SG Morning Call | Grab Said to Be In Talks to Buy Singapore Fintech Firm Atome
Market Snapshot
Singapore stocks opened higher on Friday. STI rose 0.2%; D05 fell 0.2%; U11 rose 0.37%; O39 rose 0.6%
Stocks in Focus
$SGX(S68.SI)$: The securities daily average value on the exchange rose 35 per cent year on year in August to S$2.2 billion, driven by robust retail interest in real estate investment trusts and small to mid-cap stocks, alongside a record-breaking rally in the Straits Times Index. The total securities market turnover for the month rose 29 per cent year on year to S$43.3 billion. SGX shares fell 0.4 per cent or S$0.10 to close at S$24.68 on Thursday.
$Oiltek(HQU.SI)$: Oil prices rose more than 6 per cent on Thursday, with both Brent and West Texas Intermediate (WTI) crude rising beyond US$100 a barrel. This followed the largest attacks on tankers since the Iran war began, which stoked fears about further disruptions to already tight oil supplies. Brent crude futures rose to US$107.63 a barrel, while WTI rose above US$100 a barrel to US$102.48 for the first time since May. Oiltek shares rose 1.4 per cent or S$0.02 to close at S$1.46 on Thursday.
SG Local News
Cashless society? Singapore’s currency in circulation still hitting new highs at S$69 billion
The push for a cashless society appears to be not an easy task – with Singapore’s notes and coins in circulation continuing to grow.
According to Monetary Authority of Singapore (MAS) statistics, “currency in active circulation” for the past five years was S$60.3 billion, S$63.2 billion, S$64.6 billion, S$66.6 billion and S$69.6 billion – a new high.
However, an MAS spokesperson told The Business Times that the pace of money supply growth has slowed, averaging 3 per cent per year from 2023 to 2025, compared with an average of 7 per cent per year from 2020 to 2022.
Grab said to be in talks to buy Singapore fintech firm Atome
Grab Holdings, the biggest ride-hailing and food-delivery firm in South-east Asia, is in talks to buy a majority stake in Singapore-based buy-now-pay-later platform Atome Financial, according to people familiar with the matter.
A transaction could value the unit of Advance Intelligence Group at more than US$2 billion (S$2.53 billion), said the people, asking not to be identified because the discussions are private. Deliberations are ongoing and no final decisions have been made, the people said.
Representatives for Grab, Atome Financial and Advance Intelligence Group declined to comment.
Singapore's Aster plans to raise naphtha cracker utilisation, executive says
Singapore’s Aster Chemicals and Energy ran its naphtha-fed cracker at a rate ranging from 75 per cent to 80 per cent in the last five months and plans to ramp up utilisation rates further, a company official said on Thursday (Sep 10).
Aster, a joint venture of Indonesia’s Chandra Asri and trading major Glencore, operates a 1.1 million metric tonne per year steam cracker on Singapore’s Bukom Island.
Blackstone’s AirTrunk Seeks $1.6 Billion Loan for Singapore IPO
The proposed REIT IPO in Singapore will be a key test for data center financing in Asia, where banks are hitting their sector limits and becoming more selective about which projects they lend to. Data center loans in the region have surged to nearly $29 billion since the start of last year, according to data compiled by Bloomberg.
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