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The Star
2 days ago
- Entertainment
- The Star
Green tech, AI and robots galore: Highlights from the 2025 World Expo in Japan
The 2025 World Expo in Osaka is now in full swing after kicking off back in April. The event welcomed over one million visitors in its first 13 days, with organisers aiming for a total of 28.2 million attendees over the course of the six-month event. Held every five years in a designated host country, the World Expo is an international showcase of culture, technological advancements, innovation, and inventions from nations (including Malaysia) and companies from around the world, presented in buildings specially built for the exposition called 'Pavilions'. This marks the second time that Osaka has hosted the World Expo, with the last time being back in 1970. Malaysia meets the world True to the theme of 'Weaving a Future in Harmony', Malaysia's Pavilion laid out a roadmap for the country's ambition to become a 'Smart Nation' by 2040, in a gallery splitting this ambition into several phases. Malaysia's Pavilion laid out a roadmap for the country's ambition to become a 'Smart Nation' by 2040, with a gallery splitting this ambition into several phases. This includes implementing integrated command centres from 2026 to 2030, with the aim of monitoring cities in real-time to ensure more efficient operation, allowing data-driven decision-making that would make predictions for traffic management and public safety trends. From 2031 to 2035, Malaysia envisions smarter and more responsive cities through advanced analytics and Internet of Things sensors operating in cities, with data shared across government agencies, enhancing services like waste management, energy efficiency, crime prevention, mobility, and infrastructure. Under the roadmap, Malaysia would finally achieve 'visionary smart cities' by 2040, with liveable, sustainable, safe, and seamlessly connected urban spaces. The pavilion also showcased a diorama of Kuala Lumpur, complete with a projection-mapped light show highlighting key landmarks and train lines throughout the city. It also featured an augmented reality (AR) element, with tablets providing explanations when the camera is pointed at a specific part of the city. The booth highlighted Malaysia's robust QR payment systems offered through various payment platforms, including DuitNow, MAE, GrabPay, TNG eWallet and Agro Bank, while also showcasing registered intellectual properties. Attendees could learn more about landmarks such as the Petronas Twin Towers, the Tun Razak Exchange, and public transportation systems like the LRT and monorail lines by tapping on the AR overlay panels that are displayed on the tablet. The overlays display information about the landmarks, infrastructure, and offer suggestions for other sites to explore. Ministries are taking turns serving as exhibitors at the Malaysia Pavilion during the Expo, with the Domestic Trade and Costs of Living Ministry (KPDN) managing the booth during LifestyleTech's visit. The booth highlighted Malaysia's robust QR payment systems offered through various payment platforms, including DuitNow, MAE, GrabPay, TNG eWallet (see story on p4), and Agrobank, while also showcasing registered intellectual properties. A Hall of Fame celebrating notable figures from Malaysia's past and present. At the end of the Malaysia Pavilion was a Hall of Fame, celebrating notable figures from the nation's past and present, spanning a wide range of fields. This includes national athletes like Datuk Wira Lee Chong Wei and Datuk Nicol Ann David, along with stars like Tan Sri P. Ramlee and Tan Sri Michelle Yeoh. Riding the future Several Pavilions exhibited robots and their potential to transform the future of humanity. For instance, the Robot & Mobility Station by the East Gate of the Expo included a mix of experiences and demos leveraging robotics. On display was an AI (artificial intelligence) suitcase developed by the Consortium for Advanced Assistive Mobility Platform, meant to guide visually impaired people to requested destinations. This AI 'suitcase' guides those with vision impairments with voice and tactile directions. Despite the name, the suitcase provides no storage space whatsoever, with its internals completely filled with sensors, including lidar, which is commonly used with autonomous vehicles, a satellite positioning antenna, and camera. These sensors would then be used to detect obstacles and provide guidance through voice directions, with additional tactile directions provided through a spinning dial on the handle. The station also had three varieties of mobility devices, including the Daihatsu e-Sneaker, which could be rented for use around the Expo grounds. The e-Sneaker is capable of a top speed of 4km per hour, with a maximum range of 12km. The e-Sneaker can be borrowed by attendees to get around the Expo. Equipped with a row of sensors on the front and back, it can detect people and obstacles in front of riders, automatically dropping speed to 1kph to avoid collisions. Alongside it was the larger Waku Mobi scooter, capable of a much higher top speed of 20kph, boasting greater stability during rides due to its entire body being able to tilt without shifting the rider when on uneven surfaces. The Waku Mobi scooter can remain stable even when on jagged terrain for smoother rides. Meanwhile, the wheelchair-like Uni-One can move in any direction and is controlled by riders shifting their body weight or leaning, entirely hands-free. The Future City Pavilion featured the Corleo, a concept all-terrain vehicle from Kawasaki. As the name implies, it is meant to look like a robotic lion which people can ride like a horse. Kawasaki's all-terrain concept vehicle, the Corleo, looks like a robotic lion. Though based on the video shown behind the Corleo at the event, it might be more apt to describe it as a mountain