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Hugosave Empowers Muslim Community with Shariah-Compliant Financial Solutions

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SINGAPORE, Feb. 26, 2024 /PRNewswire/ — Singapore-based Wealthcare® and savings app Hugosave® announced that it is now jointly certified Shariah Compliant by a consortium led by Islamic Finance Singapore, Ustaz Kamal Mokhtar, S Tradition Pte Ltd, and Masryef Sdn Bhd.

In line with its dedication to fostering inclusivity and diversity within the financial sector, Hugosave has meticulously ensured that its offerings align with the principles of Islamic law, offering Muslim clients access to financial tools and additional avenues for investment opportunities grounded in their values and beliefs.

David Fergusson, Chief Executive Officer, Hugosave said, “Our vision has always been to build financially healthy and thriving communities, and this certification from the consortium of established Shariah advisory companies reinforces our commitment to the Muslim community in Singapore. This certification assures our Muslim clients that we are a trusted digital companion that is aligned with their faith. On a macro level, it is also Hugosave’s contribution to nation-building by promoting financial wellness across all segments of society.”

According to a 2022 report by the Islamic Corporation for the Development of Private Sector (ICD) and Refinitiv, Islamic financial assets grew to about $4 trillion from $2.17 trillion between 2015 and 2021, and are projected to rise to roughly $5.9 trillion by 2026[1]. This endorsement meets the growing demand from Muslim clients looking to manage their finances in accordance with their faith.

Ustaz Kamal Mokhtar, Chairman of the Shariah Consortium said, “Hugosave provides another avenue for Muslim investors to diversify their investment portfolio, especially in terms of gold investment. Gold is an important component of any investor’s portfolio due to its hedging mechanism against the volatility of the market. Global political uncertainties and the status and strength of the American dollar should make every investor consider increasing their gold portfolio. Historically since 1990 till 2020, gold prices have appreciated 360% which is about 18% annually. And the increasing demand for gold in the technology sector gives good potential for investing in gold. Hugosave provides a convenient platform for any investor to access the purchases of gold via an app. They could monitor the price of gold and make purchases from the convenience of their homes or offices.”

The six Shariah-compliant products offered by Hugosave include:

Hugosave Accounts: Savings in these accounts are safeguarded by a local bank.Hugosave Visa Platinum Debit Card: When a client spends with their Hugosave Debit Card, the transaction is rounded up to the nearest dollar and the excess is saved on their behalf, which is subsequently invested in a precious metal of their choice. This card has no annual fees and no minimum income requirement. When used overseas at millions of merchants worldwide, only Visa’s currency conversion applies.Hugosave Money Pots: Clients can set short-, medium-, or long-term savings goals and create automated saving and investing schedules to help achieve them.Hugosave Precious Metals: Clients can buy and sell physical gold, platinum, and silver, with a minimum investment as low as S$0.01. This feature provides clients with a live view of the value and gains of their investments, allowing them to make informed financial decisions by tracking market trends and investment performance in real time.Hugosave Trust: Hugosave has democratised access to a free trust service. With no fees and minimum income, clients can protect their legacy through Trustbox via a licensed trust service provider. This empowers customers to exercise greater control and flexibility over their assets, with the assurance that their wealth and assets are well-protected.Hugosave Rewards Centre: Clients are rewarded with sure-win spins when they reach specific milestones.

Hugosave serves as the digital companion, supporting individuals on their Wealthcare journey. The personal finance and savings app offers a comprehensive suite of financial products that helps everyone to make smarter spending choices, save for their goals and invest diligently.

“Hugosave is leading the charge in its field by adhering to Shariah standards, marking a significant and pioneering move that pushes the boundaries of Islamic finance in Singapore. Their bold and commendable decision to ensure their products comply with Shariah principles sets a new standard for innovation and inclusivity in the financial industry. This move highlights their commitment to alternative-ethical finance and opens up new avenues for growth and development within our community. IFSG is hopeful that Hugosave’s initiative will inspire other companies to embrace the principles of Shariah compliance, thereby enriching Singapore’s financial landscape with a variety of ethical and inclusive financial solutions.” said Ustaz Zul Hakim, Co-Chair of the Shariah Consortium.

