The Singapore Exchange (SGX) has tightened climate-related reporting requirements and expanded its suite of sustainable finance products as demand from investors for climate-aligned investments continues to rise.

In its FY2025 sustainability report, the exchange detailed new mandatory disclosure rules, significant growth in green and sustainability-linked products, and progress on its internal decarbonisation targets.

Mandatory climate reporting for all issuers

From FY2025, all SGX-listed issuers must disclose Scope 1 and Scope 2 greenhouse gas (GHG) emissions, following the International Financial Reporting Standards Sustainability Disclosure Standards (IFRS SDS). SGX’s regulatory arm, SGX RegCo, issued guidance last September requiring firms to align reporting with both IFRS SDS and the Global Reporting Initiative (GRI) Standards.

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To help companies comply, SGX and the Institute of Singapore Chartered Accountants published an Illustrative Sustainability Report and rolled out capacity-building workshops with subsidies for eligible issuers.

Despite these measures, a joint review with the NUS Centre for Governance and Sustainability found gaps remain in disclosures, particularly in climate scenario analysis, integration into risk management processes, and target setting.

Growth in green and climate-linked products

SGX continues to be a leading venue for Asian issuers listing Green, Social, Sustainability, and Sustainability-linked (GSSS) bonds, with over 550 now listed.

Investor appetite for climate-focused exchange-traded funds (ETFs) surged, with assets under management (AUM) in SGX’s six sustainability-themed ETFs rising 133 per cent year-on-year to US$2.2 billion. The iShares MSCI Asia Ex-Japan Climate Action ETF tripled in size since its 2023 launch, driven by inflows from Finnish pension fund Ilmarinen, while the CSOP FTSE APAC Low Carbon ETF added US$75 million.

On the derivatives side, SGX introduced the MSCI Emerging Market Climate Action Index Futures in April, with US$130 million open interest. Its FTSE Blossom Japan Index Futures hold a 93 per cent market share in sustainability-linked Japanese derivatives, with annual notional volume growth of 7.25 per cent.

Subsidiary Scientific Beta was recognised at the ESG Investing Awards for its sustainability indices, which are now referenced by more than US$20 billion in assets. SGX’s iEdge climate and sustainability indices are referenced by a further US$9 billion.

Internal decarbonisation

SGX reported FY2025 absolute emissions of 15,434 tonnes of CO2 equivalent, including 24 tonnes in Scope 1, 3,635 tonnes in Scope 2, and 11,775 tonnes in Scope 3. Emissions intensity stood at 11.9 tonnes of CO2e per S$1 million of revenue.

The group said Scope 2 emissions fell due to data centre optimisation and renewable energy certificate (REC) purchases. It remains on track to cut Scope 2 emissions 42 per cent by FY2031 against a 2021 baseline. Its Scope 3 target–engaging data centre suppliers to set science-based targets–was already achieved in 2022.

Staff training on climate issues exceeded targets, with more than 2,197 hours recorded across the workforce.

Regional and global initiatives

SGX is collaborating with stock exchanges in Malaysia, Indonesia, the Philippines, and Vietnam on a shared digital platform for sustainability data under the ASEAN-Interconnected Sustainability Ecosystem initiative.

Internationally, it hosted the World Federation of Exchanges’s sustainability conference in June and co-chaired the Glasgow Financial Alliance for Net Zero’s index investing workstream, which issued voluntary guidance on transition indices. It also co-led the Climate Transition Plan Advisory Group under the UN’s Sustainable Stock Exchanges initiative.

Operational resilience and governance

SGX reported 100 per cent market uptime in FY2025, with no material disruptions or data breaches. There were 154 trading halts due to public information releases and two pauses from market volatility.

The exchange also highlighted progress on board and management diversity. Women accounted for 41 per cent of board directors (five of 12), above its 30 per cent target. About 30 per cent of senior management roles are held by women.

Context: climate finance pressure

SGX’s measures come as climate finance faces increasing scrutiny. Global climate policy has been disrupted by political shifts such as the US withdrawal from the Paris Agreement, even as COP29 set a goal of mobilising US$300 billion annually for developing nations by 2035.

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For Singapore, aligning with global reporting standards and building deep pools of green capital are seen as crucial to retaining its role as a financial hub. At the same time, reviews show many listed firms are struggling to meet higher disclosure expectations.

Analysts note that the sharp increase in climate-aligned funds reflects growing investor pressure on companies to disclose and cut emissions, but gaps in climate risk reporting raise concerns about the reliability of corporate sustainability claims.

