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Indonesia Cements Status as China’s Top ASEAN Partner with Historic Currency Pact – EBC Financial Group Insights

With bilateral trade projected to hit USD160B in 2025, Indonesia’s Yuan-Rupiah pact with China for de-dollarisation and reshapes ASEAN’s financial future.


JAKARTA, INDONESIA – Media OutReach Newswire – 5 June 2025 – As one of China’s largest ASEAN trading partners, with bilateral commerce reaching USD147.80 billion in 2024 (6.1% YoY growth), Indonesia has solidified its economic ties with China. During Chinese Premier Li Qiang’s state visit ahead of the ASEAN-GCC-China Summit, the two nations signed four new MoUs—most critically, an upgraded Local Currency Settlement (LCS) pact between Bank Indonesia (BI) and the People’s Bank of China (PBOC). EBC Financial Group (EBC), a leading brokerage firm, examines how this agreement redefines Indonesia’s economic resilience.

Indonesia cements its position as China's top ASEAN partner with USD147.8B bilateral trade in 2024, strengthened by a historic Yuan-Rupiah currency pact.

Sectoral Wins: The Foundation for Deeper Ties
The accords support Indonesia’s LCS framework across key sectors. Trade and tourism will benefit from streamlined visa policies, targeting 2 million Chinese visitors in 2025. A USD5 billion commitment for twin industrial parks (Fujian-Batang SEZ) will create over 100,000 jobs. Soft power initiatives, like joint TB vaccine research and media collaboration, strengthen people-to-people ties.

The LCS Breakthrough: Financial Sovereignty in Action
The BI-PBOC agreement enables Rupiah-Yuan use in capital accounts, offering three advantages:

  • Trade Shield: Bilateral trade (USD147.80B in 2024, +6.1% YoY) avoids costly USD conversions for exports like palm oil and nickel.
  • Rate Cut Buffer: BI gains flexibility with 5.3% of reserves in yuan, easing policy without destabilising the Rupiah.
  • BRICS Leverage: Access to New Development Bank funding supports President Prabowo’s USD20B infrastructure agenda, reducing dollar reliance.

“This isn’t just about cutting transaction fees—it’s a recalibration of Indonesia’s financial DNA,” says David Barrett, CEO of EBC Financial Group (UK) Ltd. “By enabling Yuan-backed trade and investment flows, BI is building a hedge against Fed policy shocks.”

ASEAN’s New Template: Unity Amid Global Realignments
China-ASEAN trade hit USD330B (Jan-Apr 2025, +9.2% YoY), with Indonesia leading regional integration. The upgraded CAFTA 3.0 and ASEAN-GCC-China Summit highlight diversified economic partnerships. As Barrett notes, “Indonesia is crafting a blueprint for monetary diversification. The Local Currency Settlement (LCS) deal illustrates how mid-sized economies can reduce overreliance on a single dominant currency, balancing regional cohesion with global standards.”
Hashtag: #EBCFinancialGroup #BRICS




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Regional Operation Disrupts USD 20 Million Transnational Scam Syndicates, Thousands of Bank Accounts Frozen

The Malaysians return to their country after escaping a job syndicate in Laos. Photo Credit: Free Malaysia Today

Authorities across Asia have arrested more than 1,800 individuals as part of a sweeping operation targeting transnational scam networks, according to the Hong Kong Police. 

The coordinated effort spanned six jurisdictions and focused on dismantling online fraud and scam operations that have plagued the region in recent years.

The joint operation, which ran for several weeks and concluded at the end of May, successfully disrupted criminal activity involving more than USD 20 million in fraudulent funds. Police in Hong Kong confirmed that around 33,000 bank accounts suspected of being linked to scams were frozen during the campaign.

Authorities from South Korea, Thailand, Singapore, Macao, Malaysia, and the Maldives worked alongside Hong Kong police to investigate and shut down scam operations tied to online shopping fraud, telephone scams, as well as investment and employment-related fraud. 

Individuals arrested range in age from 14 to 81, illustrating the broad scope of the criminal networks.

One highlighted case involved a finance executive in Singapore who, in March, was deceived through deepfake technology by someone impersonating a corporate CEO. 

The victim transferred nearly half a million US dollars to Hong Kong. Thanks to timely cross-border cooperation, the funds were recovered.

A recent United Nations report highlighted the rising influence of transnational criminal groups operating scam centers in East and Southeast Asia. These groups have expanded their operations globally, using regions like Cambodia, Laos, Myanmar, and the Philippines as hubs due to weak enforcement and porous borders.

Border areas in particular, such as those in Laos, Myanmar, and Cambodia, remain hotspots for these operations.

Scam compounds there are known for forcibly employing workers to carry out fraudulent schemes, including romance scams, investment fraud, and illegal online gambling. Victims of trafficking are frequently held under abusive conditions, facing limited access to help or escape.

China Launches Multi-Entry ‘ASEAN Visa’ to Boost Regional Ties

China Launches Multi-Entry ‘ASEAN Visa’ to Boost Regional Ties
This image is used only for representational purpose (credit photo: Wikimedia Commons)

China has introduced a new “ASEAN Visa” for citizens of the ten Association of Southeast Asian Nations (ASEAN) member states and observer Timor-Leste, Chinese foreign ministry spokesperson Lin Jian announced at a press briefing on 3 June.

