MilikiRumah Breaks Barriers With World’s First AI-Powered Credit Intelligence SaaS in PropTech

• MilikiRumah’s AI-powered SaaS stack is currently made up of two components for its B2B2C end-users:
• VERO: Instant credit history verification
• TASYA: AI-powered smart customer profiling tool
• MilikiRumah has recorded exceptional usage traction – delivering financial and operational milestones across Indonesia.

MilikiRumah (“MilikiRumah”, “the Company”), operator of the world’s maiden artificial intelligence (“AI”)-powered software as a service (“SaaS”) credit intelligence and mortgage readiness tool and the first rent-to-own program, today announced the Company has delivered a raft of landmark performance milestones for its revolutionary SaaS solution specifically tailored for business-to-business-to-consumer (“B2B2C”) end-users.

In setting groundbreaking benchmarks in the PropTech space, Winston Lee (“Winston”), co-founder and chief executive officer of MilikiRumah states: “MilikiRumah cements its position as the world’s leading social inclusivity for good PropTech company; backed by our revolutionary technology capability – the likes of which have never been seen before.”

Adds Winston: “With real estate developers (“real estate developers”, “developers”) and their cohort of would-be homebuyers, as our valued B2B2C end-users, recording exponential growth in token usage of our proprietary SaaS solution, MilikiRumah is already demonstrating rapid scalability and clear categorical leadership in the PropTech sector; underpinned by the Company’s proven set of financial and operational results.”

FINANCIAL AND OPERATIONAL MILESTONES

• Real estate developer onboarding: 151 projects across 73 developers
• Sales orders: 48% average month-on-month growth; peak 159% in a single month
• Usage: 117% average monthly growth; peak 362% in a single month
• B2B2C end-user retention: 98% since October 2025
• Big data: 37,509 home-seeker data points collected, doubling from Feb 2026

SOLVING A MULTI-BILLION DOLLAR INEFFICIENCY

Indonesia's property sector faces a structural conversion problem: 50 to 70 per cent of leads fail bank eligibility checks, while manual credit history checking processes take up to 14 days!

Consequently, this legacy system results in significant wasted advertising expenditure, inefficient sales cycles, and foregone real estate developer revenue measured in the billions of rupiah each month. MilikiRumah's integrated B2B2C SaaS solution directly addresses this inefficiency by converting uncertain leads into verified, ready-to-buy homeowners – faster, more accurately, and at scale. MilikiRumah's B2B2C SaaS tool is currently available in Indonesia; with a planned expansion pipeline across the broader East Asia region.

“By combining AI-driven credit intelligence with real-time data integration, we are enabling faster, more accurate decisions, unlocking new opportunities for businesses and aspiring homeowners alike – and establishing a strong commercial baseline from a standing start,” according to Prasma Anindita (“Pras”), MilikiRumah’s director of technology.

"Simultaneously, we have rapidly scaled our proprietary data advantage, doubling our dataset of verified home seeker profiles sourced directly from banks and developers. This continuously strengthens MilikiRumah's AI engine and big data repository, reinforcing our barriers to entry and reflecting a rare product competency and mission-critical adoption among our end-users. Developer satisfaction and deep product adoption remain at their highest levels – and we are only just getting started," comments Pras.

UNLOCKING A MASSIVE UNDERSERVED MARKET

• DBS Bank: 96–97.7 million adults unbanked (~48% of adult population)
• Yusof Ishak Institute: 80% of Indonesia’s 275 million population unbanked/underbanked
• Housing backlog: 15 million units as of April 2025

Beyond B2B2C SaaS monetization, MilikiRumah is uniquely positioned to capture value from Indonesia’s large underbanked population and housing backlog; and the metrics are staggering:

According to Singapore multinational banking and financial services corporation DBS Bank Limited: “Indonesia has one of the world's largest unbanked populations, estimated at roughly 96–97.7 million adults, representing about 48 per cent of the adult population. While financial inclusion is rising, many in rural areas remain underserved, fuelling a rapid shift toward fintech and digital banking to reach these individuals,” – source: https://www.dbs.com/newsroom/Indonesia_Has_the_Fourth_Largest_Unbanked_Population_in_the_World_Heres_How_Bank_DBS_Indonesia_Promotes_Financial_Inclusion

In a far more seismic data point reported by Yusof Ishak Institute, and formerly Institute of Southeast Asian Studies which was established as an autonomous organisation by an Act of Parliament in 1968: “About 80 per cent of Indonesia’s 275 million population are unbanked and underbanked.” – source: https://www.iseas.edu.sg/iseas-perspective/2023-78-the-digital-transformation-of-indonesias-banking-sector-current-trends-and-future-prospects-by-manggi-habir-and-siwage-dharma-negara/ via a presentation by Tigor Siahaan, President Director of Superbank.

See: https://www.iseas.edu.sg/mecevents/digital-trends-altering-indonesias-banking-landscape/

Indonesia’s housing backlog has risen and as reported by Indonesia’s foremost leading English language national daily: “Indonesia's housing backlog has risen to approximately 15 million units as of April 2025, driven by population growth and low ownership rates, particularly affecting low-income workers.” – source: https://www.thejakartapost.com/business/2025/04/23/indonesias-housing-backlog-rises-to-15-million-this-year-deputy-minister.html

A SCALABLE SAAS INFRASTRUCTURE

• AI-generated credit intelligence
• Real-time data integration
• Conversion optimisation
• Continuous feedback loops

MilikiRumah's highly scalable SaaS model is architected around four core capabilities: proprietary AI-generated credit intelligence and mortgage readiness infrastructure, real-time data integration sourced directly from real estate developers and banks, conversion optimisation, and continuous feedback loops that progressively strengthen the platform's predictive accuracy over time.

This infrastructure enables real estate developers and banks to identify mortgage-ready buyers at the point of enquiry – eliminating wasted sales effort on unqualified leads, reducing mortgage rejection rates and unit hold-ups through early eligibility assessment, and accelerating the booking-to-closing cycle with data-driven property and payment scheme recommendations. Developer partners have reported booking uplifts of approximately 50 per cent as a direct result of platform adoption attributed to the exponential spike in homebuyer confidence after being assessed by MilikiRumah’s B2B2C SaaS tool.

360° HOMEBUYER PROFILE

At the core of MilikiRumah's platform is a unified customer intelligence layer that combines transaction data, credit history, behavioural signals, and predictive modelling into a single, actionable 360° homebuyer profile. This integration enables developers to assess each prospective buyer's needs, risk profile, and instalment capacity with a depth and accuracy previously unavailable in all of Indonesia and across the globe.

Powered by AI and machine learning, the platform generates precise estimates of eligibility for mortgage loans of consumers of real estate developers, instalment obligations, repayment capacity, and income range – translating raw data into smart, reliable recommendations for the most suitable residential units, payment schemes and homeownership pathways for each individual buyer. The result is faster sales closing for the developer, higher contract success rates, and materially improved customer experience throughout the sales process.

MILIKIRUMAH’S AI-POWERED B2B2C SAAS STACK

• VERO – INSTANT CREDIT HISTORY VERIFICATION:
• VERO is MilikiRumah's proprietary credit history checking and verification engine, delivering a complete Bank Indonesia ("BI") eligibility assessment in as little as five seconds!
• For developers, the commercial impact is direct and measurable: VERO enables the identification and selection of mortgage-ready buyers from the very first point of contact, materially reducing mortgage rejection rates, minimising stalled unit inventory, and accelerating both the sales process and booking decisions. 
• By filtering out ineligible prospects early, sales teams are freed to focus their time and resources exclusively on qualified buyers – reducing customer acquisition costs and improving overall conversion rates.
• VERO's core capabilities include real-time BI and bank data integration, precise credit risk identification, and faster, more certain closing outcomes – compressing what was previously a multi-day administrative process in a matter of seconds.
• TASYA: AI-powered SMART CUSTOMER PROFILING 
• TASYA is MilikiRumah's proprietary AI sales advisor and predictive profiling engine. 
• MilikiRumah's platform delivers quantifiable improvements across the credit assessment and sales conversion lifecycle. DBR analysis – previously requiring 14 days via traditional channels – is now performed instantly, reducing processing time of more than 90 per cent. 
• Through the instant calculation of a prospective buyer's DBR via direct application programming interface integrating, TASYA delivers comprehensive consumer profiles in real time – drawing on consumer personal statements, income prediction modelling, and data integration across multiple sources to determine instalment capacity with precision.
• For Indonesia’s residential real estate developers and MilikiRumah’s B2B2C end-users, TASYA translates this intelligence into direct commercial outcomes. 
• By recommending payment schemes calibrated to each buyer's instalment ability, TASYA increases the probability of contract approval; and focuses the sales journey on ready- and financially-capable customers, and supports more confident, data-driven decisions at every stage of the sales process.
• Beyond its individual capabilities, TASYA functions as a predictive segmentation tool: matching would-be homebuyers to optimally suitable residential units and financing options offered by Indonesia's retail banks, based on AI-driven analysis of income, instalment capacity, and consumer behaviour.
• "By harnessing the power of VERO and TASYA, B2B2C end-users translate that capability into lower customer acquisition costs, higher inventory turnover, and improved revenue realisation," says Prasma. "With strong early traction, high retention, and accelerating usage, MilikiRumah is building a defensible, data-rich infrastructure – swiftly becoming the go-to trusted tool for property transaction qualification in emerging markets."

