Singapore Business Review (June to September 2025)
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FROM THE EDITOR
Auction giants are setting their sights on Southeast Asia, where collectors are stepping up to the block.
At Bonhams, Southeast Asian collectors raised spending by 67% year-on-year, whilst the region emerged as Christie’s third-largest market in Asia-Pacific, driven by demand from Singapore and Indonesia. Discover the other growth drivers of Asia Pacific’s art market on pages 24 to 26.
In the mergers and acquisitions space, growth was seen in mid-sized strategic deals, climbing 40% year-on-year to seven in the first five months. Sector-wise, high technology led in deal volume, as firms pursued acquisitions to accelerate AI capability development. Read more on pages 14 to 15.
AI is also reshaping how banks hire, with automation driving demand for new skill sets. Learn how banks are adapting their recruitment strategies on pages 28 to 29, and see which institutions are expanding in our latest rankings on page 30.
The legal sector is also taking steps to stay ahead of the AI curve, with the Singapore Academy of Law (SAL) launching a training programme that guides young lawyers on the ethical use of generative artificial intelligence. Learn more about the initiative on page 18.
Read on and enjoy.
Tim Charlton
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Greening the shipping industry: What the approval of the IMO carbon pricing proposal means for
80 Why good strategy fails: The governance blind spot in Singapore’s boardrooms
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Relaxed height rules could spur property boom near Changi
Aplan to ease height restrictions could spur land and commercial property values near Singapore’s airports, potentially narrowing the price gap with more developed parts of the island, according to analysts.
“The [building] intensification will increase land values in the short term, but it may help reduce unit land costs,” Sing Tien Foo, provost’s chair professor at the National University of Singapore (NUS) Business School’s Department of Real Estate, told Singapore Business Review
“For example, the cost per square foot of real estate space could be lower, since more space can be built on the same land parcel,” he said.
Under the rules that will take effect in August, commercial and industrial property may be built nine storeys higher, whilst residential houses may be 15 storeys higher on sites near airports.
The average monthly rental rate in Changi Business Park is about $4.50 per square foot, and $10 in Raffles Place, part of Singapore’s central business district, according to 2024
data from Office Spaces.
Singapore has nine airports, though only two are active civilian airports—Changi Airport, the main international hub, and Seletar Airport, which is mainly used for regional and business flights. The remaining seven are military air bases.
The increase in commercial property values near the airports would hinge on the master plan, particularly whether it revokes existing gross plot ratio controls, said Alan Cheong, executive director of research and consultancy at Savills Singapore.
“If they intend to revise the height limit, if we raise them, then the plot ratios should also increase accordingly,” he said.
“Otherwise, if the height increase alone is not accompanied by a plot ratio increase, the case will possibly be that nothing changes.”
Urban Redevelopment Authority (URA) figures show that plot ratios in Changi Business Park Central 2 range from 1.4 to
2.0, meaning that for every square metre of land, a developer can build 1.4 to 2 times that amount in total floor area, also known as the gross floor area.
For example, a 1,000 square-metre plot typically accommodates 1,400 to 2,000 square metres of floor space across multiple levels, such as two floors of 1,000 sqm or four floors of 500 sqm.
In comparison, the Downtown Core, which is part of the central business district, allows much denser construction, with some commercial zones having plot ratios of as much as 5.6.
Potential redevelopments
Wong Xian Yang, head of research for Singapore and Southeast Asia at Cushman & Wakefield, noted that if the gross plot ratio remains unchanged, “the revision of building height limits may not trigger a widespread wave of redevelopments.”
“Selective redevelopment opportunities may still arise in specific pockets where sites have not fully utilised their gross floor area,” he added.
Still, the relaxed height limits are significant for Singapore given that it is a small island, Sing said.
“The buffer imposes physical constraints on land use allocation, which impacts a large tract of the island set aside as buffer zones near civil airports,” he said.
“The relaxation of the height limits could free up airspace near airports and also enable the intensification of land [development] near the buffer zones and along the flight paths of the airports,” Sing told the magazine.
The Savills executive also expects more stable property prices in the long term.
Cheong said residential properties near airports, particularly older apartment blocks, could become more attractive. “It could encourage owners to consider a collective sale to a developer, who could then redevelop the site for higher or more intensive use,” he added.
He expects a bigger impact around Changi and the Paya Lebar/Macpherson area, where there are more private apartments, unlike in Seletar, which is largely made up of low-rise landed government properties and public housing.
“These private apartments, especially those built in the 1990s, could end up being ripe for collective sale,” he pointed out.
Sing expects redevelopment in Changi, Pasir Ris, and Tampines.
The building intensification will increase land values in the short term, but it may help reduce unit land costs
Commercial property near airports may be built nine storeys higher
Revised M&A rules may boost overall deal values
Aplan to scrap deal protection mechanisms and make mergers and acquisitions (M&A) more competitive is expected to boost deal sizes in Singapore over the next three years, amidst declining values, an analyst said.
“At least in terms of dollar values, it should be positive because now, there will be more contested deals and auctions where there are multiple parties bidding, since no one party has an advantage over the others,” Manas Tamotia, managing director, Performance Improvement, Alvarez & Marsal Southeast Asia and
Three in five workers in Singapore, or 60%, lived paycheck to paycheck in 2024, surpassing the Asia Pacific average of 48%, according to a report by ADP.
More than a quarter, or 26%, held multiple jobs to cover basic expenses, manage additional costs, or save for retirement. Some respondents also cited the need to gain work experience or fund education and training as reasons for taking on extra work.
Other respondents reported working multiple jobs to support dependents or due to a lack of available full-time employment
Australia, told Singapore Business Review in an interview.
“More bidders will have the comfort that they are able to get into a process where the playing field is a bit more levelled than perhaps may otherwise have been the case,” he said.
M&As involving Singaporean companies fell 6.4% to $20.9b (US$15.5b) in the first quarter from a year earlier, according to data from the London Stock Exchange Group.
The Securities Industry Council wants to amend Singapore’s Code on Take-Overs and Mergers by removing break fees, which are paid
“Nearly two-thirds of people who hold three jobs still struggle to make ends meet. This presents an opportunity for employers to take a more holistic approach to compensation to help workers navigate the higher living costs of today’s global economy," according to Richardson Nela, chief economist at ADP.
Whilst salary increases may not be feasible for small and medium enterprises operating on tight margins, employers can add health insurance, one-off bonuses, and subsidised childcare to help ease daily financial pressures.
ADP surveyed 38,000 workers across 34 markets worldwide.
to the original bidder when the target company backs out, usually for a better offer, as well as exclusivity arrangements that limit competition.