Gold market: May 2025 overview and June 2025 outlook. A monthly digest by the global broker Octa


KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 5 June 2025 – May proved to be a rather challenging month for gold traders. XAUUSD, the primary financial instrument for trading gold, fluctuated in a relatively broad range between $3,120 and $3,435 per ounce (oz), but finished the month virtually unchanged, narrowly recording a fifth consecutive monthly gain. Although trading started on a bearish note, XAUUSD found support in the $3,200 area and even rebounded slightly. However, the failure to confidently break above the critical $3,430 mark led to a short-term bearish trend, with prices falling by nearly 9% by mid-May. Subsequently, technical dip-buying and robust safe-haven demand spurred a recovery in XAUUSD, which remained comfortably above its 50-, 100-, and 200-day moving averages (MAs). Nevertheless, May marked the first month since November 2024 when gold did not reach a new all-time high. Notably, the monthly chart for May has formed a strong doji candlestick, potentially signalling traders’ indecision and a possible mid-term reversal.

Octa Broker

Overall, the past month presented a rather bumpy ride for traders as it was fueled by a series of notable market-moving events (outlined below). Gold investors contended with persistent trade-related news, shifting geopolitical dynamics in the Middle East and Eastern Europe, rapidly changing monetary policy expectations and U.S. recession probabilities as well as escalating concerns regarding global debt and weakening U.S. dollar. Demonstrating its traditional role, gold once again highlighted its inherent value as a safe-haven asset, potentially indicating continued positive performance in the near future.

Major market-moving events:
  • 5-6 May. XAUUSD rallied by more than 6% in just two days as buying from China increased after its markets reopened following a long Labour Day holiday, which ran from 1 May to 5 May. In addition, President Trump’s announcement of a 100% tariff on foreign films renewed trade war fears, weakened the U.S. dollar, and made gold more appealing to holders of other currencies.
  • 7-8 May and 12 May. Gold started to pull back from the $3,430 level as the market began to price in the potential easing of trade tensions ahead of the scheduled meeting between the U.S. Treasury Secretary Scott Bessent and Vice Premier of China He Lifeng in Geneva, Switzerland. Furthermore, the U.S. announced a ‘breakthrough’ trade agreement with Britain, which had an additional bullish impact on the greenback (and a bearish impact on the bullion). Improving risk sentiment and rising hopes for the normalisation of global trade relations culminated on 12 May when the U.S. and China announced that they managed to reach a temporary trade deal. As a result, gold prices plunged by as much as 3% on 12 May and continued to fall for another three trading sessions.
  • 15 May. Gold began to erase earlier losses after touching critical support in the 3,150 area, which triggered a flow of pending buy-limit orders, helping pull XAUUSD up by almost 2%. In addition, soft U.S. Producer Price Index (PPI) data prompted investors to expect more rate cuts by the Federal Reserve (Fed), further supporting gold prices.
  • 20 May. As investors were still digesting the long-term implications of Moody’s downgrade of the U.S. debt, U.S. President Donald Trump was attempting to convince his fellow Republicans in the U.S. Congress to unite behind a sweeping tax-cut bill, which is widely expected to worsen the federal budget deficit outlook. As a result, the U.S. dollar continued to fall, while gold’s price rose towards $3,300 per oz.
  • 23 May. Gold prices rose by almost 2%, achieving their best week in six. This was largely due to investors seeking a safe haven as U.S. President Donald Trump renewed tariff threats, recommending a 50% tariff on European Union (EU) imports from 1 June and stating that Apple would face a 25% tariff on iPhones made outside the U.S.
  • 29 May. After declining for the previous three trading sessions, XAUUSD rose again after a U.S. appeals court reinstated President Donald Trump’s sweeping tariffs, just a day after most of the tariffs were blocked by a trade court.

May was a wild ride for the gold market thanks to America’s erratic trade policies,‘ says Kar Yong Ang, a financial market analyst at Octa broker. ‘Ever since Trump announced his reciprocal tariffs in April, they have been repeatedly delayed, adjusted, challenged, blocked and reinstated, sowing chaos, breeding uncertainty and leaving traders with no clear direction‘.

Indeed, as mentioned previously, the XAUUSD monthly chart shows a significant doji candlestick for May, indicating trader indecision and a potential mid-term reversal. In fact, the short-term trend from 22 April can generally be described as ‘sideways’, as traders are unsure about the bullion’s next big move..However, the broader, long-term trend is still decidedly bullish, as gold’s price remains comfortably above key trendlines and MAs. Overall, chaotic U.S. trade policy, rising fears about the sustainability of the U.S. twin deficits (fiscal and trade), endless geopolitical tensions and political instability, and solid structural demand on the part of central banks helped keep the bullion’s price near all-time highs. In addition, the big technical picture has been positive, resulting in trend buying by investors.

Physical demand for bullion has been a key driver behind the rising price of gold in recent months. Just recently, a Hong Kong Census and Statistics Department (C&SD) report showed that China’s total gold imports via Hong Kong nearly tripled in April, hitting their highest level in more than a year. A total of 58.61 metric tons (mt) of gold was imported via Hong Kong in April, up 178.17% from 21.07 tons in March. And these figures may not even provide a complete picture of Chinese purchases, as gold is also imported via Shanghai and Beijing. Indeed, the People’s Bank of China (PBoC) has been actively adding gold to its reserves for six straight months. According to the World Gold Council, PBoC added 2.2 mt to its gold holdings in April, which now stand at 2,295 mt, 6.8% of total reserve assets. Other countries, notably India and Russia, also continued to stockpile gold. Overall, according to global broker Octa’s estimates, global central banks have added more than 240 tons of gold to their reserves in Q1 2025.