REAL ESTATE DEVELOPER TESTIMONIALS

• The presence of MilikiRumah has significantly improved our business processes. MilikiRumah is invaluable for business owners who prioritise speed,” – Angga Budi Kusuma, President Director, Pesona Kahuripan Group.
• “We can directly check all prospects using MilikiRumah. The business process is more streamlined and accelerated, increasing bookings by around 50 per cent,” – Anton Suwandi, President Director, Citanusa Group.
• “Harmony Land Group manages several projects simultaneously. Bogor Green Resort, which has used MilikiRumah, appears more responsive and ultimately closes faster,” – Fithor Muhammad, chief executive officer, Harmony Land Group.
• “Prospective buyers who visit can immediately request a deposit, increasing conversion rates twofold,” – Michael J. Pratama, sales section head, Akasa Pure Living BSD. 

MILIKIRUMAH’S OTHER WORLD-FIRST: RENT-TO-OWN PROGRAM

For consumers who do not currently qualify for a conventional bank mortgage, MilikiRumah’s world-first AI-powered Rent-to-Own programme provides a structured, personalised 12-month pathway to build payment track records, financial literacy, and credit profiles – graduating participants to become bankable, mortgage-ready homeowners. 

• LinkedIn (CEO Winston Lee): https://www.linkedin.com/in/winston-lee-a2107126/
• LinkedIn (Finance Director Lau Xin Yuan): https://www.linkedin.com/in/lauxinyuan/
• Corporate Facebook: https://www.facebook.com/profile.php?id=61574959116140
• Corporate Instagram: https://www.instagram.com/milikirumah_com/
• Corporate LinkedIn: https://www.linkedin.com/company/milikirumah-rightkey-capital-pte-ltd/
• Corporate TikTok: https://www.tiktok.com/@milikirumah_com
• Website: https://www.milikirumah.com/en

LEADERSHIP

• Winston Lee, Co-founder & CEO – Award-winning entrepreneur, former PropertyGuru executive, pioneered AI-powered rent-to-own and credit intelligence SaaS.
• Lau Xin Yuan, Co-founder & Finance Director – Oversees finance, investor acquisition, fundraising; founder of Digiboost Marketing.
• Faizal Abdullah, Chief Commercial Officer – 26+ years leadership, ex-Rumah123 SVP, ex-KOCO Indonesia CEO.
• Prasma Anindita, Technology Director – MSc Computer Science, Utrecht University; seasoned developer, serial entrepreneur.

Singapore's RealVantage Enters Digital Infrastructure With $7M Equity Investment in U.S. Data Center

Global real estate investment platform RealVantage (‘RealVantage’, ‘the Company in Singapore’, ‘the Singapore Company’) – which operates as RV SG Pte. Ltd. in Singapore, a private limited company regulated by the Monetary Authority of Singapore and holds a Capital Markets Services license – is pleased to announce that the Singapore Company has allocated USD 7 million in equity capital in a United States 21-megawatt data center asset acquisition structured through global alternative investment firm Arcapita Group Holdings Limited (‘Arcapita’). The asset has a planned expansion from its current 21-megawatt capacity to 31 megawatts, expected to significantly enhance operating income and overall investment value.

The transaction signals RealVantage’s inaugural foray into the powerful digital infrastructure space; extending the Singapore Company’s portfolio exposure towards artificial intelligence-driven structural demand investment opportunities for its platform members beyond traditional real estate sectors. The acquisition reflects RealVantage's continued strategy of partnering with experienced local operators and trusted institutional managers to access high-quality, income-generating assets across developed markets; as well as oversee asset execution and value creation alongside RealVantage's co-investment capital. Ultimately, the investment is structured to deliver both near-term, income-backed returns and meaningful medium-term value uplift to create exit upside via significant operating income and investment value enhancement.

“Digital infrastructure is no longer a peripheral asset class. In fact, it is my belief that the most durable investment opportunities sit at the intersection of technology and real assets. Our entry into digital infrastructure marks a deliberate step towards capturing long-term value created by the AI revolution. The acquisition reflects our conviction in the structural tailwinds driving demand for data centers; demonstrating our commitment to bringing structural institutional-grade investment opportunities we seek to deliver for our platform members across global markets.” – states Keith Ong (‘Keith’), co-founder and group chief executive officer of RealVantage.

Set against a backdrop of high AI adoption and enterprise cloud demand, Minneapolis is a fast-growing data center hub underscored by an established and robust power infrastructure and heightened demand for high-density digital facilities – reflective of the accelerating pace of enterprise cloud migration and AI infrastructure build-out. Benefitting from a strong geographical risk profile with limited natural disaster exposure, Minneapolis remains a hub for a diverse economic base anchored by Fortune 500 companies, leading healthcare institutions and a growing technology sector.

Adds Keith: "Minneapolis is a market that ticks all the boxes for disciplined, digital infrastructure investing. The city's reliable power supply, institutional-grade corporate tenant base, and low-vacancy environment combine to make it one of the most attractive secondary data center markets in the United States. For RealVantage investors, this deal opens a new frontier: exposure to the infrastructure backbone of the AI economy, structured in the same institutional-grade, risk-managed framework that defines everything we do."

Arcapita is a global alternative investments firm with a management track record spanning over 30 years and a total transaction value exceeding $32 billion. The firm operates through offices in the United States, United Kingdom, Saudi Arabia, the United Arab Emirates, and Singapore, with affiliated offices in Bahrain. Arcapita’s investment strategy focuses on private equity and real estate, and this transaction further expands the firm’s portfolio of income-generating assets in markets supported by strong fundamentals, including the accelerating impact of artificial intelligence and digital transformation in the United States.

RealVantage Secures Majority Stake in £14M Acquisition of Manchester’s Grade II-Listed Heathcote Hotel with Oberland

Global real estate investment platform RealVantage (‘RealVantage’, ‘the Company’) – which operates as RV SG Pte. Ltd., a private limited company regulated by the Monetary Authority of Singapore and holds a Capital Markets Services license – is pleased to announce that the Company has completed an off-market acquisition of Grade II-listed heritage hospitality asset The Heathcote Hotel (formerly ABode Manchester) in a 2nd collaboration with London-based real estate investor and asset manager Oberland. The transaction represents a total capitalization of GBP 14 million; which effectively translates to a new capital stack alignment with RealVantage taking up a majority 85 per cent equity interest with 15 per cent held by Oberland.

“A core pillar of this opportunity is significant sponsor capital commitment by Oberland and co-investment together with RealVantage; demonstrating a shared investment philosophy centered on value-add strategies, disciplined asset management, and long-term capital growth,” according to RealVantage co-founder and chief executive officer Keith Ong. “With a soft launch targeted for October 2026, active asset management will commence thereafter. RealVantage will then undertake investment monitoring and oversight responsibilities; with a focused 12 to 18 month asset management period aimed at optimising operating performance and value realisation.”

The Heathcote Hotel investment opportunity is projected to deliver to RealVantage’s platform investors a targeted 16 per cent net internal rate of return over an expected investment period of 36 months. Located in prime central Manchester, Greater Manchester, England, the United Kingdom, The Heathcote Hotel transaction further exemplifies RealVantage’s strong track record and ability in sourcing differentiated off-market opportunities, originate structure aligned partnerships, execute disciplined, value-accretive repositioning and institutional-grade asset management strategies in gateway markets; and deploy capital alongside experienced local partners.