Tamotia said these measures as well as the “put up or shut up rule,” which imposes a 28-day deadline on a potential acquirer to clarify its intentions after announcing an offer, would “most significantly” shape dealmaking strategies.
The company must either make an offer or publicly back out within that period, he told the magazine.
“Deals or transactions will now be driven by economics and speed rather than behind-the-scene relationships, personal connections, or favouritism towards one party,” he pointed out.
The council appears to want to fasttrack everything based on its proposal, from due diligence to the purchase terms, to the term sheets on funding, Tamotia said. “In the old days, you could take it as slow as you wanted, but that’s no longer on the table.”
or transactions will now be driven by economics and speed rather than behindthe-scene relationships
“A lot of preparation, bid and due diligence readiness need to be fast-forwarded,” he said. “You will also have to take into account the reality that a counter-bid might be forthcoming, and there’s a need to build more buffer into the price you’re willing to pay, or think carefully about how you would best play your cards.”
Tamotia expects a slight decline in deal volume in Singapore in the short term as dealmakers adapt to the rules. In the longer term, he expects volumes to remain stable, though some sectors may see stronger activity.
M&As involving Singaporean firms fell to $20.9b in the first quarter from a year earlier
Reasons for working multiple jobs
Manas Tamotia
MARKETS & INVESTING
BUILDING OWNERS TO PHASE RETROFITS OVER 3 YEARS
BUILDING & ENGINEERING
Energy-intensive buildings may need to phase retrofits over three years to manage costs that could go as high as $2m, amidst a state push to cut power consumption by 10% starting in the third quarter.
This would help building owners “better manage capital expenditure and minimise operational disruption,” Felcia Zeng, head of Sustainability Management at CPG Facilities Management Pte Ltd., told Singapore Business Review in an interview.
About 100 buildings in the city-state, including commercial, institutional, and leisure properties, will be covered by the mandatory energy improvement plan, she said, citing data from the National Environment Agency (NEA).
Policy details
The policy targets buildings that consume a greater amount of electricity than 75% of similar structures to maximise carbon reduction.
Extensive retrofitting works such as chiller replacements and building system upgrades cost $150,000 to more than $2m, according to the Building and Construction Authority.
Although retrofitting could potentially be expensive depending on the scale of the building, it cuts property liabilities such as high utility and maintenance costs associated to ageing building systems and raises valuations in the long run, said Tsubasa Bolt, senior consultant, sustainability and resilience office at SJ Group.
“If an upgrade has been done, then you can project that the utility costs would be lower,” he told Singapore Business Review. A green building also attracts tenants seeking to cut their own carbon footprint, he added.
Bolt said the payback period for energy efficiency upgrades could be “pretty short.” For large-scale retrofit projects, a phased approach could extend over approximately six years, Zeng told the magazine.
SG rewires grid with virtual plant tech
The government is developing new energy technologies, including linking small power sources and managing them to act like a single, larger power plant, to hit its goal of 40% renewable power generation by 2035.
Instead of relying on a single, physical structure, a virtual power plant uses a network of devices such as solar panels, batteries, and smart appliances to provide power and grid services.
These virtual power plants “could better make use of the different distributed energy resources in the system and help consumers earn a viable return on their investment,”
Violet Chen, director of the energy capabilities development department at the Energy Market Authority (EMA), told Singapore Business Review.
The city-state wants to better manage distributed energy resources—smallscale, modular energy generation and storage tech near the point of electricity consumption—to ensure secure supply and more efficient distribution, she said in an exclusive interview.
The government uses regulatory sandboxes—a controlled environment where energy players can test new products, services, or business models
under regulatory supervision with reduced requirements. The regulator can decide on the appropriate regulatory treatment later.
The EMA on 31 March closed the submission of sandbox proposals for virtual power plants.
“Through regulatory sandboxes, they can work with us to share our policies, to change our market rules to be more business-friendly, and they can work better for their business models,” Chen told Singapore Business Review.
The Energy Market Authority has partnered with companies like Singapore Power Group to develop the country's virtual power plant capacity. It is also working with the private sector for an energy infrastructure that is ready for emerging technologies such as hydrogen-ready power plants.
“We have set in place a policy to enable new power plants to be hydrogen-ready… so when the infrastructure is ready, when it becomes more cost effective, we'll be able to capitalise on this opportunity quickly,” Chen told the magazine.
Hydrogen-ready plants
As part of the country's 2050 net-zero emission target, the state requires new and repowered natural gas power plants to be at least 30% hydrogencompatible by volume.
Chen said some power plants coming online in 2027 would be hydrogenready, including the 600-megawatt (MW) Combined Cycle Gas Turbine (CCGT) plant of YTL PowerSeraya Pte. Ltd, a unit of Malaysia’s YTL Power International Bhd.
Another hydrogen-ready plant set to operate in Singapore is PacificLight Power Pte. Ltd.’s 600-MW CCGT facility, which will begin its operations in January 2029.
Chen said the city-state would continue to push domestic solar capacity. Singapore hit its 2025 target of deploying 1.5 gigawatt-peak (GWp) solar energy and aims to hit 2 GWp by 2030, equivalent to the annual electricity needs of about 350,000 households.
When
the infrastructure is ready and more cost effective, we'll be able to capitalise on this opportunity quickly
She said Singapore faces solar power hurdles because of its variable output and scarce land. Battery storage would fix this and strengthen the power grid as more renewable energy (RE) is produced, she added.
Singapore eyes 6GW low-carbon power imports from neighbours by 2035, according to Chen.
The virtual power plant uses a network of solar panels, batteries, and smart appliances
Violet Chen
ENERGY & OFFSHORE
Source: Tracxn
STARTUP
CINCH CUTS ELECTRONIC WASTE BY EXTENDING GADGET LIFE
Cinch aims to end the cycle of electronic waste by extending the lifespan of devices and offering these as a subscription-based service to people and companies.
“We're trying to make consumer tech products that are becoming increasingly expensive more accessible for SMEs (small and medium enterprises) and consumers,” Mahir Hamid, CEO & co-founder of Cinch, told SingaporeBusiness Review in an exclusive interview
“We do that by taking high-ticket items like tablets, phones, and laptops and offering them through subscriptions with low monthly costs, priced at a fraction of retail,” he said. “Our model is fundamentally underpinned by circularity.”
The device-as-a-service platform equips businesses with the capabilities to track inventory, manage repairs and replacements, and deploy pre-configured devices to employees regionally with a zero-touch setup.
"As a platform, we are not only extending the useful life of these products but also committing to channelling them into responsible recycling streams,” Hamid said. “We work with several e-waste recycling companies to support that effort.”
Returned devices undergo a comprehensive diagnostic sweep. This thorough inspection include steps like hardware tests, battery health checks, and cosmetic inspections.