Interestingly, U.S. trade policy also affected physical flows among Western nations. According to Swiss customs data, gold imports to Switzerland from the U.S. jumped to the highest monthly level since at least April 2012 after excluding precious metals from U.S. import tariffs. Reuters reported that Switzerland, the world’s biggest bullion refining and transit hub, and Britain, home to the world’s largest over-the-counter gold trading hub, registered massive outflows to the U.S. over December-March as traders sought to hedge against the possibility of broad U.S. tariffs hitting bullion imports.

Apart from central banks, global investors have also remained quite bullish on gold. According to the Commodity Futures Trading Commission (CFTC), large speculators (leveraged funds and money managers) were still net-long COMEX gold futures and options as of 27 May, 2025. Long positions totalled 152,034 contracts vs only 34,797 short contracts. Meanwhile, according to LSEG, a financial firm, flows into physically-backed gold exchange-traded funds (ETFs) reached almost 50 mt year-to-date. Most recently, however, speculative bullish interest in gold and ETFs flows have been subsiding.

Although large speculators remain net-long, the size of their exposure is substantially smaller compared to what it was back in September 2024, when the uncertainty around the U.S. Presidential elections fuelled bullish bets‘, says Kar Yong Ang, adding that ETFs actually recorded a minor outflow in the first half of May.

CFTC Commitments of Traders vs Gold Price

Source: CFTC, LSEG, global broker Octa's calculations
Source: CFTC, LSEG, global broker Octa’s calculations

Gold ETF Monthly Flows

Source: LSEG
Source: LSEG

Outlook
Fundamentally, the outlook for gold looks bright, but there are important caveats. We have singled out three important factors that will continue to play out in June and the rest of 2025.

Geopolitical uncertainty
Lingering global economic and geopolitical risks continue to play out, with the ongoing trade negotiations between the United States and the rest of the world, particularly China, being the most critical factor affecting the gold market and the global financial system.

The conflicts in the Middle East, such as the Israel-Hamas hostilities, a brief spat between India and Pakistan, and the ongoing conflict between Russia and Ukraine, have destabilised world politics and raised many fears ranging from oil and food supply disruptions to the prospect of a worldwide conflict. Gold, considered a ‘safe-haven’ asset, typically sees increased demand during political uncertainty and instability. While it is extremely difficult to project the resolution of geopolitical conflicts, let alone to forecast the emergence of new ones, peace negotiations in the hottest regions have already commenced. ‘Conflicting parties seem to have at least started to talk. A cease-fire in the Middle East and Eastern Europe is now more likely than it was only a month ago, but a lasting peace may take years to achieve. Either way, any progress in negotiations or even a temporary cessation of hostilities will improve risk sentiment and have a bearish impact on gold,‘ says Kar Yong Ang, global broker Octa analyst.

The looming 8 July tariff deadline imposed by U.S. President Trump further complicates the global political landscape, adding another reason for gold prices to remain elevated. As of today, the United Kingdom is the only country that has signed a new trade deal with the U.S., while trade talks with dozens of other countries have progressed too slowly. Negotiations remain unwieldy, while China and the U.S., the world’s two largest economies, continue to accuse one another of breaching the Geneva trade deal. As long as trade tensions persist, investors will be reluctant to sell gold.

Global monetary policy
Gold is priced in U.S. dollars and is therefore highly sensitive to changes in U.S. interest rates, inflation, and the greenback’s value. As already mentioned, the market is positioned for a dovish Fed. In fact, the latest interest rates swap market data implies roughly 75 basis points (bps) worth of rate cuts by the Fed by the end of December 2025. It is widely expected that other central banks will not fall far behind. For example, after the latest Eurozone inflation figures came out lower than expected, investors now expect the European Central Bank (ECB) to deliver two quarter-point rate cuts by the end of December 2025. Likewise, the Bank of England (BoE) is anticipated to announce at least two rate cuts of 25 bps each before the end of the year. Fundamentally, a less tight (or looser) monetary policy worldwide is a major bullish factor for gold. Because gold has no passive income and does not pay any interest, the opportunity cost of holding it becomes lower when central banks reduce their policy rates. The main risk, of course, is inflation. Should it remain above central banks’ targets or, even worse, start to increase, the Fed and its counterparts will be forced to hold the rates higher for longer.

Inflation is a major concern. Tariff-related price increases are yet to be felt, and although U.S. consumer 1-year and 5-year inflation expectations have eased, they remain very high by historical standards. I think some central banks, and maybe even the Fed, will prefer to wait until trade tensions are resolved before committing fully to rate cuts,‘ says Kar Yong Ang.

Physical demand
Physical demand for gold may continue to increase primarily because China, a significant gold consumer, remains an active buyer, but also because global central banks in general are increasingly turning to gold to diversify their reserves away from the U.S. dollar. Specifically, China has seen its national currency, the renminbi (RMB), appreciate more than 2% over the past month. This is not a welcoming development for a country whose economy heavily depends on exports. Thus, Chinese authorities may relax gold import quotas to stop the yuan from appreciating too much. As a result, the physical and investment demand for gold in China may rise in the months ahead. As for India, the demand for gold may temporarily slow due to seasonal factors, but is unlikely to reverse. Indian jewellers may delay making new stock acquisitions as monsoon rains are arriving, while the wedding season is concluding, but that will only have a temporary impact.

