Industry News

UOB Group has reported a net profit of S$1.5b for the first quarter of 2025, maintaining stability year on year.

This performance was driven by diversified growth across its wholesale banking and retail businesses, with net fee income reaching a record S$694m, a 20% increase from the previous year.

The growth was primarily attributed to loan-related and wealth management fees, alongside a 6% rise in loan growth, which also contributed to a 2% increase in net interest income.

Despite a 5% year-on-year decline in other non-interest income due to lower trading and investment income, there was a 25% increase from the previous quarter, bolstered by strong customer treasury income and effective trading and liquidity management activities.

Credit costs rose to 35 basis points as UOB set aside additional pre-emptive allowances to bolster provision coverage amidst growing macroeconomic uncertainties. The non-performing loan ratio remained stable at 1.6%, reflecting resilient asset quality.

Wee Ee Cheong, UOB’s Deputy Chairman and CEO, commented on the results, stating, “The Group achieved a solid set of results for the first quarter, supported by broad-based income growth, record fee income and robust loan growth.”

He also noted the impact of US tariffs on market volatility and global trade, anticipating a slowdown in global growth but expressing confidence in ASEAN’s resilience and long-term potential.

With a robust balance sheet, healthy capital, and strong liquidity positions, UOB is well-prepared to navigate risks and seize growth opportunities, supporting customers and communities through challenging times.

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AIMS APAC REIT Management Limited has announced a 2.6% year-on-year increase in distribution per unit (DPU) to 9.600 Singapore cents for the financial year ending 31 March 2025. This growth is attributed to a robust operational performance and strategic asset management initiatives, including a 20.0% rental reversion and stable portfolio occupancy of 95.8%.

Gross revenue for the year rose by 5.3% to S$186.6m, whilst net property income increased by 2.1% to S$133.7m. The REIT’s proactive capital management was highlighted by the successful issuance of S$125m in five-year perpetual securities at a competitive rate of 4.70%, underscoring its strategy to secure cost-effective funding.

CEO Russell Ng emphasised the REIT’s strategic positioning, stating, “Through disciplined execution of our strategies, we have continued to drive strong operational and financial performance that support the delivery of sustainable growth for our Unitholders.” The REIT’s portfolio, comprising 28 properties valued at S$2.13b, remains diversified across Singapore and Australia, providing resilience amidst economic uncertainties.

In line with its sustainability commitments, AA REIT progressed with its rooftop solar PV system installations and other green initiatives, aiming to enhance operational sustainability. Looking forward, the REIT plans to continue its asset enhancement initiatives and explore new growth opportunities, ensuring long-term value creation for its unitholders.

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Vietjet Aviation Joint Stock Company has announced a 24% year-on-year increase in consolidated pre-tax profit for the first quarter of 2025, attributed to its aggressive international expansion and robust operational performance.

The airline reported consolidated revenue of approximately $656m (SGD896m) and a pre-tax profit of $30.54m (SGD41.71m). This growth is supported by the introduction of new routes, including direct flights between Singapore and Phu Quoc starting 30 May, and the expansion of its fleet to 106 aircraft.

The airline’s financial statements reveal air revenue of VND17.92t (approx. $653m, SGD892m), with ancillary revenue contributing over VND6.223t (approx. $227m, SGD310.38m), accounting for more than 35% of total revenue. Vietjet operated nearly 38,700 flights, transporting over 6.87m passengers, marking a year-on-year growth of over 12% and 9%, respectively.

Vietjet’s strategic initiatives include the addition of new routes to China and India, enhancing connectivity in key Asian markets. The airline also launched its inaugural flight to the United States, leading to strategic partnerships worth $14b (approx. SGD18.15b). These partnerships, combined with existing agreements with Boeing and other major players, bring Vietjet’s total cooperation value to nearly $50b (approx. SGD64.78b).

In addition to its business achievements, Vietjet has engaged in corporate social responsibility efforts, delivering humanitarian aid to Myanmar and constructing homes for low-income families in Vietnam. The airline’s SkyJoy loyalty programme was recognised for its digital innovation, and Vietjet was named the “World’s Best Ultra Low-Cost Carrier 2025” by AirlineRatings. With these accomplishments, Vietjet is poised to exceed its 2025 targets and seize further growth opportunities in the global aviation market.

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Emirates, the world’s largest international airline, has launched its first Emirates World retail store in Singapore, marking a significant milestone in its 35-year history in the region. Located at Odeon 333, near the iconic Raffles Hotel, the store offers personalised travel planning and advice, alongside interactive displays that showcase the airline’s award-winning inflight experience.

The store was inaugurated by Adnan Kazim, Emirates’ Deputy President and Chief Commercial Officer, in the presence of dignitaries including Ahmed AlKetbi, Deputy Ambassador of the UAE in Singapore, and Lim Ching Kiat from Changi Airport Group. Kazim highlighted the store’s role in embodying Emirates’ commitment to seamless service and premium design, stating, “This store provides a welcoming, informative space that brings our ‘Fly Better’ promise to life.”