goat, since it was mainly depicted in hilly and mountainous environments. Behind the Pavilion is the advanced air mobility vehicle from Lift Aircraft called Hexa, which was unfortunately only a static display during LifestyleTech's visit. It is unclear if it will be taking flight sometime later during the Expo. Robotics galore Also at the Future City Pavilion were completely autonomous farming robots from Kubota, a Japanese agricultural machinery company, with units in two different sizes on show. The larger Type V model is intended as a versatile platform capable of handling every stage of farming, from tilling to harvesting using various attachments and tools, while the smaller Type S is meant to be an assistant robot that can haul cargo and perform more precise tasks. Type V and Type S: Two multifunction agriculture robots were shown off at the Future Cities Pavilion. This is the Type S. Then there's the MechatroMate Q from robotics company Living Robot, a small elder care robot that doubles as a cross between a walking smartphone and a smart home hub. It can deliver video calls from family members directly to the person it's caring for with its built-in 13-megapixel camera, provide medication reminders, control appliances like air conditioners, and even contact emergency services if something goes wrong. The MechatroMate Q is an elder care robot that pulls double duty by making calls and giving medication reminders. Another robot on show was the Qlogo Reactive Ver. 2, which is a telepresence robot, meaning that it can be controlled by someone off-site and be tasked with a specific job that can be performed in real-time. Back at the Robot & Mobility Station are space-themed experiences, including a virtual reality spacewalk, which puts attendees in the seat of a space shuttle launch. The simulator chair even rotates 360° around to mimic zero gravity and the intensity of a shuttle launch. Alongside it is a moon driving experience with a simulator setup with hydraulics to simulate the rugged lunar surface, and the remote operation of excavation equipment on the moon with joysticks. Cutting-edge vending machines No conversation about exploring Japan would be complete without a vending machine mention. Aside from all vending machines on the Expo's grounds accepting card and QR payments in line with the event's cashless vision, vending machine providers are also honing in on sustainability tech. Fuji Electric and Coca-Cola's vending machine can be powered by hydrogen. A hydrogen-powered vending machine co-developed by Fuji Electric and Coca-Cola was also on show. While it works about the same as a regular vending machine, what makes it special is the replaceable hydrogen cartridges it uses as a power source. Rather than requiring a power outlet (and the associated infrastructure like power lines and electrical grids), these vending machines operate so long as the hydrogen cartridges are replaced when depleted. The hydrogen cartridges provide energy through a chemical reaction with hydrogen and oxygen, allowing these vending machines to be installed basically anywhere. This would also mean the vending machines would be powered by a clean energy source, assuming that green hydrogen is used, meaning that the production process gives off zero emissions. For context, grey hydrogen, which emits carbon dioxide when produced, accounted for around 92% of the hydrogen produced in 2022, according to a Forbes report. During LifestyleTech's visit however, it was switched to using regular electricity due to issues with hydrogen supply. A notice on the machine mentions it will resume using hydrogen power in early June. Meanwhile, in another part of the Expo, an Asahi vending machine was 'eating' carbon dioxide. It featured a built-in carbon dioxide absorber which is claimed to capture 20% of the annual emissions generated by powering each unit. Asahi's vending machine can 'eat' carbon dioxide and be powered by solar energy. While not carbon neutral, it does work to offset the carbon footprint created from powering them. A notice on the vending machines also says they have already deployed in Osaka's metro stations. However, when combined with another technology, namely solar panels, these Asahi vending machines might even become carbon negative. Some of those deployed at the Expo are equipped with a roof made of solar panels, along with a sodium battery to store a charge when skies are overcast or when the sun isn't out. There are some caveats, though, as a notice on the machine states that the cooling performance may be affected when it is running solely off the power stored in the battery, meaning that drinks may not be at the ideal temperature. Other tidbits Also spotted at the Expo was flexible solar power generation film designed to be installed on uneven surfaces like roof tiles, which can generate and store energy in connected batteries. The stored power can then be used for everyday needs, such as charging a smartphone or powering small household devices. Lift Aircraft's Hexa was shown as a static display. Malaysians looking to visit the Expo can install an app developed by the organisers, called EXPO2025 Personal Agent, which can provide recommendations based on a particular guest's likes, with a suggested itinerary based on the entrance used by the attendee and their time of entry, along with route navigation and restroom pit stops. It also gives attendees quests to visit certain spots as part of a virtual stamp rally. While Japan has a reputation for being a cash-first country, Expo organisers have gone in a different direction with a fully cashless policy, encouraging visitors to use credit and debit cards, QR codes, and prepaid card options during their time at the event. All in all, it makes for a familiar experience for Malaysians, who have long embraced e-wallets and contactless payments back at home. The Osaka World Expo runs until Oct 13, 2025.