Technical picture
Kar Yong Ang, global broker Octa analyst, said: ‘From a technical perspective, XAUUSD looks bullish no matter how you look at it. 3,397, 3,438, and 3,463-3,471 levels are still real targets for bulls. Only a drop below 3,125 will invalidate the underlying bullish trend, and even then XAUUSD is more likely to trend sideways than to go deep down.’

Conclusion
Overall, we continue to see a generally bullish picture for gold, but it may be changing soon. Fundamentally, gold is still a ‘buy’ but no longer a ‘screaming buy’, as we labelled it in our August 2024 Digest. Wall Street analysts predict higher prices. Goldman Sachs recently hiked its 2025 gold forecast to $3,700 per oz, particularly due to strong central bank demand, implying a 10% upside potential from the current levels. At the same time, large speculators have already started to reduce their net-long exposure, while the outlook for the global monetary policy remains uncertain due to tariffs. Investors, in general, may be a bit too optimistic when it comes to rate cuts.

As things currently stand, it is still very hard to draw a bearish case for gold, but I do think that the bullish trend is showing first signs of exhaustion and some consolidation is likely to follow‘, said Kar Yong Ang, global broker Octa analyst. Next month will be critical for the gold market as it features seven key rate decisions and will likely be packed with news related to trade negotiations. Traders should be cautious as June news may essentially determine the XAUUSD trend for the next six months.

Key Macro Events in June (scheduled)
4 June Bank of Canada meeting
5 June European Central Bank meeting
6 June U.S. Nonfarm Payroll
11 June U.S. Consumer Price Index
15-16 June Group-7 Summit
17 June Bank of Japan meeting
18 June Federal Reserve meeting
19 June Swiss National Bank meeting
19 June Bank of England meeting
20 June People’s Bank of China meeting
23 June S&P Global Purchasing Managers Indices
24-25 June North Atlantic Treaty Organization Summit
26-27 June European Council Summit
27 June U.S. Personal Consumption Expenditure Price Index
30 June German Consumer Price Index

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Disclaimer: This content is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to engage in any investment activity. It does not take into account your investment objectives, financial situation, or individual needs. Any action you take based on this content is at your sole discretion and risk. Octa and its affiliates accept no liability for any losses or consequences resulting from reliance on this material.
Trading involves risks and may not be suitable for all investors. Use your expertise wisely and evaluate all associated risks before making an investment decision. Past performance is not a reliable indicator of future results.
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Hashtag: #Octa

The issuer is solely responsible for the content of this announcement.

Octa

is an international CFD broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools.

The company is involved in a comprehensive network of charitable and humanitarian initiatives, including improving educational infrastructure and funding short-notice relief projects to support local communities.

In Southeast Asia, Octa received the ‘Best Trading Platform Malaysia 2024’ and the ‘Most Reliable Broker Asia 2023’ awards from Brands and Business Magazine and International Global Forex Awards, respectively.

VinFast Philippines secures official CAMPI membership


MANILA, PHILIPPINES – Media OutReach Newswire – 5 June 2025VinFast Philippines has officially joined the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI), marking a key step in its efforts to strengthen its presence in the local automotive industry.

Ms. Mai Anh, CEO of VinFast Philippines (center left), and Mr. Rommel Gutierrez, President of CAMPI (center right), at the event celebrating CAMPI's 30th anniversary.
Ms. Mai Anh, CEO of VinFast Philippines (center left), and Mr. Rommel Gutierrez, President of CAMPI (center right), at the event celebrating CAMPI’s 30th anniversary.

Founded in 1995, the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) has been instrumental in championing the interests of the automotive sector, contributing significantly to the nation’s economic growth. As of May 2025, the association accounts for more than 92 percent of Philippine auto sales.

Committed to developing a viable and self-sustaining local industry, CAMPI works closely with the government and key stakeholders to shape policies, regulations, and standards that drive economic growth. Through its efforts, CAMPI promotes investment, job creation, skills development, technology transfer, environmental protection, and road safety across the sector.

As a member of CAMPI, VinFast will work alongside other leading automotive players to help shape policies, programs, and industry standards that support innovation and sustainable growth.

Ms. Doan Thi Mai Anh, CEO of VinFast Philippines, shared:We are proud to announce that VinFast is now an official member of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI), the country’s leading automotive industry association. This milestone marks a significant step forward in our commitment to shaping the future of mobility in the Philippines through clean, smart, and sustainable transportation. As a CAMPI member, VinFast will actively collaborate with industry leaders, policymakers, and stakeholders to support innovation, infrastructure, and responsible vehicle manufacturing and distribution across the nation. Joining CAMPI strengthens our mission to accelerate the transition to electric vehicles and contribute to the long-term growth and sustainability of the Philippine automotive sector.

Mr. Atty. Rommel Gutierrez, CAMPI President, shared: “We are honored to extend a warm welcome to VinFast – Vietnam’s pioneering electric vehicle manufacturer – as one of the newest members of CAMPI. VinFast’s entry, as a pure electric mobility brand, marks a significant milestone that is poised to inject renewed momentum into the Philippine automotive industry. By introducing innovative, environmentally sustainable, and accessible transportation solutions, VinFast is expected to play a vital role in advancing the country’s journey toward a greener and more sustainable future.”