The Emirates World store aims to revolutionise travel retail by combining innovation, personalisation, and convenience. It features a First-Class Private Suite installation, allowing visitors to experience the luxury typically reserved for the skies. The store also offers a range of upcycled products, reflecting Emirates’ commitment to sustainability.

Spanning over 330 square metres, the store is designed with a lounge-like environment and includes smart technology experiences such as a ‘selfie mirror’. With four customer service counters, guests can book flights and receive expert travel advice whilst enjoying freshly brewed coffee.

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Synagistics Limited, a Singapore-based AI and big data company, has announced a strategic partnership with BytePlus, a business unit of ByteDance, to accelerate the adoption of enterprise-grade artificial intelligence (AI) solutions in the Asia-Pacific region. This collaboration will see Synagistics integrate BytePlus’s proprietary AI technologies into its multi-LLM orchestration platform, Geene, enhancing decision-making and digital transformation for enterprise clients.

The partnership will focus on co-developing industry-specific AI applications using BytePlus’s “Hi Agent” development environment and incorporating AI-powered customer engagement platforms into Synagistics’ ecosystem. Clement Lee, Executive Chairman of Synagistics, highlighted the significance of this collaboration, stating, “Our partnership with BytePlus marks a pivotal milestone in our AI strategy. Their world-class AI infrastructure significantly enhances our enterprise capabilities.”

Initially targeting markets in Singapore, Indonesia, Malaysia, Thailand, and Vietnam, the partnership aims to expand further across Asia-Pacific. With the AI market in the region expected to grow from $85.15b in 2025 to $298.4b by 2030, this strategic move positions both companies to capture the increasing demand for enterprise-grade AI capabilities.

Synagistics will lead customer engagement and commercialisation strategies, whilst BytePlus will provide AI infrastructure and support. This partnership aligns with investor interest in scalable, high-impact technology ventures, reinforcing Synagistics’ position as a leader in enterprise AI orchestration.
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HDB resale prices in Singapore have continued to rise for the 20th consecutive quarter, albeit at a slower rate, according to the latest report from OrangeTee.

In Q1 2025, prices increased by 1.6%, down from 2.6% in the previous quarter. This deceleration is attributed to growing price resistance among buyers, particularly in the lower and mid-range market segments.

The report highlights that whilst some flat types, such as 4-room and 5-room flats, experienced slower price growth, demand for premium flats remained robust.

Transactions for flats priced at least S$800,000 reached a record high, with 1,183 units sold in Q1 2025, up from 1,115 in Q4 2024. Million-dollar transactions also hit a new peak, with 348 units sold, compared to 285 in the previous quarter.

Christine Sun, Chief Researcher and Strategist at OrangeTee, noted that affluent buyers appear unfazed by the slowing price growth and continue to invest in premium flats. “The trend indicates that potential buyers in the lower and mid-range market segments may be more price resistant,” she said.

Despite the slower growth, the resale market showed resilience, with a slight rebound in transaction volume. A total of 6,590 units were sold in Q1 2025, a 2.6% increase from the previous quarter. However, this figure represents a 6.8% decline compared to the same period last year.

Looking ahead, the cautious outlook suggests that potential buyers may exercise greater restraint to avoid overstretching their budgets. This conservative approach is expected to continue influencing the pace of price growth in the coming months.
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Tan Choon Seng has been appointed as the new Group Chief Executive Officer of M-DAQ Global, effective 13 May 2025. He takes over from Richard Koh, the company’s founder and current Group CEO, who will transition to the role of Non-Executive Chairman. This change comes as Richard embarks on a four-year PhD programme in Business, marking a new chapter in his career.

M-DAQ Global, a fintech company known for its innovative foreign exchange and cross-border payment solutions, has been a significant player in the financial technology sector since its inception in 2009. Under Richard’s leadership, the company launched a groundbreaking solution for global e-commerce platforms in 2015, earning recognition at the Singapore MAS FinTech Awards in 2016. Richard’s tenure also saw the company secure four institutional funding rounds, amassing a fully paid-up capital of S$213 million, and expanding through acquisitions such as Wallex and EasyPay.

Reflecting on his journey, Richard stated, “From our initial vision in 2009 with Joo Seng and Noboru to transform cross-border transactions, building M-DAQ has been an incredible journey. Choon Seng embodies the same dedication and drive that has brought us this far.”

Choon Seng, who joined M-DAQ Global in January 2022, has held key roles within the company, including General Manager of Operations and Chief of Staff. He expressed his commitment to continuing the company’s legacy, saying, “I am honoured to take on the role of Group CEO and look forward to building upon this foundation to drive future growth.”