AsiaOne
25-05-2025
- General
- AsiaOne
Built different: 60 everyday street smarts that make Singaporeans… Singaporean, Lifestyle News
Our Lion City turns 60 this year — and while we're celebrating the big milestones and flashy headlines, let's not forget the little things that make us uniquely Singaporean. We're talking about the real skills — like knowing how to 'chope' a hawker table and dumping all sorts of valuables on it, navigating ERP timings with the accuracy of a sniper, and ordering your cai png with precision and no judgement. These aren't taught in school, but if you grew up here, chances are you've unlocked most of them without even realising it. Here are 60 everyday skills that Singaporeans have silently perfected — because behind every kopi order is a generation fluent in unspoken street smarts. Hawker and food court survival 1. Ordering economic bee hoon in the right sequence 2. Snaking through a hawker centre carrying a tray of hot soup without spilling anything 3. Scouting out the best chicken rice 4. Bringing your own tissue for wet hawker tables 5. Knowing which food stalls are worth the queue 6. Ordering cai png without holding up the queue 7. Ascertaining which stall is best based on the length of its queue Public transport hacks 8. Timing your travel to avoid ERP charges 9. Knowing exactly where MRT doors will open out into an escalator or lift 10. Using bus stop codes to check bus arrivals 11. Zigzag walking through crowded MRT stations 12. Entering, and exiting from the least crowded MRT door 13. Navigating Raffles Place MRT station's many exits without the help of signs 14. Sleeping on the bus, only to wake up right in time for your stop 15. Navigating the underground walkways of Orchard 16. Walking through Promenade MRT, City Hall, and Funan without going outside Choping and queuing culture 17. 'Choping' a table with tissue or umbrella 18. Joining queues without knowing what it's for (then Googling) 19. Tactically cutting queues at stalls with pre-orders 20. Eyeing a person finishing his or her last bites at a table for a fast 'chope' 21. Leaving a valuable item (like a laptop or phone) to 'chope' but still keeping an eye on it from afar Smart shopping and promo skills 22. Using FairPrice app to 'Scan & Go' for a hassle-free shopping experience 23. Checking vouchers on Shopee and Lazada before any big buy 24. Planning meals based on supermarket promo timings (FairPrice or Don Don Donki late night deals) 25. Maximising credit card cashback promos 26. Getting info about warehouse sales like a veteran 27. Knowing the best way spend CDC vouchers 28. Knowing whether to use GrabPay, Shopback, Favepay, etc for the best deal Everyday street smarts 29. Walking under HDB void decks during rain to get to your destination 30. Dodging flyer distributors like a ninja 31. Avoiding bird poop zones near trees 32. Wearing a jacket in 30 degree Celcius weather without sweating 33. Selling off your vintage items on Carousell 34. Eating chicken wings with one hand or with chopsticks 35. Avoiding eye contact with insurance agents outside the MRT 36. Running for the bus but making it look natural 37. Returning unopened wet tissue at a restaurant to avoid paying for it 38. Proudly wearing slippers in Orchard 39. Acting like you're too tired to stand for 10 mins on the MRT, yet being able to queue three hours for Hello Kitty at McDonald's 40. Knowing exactly when to drive in and out of Woodlands Checkpoint to beat the jam Language and cultural know-how 41. Knowing when to call someone 'aunty' vs "ma'am" 42. Using Singlish to diffuse tension 43. Switching between four languages in one sentence 44. Understanding 'bo jio ' etiquette 45. Mastering all lah , lor, leh combinations 46. Explaining Singlish terms to tourists with pride 47. Navigating wedding dinner ang bao rates 48. Differentiating between kopi and teh variations like a barista 49. Recognising Singaporeans overseas before they even open their mouths 50. Complain about everything from the heat to the MRT, but still come to Singapore's defence whenever non-Singaporeans criticise her 51. Saying "see first" or "see how" to avoid overtly rejecting invites 52. Couples turning admin tee and PT shorts into couple outfit 53. (For males) Breaking the ice with complete strangers by talking about National Service 54. Consoling people by saying " shag bro" 55. Becoming an expert in politics every time it's election season Housing and estate life 56. Picking the best shaded lots for unsheltered carparks 57. Timing entering the lift alone to avoid neighbour gossip 58. Dodging MP walkabout handshake traps 59. Finding the fastest way through maze-like HDBs 60. Knowing when void deck weddings end (for sleep) [[nid:717785]] This article was first published in
Straits Times
20-05-2025
- Business
- Straits Times
Sing$-backed stablecoin XSGD more widely available for use as it launches on new blockchain platform