Outlook

SGX said it will review its emissions targets to align with the Science Based Targets initiative’s updated net-zero standards or ISO’s new framework. Market participants expect further product launches as investor demand grows, but warn corporate reporting quality must improve if Singapore is to maintain credibility as a regional hub for sustainable finance.

At stake is whether SGX can balance product growth with regulatory oversight in a fragmented global climate policy landscape. Its tightening of disclosure rules and rapid expansion of climate-focused investment options highlight the exchange’s dual role: building capital markets and policing their integrity in the transition to net zero.

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At Echelon Philippines 2025, Carmudi Philippines & Finsso Finance addressed one of the region’s most pressing challenges — the fragmented and inefficient auto financing process. With car ownership rising rapidly in the Philippines and Indonesia, yet financial inclusion lagging behind, their session made a strong case for a unified marketplace. By connecting banks, lenders, insurers, dealers, and buyers, they showed how digital platforms can reduce paperwork, shorten approval times, empower dealerships with stock financing, and give consumers transparent, competitive options.

Why a unified marketplace matters

Vehicle ownership in Southeast Asia is rising quickly, especially in the Philippines and Indonesia, yet financial inclusion in the automotive sector has not kept pace. Buyers often face long approval processes, limited refinancing options and uncompetitive rates, while dealerships struggle to access stock financing. The traditional car financing journey is also weighed down by complex paperwork and unclear loan terms, leaving both consumers and businesses frustrated.

Carmudi Philippines & Finsso Finance address these challenges by working with banks, lenders and insurers to create an integrated marketplace. Their solutions span used car finance, refinancing, dealer stock financing and motorcar insurance, making the process faster, simpler and more transparent. By streamlining every step, they reduce friction for buyers, empower dealerships with capital, and open new pathways for financial institutions to reach untapped markets.

Also read: Exhibit smart, spend lean: Your Start Up Booth at Echelon 2026

Leading the way in auto financial services

Founded in 2014, Carmudi Philippines has grown into a leading automotive marketplace in the country. Following its acquisition by CarDekho Group in 2019, it has expanded beyond listings into financial services, leveraging regional expertise to build an auto finance ecosystem. Its sister brand, Finsso Finance, was established to offer flexible loan solutions, empowering both individual buyers and dealerships with financing for second-hand vehicles and inventory growth.

What sets them apart is their emphasis on ecosystem collaboration. By working hand in hand with car dealerships, financial institutions and technology partners, Carmudi Philippines & Finsso Finance create a comprehensive, tech-driven marketplace designed to address gaps in the industry and accelerate growth across the region.

Also read: Lenovo powers Southeast Asia’s digital growth at Echelon Philippines 2025

Carmudi Philippines & Finsso Finance joined the movement at Echelon Philippines 2025

Echelon Philippines 2025, hosted by e27 in partnership with Brainsparks, brought together the region’s founders, investors, corporates, and policymakers. Beyond this showcase, participants gained access to capital-readiness playbooks, curated solution marketplaces, and powerful peer-to-peer learning experiences. As the Philippine ecosystem moves forward, the event underscored the importance of collaboration and innovation in unlocking new growth opportunities.

For those who missed this year’s edition, the conversation does not end here. The movement continues as innovators like Carmudi Philippines and Finsso Finance push the boundaries of Southeast Asia’s auto finance market.

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The global financial landscape is at a critical turning point, with central banks poised to adjust monetary policies amid evolving economic data and mounting political pressures. Markets are gearing up for the Federal Reserve’s expected 25-basis-point rate cut, a decision shaped not just by inflation trends but also by external influences, including from political figures such as Donald Trump. His newly confirmed economic adviser, Stephen Miran, now sits on the Federal Reserve Board, highlighting the growing friction between independent monetary policy and political agendas aimed at aligning interest rates with electoral or economic goals.

This Fed announcement does not happen in a vacuum. It comes against a backdrop of robust US retail sales in August, which rose 0.6 per cent month-over-month, well above the 0.2 per cent consensus estimate. This consumer strength led the Atlanta Fed to boost its Q3 GDPNow forecast to an annualized 3.4 per cent, underscoring the economy’s resilience even as easing measures loom.

The data’s implications cut both ways: strong spending hints that aggressive stimulus might not be necessary, yet cooling inflation, a softening labor market, and global demand challenges support a cautious rate reduction. The Fed faces a tightrope walk, where over-easing could reignite inflation or under-easing might choke off growth. Investors will parse every detail, from the dot plot projections to Chair Jerome Powell’s press conference, for clues on future moves.