Target markets
Hamid said Singapore stockpiles about 65,000 tons of e-waste each year, and this is projected to double in the next 25 years. Consumers and companies rarely dispose of their gadgets sustainably, the CEO and co-founder added.
“We refurbish in-house or work with certified partners to replace parts if needed, including batteries, ensure proper sanitisation, and repackage the devices before redeployment. That is our circularity piece,” he continued.
Cinch’s target markets include distribution channels, suppliers, fulfilment partners, insurers, e-commerce platforms, recycling companies, and managed service providers. For partner brands, Cinch works with Samsung Electronics Co. Ltd., CompAsia, as well as ZenAdmin.
“In Singapore, we collaborate with ALBA and National Environment Agency (NEA) on the sustainable recycling aspect, and we’re looking to expand these partnerships as we regionalise the business,” he said.
Cinch, which also generates revenue from its software-as-aservice solution, keeps its edge by using key data insights that let it operate more cost-effectively.
Hamid noted that Singaporeans upgrade their devices every 2.65 years on average. “What we aim to do is extend the useful life of mobile phones specifically to five years,” he told the magazine. “If we can generate a healthy annualised return on a device that costs $1,000, it allows us to offer it at a significant discount," he continued.
Addlly AI builds brand tools
Addlly AI creates customised artificial intelligence (AI) agents that help companies in brand marketing without the need for complicated instructions.
"[Our] platform is the only one of its kind in Asia creating AI agents,” Addlly CEO Tina Chopra told Singapore Business Review in an interview. “On our platform, everything starts with understanding and analysis. It’s a deep tech platform that uses a lot of AI, including machine learning.”
“Data security is of prime importance to enterprises and tools. Tools like ChatGPT can be very helpful, but they need a lot of prompting, and a lot of process adoption to workflows,” she said.
Addlly is a combination of the words “add” and “ally” and the company seeks to create a “friend” for enterprises seeking refuge in technology but are too overwhelmed by complex tools.
“It’s like having a virtual employee who doesn’t get tired, who’s with you, can learn as you go along, knows everything you know, and is there to assist you and your team especially with knowing your brand tone,” Chopra said.
Addlly’s AI agents are pre-trained to seamlessly handle both the input and output creation process from content structuring to the deployment of deliverables.
According to Chopra, these agents are pre-trained to create non-generic content for enterprises delivered in several languages.
In just two years since it started, Addlly has secured long-term clients, including government agencies, large corporations, and small and medium enterprises.
“We're part of the IMDA (Infocomm Media Development Authority) AI sandbox, which catalysed the onboarding of more than 23 customers so far,” she told the magazine.
Small and medium enterprises (SME) that adopt automation and productivity tools such as Addlly’s sotfware-as-aservice (SaaS) solutions can get as much as 50% funding from the government.
“Our annual packages start from as low as $3,500 nett for [small] companies, depending on their output and needs,” Chopra said. “For large enterprises, pricing depends on how deep or detailed they want the solution to be.”
Thryve Earth eyes more carbon projects
MARKETS & INVESTING
Thryve Earth, which designs and implements carbon projects that help organisations meet their net-zero goals, is doubling down on its environmental projects this year to increase its planetary impact.
Since its 2022 launch, the startup has developed large-scale projects with a combined potential yield of up to 15 million carbon credits. Whilst a few models are proven, the company continues to adapt based on local contexts, Thryve Earth CEO and co-founder Vinay Kulkarni told SingaporeBusinessReview
It is exploring how technology can support better project outcomes, not only through classic monitoring, reporting, and verification (MRV) of forest metrics like tree girth or canopy height, but also by addressing broader operational challenges.
“Technology needs to support
end-to-end execution, tracking where saplings are, ensuring they reach the right locations, confirming planting, managing payments, and verifying landowner agreements and coordinates. These are all critical operational elements to know and track,” Kulkarni said.
He said Thryve Earth continues to identify risks and refine project models so they could be scaled and funded.
Tina Chopra, CEO at Addlly
Mahir Hamid, CEO & Co-founder at Cinch
MEDIA & MARKETING
Vinay Kulkami, Thryve Earth CEO
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DHL opens $14.6m pharmaceutical hub
The logistics center offers seamless connectivity to Changi Airport and Tuas Port.
DHL Supply Chain has opened a $14.6m (€10m) pharmaceutical hub in Singapore, part of DHL Group’s $732m (€500m) investment to boost its healthcare infrastructure in the Asia-Pacific region, where there is a critical need for resilient supply chains amidst a booming medical market.
“It is specifically developed to meet the stringent requirements of pharmaceutical and medical device companies, offering specialised capabilities across storage, handling, and global distribution,” Eunis Hew, managing director at DHL Supply Chain Singapore, said in an exclusive interview with Singapore Business Review.
The 8,200 square-metre Pharma Hub at 8 Jurong Pier Road
features temperature-controlled zones including ambient (15°C to 25°C) and cold room (2°C to 8°C), ensuring precise storage conditions for sensitive healthcare products.
“This building also comes equipped with purposebuilt chambers to store up to six classes of dangerous goods,” she told the magazine.
The DHL Pharma Hub, which is near Tuas Biomedical Park, offers seamless connectivity to Changi Airport and Tuas Port, allowing efficient regional and global distribution for pharmaceutical partners, DHL said in a separate statement.
DHL Supply Chain, which is based in Bonn, Germany, plans to introduce automation and robotics to improve operations and expand the facility with modular rooms.
1 Exterior of DHL’s 14,600 sqm pharma hub, built for compliant global health logistics.
2 The cold room maintains 2°C to 8°C for temperaturesensitive pharmaceutical products.
3 DHL’s outbound cold room ensures safe handling before pharma goods leave the facility.
4 The Workplace and Excellence School trains pharma hub teams in standards and best practices.
5 Interior view of the loading bay designed for smooth pharma logistics operations.
6 Built to serve pharmaceutical and medical device firms, the warehouse offers specialised storage and handling. 1
Eunis Hew
No mega-deals as Singapore M&A market slumps
Deal value fell 7% year on year, whilst volume dropped 27%.
Deal activity in Singapore dipped in the first five months as companies prioritised mid-sized strategic transactions worth $1.27b-$6.35b (US$1bUS$5b) amidst volatile global financial markets.
The value of mergers and acquisitions (M&A) fell 7% year on year to $34.8b (US$27.35b), whilst the volume dropped 27% to 482 deals, according to the London Stock Exchange Group (LSEG).
