Industry News

Thunes, a global payments network, has announced the appointment of Jane Jackson as its new Chief People Officer. Reporting directly to CEO Floris de Kort, Jackson will be responsible for shaping the company’s People strategy, enhancing organisational effectiveness, and driving talent development across Thunes’ 14 international offices.

With over 15 years of experience in leading People functions at companies such as Xplor Technologies, Worldpay, and Dyson, Jackson brings a wealth of expertise in strategic transformation, organisational design, and talent acquisition. Her role will also include spearheading Thunes’ diversity, equity, and inclusion initiatives, as well as engaging with over 450 employees from more than 60 nationalities.

CEO Floris de Kort highlighted the importance of a robust People strategy for Thunes, stating, “As a truly international business, Thunes depends on a robust People strategy to bring our global team together. We firmly believe our talent is the true long-term differentiator in our business. Jane’s expertise in cultivating high-performing workforces will be pivotal in strengthening our culture and propelling our growth.”

Jane Jackson expressed her enthusiasm for the new role, saying, “Thunes has a remarkable global footprint and clear momentum. I look forward to partnering with Floris and the leadership team to build a People infrastructure that empowers our Thunesters globally and supports our growth.”

Thunes, headquartered in Singapore, operates in over 130 countries, facilitating real-time payments through its Direct Global Network. This appointment is expected to bolster Thunes’ global expansion efforts and enhance its organisational culture.

Swimwerks Asia Pte Ltd, a leader in swimming education and water safety, has unveiled its Lifeguard Sponsorship Initiative, a programme designed to improve water safety standards across Singapore. This initiative will provide up to 10 individuals with professional lifeguard training, internationally recognised certifications, and immediate job placements, addressing the increasing demand for skilled lifeguards in aquatic environments.

Participants in the programme will receive comprehensive training from industry experts. Upon successful completion, they will earn globally recognised certifications and secure employment, contributing to a skilled workforce dedicated to ensuring safety in Singapore’s aquatic settings. Herron Ho, Founder of Swimwerks, stated, “This sponsorship programme represents our commitment to creating lasting value within the community by equipping individuals with the tools to build a meaningful career.”

Applications are currently open for those who meet the swimming proficiency requirements. Interested individuals are encouraged to visit Swimwerks’ website for detailed programme information and application guidelines.

Swimwerks, known for its personalised swimming instruction, aims to empower individuals with lifesaving skills whilst addressing the growing need for certified lifeguards. This initiative not only promotes water safety but also creates meaningful training opportunities for deserving individuals, reinforcing Swimwerks’ mission to make swimming lessons convenient, effective, and enjoyable for everyone.

The Royal Institution of Chartered Surveyors (RICS) has released its Global Commercial Property Monitor for the fourth quarter of 2024, highlighting a dip in demand for commercial properties in Singapore. Despite this, the market remains robust, with stable credit conditions and an increase in new development projects.

The survey, which gathers insights from RICS professionals in Singapore, recorded a net balance of -16 in the Commercial Property Sentiment Index, the lowest since the first quarter of 2024. While the availability of commercial properties remains healthy, with a +31 reading, demand has dropped to -14, down from +6 in the previous quarter. This imbalance could affect supply and demand dynamics in the future.

New commercial development projects showed improvement, with a net balance of +0, recovering from a -24 in the third quarter. Credit conditions remained stable at +33, unchanged from the previous quarter. However, investment enquiries saw a significant decline, with a reading of -27, marking the lowest since the second quarter of 2021.

Rent expectations over three and twelve-month periods recorded net balances of -6 and +22, respectively. The survey also revealed that 50% of respondents consider current market valuation levels as ‘fair value’, while 42% view them as ‘expensive’.

Data centres, aged care facilities, student housing, and hotels are projected to be the most promising in terms of capital value over the next year. Donglai Luo, Senior Economist at RICS, noted, “The Singapore commercial property market is anticipating a soft landing as monetary tightening concludes. However, demand may remain weak due to subdued cross-border investment.”

A survey conducted by MDRi has highlighted a significant optimism divide between Singapore and Hong Kong this Year of the Snake. The survey, which included 1,000 participants equally split between the two cities, found that 51% of Singaporeans are optimistic about 2025, while only 29% of Hong Kong residents share this sentiment. This difference reflects broader economic realities, with Singapore’s economy projected to grow by 2.8% in 2025, while Hong Kong’s growth is expected to slow to 2%.

