low-carbon transition within Asia. The Monetary Authority of Singapore (MAS) has launched the Singapore-Asia Taxonomy (SAT) to facilitate transition financing. Gan expressed optimism about the integration of SAT by local and regional banks, underscoring the importance of clear guidelines for effective climate financing.

As Singapore continues to navigate these transitions, the launch of SPaN and the focus on sustainable finance highlight the nation’s commitment to innovation and resilience in the face of global challenges.
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