With Oberland committing meaningful capital alongside RealVantage and its pool of private wealth investors and platform members, the structure demonstrates clear alignment of interests, downside discipline, and long-term value orientation. The new ownership structure reflects a conservative underwriting approach; prioritising capital preservation while targeting attractive risk-adjusted returns. The investment is underwritten via RealVantage’s disciplined risk framework; targeting downside protection through prudent capital structuring and value creation while positioning The Heathcote Hotel for medium-term income growth and potential yield compression in Manchester – a global gateway city.

History

Built in 1899 by influential Mancunian architect Charles Henry Heathcote, The Heathcote Hotel is a Jacobian-Baroque styled red brick and sandstone structure with tall arched windows, and ornate stonework. Resplendent of Manchester’s industrialization during the 1800s, The Heathcote Hotel was originally designed and built as a packing warehouse and showroom with offices for cotton manufacturer Sparrow Hardwick & Company.

Asset overview

The Heathcote Hotel, formerly Abode Manchester and a freehold Grade II-listed heritage hospitality asset, is located at 107 Piccadilly, Manchester, Greater Manchester, England, the United Kingdom. Upon completion, The Heathcote Hotel will increase its room count from 61 to 78 keys. The Heathcote Hotel’s net floor area is approximately 50,000 square feet.

Project timeline

“The Heathcote Hotel will undergo a comprehensive revamp aimed at enhancing asset value, upgrading guest experience, and strengthening its competitive positioning within the local hospitality market,” states Keith. “RealVantage’s heritage-centric value creation and repositioning strategy for The Heathcote Hotel combines thoughtful preservation of historical architectural elements paired with modern amenities and facilities in order to capture premium demand from leisure and business travelers.”

Appointed hotel operator

Hotel and serviced apartment investment specialist and manager C1 Capital is the appointed hotel operator when The Heathcote Hotel reopens. C1 Capital currently manages seven hotels throughout the UK comprising 1,300 bedrooms with a capital value of over GBP 500 million and an annual turnover in excess of GBP 80 million.

RealVantage Secures Oversubscribed USD 10M Series A at USD 70M Valuation

Global real estate investment platform RealVantage @ www.realvantage.co – which operates as RV SG Pte. Ltd., a private limited company regulated by the Monetary Authority of Singapore and holds a Capital Markets Services licence – has announced a USD 10 million Series A fundraise oversubscription, USD 70 million valuation well supported in excess. Overspill in demand from investors include 3 family offices such as the family office of leading integrated property group SoilBuild being met by some secondary tranches; enabling dedicated staff of the fast-growing fintech company to receive some liquidity.

States Keith Ong, co-founder and chief executive officer of RealVantage:

The strong vote of confidence from new investors reinforces our mission: to continue advancing our mandate of making institutional-grade real estate investing far more accessible, transparent and rewarding for everyone across the globe

Since inception in April of 2019, RealVantage has raised more than SGD 400 million investment monies and completed more than 130 deals across seven global markets; including its latest expansion into South Korea. The platform has built a rapidly-growing following of over 10,000 members from 58 countries, spanning institutions, listed companies, family offices, accredited investors and mass-affluent individuals. Some of its operating partners include leading global developers and asset managers such as Greystar, ESR and Investcorp.

Proceeds from the fundraise will be deployed into three key areas:

• New investment products including thematic funds.
• Advancing RealVantage’s AI-powered platform.
• Regional growth beginning with Hong Kong SAR.

RealVantage has already taken its first major step regionally through a joint venture in Hong Kong SAR with a consortium of established real estate partners and a prominent family office. The Hong Kong business will be led by Ivan Ho, former chief executive officer of KaiLong REI; with former Standard Chartered senior banker Edmund Ho providing strategic guidance.

Adds Lim Han Feng, a director at leading integrated property group Soilbuild Group Holdings Ltd (‘SoilBuild’) and a participating investor through SoilBuild’s family office: “RealVantage is bringing a fresh, disciplined and investor-aligned approach to real estate investing. I appreciate the team’s rigour, transparency and strong deal-making capabilities. Their platform fills a real gap in the market and I’m confident they are poised for even greater growth.”

India, Singapore Forge Deeper Ties in Semiconductors and Advanced Tech

India and Singapore are strengthening their partnership in advanced technologies, with a special focus on semiconductors. According to the news agency IANS, Union Minister Ashwini Vaishnaw confirmed after high-level meetings in Singapore that the Singapore Semiconductor Industry Association (SSIA) will collaborate with India to support its approved semiconductor projects.  

Key highlights of the cooperation

• Strategic Partnership: The SSIA is partnering with India to help accelerate its semiconductor mission, providing industry expertise and support for ongoing projects.
• Skill Development: Discussions also covered training technicians and engineers, ensuring India builds a strong talent pipeline for semiconductor manufacturing.
• High-Level Engagements: Vaishnaw met Singapore’s Deputy Prime Minister and Minister for Trade and Industry, Gan Kim Yong, to expand cooperation in emerging technology domains beyond semiconductors.
• Global Ambition: Vaishnaw reiterated India’s goal of achieving world-class chipmaking capabilities by 2031–2032, aiming to be on par with leading nations like South Korea, Taiwan, and China.

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Why this matters

• India’s Semiconductor Push: Backed by a $10 billion incentive program, India is attracting global players like Micron (plant in Gujarat) and Tata Group (domestic fabrication projects).
• Singapore’s Role: As a hub for semiconductor design and manufacturing, Singapore’s collaboration provides India with access to global supply chains, expertise, and advanced R&D ecosystems.
• Geopolitical Significance: With chip supply chains becoming a strategic priority worldwide, India–Singapore cooperation strengthens resilience and positions India as a future semiconductor powerhouse.

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Challenges ahead

• India still lags behind established leaders such as Taiwan and South Korea in terms of fabrication scale and technological maturity.
• Building a skilled workforce and ensuring supply chain stability will be critical to meeting the ambitious 2032 target.
• Global competition for semiconductor investment is intense, meaning India must continue offering competitive incentives and infrastructure.

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Takeaway

This partnership signals a major step forward in India’s semiconductor journey. By combining Singapore’s established industry expertise with India’s ambitious investment program, both nations are positioning themselves to play a stronger role in the global chip ecosystem.
Would you like me to map out India’s semiconductor roadmap to 2032—including milestones, key players, and expected capacity—so you can see how this cooperation fits into the bigger picture?

How Travel Medical Insurance Works for Singapore Travellers?

Singapore is one of Asia’s most exciting destinations, known for its modern skyline, cultural diversity and world-class experiences. But while the country offers plenty to explore, it also comes with some of the highest medical costs in the region.

Even a short hospital stay or emergency treatment can be financially overwhelming for foreign visitors. This is why purchasing travel insurance before heading to Singapore is not just recommended, it is essential. A robust policy ensures that you are financially protected against unexpected medical expenses while also covering other common travel disruptions.

What is Travel Medical Insurance?

Travel medical insurance is a specialised form of protection designed to handle health-related emergencies while you’re away from home. Unlike general travel policies that focus on trip delays or baggage issues, travel medical insurance emphasises emergency healthcare support.

It typically covers hospitalisation, doctor consultations, diagnostic tests, medicines and even emergency medical evacuation, if required. For international travellers, including those visiting Singapore, this type of insurance provides the security of knowing that unforeseen health issues will not turn into financial burdens.

Key Features of Travel Medical Insurance for Singapore Travellers

When travelling to Singapore, certain features of a travel medical policy become especially critical. Here’s what to look for.

High Medical Coverage Limits

Singapore is known for its world-class healthcare system, but the costs can be steep. A single day of hospitalisation or surgery can quickly run into thousands of dollars. Choosing a policy with high medical coverage limits ensures you are financially protected even in severe emergencies that require extended hospital stays or specialised care. When looking for travel insurance for Singapore ensure a high medical coverage.

Cashless Hospitalisation

The last thing a traveller wants during an emergency is to worry about arranging upfront payments for treatment. With cashless hospitalisation, you can access treatment at network hospitals without paying first. The insurer settles the bills directly with the hospital. This convenience is particularly useful in Singapore.

Emergency Evacuation and Repatriation

Sometimes the necessary treatment might not be available nearby, or your condition may require you to return home. Evacuation coverage ensures you are safely transported to the nearest appropriate facility, while repatriation benefit covers the cost of returning to your home country.