“There is much confusion in navigating the current financial offerings and investments for Muslims in Singapore. Hugosave helps to simplify them and offer solutions in a Shariah-compliant manner. Acquiring, preserving and growing wealth is part of the objectives of Shariah. Although wealth is not an end in itself, it is a means for Muslims to live their lives, fulfil their responsibilities and prosper in this world with the blessings from the Allah SWT the All Mighty. Hugosave helps App users manage their finances, provide a payment solution, facilitate savings via gold and other precious metals, and perform investments in ETFs. All in a worry-free App (under its Shariah-compliant tab) suitable for Muslims.” added Ustaz Aminuddin Abu Bakar, representing S Tradition Pte Ltd.

Ustaz Hamrey Mohamad, representing Masryef Sdn Bhd emphasised, “Hugosave offers innovative financial solutions designed to empower you in achieving your financial goals while adhering to the core of Islamic Principles & Values. With their commitment to Shariah-compliant practices, you can invest with confidence and peace of mind to ensure halal income, insya Allah!”

Since its launch in 2021, Hugosave has been Singapore’s leading Wealthcare companion with more than 70,000 clients optimising their finances and building healthy financial habits through the app.

For more information about Hugosave, please visit www.hugosave.com.

Syahmi Aziz, 34 years old Singaporean, Senior Sales Executive and client of Hugosave, “As a Hugosave client since 2021, navigating rising costs has made me conscious of finding ways to improve and strengthen my financial well-being. I’m excited to hear that Hugosave’s products are now Shariah-compliant as it widens the range of financial tools and investment options available in Singapore that are in accordance with Shariah principles for Muslims This endorsement assures me that Hugosave is not just a reliable personal finance and savings tool but also one that aligns with my faith.”

About Atlas Consolidated Pte Ltd

Atlas Consolidated Pte Ltd was established in December 2019 by financial and technological stalwarts David Fergusson, Karl Franks, Braham Djidjelli and Surya Tamada. Atlas Consolidated holds a Visa Principal Member Issuing Licence, and received licensing approval to operate as a Major Payment Institution [PS20200550] from the Monetary Authority of Singapore in April 2022 and Regulated Precious Metals Dealers Certification [PS20200001983] from the Ministry of Law, Singapore in August 2021.

About Hugosave

Launched in July 2021, Hugosave is Singapore’s first Wealthcare® app and all-in-one personal finance account which aims to elevate lives by helping consumers to spend smarter, save more, and invest diligently, starting with gold. Today, more than 65,000 customers in Singapore are using Hugosave to optimise their finances. Since its launch, the app has won multiple awards including Consumer Finance Product of the Year and Financial Inclusion Initiative of the Year 2023 for Singapore at the Retail Banking Awards 2023 by Asian Banking & Finance.

Hugosave is owned and operated by Atlas Consolidated Pte Ltd and is a certified member of the Singapore FinTech Association. Atlas Consolidated holds a Visa Principal Member Issuing Licence, and received licensing approval to operate as a Major Payment Institution [PS20200550] from the Monetary Authority of Singapore in April 2022 and Regulated Precious Metals Dealers Certification [PS20200001983] from the Ministry of Law, Singapore in August 2021. Hugosave is jointly certified Shariah Compliant by a consortium led by Islamic Finance Singapore, Ustaz Kamal Mokhtar, S Tradition Pte Ltd, and Masryef Sdn Bhd in February 2024.

IFSG is an ecosystem builder dedicated to championing Islamic Finance initiatives in Singapore.