“Several headline transactions reflect strategic divestments and portfolio realignments involving Singaporean firms,” Elaine Tan, deal intelligence senior manager at the LSEG, told Singapore Business Review
The volume of mid-sized deals rose 40% year on year to seven, whilst their value increased 14.8% to $14.8b (US$11.65b). The largest amongst them was Baidu, Inc.’s $2.67b (US$2.1b) acquisition of the livestreaming business of Singapore’s JOYY, Inc.
On the other hand, deals below $1.27b declined 27%, whilst there was no mega-deal higher than $6.35b.
“Smaller transactions might be facing more hurdles or being put on hold altogether,” said Craig Loveless, a partner at global business law firm Norton Rose Fulbright. The trend was evident across the wider M&A market, he pointed out.
One notable deal below $1.27b came from the industrial sector: Hanwha AeroSpace Co. Ltd.’s $1.14b (US$894.4m) acquisition of a stake in Hanwha Ocean Co. Ltd. from Hanwha Energy Corp. Singapore Pte. Ltd.
Tan said industrial companies led Singapore’s M&A market by deal value, accounting for 17% of total activity at $6b (US$4.72b), up 15% from a year earlier. Adani Ports & Special Economic Zone Ltd.’s $2.63b (US$2.07b) acquisition of Abbot Point Port Holdings Pte. Ltd. was the biggest deal
in the sector as of 17 June. Real estate ranked second in deal value with a 15% market share, reaching $5.08b (US$4b), up 41% from a year ago. Tan attributed the increase to large transactions such as Frasers Asset Management Ltd.’s $1.63b (US$1.28b) sale of Frasers Hospitality Trust.
Volume-wise, high-tech companies led with 106 transactions. The sector’s deal value also jumped 61% year on year to $4.84b (US$3.81b), or 14% of total M&A activity.
There has been “heightened demand” for artificial intelligence (AI)-driven platforms and digital infrastructure assets in Singapore, Tan told the magazine, citing Diginex Ltd.’s $2.54b (US$2b) pending acquisition of Singapore-based Resulticks Global Co. Pte. Ltd.
“One of the ways in which businesses are augmenting their AI capabilities is through acquisitions of companies which are in a similar space,” Neha Singh, chairperson and managing director at Tracxn Technologies Ltd., told Singapore Business Review
Highlighting the trend, Singh cited Swiss company SonarSource SA’s February purchase of AutoCodeRover, which was founded by National University of Singapore researchers, and GlobalData Plc’s March acquisition of Singapore-based Ai Palette.
Several headline transactions reflect strategic divestments and portfolio realignments involving Singaporean firms
Demand for data centres, cloud service providers, and telecommunication infrastructure platforms is driving growth in the digital infrastructure sector, according to Stephen Bates, a partner and head of deal advisory at KPMG Singapore.
“Global and regional private equity and infrastructure funds have been particularly active, pursuing platform acquisitions for scalable market entry and carve-outs to unlock value from noncore assets,” he said in an exclusive interview with Singapore Business Review.
MARKETS & INVESTING
Craig Loveless
Elaine Tan
“These strategies are supporting their build-out of regional infrastructure portfolios with operational synergies and long-term growth potential,” he said.
Bates said more private equity firms and corporations have diversified into high-quality assets with stable cash flows, particularly in the digital infrastructure and healthcare sectors.
“There’s a clear pivot in deal makers’ strategies towards high value investments,” he said. “Investors are pausing on broader deal activity amidst rising geopolitical uncertainty and concerns surrounding trade protectionism.”
“Instead, they are concentrating capital on fewer, highquality opportunities,” he added.
Acquirers are now placing more weight on the financial sustainability of targets, Singh said. “Some companies now require targets to have a clear path to profitability.”
With investors focusing on long-term value amidst growing macroeconomic complexity, deal structures have increasingly been incorporating flexibility and shared risk, according to Bates.
He cited the broader use of “deferred consideration and earn-out mechanisms," where part of the purchase price is paid later based on the target’s future performance.
“This alignment of incentives is proving valuable in recent M&A processes, where headline valuations may be difficult to justify upfront but can be supported through performance-based outcomes,” he added.
More private equity firms have been active in Singapore and across Southeast Asia, Bates said.
“There remains a significant amount of dry powder that private equity funds need to deploy,” he said. “We expect private equity M&A activity to continue to pick up across the remainder of the year and beyond, particularly in sectors offering resilient cash flows and scalable growth.”
The expert from KPMG also cited an increasing interest in Singapore from global and regional institutional funds and companies pursuing growth through platform investments and bolt-on acquisitions.
Loveless said Singapore is seeing strong interest from Japanese and US investors. “We also see growing interest from Chinese investors into Southeast Asia,” he said.
Bates said Singapore-based investors are driving horizontal and vertical consolidation across local and regional markets, especially in financial services, digital infrastructure, and healthcare.
FINANCIAL INSIGHT: M&A
$1b state fund may spur outbound M&A deals
Singapore may see more cross-border mergers and acquisitions (M&A) after the government pledged $1b in capital for high-growth local companies.
This alignment of incentives is proving valuable in recent M&A processes, where headline valuations may be difficult to justify upfront but can be supported through performancebased outcomes
“The fund will allow growth-stage companies to acquire regional and international companies as a pathway for expansion,” Anil Rai, a partner at YCP, said in an interview with Singapore Business Review
In 2024, the value of deals where Singapore companies bought out a foreign entity declined 41% to $18.89b (US$14.7b) from a year earlier, the lowest in nine years, according to Intuit Management Consultancy.
Companies that are seeking to tap the fund for M&A should show a clear roadmap for sourcing potential targets and integrating acquisitions, Rai said. Their proposals should include “strategic, operational, and financial aspects of the transactions.”
Eligible sectors
The government has yet to announce the eligibility criteria for the fund, but Rai expects companies with strong execution capabilities to have a bigger chance of securing financing. He urged the government and fund administrator to back strategic M&A deals that deliver long-term value and support scaling across the value chain.
“Companies that proactively structure their M&A strategies and engage with advisers early will be best positioned to benefit from this initiative,” he added.
Rai said sectors with longer product development cycles, such as biopharma and tech-driven manufacturers that are towards Industry 4.0, stand to benefit from the initiative given their need for sustained capital investment before realising returns.
The fund could transform fast-growing tech startups, fintechs, and deep-tech firms, said Aidan Khoo, director for management consulting at Forvis Mazars in Singapore.
“Private credit offers an alternative to equity funding whilst preserving ownership,” he said in an interview with Singapore Business Review. “These businesses often face high capital needs but may be reluctant to dilute control through equity, making private credit an attractive option to fund expansion and innovation.”
Mid-sized companies in healthcare, advanced manufacturing, and green energy could also benefit given their high research and development and sustainability costs, according to Khoo.