The survey also revealed that 57% of Singaporeans feel confident in achieving their goals in 2025, compared to just 34% of Hong Kong residents. This confidence is mirrored in happiness levels, with 55% of Singaporeans feeling content in their daily lives, against 43% in Hong Kong. Financial stability, health, and family were identified as key contributors to happiness in both regions.

Financial concerns remain a common issue, particularly among younger demographics in Hong Kong, where Gen Z and Millennials face significant financial pressures. In contrast, Singaporeans prioritise family and health alongside financial stability.

Health has emerged as a critical focus for both cities, with the Year of the Snake symbolising healing and transformation. This shared emphasis on health presents opportunities for growth in the health sector, especially as both populations age.

Simon Tye, CEO of MDRi, noted, “The survey highlights the divergent trajectories of Hong Kong and Singapore, shedding light on the economic challenges and growth opportunities within the health sector for 2025.” As the new year unfolds, Singaporeans look forward to growth, while Hong Kong residents face a more uncertain future.

Frasers Centrepoint Asset Management Ltd., the manager of Frasers Centrepoint Trust (FCT), has released its business updates for the first quarter ending 31 December 2024. The report highlights a robust performance with a committed retail portfolio occupancy of 99.5%, alongside a 2.7% year-on-year increase in shopper traffic and a 2.5% rise in tenant sales.

The financial health of FCT remains solid, with an aggregate leverage of 39.3% as of 31 December 2024, up from 38.5% at the end of September. The all-in cost of debt has improved slightly to 4.0% from 4.1% in the previous quarter, with an average debt maturity of 3.03 years, ensuring no refinancing risks for the financial year 2025.

In addition, the asset enhancement initiative (AEI) at Hougang Mall is progressing well, with approximately 50% pre-commitment secured ahead of the commencement of works. The project targets a 7% return on investment on a capital expenditure of £51 million, with the main contract awarded within budget and the mall continuing operations.

FCT is also enhancing its community engagement through various initiatives, including festive events that have successfully increased footfall. The Christmas events alone attracted an additional 500,000 visitors compared to the previous year.

These developments underscore FCT’s strategic focus on active asset and property management, positioning it well for sustainable growth amidst a recovering retail market.

ANEXT Bank, a subsidiary of Ant International, has announced a significant change in its leadership. The current CEO, whose departure was confirmed by Ant International CEO Peng Yang, will be stepping down. The new CEO, Kai Qiu, has been designated to lead the bank, marking a new chapter for the financial institution.

The leadership transition comes amidst ANEXT Bank’s ongoing efforts to support micro, small, and medium enterprises (MSMEs) in Singapore. The bank, which launched in June, has been focused on providing innovative financial solutions to bolster the growth of these enterprises. The change in leadership is expected to continue driving this mission forward.

In a statement shared on LinkedIn, Peng Yang expressed both regret and appreciation for the outgoing CEO’s contributions, highlighting the achievements made under their leadership. Kai Qiu, the incoming CEO, also shared his thoughts on the transition, acknowledging the challenges ahead and expressing enthusiasm for the opportunities to further ANEXT Bank’s objectives.

This leadership change is significant as it aligns with ANEXT Bank’s strategic goals to enhance its services and expand its reach within the financial sector. The bank’s commitment to supporting MSMEs remains a priority, and the new leadership is anticipated to bring fresh perspectives and strategies to achieve these goals.

As ANEXT Bank moves forward under new leadership, the financial community will be watching closely to see how these changes impact the bank’s operations and its role in supporting Singapore’s business landscape.

T. Rowe Price, a global asset manager, has partnered with Tokio Marine Life Insurance Singapore to offer two global funds to Singapore retail investors via investment-linked insurance plans. This marks the first time T. Rowe Price’s expertise in global equity and fixed-income investments is available to this market segment.

The partnership introduces two funds: the T. Rowe Price Funds SICAV – Global Focused Growth Equity Fund and the T. Rowe Price Funds SICAV – Diversified Income Bond Fund. The equity fund aims to build a high-conviction global portfolio by identifying “best ideas” across global markets, with an intended annual dividend of 8%. Meanwhile, the bond fund offers a 7.18% annualised dividend yield, investing in a diverse range of bonds from over 80 countries and 40 currencies.

Goh Kay Yiong, Chief Investment Officer at Tokio Marine Life Insurance Singapore, stated, “Our partnership with T. Rowe Price to introduce these new funds reflects Tokio Marine’s commitment to providing customers with a diverse and thoughtfully selected range of investment strategies.”