Digital payment infrastructure provider StraitsX launched the XSGD on the XRP Ledger on May 20. PHOTO: STRAITSX/FACEBOOK Sing$-backed stablecoin XSGD more widely available for use as it launches on new blockchain platform SINGAPORE - More developers, fintechs, and financial institutions can use the Singapore dollar-backed stablecoin XSGD as it becomes available on yet another blockchain platform. On May 20, StraitsX, a digital payment infrastructure provider backed by Standard Chartered Bank, launched the stablecoin on the XRP Ledger (XRPL), a public blockchain built for large-scale tokenisation of both crypto-native and real-world assets. The stablecoin, which is fully backed 1:1 by reserves held with DBS Bank and Standard Chartered, allows users another option for payment, including real-time cross-border payments and on-chain settlement. The launch was done together with Ripple, an enterprise blockchain and crypto solutions firm which also helped developed XRPL. Anyone can access and view data on the XRPL. StraitsX began issuing XSGD back in 2020, which was then only accessible and used by those with a StraitsX account. Since then, the stablecoin has been made available to use on a number of blockchain platforms such as Ethereum and Polygon. 'The availability of XSGD on the XRP Ledger is more than a deployment. It's a marker of where financial infrastructure is heading,' said Mr Liu Tianwei, co-founder and deputy chief executive officer at StraitsX. He added: 'As digital money becomes embedded in the global economy, regulated stablecoins like XSGD will serve as the foundation for borderless, real-time, and compliant-ready financial services.' StraitsX intends to ensure the stablecoin on XRPL will be ready for institutional use in June, allowing for payouts to be programmed and for merchant settlements. This will ensure speed and flexibility of digital assets with the regulatory and operational needs of businesses, regulators, and financial institutions. The company is part of the Monetary Authority of Singapore's (MAS's) multi-year initiative Project Orchid, which aims to develop the infrastructure and competencies needed for a Singdollar-backed stablecoin. Retail use is also part of the trial. For example, StraitsX in November 2024 launched a cross-border settlement solution in conjunction with Singapore GrabPay merchants and Chinese cross-border mobile payments and marketing platform Alipay+. Tourists from nine countries can use their home payment apps to make payments in Singapore with selected GrabPay merchants, with the local merchants receiving the money immediately using the XSGD stablecoin. Ms Fiona Murray, managing director of Asia-Pacific at Ripple, said the launch of the XSGD on the ledger could play a pivotal role in payments. 'As institutions and developers seek to build real-world financial applications on-chain, we're proud to collaborate with forward-looking partners like StraitsX to lay the groundwork for an open, enterprise-grade payments future in Singapore and beyond.' Cross-border commerce in Asia expected to surpass US$4 trillion (S$5.18 trillion) by 2030. Regulated stablecoins, like XSGD, are seen as an essential building block in the next phase of payment innovation. Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
06-03-2025
- Business
- Yahoo
Singapore Gift and Incentive Card Market Report 2025: A $2.24 Billion Market by 2029 with a Forecasted 9.3% CAGR During 2025-2029
The report offers over 100 key performance indicators (KPIs) at the country level, providing a comprehensive understanding of gift card market dynamics. It includes analyses of digital and e-gift card sales, distribution channels, key occasions, demographic trends, and market share statistics of leading retailers. Additionally, it provides insights into consumer behavior and retail spending dynamics, with KPIs presented in both value and volume terms. Singaporean Gift Card and Incentive Card Market Dublin, March 06, 2025 (GLOBE NEWSWIRE) -- The "Singapore Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics Databook - Q1 2025" report has been added to offering. This databook provides a data-centric analysis of Singapore's gift card sector, highlighting market opportunities and risks across various consumer segments, product categories, retail sectors, and store formats. The gift card market in Singapore has demonstrated robust growth, with a compound annual growth rate (CAGR) of 11.1% from 2020 to 2024. This upward trajectory is expected to continue, with the market projected to grow at a CAGR of 9.3% during the forecast period of 2025 to 2029, reaching approximately USD 2.24 billion by the end of 2029. Key InsightsThe Singapore gift card market is evolving with a strong emphasis on digital transformation, corporate adoption, and retail collaborations. The shift towards e-gift cards is driven by the rapid growth of e-commerce and mobile payments, making digital transactions more convenient for consumers. At the same time, businesses are increasingly utilizing gift cards for employee incentives, recognizing their flexibility and appeal in enhancing workforce trends are expected to further shape the industry over the next few years, with retailers and corporations expanding their gift card offerings to cater to evolving consumer preferences. Retail partnerships will play a crucial role in diversifying available options, ensuring that gift cards remain relevant in the Singaporean market. As competition intensifies, market players must innovate and integrate new technologies to sustain growth and maintain consumer Digital Adoption of Gift Cards The digital gift card shift in Singapore is driven by consumer demand for seamless, contactless, and immediate gifting solutions. Major retailers and e-commerce platforms have responded by expanding their digital gift card offerings, allowing customers to easily purchase and redeem them online. This transition is enhancing convenience for consumers and enabling businesses to streamline their operations by reducing reliance on physical inventory and logistics. Adopting digital gift cards is closely linked to the broader growth of e-commerce and mobile payments in Singapore. With the widespread use of digital wallets such as GrabPay and PayNow, consumers are increasingly comfortable conducting cashless transactions. The COVID-19 pandemic reinforced this trend by accelerating the adoption of contactless