Asset-heavy sectors like real
and infrastructure might also find the private credit fund a more
alternative
bank loans, he added.
Any Singapore Involvement M&A - By Target Sector
Source: LSEG (1 January 2025 to 30 May 2025)
Anil Rai, partner at YCP, and Aidan Khoo, director at Forvis Mazars
Stephen Bates
Neha Singh
SAL to teach lawyers how to stay ahead of AI curve
Jurists must develop critical thinking when using high-tech tools.
The Singapore Academy of Law (SAL) wants to train young lawyers on analytical and management skills, including the ethical use of generative artificial intelligence (AI), which is changing legal practice with its ability to provide basic legal advice.
"Generative AI is a class of AI that is hitting the legal profession in full force,” SAL CEO Yeong Zee Kin told Singapore Business Review. “Clients can ask ChatGPT or Gemini legal questions [and they can] generate contracts or legal strategies.”
The chief executive officer noted that existing genAI tools are largely trained using US sources and may give clients US-centric legal advice.
"Doctors have faced this challenge for years,” he said. “They had to deal with patients who have googled and concluded that they are ill or not ill before they turned up at the clinic, but they learnt how to deal with it. Lawyers must now do the same.”
Yeong said the programme would also teach junior lawyers how to use genAI effectively, such as in drafting and reviewing legal documents — tasks that often involve repetitive and diligent work, he noted.
This used to be a skill that lawyers had to learn over and over for years,
We are very clear that AI is a tool, not a decision-maker
he said. "How, then, does a young lawyer pick up that ability to discern when they see a document, whether it is relevant or not, and how it is relevant, and whether there are any legal privilege issues that prevent its use?” the chief executive asked.
Responsible AI use
"We will have to train lawyers to use the tool and use the tool effectively, such that they don't just blindly take every recommendation that comes along,” Yeong said.
“They still need to question [the suggestion] and have an analytical mind," he added. SAL worked with the Institute for Adult Learning of Singapore to think of ways to help lawyers develop critical thinking and discernment.
Shashi Nathan, joint managing partner at Withers KhattarWong, said the programme would help lawyers use AI tools responsibly by verifying outputs, protecting confidentiality, and managing risks like bias.
“Embedding these safeguards early on ensures that innovation supports, rather than undermines, professional standards and client trust,” he told Singapore Business Review
Nathan said Withers KhattarWong is testing genAI platforms to help
summarise and draft legal documents and support legal research.
“We are very clear that AI is a tool, not a decision-maker,” he said. “Our approach is grounded in caution, training, and human oversight.”
Yeong said training on generative AI would be integrated across the programme modules. Lawyers will learn how to use artificial intelligence tools to write legal documents and adapt these to fit specific cases.
About the programme
SAL's programme, designed for lawyers in their first five years of practice, also teaches the business side of law, such as legal fees.
“Law is a business because it is a service,” he said. “They need to learn and pick up very early in their legal careers important things like how to manage clients and how to handle billing," he continued.
“This is something that we set out to provide—a structured framework so that lawyers can start learning these things. I emphasise the words ‘start learning these things’, because it's a lifelong journey.”
Structured training is something junior lawyers seek, and not all firms could provide this, Yeong said.
“Junior lawyers can benefit from more structured guidance on how to manage real-world pressures – from navigating difficult client interactions to understanding how their work contributes to the broader commercial context,” Nathan said.
“The programme responds to these needs by providing a structured yet practical framework for building professional resilience and reinforcing the human skills that often determine long-term success,” the lawyer added.
In the lead-up to the programme’s launch on 21 May, SAL encouraged law firms to sign a training pledge since February. The academy has secured commitments from 55 firms and legal organisations.
As many as 70 student lawyers, which is more than half of the target number of participants, signed up for the academy’s Junior Lawyers Professional Certification Programme, Yeong told the magazine.
The programme is voluntary. Lawyers can choose between disputes and corporate practice and must complete 11 modules within two straight years to get certified.
As many as 70 student lawyers signed up for SAL's programme
Shashi Nathan
Yeong Zee Kin
PROFESSIONAL SERVICES/LEGAL
INDUSTRY INSIGHT: ENERGY
Johor-Singapore ecozone seeks stable energy market
This is expected to attract $40m in renewable energy investments.
The Johor-Singapore Special Economic Zone could attract more than $40m in renewable energy (RE) investments annually, but investors need to be assured that the certificates they get for producing clean power can be traded on an established marketplace and monetised.
Authorities should set up baselines to ensure that these renewable energy certificates (REC) — issued when one megawatt-hour (MWh) of electricity is generated and delivered to the grid from a clean source — would be recognised, Faez Abdul Razak, finance and project partner at law firm Wong & Partners, told Singapore Business Review
“If the renewable energy certificates follow that minimum standard, no matter who the issuer is, these should be recognised by each country, and that's probably something that is more doable,” he said in an interview.
Razak expects the ecozone to attract about $40m in renewable energy investments, thanks to interest from major players such as Tenaga Nasional Berhad (TNB), Gentari Sdn. Bhd., Sembcorp Industries Ltd., and Keppel Ltd. Malaysia and Singapore, which
formed the economic zone in January to strengthen business and economic ties, are exploring the development of a framework to recognise renewable energy certificates associated with crossborder power trade.
The framework is expected to drive electricity trade between the two neighbours, as Singapore tries to meet a third of its energy needs with six gigawatts of low-carbon power imports by 2035.
Companies use renewable energy credits to help them meet their climate goals. They may buy these certificates to offset power consumption from nonrenewable sources, allowing them to claim they’re using carbon-free power.
Critics have noted that when those carbon credits, which have come under increasing scrutiny, are removed from companies’ official carbon accounting, many businesses fall off track in meeting their climate goals.
There is no single framework for the issuance of these energy credits. Policies vary by state in the US, whilst China has its own green electricity certificate system.
Thorbjörn Fors, group senior vice president and managing
director for the Asia-Pacific at Siemens Energy, said the ideal framework for the Johor-Singapore ecozone “must deliver credibility, regulatory alignment, and transparency whilst preventing double counting.”
“By integrating strong traceability, digital reporting mechanisms, and scalable solutions, the [ecozone] can build a framework that aligns with international standards and supports corporate sustainability reporting, paving the way for further investment in renewable energy trade across the region,” he said.
Development plans
Fors told the magazine that a clear regulatory roadmap, predictable tariff structures, and long-term purchase committments from buyers would enhance investment and foster lasting renewable energy growth in the ecozone.
Razak cited Malaysia's advantage of having vast land for RE plants that can export power to landconstrained Singapore.
Fors said both countries should scale up their renewable energy sources and transmission infrastructure to support the development of the ecozone.