Why Is Travel Medical Insurance Important in Singapore

Singapore’s healthcare system is world-class but comes at a premium cost. Without insurance, even basic medical consultations can be costly. A valid travel insurance in Singapore helps in the following ways:

• Covering unforeseen medical expenses.
• Protecting against sudden illness or accidents.
• Providing compensation for travel delays or cancellations.
• Safeguarding against baggage loss or stolen passports.

Tips to Select the Right Travel Medical Insurance Plan

• Higher coverage limits are essential due to Singapore’s high medical costs.
• Ensure emergency coverage for existing health issues if applicable.
• Ensure access to reputed hospitals for faster treatment with a wide hospital network.
• Verify and assess if the claim process is simple. A simple and transparent process ensures smooth reimbursement.
• Go through customer reviews. Real experiences from other travellers help gauge insurer reliability.

TATA AIG – Reliable Travel Medical Insurance for Singapore

When it comes to safeguarding your journey, TATA AIG offers travel insurance plans that are designed to meet the unique needs of travellers visiting Singapore. With higher medical coverage limits, cashless treatment across a wide hospital network, and benefits like emergency evacuation and daily hospital allowances, TATA AIG ensures complete financial protection with plans tailored for travel insurance in Singapore.

Buying a policy is quick and convenient through their online platform, where you can secure coverage in just a few clicks and instantly access your documents. The claim process is straightforward, supported by 24/7 global emergency assistance that ensures you’re never alone during a crisis.

With strong customer trust and consistently positive reviews, TATA AIG has become one of India’s most reliable travel insurance providers. By choosing TATA AIG for your Singapore trip, you not only meet your protection needs but also gain the peace of mind to enjoy your travels without worry.

Felicity Sets Up Singapore HQ to Boost Game-Tech Expansion Across APAC

Felicity, an AI enabled game-tech company known globally for publishing high performing gaming titles, recently announced its expansion to Singapore with Felicity Labs Pte. Ltd. The company will focus on upcoming acquisitions and operations in the region with an aim to target 2X growth by March 2026.

With the Singapore entity established as its new Southeast Asia (SEA) headquarters, Felicity is poised to double its scale in the region through expanded studio partnerships and targeted growth initiatives. The new entity will play a pivotal role in increasing the regional user base to over 2 million, with a strategic focus on high-growth markets such as Vietnam and Thailand.

This regional structure strengthens Felicity’s access to one of the world’s fastest-growing game development ecosystems, enabling deeper collaboration with developers and creators, having already established a strong gamer base in the US. The new move also positions the company to better serve a rapidly diversifying user base, supporting its broader goal of achieving 2x global growth.

Felicity will also invest $1 million over the next 12–18 months towards building a robust leadership team, expanding its talent pool, and deepening market penetration across APAC. With presence in India, Türkiye, and now Singapore, the company aims to further acquire IP’s, expand talent and player base in new geographies with senior strategic leads focused on product innovation and cross-border partnerships, as well as the formation of a regional developer network.

Felicity has successfully raised a total of $3.7 million across two funding rounds, marking a strong start to its global journey. The company secured $700K in its pre-seed round from DeVC, Swiggy founders, Kunal Shah, and other marquee angels. Building on this early momentum, Felicity recently closed a $3M seed round led by 3one4 Capital, MIXI Global, and T-Accelerate Capital.

Anurag Choudhary, Founder & CEO of Felicity

Anurag Choudhary, Founder & CEO of Felicity, said,

APAC is home to 1.5 billion gamers and a $70B market becoming one of the fastest growing regions globally. and we see this as a pivotal opportunity to build the future of gaming in the region. This expansion with Singapore, will strengthen our ability to engage with local talent, partners, and communities in a region that has immense potential and is at the forefront of gaming innovation.

About Felicity

Felicity is an AI-native game company creating and acquiring high-performance games for the next decade. With proprietary SDKs, generative AI stacks, and an expanding global team, Felicity powers a new era of forever gaming across platforms.

NPCI Expands UPI-PayNow Corridor with 13 New Banks, Boosting Cross-Border Access Between India and Singapore

NPCI International Payments Limited (NIPL) the international arm of National Payments Corporation of India (NPCI) has further enhanced the UPI-PayNow real-time payment linkage by adding 13 more banks on the platform, extending its reach and simplifying cross-border remittances between India and Singapore. With this development, which will go live on July 17, 2025, users in both countries can remit funds to a wider base, making the service more accessible and convenient.

The expanded network for remittances to India now includes 19 banks – Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Federal Bank, HDFC Bank, IDFC FIRST Bank, IndusInd Bank, Karur Vysya Bank, Kotak Mahindra Bank, Punjab National Bank, South Indian Bank, and UCO Bank alongside Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India.

Recipients in India can receive remittances from Singapore in their accounts held with any of these 19 banks through their preferred UPI enabled apps such as BHIM, Google Pay and PhonePe, as well as bank apps. Outward remittances from India to Singapore is available through Canara Bank, HDFC Bank and Karur Vysya Bank along with ICICI Bank, Indian Bank, Indian Overseas Bank and State Bank of India. In Singapore, customers of DBS SG and Liquid Group can avail this service.

The UPI-PayNow service was launched as a joint initiative between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS). It facilitates real-time cross-border fund transfers between individuals, where Indian users can receive funds via UPI ID and send funds to users in Singapore via their mobile number or Virtual Payment Address (VPAs). As the world’s first cloud-based, real-time cross-border payment system, the initiative is a pioneering step in global payment connectivity.

This development is particularly beneficial for the Indian diaspora in Singapore, including migrant workers and students, bringing the ease of digital payments to everyday remittances. UPI is already accepted via QR codes at select merchant outlets in Singapore, further extending its utility.

Ritesh Shukla, MD & CEO, NPCI International said, “The expansion of the UPI-PayNow linkage marks a step forward in strengthening cross-border payment infrastructure. By enabling access to more banks in India, we are deepening the reach of real-time remittances and supporting greater financial connectivity between the two countries. This brings added convenience to users through a seamless and trusted platform”.

UPI-PayNow integration enables real-time cross-border remittance transactions, with funds reaching the recipient’s bank account within seconds. The service leverages strong security protocols to ensure safe and reliable transfers. It is ideal for small and frequent remittances, providing users with a convenient and cost-effective way to send and receive money anytime.

About NPCI International:

NPCI International Payments Limited (NIPL) was incorporated on April 3, 2020, as a wholly owned subsidiary of the National Payments Corporation of India (NPCI). As NPCI’s international arm, NIPL is devoted to deploying NPCI’s indigenous, successful real-time payment system—Unified Payments Interface (UPI) and card scheme (RuPay) outside of India. NPCI has successfully developed and proved its products and technological capabilities in the domestic market by transforming the payment segment in India. Currently, there are several countries that seek to establish a real-time payment system or a domestic card scheme. NIPL, with its knowledge and experience, can offer these countries technological assistance through licensing and consulting for building real-time payment systems to meet the rapidly evolving needs of fast-growing global businesses. NIPL focuses on transforming payments across the globe through technology and innovation. It will not only enable payments for Indians but also support other countries by enhancing their payment capabilities using technological assistance, consulting, and infrastructure.

For more information visit, nipl.com

India Expands UPI Acceptance in Singapore, Partners HitPay

• NPCI International and Hitpay Partner to Expand UPI Acceptance in Singapore
• Partnership to strengthen existing UPI merchant acceptance network in Singapore

NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), has announced a partnership with HitPay, a Singapore-based full-stack payments infrastructure firm, to expand Unified Payments Interface (UPI) acceptance across Singapore. This partnership will offer Indian travellers the convenience of making QR code-based payments at establishments across tourist attractions, restaurants, retail outlets and more.

Over 1.2 million Indian visitors travelled to Singapore in 2024. With this partnership, NIPL aims to provide a familiar payment experience to Indians travelling to Singapore. UPI acceptance will be rolled out progressively to over 12,000 merchants across Singapore. It will also offer businesses the opportunity to serve Indian consumers with a frictionless online and offline payment option via UPI.

Speaking on the development, Ritesh Shukla, Chief Executive Officer, NPCI International, said, “We are focused on expanding UPI’s global presence to make transactions easier for Indians traveling abroad. Our partnership with HitPay expands UPI acceptance in Singapore, offering Indians a reliable, cost-effective payment option during their travel. This collaboration also highlights our commitment to building a globally connected payments ecosystem”.