payments, further driving retailers and service providers to integrate digital gift cards into their offerings to meet shifting consumer expectations. Over the next 2-4 years, Singapore's digital gift card market is expected to continue expanding, with businesses exploring new ways to enhance the user experience. Retailers may introduce personalized and multi-brand gift card options to appeal to a broader customer base. Additionally, technological advancements, such as blockchain-based gift cards or enhanced security features, may gain traction to address fraud concerns and improve customer confidence in digital transactions. Expand Corporate Adoption of Gift Cards for Incentive Programs Corporate adoption of gift cards for incentive programs is gaining traction in Singapore as companies seek flexible and cost-effective ways to reward employees. Organizations are moving away from traditional incentive structures, such as cash bonuses, towards gift cards that give employees greater autonomy in choosing rewards. This shift is particularly evident in multinational corporations and technology firms integrating digital gift cards into their employee benefits and engagement strategies. The growing preference for gift cards in corporate incentives is largely driven by their ability to cater to diverse employee preferences. Unlike one-size-fits-all rewards, gift cards allow employees to redeem their incentives across various merchants, including popular retailers, food and beverage outlets, and online platforms. This flexibility aligns with Singapore's evolving workplace culture, where companies focus on improving employee experience and retention amid a competitive job market. Over the next 2-4 years, corporate adoption of gift cards is expected to become more widespread, with businesses offering customized and branded gift card options. Companies may integrate digital gift cards into performance management systems, enabling employees to receive real-time rewards based on key performance indicators. Additionally, partnerships between corporations and gift card providers will likely expand, facilitating bulk purchases and tailored solutions for employee engagement programs. Foster Growth Through Retail Partnerships Retailers in Singapore are increasingly leveraging partnerships to enhance their gift card offerings, making them more versatile and appealing to consumers. Collaborations between retail chains, digital payment platforms, and e-commerce marketplaces have expanded the range of gift cards available, allowing consumers to redeem them across multiple brands. This strategy enhances customer convenience and strengthens brand loyalty, as consumers are more likely to engage with retailers that offer flexible and multi-brand gift card options. The primary driver of this trend is the growing consumer demand for personalized and adaptable gifting solutions. Retailers can create bundled gift card solutions for specific occasions, such as holidays or corporate gifting programs, by partnering with financial institutions, digital wallet providers, and other merchants. Additionally, these partnerships enable businesses to tap into a wider customer base by offering co-branded or cross-industry gift cards, making them more appealing to individual consumers and businesses. Over the next 2-4 years, expanding retail partnerships will diversify the Singaporean gift card market, offering consumers more tailored and customizable options. Companies may introduce digital features such as reloadable or subscription-based gift cards, further enhancing their appeal. As competition increases, retailers will likely invest in loyalty-driven gift card programs, using data insights to offer targeted promotions and personalized gifting experiences, reinforcing customer engagement and long-term retention. Competitive Landscape of the Singapore Gift Card MarketThe Singapore gift card market is evolving rapidly, with strong growth driven by increased digital adoption and corporate utilization. Established players continue to dominate the market, while new entrants are leveraging digital platforms to introduce innovative gifting solutions. The rise of e-commerce and mobile payments reinforces the shift toward digital gift cards, and businesses are increasingly incorporating them into incentive programs and customer engagement competitive landscape is expected to become more dynamic, with further innovation in digital gift card offerings and strategic partnerships shaping the market. Regulatory changes focusing on transparency and consumer protection will influence market practices, requiring companies to ensure compliance. As competition intensifies, businesses will likely invest in personalized and multi-brand gift card solutions, positioning the market for sustained expansion in the coming Market Dynamics The Singapore gift card market expansion is largely driven by the increased adoption of digital gift cards, which have become a preferred choice for consumers and businesses. The corporate sector has also contributed to this growth by integrating gift cards into employee incentive programs, recognizing their flexibility and ease of distribution. The rapid development of e-commerce and mobile payment solutions further reinforces the shift towards digital and e-gift cards. Consumers increasingly opt for digital transactions, particularly after the COVID-19 pandemic accelerated the demand for contactless and instant gifting options. As a result, retailers and service providers have expanded their digital gift card offerings, aligning with the changing preferences of Singaporean consumers. Key Players and Market Share Established retail