“Strengthening grid infrastructure, diversifying supply sources, and securing long-term procurement contracts for critical grid components will be essential to enhancing resilience and accelerating deployment,” he said.
Singapore’s generation capacity had reached 12,406 megawatts as of June 2024, most of which came from combined cycle gas turbine, cogeneration and tri-generation plants, followed by solar and wasteto-energy plants, according to the Energy Market Authority.
The government is rolling out projects to strengthen its grid infrastructure through technologies such as battery energy storage.
According to Razak, there should be a policy supporting the crossborder supply of renewable energy, adding that whilst Malaysia does have a policy in place, deals must go through Tenaga Nasional Berhad, which is majority-owned by the state and the sole electric utility company in the country.
The framework is expected to drive electricity trade between the two neighbours
ENERGY & OFFSHORE
Faez Abdul Razak
Thorbjörn Fors
INDUSTRY INSIGHT: FOOD & BEVERAGE
Pubs lure Gen Z with nonalcoholic drinks
Only a quarter of male Singaporeans aged 25-34 drink regularly.
FOOD & BEVERAGE
Young people may be drinking less, but Singapore’s bars aren’t running dry, with analysts projecting average annual growth of 6.8% through 2028.
“Despite the many recent challenges, our view of the longerterm prospects of Singapore’s pub sector is cautiously optimistic,” Tim Hill, key account director for Southeast Asia at GlobalData Plc, told Singapore Business Review.
Alcohol consumption amongst Singaporeans has declined, with 74% saying they drank whilst “socialising, occasionally or regularly,” in the first quarter, down from 78% four years earlier according to Hill, citing a GlobalData survey.
“The most noticeable drop was in the 25-34 male age bracket in Singapore, with 35% consuming alcohol regularly in Q1 2021, down to 25% in Q1 of 2025,” he noted.
Philippe Chan, general manager at YouGov in Hong Kong and China, said three of 10 Singaporean Gen Zers drink beer compared with 44% of the general population, whilst only 12% drink red wine, fewer than 23% of all Singaporeans who do so. Only 11% drink whisky, compared with 18% of the total population.
Non-alcoholic tours
Alcohol-free experiences are expanding into tourism, said Nathanael Lim, Asia Pacific Insight manager for beverages at Euromonitor International.
The insight manager cited VegThisCity, a Singapore-based tour operator whose SingaPour Drink Tour features a three-hour walking tour celebrating Singapore's alternative beverage scene.
“This tour takes participants to three local bars, where they can sample nonalcoholic beverages and bar snacks,” he said.
According to Hill, regular alcohol drinkers in Asia report higher spending across all food service categories compared with their nondrinking counterparts.
“If the percentage of regular
drinkers in the Asia-Pacific population decreases, then spending per capita across all food service channels also decreases,” he said.
As alcohol consumption falls amongst young consumers, low- and no-alcohol cocktails are gaining traction at bars and pubs, Lim said.
A standout bar in Singapore that sells alternative drinks is Fura, located at 74A Amoy Street.
Fura serves cocktails made with low carbon-footprint ingredients, such as a martini featuring jellyfish and spirulina. The bar also offers nonalcoholic beverages made from upcycled surplus produce.
Rob Temple, managing director of wine vault Sinowine Pte. Ltd., said bars in Singapore could gain an edge by offering wines and spirits that are hard to find elsewhere.
The managing director added that diversity, range, and creative mixology using local ingredients are shared traits of the 11 Singaporean bars that made it to Asia’s top 50 Bars 2024, which included Fura.
“Also, the personalities serving in these outlets are engaging, offering memorable and social mediafriendly experiences,” Temple said.
“This all resonates with Gen Z consumers who look for unique experiences," he continued.
“Wines and spirits that offer authenticity with a story will be appealing to young consumers who value these attributes over brand strength,” he added.
Some bars have started offering experiences beyond just drinks, Lim said, citing Bar Spectre in Tanjong Pagar as an example.
It also hosts wellness workshops like “Death in the Afternoon” where, for $50, guests get two drinks and participate in reflective conversations on death, missed chances, and finding deeper meaning in life.
Offering a novel experience and sense of community, like what Bar Spectre provides, is key to attracting Gen Z consumers to bars, Lim said.
“Gen Z consumers seek social connection and share their experiences widely on social media, which serve to amplify the brand visibility," he added.
“By capturing their loyalty through unique product offerings and experiences, this will enable bars to thrive in an increasingly competitive nightlife market,” he added.
Thorbjörn Fors
Three of 10 Singaporean Gen Zers drink beer compared with 44% of the general population
Tim Hill
Nathanael Lim
Rob Temple
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CapitaLand Investment to list first REIT in China
Abundant liquidity and a large pool of retail investors will drive the demand.
CapitaLand Investment Ltd. (CLI) plans to list its first real estate investment trust (REIT) in China, where risk sentiment has started to recover amidst a buying frenzy for companies that own income-generating properties.
“China is a compelling market for the launch of CapitaLand Commercial C-REIT due to its abundant liquidity and growing pool of domestic institutional investors seeking stable, income-generating investment opportunities amid capital movement restrictions,” Puah Tze Shyang, CapitaLand Investment (China) CEO, told Singapore Business Review.
Retail China REITs (C-REIT) have generated an average total return of about 52% since listing, with yields at around 3.8%, reflecting strong investor demand, he said in an exclusive interview.
The global real asset management company seeks to list CapitaLand Commercial C-REIT (CLCR) on the Shanghai Stock Exchange (SSE) by the last quarter. It could become the first foreign-sponsored retail C-REIT and the first by a Singapore-based company.
“It aligns with our long-term growth ambitions to further scale our funds management platform and deepen our presence in key Asian markets, including China,” Puah said.
China’s $34b (RMB190b) REIT market had 65 listed REITs as of 9 May, with eight focused on retail.
CLCR will be CLI’s eighth listed fund if approved, reinforcing CLI’s position as Asia Pacific’s largest REIT manager by market capitalisation.
Widening investor base
CLI holds stakes in seven listed funds which have a total market capitalisation of about $37b. Five of its funds are listed in Singapore and one in Malaysia. CLI also recently entered the Japan REIT market through the strategic investment in SC Capital Partners Group.
“The proposed listing supports our broader strategy to pursue asset-light growth and capital recycling,” Puah said. “It aligns with our strategic goal to expand our footprint in China by tapping into perpetual domestic capital," he continued.
“The proposed listing supports our broader strategy to pursue asset-light growth and capital recycling,” Puah said.
Puah told the magazine that CLCR would support CLI in widening its investor base, complementing its Singapore-listed CapitaLand China Trust (CLCT).
