Industry News

StraitsX has announced a strategic partnership with the Solana Foundation to launch its Singapore Dollar-backed stablecoin, XSGD, and US Dollar-backed stablecoin, XUSD, on the Solana blockchain. Set for early 2026, this initiative will make Solana the first layer-one blockchain to support both stablecoins, facilitating on-chain foreign exchange (FX), consolidated liquidity, and real-time cross-border settlements.

The collaboration aims to expand StraitsX’s multi-chain settlement network, which has already processed over $18 billion (US$18 billion) across various blockchains, into Solana’s high-speed, low-cost environment. This integration is expected to support cross-border settlements, merchant transactions, and programmable finance, meeting the growing global demand for stablecoin infrastructure.

Key highlights include Solana becoming the first layer-one chain to host both XSGD and XUSD, enabling seamless on-chain FX and liquidity. The platform will offer a high-throughput, low-cost payments infrastructure, allowing for instant global transfers and low-cost merchant payments. Additionally, the partnership will foster institutional-grade liquidity and market access, with support from major centralised and decentralised exchanges to build liquidity pools and financing markets.

Tianwei Liu, CEO and Co-Founder of StraitsX, stated, “Launching XSGD and XUSD together on Solana will be game-changing. It unites CEX support, AMM liquidity, lending pools, and everyday payments on a single high-performance chain.”

The integration of XSGD and XUSD on Solana is poised to strengthen the blockchain’s role as a global payments chain, unlocking new opportunities for builders, institutions, and users. This development marks a significant step towards a unified global payments ecosystem, bridging the gap between traditional finance and the digital economy.

Singapore’s residential market saw a significant decline in developer sales in November 2025, with only 325 units sold, marking an 86.6% decrease from September and an 87.3% drop from November 2024. The Sen, located off Jalan Jurong Kechil, was the sole launch of the month and the final new launch of the year, according to Leonard Tay, Head of Research at Knight Frank Singapore.

Despite the challenging economic landscape in 2025, characterised by global uncertainties and climate issues, Singapore’s housing market remained resilient, buoyed by declining interest rates since September 2024. This trend encouraged homebuyers, even as unemployment remained stable amidst redundancies in some multinational firms.

Looking ahead to 2026, Knight Frank anticipates a decrease in developer sales, projecting figures between 8,000 and 10,000 units. This forecast reflects the impact of stringent cooling measures and a lack of new development sites from collective sales and government land sales. “The almost 11,000 new sales in 2025 would also have taken quite a substantial chunk of buyers out of the market,” Tay noted.

Whilst the anticipated sales for 2026 are lower than 2025’s figures, the market is expected to remain supported by easing interest rates, low unemployment, and wealth transfers from older generations. The private home market continues to be underpinned by stable household earnings and savings, facilitating new household formations.

Commonwealth Kokubu Logistics (CKL), a prominent cold-chain logistics provider in Singapore, has announced a strategic partnership with Mitsui O.S.K. Lines (MOL) and Kokubu Group Corp. The collaboration, formalised at a signing ceremony on 9 December 2025 in Tokyo, seeks to bolster high-performance cold-chain infrastructure in Singapore and key Asian markets. Commonwealth Capital remains the largest shareholder in CKL.

CKL is set to expand its capabilities into Southeast Asia, leveraging recent investments in digitalisation and energy-efficient systems to enhance food distribution reliability and safety. The centrepiece of this growth is a new logistics facility at 8 Jalan Besut, Jurong, Singapore. Spanning over 500,000 square feet and standing more than 100 metres tall, it is one of the tallest automated cold-chain facilities globally, featuring a high-bay automatic storage system and multi-temperature operations for up to 90,000 pallet positions.

The partnership combines Commonwealth Capital’s expertise in the food ecosystem, Kokubu Group’s extensive distribution networks, and MOL’s global shipping reach. This synergy aims to advance cold-chain reliability and transformation across Southeast Asia. Andrew Kwan, Founder and Group Managing Director of Commonwealth Capital, stated, “MOL’s entry and Kokubu’s enhanced investments into CKL come ahead of our intention to accelerate regional growth ambitions.”

Jotaro Tamura of MOL expressed confidence in contributing to the partnership’s strengths, whilst Akira Kokubu of Kokubu Group highlighted the potential for regional expansion. This collaboration marks a significant step in addressing the growing demand for modern cold-chain infrastructure in the region.

In a significant move to enhance financial collaboration, the Monetary Authority of Singapore (MAS) has unveiled a series of initiatives with China, announced at the 21st Joint Council for Bilateral Cooperation meeting in Chongqing. These initiatives aim to bolster the offshore Renminbi (RMB) market in Singapore and expand capital market opportunities for Chinese companies.