chains such as NTUC FairPrice Co-operative Pte Ltd, Dairy Farm International Holdings Ltd, and Sheng Siong Supermarket Pte Ltd dominate the Singapore gift card market. These companies offer a range of gift card options, catering to consumer preferences across grocery, lifestyle, and retail segments. Their extensive distribution networks and strong brand presence have allowed them to maintain a significant market share. At the same time, new entrants such as Giftano and Mooments are reshaping the market by offering fully digital gifting platforms. These companies focus on providing seamless online gift card solutions for individual consumers and corporate clients, capitalizing on the growing demand for digital transactions. Their presence is increasing competition in the market, driving innovation and expanding the range of available gift card solutions. Recent Launches and Partnerships Retailers in Singapore have increasingly formed partnerships with digital payment providers to expand their gift card offerings. Collaborations between retail chains and fintech companies have introduced co-branded gift cards, allowing consumers greater flexibility in payment and redemption options. These partnerships align with the broader shift towards digital transactions, enhancing convenience for customers while driving sales for businesses. While specific recent mergers and acquisitions in the Singapore gift card market are not widely reported, global trends indicate a movement toward consolidation. Companies seek synergies through acquisitions and strategic alliances to expand their reach and integrate new technologies. As competition intensifies, more partnerships and potential mergers may emerge, helping businesses strengthen their market position and enhance their gift card services. Anticipated Market Evolution (Next 2-4 Years) The Singapore gift card market is expected to see increased competition and innovation over the next 2-4 years. As e-commerce and digital payments expand, established players and emerging companies will likely introduce new gift card solutions that cater to evolving consumer preferences. The shift towards digital and multi-brand gift cards will be a key focus, driven by consumer demand for flexibility and convenience. To stay competitive, companies may invest in personalized and adaptable gift card offerings, incorporating reloadable balances and loyalty integration features. Additionally, strategic partnerships and potential mergers could reshape the market, allowing businesses to leverage new technologies and distribution networks. These developments will contribute to the continued growth of the Singapore gift card sector, positioning it as an essential component of the digital economy. Regulatory Changes The Singapore government has implemented new regulations in the past year to enhance consumer protection within the financial services sector, including gift cards. These regulations emphasize transparency in terms and conditions, ensuring consumers are fully informed about expiration dates, redemption policies, and usage limitations. Additionally, measures have been introduced to prevent fraud and misuse, reinforcing consumer confidence in gift card transactions. Compliance with these regulatory changes is crucial for businesses operating in the gift card market to maintain consumer trust and avoid legal challenges. Companies must stay updated on evolving regulatory requirements and adapt their policies to ensure adherence. Proactively addressing compliance measures will help mitigate risks and strengthen brand reputation and customer loyalty in the long term. Key Attributes: Report Attribute Details No. of Pages 325 Forecast Period 2025 - 2029 Estimated Market Value (USD) in 2025 $1.57 Billion Forecasted Market Value (USD) by 2029 $2.24 Billion Compound Annual Growth Rate 9.3% Regions Covered Singapore Report Scope This report provides in-depth, data-centric analysis of gift card industry in Singapore through 100+ tables and 280+ charts. Below is a summary of key market segments. Singapore Total Spend on Gifts Singapore Gift Card Market Size by KPIs across Consumer Segments Singapore Gift Card Market Size by Consumer Segment Singapore Digital Gift Card Market Size Singapore Gift Card Market Size by Retail Consumer Singapore Gift Card Spend by Consumer Behavior and Demographics Singapore Gift Card Market Size by Corporate Consumer Singapore Gift Spend by Product Categories (Split by Retail and Corporate Consumers) Singapore Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers) Singapore Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers) Singapore Gift Card Purchase by Payment Method For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Singaporean Gift Card and Incentive Card Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Sign in to access your portfolio
Yahoo
17-02-2025
- Business
- Yahoo
Singapore Buy Now Pay Later Market Report 2025: A $1.94 Billion Market by 2030, with Compound Annual Growth of 7.9% Forecast During 2025-2030