About Ustaz Kamal Mokhtar

He was appointed as a member of the Shariah Committee of Maybank Islamic on 1 September 2015. He graduated from the National University of Singapore (NUS) with a B.Sc. in Zoology and Botany. He obtained his Diploma in Arabic Language from the Islamic University of Medina (Saudi Arabia). Proceeded in the Faculty of Hadith and graduated with a BA (Hons.) in Hadith and Islamic Studies. Additionally, he graduated from the Shari’a Advisory Training Program jointly conducted by the Singapore Islamic Scholars & Religious Teachers Association (PERGAS) and the International Institute of Islamic Finance (IIIF). He holds a Master of Science (Finance) from the International University of Malaysia (IIUM). He is the Chairman of Bedok Cooperative and a Board member of Warees Halal Limited. He serves as a Shariah Committee member for Basil Fund, a private Real Estate Investment fund based in Singapore since 2012 and Shariah Advisor at Ar Rahnu Singapore. Additionally, Ustaz Kamal serves as an Associate Member of the Fatwa Council of Majlis Ugama Islam Singapore (MUIS) to discuss contemporary matters concerning the general Muslim public in Singapore. He is also a member of the Asatizah Recognition Board (ARB) Committee of Future Asatizah of MUIS and PERGAS, a member of the International Union for Muslim Scholars and the Association of Shariah Advisors in Islamic Finance (ASAS).

About Ustaz Zul Hakim Jumat

Zul Hakim Jumat is a seasoned researcher with over ten years of comprehensive academic and professional expertise in the Islamic finance field. As a dedicated researcher at the Center of Islamic Economics and Finance (CIEF), he has notably published co-edited monographs, including “Islamic Finance and Circular Economy” and “Islamic Finance, FinTech, and the Road to Sustainability.” Holding a Bachelor’s degree in Jurisprudence and Principles of Jurisprudence, with an Economics minor from Kuwait University (2015), and an M.Sc. with honours in Islamic Finance from HBKU (2018), he is also an AAOIFI Certified Shari’ah Advisor and Auditor (CSAA). Currently, he is furthering his education through a PhD in Islamic Finance and Economy at the College of Islamic Studies, Hamad Bin Khalifa University (HBKU). Beyond his academic pursuits, Zul Hakim plays a crucial role as the Deputy Managing Director and is one of the founding members of Islamic Finance Singapore Ltd.

About Ustaz Aminuddin Abu Bakar

Aminuddin is currently the Principal Consultant for S Tradition, a boutique consultancy firm in the Islamic Finance industry. He was part of the senior management team for Kuwait Finance House Malaysia (KFHMB), having served as Vice President and Head of its Shariah Division. He holds a degree in Islamic Law (Shariah) from Al-Azhar University (Cairo) and has an International Executive MBA from the University of Strathclyde, UK (with Distinction). He is appointed as a Shariah Committee member for HSBC Amanah (Malaysia) and Financial Shariah Advisory and Consultancy (FSAC) in Singapore. He is a certified Shariah advisor and auditor (CSAA) by the Auditing and Accounting Organization for Islamic Financial Institutions (AAOIFI), a Certified Shariah Advisor and member of the Association of Shariah Advisors in Islamic Finance (ASAS) and a registered Shariah Adviser at Securities Commission Malaysia. He has nearly two decades of working experience in the areas of Shariah, Islamic finance and socio-religious development.

About Ustaz Hamrey

Ustaz Hamrey is a Certified Shariah Advisor & Auditor (AAOIFI) and a Chartered Islamic Finance Professional (INCEIF) majoring in Islamic Finance & Banking and also a graduate of Al-Azhar University, Cairo. He currently serves as a resource person for Islamic Finance Singapore (IFSG) which is a one-stop platform to address any Islamic finance and investment-related needs of the local Muslim community by combining the efforts and strengths of finance professionals and Shariah scholars.

