Author: MIL-OSI Publisher

September 19 2025 – The Federal Reserve's quarter-point reduction this week, alongside projections that point to two additional moves before year-end, resets the global rate anchor and jolts currency and risk sentiment across Asia.

Markets whipsawed on the dollar's initial slide and quick rebound as investors parsed the Fed's guidance.

Nigel Green, CEO of global financial advisory giant deVere Group, says: “The latest Fed cut—its first of 2025 —hands Asia a valuable window to get ahead of trade shocks and softer global demand.

“Central banks that move promptly can lower funding costs, support credit transmission and steady confidence before tariff spillovers do more damage.”

He continues: “The backdrop across the region is supportive.

“Inflation is subdued in several key economies: Thailand's headline rate has spent months below the central bank's target band; the Philippines is at 1.5%; Indonesia sits a little above 2%; India hovers near 2%.

“The combination—cooler prices and resilient domestic demand—gives policymakers latitude to ease while keeping real rates positive.

“We're already seeing decisive steps. Indonesia has surprised with rate cuts to backstop growth and investment.”

Thailand lowered its policy rate to multi-year lows as output sputters. The Philippines has entered a clear easing phase and signals more to come. South Korea's central bank is teeing up a shift toward looser settings as inflation drifts around 2% and board members openly argue for more cuts. These moves, together with the Fed's trajectory, set the tone for a region-wide descent in borrowing costs.

“Two big markets are treading carefully. China is holding core policy rates and is expected to keep loan prime rates steady for now, seeking targeted support rather than a broad push while it balances growth, the equity rally, and housing-market repair.

“Japan is also on hold, even as it refines its post-stimulus framework; that stance underscores how heterogenous the region's cycle is, and why investors must differentiate country by country.”

Trade friction remains a clear drag. Elevated and shifting tariffs—most visibly between the US and major partners—are eroding export visibility and capex appetite.

Multilateral outlooks now show slower momentum across developing Asia, with Southeast Asia marked down the most for 2025. Monetary policy can't solve geopolitics, “but it can cushion the blow and keep domestic demand engines turning.”

The dollar's volatility after the Fed decision tells investors more information about timing.

“Asia doesn't need a collapse in the greenback to unlock relief; it needs clarity. As policy paths become more predictable, meaning more dovish in Washington, selectively easier in Asia, funding channels reopen and equity risk outlooks improve.”

Nigel Green concludes: “The window is open. Asia's central banks have the mandate and the macro space to cut, and investors who seek advice and act early could capture the upside of the region's next easing wave.”

deVere Group is one of the world's largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices around the world, more than 80,000 clients, and $14bn under advisement.

18 September 2025:  Medecins Sans Frontieres/Doctors Without Borders (MSF) supports the UN’s finding that the Israeli authorities are committing genocide against Palestinians in the Gaza Strip. 

September 18 2025 – The Bank of England is expected to leave its benchmark interest rate at 4% when the Monetary Policy Committee meets at 12 noon BST, and the odds of any additional reduction before year-end “appear slim,” predicts the CEO of global financial advisory giant deVere Group.

Markets have shifted decisively toward the view that August's quarter-point cut will stand as a solitary move for 2025.

Headline consumer price growth remains lodged at 3.8%, almost twice the official 2% target.

Core inflation, which excludes food and energy, has eased only marginally. Food costs are rising more than 5% year-on-year, adding to pressure on household budgets.

These readings keep the Bank in a difficult position: inflation is not retreating fast enough to justify easier policy.

Nigel Green, chief executive of deVere Group, says: “Inflation hasn't fallen in a way that allows policymakers to signal further cuts.

“The Committee will, we expect, hold the line to reinforce credibility.

“Markets should expect steady rates into the new year unless there's a decisive downward break in the data.”

He adds that monetary policy will remain deliberately restrictive despite slower global growth.

“The US and euro area can move toward looser policy because their price pressures have moderated more convincingly. The UK cannot follow without risking a resurgence in inflation expectations.”

The implications stretch across asset classes.