Singapore's BNPL market is expanding rapidly, fueled by the rise of e-commerce and changing consumer preferences for flexible payment options. Established players such as Atome, GrabPay, and Rely drive competition, while recent mergers and acquisitions, such as Pace Enterprise's acquisition of Rely, indicate a trend toward market consolidation. As the sector matures, BNPL providers are expected to enhance their service offerings and form strategic partnerships to capture a larger share of the growing market. Looking ahead, regulatory oversight will play a crucial role in shaping the BNPL landscape in Singapore. While the industry operates under a self-regulated framework supported by MAS, stricter compliance requirements may emerge to ensure responsible lending and consumer protection. Singaporean Buy Now Pay Later Market Dublin, Feb. 17, 2025 (GLOBE NEWSWIRE) -- The "Singapore Buy Now Pay Later Business and Investment Opportunities Databook - 75+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model, Demographics - Q1 2025 Update" report has been added to BNPL payment market in Singapore is expected to grow by 11.1% on annual basis to reach US$1.32 billion in 2025. Singapore's BNPL market experienced robust growth during 2021-2024, achieving a CAGR of 19.3%. This upward trajectory is expected to continue, with the market forecast to grow at a CAGR of 7.9% during 2025-2030. By the end of 2030, the BNPL sector is projected to expand from its 2024 value of USD 1.19 billion to approximately USD 1.94 billion. This report provides a detailed data-centric analysis of the Buy Now Pay Later (BNPL) industry in Singapore, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at the country level, this report provides a comprehensive understanding of BNPL market dynamics, market size and forecast, and market share breaks down market opportunities by type of business model, sales channels (offline and online), and distribution models. In addition, it provides a snapshot of consumer behaviour and retail spending dynamics. KPIs in both value and volume terms help in getting an in-depth understanding of end market InsightsSingapore's BNPL market is undergoing rapid growth, driven by increasing consumer demand for flexible payment solutions and digital commerce expansion. The sector's adoption is fueled by e-commerce, consumer preference for alternative credit, and the integration of BNPL into non-traditional sectors such as transportation. As BNPL services extend beyond retail into daily essential services, they are becoming a key component of Singapore's digital payments the next few years, competition in the BNPL space will intensify, with more providers entering the market and forming strategic partnerships. ShopBack's acquisition of Hoolah highlights the trend of consolidation and collaboration among BNPL players. As the industry matures, innovation in payment solutions and regulatory developments will shape the market, ensuring that BNPL remains a widely adopted and sustainable financial tool in Singapore's evolving financial Adoption of BNPL Services The rising adoption of BNPL is largely driven by consumers seeking more flexible and interest-free payment options to manage their purchases. As digital payments gain traction, BNPL services are becoming integral to Singapore's financial ecosystem, particularly in online retail and everyday transactions. E-commerce growth has significantly accelerated BNPL adoption as more consumers opt for installment-based payments instead of upfront costs. Additionally, the preference for alternative credit solutions is increasing, as BNPL provides a transparent and accessible option compared to traditional credit cards. These factors have encouraged BNPL providers to expand their reach, forming partnerships with merchants across various sectors to capture a larger market share. Companies will likely introduce more innovative BNPL models and diversify their offerings to cater to wider consumer needs. As adoption intensifies, regulatory frameworks and responsible lending practices will also play a critical role in shaping the future of BNPL services in Singapore. Integration of BNPL into Various Sectors Expanding BNPL services beyond retail into sectors such as transportation and utilities is reshaping Singapore's digital payment landscape. Grab's introduction of 'PayLater' allows consumers to defer payments across its various services, including ride-hailing, food delivery, and digital payments. This diversification highlights the increasing role of BNPL in everyday transactions, making installment-based payments more accessible beyond traditional shopping. The primary driver of this trend is the growing need for flexible financing solutions for essential services. By offering BNPL options for transportation and utilities, providers enable consumers to manage their expenses more effectively, reducing financial strain. This shift is also supported by the broader adoption of digital payment ecosystems, where consumers expect seamless and convenient financing options integrated into their daily lives. Over the next few years, BNPL's integration into multiple sectors will accelerate the transition toward a cashless society. As adoption grows, more service providers will likely introduce BNPL options to attract and retain customers. This expansion could also increase consumer spending, as installment-based payment models encourage higher transaction values and greater financial inclusion across different income groups. Strategic Partnerships Enhancing BNPL Reach Strategic partnerships are crucial in expanding the reach of BNPL services in Singapore. ShopBack's acquisition of Hoolah exemplifies how BNPL providers are consolidating and forming alliances to strengthen their market presence. By integrating BNPL services with cashback and rewards programs, such collaborations enhance consumer engagement and expand the use of installment-based payment options. The main driver behind these partnerships is the opportunity to leverage established customer bases and merchant networks for rapid market expansion. By integrating BNPL with existing financial and retail ecosystems, providers can offer more seamless payment solutions while diversifying their services. These alliances also create synergies between fintech