[1] Islamic Corporation for the Development of the Private Sector (ICD) – Refinitiv, Islamic Finance Development Report 2022: Embracing Change, 2022

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SOURCE Hugosave

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Wistron Celebrates Grand Opening of First U.S. Smart Factory Marking Milestone in Global Smart Manufacturing Strategy

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FORT WORTH, Texas, July 21, 2026 /PRNewswire/ — Wistron Corporation (“Wistron”) celebrated the grand opening of its D1 AI smart facility in Fort Worth, Texas, the site where the first NVIDIA GB300 Grace Blackwell Ultra Superchip was built and mass-produced in the United States. The US$ 700 million facility, spanning approximately 324,000 square foot, was officially unveiled during a ceremony led by Wistron Chairman Simon Lin and NVIDIA Founder and CEO Jensen Huang. Jessica Rogers, Director of the Economic Development Department for the City of Fort Worth, and Alexander Tah-ray Yui, Taiwan’s Representative to the United States, were among the government officials and business leaders who attended, marking a milestone in the expansion of Wistron’s global footprint and advanced manufacturing capabilities.

This is a key hub in Wistron’s global AI infrastructure manufacturing network. The facility runs on NVIDIA accelerated computing and integrates NVIDIA’s Nemotron and Cosmos open frontier models and Omniverse and Metropolis libraries, using digital twin technology to optimize factory design, production workflows, and operational efficiency. It is Wistron’s first U.S.-based manufacturing facility, established to serve customers locally and produce NVIDIA’s most advanced and cutting-edge products. Wistron Chairman Simon Lin said “The operation here is not typical manufacturing. It is new, very comprehensive, and high-tech. Right now we produce the NVIDIA GB300 Grace Blackwell Ultra Superchip, and beyond, we are also going to produce the NVIDIA Vera Rubin Superchip here. In the next couple of years, this location will be one of the most important, as we build AI infrastructure here in the United States. I think this is the reason we say that there will be the next chapter, and we are going to empower AI from Texas.”

Responding to Customer Needs: Texas, the Newest Global Manufacturing Hub
At this pivotal moment for global AI infrastructure, Wistron is drawing on decades of global manufacturing experience to expand its footprint in Texas, a state with a well-established ecosystem for logistics, talent recruitment, and advanced manufacturing. The new D1 facility produces the NVIDIA GB300 Grace Blackwell Ultra Superchip and soon, the NVIDIA Vera Rubin Superchip — critical to powering the next generation of AI computing. The new Fort Worth facility strengthens a critical upstream layer of the AI infrastructure supply chain by expanding domestic capacity to assemble and test NVIDIA AI systems. These servers can be integrated into NVIDIA DSX infrastructure, with DSX providing the common architecture and technologies needed to deploy and operate energy-efficient AI factories at scale.

One-Stop Operational Ecosystem Strengthens U.S. AI Supply Chain Resilience
Behind every breakthrough in AI computing lies the manufacturing capability to scale it. Wistron is expanding its AI server production capabilities from Taiwan to the United States, guided by a vision of precision, efficiency, and sustainability. This reflects a broader industry shift: AI leadership is determined not only by technological breakthroughs, but also by the operational capability to transform innovation into high-volume production with consistent quality, supply chain resilience, and predictable delivery. By establishing AI infrastructure manufacturing capacity in the United States, Wistron is building a one-stop operational ecosystem spanning manufacturing and after-sales service — shortening delivery timelines and customer support cycles, strengthening supply chain resilience, and laying the foundation for long-term competitive advantage as AI infrastructure continues to scale.

Partnering with NVIDIA to Pioneer a New Model for Smart Manufacturing and Energy Optimization
As the era of physical AI begins, Wistron is extending its smart manufacturing capabilities to the United States, creating a new model for AI infrastructure production built on digital manufacturing, energy optimization, and local operations. Jensen Huang said: “The largest infrastructure buildout in history is underway. Demand for AI factories—the engine of this next industrial revolution—is incredible, and they must be produced everywhere. Together, NVIDIA and Wistron are restoring US advanced manufacturing capacity in Texas, creating skilled jobs and strengthening America’s AI supply chain.” As demand for advanced manufacturing grows in Texas, smarter planning of production loads and energy use will give the plant greater control and flexibility over its electricity needs.