Sterling

Nigel Green expects the pound to remain well supported against major currencies through the final quarter.

“Relative yield advantage is back on sterling's side,” he notes. “If the Bank signals that rates stay high while the Federal Reserve and the ECB lean easier, the pound can grind higher against both the dollar and the euro. Volatility will stay elevated, but the underlying bias is toward strength.”

UK equities

A higher-for-longer stance favours certain sectors and challenges others.

“Companies with strong pricing power—energy producers, utilities, consumer staples—should continue to attract inflows,” says Nigel Green.

“Rate-sensitive growth stocks and highly leveraged real estate names face persistent headwinds as borrowing costs remain elevated.”

Bonds and gilts

The environment also keeps UK government bond yields appealing to global investors seeking income.

“Gilts will retain a premium over many developed-market peers,” Nigel Green explains. “But investors must focus on real, inflation-adjusted returns. If inflation stays stubborn, the yield advantage narrows.”

Property

Residential and commercial property markets will likely stay subdued.

“Mortgage costs will remain relatively high into 2026 if the Bank holds rates,” he predicts. “This limits price growth and keeps refinancing conditions tight.”

For international investors, the message is to treat UK-denominated assets as a distinct opportunity set rather than simply following global easing trends.

“Capital that flowed out of the UK earlier in the year on expectations of swift cuts will reassess,” Nigel Green says.

“Sterling assets offer income and a currency with scope to appreciate if the Bank maintains its stance.”

The deVere CEO concludes that the final quarter of 2025 will test how well markets have priced a prolonged plateau in borrowing costs.

“If the Bank signals an extended pause while the Fed and ECB continue to ease, sterling could push toward the upper end of its recent trading range—potentially $1.40 against the dollar and €1.20 versus the euro by year-end.

“Gilt yields are likely to stay firm, supporting income strategies, while UK equities will remain a story of selective strength, with exporters benefiting from a stronger currency and domestic retailers contending with tighter credit.

“Unless inflation shows an unmistakable downward break, policy will stay restrictive well into the first quarter of 2026, shaping every investment decision tied to the UK.”

deVere Group is one of the world's largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices around the world, more than 80,000 clients, and $14bn under advisement.

18 SEPTEMBER 2025 – A worker has died in an accident in connection with a lifting operation at Equinor's refinery at Mongstad. The accident occurred on Wednesday 17 September at 13:40 CEST.

The worker was treated by health personnel at the scene, but his life could not be saved.

The deceased was employed by Crane Norway, a supplier of crane and lifting services at Mongstad.

“We are deeply impacted by this tragic accident, in which a person lost his life while working for Equinor. I would like to express my deepest condolences to the family, friends and colleagues who have lost a loved one. In cooperation with the supplier companies, we will do everything we can to support those affected by this accident,” says Equinor CEO Anders Opedal.

All non-critical activity on the plant has been stopped until further notice and the area has been cordoned off.

On Wednesday afternoon, 1500 employees at Mongstad were gathered for an information meeting. Additional gatherings will be held on Thursday morning. Equinor will also meet with leadership of the supplier companies to follow up the incident.

Relevant authorities have been notified of the incident, and the police have initiated an investigation. Equinor will also investigate the incident.

The next of kin have been informed.

x15ventures and Triple Bubble announce shared commitment to fintech with a program that swaps talent, shares experience, and explores new ideas.

18 September 2025 – The Commonwealth Bank’s venture-scaling arm x15ventures and fintech-focused fund Triple Bubble have announced a strategic partnership to support innovation in Australia’s financial technology ecosystem.

The partnership includes an investment, exploration of new fintech opportunities using x15’s bank-safe venture stack, and the development of a mutual mentorship and talent exchange program, to give startups enterprise insight and provide emerging bank talent with hands-on experience inside high-growth ventures.

“We’ve built a model that’s proven effective in helping startups scale while deepening the CommBank proposition – but there’s always room to improve, especially in how we identify future ventures and talent. Partnering with Triple Bubble strengthens our role as a bridge between corporate and startup – opening venture opportunities that can benefit from our capability, while giving fintech founders and bank talent the chance to learn complementary skills,” x15 Managing Director Toby Norton-Smith said.