With a staff strength exceeding 300 across Asia Pacific, M-DAQ Global continues to solidify its position in the fintech landscape, providing comprehensive FX and payment solutions to businesses worldwide.
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Kennedys has announced the appointment of Anita Quy as Joint Managing Partner of Kennedys Legal Solutions in Singapore, alongside Kevin Kwek. Quy, a seasoned legal professional with over 20 years of experience in the aviation insurance market across Asia Pacific and the UK, will continue to serve as Head of Aviation Asia Pacific at Kennedys. Her appointment follows Julian Wallace’s retirement and underscores the firm’s commitment to delivering top-tier legal solutions globally.

Quy’s extensive expertise includes advising insurers, airlines, regulators, and other aviation industry stakeholders. She has acted as Lead Counsel for aviation catastrophic losses in Asia and is known for her proficiency in handling multijurisdictional disputes. Her role will be pivotal in navigating aviation-related legal challenges for Kennedys’ clients.

Matt Andrews, Asia Pacific Managing Partner at Kennedys, praised Quy’s appointment, highlighting her “exceptional expertise in aviation insurance law” and her alignment with the firm’s values of diversity and inclusion. Quy herself expressed enthusiasm for her new role, stating, “This is an exciting time for our firm as we continue to expand our presence and deepen our sector specialisms in Singapore and across Asia Pacific.”

Kennedys, which has been operating in Singapore since 2008, established a joint law venture with Legal Solutions in 2015, creating Kennedys Legal Solutions. This venture allows the firm to offer a comprehensive suite of services across both English and Singapore law. Quy’s appointment further solidifies Kennedys’ position as a leading global law firm, committed to providing expert legal advice across key industry sectors.
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HomesToLife Ltd, a prominent home furniture retailer in Singapore, has announced its acquisition of HTL Marketing Pte Ltd, a leading supplier of premium upholstered sofas and leather materials. The acquisition, formalised through a sale and purchase agreement with New Century International Homes Pte Ltd, is expected to significantly enhance HomesToLife’s market reach and financial performance.

The acquisition involves HomesToLife issuing 75 million ordinary shares to New Century, with a two-year lock-up period. HTL Marketing, which achieved sales of $330m in 2024, exports its products to 50 countries, including major markets in Europe, Asia-Pacific, and North America. The acquisition is anticipated to leverage HTL Marketing’s extensive international network, providing HomesToLife with substantial growth opportunities.

HomesToLife CEO, Phua Mei Ming, stated that the acquisition is a “significant milestone” for the company, projecting a revenue increase from $4m in 2024 to between $250m and $280m in 2025. The acquisition is also expected to bolster the company’s bottom line significantly. By 2026, HTL Marketing is projected to contribute $350m to $400m in revenue and $15m to $20m in profit after tax.

The acquisition, subject to customary closing conditions, is expected to be finalised in Q2 2025. HomesToLife’s board, following a recommendation from a special committee of independent directors, unanimously approved the deal, which was deemed financially fair by Kroll, LLC. This strategic move positions HomesToLife to capitalise on global market opportunities and mitigate risks from trade disruptions.
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Cuprina Holdings, a Singapore-based biomedical and biotechnology company, has announced the completion of its in-vitro fertilisation (IVF) media production facility in Singapore. The facility, built in collaboration with Ferti-Craft Pte Ltd, has received ISO 13485 certification and a dealer licence from the Singapore Health Sciences Authority. This marks a significant milestone for the company as it aims to produce 14 different IVF media products by the fourth quarter of 2026.

The ISO 13485 certification, issued by the United Kingdom Accreditation Service, confirms that the facility meets international standards for medical device manufacturing. The dealer licence allows Cuprina to legally operate in manufacturing, importing, or wholesaling medical devices. The facility will produce IVF media containing essential nutrients and materials to stimulate fertilisation in vitro.

Cuprina will work with Ferti-Craft to prepare regulatory dossiers for the Singapore Health Sciences Authority, aiming for commercial sale approval by late 2026. Ferti-Craft will handle documentation, testing certificates, and logistics for raw materials, leveraging its expertise in human assisted reproductive technology.

David Quek, Cuprina’s CEO, expressed enthusiasm for the collaboration, stating, “We are very excited to be collaborating with Ferti-Craft on this IVF media production facility, the first of its kind in Singapore to be established by a Singapore company.” Jai Thampi, co-founder of Ferti-Craft, added that Cuprina’s experience and flexibility were key factors in forming the strategic partnership.

The global market for assisted reproductive technology, valued at $34.7b in 2023, is projected to grow significantly, driven by rising infertility rates and increased acceptance of ART technology. Cuprina’s new facility positions the company to tap into this expanding market, with initial sales expected in Singapore and plans to expand into ASEAN countries, the Middle East, and beyond.
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