Latest news with #FMAS
CNA
3 days ago
- Business
- CNA
Uneven impact of CDC vouchers spurs heartland merchants to innovate
SINGAPORE: The benefits of the Community Development Council (CDC) voucher scheme are not being evenly felt across merchants, with digitally-savvy businesses in high-traffic areas reaping the lion's share, said the Federation of Merchants' Associations, Singapore (FMAS). This has prompted some heartland enterprises to step up efforts to stay competitive and keep customers returning. FMAS president Yeo Hiang Meng said the vouchers have been helpful in driving footfall 'to our stalls and shops, encouraging residents to support local businesses'. However, he noted: 'Those operating in high-traffic or densely populated areas generally experience higher voucher redemptions, while businesses in quieter or less accessible locations may see a more modest impact.' He added that merchants that are more digitally proficient — such as those that actively promote their participation through social media or display clear CDC voucher signage — tend to attract more customers. Mr Yeo said: 'In contrast, some older hawkers and shopkeepers may face challenges with digital engagement or may not be as familiar with outreach strategies, which can limit their visibility and reach.' Singaporean households can claim and use S$500 (US$380) in CDC vouchers from May 13. This latest tranche of vouchers will be valid till Dec 31 this year. The CDC vouchers are meant to help households manage cost-of-living challenges. NOT ALL BENEFITTING More than 23,000 merchants across Singapore accept CDC vouchers, spanning hawkers, supermarkets, music shops, and pet stores. In areas like Chinatown, the scheme has had a significant impact. Some retailers there told CNA that these vouchers account for up to half of their daily sales. But not all businesses have been benefitting from them. Observers said older hawkers and shopkeepers are struggling - some are not even on board. Mr Cornelius Tan, chairman of the Chinatown Complex Hawker Association, said there are about 50 to 70 shops in Singapore's biggest hawker centre and market that have yet to join the scheme to accept CDC vouchers. 'Those are more in retirement mode,' he added. 'So they don't like changes and they are just comfortable with their lives, and they like physical cash over digital money.' To support broader participation, FMAS is encouraging merchants to collaborate on joint promotions or improve their store displays. TRYING TO PROFIT As consumer behaviour evolves, some Singaporeans are also finding ways to profit off the vouchers through strategic purchases - such as trading cards. Memorabilia collector Junius Chia, co-founder of consignment service SCC Consignments, said: 'First of all, it won't break your bank, and also, it is accessible. 'There are a lot of shops in Singapore that sell these products, and there are also hobby groups as well as online that give you the opportunity to buy, sell and trade on the platform.' Mr Chia added that for some, it is an investment. 'We have collectors that are in it just to buy and keep it in hopes that in future, the card prices will rise and then they can make a profit out of it,' he said. While the CDC scheme prohibits exchanging vouchers for cash or using them on controlled items like lottery products, CNA understands that reselling these cards does not break the rules. Analysts told CNA that using CDC vouchers on non-essentials does not necessarily mean an abuse of the system, but signals broader shifts in what consumers now deem essential. 'The CDC vouchers were initially introduced to help Singaporeans manage the cost of living,' said Dr Samer Elhajjar, senior marketing lecturer at the National University of Singapore Business School. 'However, the use of these vouchers indicate how people's essentials are changing. We need to recognise that the definition of essentials is becoming more psychological (and) more personal, especially in high-stress societies, in high-cost environments like post-pandemic Singapore.'
The South African
05-06-2025
- Business
- The South African
Exness wins big at FMAS:2025 and leads conversation on the future of trading in Africa
Exness, one of the world's largest retail brokers, wrapped up a successful few days at Finance Magnates Africa Summit 2025 (FMAS:25), walking away with two key awards: Best Multi-Asset Broker – Africa and Most Reliable Broker – Africa. This recognition reflects Exness' deep-rooted commitment to Africa, a region where transparency, execution quality, and local insight are key to every trader's experience. FMAS:25 brought together industry professionals, partners, and thought leaders from across the continent and beyond. Paul Margarites, Exness Regional Commercial Director, joined the Leaders Roundtable alongside other industry executives to share Exness' approach to product reliability, financial security, and local partnership. He spoke about the broker's core strengths, instant withdrawals, tight and stable spreads, and advanced execution technology, emphasising the role of secure infrastructure and trusted payment systems in maintaining trader confidence. A highlight of the event was Exness' keynote session: 'No BrAIner: How Smart Traders Actually Use AI' , delivered by Terence Hove, Exness Senior Financial Markets Strategist. The session explored how artificial intelligence is changing the way traders make decisions—from automation and sentiment analysis to data-driven risk management—and how this shift is helping traders operate more efficiently in increasingly complex markets. 'Africa's trading landscape is evolving fast, and we are proud to be part of this transformation. Being recognized as both the most reliable and best multi-asset broker in Africa reflects the trust our clients and partners place in us, and the responsibility we carry to keep raising the bar.' FMAS was also an opportunity for attendees to meet the people behind Exness, including the Partnership Relationship Managers (PRMs) who work directly with introducing brokers and affiliates across Sub-Saharan Africa. These professionals play a critical role in helping partners grow by offering strategic insights, operational support, and local market knowledge. Founded in 2008, Exness is a global multi-asset broker with the mission to reshape the online trading industry. Since its inception, the company's goal has been to create the ultimate trading experience through large-scale investment in technology and infrastructure. Their fresh approach resonates with traders around the world, growing Exness into one of the most prominent retail brokers in the sector.
Hamilton Spectator
29-04-2025
- Business
- Hamilton Spectator
Unlock Your Trading Edge With Axi at the Finance Magnates Africa Summit
SYDNEY, April 29, 2025 (GLOBE NEWSWIRE) — Leading online FX and CFD broker Axi is attending this year's Finance Magnates Africa Summit (FMAS:25), taking place on May 29-30, 2025, at the Cape Town International Convention Centre in Cape Town, South Africa. Event attendees will have the opportunity to learn about Axi Select, Axi's all-inclusive capital allocation program, designed to empower ambitious traders on their trading journey. 'We invite all traders to visit our booth and explore our innovation that is Axi Select,' says Louis Cooper, Chief Commercial Officer at Axi, before adding, 'We look forward to networking with follow traders and showcase the exceptional benefits of our program. Axi Select features zero registration fees, capital funding of up to $1,000,000 USD, the opportunity to earn up to 90% of the profits, and advanced tools to maximise traders' trading potential.' Additionally, visitors can explore the broker's Introducing Broker (IB) and Affiliate programs or learn more about Axi's longstanding partnership with Man City, Premier League Champions. Manchester City memorabilia and the club's mascot will be on-site for photos and attendees stand the chance to win exciting prizes, including signed player shirts and other merchandise. The broker has a longstanding partnership with Premier League club, Manchester City FC, as well as LaLiga club, Girona FC, and Brazilian club, Esporte Clube Bahia. In 2023, they also announced England international John Stones as their Brand Ambassador. The broker was recognised with the 'Innovator of the Year' award at the 2024 Dubai Forex Expo, as well as with the being named 'Best Funded Trader Programme' by the ADVFN International Financial Awards 2025. The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available to AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. About Axi Axi is a global online FX and CFD trading company, with thousands of customers in 100+ countries worldwide. Axi offers CFDs for several asset classes including Forex, Shares, Gold, Oil, Coffee, and more. For more information or additional comments from Axi, please contact: mediaenquiries@