Triple Bubble is Oceania’s first-of-its-kind, fintech-specific investment fund, purposely designed to support promising early-stage ventures that often struggle to raise capital. Founded in 2024 by Dom Pym (Up Bank, Ferocia, Pin Payments), Brian Collins (Audacity Ventures, Startup Bootcamp), and Judy Anderson-Firth (Euphemia, Startup Victoria), Triple Bubble’s unique model provides capital and strategic guidance at the startup, scale-up, and liquidity stages – the three ‘bubbles’ where fintechs need it most.

“This partnership is a bold signal of leadership from Australia’s biggest banking institution,” Mr Pym said. “Our fintech ecosystem is thriving but still underserved. What fintech founders need is capital, access to mentors, and large companies that believe in them. With CommBank stepping up, we’re bridging critical gaps in Australian fintech investment and showing real commitment to bold ideas and the entrepreneurs behind them. Together, we can unlock opportunities for founders, attract and retain world-class talent, and prove that fintech is one of this country’s great growth engines.”

Working with Triple Bubble is a reflection on CommBank’s broader strategic vision of connecting startup agility with institutional scale to drive long-term impact across the financial services sector.

“Startups play an important role in economic dynamism. CommBank is continuing to support the startup ecosystem, building new opportunities for talent and collaboration to help the next generation of fintechs grow here in Australia,” CommBank Group Executive Group Strategy Stuart Munro said.

The terms of the deal are undisclosed.

About x15ventures

x15ventures is a venture scaler powered by CommBank. Founded in 2020, x15 builds, buys and invests in startups that would benefit from connections to Australia’s leading bank, and could improve the lives of its more than 15 million customers, by either reimagining existing CommBank products or services, or offering solutions not traditionally classed as finance, but that could extend the bank’s relationship and relevance with customers.

x15’s platform model combines the latest cloud technology (running on a separate tech stack to CommBank) with enterprise grade controls, enabling ventures to innovate at pace in a 'bank safe' environment, and scale through access to CommBank assets – including capital, brand, and customer distribution – once ready.

For more, please visit: x15ventures.com.au

About Triple Bubble

Triple Bubble is Oceania's first fit-for-purpose fintech fund. Unlike traditional venture funds, Triple Bubble takes a stage-agnostic approach across three ‘bubbles’: Private markets (from pre-product to late stage), secondary equities, and pre-IPO/public fintechs. This first-of-its-kind model provides multiple pathways to liquidity while delivering capital, connections, and strategic guidance at the moments fintech founders need it most.

For more, please visit: triplebubble.com  

• First automated tool that quickly analyses RNA changes across thousands of biological samples
• Scientists can now better understand how cells adapt to stress, infections or diseases by studying tiny chemical changes in RNA – a molecule that carries genetic instructions from DNA and regulates how genes respond to challenges
• This will help the healthcare and biomedical industry better identify disease markers, and develop targeted therapies and personalised treatment for diseases such as cancer and antibiotic-resistant infections.

Singapore, 04 September 2025 – Researchers at the Antimicrobial Resistance (AMR) interdisciplinary research group of the Singapore-MIT Alliance for Research and Technology (SMART), Massachusetts Institute of Technology’s (MIT) research enterprise in Singapore, have developed a powerful tool capable of scanning thousands of biological samples to detect transfer ribonucleic acid (tRNA) modifications — tiny chemical changes to RNA molecules that help control how cells grow, adapt to stress and respond to diseases such as cancer and antibiotic‑resistant infections. This tool opens up new possibilities for science, healthcare and industry — from accelerating disease research and enabling more precise diagnostics, to guiding the development of more effective medical treatments for diseases such as cancer and antibiotic-resistant infections.

The research was led by SMART AMR, in collaboration with Nanyang Technological University (NTU Singapore), University of Florida, University at Albany, Lodz University of Technology and MIT.