After a year since its market entry in the Philippines, VinFast has steadily expanded its presence with its portfolio of smart EV models, attractive sales offerings, and a continuously refined after-sales support system.

With strong backing from Vingroup, Vietnam’s leading conglomerate, and the strategic determination of Chairman Pham Nhat Vuong, VinFast is actively pursuing the development of a comprehensive “For a Green Future” ecosystem across Southeast Asia, placing strong emphasis on the collaborative growth of charging infrastructure and service networks. This framework, established successfully in Vietnam, is now being extended to promising markets such as the Philippines.

With a diverse portfolio that includes the VF 3, VF 5, VF 6, VF 7, and VF 9, VinFast offers a broad range of sustainable mobility solutions. The VinFast VF 6, in particular, is poised to be a key driver for EV adoption in the Philippines, building on its strong performance in Vietnam and favorable reception in European markets. It presents an enticing and affordable option for Filipino consumers eager to embrace eco-friendly transportation.

Hashtag: #vinfast

The issuer is solely responsible for the content of this announcement.

About VinFast

VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam’s largest conglomerates, is a pure-play electric vehicle (“EV”) manufacturer with the mission of making EVs accessible to everyone. VinFast’s product lineup today includes a wide range of electric SUVs, e-scooters, e-bikes, and e-buses.

VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia.

Learn more at

Bank Muamalat launches ATLAS, Malaysia’s first faith & lifestyle-aligned Islamic digital-only bank

Pioneering Sharia-compliant faith-aligned digital banking transformation in Malaysia enabled by Backbase’s AI-powered Banking platform


KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 5 June 2025 – Backbase, the global leader in AI-powered banking technology, announces that Bank Muamalat has officially launched ATLAS by Bank Muamalat (ATLAS), Malaysia’s first Islamic digital-only bank centered on faith and lifestyle alignment. This milestone represents a transformative leap in Bank Muamalat’s journey to redefine Islamic banking, positioning it as a pioneer in Malaysia’s rapidly expanding digital banking landscape. By harnessing Backbase’s AI-powered Banking Platform, ATLAS delivers a faith-aligned digital experience with seamless onboarding, DuitNow integration, Shariah-compliant financing, and personalized servicing — setting a new benchmark for Islamic financial services in the region.

“ATLAS is more than a digital bank. It is a bold reimagination of Islamic finance for the modern era, built around the values, lifestyles, and aspirations of our customers,” said Khairul Kamarudin, President & Chief Executive Officer of Bank Muamalat. “It reflects our commitment to leading the next era of Islamic banking that is digital, inclusive, and purpose-driven. Our collaboration with Backbase has played a key role in enabling us to deliver an experience that is seamless, secure, and rooted in faith — one that redefines how banking is lived in today’s digital world.”

A faith-driven approach to digital transformation
ATLAS is designed to meet the growing demand for digital financial solutions that align with customers’ faith and lifestyles. Since its pilot phase, the platform has already demonstrated strong early results — enabling faster rollout of new products and improving customer acquisition efficiency through a more streamlined onboarding experience.

In the coming months, ATLAS will expand its product offerings to include digital debit and credit cards, flexible personal financing, and a Shariah-compliant gold investment account. These new products will be seamlessly integrated into the existing platform and will further strengthen ATLAS’s position in the Islamic digital banking landscape.

To enhance customer loyalty, ATLAS introduces a unique rewards program that connects users to exclusive lifestyle offers through curated partners, including well-known brands and services across diverse industries.

A partnership for banking growth in Asia
Prior to launching ATLAS, Bank Muamalat faced the common industry challenge of fragmented legacy infrastructure. The Backbase AI-powered Banking Platform provided a unified and modular foundation, enabling Bank Muamalat to accelerate its digital roadmap with agility and control.

“We’re proud to support Bank Muamalat’s bold vision with our AI-powered Banking Platform,” said Riddhi Dutta, Regional Vice President for Asia at Backbase. “ATLAS is a shining example of how composable banking architecture can deliver tailored, lifestyle-aligned experiences while scaling innovation rapidly across markets. It also reinforces our growing presence in the Islamic banking sector, and exemplifies how Backbase serves as a strategic growth platform for banks seeking to modernize and expand their digital footprint.

Backbase supports over 150 banks worldwide, including Islamic institutions like Libyan Islamic Bank, ila Bank, Bank Al Bilad, and Saudi National Bank — as well as Asia-Pacific leaders such as BDO Unibank (Philippines), HDFC Bank (India), Techcombank (Vietnam) and MyState Bank (Australia).
Hashtag: #Backbase #digitalbanking #AIPoweredBanking #ArtificialIntelligence #retailbanking #omnichannelbanking #businessbanking #smebanking #corporatebanking

The issuer is solely responsible for the content of this announcement.

About Backbase

Backbase is on a mission to put bankers back in the driver’s seat — fully equipped to lead the AI revolution and unlock remarkable growth and efficiency. At the heart of this mission is the world’s first AI-powered Banking Platform, unifying all servicing and sales journeys into an integrated suite. With Backbase, banks modernize their operations across every line of business — from Retail and SME to Commercial, Private Banking, and Wealth Management. Recognized as a category leader by Forrester, Gartner, Celent, and IDC, Backbase powers the digital and AI transformations of over 150 financial institutions worldwide. See some of their stories .