A dovish dot plot suggesting multiple cuts ahead could spark rallies in risk assets and weaken the dollar. A more guarded tone, however, might fuel short-term volatility and bolster the greenback. This anticipation already weighed on equities Tuesday, with the Dow Jones falling 0.27 per cent, the S&P 500 dipping 0.13 per cent, and the Nasdaq edging down 0.07 per cent.

Also Read: SGX tightens climate reporting rules, expands green products as sustainable finance demand grows

Bond yields showed restraint, with the 10-year Treasury steady at 4.03 per cent and the two-year note slipping two basis points to 3.51 per cent. The US dollar index dropped 0.69 per cent to 96.63, signaling bets on looser policy, while gold, a classic safe haven amid uncertainty, rose 0.2 per cent to US$3,687.67 per ounce, buoyed by central bank buying and a softer dollar.

In commodities, Brent crude jumped 1.53 per cent to US$68.47 per barrel, driven by supply fears from Ukrainian drone strikes on Russian refineries. Though targeted, these incidents add volatility to energy markets already strained by Middle East tensions and OPEC+ output controls. Asian stocks rallied early ahead of the Fed but pulled back by Wednesday morning, reflecting regional caution. US equity futures, in contrast, pointed higher, betting on a market-friendly outcome.

Other central banks are moving in tandem, or not. The Bank of Canada is set to trim its rate by 25 basis points to 2.50 per cent, mirroring the Fed’s response to easing inflation and domestic slowdowns. Bank Indonesia, however, is likely to hold steady at 5.00 per cent, focusing on rupiah stability amid political unrest and outflows. This policy divergence underscores a fragmented global cycle: advanced economies lean toward easing, while emerging markets battle currency risks and imported inflation.

Shifting to digital assets, Bitcoin broke through US$117,000 after weeks of consolidation, propelled by a high-profile lobbying push in Washington, D.C. Crypto leaders such as Michael Saylor of Strategy Inc. and Fred Thiel of MARA Holdings met lawmakers to advance the Strategic Bitcoin Reserve bill, aiming to create a national Bitcoin stockpile similar to the Strategic Petroleum Reserve.

This reflects the industry’s push for mainstream integration. Yet the surge wasn’t without drama: over US$175 million in positions liquidated in 24 hours, with longs hit hardest at US$107 million. Bitcoin’s open interest climbed 2.54 per cent, signaling fresh speculation, while Ethereum’s fell 1.64 per cent, keeping it stuck between US$4,430 and US$4,530. XRP edged up 1.53 per cent above US$3, but subdued volumes hinted at tempered enthusiasm.

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Crypto sentiment stays balanced, with the Fear & Greed Index in neutral territory, no wild swings of greed or fear. Still, fragility lurks: Binance traders are net bearish on Bitcoin, with over 52 per cent of positions short per the Long/Short ratio, bracing for a potential retreat. Amid this, BNB shone, rising to over $957 and nearing its 52-week high of $963. This strength ties to reports of Binance nearing a deal to lift its US Department of Justice compliance monitor, a regulatory win that could ease operations and draw more investment. A push past US$1,000 could spark broader altcoin momentum.

In my view, this blend of policy pivots, geopolitical tensions, and crypto advocacy brews a volatile but opportunistic mix. The Fed’s cut, though anticipated, matters most for its forward signals: a path of steady easing could fuel equities, gold, and risk assets by easing recession worries. A data-dependent stance, however, might come off as hawkish, prompting sell-offs and dollar gains.

Politics adds unpredictability. Miran’s board seat, courtesy of a president prone to Fed critiques, could test the institution’s independence. If he pushes for aggressive cuts timed to midterms, it risks undermining credibility and roiling bonds. In commodities, oil’s climb signals escalation risks from Ukraine-Russia clashes; more strikes could sustain price pressures, hindering global inflation fights. Gold’s steadiness affirms its hedge value, especially as emerging-market central banks stockpile it against dollar swings and sanctions.

Crypto’s rally, while buoyed by lobbying, faces hurdles: the Bitcoin reserve bill’s fate is uncertain amid skepticism, and liquidations highlight leverage’s dangers. A Fed letdown or regulatory snag could trigger cascading sell-offs. BNB’s rise shows how clarity boosts value. Shedding oversight could attract institutions and ignite altcoins, yet Ethereum’s rut reveals uneven benefits from macro shifts.

Ultimately, we are entering a phase of acute market sensitivity, where central bank moves, political maneuvers, supply shocks, and regulatory shifts collide. Success hinges on balancing growth, inflation, and stability in a polarized world. For savvy investors, the upside is real; for the unwary, the ride could be rough.