Turning Global Experience into Scalable AI Infrastructure
Simon Lin stressed that the speed the AI era demands comes with its own responsibility. “In the AI era, the pressure of speed is also a form of responsibility,” Lin said. “We don’t just need to build fast; we need to build right.”

The Fort Worth plant will serve as the core engine of Wistron’s U.S. manufacturing operations, the company said, connecting its global production network with ecosystem partners as it scales advanced AI manufacturing. Wistron said that the investment reflects efforts to deepen its technical capabilities, strengthen the resilience and efficiency of global supply chains, and support the next phase of AI infrastructure development.

About Wistron:
Wistron Corporation is a leading global technology service provider delivering advanced ICT products, AI infrastructure, and manufacturing solutions to technology brands worldwide. With more than 63,000 employees across North America, Europe, and Asia, Wistron continues to expand its AI, cloud, and advanced manufacturing capabilities to support the next generation of intelligent computing. For more information about Wistron, please visit the official website at www.wistron.com. Additional information about the event is available on the event website.

Media Contact:
Joyce WL Chou
joyce_wl_chou@wistron.com

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SOURCE Wistron Corporation

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NSG Bio Accelerates Breakthrough Biotech Innovation in Singapore

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New initiative under NSG Bio Tomorrow will support promising startups developing next-generation approaches in respiratory and neonatal care

SINGAPORE, July 22, 2026 /PRNewswire/ — The NSG Bio Tomorrow initiative aims at supporting emerging life sciences startups working on complex challenges in respiratory and neonatal care.

Launched through the support of Chiesi Group, The Impulse initiative will provide a selected startup with one year of NSG Bio membership and access to a dedicated laboratory bench at NSG Bio Singapore. The initiative is designed to help early-stage biotech companies move from promising science toward stronger proof-of-concept work in a fully equipped research environment.

The initiative comes at a time when the biotech industry is increasingly looking for faster, more connected ways to move high-potential science from the lab toward real-world patient impact. For startups, access to infrastructure is only one part of the challenge. Equally important are the right networks, industry visibility, technical environment, and opportunities to engage with partners who understand the path from early discovery to clinical relevance.

The programme will focus on startups developing innovative biotechnological solutions with potential relevance to chronic respiratory diseases and neonatal conditions. Areas of interest include cell therapies, gene therapies, gene-editing technologies, regenerative tissue engineering, engineered or programmable living systems, lung-targeted delivery platforms, preventive approaches, and small-molecule-based approaches.

The selected startup will gain access to NSG Bio’s laboratory infrastructure, shared workspaces, meeting facilities, and wider community of biotech entrepreneurs, researchers, scientific leaders, and industry partners. The support is intended to help the company advance key research milestones while becoming part of Singapore’s growing life-science innovation ecosystem.

For NSG Bio, the initiative is part of NSG Bio Tomorrow, its ecosystem-building arm created to expand the company’s role beyond facilities and real estate. While NSG Bio is known for providing high-quality laboratory and office infrastructure for biotech companies, NSG Bio Tomorrow focuses on building the programmes, partnerships, and opportunities that help startups grow.

“Biotech companies need more than lab space. They need access, momentum, and the right ecosystem around them,” said Hasyim Sim, Co-Founder and Chief Operating Officer, NSG Bio. “Through NSG Bio Tomorrow, we are building initiatives that help promising startups connect with partners, unlock opportunities, and move their science forward. This initiative reflects exactly the kind of role we want to play in the biotech ecosystem.”

