Industry News

The latest 2025 WealthLens™ Study has unveiled intriguing insights into the financial behaviours and aspirations of over 600 High-Net-Worth Individuals (HNWIs) in Hong Kong and Singapore. The study, which focuses on affluent consumers with over $5m in financial assets, reveals key trends in relocation, education, and philanthropy.

A significant finding is the relocation intentions of HNWIs. In Hong Kong, two in five are considering moving within the next five years, with Singapore as a preferred destination due to its perceived better quality of life. Conversely, half of Singapore’s HNWIs, particularly those under 45, are contemplating relocation for cultural experiences and professional growth, rather than dissatisfaction with Singapore.

Education remains a top priority for these wealthy individuals. Whilst 40% of HNWIs in both cities send their children to local universities, 60% plan for overseas education. Hong Kong HNWIs favour the US, whereas Singaporeans prefer the UK. Notably, one in five Hong Kong HNWIs are interested in sending their children to China, highlighting China’s growing regional importance.

Succession planning is also a critical focus, with many wealthy individuals setting up legal trusts for wealth transfer. A significant wealth transfer is anticipated within the next decade, with one in three HNWIs set to inherit substantial assets. Hong Kong inheritors aim to enhance their lifestyle, whilst Singaporean inheritors plan to expand business ventures.

Philanthropy is gaining traction, with Hong Kong HNWIs prioritising education for the underprivileged and climate action, whilst Singaporeans focus on quality healthcare and education opportunities.

The WealthLens™ Study provides strategic insights for financial firms targeting affluent clients, offering a comprehensive understanding of HNWIs’ financial needs and behaviours.
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British Council Singapore recently celebrated the remarkable achievements of UK alumni at the Study UK Alumni Awards 2025, held on 20 February at The Fullerton Hotel Singapore. This prestigious event recognised individuals who have utilised their UK education to make significant impacts in their professions and communities.

The awards highlighted the transformative power of education across four categories. Wen Si Chow, a Senior Legal Counsel at Mott MacDonald, received the Business and Innovation Award for her efforts in promoting inclusivity in the STEM industry. The Culture and Creativity Award went to Ken Chong, an award-winning composer and educator, for his contributions to Singapore’s music scene. Stephanie Choon Xia Liaw, the Energy Lead for Singapore and Malaysia at Mott MacDonald, was honoured with the Science and Sustainability Award for her work in energy transition. Lastly, Shalom Lim Ern Rong, an advocate for disability inclusion, received the Social Action Award.

HE Nik Mehta, British High Commissioner to Singapore, praised the awardees, stating, “All four Singapore winners inspire me because they are making a difference to our world in fields ranging from science and sustainability to culture, social engagement, and business innovation.”

The awards underscore the enduring educational and cultural ties between the UK and Singapore, especially as Singapore marks its 60th year of independence. The British Council remains committed to supporting UK alumni worldwide, ensuring their achievements continue to inspire future generations.
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Morgan Stanley has expressed optimism about Singapore’s equity market following the introduction of new measures aimed at enhancing market liquidity and valuations. The Monetary Authority of Singapore (MAS) has announced a $5b liquidity injection into actively managed funds investing in Singapore stocks, alongside a requirement for family offices with assets under management exceeding S$200m to invest S$50m in Singapore-listed equities.

The measures are expected to surprise the market positively, according to Morgan Stanley, which anticipates a broad-based positive reaction from investors. The bank described these steps as “bold and meaningful,” likely serving as catalysts for re-rating Singapore equities. The liquidity injection is seen as substantial, with the potential to attract further private capital and stimulate incremental investment flows.

Morgan Stanley also highlighted the political will behind these initiatives, suggesting that they are part of a broader strategy to solidify Singapore’s status as a global financial centre. The bank expects MAS to unveil additional measures by the end of the year, further strengthening the equity market ecosystem and potentially attracting new listings.

The introduction of these measures is seen as a critical move to revitalise Singapore’s stock market, enhancing trading liquidity and valuation multiples. This, in turn, could lead to increased job creation and capital formation, reinforcing Singapore’s position as a financial hub. Morgan Stanley remains optimistic about the future of Singapore equities, citing the potential for further support and investment inflows.
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Nomura has initiated a strategic trade involving the Singapore Dollar (SGD) and US rates, targeting a 25 basis point gain by the end of March.