Among the key measures, DBS Bank has been appointed as Singapore’s second RMB clearing bank, joining the Industrial and Commercial Bank of China, which was designated in 2013. This appointment is expected to facilitate the use of RMB for trade and investment, aligning with regional economic needs.

Additionally, MAS and the China Securities Regulatory Commission have expressed support for secondary listings of A-share companies on the Singapore Exchange (SGX). This move will provide Chinese corporates with access to international capital, aiding their regional business expansion. The secondary listing framework will be extended to companies listed on the Shenzhen and Shanghai Stock Exchanges.

The initiatives also include the commencement of an over-the-counter bond market arrangement through Bank of China and DBS Bank, enhancing Singapore’s role as a fixed income hub. Furthermore, an e-CNY pilot will allow Singapore travellers to use e-CNY wallets for payments in China, starting from the end of 2025.

MAS Managing Director Chia Der Jiun remarked, “Over the years, the deepening financial connectivity between Singapore and China has supported the growth of cross-border trade and investment linkages between our economies.”

These developments mark a continued effort to strengthen financial ties between Singapore and China, with future implications for cross-border financing, FinTech innovation, and green finance cooperation.

CSE Global Limited, a global systems integrator, has announced the acquisition of three significant contracts valued at US$124.6m (approximately S$161.7m) in the United States. These contracts involve the design and manufacturing of power distribution centres and the integration of complex electrical and control systems for the Liquefied Natural Gas (LNG) market, with execution planned between 2026 and 2028.

The contracts are set to bolster CSE Global’s growth in the electrification business segment, particularly in the US LNG market, which is experiencing rising demand. Lim Boon Kheng, Group Managing Director and CEO of CSE Global, stated, “Securing these new contracts is a reflection of CSE Global’s integration capabilities that are applicable across diverse sectors, and the confidence customers have in our execution track record.”

Whilst these contracts are expected to positively impact CSE Global’s financial performance from 2026 to 2028, they will not materially affect the company’s net tangible assets or earnings per share for the current financial year. None of the company’s directors or substantial shareholders have any direct or indirect interest in these contracts.

CSE Global, listed on the Singapore Exchange since 1999, operates in 15 countries with over 2,000 employees. The company is known for its expertise in electrification, communications, and automation solutions, serving a diverse range of industries globally.

Food Innovators Holdings Limited (FIH) has unveiled Rodeo Table, a pioneering Japanese-inspired Tex-Mex restaurant in Singapore. Located at City Hall, the restaurant aims to attract a diverse clientele, including office professionals, tourists, and local residents, by offering a fusion of Mexican and American flavours with oriental influences.

The restaurant, developed in collaboration with K2 Operations Singapore Pte. Ltd., features a menu that blends Japanese flavours with traditional Tex-Mex elements. Signature dishes include original taco creations and live cooking performances of sizzling fajitas, providing an interactive dining experience. The strategic partnership allows FIH to hold full equity in the restaurant, whilst K2 Operations manages its operations under a profit-sharing arrangement.

Rodeo Table occupies a 1,000-square-foot space with a seating capacity of 46 guests. Its location near historical landmarks like the Raffles Hotel is expected to benefit from high foot traffic, supported by Singapore’s robust tourism sector. The opening aligns with FIH’s strategy to expand its innovative food concepts across key markets, having already launched seven new restaurants in 2025.

Chief Executive Officer Kubota Yasuaki stated, “Rodeo Table serves as a testament to our commitment to developing concepts that are distinctive. By pairing Tex-Mex traditions with Japanese culinary influences, we are tapping into new dining segments that offer a unique dining experience to capture a broader customer base.”

FIH plans to explore overseas expansion opportunities once the concept gains traction locally, further enhancing its portfolio of multicultural dining experiences.

DBS has become the first Singapore bank to be appointed as a Renminbi (RMB) clearing bank by the Chinese central bank, marking a significant enhancement in its RMB capabilities. The bank also received approval to operate in China’s onshore over-the-counter (OTC) bond market, announced during the Joint Council for Bilateral Cooperation meeting in Chongqing on 15 December.

These developments allow DBS to offer more comprehensive RMB solutions, catering to clients seeking to diversify currency risk. With direct access to China’s onshore RMB liquidity, DBS can provide efficient RMB settlement services and facilitate cross-border financial activities. This move is expected to boost investment connectivity and financial innovation across the region.

DBS’s new status enables it to offer a wider range of RMB-denominated instruments and seamless solutions across both onshore and offshore markets. Leveraging Singapore’s position as a global foreign exchange centre, the bank aims to enhance liquidity access and settlement options for its clients.