Addressing current limitations in RNA modification profiling

Cancer and infectious diseases are complicated health conditions in which cells are forced to function abnormally by mutations in their genetic material or by instructions from an invading microorganism. The SMART-led research team is among the world’s leaders in understanding how the epitranscriptome – the over 170 different chemical modifications of all forms of RNA – controls growth of normal cells and how cells respond to stressful changes in the environment, such as loss of nutrients or exposure to toxic chemicals. The researchers are also studying how this system is corrupted in cancer or exploited by viruses, bacteria and parasites in infectious diseases.

Current molecular methods used to study the expansive epitranscriptome and all of the thousands of different types of modified RNA, are often slow, labour-intensive, costly and involve hazardous chemicals, which limits research capacity and speed.

To solve this problem, the SMART team developed a new tool that enables fast, automated profiling of tRNA modifications — molecular changes that regulate how cells survive, adapt to stress and respond to disease. This capability allows scientists to map cell regulatory networks, discover novel enzymes and link molecular patterns to disease mechanisms, paving the way for better drug discovery and development, and more accurate disease diagnostics.

Unlocking the complexity of RNA modifications

SMART’s research, recently published in Nucleic Acids Research, titled “tRNA modification profiling reveals epitranscriptome regulatory networks in Pseudomonas aeruginosa”, shows that the tool has already enabled the discovery of previously unknown RNA-modifying enzymes and the mapping of complex gene regulatory networks. These networks are crucial for cellular adaptation to stress and disease, providing important insights into how RNA modifications control bacterial survival mechanisms.

Using robotic liquid handlers, researchers extracted tRNA from more than 5,700 genetically modified strains of Pseudomonas aeruginosa, a bacterium that causes infections such as pneumonia, urinary tract infections, bloodstream infections and wound infections. Samples were enzymatically digested and analysed by liquid chromatography-tandem mass spectrometry (LC-MS/MS), a technique that separates molecules based on their physical properties and identifies them with high precision and sensitivity.

As part of the study, the process generated over 200,000 data points in a high-resolution approach that revealed new tRNA-modifying enzymes and simplified gene networks controlling how cells respond and adapt to stress. For example, the data revealed that the methylthiotransferase MiaB, one of the enzymes responsible for tRNA modification ms2i6A, was found to be sensitive to the availability of iron and sulfur and to metabolic changes when oxygen is low. Discoveries like this highlight how cells respond to environmental stresses, and could lead to future development of therapies or diagnostics.

SMART’s automated system was specially designed to profile tRNA modifications across thousands of samples rapidly and safely. Unlike traditional methods — which are costly, labour-intensive and use toxic solvents such as phenol and chloroform — this tool integrates robotics to automate sample preparation and analysis, eliminating the need for hazardous chemical handling and reducing costs. This advancement increases safety, throughput and affordability, enabling routine large-scale use in research and clinical labs.

A faster and automated way to study RNA

As the first system capable of quantitative, system‑wide profiling of tRNA modifications at this scale, the tool provides a unique and comprehensive view of the epitranscriptome — the complete set of RNA chemical modifications within cells. This capability allows researchers to validate hypotheses about RNA modifications, uncover novel biology and identify promising molecular targets for developing new therapies.

“This pioneering tool marks a transformative advance in decoding the complex language of RNA modifications that regulate cellular responses. Leveraging AMR’s expertise in mass spectrometry and RNA epitranscriptomics, our research uncovers new methods to detect complex gene networks critical for understanding and treating cancer as well as antibiotic-resistant infections. By enabling rapid, large-scale analysis, the tool accelerates both fundamental scientific discovery and the development of targeted diagnostics and therapies that will address urgent global health challenges,” said Prof Peter Dedon, Co-lead Principal Investigator (PI) at SMART AMR, Professor of Biological Engineering at MIT and corresponding author of the paper.

