City Singapore Financial News

Singapore-based payments company Triple-A has announced plans to integrate PayPal’s stablecoin into its  list of  supported tokens for customer payments.

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global maritime industry is set for tougher and more challenging times after Iran ramped up West Asia tensions by launching an unprecedented drone and missile attack on Israel, causing supply chain disruption and increasing the probability of choking shipping routes, experts here have said. Iran's attack on Israel marks a distinct escalation in hostilities by bringing the two nations into direct conflict. Iran and its proxies launched 330 missiles and drones on Israel late on Saturday night in retaliation to an alleged attack by Israel on a diplomatic mission of the Islamic Republic in Damascus on April 1 in which several people, including two top commanders, were killed. There is a concern about the probability of a Persian Gulf shutdown, though many maintain hope of defusing fierce tension in the region, a delegate at the opening of Singapore Maritime Week on Monday, told PTI.

DevX is looking to double its portfolio to over 2 million sq ft over the next two years with focus on tier-2 and -3 cities, as adaption of distributed workforce option by larger enterprises leads to a rise in demand, said a top company executive. The company currently has operational centres in key cities like Mumbai, Pune, Hyderabad, Noida, Raipur, Jaipur and Ahmedabad. Last week, it set up a new co-working centre spread over 25,000 sq ft with 300 seats in Udaipur. DevX is also working on plans for its foray into the international market, starting with Dubai and Singapore.

Dymon Asia Capital, the Singapore-based hedge fund, was opening a new office in Mumbai last time we checked. It’s been a while, however. Dymon already has offices in Hong Kong, Shanghai, Tokyo, Malaysia, and has its eyes on Dubai, with Mumbai now up and running.

Artificial Intelligence (AI) in modern processes, including court proceedings, raises complex ethical, legal and practical considerations that demand a thorough examination, Chief Justice of India D Y Chandrachud said on Saturday. The CJI said AI represents the «next frontier of innovation» and its use in court adjudication presents both opportunities and challenges that warrant nuanced deliberation. Justice Chandrachud said while AI presents unprecedented opportunities, it also raises complex challenges, particularly concerning ethics, accountability and bias and addressing these challenges requires a concerted effort from stakeholders worldwide, transcending geographical and institutional boundaries. He was speaking at a two-day conference on technology and dialogue between the Supreme Courts of India and Singapore.

One 97 Communications, the parent company of Paytm, shows that the holding of domestic investors has increased in the fourth quarter of FY24 driven by mutual funds along with new FPIs buying the stock. Mutual Funds have increased their stake in Paytm by 1.17% from 4.99% in the quarter ended December 2023 to 6.15% in the March 2024 quarter, led by investment from Mirae Mutual Fund and Nippon India Mutual Fund.

Flipkart Internet in two tranches on March 23 and April 6, according to filings sourced from the Registrar of Companies (RoC). This is an internal cash transfer and not fresh funding at a parent level. However, this is the second major fund infusion received by Flipkart Internet from its Singapore-based related entities in 2024. On March 4, ET had reported that the company received $111 million.

metals prices extended their gains on Tuesday with expectations of a worldwide manufacturing rebound, while Asian shares crept up a little more cautiously ahead of this week's U.S. inflation data and a crucial European Central Bank meeting. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%. Japan's Nikkei rose 0.6%.

HUDCO) is looking to tap East Asian countries such as Singapore and Taiwan to raise funds this fiscal year after a similar successful exercise in Japan, chairman and managing director Sanjay Kulshrestha told ET. «Japan was the maiden attempt to raise funds via external commercial borrowing, and we have been received very well. There is a good arbitrage; we are getting funds at 6.5%-80-100 bps lesser than the domestic funds,» said Kulshreshta, noting that the company's fundraising may surpass its original aim. HUDCO was planning to raise $100 million from Japan but is confident of landing nearly double that amount. Kulshreshta, who took charge of HUDCO last year, said the company may even tap the US market after the Fed initiates rate cuts.

Mint. Fourth Partner Energy, which counts TPG Capital’s RISE Fund and Norway’s Norfund as investors, has a current installed green energy capacity of 1.35 gigawatt (GW), with operations in Vietnam, Bangladesh, Sri Lanka and Indonesia; and plans to reach an installed capacity of 3.5GW by 2025. It was founded in 2010 as a solar component and engineering, procurement and construction (EPC) firm.

Singapore regulators have granted a Major Payment Institution (MPI) license to crypto market maker GSR Markets, establishing the company as among the initial recipients of such authorization within its sector.

At least half of adults in a range of major economies report being stressed about their personal finances, and say inflation is one of the main reasons.

Singapore Telecommunications (Singtel), Southeast Asia's largest telecom operator, on Wednesday reiterated that there was no «impending deal» to divest its Australian telecom unit Optus. Singtel, majority-owned by Singapore sovereign investor Temasek, in March denied an AFR report that it was offloading Optus to Canada's Brookfield for up to $12 billion.

Singapore has taken steps to expand its crypto regulations by including the custody of tokens and firms involved in fund transfers. 

The owner and manager of a cargo ship that rammed into Baltimore’s Francis Scott Key Bridge before it collapsed are seeking to limit their legal liability for the deadly disaster

collapsed last week filed a court petition Monday seeking to limit their legal liability for the deadly disaster. The companies' “limitation of liability" petition is a routine but important procedure for cases litigated under U.S. maritime law.

James Cook University has earmarked Singapore dollars 10,000 worth of scholarships for students from India, encouraging them to pursue higher education at its campus. The initiative aims to provide opportunities for South Asian students with a high-quality education in Singapore amid many challenges in international student policies across various mainstream countries, a press release from the university said on Saturday. James Cook University offers courses, including Bachelor's and Master's. It also offers students to take up higher degrees through research programmes on various streams. «Studying abroad is a dream for many students in India, but choosing the right institution can be a challenging task in this competitive world. The exposure will be quite rewarding in terms of developing self-confidence, reinventing oneself, and opening yourself to new experiences,» said Dean International and Chief Sustainability Officer of the University, May Tan-Mullins in the statement.

Singaporeans are increasingly viewing  Bitcoin  in a favorable light, thanks to the recent approval of spot Bitcoin exchange-traded funds (ETFs) in the United States.

Aurobindo Pharma on Thursday said the deadline for negotiations between its arm CuraTeQ Biologics and Merck Sharp & Dohme Singapore for contract manufacturing operations for biologicals has been extended till May next year. Last year in October, CuraTeQ Biologics Pvt Ltd and Merck Sharp & Dohme Singapore Trading Pte Ltd and its affiliates (MSD) had signed a letter of intent (LoI) for contract manufacturing operations (CMO) for biologicals, whereby the parties intended to conclude the negotiations by March 31, 2024. «In this regard, we further inform you that said negotiations are yet to be concluded and the parties to the LoI have agreed to extend the timelines with the intention to conclude the said negotiations by May 31, 2024,» Aurobindo Pharma said in a regulatory filing. As per the LOI, CuraTeQ proposed to serve the US-based biopharmaceutical company through its contract manufacturing subsidiary, TheraNym Biologics Pvt Ltd.

Alberta Investment Management Corp., one of the largest Canadian institutional investors, is increasing its Asia exposure by tapping into investments including infrastructure.