“UPI has transformed India’s payment landscape with unmatched speed, simplicity, and scalability,” said Aditya Haripurkar, CEO and Co-Founder of HitPay. “This integration reflects HitPay’s vision to be the trusted partner for merchants in Singapore, providing seamless access to the fastest-growing markets in Asia and beyond.”

This partnership is another step forward in UPI’s global journey, strengthening its role in the international digital payments landscape. By offering Indian travellers a smooth, familiar and affordable payment option, it enhances their experience while also deepening economic and technological connections between India and other countries.

About NPCI International:

NPCI International Payments Limited (NIPL) was incorporated on April 3, 2020, as a wholly owned subsidiary of the National Payments Corporation of India (NPCI). As NPCI’s international arm, NIPL is devoted to deploying NPCI’s indigenous, successful real-time payment system—Unified Payments Interface (UPI)—and card scheme (RuPay) outside of India. NPCI has successfully developed and proved its products and technological capabilities in the domestic market by transforming the payment segment in India. Currently, there are several countries that seek to establish a real-time payment system or a domestic card scheme. NIPL, with its knowledge and experience, can offer these countries technological assistance through licensing and consulting for building real-time payment systems to meet the rapidly evolving needs of fast-growing global businesses. NIPL focuses on transforming payments across the globe through technology and innovation. It will not only enable payments for Indians but also support other countries by enhancing their payment capabilities using technological assistance, consulting, and infrastructure.

For more information visit https://www.nipl.com/

About HitPay

Headquartered in Singapore, HitPay is a full-stack payments infrastructure company dedicated to empowering global businesses with easy access to digital payments. Licensed in six jurisdictions, including Australia, Singapore, Malaysia, and the Philippines, HitPay’s leadership team has over 10 years of experience in financial services, working closely with fast-growing businesses to build tailored solutions.

Backed by top-tier investors, including Tiger Global, Global Founders Capital, HOF Capital, and Y Combinator, HitPay is at the forefront of payment innovation in the Asia Pacific region.

For more information, visit www.hitpayapp.com or contact us at support@hit-pay.com.

Singapore-based PTW partners with RRP Electronics Ltd to Establish the First Major Wafer Production Line in India

PTW is a Singapore headquartered semicon solutions provider, with focus on frontend wafer production tools refurbishment. PTW has recently started production of Robot arms for wafer transfers, single-chamber and multi-chamber spin etchers. Started in Singapore in 2015, PTW is now a global market leader in frontend semicon tools refurbishment and trading with 14 Subsidiaries in all key wafer producing countries and is approved vendor for more than 650 leading fabs around the world.

Rajendra K Chodankar, Chairman and CEO of RRP Group of Companies

Having been following the semicon industry development in India for the last few years, PTW has taken a proactive approach to play instrumental role in development of semicon industry in India. PTW sees opportunity to be the market leader in India in providing semicon engineering solutions with an early entry and strategic tie-ups with emerging and leading players in the industry.

PTW has been assisting leading foundries in the world to sell their proven and established production lines. PTW has recently assisted a Japanese and a European Customer to sell their Lines to East Asian Nations based businesses.

In March 2025, PTW has secured interest from RRP Electronics Ltd, a leading OSAT player in India, to buy a proven and established silicon wafer line, along with process and technology knowhow transfer. This plant at full capacity would earn more than $1.2 bln revenue with more than 60% gross profit margin, based on our customers current market benchmarks.

PTW aims to sell another two lines to Indian customers within the next 1 to 2 years. With this, PTW plays instrumental role in establishing India’s first major wafer producing plant. Potential 3 Line sales to India will support PTW strategy to become the market leader in fast growing major economies in the world i.e. India. This Line is expected to reduce India’s dependence on imports of Electronics and help Indian government ambition to Make in India.

RRP Electronics Ltd is expected to complete purchase of this Line within 2025 and start pilot production in 2025-26, with scale-up to full capacity utilization in the next 2 years.

TOP2, a Singapore based consulting firm, is advising PTW and RRP on this strategic partnership.

About RRP Electronics:

RRP Electronics Ltd. stands at the forefront of cutting-edge packaging technologies, offering innovative solutions in semiconductor packaging. With a dedication to excellence, sustainability, and continuous advancement, RRP Electronics is committed to meeting the ever-evolving needs of the electronics sector. The company’s focus on providing high-performance and reliable packaging solutions positions it as a leader in propelling the technology landscape forward.

www.rrpelectronics.com

Tata Power and Singapore's Keppel Partner to Launch Cooling-as-a-Service (CaaS) Solutions in India

Tata Power Trading Company Limited, a wholly-owned subsidiary of Tata Power, one of India's largest integrated power companies, and Keppel, a Singapore-headquartered global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity, have entered into a collaboration arrangement to launch sustainable Cooling-as- a-Service (CaaS) solutions in India.

CaaS enables businesses and building owners to subscribe to long-term, energy-efficient space cooling solutions without having to invest heavily in infrastructure, thus allowing them to enjoy significant energy and cost savings.

Aligned with India's Cooling Action Plan (ICAP) and its Smart Cities Mission, the Tata Power- Keppel collaboration aims to provide state-of- the-art CaaS solutions, delivered through the deployment of both large-scale District Cooling Systems (DCS) as well as individual building systems to serve India's key urban areas, commercial and industrial sectors. The collaboration will focus on high-demand environments, such as airports, IT parks, Special Economic Zones, data centres, and other industrial and commercial properties where the aggregation of cooling demand through solutions, such as DCS, can help to reduce energy use by up to 40% and cut carbon emissions by up to 50%.

Tata Power, with its rich legacy as a leading energy solutions provider across India, will bring its deep understanding of the local market and extensive infrastructure network to the collaboration. Tata Power will also provide comprehensive energy solutions through the supply of power, energy management services, e-mobility, solar PV/wind, and carbon offsets.

Keppel will harness its proven track record in designing and operating CaaS solutions in Asia to jointly explore opportunities with Tata Power in the Indian market. As the pioneer DCS provider in Singapore, Keppel has a combined cooling portfolio of more than 260,000 refrigeration tonnes in Asia, serving the commercial, retail, and residential sectors as well as mission-critical industrial customers, such as wafer fabrication, biomedical and data centres.

Commenting on the association, Mr Tarun Katiyar, CEO, Tata Power Trading Company Ltd. said, "This collaboration represents a significant milestone in transforming India’s energy landscape, aligning with our commitment to a sustainable and energy-efficient future. By supporting the India Cooling Action Plan and the Smart Cities Mission, we are paving the way for innovative, intelligent Cooling-as-a-Service solutions that foster energy-efficient ecosystems across urban and energy intensive hubs. Together, we will contribute towards India’s ambitious targets of doubling the rate of improvement in energy efficiency by 2030.”

Mr Poh Tiong Keng, Executive Director, Emerging Markets, EaaS, Infrastructure, Keppel said, "We are pleased to partner with Tata Power, leveraging their strong local presence, to deliver our innovative and proven Cooling-as-a-Service solutions to the vast Indian market. Leveraging artificial intelligence and machine learning, Keppel has successfully implemented energy-efficient cooling solutions in Singapore and other parts of Asia. Given that conventional cooling accounts for up to 50% of a building’s energy, we are confident that this collaboration will significantly transform India’s cooling landscape and support the country's Net Zero targets.”

According to the International Energy Agency, India is expected to become the world’s largest consumer of space cooling by 2050, accounting for 28% of total electricity demand and 45% of peak load. In such a scenario, the implementation of CaaS can play a critical role in supporting India’s sustainability goals.

Top Singapore CEOs Meet PM Modi To Pledge Investment In India

Prime Minister Narendra Modi recently met with top business leaders from Singapore during his visit. The CEOs from prominent Singaporean companies, including Blackstone Singapore, Temasek Holdings, Sembcorp Industries Limited, CapitaLand Investment, ST Telemedia Global Data Centers, and Singapore Airlines, pledged their commitment to invest in India.

Prime Minister Narendra Modi met his Singapore counterpart, Lawrence Wong, and the two countries signed 4 Memorandum of Understanding (MoUs).