CLCT targets Greater China, attracts global investors, and holds a mix of assets, whilst CLCR focuses on retail properties in the mainland and caters to local investors, he said. China is home to about 200 million retail investors.
C-REITs were only allowed to hold retail assets in 2023 and were limited to infrastructure and housing assets.
CLCR, which will focus on the mainland’s developed urban areas, will hold two assets—CapitaMall SKY+ in Guangzhou
and CapitaMall Yuhuating in Changsha, according to Puah.
CapitaMall SKY+ is co-owned by CLI and CapitaLand Development, whilst CapitaMall Yuhuating belongs to CLCT. All three are strategic investors in CLCR.
“CLCR’s focus on mature, income-producing retail assets allows us to benefit from favourable policy directions, capture opportunities in a growing market and deliver sustainable returns to our unit holders,” he said.
Puah said with the Chinese government’s push to continuously finetune policies in stimulating domestic growth and drive economic growth, there is room for long-term growth of the C-REIT market.
CLCR's focus on mature, incomeproducing retail assets allows us to benefit from favourable policy directions
He noted that the C-REIT market is still evolving, and it might take time for retail investors to mature.
“We will continue to actively engage with investors and regulators to deepen their knowledge of CLI’s fund management expertise and build confidence in the long-term value proposition of CLCR,” he said.
CLI also aims to set up listed vehicles in Australia and India at a strategically appropriate time.
Puah Tze Shyang, CEO at CapitaLand Investment China
CLI's initial portfolio will comprise CapitaMall SKY+ in Guangzhou and CapitaMall Yuhuating in Changsha
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Top auction houses draw Southeast Asia’s elite art buyers
Moneyed Millennials and Gen Zers are spending more on art pieces.
Auction houses like Sotheby’s, Christie’s, and Bonhams are luring the growing pool of wealthy Southeast Asian collectors who pay top dollar for art produced by globally and regionally renowned artists.
Affluent Millennials and Gen Zers in their early 40s and late 20s have sharply increased their spending on art, emerging as a key clientele for international auction houses.
“We’re seeing remarkable momentum out of Southeast Asia, where collector participation has grown significantly,” Elaine Holt, deputy chairman at Sotheby’s Asia, told Singapore Business Review
There was strong bidding from Southeast Asian collectors at the auction house’s March sales in Hong Kong. “This signals an exciting expansion in tastes and confidence across the region,” she said in an exclusive interview.
Southeast Asia has become Christie’s third-largest buying market in the Asia-Pacific region, led by Singapore and Indonesia, according to Francis Belin, the auction house’s
These young collectors know exactly what they want and are intentional in their approach
Asia-Pacific president.
“We continue to witness thriving participation from Southeast Asia,” he told Singapore Business Review in a separate interview. There has also been a “notable increase” in contributions from Vietnam.
In Asia, China remains the global auction house's top market, followed by Hong Kong, according to Belin. South Korea and India have likewise posted strong growth.
“In our Spring live auctions in Asia, mainland Chinese collectors accounted for over one third of the sale total and their spend increased by almost 20% year on year,” he said.
At Bonhams, Southeast Asian auction spending has risen 67% year on year, said Julia Hu, Bonhams managing director for Asia.
“This underscores the region’s rising influence and deepening collector engagement,” she told Singapore Business Review.
“Southeast Asia is emerging as a dynamic buying force, driven by rising affluence and a growing passion for art and collecting.”
Hu added that younger art collectors are driving the demand and shaping the future of collecting.
Millennials and Gen Zers accounted for 37% of London-based Bonhams’ buyers at its Hong Kong auctions in the first half, whilst people in their 30s and 40s made up 40% of Sotheby’s Hong Kong marquee sales in March.
Renoir’s “Baigneuse accoudée,” one of the evening’s top lots at the Sotheby’s auction, was sold to a collector in their 30s for $3.82m (HK$23.56m). “This highlights not just youthful interest, but also significant buying power,” Holt said.
“These young collectors know exactly what they want and are intentional in their approach,” Hu said. “They are well-researched, digitally savvy, and highly connected, sharing ideas and passions with peers and industry insiders," she noted.
“For them, collecting is personal. It’s about self-expression and staying true to their values,” she added.
Belin said there has been increased participation from tech-savvy Millennial collectors, who accounted for 30% of Christie’s buyers during the Spring live auctions in Asia. He added that participation from younger buyers rose 20% from a year earlier.
Changing tastes
Aside from the growing interest from young clients, their preferences are also changing, Holt said.
“Collectors are no longer confined to modern and contemporary art,” she said. “Many are expanding their collections beyond fine art into design and lifestyle objects.”
“Medium-wise, there’s continued interest in paintings, but we’ve also seen a growing momentum in sculpture, works on paper, and small-scale installations, especially when they present strong provenance or align with a recognisable name,” Holt said.
Some art pieces that Sotheby’s has sold include two of Francois Xavier Lalanne’s bronze geese sculptures titled “L’Oie” for $370,000 (HK$2.3m)
Marc Chagall's "Fleurs de printemps (La Cruche aux fleurs de printemps)" sold for $5.6m (Photo from Sotheby's)
Elaine Holt
and $360,000 (HK$2.2m).
The auction house also sold Henry Moore’s “Working Model for Reclining Figure: Prop” for $3.33m (HK$20.5m), the highest price achieved by the British artist in Asia. Works of blue-chip artists are also in high demand across the AsiaPacific market, especially those that are more affordable, Holt said.
Amongst the blue-chip works sold at Sotheby’s Hong Kong in Spring 2025 was “Fleurs de printemps (La Cruche aux fleurs de printemps)” by Marc Chagall, which fetched $5.6m (HK$34.5m), an auction record in Asia for the French artist.
‘Provenance and rarity’
Other blue-chip works sold at Sotheby’s Spring 2025 Hong Kong were “Beyond the Nebulae” by Japanese artist Yayoi Kusama for $310,000 (HK$1.9m); “31.08.2001 – 09.09.2002” by Chinese artist Zao Wou-Ki for $2.3m (HK$14.4m); and “Joie de vivre I” by Vietnamese artist Mai Trung Thu for $1.1m (HK$6.9m).
Mai’s “Instant musical” was sold for $1.6m (HK$10.1m), whilst German artist Georg Baselitz’s “Triangle Between Arm and Torso” fetched $1.8m (HK$11.3m).
Christie’s sold Jean-Michel Basquiat’s Sabado por la Noche (Saturday Night) for $18.5m (US$14.5m), making it the most expensive 20th/21st century masterpiece sold in Asia this year. Belin said the sale showed the AsiaPacific region’s strong appetite for
blue-chip Western masterpieces. Prestigious collections of Asian art continue to hold strong appeal in the region, he said. Christie’s sold rare imperial porcelains from an important private collection for $26.8m (US$21m), ranking the collection amongst its top three most valuable sales of Chinese ceramics. Luxury items such as jewellery, watches, handbags, and wine continued to attract Asian buyers.
