Issue #24: What’s Happening This Week? Amex Taps In, CPF Locks Down, Travel Trends, and More

This week, we’re talking big moves and subtle shifts—from credit cards that now get you through MRT gantries, to a cooling (but still profitable) condo flipping scene. CPF is tightening its digital security, COE prices are wobbling, and banks are learning that trust now means more than just being reliable. Oh, and if you’re plotting your next holiday? We’ve got the latest travel trends from a regional sale earlier this month.

Whether you’re skimming headlines or settling in, here are 6 quick stories worth your time. Let’s get into it.

TLDR; Amex joins the ride: Singapore commuters can now use American Express cards for bus and MRT fares starting 15 May. CPF gets stricter: Online CPF nominations now require biometric verification as part of new anti-scam measures. Property flips cool off: Sub-sale activity slowed in Q1 2025, but profits remain strong with median gains of $257,000. Bank trust holds steady: 72% of Singaporeans still trust local banks, though purpose-driven initiatives are gaining importance. COEs ease—slightly: Most COE premiums fell in May’s second bidding round, after Category A broke $100k earlier this month. Travel trends shift: Traveloka’s EPIC Sale data shows APAC travellers favouring regional escapes, staycations and flexible lodging.

Want more details? Let’s dive in.

Psst, missed last week’s issue? View all past editions of What’s Happening This Week? to catch up.

 

You can now tap your Amex card on buses and trains

Starting 15 May, American Express cardholders can tap their way onto Singapore’s buses and MRT trains, just like with ez-link or Nets FlashPay cards. This move adds Amex to the SimplyGo system, giving commuters another contactless payment option—with no need to pre-register.

• You’ll be charged the same fares as those using stored-value cards.
• You can add your Amex to mobile wallets for quick access.
• Charges will appear directly on your card bill (credit, debit, or pre-paid).
• If you’ve got the SimplyGo app, you’ll be able to track trips, see charges and even get push notifications after each ride.

A small heads-up: if you carry multiple contactless cards, make sure to use just one card for both tapping in and out—this avoids accidental charges to different cards.

This update brings Amex in line with Mastercard, Visa and Nets cards, which have been part of SimplyGo since 2019.

If you’re been eyeing cards such as the UOB PRVI Miles American Express Card or DBS Altitude American Express Card, these will now allow you to seamlessly chalk up miles on your daily commute.

 

Making CPF nominations online? You’ll now need to scan your face

Starting this May, CPF members must use biometric verification—like facial recognition—when making online nominations. It’s the latest move to fight scams and protect your hard-earned savings.

The CPF Board is tightening its security game:

• Biometric checks are now required for online CPF nominations.
• All calls from the Board will now come from 6227 1188 (whitelisted on ScamShield).
• If you miss a call, you’ll get a legit gov.sg SMS or email ending in @cpf.gov.sg or @e.cpf.gov.sg.

The Board also reminds us that scammers can sound incredibly convincing, often citing personal info like your NRIC number. But remember: real officials will never ask for your bank logins, get you to install shady apps, or request money transfers.

If you’re planning ahead, this added layer of security makes it safer to sort your CPF nominations as part of your estate plans. Not sure where to start? Here’s a handy estate planning checklist to guide you through.

 

Fewer condo flippers, but profits still looking good

Singapore’s private property sub-sale market has cooled down a bit, but sellers are still walking away with tidy gains. In Q1 2025, there were 292 sub-sale deals—down 26% from the end of last year—but the typical seller still banked a median profit of $257,000.

Here’s what’s going on:

• Sub-sales are when someone resells a developer-bought condo before it’s completed.
• Fewer buyers are flipping now due to higher stamp duties, steep mortgage rates and economic jitters.
• Yet, over the past year, 99.5% of sub-sales were profitable.
• The median holding period? Just under 4 years.
• Profit margins rose, with annualised gains sitting at about 4.6%

Popular projects like Riverfront Residences and Gem Residences led the sub-sale pack, but cooling measures have curbed the quick-flip crowd.

With capital gains largely tax-free after 3 years, property still plays a part in wealth-building—especially for those thinking long-term.

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ALSO READ: Downpayment for Condo: How Much Do First-Timers Need in Singapore? (2025)

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Trust in Singapore banks stays high—just don’t forget the purpose

Singapore’s banking sector continues to enjoy strong public trust, with 72% of people saying they’re confident in local banks, according to the 2024 Banking Trust Index for Singapore. Only 4% reported low trust—a reassuring sign in these uncertain times.

The sector scored 68 on the Edelman Net Trust Score (ENTS), a small dip from 70 in 2022 but still among the best globally. So what’s behind the drop?

It’s not that banks are doing worse—it’s that public expectations are rising. People now place more value on purpose, not just products or performance. That means areas like sustainability, inclusivity, and community impact matter more than ever.

On the bright side, banks scored well in:

• Financial resilience and innovation
• Service quality and transparency
• Efforts to fight scams and improve financial literacy

To build on this momentum, banks plan to step up their game with more anti-scam tools, community outreach and ethical business practices. And with a $4 million industry giveback coming in 2025, they’re making moves where it counts.

 

COE prices mostly dip—after breaking the $100,000 mark earlier this month

After making headlines for crossing the $100,000 mark for the first time this year on 7 May, Category A COE premiums have dipped slightly in the latest bidding round on 21 May. The new price? $102,501, down from $103,009—but still steep if you’re eyeing a regular car (that’s 1,600cc or under, with max 130bhp).

Here’s the rundown:

• Category A (smaller cars): ↓ to $102,501
• Category B (bigger cars): ↓ to $116,988
• Commercial vehicles: ↑ to $63,189
• Motorcycles: ↓ to $8,707
• Open Category: ↓ to $118,010

Only commercial vehicles saw a slight bump. In total, 4,432 bids chased just 3,060 available COEs.

Looking ahead, there’s a bit of breathing room—the May–July COE quota has been increased by 6%, with 18,232 COEs available. That’s 21% higher than the same time last year. Whether that eases premiums in the long run? We’ll just have to wait and see.

 

Indonesia, Thailand and Vietnam top Traveloka’s EPIC Sale destination list

As we highlighted in Issue #22 of What’s Happening This Week, Traveloka’s EPIC Sale ran from 22 April to 5 May, offering regional travel deals and revealing some clear trends in where APAC travellers are heading.

According to Traveloka, Indonesia, Thailand and Vietnam emerged as the most-searched destinations during the sale, suggesting sustained interest in cultural, nature-based, and family-friendly travel across the region.

Other observations:

• Japan, Malaysia and Singapore also remained popular among regional users.
• In Singapore, interest in local staycations stayed strong, particularly in areas like Chinatown, Orchard and Little India.
• Accommodation preferences showed a shift beyond hotels—more people booked guesthouses and apartments, hinting at a desire for flexibility and variety.
• Activities and experiences were also key—there was noticeable demand for attractions like Universal Studios and the SEA Aquarium, as well as cruise getaways.

The sale data reflects how travel habits are evolving: travellers are still budget-conscious, but they’re also looking for experiences that feel more meaningful and suited to their personal pace.

 

That’s it for this week! Stay tuned for next week’s What’s Happening This Week to keep up with the latest in finance, business, and beyond.

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About the author

Vanessa Nah likes her finance articles the way she likes her sitcoms—light-hearted, entertaining, and leaving people knowing a little more about life. She believes money—like life—should be made simple. Outside of work, you’ll find Vanessa attending dance classes, fingerpicking a guitar, and fulfilling her life mission to make her one-eyed cat the most spoiled kitty in the world.

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