“Chiesi is committed to supporting innovation that can make a meaningful difference for patients, and we work with entrepreneurs, researchers and partners to advance meaningful ideas,” said Fabrizio Conicella, Vice President, Center of Open Innovation & Competence at Chiesi Group. “By supporting this NSG Bio Tomorrow initiative, we want to create an opportunity for early-stage innovators to access the infrastructure and ecosystem support needed to develop impactful science in respiratory and neonatal care.”

NSG Bio Tomorrow programme also reinforces Singapore’s position as a growing hub for biotech innovation in Asia, where startups, research institutions, investors, and industry partners are increasingly coming together to support the next generation of healthcare companies.

Applications open on 22 July 2026 at 09:00 a.m. SGT. Finalists will be invited to present at a virtual pitch event, after which the selected startup will be announced.

About NSG Bio

NSG Bio is Singapore’s leading provider of BSL-2 certified co-working laboratory and office spaces, supporting life-science companies from early research through growth. Through its facilities, community, and ecosystem initiatives, NSG Bio enables biotech innovators to accelerate research, access networks, and build companies that address critical healthcare challenges.

About NSG Bio Tomorrow

NSG Bio Tomorrow is NSG Bio’s ecosystem-building arm, created to support the next generation of biotech innovation through partnerships, programmes, community initiatives, and opportunities that extend beyond physical laboratory infrastructure. Its mission is to strengthen the biotech industry by connecting startups with the resources, expertise, and networks they need to thrive.

About Chiesi Group 

Chiesi is a research-oriented international biopharmaceutical group that develops and markets innovative therapeutic solutions in respiratory health, rare diseases, and specialty care. The company’s mission is to improve people’s quality of life and act responsibly towards both the community and the environment. As a certified B Corp since 2019, Chiesi is part of a global community of businesses that meet high standards of social and environmental impact. 

With 90 years of experience, Chiesi is headquartered in Parma (Italy), with 31 affiliates worldwide, and counts more than 7,900 employees. The Group’s research and development centre in Parma works alongside 6 other important R&D hubs in France, the US, Canada, China, the UK, and Sweden. For further information please visit https://www.chiesi.com/en/home 

Media Contact
Giridharan
Laboratory Manager
NSG Bio
giridharan@nsgbio.com
87797175

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SOURCE NSG Bio

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House Judiciary Committee Passes Bill that Would Prevent Future Immigration Crises: Swift Action Needed by Full House, Says FAIR

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WASHINGTON, July 21, 2026 /PRNewswire/ — Today, the House Judiciary Committee passed an updated version of H.R. 2, the landmark border security bill from last congressional session. The bill now awaits consideration by the full House of Representatives. The Federation for American Immigration Reform (FAIR) urges Speaker Mike Johnson to schedule a final floor vote as soon as possible.

The Secure Border Act systematically closes the loopholes that allowed the Biden administration to unleash the largest and most damaging wave of illegal immigration in American history. Enactment of this legislation would prevent future anti-borders administrations from shirking their responsibilities to secure our borders and enforce our immigration laws; asserting unlimited discretion to parole inadmissible aliens to enter the country; or releasing millions of illegal aliens into the country, rather than detaining them or returning them to the country from which they entered.

“We congratulate the Judiciary Committee for its swift action on this critical legislation,” said Dale Wilcox, executive director and general counsel of FAIR. “Ending border chaos and rampant illegal immigration was a key reason that Republicans regained control of the White House and both chambers of Congress in the last election. The clock is ticking on the 119th Congress, and Republicans only have a short time to deliver on the promises they made to voters in 2024, before the midterms.

“Right now, our immigration laws are being enforced in the interests of the American people. As the last administration demonstrated, enforcement of those laws is not guaranteed unless Congress acts to prevent similar abuse in the future. Now is the time for decisive action in the House, where this bill can be passed with a simple majority vote, and an opportunity for Senate Majority Leader John Thune to put every member of that body on record before voters go to the polls in the fall,” Wilcox concluded.

Hayley Hill, hhill@fairus.org 202-328-7004

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SOURCE Federation for American Immigration Reform (FAIR)

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