This meeting underscores the strong interest in India as a leading investment destination and highlights the strategic initiatives being undertaken to boost bilateral trade and economic growth. The areas of investment discussed span a wide range of sectors, including infrastructure, real estate, data centers, and aviation.

Addressing the India-Singapore business roundtable meeting. https://t.co/UusHam08N6

— Narendra Modi (@narendramodi) September 5, 2024

It's an exciting development for India's economic landscape. The commitment from top Singaporean CEOs to invest in India is likely to have several positive impacts on India's economy:

1. Boost in Foreign Direct Investment (FDI): Increased FDI can lead to more capital inflow, which can be used for infrastructure development, technology upgrades, and other critical sectors.

2. Job Creation: New investments often lead to the creation of jobs, which can help reduce unemployment and improve the standard of living.

3. Technological Advancements: Investments in sectors like data centers and aviation can bring in advanced technologies and best practices, fostering innovation and efficiency.

4. Economic Growth: Enhanced investment can stimulate economic activities, leading to higher GDP growth.

5. Strengthening Bilateral Relations: Such commitments can strengthen economic ties between India and Singapore, leading to more collaborative projects and mutual benefits.

Overall, these investments can significantly contribute to India's economic development and global competitiveness.

Swedish Firm EQT to Acquire Singapore-based PropertyGuru in an All-Cash Deal

Sweden based EQT Private Capital Asia is set to acquire PropertyGuru, a leading property technology company in Southeast Asia, for approximately $1.1 billion. This acquisition will result in PropertyGuru being delisted from the New York Stock Exchange.

The deal represents a significant premium over PropertyGuru's recent share prices, reflecting the strategic value EQT sees in the company. This move is expected to bolster PropertyGuru's growth and innovation in the real estate technology sector.

On Friday today, PropertyGuru Group Limited, Southeast Asia’s leading PropTech company, announced that it has entered into an agreement and plan of merger with affiliates of BPEA Private Equity Fund VIII Limited (“EQT Private Capital Asia”), part of EQT AB, a purpose-driven global investment organization, pursuant to which the Company will be acquired by EQT Private Capital Asia in an all-cash transaction (the “Merger”) that values PropertyGuru at an equity value of approximately USD 1.1 billion.

Under the terms of the Merger Agreement, at the effective time of the Merger, each ordinary share of the Company issued and outstanding immediately prior to the effective time (other than certain excluded shares) will be cancelled and converted automatically into the right to receive an amount in cash equal to USD 6.70 per share, without interest.

The merger consideration represents a 52% premium to PropertyGuru’s closing share price on May 21, 2024, the last unaffected trading day prior to media speculation regarding a potential transaction, and a 75% and 86% premium to the Company’s 30-day and 90-day volume-weighted average share price, respectively, for the period ending May 21, 2024.

Major shareholders, TPG Asia VI SF Pte. Ltd. and TPG Asia VI SPV GP LLC, in its capacity as general partner of TPG Asia VI Digs 1 L.P. (collectively, “TPG”) and Epsilon Asia Holdings II Pte. Ltd., an entity managed by global investment fund KKR (“KKR”), which hold a combined 56% ownership of ordinary shares outstanding, have entered into voting and support agreements with the Company and EQT Private Capital Asia in support of the Merger.

PropertyGuru was founded in 2006 by Steve Melhuish and Jani Rautiainen. The idea for PropertyGuru came from their personal frustrations with the property search process in Singapore. They aimed to create a smarter, more intuitive online platform for property seekers.

The CEO and Managing Director of PropertyGuru is Hari V. Krishnan. He has been instrumental in leading the company through significant milestones, including its successful public listing on the New York Stock Exchange. Hari has over two decades of experience in technology and digital transformation, having previously led LinkedIn in the Asia Pacific region.

PropertyGuru primarily operates in Southeast Asia, including markets like Singapore, Malaysia, Indonesia, Thailand, and Vietnam1. However, it doesn’t have a significant presence in India. Instead, the Indian real estate market is dominated by local platforms like 99acres, MagicBricks, and Housing.com

EQT has been quite active in the acquisition space recently. In March 2024, EQT announced the acquisition of Equitrans Midstream, creating a vertically integrated natural gas company with an enterprise value over $35 billion. In September 2022, EQT acquired Tug Hill's upstream assets and XcL Midstream's gathering and processing assets for $5.2 billion.

In January 2021, EQT acquired 100% of the Exeter management company and a significant stake in its funds, enhancing its position in value-add real estate investing.

These acquisitions reflect EQT's strategy to expand its capabilities and market presence across various sectors.

Singapore's HTX to Leverage Cisco’s 5g-As-A-Service Solution to Enhance Public Security & Safety

• Cisco signed a Memorandum of Understanding (MOU) with Singapore’s HTX (Home Team Science and Technology Agency).
• Both parties will collaborate in the research and development of 5G and AI technologies to digitally transform public safety, security and network operations in Singapore.

Network giant Cisco and HTX (Home Team Science and Technology Agency) recently announced the signing of a Memorandum of Understanding (MOU) to pilot 5G and AI technologies to enhance Singapore’s homeland security. HTX Chief Executive Mr. Chan Tsan and Cisco Executive Vice President and General Manager, Cisco Networking Mr. Jonathan Davidson signed the MOU at a ceremony at Cisco’s global headquarters in San Jose, United States.

Cisco and HTX will collaborate on projects to improve the HTX’s 5G and AI capabilities. These projects aim to empower the Home Team to address evolving threats to public safety in Singapore.

The collaboration will leverage Cisco’s 5G-as-a-Service solution to develop and trial different 5G proofs-of-concept to improve public safety and security in Singapore. Both parties will also jointly innovate on AI security operations. Cisco will work with HTX to build a customised Security and Network Operations (AISecOps) platform that will be hosted on-premise alongside HTX’s domain data. This will enable HTX to harness the power of generative AI and identify and address advanced cyber threats with greater effectiveness.

HTX is the first organisation and agency from Singapore to sign a MOU under Cisco’s Country Digital Acceleration (CDA) programme.

About Cisco’s Country Digital Acceleration Programme

Cisco’s CDA programme aims to stimulate global digitization. Currently, Cisco is working with national, state, and local governments in 50 countries around the world to accelerate their national digitization agendas, co-develop cutting-edge solutions, and deliver beneficial services to their citizens more effectively. Cisco’s CDA programs have supported the creation of net new jobs, promoted GDP growth, and helped nurture innovation ecosystems.

HTX is the Science and Technology agency in Singapore that integrates a diverse range of scientific and engineering capabilities to innovate and deliver transformative and operationally-ready solutions for homeland security. As a statutory board of the Ministry of Home Affairs, HTX works at the forefront of science and technology to empower Singapore’s frontline of security. The mission is to amplify, augment and accelerate the Home Team’s advantage and secure Singapore as the safest place on planet earth. Singapore’s Home Team Departments include Singapore Police Force, Singapore Civil Defence Force, Immigration and Checkpoints Authority, Singapore Prison Service, Central Narcotics Bureau, etc.

"Center of Gravity" for Gold Trading Moves Towards Asia, Says World Gold Council

The World Gold Council has indicated that Singapore is poised to become a leading hub in the gold market as the "center of gravity" for gold trading moves towards Asia.

"The center of gravity of the gold market has shifted east, with Singapore, fortuitously placed as the potential fulcrum of this new balance," said Shaokai Fan, head of Asia-Pacific and global head of the World Gold Council.

This shift is attributed to several factors, as below:

Rising Gold Consumption: There's an increase in gold consumption among major emerging market economies, most of which are located in Asia. Among central banks, the People’s Bank of China was the largest buyer of gold in 2023.

Proximity to Central Banks: Singapore's strategic location near central banks that are actively increasing their gold reserves plays a significant role. 

Gold Mining Supply Centers: About 25% of the world's gold mining supply is in close proximity to Singapore, including countries like China, Australia, Indonesia, and others.

Political Stability and Tax Policies: Singapore's political stability and the removal of sales tax on investment gold further strengthen its position as a gold trading hub. The removal of GST on investment gold in Singapore, the establishment of good delivery refineries here have bolstered Singapore as a leading hub for gold trading.

Since October 2012, Singapore’s government exempted the Goods and Services Tax (GST), also known as a sales tax, from investment grade precious metals.

Shaokai Fan, the World Gold Council’s Head of Asia-Pacific and Global Head of Central Banks, mentioned that these elements, along with Singapore's potential as an alternative to London and New York for central bank gold vaulting, are setting the stage for Singapore to lead the gold market in the future.

