Singapore provides a 2.5% risk-free rate on each citizen's CPF Ordinary Account (OA), which, while relatively stable, may not be enough to cover inflation. However, citizens can increase their wealth through the CPF Investment Account (IA).

DBS Bank (SGX: D05)

DBS Bank (DBS) is Singapore's largest bank, providing a wide range of banking services to individuals and businesses. Since CEO Piyush Gupta took office in 2009, revenue and net profit have grown steadily.

In the first half of 2024, DBS's total revenue reached S$11 billion, an increase of 11% year-on-year; net profit also rose, from S$5.2 billion in the same period last year to S$5.74 billion; dividends per share increased from S$0.82 to S$1.08, with a dividend yield of about 6%, much higher than the 2.5% interest rate on the CPF Ordinary Account.

However, investors should pay attention to changes in interest rates, which are expected to fall by the end of 2024, which may affect the bank's net interest income. In addition, CEO Piyush Gupta announced that he will retire in March 2025, and Deputy CEO Tan Su Shan will take over.

Singapore Exchange (SGX: S68)

Singapore Exchange (SGX) is the only stock exchange operator in Singapore. In addition to stock trading, the company also provides a multi-asset platform, including fixed income (bonds), derivatives, etc.

For the full year of fiscal 2024, SGX's revenue increased by 3.1% year-on-year to S$1.23 billion, and its net profit increased by 4.7% year-on-year to nearly S$598 million. The company's stable free cash flow is used to pay dividends. In August, SGX announced a final dividend of S$0.09 per share, bringing the total dividend for FY24 to S$0.345, with a dividend yield of 3.2%, higher than the 2.5% of the CPF ordinary account.

However, the local stock market faces the problem of insufficient listing of new companies, and the Monetary Authority of Singapore (MAS) has set up a panel to review and propose measures to revitalize the stock market.

CapitaLand Integrated Commercial Trust (SGX: C38U)

CapitaLand Integrated Commercial Trust (CICT) is the oldest and largest real estate investment trust (REIT) listed on the Singapore stock market, with 21 properties in Singapore, 2 in Germany and 3 in Australia.

Since its listing in 2002 as CapitaLand Mall Trust, CICT has been known for its stable distribution per unit (DPU). In the first half of 2024, total revenue increased by 2.2% year-on-year, while net property income rose by 5.4% year-on-year, raising DPU from S$0.053 to S$0.0543. Although rising interest rates led to an 8.3% year-on-year increase in interest expenses, interest rates are expected to fall soon, easing the REIT's financial expenses.