Founded in 2003 in Amsterdam, Backbase is a global private fintech company with regional headquarters in Atlanta and Singapore, and offices across London, Sydney, Toronto, Dubai, Kraków, Cardiff, Hyderabad, and Mexico City.
Learn more at .

About Bank Muamalat

Bank Muamalat is a leading Islamic bank, established on 1 October 1999, and is governed by Islamic Financial Services Act 2013 (IFSA). As a full-fledged Islamic financial institution, the bank offers its customers a broad range of services, meeting the needs of both individuals and institutions.

Bank Muamalat provides individuals with services ranging from deposit accounts, asset management, financing needs for automobiles, homes and personal use as well as wealth management products such as family and general takaful, investments, Islamic estate planning to non-financial products such as Islamic funeral management, Quranic learning and halal tours. The Bank offers corporate and institutional customers the full product range of a leading corporate and investment bank, from cash management, payment solutions including trade and export finance to international foreign exchange, financing and capital market transactions.

Bank Muamalat has a presence nationwide via a network of 68 branches. In addition, Bank Muamalat also has its electronic channels encompassing i-Muamalat (the Bank’s internet banking solution) and our Self Service Terminals (SST) which are available at almost 141 locations through its network of ATMs, CDMs and CICOs. We also provide corporate internet banking at your convenience.

Bank Muamalat is a member of the DRB-HICOM Berhad Group which owns 70% of the Bank’s shares with the remaining stake held by Khazanah Nasional Berhad.

Bank Muamalat was officially accepted as a member of Global Alliance for Banking on Values (GABV) on 15 November 2017. Signaling a growing appetite for the values-based banking movement, Bank Muamalat is the first Islamic bank in the world and the first in the Southeast Asian region to be accepted as a member of GABV.

Trump Slaps New Travel Ban on 12 Countries; Partial Restriction on Laos

Trump Slaps New Travel Ban on 12 Countries; Partial Restriction on Laos
US President Donald Trump gestures as he speaks during the FII PRIORITY Miami 2025 Summit (Future Investment Initiative) at the Faena Hotel & Forum in Miami Beach, Florida, February 19, 2025 (Photo by ROBERTO SCHMIDT / AFP)

Sentosa Development Corporation And Mount Faber Leisure Group Celebrate SG60 With ‘Peranakan Reimagined’ Showcase


SINGAPORE – Media OutReach Newswire – 5 June 2025 – Sentosa Development Corporation (SDC) and Mount Faber Leisure Group (MFLG) have collaborated to transform Sentosa for ‘Peranakan Reimagined’ — a vibrant showcase that reimagines Peranakan culture through a contemporary lens. A double celebration in commemoration of SG60 as well as the 10th year anniversary of the Singapore Cable Car – Sentosa Line, this showcase will run from 23 May to 31 August 2025.

Sentosa Image

The Peranakan Reimagined weaves a tapestry of nostalgia and heritage with immersive storytelling, inviting visitors to rediscover the richness of Peranakan culture through vibrant installations, projection artworks, performances, and workshops and specially curated Peranakan dining experiences across Sentosa. The showcase pays tribute to Peranakan heritage as a part of Singapore’s cultural identity, while reimagining it for today’s audiences.

Sensoryscape: A Cultural Playground for your Senses

At Sensoryscape, which is centered around the engagement of the five senses and the sixth sense of imagination, the Peranakan Reimagined showcase transforms the multi-sensorial thoroughfare into a bold celebration of culture, brought to life through immersive larger-than-life displays where guests can see, hear, touch, and experience Peranakan heritage reimagined for today’s audiences.

At the heart of the experience stands a striking 7.2-metre-tall Peranakan-inspired house at Lookout Loop, aptly named The Peranakan House — a stunning photo spot by day that transforms into a vivid projection-mapped canvas by night. A grand reimagination of a traditional Peranakan home, this larger-than-life centrepiece adorned with intricate detailing and bold colours is a tribute to the artistry and elegance of Peranakan design. A visual journey unfolds through a curated collection of photographs within the centrepiece with contributions by various partners, capturing the spirit of various Peranakan communities.

As the sun sets, The Peranakan House comes alive with a whole new nighttime experience, with dynamic multimedia storytelling and projection artwork, illuminating the rich textures of past Peranakan life — from its intricate motifs and architecture to beloved cuisine and traditions which can be admired from different angles while strolling along Lookout Loop.

Within the Field of Beaded Blooms at Tactile Trellis, guests can also look forward to an immersive day to night experience, where the garden’s 198 panels have been transformed with vibrant designs inspired by the intricate beadwork of kasut manek – traditional Peranakan slippers. At the heart of Tactile Trellis, stands a pair of larger-than-life beaded Peranakan slippers where guests are invited to experience and feel the intricacy of Peranakan craftsmanship. Come nighttime, a new light show at Tactile Trellis brings batik motifs to life through stunning digital light art displays.

As guests continue their journey down Sensoryscape, dotted throughout the main walkway, guests can discover the Giant in Grace @ The Walkway. The resting areas that line the entire stretch have been transformed into a showcase of larger-than-life Peranakan-inspired installations, including traditional Peranakan storage jars known as kamcheng, ornate teapot sets, wedding baskets, sequinned artworks and more. The sequinned installations reveal an unexpected transformation when viewed through a camera lens, surprising visitors with fresh perspectives of familiar Peranakan icons.