Key drivers of gold demand

The key drivers of gold demand are influenced by a variety of factors, which can be broadly categorized into four main areas:

1. Economic Expansion: Periods of growth are very supportive of gold demand in sectors like jewelry, technology, and long-term savings.

2. Risk and Uncertainty: Market downturns often boost investment demand for gold as it is considered a safe haven during times of financial instability.

3. Opportunity Cost: The interest rates and relative currency strength can influence investor attitudes towards gold. Lower interest rates tend to decrease the opportunity cost of holding non-yielding assets like gold.

4. Momentum: Capital flows, positioning, and price trends can ignite or dampen gold's performance. Investor behavior and market trends can significantly affect demand.

Additionally, demand for gold comes from several sources, including jewelry fabrication, investment (bars, coins, ETFs), central bank purchases, and technology/industrial uses. Jewelry consistently accounts for a significant portion of annual gold demand³. Inflation concerns and central bank policies also play a crucial role in driving gold demand.

Varying Gold demand across different regions

Gold demand varies significantly across different regions due to cultural, economic, and market factors.

In Asia, countries like China and India are the largest consumers of gold, primarily due to cultural affinity towards gold in jewelry and as an investment. Festivals and weddings often drive significant demand in these regions.

Gold is also an important part of culture in the Middle East, with demand driven by jewelry consumption and investment purposes.

European demand for gold is largely investment-driven, with products like gold-backed ETFs being popular. Central bank purchases also contribute to the demand in this region.

In North America, investment demand, including bars, coins, and ETFs, dominates the gold market. The region also sees significant industrial demand due to technological applications. In Central and South America, the demand in these regions is primarily driven by jewelry and investment, with Brazil and Argentina being notable markets for gold consumption.

African gold demand is mostly for jewelry and investment, but the region is also a significant producer of gold, which affects the local market dynamics.

It's important to note that these trends can shift due to various factors such as economic policies, market conditions, and geopolitical events. The World Gold Council provides comprehensive data on gold demand by sector and country, which is updated quarterly.

Tech Mahindra and IBM Open Synergy Lounge in Singapore

Tech Mahindra, a leading provider of digital transformation, consulting, and business re-engineering services and solutions, announced the opening of a Synergy Lounge, in collaboration with IBM, to accelerate digital adoption for enterprises in APAC. Located at Tech Mahindra's campus in Singapore, the Lounge will assist enterprises in operationalizing and deriving value from next-gen technologies, including AI, Intelligent Automation, Hybrid Cloud, 5G, Edge Computing, Cybersecurity, among others.

The best practices will be shared with Tech Mahindra's existing Synergy Lounge in Bengaluru and other Centers of Excellence to co-innovate and co-develop unique enterprise offerings and solutions. Built on the Hex-I concept, consisting of six stages: ignite, inspire, ideate, innovate, infuse, and implement, the Lounge will feature different experience zones focusing on various technologies that will help enterprises solve complex business problems, improve customer experiences, reduce operational costs, and enhance workforce efficiency.

Kunal Purohit, Chief Digital Services Officer, Tech Mahindra said, "We believe in infusing AI and GenAI into every aspect of businesses and democratizing it responsibly. In our continuous endeavour to help customers embrace a digital-first future, the Synergy Lounge will function as a co-innovation and co-development center specifically focusing on AI, GenAI and next-gen technologies.”

The Lounge will be open to enterprises worldwide to explore joint solutions, test prototypes and proof of value (PoV) designed to drive innovation in various industries, such as communication, media and entertainment, automotive, manufacturing, transportation, banking and financial services, energy and utilities, and healthcare, among others.

Chetan Krishnamurthy, Vice President, Ecosystem and Digital Sales, Asia Pacific, IBM, said, “Building on the success of the Synergy Lounge in Bengaluru and driven by our common vision to bring advanced technology like watsonx AI and data platform to solve complex business challenges, the opening of the new Synergy Lounge in Singapore will continue to help companies improve productivity and competitiveness while bringing together the right talent, technology, and best practices for clients in Asia Pacific.”

In addition, a dedicated team will work out of the Synergy Lounge to maximize synergies between Tech Mahindra and IBM and develop unique solutions based on both organizations' strengths to drive technological innovation in APAC. The Lounge aligns with Tech Mahindra's continuous endeavour to transform enterprises with advanced next-gen led offerings and solutions.

Singapore-based MarketingTech Startup Jixie Gets Acquired By Accenture

Accenture’s tech-powered creative group, Accenture Song (formerly Accenture Interactive), has been making significant investments in Southeast Asia. In last month, Accenture Song announced an agreement to acquire Rabbit’s Tale, a Bangkok-based creative and digital experience agency. Last year in September, the company acquired Romp, which was ranked one of Indonesia’s top three creative and most inclusive agencies in 2021.

Now in a latest today, Accenture has announced that it agreed to acquire the business of Jixie, a Singapore-headquartered media and marketing technology company, for an undisclosed amount.

Post acquisition, Jixie’s intelligent digital marketing platform and team will be integrated into Accenture to strengthen its marketing transformation capabilities and resources through Accenture Song, helping Indonesian clients deliver more personalized experiences to enhance customer engagement for sustainable business growth.

Founded in 2020, Jixie is headquartered in Singapore and focus on servicing clients in Indonesia. It offers a comprehensive suite of monetization and marketing growth tools. The acquisition of Jixie's business is the second investment made by Accenture in Indonesia after the acquisition of Romp.

Jixie platform is a robust advertising ecosystem that connects publishers and brand owners with the ability to co-create solutions through reliable customer insights. This transforms marketing from a fragmented process with limited control into a strategic priority, amplifying simplicity while safeguarding brand safety, consumer data and privacy.

The integration of Jixie’s platform into Accenture Song’s marketing capabilities will help clients optimize customer data effectively and efficiently into actionable insights, regaining the control, speed and trust needed to securely capitalize on Indonesia’s fast-growing digital economy that’s projected to reach US$146 billion by 2025 before growing eightfold by 2030.

Jayant Bhargava, country managing director, Indonesia, at Accenture, said: “The convergence of marketing, data science and technology creates opportunities for businesses to redefine their customer engagement model. Jixie’s intelligent digital marketing solutions complement our technology expertise, providing a winning proposition for businesses to bring a higher level of personalization and effectiveness to their marketing efforts. This acquisition will allow us to better serve our clients in navigating complex marketing challenges in this era of interconnected digital world, which is crucial in driving long-term growth.”

With Jixie’s platform, publishers can access monetization tools, such as header-bidding solutions and performance marketing, to improve advertising returns. Brand owners can also seamlessly enhance and integrate content securely without intermediaries, allowing them to utilize valuable insights for unique and meaningful brand engagement. Jixie can help publishers double their monetization returns and support brand owners in significantly increasing campaign clickthrough and conversation rates while enriching customer data.

“The value of data in today’s rapidly changing digital economy is immense, and the digital media ecosystem has seen much disruption, including the impending loss of third-party cookies. Jixie is an impactful platform that amplifies publishers’ perspectives and simplifies the digital marketing experience. This investment extends Accenture Song’s data-led commerce and marketing transformation work in Indonesia, empowering clients with highly relevant and results-driven solutions for sustainable business growth,” said Joseph Tan, Indonesia lead for Accenture Song.

Vincent Martin, co-founder and managing director, Jixie, said: “Jixie has seen proven success in its marketing performance capabilities that boost publishers’ revenue and the formation of an ecosystem that has attracted advertisers to run successful campaigns. The next step for us is scale. We’re thrilled to be joining Accenture and contribute to shaping a more sustainable media industry, helping companies leverage their data in a trusted and advantageous manner in service of their customers.”

Singapore-based Leo Ventures Launches 10 Mn VC Fund for Tech Startups

Singapore-based venture capital firm, Leo Ventures, has announced the launch of 10 Million venture capital fund to finance technology startups.

As an incubator and accelerator, Leo Ventures is committed to fostering the growth of disruptive projects dedicated to empowering and nurturing visionary entrepreneurs.

Established this year, Leo Ventures is a pioneering Singapore-based venture capital firm dedicated to propelling the future of technology through strategic investments in early-stage technology projects.

