CNA938 Rewind - Do we need laws against casual racism?
According to advance estimates from the Ministry of Trade and Industry, Singapore's economy grew 4.3 per cent in the second quarter of 2025 - faster than the 4.1 per cent growth in the first quarter of the year. But the ministry flagged significant uncertainty and downside risks remaining in the global economy in the second half of the year - given the lack of clarity over U.S tariff policies. Lance Alexander discusses with Selena Ling, Chief Economist and Head of Global Markets Research and Strategy, OCBC.
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Straits Times
36 minutes ago
- Straits Times
Crypto exchange Tokenize Xchange to shut down Singapore operations
Find out what's new on ST website and app. Tokenize Xchange founder and chief executive Hong Qi Yu declined to comment on why the firm was denied a licence by the MAS. SINGAPORE – Cryptocurrency exchange Tokenize Xchange will cease its operations here from September 30, just over a year after raising US$11.5 million (S$14.9 million) in funding and announcing plans to ramp up hiring. The Singapore-headquartered firm said on July 20 that it will shut down the business following the Monetary Authority of Singapore's (MAS) decision not to grant it a licence to offer digital payment token services here. Tokenize was previously operating under an exemption. The firm said it will shift its operations to Labuan, a federal territory in Malaysia, where it is in the process of acquiring a company that holds a Digital Financial Services License issued by the Labuan Financial Services Authority. The deal is expected to close by September 30. It will also seek regulatory approval from the Abu Dhabi Global Market, an international financial centre and free economic zone located in Abu Dhabi, the capital of the United Arab Emirates. Tokenize said all 15 of its employees in Singapore have been given notice and will leave the company by September 30. When contacted, Tokenize founder and chief executive Hong Qi Yu declined to comment on why the firm was denied a licence by the MAS. But he told The Straits Times on July 20 that Labuan will allow Tokenize to operate under a 'recognised regulatory framework tailored for cross-border digital asset services'. '(Labuan) also offers greater flexibility, tax efficiency, and access to international markets, supporting the platform's global growth ambitions,' he said. Tokenize said its Singapore customers can no longer buy or sell cryptocurrencies on its platform, and may only transfer their cryptocurrency holdings to other exchanges, where they can convert them to cash and make withdrawals. But users can continue to withdraw cash directly from the exchange based on the Singapore dollar value of each user's portfolio, which includes both fiat and cryptocurrency holdings This value, viewable in users' wallets, determines the withdrawal tier they are placed in under a phased schedule. Users with portfolios below $10,000 have been able to withdraw the cash portion of their holdings and transfer their cryptocurrencies to other exchanges since July 17. Those with portfolios between $10,000 and $99,999 may do so from August 1, while users with $100,000 and above can start from September 1. All withdrawals and transfers must be completed by September 30. ST has reached out to the MAS for comment. While Tokenize serves retail and institutional investors in Singapore and overseas - including Malaysia and Vietnam - its exit from the Republic comes after the MAS said on June 6 that digital token service providers targeting only overseas customers must be licensed by June 30 or cease operations . ST understands that the move has triggered an exodus of unlicensed cryptocurrency exchanges from Singapore. More than 500 staff - from management to junior levels across firms supporting the Republic's fintech ecosystem - are expected to relocate to the United Arab Emirates or Hong Kong, where regulators are seen to take a softer stance on digital assets.
Business Times
36 minutes ago
- Business Times
Bevy of Chinese mega listings propel Hong Kong to top global exchange in H1 2025
[HONG KONG] A parade of China's mega listings in Hong Kong since the turn of the year has helped restore some of the shine to the city as the world's largest fundraising destination for initial public offerings (IPOs). A significantly large number of Chinese firms seeking stock listings in Hong Kong, along with a rush of capital inflows from the mainland, has created a convergence of Chinese finance in the city. Fundraising in Hong Kong through IPOs reached HK$107.1 billion (S$17.5 billion) from 44 listings in the first six months of the year, far surpassing both the Nasdaq and the New York Stock Exchange (NYSE), according to data from the Hong Kong Stock Exchange (HKEX). This sent HKEX to the top of global exchanges for H1 2025, representing its best mid-year performance sine 2016. A spokesperson for the exchange, citing confirmation from several data providers including Dealogic, KPMG and EY, told The Business Times that its IPO fundraising in H1 put it at the top of global IPO rankings. The top listing on HKEX during this period was the US$5.3 billion IPO of China's largest battery maker Contemporary Amperex Technology in May. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up This was followed by the HK$9.9 billion raised by Chinese drugmaker Jiangsu Hengrui Pharmaceuticals, which also took place in May, and the HK$9.4 billion IPO in June staged by China's largest condiment maker, Foshan Haitian Flavouring & Food. Hong Kong has long been in an intense tussle with Shanghai for the title of being China's primary funding source, and it seems that Hong Kong has the upper hand for now. As at Jul 8, Dealogic's team counted 184 planned IPOs in Hong Kong, all of which were from the city and the mainland, with the exception of two from the Cayman Islands, and one each from Malaysia, Singapore and the United Arab Emirates. Of the planned IPOs, 49 belong to the technology sector. Perris Lee, head of convertible bonds and Asia-Pacific equity capital markets at Ion Analytics, the parent company of Dealogic, said: 'At this point, we can say with much certainty that technology stocks will be central to many of the Hong Kong IPOs in the queue, thanks in no small part to (Chinese artificial intelligence company) DeepSeek.' He attributes the recent strong rally in Hong Kong stocks to a Deepseek-inspired optimism that may also spill over to industries such as healthcare and consumer-related businesses. The hectic pace of fundraising is also supported by what analysts call 'homecoming' listings by mainland Chinese companies with stocks already listed elsewhere outside the mainland, primarily in the US. Lee said that, given a US-China relationship that has been 'polite' at best in recent years, there have been many such homecoming listings in Hong Kong and China by US-listed Chinese companies. 