Accelerating research, industry and healthcare applications

This versatile tool has broad applications across scientific research, industry and healthcare. It enables large-scale studies of gene regulation, RNA biology and cellular responses to environmental and therapeutic challenges. The pharmaceutical and biotech industry can harness it for drug discovery and biomarker screening, efficiently evaluating how potential drugs affect RNA modifications and cellular behaviour. This aids the development of targeted therapies and personalised medical treatments.

“This is the first tool that can rapidly and quantitatively profile RNA modifications across thousands of samples. It has not only allowed us to discover new RNA-modifying enzymes and gene networks, but also opens the door to identifying biomarkers and therapeutic targets for diseases such as cancer and antibiotic-resistant infections. For the first time, large-scale epitranscriptomic analysis is practical and accessible,” said Dr Jingjing Sun, Research Scientist at SMART AMR and first author of the paper.

Looking ahead: advancing clinical and pharmaceutical applications

Moving forward, SMART AMR plans to expand the tool’s capabilities to analyse RNA modifications in human cells and tissues, moving beyond microbial models to deepen understanding of disease mechanisms in humans. Future efforts will focus on integrating the platform into clinical research to accelerate the discovery of biomarkers and therapeutic targets. The translation of the technology into an epitranscriptome-wide analysis tool that can be used in pharmaceutical and healthcare settings, will drive the development of more effective and personalised treatments.

The research conducted at SMART is supported by the National Research Foundation (NRF) Singapore under its Campus for Research Excellence and Technological Enterprise (CREATE) programme.

CAN SUPERMARKETS DO MORE IN FIGHTING PLASTIC POLLUTION? THE WORLD’S FIRST SUPERMARKET AUDITS SEEM TO INDICATE SO.

London, UK [September 16, 2025] – Today, Break Free From Plastic released a new report ‘Supermarket Audits: Stores' Untapped Potential in Fighting Plastic Pollution’, the first-ever global snapshot of the retail sector’s business practices in stores, focusing on their pivotal role in the global plastic pollution crisis.

From August 28 to November 15, 2024, 496 individual audits of 247 retailers in 27 countries were conducted by volunteers from BFFP member organisations, as part of the supermarket audits. Through this global citizen science initiative, BFFP found that stores are doing the bare minimum to reduce their single use plastic footprint, except where strong legislation compels them to.

These citizen science supermarket audits are inspired by BFFP’s successful Brand Audit project, which identified the world's top corporate plastic polluters over the past six years.

Here are the key findings from the report:

• Stores are performing poorly in adopting business practices that reduce plastic pollution, apart from where legislation requires them to do so. Nonetheless, we found examples of every positive business practice implemented somewhere in the world, highlighting their feasibility and acceptability to consumers. 
• Hardly any stores around the world have implemented simple plastic pollution positive actions such as bulk loose dry goods section (only 14% of audited stores do this) and removing plastic carrier bags for fresh produce (only 11%).
• 44% of audited stores have bottle deposit schemes, but those are largely attributed to audits in Germany, where of audited stores 96% have them as required by German law. Outside of Germany, only 17% of stores have such initiatives. This underscored how essential legislation is for driving plastic pollution reduction measures. 
• 58% of audited stores around the world have no single-use carrier bags available at check out, or place a small charge on them. This is likely due to the widespread regulations to reduce plastic bags around the world – over a 100 countries have them. 
• 53% of all audited stores globally have canvas shopping bags for sale as a reusable alternative to plastic bags.

Access the detailed results.

Supermarkets are key midstream players in the plastic lifecycle – they lie at a critical junction between producers and consumers, and have significant influence on product producers and consumer behaviour. Yet the role of the supermarket sector in plastic pollution, and its potential for positive change, has been largely overlooked.

BFFP found that a majority of supermarkets successfully prevent one type of plastic pollution by not providing free single-use carrier bags at checkout. Yet, plastic-conscious practices such as bulk dry goods sections, deposit return systems for beverage bottles, deli and butcher counters that allow customers to bring their own containers, and alternatives to plastic produce bags are rarely found in stores around the world.

