The freshly crowned best passport in the world, Singapore’s first Shariah-compliant investment-linked policy (ILP) in over a decade, and a new law that could be the key to protecting your precious savings from scammers.
These are some of the headlines this week that affect you and your money, and we’re delivering the updates right to you. Get all the details in this edition of What’s Happening This Week?, our weekly series rounding up the latest finance news and updates that matter to you.
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Singapore tops the 2025 Henley Passport Index again
If you’re a Singapore Citizen in ownership of that red passport, congratulations—you officially hold the most powerful passport in the world.
Singapore has once again claimed the title of having the world’s most powerful passport, according to the 2025 Henley Passport Index. The Henley Passport Index evaluates passport power based on visa-free access, visa-on-arrival, and similar arrangements.
Singaporeans can enjoy visa-free or visa-on-arrival access to 195 out of 227 destinations, cementing their passport’s top-ranking status. Earlier in 2024, Singapore briefly shared the top spot with 5 other countries, but by July, it reclaimed sole leadership. In the latest rankings released on 8 Jan 2025, Japan follows closely in second place with access to 193 destinations, while Finland, France, Germany, Italy, South Korea, and Spain tie for third with 192 destinations.
| Passport | Rank in 2025 | Number of visa-free destinations it can access |
| Singapore | 1st | 195 |
| Japan | 2nd | 193 |
| Finland | 3rd | 192 |
| France | 3rd | 192 |
| Germany | 3rd | 192 |
| Italy | 3rd | 192 |
| South Korea | 3rd | 192 |
| Spain | 3rd | 192 |
| Austria | 4th | 191 |
| Denmark | 4th | 191 |
Source: 2025 Henley Passport Index
At the bottom of the list are Afghanistan, Syria, and Iraq, with Afghan passport holders able to visit only 26 destinations visa-free. Meanwhile, China’s passport has climbed significantly, moving from 94th place in 2015 to 60th in 2025, offering access to 40 more destinations over the decade.
Surprisingly, the US passport has dropped in rankings, moving from second place in 2015 to ninth in 2025.
Maybank’s Etiqa Insurance launches Singapore’s first Shariah-compliant ILP in over a decade
Maybank’s insurance arm, Etiqa Insurance Singapore, has launched Invest Future, Singapore’s first Takaful (Shariah-compliant) offering in over a decade. Exclusively distributed by Maybank, Invest Future is an innovative investment-linked plan (ILP) tailored for customers seeking ethical, values-based insurance solutions that align with Shariah principles.
Invest Future combines wealth accumulation and life protection while adhering to Shariah principles. Certified by the Financial Shariah Advisory and Consultancy of Pergas, it offers:
- Bonuses: Start-up bonus up to 80% of first-year premiums, annual loyalty bonuses, and more.
- Flexible Investment: Begin with just $200/month to access reputable, Shariah-compliant global funds.
- Comprehensive Coverage: Death and total permanent disability benefits up to 105% of premiums or account value.
- Legacy Options: Pledge benefits as gifts to loved ones or charitable organisations (wakaf).
- Customisation: Enjoy premium-free periods, fund switching, and optional riders for extra coverage.
Read more about Invest Future.
ALSO READ: What is Halal Investment? A Guide to Singapore’s Buzzing Islamic Finance Scene
Skyscanner reveals lowest cost destinations for 2025 in “Wanderlost” report
Ever been so overwhelmed by wanderlust that you feel wanderlost? You’re not alone. Skyscanner’s latest “Wanderlost” report reveals that over 50% of Singapore travellers experience holiday planning stress, with overthinking and the fear of imperfect choices topping the list of frustrations. Dubbed “Wanderlost,” this modern dilemma often leads to decision paralysis, with many travellers revisiting their plans multiple times before committing. So much for a relaxing vacay!
The good news is that Skyscanner’s report also revealed the top budget destinations that’ll be kind to your wallet. This should help you narrow down your next trip destination!
| No | Cheapest destinations for 2025 | Flight prices in 2025 |
| 1 | Langkawi, Malaysia | From $138 |
| 2 | Hat Yai (Songkhla), Thailand | From $192 |
| 3 | Puerto Princesa, Philippines | From $250 |
| 4 | Shenzhen, China | From $271 |
| 5 | Da Nang, Vietnam | From $343 |
| 6 | Hue, Vietnam | From $409 |
| 7 | Okinawa, Japan | From $449 |
| 8 | Chongqing, China | From $464 |
| 9 | Perth, Australia | From $275 |
| 10 | Labuan Bajo, Indonesia | From $490 |
Source: Skyscanner
Speaking of preparing for your next trip, don’t forget to use our handy travel insurance comparison tool to safeguard your holiday. Happy travels!
COE prices hit record highs for big cars in 2025
The first Certificate of Entitlement (COE) bidding exercise of 2025 brought jaw-dropping news for car buyers: premiums for large cars (Category B) skyrocketed to $121,501, marking their highest price since Dec 2023. Open category COEs, commonly used for larger cars, also surged, reaching $123,000—a significant leap from $108,992 in the last round.
While big car prices soared, smaller car (Category A) premiums dipped slightly to $93,699, down from $96,000. COEs for commercial vehicles also saw a small drop to $67,891, but motorcycle premiums climbed to $9,001, reflecting increasing demand.
This spike comes amid a total of 4,021 bids for only 2,670 available COEs, showcasing strong competition in the market.
To address rising COE prices and manage traffic congestion, the government plans to inject up to 20,000 additional COEs across all categories from February 2025, leveraging the upcoming ERP 2.0 system.
Just bought a car? Awesome! Get it protected with car insurance.
New law allows police to freeze scam victims’ bank accounts
Scams are on the rise in Singapore, and the government is stepping up its fight. Parliament recently passed the Protection from Scams Bill, which gives police the authority to order banks to temporarily freeze transactions in accounts linked to potential scam victims.
The new law allows officers, including those from the Commercial Affairs Department, to issue restriction orders when they believe a scam is imminent. These orders suspend activities like money transfers, ATM withdrawals, and credit usage, while still allowing access to funds for daily expenses. The aim? To buy time for the police to convince individuals they are being scammed, often enlisting family members to help.
The restrictions primarily target accounts with the 7 major banks in Singapore—DBS, OCBC, UOB, Citibank, HSBC, Maybank, and Standard Chartered. They may also extend to other banks if necessary.
Safeguards include:
- Restriction orders as a last resort after all other efforts fail.
- Orders are capped at 30 days but can be extended up to five times if deemed necessary.
- Individuals can appeal decisions through a quick process with the Commissioner of Police.
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