Sonny Mohanty, Fund Manager at Leo Ventures while talking to The News Crypto, said, "We look at new investment opportunities through a founder and team lens – as the team executing the vision always comes first. We aim to get involved at the earliest possible stages and actively support our portfolio with all available resources."

Led by a team of seasoned tech entrepreneurs with decades of collective technology and investing experience, Leo Ventures actively assists tech startups in both web2 and web3 across APAC, India, and Middle East regions.

In web2, the fund engages with fintech, deep-tech, and ESG Tech, as well as AI and ML, and in web3, it supports projects related to DeFi, L0, L1, infrastructure, payment solutions, and web3 consumer tech projects.

The Leo Ventures team aims to provide a platform for the visionary, to accelerate their ideas, and make a lasting impact to support those at the forefront of tech & innovation.

Addressing the fund’s vision, Mr. Kishor, Managing Partner of Leo Ventures, said in a press release — “What sets us apart is not just our investments but our commitment to rewriting the playbook. We're taking a distinct path—prioritizing visionary founders, embracing diverse tech ideas, and actively sculpting success.”

IAN (Indian Angel Network) and IIM Alumni Singapore Partner to Bring Money, Mentoring and Market Access to Indian & Singapore Startups

IIM Alumni Singapore members will have access to IAN’s startup investment opportunities and IAN angel investors will have access to IIM Alumni Singapore linked start-ups

IAN (Indian Angel Network), India’s first and largest horizontal platform for seed & early stage investments and IIM Alumni Singapore, which brings together alumni of the Indian Institutes of Management, announce a win-win strategic partnership to link up two of the largest start-up ecosystems in Asia – India and Singapore.

The Indian startup ecosystem today is the third-largest globally and the fastest growing. IAN is the pioneer of angel investing and has played a pivotal role in transforming India’s startup industry. Comprising the Angel Group and two VC Funds, the IAN enables entrepreneurs to raise from US$50K to US$ 5mn on a single platform. The IIM Alumni Singapore partnership is strategic. It will provide IAN investors access to high quality investment opportunities, with robust IP protection rights and supportive government based schemes in Singapore. It is also aligned with IAN’s vision of investing and breeding valuable companies with global foot prints. This partnership will provide a fillip to IAN’s vision of investing in “500 startups with Rs. 5000 crores to create 500,000 jobs” which will help create high value jobs in both India and Singapore.

Similarly, one of IIM Alumni Singapore’s key objectives is to provide value to its members and this partnership provides them access to engage with the Indian and South East Asian start-up ecosystems. Partnering with IAN will provide IIM Alumni Singapore members high quality investment opportunities and the ability to engage with them to leverage the South East Asian markets.

 

From Left, Saurabh Srivastava,  Founder & Chairman, IAN & IAN Fund and Suresh Shankar, President, IIM Alumni Singapore

This partnership will enable both IAN & IIM Angel Investors’ portfolio companies to leverage the Indian and South East Asian markets: bringing value to both startups and investors. The well governed SEBI approved AIF structure provides cross border investors a well governed mechanism to invest and engage. This partnership will also provide India based angel investors in the IAN network a unique opportunity to support innovative IIM alumni Singapore linked startups in Singapore, through a SEBI approved structure. This will strengthen the early stage India-Singapore startup corridor.

Speaking on the same, Mr. Suresh Shankar, President, IIM Alumni Singapore, said, “It is game changing for us to be associated with IAN, the pioneers of angel investing in India. The group is pivotal in upscaling the entrepreneurial landscape in the country and is known for its strong startup and investor portfolio. Our partnership will bring abundant opportunities for IIM Alumni in Singapore who are keen to invest and mentor startups and get access to IAN’s platform for the same. IIM Alumni Singapore linked startups will also receive access to the required financial assistance and mentorship to grow and build profitable businesses through IAN’s VC Funds and members comprising the who’s who of successful entrepreneurs/CXOs around the world.”

Mr Saurabh Srivastava, Co-Founder, IAN & Chairman Emeritus TiE Delhi-NCR & Past Member of TiE Global Board , said, “This strategic partnership will accelerate the growth of jobs both in India & Singapore. IIM Alumni Singapore is the nodal coordinating body of IIM Alumni in the city. The alliance between IAN & IIM Alumni Singapore will bring together high quality investors from two leading organisations to help create path breaking valuable companies, with innovative solutions for some of the world’s real problems. through a well governed and active cross border platform for investing and growing startups."

Mr Amit Gupta, President TiE Singapore, said, “One of TiE’s mission is to focus on generating and nurturing the next generation of entrepreneurs. The partnership between IIM Alumni SG and IAN, both of whom are partners who share many members with TiE, is another step to creating a cross border platform for the next generation of entrepreneurs. TiE supports such partnerships and indeed breeds similar models on its own platform”

About IAN

IAN (Indian Angel Network) is India’s first angel investor group, comprising renowned, successful entrepreneurs and dynamic CEOs from across the world. With investors from 12 countries, IAN’s presence spans 7 global locations. Over the past 17 years, the platform has funded innovative start-ups across 19 sectors in India and 7 other countries, with several Unicorns in its stable of companies valued at over $ 9 bill. IAN has been enabling excellent cash exits year-on-year to its investors for the last 14 years. Some of its marquee investee companies include Druva Software, Spinny, Uniphore Software Systems, WOW Momos, Consure Medical, FarEye, Propelld, Dhruva Space, WebEngage, Planetsparks, amongst many others.

Apart from the IAN’s angel investor network, the platform comprises BioAngels, India’s first sector-focused angel investor group, in partnership with BIRAC, an enterprise of the Department of Biotechnology. The IAN Group also includes the IAN Fund I, an INR 375 crore VC fund, and the INR 1,000 crores IAN Alpha Fund, to build the single largest platform for seed and early-stage investing enabling entrepreneurs to raise from INR 50 lakhs to INR 50 crores from quality investors who provide funds, mentoring and global market access.

About IIM Alumni Singapore

IIM Alumni Singapore is a not-for-profit organization registered under the laws of Singapore for the development of community networks amongst alumni members of the Indian Institutes of Management. IIM Alumni Singapore aims to build the IIM alumni brand and network, with all relevant professional, business, academic, governmental and social communities in Singapore, India and globally and continually seeks to develop programs that promote the interests of such IIM alumni communities.

About TiE Singapore

TiE Singapore is a vibrant eco-system of Asian entrepreneurs, angel investors, venture capitalists and industry professionals. It is a non-profit that inspires entrepreneurs through its training, mentoring and networking programs.

TiE Singapore nurtures a productive environment where:

Startups can interact and get advice from successful entrepreneurs and industry professionals.

Entrepreneurs can help their peers and benefit from each other’s experiences and network with potential investors.

Investors can stay updated on the startups scene in Asia and get introduced to the hottest startups and the founder community.

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Pune-based Digital Payment Aggregator PhiCommerce Sets Up Singapore Operations

Serve as a hub for operations in Asia and the Middle East.

PhiCommerce, India’s foremost payment aggregator and platform announced its expansion into international markets through its new Singapore office.

PhiCommerce CEO & Co-Founder — Jose Thattil 

PhiCommerce is a new-age financial technology company that addresses evolving needs of digital payments infrastructure. Its omni-channel and instrument-agnostic digital payments processing platform PayPhi, enables businesses to embrace the digital payments ecosystem with smart interventions to automate, integrate and streamline payment related processes.

“This expansion marks a significant milestone in our growth journey. PhiCommerce has been among the few home-grown companies spearheading this transformation in Indian payments industry. Our presence in Singapore will not only allow us to better serve our valued clients in these key regions but also strengthen our foothold as a leader when it comes to payment technology solutions. The region's dynamic payment business landscape and burgeoning tech ecosystem align perfectly with our vision of providing cutting-edge solutions that empower enterprises across Asia, Middle East, and beyond”,said Jose Thattil, CEO, PhiCommerce Private Ltd.

PhiCommerce provides end-to-end, unified, omni-channel digital payments platform to businesses, banks and networks to address their complex digital payment needs by delivering a simplified, secure, scalable, robust and frictionless payments experience to all stakeholders.

Established in 2015, Pune based PhiCommerce enables businesses to embrace digital payments ecosystem using integrated and agile innovations, enabling smooth and flexible payments across all consumer touchpoints - browser, mobile, in-store and remote. PhiCommerce offers a unified omni-channel payment platform catering to the comprehensive payment requirements of businesses, spanning both online and offline channels.