The report calls on supermarkets to leverage their unique market position to implement comprehensive plastic reduction strategies – these can influence how and what consumers buy, and can reduce plastic waste generation and plastic pollution globally. Supermarkets can also drive supplier innovation and plastic reduction through ambitious targets and procurement policies, while supporting reusable packaging infrastructure, such as existing bottle deposit schemes. Supermarkets should not wait for legislation to act. In the face of the global plastic crisis, which is harming human health, the climate, and the environment, the entire sector needs to urgently address its plastic use.  

As negotiations on a global plastic treaty are ongoing, this report offers critical insights into how supermarkets can do so much more in averting the plastic crisis. The study hopes to expand annually and build a comprehensive dataset with more countries and retailers to showcase the best practices and pressure supermarkets to play a proactive role in mitigating the plastic pollution crisis.

QUOTES FROM BFFP MEMBERS

Maria José García Bellalta, founder, Fundación El ÁrbolXXX, Chile

In recent years, Chile has adopted significant policies, including the Plastic Bag Ban Law (2018) and the Law on Single-Use Plastics and Plastic Bottles (2021), to address plastic pollution. Yet 20 recent audits of supermarkets and convenience stores across two regions reveal that compliance is inconsistent. Large supermarkets have stopped distributing single-use plastic bags, yet many continue to sell so-called “reusable” plastic bags, which ultimately end up as waste once damaged. Smaller convenience stores still freely provide plastic bags to customers, with little to no oversight or enforcement. With Chile’s weak legislation and enforcement mechanisms, stronger and more inclusive measures are needed to address plastic pollution across establishments, accompanied by citizen and retailer education. Most importantly, effective oversight and meaningful sanctions are essential to ensure compliance and to foster real change.

Daru Setyorini, Executive Director, ECOTON, Indonesia

Plastic overproduction is fueling the triple planetary crisis, and supermarkets have been flooding us with plastic-packed products. Retail chains generate up to five times more packaging waste than traditional shopping — much of it from individually wrapped foods, plastic-bottled drinks, and disposable bags. We saw some supermarkets provide reusable options, but it’s too little and there is a lack of promotion by supermarkets. We want more! We need supermarkets to lead in replacing single-use plastics with locally sourced, plant-based materials and reusable containers. Make sustainable choices accessible, visible, and affordable. We demand eco-friendly packaging in every aisle, so that every purchase moves us closer to a healthier, zero-waste future.

Edith Monteiro, Adansonia.Green, Senegal

Every aisle in the supermarket can be part of the problem or part of the solution. Choosing less plastic means choosing a healthier future.

Emma Priestland, Corporate Campaigns Coordinator, Break Free From Plastic

This first ever snapshot of global supermarket business practices clearly shows that the sector has a long way to go in preventing plastic pollution. Supermarkets around the world are heavily reliant on single-use plastics, and this overconsumption is a key reason we are in a pollution crisis today. By implementing some simple and proven measures, stores can massively reduce their plastic footprint, and help their customers avoid unnecessary plastic – good for their health and the environment!

About Break Free From Plastic –  #BreakFreeFromPlastic is a global movement envisioning a future free from plastic pollution. Since its launch in 2016, more than 3,500 organizations representing millions of individual supporters around the world,  have joined the movement to demand massive reductions in single-use plastics and push for lasting solutions to the plastic pollution crisis. BFFP member organizations and individuals share the values of environmental protection and social justice, and work together through a holistic approach to bring about systemic change. This means tackling plastic pollution across the whole plastics value chain—from extraction to disposal—focusing on prevention rather than cure and providing effective solutions. www.breakfreefromplastic.org

Nauru is embarking upon a landmark educational reform agenda with the aim of creating the “smart nation” of the Pacific.

The ambitious strategy will equip Nauru’s next generation of students – and those in the future – with the knowledge and education skills they need to bring future prosperity to them, their families and the nation.

President David Adeang said the strategy builds on a series of knowledge-based initiatives to build economic resilience.

“Nauru is at the forefront of innovation in the Pacific and we’re charting a course for future prosperity where education will be a key to success,” he said.

