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Teo Chee Hean, former Deputy Prime Minister of Singapore, will resign from the GIC board and its International Advisory Board chairmanship effective June 30, after 14 years of service. He is set to become chairman of Temasek, succeeding Lim Boon Heng on October 9, with his deputy chairman role starting July 1. Senior Minister Lee Hsien Loong expressed appreciation for Teo's contributions during his tenure, particularly in navigating complex geopolitical challenges.
Coins.ph's Philippine Peso-backed stablecoin, PHPC, has successfully exited the BSP Regulatory Sandbox as of June 10, 2025, allowing for expanded operations in remittances and cross-border transactions. The stablecoin, fully backed by cash reserves, aims to reduce remittance costs and enhance financial inclusion in the Philippines, a major recipient of overseas remittances. This development aligns with regional trends in digital currency regulation, reflecting the Philippines' strategic focus on leveraging blockchain technology for economic needs.
The migration of Credit Suisse client data to UBS is underway, with specialists from Singapore assisting in Zurich due to the project's complexity. The first wave has begun, focusing on retail clients, while more intricate cases will be handled individually. UBS aims to complete the transfer by year-end.
Bengaluru-based fintech unicorn Cred has secured ₹617 crore (US$72 million) in a funding round led by Singapore’s GIC, which invested ₹354.4 crore (US$41 million). Despite a valuation drop from US$6.4 billion in 2022 to about US$3.5 billion, Cred reported a 66% revenue growth to ₹2,473 crore in FY24, reflecting a broader fintech recalibration. The company has expanded its offerings beyond credit card payments to include lending, e-commerce, and wealth management, targeting affluent consumers in India.
The Philippine Blockchain Industry Report 2025 reveals a shift from cryptocurrency and gaming to broader applications like remittances, decentralized finance, and data security. While 74% of Filipinos trust blockchain security, only 28% are familiar with Web3, highlighting a significant educational gap. The report emphasizes the need for regulatory expansion, public-private partnerships, and improved blockchain literacy to support the country's digital transformation goals.
SG fintech firm Sleek has secured $23 million in a Series B funding round led by Ellerston Capital, with participation from Money Forward. Founded in 2017, Sleek offers digital corporate services including company incorporation and accounting, serving over 16,000 SMEs across Singapore, Hong Kong, the UK, and Australia. The new funding will enhance its automation technology and expand services, focusing on growth in Australia and the UK while supporting its core markets.
CRED has successfully raised $72 million in a down round, with participation from GIC and other investors. This funding highlights the ongoing challenges in the startup ecosystem, as companies navigate valuation adjustments amid changing market conditions.
Singapore's digital banks are now focused on retaining customers through improved products and services, as competitive interest rates decline. A recent analysis highlights their financial performance in 2024, showing progress towards profitability amid a crowded market. Meanwhile, TikTok's merger with Tokopedia faces challenges, impacting sellers on the platform.
SCI has appointed a new CEO, a co-founder of Lazada, and has also acquired his AI startup. This strategic move aims to enhance SCI's capabilities in the rapidly evolving tech landscape.
Next-gen high-net-worth individuals are increasingly favoring the Middle East for investments, driven by geopolitical security and economic stability. Saudi Arabia, through its Vision 2030 program and new residency initiatives, is positioning itself as a regional wealth hub, attracting over 20,000 millionaires to Riyadh and 10,400 to Jeddah. Meanwhile, the UAE is also benefiting from this trend, as the region seeks to enhance market connectivity and wealth management services amidst a backdrop of modest growth in HNWI wealth.
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teo chee hean resigns from gic board to lead temasek holdings
18:01 10.06.2025
Philippines stablecoin PHPC exits trial phase to enhance remittances and transactions
09:18 10.06.2025
UBS Begins Major Migration of Credit Suisse Client Data to New Systems
07:53 10.06.2025
cred secures 72 million funding led by gic amid valuation drop
07:51 10.06.2025
philippine blockchain industry shifts focus from crypto to broader applications
06:00 10.06.2025
Sleek secures 23 million dollars in series B funding for expansion
03:00 10.06.2025
cred secures 72 million in down round funding from gic and others
22:08 09.06.2025
Singapore's digital banks race for profitability amid competitive landscape
11:30 09.06.2025
sci appoints lazada co-founder as ceo and acquires ai startup
07:09 09.06.2025
next-gen high-net-worth individuals favor middle east for investment opportunities
13:39 08.06.2025
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