This move comes as SGD rates have outperformed the US since mid-January, driven by a lower Singapore Overnight Rate Average (SORA) fix, increased activity from Commodity Trading Advisors (CTAs), and expectations of slower growth due to potential tariffs under a Trump administration.

The SORA fix has averaged around 2.5% in February, with sporadic but slightly higher volumes. Additionally, the Singapore Dollar Nominal Effective Exchange Rate (S$NEER) has risen, trading approximately 125 basis points above the mid-point of the policy band. This shift is attributed to an unwinding of market positions, leading to increased liquidity. However, Nomura views this as a temporary change, anticipating the SORA fix to rise again.

Loan growth in Singapore has been robust, particularly in December, which may reduce bank receiving in the Overnight Index Swap (OIS) market. The share of time deposits as a percentage of bank funding has decreased, further influencing this trend.

Nomura’s strategy also includes maintaining a 2s10s flattener position, with a conviction level of 3 out of 5. The firm notes that SGD rates appear expensive on an implied S$NEER metric, with the implied SGD rate now trading above the 3-month SORA rate for the first time in four years. This suggests that SGD rates may be too high relative to the basket, especially given the lack of a short-end anchor.

With markets pricing in an easing of tariff-related tensions, Nomura remains cautious about potential tariff escalations, which could impact Singapore’s growth and rekindle expectations of Monetary Authority of Singapore (MAS) easing.
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The Singapore residential property market witnessed a remarkable surge in Q4 2024, with new sales in the primary market tripling both quarter-on-quarter and year-on-year, according to Savills Research.

This surge was largely attributed to an increase in the number of launched units and declining interest rates, which encouraged local homebuyers to enter the market.

In Q4 2024, new sales across all three market segments saw substantial growth. The Rest of Central Region (RCR) experienced the most significant increase, with sales soaring from 391 units in Q3 to 1,859 units. The Core Central Region (CCR) rebounded from six consecutive quarters of decline, more than doubling its sales from 54 to 137 units. Meanwhile, the Outside of Central Region (OCR) nearly doubled its sales from 715 to 1,424 units.

Despite a 4.7% quarter-on-quarter decline in secondary sales in Q4, the overall secondary market still saw a 22.6% year-on-year increase, marking a recovery after two years of decline. The OCR recorded the largest year-on-year growth in secondary sales at 24.3%.

George Tan, Managing Director of Livethere Residential at Savills Singapore, noted the positive momentum in the market, driven by new launches and improved buyer sentiment. Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, highlighted the narrowing price gap between public flats and private properties, suggesting it could further drive demand for private housing in 2025.

Looking ahead, the market’s performance in 2025 will depend on potential cooling measures and their timing. If implemented early, these measures could temper price increases by year-end.
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The Singapore Department of Statistics has announced that the Consumer Price Index (CPI) for January 2025 experienced a 0.7% decrease from the previous month.

However, on a year-on-year basis, the CPI rose by 1.2%, indicating a moderate increase in consumer prices compared to January 2024.
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Koh Brothers Eco Engineering Limited, a sustainable engineering solutions provider listed on SGX Catalist, announced a revenue of S$149m for the financial year ending 31 December 2024. Despite a 16% decline in revenue from the previous year, the company reported a significant improvement in its net loss, which decreased to S$7.8m in the second half of 2024 from S$9.3m in the first half.

The decline in revenue was attributed to the completion of certain projects within the Engineering and Construction segment. However, this was partially offset by increased revenue from the Bio-Refinery and Renewable Energy segment, driven by rising demand for vegetable oils. The company achieved a gross profit of S$6.2m, marking an 822% increase from the previous year.

Koh Brothers Eco’s CEO, Paul Shin, highlighted recent project wins, including a S$313.9m contract from the Land Transport Authority for the Lorong Halus Bus Depot and a S$77.6m contract with Sport Singapore for the Toa Payoh integrated development. These projects contribute to a robust order book valued at approximately S$828.7m.