Beyond Tactile Trellis and Lookout Loop, the other gardens of Sensoryscape have been refreshed to showcase different aspects of Peranakan culture that engage all senses. The showcase spans from traditional food displays complete with recipes contributed by the partners – to fashion with kebaya displays, musical instruments and various other cultural replica artifacts. These thoughtfully curated exhibits and displays are designed to provide guests with a multi-sensorial experience of Peranakan culture, reimagined in a whole new way.

Adding to the Peranakan atmosphere, Sensoryscape will come alive with vibrant live music performances by Peranakan singing group, Peranakan Sayang, and the monthly Sentosa Festive Market at Palawan Beach Walk will be complemented by Peranakan-inspired workshops such as felt beaded slipper making and more.

Singapore Cable Car – Sentosa Line: A Moving Tribute

To mark the 10th anniversary of the Sentosa Line, the cable car cabins have been transformed with vibrant Peranakan-inspired designs. Each cabin features a striking palette of pastel hues, ornate tiles, and intricate motifs, taking inspiration from the historic shophouses of Koon Seng Road — once home to Singapore’s Peranakan community. Developed with the creative input of Baba Alvin Yapp of The Intan Peranakan Home Museum, these heritage-inspired cabins turn the skies above Sentosa into a moving tribute to Peranakan culture, offering guests an aerial preview of the island-wide celebration as they journey across Sentosa’s golden beaches and coastal forests.

As part of the celebrations, local residents can also enjoy special 1-for-1 Sentosa Line promotions between 23 May to 31 August 2025 — including a Sentosa Line round trip for two at only $4 (U.P. $4 per adult, $3 per child) or 1-day unlimited rides for two at $14 (U.P. $27 per adult, $22 per child). This promotion is available only for tickets purchased at the Sentosa Line — Sensoryscape Station Ticketing Counter and the Guest Service Centre at Sensoryscape.

Sensoryscape Cable Car Station: Celebration of Kebaya Heritage

In celebration of the kebaya’s inscription on UNESCO’s Intangible Cultural Heritage list in 2024, a special showcase is now on display at both levels of the Sensoryscape Cable Car Station. Curated with recommendations from The Peranakan Association Singapore, the exhibition features eight distinctive kebayas by four acclaimed Singaporean designers, each offering a fresh interpretation of this iconic garment.

Among the highlights is Kebaya Biku by Baba Raymond Wong of Rumah Kim Choo — a replica of the kebaya designed for actress Tasha Low’s character in the hit TV series Emerald Hill – The Little Nyonya Story. Other featured designers include Ratianah Tahir, known for her timeless Malay and Peranakan silhouettes; Kavita Thulasidas, who brings bold, cross-cultural flair; and Ada Goh, whose vibrant, nature-inspired batik artistry adds a contemporary twist. Together, their creations celebrate the kebaya’s enduring legacy and evolving relevance.

Guests can also visit the Sentosa Shop @ Sensoryscape to enjoy a kebaya dress-up experience, browse a curated selection of kebayas and beaded shoes, and shop a range of Peranakan-inspired merchandise.

Siloso Point Cable Car Station: Craft, Cuisine and Culture

At Siloso Point Station, visitors can experience Peranakan heritage through two striking tiffin carrier installations — one standing at 1.8 metres and the other at 1.6 metres — inspired by The Intan Peranakan Home Museum’s collection. One installation also showcases three larger-than-life traditional Nyonya kuehs: Kueh Ku, Rainbow Kueh Lapis, and Kueh Salat. On weekends, a rotating line-up of workshops offers hands-on activities such as mini clay kueh-making and embroidery. These interactive sessions invite guests to engage with traditional crafts through a refreshed and reimagined perspective.

Bringing Heritage to Life on Sentosa

Peranakan Reimagined is part of SDC’s ongoing commitment to creating meaningful and immersive experiences that celebrate Singapore’s rich and diverse heritage. This vibrant showcase across Sentosa pays tribute to the rich legacy of Peranakan culture as part of Singapore’s multicultural identity.

Through contemporary interpretations and multisensory storytelling, Peranakan Reimagined not only honours the past but also invites new generations to connect with this unique cultural heritage in fresh and engaging ways. The showcase transforms the space into a canvas to celebrate history, spark interest, and deepen community bonds.

“As Singapore’s premier leisure destination, we are proud to present Peranakan Reimagined in celebration of SG60. Set against the backdrop of our award-winning, multi-sensorial Sensoryscape, this vibrant and colourful showcase promises to captivate the senses and elevate every visitor’s experience,” said Thien Kwee Eng, Chief Executive Officer of Sentosa Development Corporation. “Through this showcase, we reaffirm our commitment to creating engaging experiences and delivering memorable moments for all our guests. We extend our heartfelt thanks to all our partners for their invaluable contributions in bringing Peranakan Reimagined to life.”

“The 10th anniversary of the Singapore Cable Car’s Sentosa Line marks a decade of sun, sand and scenic rides and it is our pleasure to be celebrating this key milestone alongside Sentosa Development Corporation through our very first thematic showcase on the Sentosa Line,” said Buhdy Bok, Managing Director at Mount Faber Leisure Group. “We are also truly honoured to be collaborating with The Intan to pay homage to Singapore’s unique Peranakan heritage, bringing the unique traditions, arts and culinary delights of Peranakan culture to life in this special SG60 year.”