“Our greatest assets are our people and the government is determined to equip them with opportunities that empower them as individuals, while helping to generate national wealth.”

He said a major priority was to strengthen student engagement and attendance through practical measures including prioritising tertiary scholarships over secondary scholarships, which will “elevate the overall standard of education in Nauru.”

“An improved local education system will also give more Nauruan students access to international educational opportunities that are key to realising our ambition to be the Pacific’s ‘smart state’.”

Education Minister Asterio Appi said the development of a new Assessment and Curriculum Framework along with new teacher standards were other key planks of the government’s education reform agenda.

“We’re undertaking national exam analytics to ensure students are rigorously assessed so that they’re properly equipped to benefit from a truly world class education,” the Minister said.

“I’m absolutely determined to get more kids back in the classroom because that’s where they need to be if they want to succeed and contribute to Nauru’s future.

“That’s why we’re implementing stronger enforcement of compulsory attendance while at the same time encouraging parents to view themselves as a child's “first teacher”.”

Mr Appi said parents needed to set the right example and that there would be consequences for the small minority that don’t.

“New regulations under the Education Act allow for fixed penalty notices to be issued to parents for non-attendance and we won’t hesitate to enforce these regulations.”

In support of these initiatives, the Nauru government is also trialling an early warning system giving authorities the power of intervention for students considered ‘at risk’ of low attendance.

President Adeang said Nauru’s path to future prosperity through recent innovative initiatives including the passing of digital asset legislation and the climate resilience citizenship program must be backed up by a quality, home-grown education system.

“The Government believes that the true prosperity of our nation rests in the strength of our human capital,” he said.

“That is why we are committed to investing in and empowering our youth through quality education, robust healthcare, and opportunities in sports and personal growth.

President Adeang said, “By nurturing their talents, energy, and potential, we are laying the foundation for a nation that is not only financially stable but also resilient, united, and prepared to face tomorrow's challenges with confidence and pride.”

• HALA has rapidly scaled to serve over 142,000 businesses and now processes more than $8 billion of annual transactions, cementing its position as the region's MSME focused fintech leader.
• Landmark Investment to sustain HALA's leadership position in the market, launch new ventures, including lending products, and expand beyond borders.
• This marks The Rise Funds' first ever Middle East and KSA investment, demonstrating the strength of HALA's model, favourable demographics, and the opportunity to drive social impact at scale.

Riyadh, Saudi Arabia – September 15, 2025: HALA, Saudi Arabia's leading fintech and provider of embedded financial services to micro, small and medium enterprises, has raised $157 million in a Series B investment round — officially one of the largest fintech Series B funding rounds in the Middle East.

The funding round is led by The Rise Fund, TPG's multi-sector global impact investing strategy, and Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF), with participation from QED, Raed Ventures, Impact 46, Middle East Venture Partners (MEVP), Isometry Capital, Arzan VC, BNVT Capital, Kaltaire Investments, Endeavor Catalyst, Nour Nouf Ventures, Khwarizmi Ventures, and Wamda Capital. These funds will be utilized to strengthen HALA's position in the Saudi market and offer more embedded financial services, lending products catered to support the growth of MSMES and Freelancers as well as to expand HALA's presence regionally.

This investment follows on from HALA's impressive year-on-year growth that validates the robustness and scalability of its operating model, which is geared toward sustainable growth as well as playing a key role in its home market in supporting the Saudi Vision 2030 goal to significantly enhance the contribution of SMEs to GDP.

HALA offers a comprehensive embedded financial services offering, ranging from business accounts, card issuance, payment and transfer services, and POS solutions to financing and corporate cards. The company currently serves over 142,000 businesses and processes more than $8 billion of annual transactions.

The SME sector in Saudi Arabia presents a significant market opportunity for HALA, given the sector's vital role in the economy. With approximately 614,000 to 1.8 million SMEs, which account for about 90–99% of private sector businesses, the growth potential for digital payment solutions is substantial. These SMEs contribute an estimated 20–35% of the Kingdom's GDP, roughly $310–375 billion USD annually, and employ around 4.7 million people across key sectors like retail, manufacturing, and construction. The sector has experienced a 45% increase in GDP contribution from 2016 to 2021, driven by government initiatives, digital transformation efforts, and increased financing support, creating a fertile environment for innovative payment services.