The company remains focused on leveraging its capabilities to secure larger-scale projects, aiming for sustainable growth. With a healthy balance sheet, including cash and bank balances of S$58.6m, Koh Brothers Eco is well-positioned to navigate future challenges and opportunities in the engineering sector.
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Trust Bank has announced a significant milestone, reaching one million customers and becoming the fourth largest retail bank in Singapore by customer numbers. To celebrate, the bank is launching a give-back programme, providing S$100,000 to support 1,000 families in need and enhance digital and financial literacy. Additionally, Trust Bank has introduced TrustInvest, an investment solution developed in partnership with abrdn, aimed at making investing more accessible and straightforward for Singaporeans.

The bank’s rapid growth is attributed to its innovative products and strong customer engagement, with over 70% of new customers joining through referrals. In 2024, Trust Bank’s revenue more than doubled to S$97 million, whilst costs rose only slightly above inflation. This financial progress was supported by the launch of various products, including a cashback credit card and the digital banking experience Trust+.

TrustInvest, the bank’s latest offering, aims to simplify investing by providing a seamless experience through the Trust App. Customers can start investing with as little as S$100 and choose from five curated funds designed to meet different investment goals and risk profiles. The platform charges no platform or sales fees, only a clear fund management fee, with incentives for customers who remain invested until the end of 2025.

Dwaipayan Sadhu, CEO of Trust Bank, expressed excitement about the partnership with abrdn, stating, “We’re excited to partner with abrdn on the launch of Trust’s first investment solution and improve our customers’ financial wellbeing.” The launch of TrustInvest marks a significant step in Trust Bank’s mission to make investing accessible to a broader audience, empowering even new investors to build towards their financial future.
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United Overseas Bank (UOB) Sydney Branch has successfully priced a A$2b three-year senior floating-rate bond on 21 February 2025, marking the largest Australian dollar issuance by a Singaporean issuer. The bond was priced at 0.65% above the three-month Bank Bill Swap Rate (BBSW), achieving the tightest spread for a jumbo-sized issuance above A$1b by any Asian bank.

Koh Chin Chin, Head of Group Treasury, Research and Customer Advocacy at UOB, highlighted the significance of the transaction, noting the growth in Australian dollar primary issuances. “We are particularly pleased to have been able to achieve the volume today whilst at the same time, with the support of both our domestic and international investors, a very balanced distribution,” she said.

The issuance comes amid a record start to the year for the Australian bond market, with A$69b issued so far in 2025, a 28% increase year-on-year. UOB capitalised on these favourable conditions, announcing the mandate and initial pricing guidance on 20 February, and opening the books with indications of interest totalling A$3.85b.

The final order book reached A$4.4b, representing a subscription ratio of 2.2 times. The issuance saw strong demand from both domestic and international investors, with 57% of the allocation going to Australian investors. The notes are expected to be issued on 28 February 2025, with joint lead managers including Australia and New Zealand Banking Group, Bank of China, Commonwealth Bank of Australia, UBS, UOB, and Westpac Banking Corporation.
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OPPO, a leading smart device brand, has announced the release of the OPPO Find N5, the world’s thinnest book-style foldable phone, available from 28 February 2025. Priced at S$2,499, the device will first launch in Singapore, Malaysia, and Hong Kong, with additional markets to follow.

The OPPO Find N5 stands out with its ultra-thin design, measuring just 8.93mm and weighing 229g. It features a 7,000-series aluminium alloy frame and ultra-durable nanocrystal glass, enhancing its structural integrity and drop resistance. The device is available in Cosmic Black and Misty White and is the first foldable phone with IPX9 water resistance.

Equipped with the largest inner display of any book-style foldable, the Find N5 offers an 8.12-inch screen when open and a 6.62-inch cover display when closed. It boasts a 1,120Hz refresh rate and over 2,000 nits peak brightness, providing an immersive viewing experience. The device also supports the OPPO Pen for creative tasks.

The Find N5 is powered by a 5,600mAh dual-cell battery, offering the best battery life of any foldable phone. It supports 80W SUPERVOOC and 50W AIRVOOC charging, allowing for rapid charging. The phone is the first foldable to feature the Qualcomm Snapdragon 8 Elite Mobile Platform, enhancing AI performance by 45%.

Running on Android 15 with ColourOS 15, the Find N5 offers features like Boundless View for multitasking and AI tools for photo editing. OPPO’s O Connect app enables seamless file sharing between MacOS computers and the Find N5, enhancing cross-device functionality.
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