The bank’s existing capabilities in facilitating cross-border RMB investment are further strengthened. DBS China has been a direct participant in the Cross-Border Interbank Payment System since 2015, and DBS Singapore joined as an overseas direct participant in September 2025.

Lim Soon Chong, Group Head of Global Transaction Services at DBS, expressed honour at the appointment, stating it would enhance liquidity and settlement capabilities for clients. Andrew Ng, Group Head of Global Financial Markets, highlighted the strengthened ability to support clients in China’s financial markets, facilitating regional economic activities and increasing market access.

These advancements position DBS to better serve its clients and contribute to the integration of China’s capital markets with the global financial system.

Singaporeans are gearing up for international travel in the first quarter of 2026, with China, Japan, and Malaysia emerging as the top destinations, according to Trip.com. The travel service provider’s data reveals that these countries are popular due to major festive celebrations like Lunar New Year and Hari Raya Puasa, alongside favourable exchange rates. Theme parks such as Shanghai Disney Resort, Universal Studios Japan, and Tokyo DisneySEA are the most booked attractions.

Trip.com General Manager, Edmund Ong, noted, “The first quarter of 2026 brings major festive celebrations such as Lunar New Year and Hari Raya. Boosted by the multiple family-centric holidays and favourable exchange rates, China, Japan and Malaysia have emerged as the top destinations for Singaporean travellers, with theme parks standing out as the most popular attractions.”

Mid-haul flights, covering distances between 2,000 km and 5,000 km, account for 50% of all bookings, highlighting a preference for destinations like Tokyo, Taipei, and Seoul. Short-haul flights make up 32%, whilst long-haul flights constitute 18%.

Bangkok, Tokyo, and Kuala Lumpur are the top city choices for Singaporean travellers. The trend underscores a blend of cultural and leisure interests, with theme parks continuing to captivate visitors. Trip.com offers over 300,000 bookable activities worldwide, enhancing its position as a leading travel platform.

Singapore Airlines (SIA) Group has announced a 2.6% increase in passenger traffic for November 2025 compared to the previous year, surpassing the 2.2% rise in passenger capacity. The passenger load factor (PLF) for the group reached 87.3%, a 0.3 percentage point improvement from the same period last year. SIA and its low-cost subsidiary, Scoot, achieved monthly PLFs of 86.4% and 90.7%, respectively, carrying a combined total of 3.5 million passengers, marking a 6.0% increase year-on-year.

The group’s cargo operations also saw significant growth, with a 12.4% rise in cargo carriage, driven by the year-end peak demand and increased freighter aircraft contributions. Cargo loads expanded by 8.1%, outpacing the 1.6% increase in cargo capacity, resulting in a cargo load factor of 60.2%, up 3.6 percentage points from the previous year.

In November, Scoot launched new passenger services to Nha Trang, Vietnam, whilst SIA resumed its seasonal services to Sapporo (Chitose), Japan. By the end of the month, the group’s passenger network spanned 131 destinations across 37 countries and territories, with SIA serving 79 destinations and Scoot covering 76. The cargo network included 135 destinations in 38 countries and territories.

These developments highlight SIA Group’s continued recovery and expansion in both passenger and cargo sectors, positioning the airline for further growth as it adapts to changing market demands.

Singapore has emerged as the most attractive market for new business creation in Asia, according to the Asia Startup Index Study released by Intuit QuickBooks. The study assessed 24 countries across 17 indicators, highlighting Singapore’s superior digital infrastructure, talent pool, and efficient business environment as key factors in its top ranking.

The Republic secured the highest scores in both infrastructure and talent categories, boasting world-class broadband speeds and a highly educated workforce. It also placed second in business landscape strength, indicating a stable and supportive environment for both local and international entrepreneurs. The study’s top 10 rankings include China, Hong Kong, and Taiwan, with Singapore leading the pack.

Key metrics evaluated in the study included internet speed, foreign direct investment, and private credit depth, alongside labour market indicators such as unemployment and wages. Cost factors like rent, living expenses, and corporate tax rates were also considered.

Industry expert Lily Tan, Managing Director of TnB Global Outsource Pte Ltd, commented on the findings, stating, “If you don’t change now, the world will change you. As we look ahead to Singapore’s 2025 economic outlook, entrepreneurs should view this as a pivotal time to adapt, embrace technology and uncover new opportunities.”

The study underscores Singapore’s continued appeal as a startup hub, driven by its robust infrastructure and talent advantages, even as other regional markets strive to enhance their competitiveness.