On top of the Peranakan Showcase, Sentosa is also offering various Peranakan-inspired workshops, deals and dining promotions across the island in celebration of SG60. Sentosa Islander members can also redeem a pair of Sentosa Line cable car tickets with a minimum spend of $40 at participating restaurants or shops from now till 31 August 2025.

This showcase is made possible through collaboration with the following partners: Baba Alvin Yapp of The Intan Peranakan Home Museum, Baba Gabra, Baba Richard Tan, Baba Raymond Wong of Rumah Kim Choo, Barry Yeow, Cynthia Wee-Hoefer, Gunong Sayang Association, Nyonya Christine Ong Kiat Neo (author of Nyonya Kebaya: Intricacies of the Peranakan Heritage), Peranakan Indian (Chitty Melaka) Association of Singapore, Peranakan Mansion, Peranakan Museum, Pulau Pulao, Tina Tan Leo and The Peranakan Association Singapore.

For more information on Peranakan Reimagined please visit www.sentosa.com.sg/peranakan.

High-res images available here.

Hashtag: #Sentosa #SentosaDiscovery #DiscoveryNeverEnds

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About Sentosa

Sentosa, where discovery never ends, is Asia’s leading leisure destination and Singapore’s premier island resort getaway, located within 15 minutes from the central business and shopping districts. The island resort is managed by Sentosa Development Corporation, which works with various stakeholders in overseeing property investments, attractions development, and operation of the various leisure offerings and management of the residential precinct on the island.

The 500-hectare island resort is home to an exciting array of themed attractions, award-winning spa retreats, lush rainforests, golden sandy beaches, resort accommodations, world-renowned golf courses, a deep-water yachting marina and luxurious residences – making Sentosa a vibrant island resort for business and leisure. Sentosa is also home to Singapore’s first integrated resort, Resorts World Sentosa, which operates Southeast Asia’s first Universal Studios theme park.

Situated on the eastern end of Sentosa Island is Sentosa Cove, an exclusive waterfront residential enclave bustling with more than 2,000 homes, quayside restaurants, retail and specialty shops. The island is also proud to be home to Sentosa Golf Club and its two acclaimed golf courses, The Serapong and The Tanjong. Sentosa Golf Club has hosted a number of high-profile professional and amateur tournaments, including the Singapore Open and HSBC Women’s World Championship, welcoming international star players and world-class golf professionals from across the world.

Welcoming a growing number of local and international guests every year, Sentosa is an integral part of Singapore’s goal to be a global destination to work, live and play. For more information, please visit:.

About Sentosa Development Corporation

Sentosa Development Corporation (SDC) was established on 1 September 1972 as a Statutory Board under the Ministry of Trade and Industry. Its charter since inception has been to oversee the development, management, marketing, and promotion of the island of Sentosa as a resort destination for locals and tourists.

SDC wholly owns its subsidiaries Sentosa Cove Resort Management Pte Ltd and Sentosa Golf Club Pte Ltd. SDC also owns the Singapore Cable Car Sky Network, managed by Mount Faber Leisure Group Pte Ltd, a wholly owned subsidiary which operates as an autonomous commercial arm.

As a testament to its commitment to sustainability, SDC has been conferred the Global Sustainable Tourism Council – For Destinations (GSTC-D) certificate, making Sentosa the first island destination in Asia to receive this accolade.

About Mount Faber Leisure Group

Mount Faber Leisure Group (MFLG) is one of Singapore’s leading operators of a suite of leisure and lifestyle services, including attractions, guided tours, event venues, souvenir and lifestyle outlets as well as F&B operations. The company’s portfolio of products and services include the Singapore Cable Car, SkyHelix Sentosa, Sentosa Island Bus Tour, Mount Faber Peak, Arbora @ Mount Faber Peak, Arbora Café @ Mount Faber Peak, Dusk @ Mount Faber Peak, The Mirabilis Bar @ Mount Faber Peak, Cable Car Gift Shop and Faber Licence. The company also operates the Central Beach Bazaar in Sentosa that includes Wings of Time Fireworks Symphony, Good Old Days, Food Kiosks at Central Beach Bazaar, and Sentosa Shop.

Spanning across the hilltop at Mount Faber and Sentosa Island, MFLG’s products are linked by the Singapore Cable Car Sky Network of six stations on two main lines – the Mount Faber Line that connects mainland Singapore to the resort island of Sentosa, and the Sentosa Line that connects to the island’s western end at the Siloso Point.

Its legal name remains as Mount Faber Leisure Group Pte Ltd, which is a wholly owned subsidiary of Sentosa Development Corporation and operates as an autonomous commercial arm.

MFLG is also one of the 17 founding members of Singapore’s first carbon neutrality-driven business alliance, the Sentosa Carbon Neutral Network (SCNN), which was established in September 2021. The SCNN is a collective public-private effort to achieve Sentosa’s sustainability goals, including carbon neutrality by 2030. MFLG is also a member of the Carbon Pricing Leadership Coalition (CPLC) Singapore and a recipient of the LowCarbonSG Logo, awarded to companies that successfully measure and monitor their carbon footprints.

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