Esam Alnahdi Co-founder and Chairman, HALA stated: “This landmark investment is a turning point for HALA, reflecting on our relentless pursuit of innovation and excellence in serving small businesses. We are honored that our new investors recognize the potential of our vision and the impact we aspire to make in the MSME landscape. Our journey is just beginning, and this support fuels our drive to create meaningful change.”

Maher Loubieh, Co-founder and Group CEO, HALA continued “We are honored by the continued trust and support of our existing investors – distinguished local and regional business leaders and funds – whose contributions have been instrumental to HALA's journey so far. At the same time, we are proud to welcome all our new partners, including TPG's Rise Fund and Sanabil, who, by joining our journey, gave a strong testimonial of the business that the team has built. As we look at the next phase of our growth, we believe that our diverse group of prominent investors bring valuable global expertise and perspective which will elevate our ambitions to execute with even greater scale and impact.”

Yemi Lalude, Partner at TPG and Head of Europe, Middle East and Africa for The Rise Funds, commented, “HALA is uniquely positioned to empower micro and small businesses, a key pillar in the region's economy, by delivering business owners and their customers a broad and growing set of payment solutions. We are excited to support the HALA team in building a clear leader in this underserved segment. Our investment underscores our belief in the growth potential of this market, the rising demand for robust digital banking solutions, and the critical role entrepreneurs play in shaping the next generation economy, not just though innovation but by creating jobs, expanding access, and delivering meaningful social impact.”

A spokesperson for Sanabil Investments added: “We are excited to lead this landmark Series B funding round for HALA. This investment underscores our belief in HALA's potential to reshape the future of financial services for SMEs and aligns with Sanabil's mission to support visionary companies with patient capital and strategic guidance. We look forward to partnering with HALA and the other investors in supporting their continued success and expansion.”

About HALA

HALA, co-founded by Esam Alnahdi (Chairman) and Maher Loubieh (CEO), is a leading fintech company based in Saudi Arabia, dedicated to empowering micro, small, and medium enterprises (MSMEs) with innovative financial services. Since its inception, HALA has rapidly grown its footprint by offering a comprehensive suite of embedded financial solutions, including business accounts, card issuance, payment and transfer services, and point-of-sale solutions. With a vision to transform the financial landscape for businesses, HALA has already supported over 140,000 enterprises, processing more than $8 billion in annual transactions. The company's commitment to innovation and excellence has solidified its position as a pioneer in the MSME fintech space, driving both economic growth and social impact across the region. For more information, please visit www.hala.com

About TPG and The Rise Funds

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $261 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities.

The Rise Funds are a core pillar of TPG's global impact investing platform. Founded in 2016 by TPG in partnership with Bono and Jeff Skoll, The Rise Funds invest behind impact entrepreneurs and growth-stage, high potential, mission-driven companies that are focused on building and scaling solutions to the world's most complex challenges. The Rise Funds deliver capabilities and expertise across a wide variety of sectors and countries at scale, focusing on opportunities in climate and decarbonization, education, financial inclusion, healthcare, and impact technology.

TPG's Impact Platform is the world's largest of its kind, managing approximately $29 billion in assets across a family of funds that pursue non-concessionary returns and social and environmental impact at scale through growth equity, private equity, and infrastructure investing strategies.For more information, visit https://www.tpg.com/platforms/impact/the-rise-funds

About Sanabil

Sanabil is a financial investment company, wholly owned by the Public Investment Fund (PIF), that commits more than $3 billion in capital per annum into global private investments that include VC/Growth. Sanabil is a dynamic, nimble, and highly experienced team of investment professionals. Sanabil provides partners with patient capital, the ability to invest across multiple funding rounds, and access to the region. At Sanabil, we invest in great ideas, great minds, and great companies.