Glen Lee, Head of Intermediary Distribution for Asia ex-Japan at T. Rowe Price, added, “We are pleased to partner with Tokio Marine to curate best-in-class global equity and fixed income investment solutions for Singapore investors.”

This collaboration underscores T. Rowe Price’s commitment to expanding its presence in Asia, where it currently offers 25 recognised funds in Singapore. The partnership aims to enhance client offerings through strategic collaborations, providing innovative investment solutions for long-term wealth generation.

LHN, a real estate management services group, has emerged as the top performer amongst the latest companies transitioning from the Catalist board to the Mainboard, boasting a 41% annualised total return over five years. This achievement highlights the company’s strategic growth, particularly in its space optimisation business, which contributed to a 29% revenue increase in fiscal year ending 30 September 2024.

The five most recent Catalist-to-Mainboard graduates, spanning various sectors, have collectively achieved a median annualised total return of 9.4% over the past five years. LHN’s impressive performance was followed by Grand Venture Technology, which recorded a 28% annualised return. In contrast, Rex International experienced a 4% decline in annualised returns, despite recent gains in trading turnover.

LHN’s transition to the Mainboard on 13 December 2024, was marked by a 24% increase in net profit to S$47.3m, driven by its space optimisation efforts. The company also engaged in capital recycling initiatives, including the sale of a car park at Bukit Timah Shopping Centre and a joint venture investment in Wilmer Place.

The transition of these companies underscores the diverse opportunities within Singapore’s stock market. LHN’s success story, in particular, reflects the potential for growth and profitability in the real estate sector. As these companies continue to evolve, their performance on the Mainboard will be closely watched by investors and market analysts alike.

SGX-listed CapitaLand India Trust’s (CLINT) net property income (NPI) saw a significant rise in fiscal year 2024 (FY 2024), growing by 16% year-on-year (YoY) in Indian Rupee terms and 14% in Singapore Dollar terms.

The trust also recorded a 6% YoY increase in its distribution per unit (DPU) for FY 2024, reaching 6.84 Singapore cents.

The trust’s growth in NPI was attributed to income from recent acquisitions and higher rental income from existing assets. CLINT’s Chief Executive Officer, Gauri Shankar Nagabhushanam, highlighted the trust’s strategic acquisitions and proactive customer engagement, which improved portfolio occupancy to 95%. The net asset value per unit increased by 19% YoY

Key developments include the pre-leasing of MTB 6 at International Tech Park Bangalore to a major semiconductor tenant and progress in data centre assets, with revenue from a global hyperscaler expected by Q2 2025. CLINT is also planning to divest a partial stake in its data centre portfolio to enhance unitholder value.

Financially, CLINT’s total property income for FY 2024 rose by 21% YoY to INR17.4b, driven by contributions from newly acquired properties in Pune, Navi Mumbai, and Hyderabad. The trust’s assets under management grew by 20% YoY to S$3.7b, with a gearing ratio of 38.5% as of 31 December 2024.

Looking ahead, CLINT is focused on diversifying its portfolio and expanding its presence in India’s fast-growing IT and logistics sectors, with ongoing developments in data centres and industrial facilities. The trust remains optimistic about its growth prospects and aims to continue delivering enhanced returns to its unitholders.

In a startling revelation, language learning platform Preply has identified “123456” as the most commonly hacked password in Singapore, appearing in over 42.5 million data breaches. This finding underscores a significant lapse in basic cybersecurity practices among users, leaving countless individuals vulnerable to cyberattacks.

Preply’s analysis, conducted ahead of International Data Protection Day on 28 January, examined the most frequently used passwords in Singapore. The study found that 99% of the most commonly hacked passwords are under 12 characters, with “password” appearing in 10.4 million breaches. These simple, easily guessable passwords are prime targets for cybercriminals.

The research highlights the need for stronger, more secure passwords. Preply suggests using characters from different languages to enhance password complexity and uniqueness. However, users must ensure compatibility, as not all systems support every character type.

Globally, similar patterns emerge, with “123456”, “123456789”, and “qwerty” topping the list of most hacked passwords, appearing in over 71 million breaches. The use of country names as passwords also poses risks, with “Canada” leading the list of country-related passwords compromised in 185,000 breaches. “Singapore” ranks fourteenth, appearing in 45,757 breaches.

Preply’s findings serve as a crucial reminder of the importance of robust password security in safeguarding personal and sensitive information online. As digital connectivity continues to grow, adopting stronger password practices is essential to mitigate the risks of cyber threats.