'Many of the US-listed companies that should or could seek a secondary listing have done so,' he said. 'Only a few remain on the drawing board.' In particular, he named technology giant Alibaba and electric vehicle (EV) maker Xpeng. 'These two deals were significant in many ways. One key aspect is that they were doing a dual primary listing in Hong Kong, rather than a secondary listing. Dual primary listings subject the companies to strict regulations in both the US and Hong Kong.' The immediate prospects are brightened by a long listing pipeline stretching well into the coming year. HKEX said it had given regulatory approval to 16 companies, with the applications of 176 companies currently 'under processing' as at Jun 30. Against this background, analysts said there is a far greater cascading of southbound net capital inflows into Hong Kong's stock market. James Wang, head of China strategy at investment bank UBS Global Research, said the total amount raised this year in IPOs was dwarfed when compared with its peak reached in 2020, as well as with the unprecedented southbound net inflows this year. In the first quarter alone, these hit HK$400 billion, the highest in history. Wang attributed this to the improved quality and vintage of companies listed in Hong Kong, tighter IPO restrictions in mainland China, improved liquidity in Hong Kong and a greater appetite for core Chinese assets from foreign investors for stocks such as EV car leader BYD, Tencent and Alibaba – basically global champions and top AI players. Southbound net inflows reached US$80 billion at the end of May, according to a chart released by Morgan Stanley. However, the pace had slowed down in that month, following a period of strong inflows from January to late April. To put things into perspective, a survey released in June by Deloitte China's Capital Market Services Group showed the IPO funds raised in Hong Kong this year exceeded those raised by Nasdaq and the NYSE by HK$31 billion and HK$43 billion, respectively. Of the 40 listings tracked by Deloitte in Hong Kong in H1, only two IPOs were staged by companies from outside China: one from Singapore and the other from Indonesia. 'National support for and emphasis on developing the technology and innovative sectors will encourage new quality productivity forces such as technology and new energy companies to raise funds in the capital market and enter the market spotlight in the second half of 2025,' said Tony Huang, national A-Share offering leader, capital market services group, Deloitte China. Deloitte expects companies to raise HK$200 billion in IPOs in Hong Kong by the end of the year, through 80 listings. There are potentially 25 IPOs from companies whose stocks are already listed on the mainland's A-shares market. Deloitte said that most of Hong Kong's new listings will come from the technology, media and telecommunications sectors, as well as consumer companies.
Business Times
2 hours ago
- Business Times
IPCG accuses Deutsche Bank of breaching agreement, files lawsuit
[SINGAPORE] Asset manager Invest Partners Capital Group (IPCG) is suing Deutsche Bank for allegedly breaching a contractual agreement governing their external asset management arrangement, according to court documents filed with the High Court on Jul 11 and seen by The Business Times. The bank allegedly offered better pricing and terms directly to IPCG's former client, Splendor Lights Holdings – conduct that the asset manager claimed 'seriously undermined' IPCG's ability to carry out its advisory role. The pre-trial conference is scheduled for Aug 18. Deutsche declined to comment when contacted by BT. However, a person close to the matter said the bank disagrees with the reported allegations and intends to vigorously contest any claims filed. The case Singapore-based IPCG holds a Capital Markets Services licence from the Monetary Authority of Singapore, and advises high-net-worth individuals and family offices. Eric Chen, a senior director at IPCG, previously managed Splendor Lights through a Limited Power of Attorney, authorising IPCG to handle Splendor Lights' investments at Deutsche. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Under the external asset manager agreement, Deutsche was to hold Splendor Lights' assets and execute transactions initiated by IPCG, which was 'solely responsible' for managing the client's assets and determining the suitability of investments, court documents said. The dispute centres on Deutsche relationship manager Sean Poh, who allegedly provided Splendor Lights with direct quotations for financial products that undercut IPCG's pricing. Poh also made statements to Splendor Lights that 'were seemingly to disparage' IPCG's professionalism, according to court documents. Splendor Lights subsequently terminated its Limited Power of Attorney with IPCG in November 2023 and began working with Deutsche directly for asset management services, said IPCG in the filing. At the time, Splendor Lights' assets managed by IPCG at Deutsche were worth about US$42.8 million. Court documents showed that from 2021 to 2023, when the Limited Power of Attorney was in force, IPCG earned retrocession – a form of commission – and performance fee payments of a combined US$3.4 million. In the suit, IPCG is seeking for damages to be assessed, a declaration that Deutsche breached its contractual and fiduciary duties, as well as interest, legal costs, and other relief. The asset manager is represented by Lin Yuankai and Annabel Kwek of Premier Law. 'We initiated this legal action to protect the rightful interests of our relationship managers and our company, and to call on banks to meet their duty of care toward their partners,' said an IPCG spokesperson. 'Banks should act as custodians and execution roles – not compete unfairly with external asset managers for clients or pricing advantage.'
