SG Morning Highlights | Seatrium's Asset-Holding Company Set to Pay US$57 Million to Awilco as Settlement for B379 Newbuild Contract

Advancers / Decliners is 48 to 57, with 46.15 million securities worth S$54.74 million changing hands.

Wood Mackenzie has recommended that Singapore should import low-carbon energy from Peninsular Malaysia's large-scale solar and battery energy storage systems or Sarawak's hydropower to achieve its goal of importing four gigawatts of renewable power by 2035. The cost of transmission of electricity from these locations to Singapore is relatively lower than other potential markets. Wood Mackenzie also suggests that Singapore could source wind power with battery storage from Vietnam and the Philippines, but exporting this energy to the country would be prohibitively expensive. Singapore is expected to face challenges such as high costs and land constraints in its transition from gas to lower carbon power.

The Monetary Authority of Singapore (MAS) and the National Bank of Cambodia (NBC) have launched the Financial Transparency Corridor (FTC) initiative to facilitate trade and cross-border financial services for small and medium-sized enterprises (SMEs) between the two countries. The FTC is a consent-based digital network connecting financial institutions in Singapore and Cambodia, designed and run by Proxtera Pte Ltd. The initiative aims to improve data accessibility, enabling financial institutions to make more accurate credit risk assessments and boost financing options for SME trade between Singapore and Cambodia. Participating financial institutions include ANEXT Bank, Advanced Bank of Asia, Liquid Group, Sing Investments & Finance Limited, ACLEDA Bank PLC, Phillip Bank PLC, Sathapana Bank PLC, and Wing Bank PLC. The next phases of the initiative will explore green finance and trade finance to enhance trade capabilities for both countries. MAS and NBC signed an MoU in July 2023 to support the FTC initiative.