companies, payment platforms, and retailers, helping BNPL providers scale more efficiently in a competitive market. Over the next few years, BNPL partnerships are expected to increase the visibility and mainstream acceptance of installment-based payments. As more companies integrate BNPL into their service offerings, competition will drive further innovation in payment solutions and customer experience. This trend will likely contribute to the long-term sustainability of BNPL in Singapore, making it a widely accepted alternative to traditional credit. Competitive Landscape and Regulatory Developments in Singapore's Buy Now, Pay Later (BNPL) MarketSingapore's BNPL market is expanding rapidly, fueled by the rise of e-commerce and changing consumer preferences for flexible payment options. Established players such as Atome, GrabPay, and Rely drive competition, while recent mergers and acquisitions, such as Pace Enterprise's acquisition of Rely, indicate a trend toward market consolidation. As the sector matures, BNPL providers are expected to enhance their service offerings and form strategic partnerships to capture a larger share of the growing ahead, regulatory oversight will play a crucial role in shaping the BNPL landscape in Singapore. While the industry operates under a self-regulated framework supported by MAS, stricter compliance requirements may emerge to ensure responsible lending and consumer protection. As competition intensifies and regulatory frameworks evolve, BNPL providers will need to focus on innovation and sustainable business practices to maintain growth and remain competitiveCurrent State of the BNPL Market Singapore's BNPL market is expanding rapidly, fueled by the growth of e-commerce and shifting consumer preferences toward flexible payment solutions. As more consumers seek interest-free installment options, BNPL providers integrate their services across various retail and digital platforms. BNPL is set to become a key component of Singapore's digital financial ecosystem. The increasing adoption of cashless transactions and alternative credit solutions will continue driving BNPL expansion. As competition intensifies, providers will likely introduce new features and partnerships to enhance accessibility and capture a larger share of the growing market. Key Players and New Entrants Atome: A leading BNPL provider in Singapore, Atome offers consumers the flexibility to split their purchases into interest-free installments. GrabPay: Integrated within the Grab ecosystem, GrabPay provides BNPL options, allowing users to defer payments across various services, including transportation and food delivery. Hoolah: Before its acquisition by ShopBack, Hoolah was a notable BNPL provider in Singapore, enabling consumers to make purchases and pay in installments. Rely: Rely offers BNPL services, allowing consumers to split their purchases into interest-free installments. Outlook Over the next 2-4 years, the BNPL market in Singapore is expected to continue its expansion, driven by ongoing digitalization and increasing consumer demand for flexible payment options. However, the competitive landscape will likely intensify as new entrants emerge and existing players enhance their offerings. Regulatory scrutiny is also anticipated to increase, with the potential for more stringent guidelines to ensure responsible lending practices and consumer protection. Providers must navigate this evolving environment by focusing on innovation, strategic partnerships, and compliance with regulatory standards to maintain and grow their market share. Regulatory Changes In response to the rapid growth of BNPL services and potential consumer risks, the Monetary Authority of Singapore (MAS) has been closely monitoring the sector. MAS supports effective industry self-regulation through a BNPL Code of Conduct, which includes safeguards such as age restrictions and credit limits to mitigate the risk of consumers accumulating excessive debt. Companies Featured Atome ShopBack GrabPay Hoolah Pace LatitudePay SeaMoney Ablr Rely Octifi Key Attributes: Report Attribute Details No. of Pages 88 Forecast Period 2025 - 2030 Estimated Market Value (USD) in 2025 $1.32 Billion Forecasted Market Value (USD) by 2030 $1.94 Billion Compound Annual Growth Rate 7.9% Regions Covered Singapore Report ScopeThis report provides in-depth, data-centric analysis of Buy Now Pay Later industry in Singapore through 58 tables and 75 charts. Below is a summary of key market segments. Singapore BNPL Market Size and Spending Pattern Singapore Buy Now Pay Later Revenue Analysis Singapore Buy Now Pay Later Operational KPIs & Statistics Singapore BNPL by Purpose Singapore BNPL by Business Model Singapore BNPL by Merchant Ecosystem Singapore BNPL by Distribution Model Analysis Singapore Buy Now Pay Later Market Share Analysis by Key Players Singapore BNPL Analysis by Channel Singapore Buy Now Pay Later in Retail Shopping: Market Size and Forecast Singapore Buy Now Pay Later in Home Improvement: Market Size and Forecast Singapore Buy Now Pay Later in Travel: Market Size and Forecast Singapore Buy Now Pay Later in Media and Entertainment: Market Size and Forecast Singapore Buy Now Pay Later in Services: Market Size and Forecast Singapore Buy Now Pay Later in Automotive: Market Size and Forecast Singapore Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast Singapore Buy Now Pay Later in Others: Market Size and Forecast Singapore Buy Now Pay Later Analysis by Consumer Attitude and Behaviour For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Singaporean Buy Now Pay Later Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Sign in to access your portfolio