Christie’s sold the 35.09-carat Regent Kashmir sapphire for $12.1m (US$9.5m) and Part III of Joseph Lau’s celebrated wine collection for $11.9m (US$9.3m).
“Collector demand is most strongly influenced by two enduring factors: provenance and rarity,” Hu said.
“Provenance, particularly fresh-tomarket works, remains one of the most powerful drivers of collector
interest," she continued.
She said Bonhams presented several highly coveted collections in the first half, including the Dr. & Mrs. Hu Shih-Chang Collection, Trudy and John Cohen Collection of pendants, Jules Speelman Collection, and Chang Chun Collection.
These helped drive the auction house’s Asian art sales to $35.2m (HK$217m), which is a 57% increase from a year earlier.
Bonhams also sold works by Japanese contemporary artist Tetsuya Ishida, who died at 31, leaving behind only 217 pieces. Hu said Ishida’s art is highly sought after due to its rarity.
In December 2024, Ishida’s “The Men on a Belt Conveyor” achieved a record-breaking $1.6m (HK$10m), whilst his “General Manager’s Chair in an Abandoned Building” artwork was sold for $1.2m (HK$7.6m) in May.
“These results underscore
"Working Model for Reclining Figure-Prop" by Henry Moore (Photo from Sotheby's)
"Sabado por la Noche" by Jean-Michel Basquiat (Photo from Christie's)
Julia Hu
Francis Belin
"General Manager's Chair in an Abandoned Building" by Tetsuya Ishida (Photo from Bonhams)
the enduring appeal of rare and extraordinary pieces, which resonate deeply with collectors seeking something truly unique,” she said.
Hu said Bonhams would keep getting fresh-to-market works with exceptional provenance, provide competitive estimates, and curate compelling sales to engage collectors amidst stiff competition.
“Innovation remains central to our strategy,” Hu said. “Engaging younger and new buyers will be critical to driving growth and capturing future opportunities," she added.
Holt said Sotheby’s would keep expanding its selection of blue-chip artists at accessible prices, whilst deepening client engagement to drive growth in the Asia-Pacific market.
Sotheby’s March evening sale outperformed expectations, selling 95% of lots and 99% by value, despite tight supply. “It also drew more bidders per lot than ever before, a strong vote of confidence from our collector base,” Holt told the magazine.
The evening sale hauled in $48.3m (HK$297.5m), according to Artnet. com, which is operated by New Yorkbased Artnet Worldwide Corp.
Bonhams also performed well in the first half, posting a 26% year-on-year increase in its Hong Kong auction sales to HK$390m (US$50m), Hu said.
The auction house reported a surge in private sales, particularly in luxury categories, driven by the growing demand for immediate, discreet, and flexible transactions.
“Our dual focus on auctions and private sales continues to drive strong results across the region,” Hu said.
Belin attributed Christie’s first-half sales of $382.2m (US$300m) to various factors such as strong pricing and the quality and rarity of its art pieces.
Holt, Hu, and Belin remain positive for the rest of the year. “We are encouraged by the results and regional participation seen so far this year in the Asia-Pacific and are looking ahead to an exciting remainder of the year,” Belin told the magazine.
The 2025 Art Basel and UBS Art Market report found that 15% of mid-tier auction houses globally expect sales to grow this year, and 45% anticipate steady sales. Last year, global auction sales dropped 20% to $29.81b (US$23.4b), the lowest since 2020.
Singapore’s second-generation artists—students of pioneers such as Georgette Chen, Chen Wen Hsi, and Cheong Soo Pieng—are seeing increased interest from local collectors, according to an art gallery founder.
“There is a stronger focus on works by our secondgeneration artists,” Low Sok Leng, founder of ARTualize, told Singapore Business Review. "[Collectors] are not just looking at their recent pieces, but also their earlier works.”
These artists offer a more affordable entry point into the art market, making their work attractive to younger collectors in their 30s and 40s with tighter budgets, she pointed out. Amongst those seeing rising local interest are her late father Low Hai Hong, Tan Choh Tee, Ang Ah Tee, Koeh Sia Yong, and especially Lim Tze Peng, whose calligraphy and paintings have gained renewed attention since his death in February.
“There’s a group of collectors who have previously collected his works and are now also selling them,” Low said. “This shows that there is genuine interest and demand.”
Subject-wise, Singapore landscapes remain a favourite. “Regardless of the medium, whether oil painting, watercolor, acrylic, or Chinese ink, paintings of Singapore scenes remain very popular,” she added, citing areas like the Singapore River and Chinatown as perennial themes.
To encourage more informed collecting, ARTualize has launched educational exhibitions to provide deeper context around artists and their styles. For example, visitors get to understand what makes Lim Tze Peng’s calligraphy exceptional. “Instead of just telling people ‘This is a good piece,’ we need to give them context—what matters in the Singapore art scene, who the different artists are, and how art can be collected,” Low said.
Low said education is especially important now, as economic uncertainty driven by regional conflicts is making buyers more cautious. Her shared art ownership platform, We Are Art Collectors, offers fractional art investment. “With fractional art, your risk is lower, your budget is lower, and yet you can still participate in art ownership,” she told the magazine.
For investors seeking more stable returns, Bruno Art Group CEO Motti Abramovitz recommends sticking with blue-chip names. Works by masters like Salvador Dalí, Marc Chagall, and Andy Warhol hold value regardless of market shifts. Bruno Gallery seeks to bring more major artists to Singapore, with a Salvador Dalí exhibition planned around September or October.
Singapore River by Koeh Sia Yong (Photo from ARTualize)
MARKETS & INVESTING
A Gilt Copper Alloy Figure of Shakyamuni Buddha as an Ascetic, China, Yuan Dynasty (Photo from Bonhams)
The 35.09-carat Regent Kashmir sapphire sold for $12.1m (US$9.5m) (Photo from Christie's)
RANKINGS: BANKS
Automation stalls hiring at Singapore’s top banks
Lenders are also upskilling to keep up with tech.
The headcount at Singaporean banks either fell or rose by only a single digit last year, as some lenders cut jobs due to automation, whilst others limited hiring to positions like relationship managers and tech experts.
The fifteen banks included in this year’s edition of the bank ranking survey collectively employed about 54,000 people by end-2024, marking a 1.79% decline from a year earlier.
Bank of China posted the biggest decline at 13% or 855 workers. On the other hand, Credit Agricole Corporate and Investment Bank added 314 employees to 2,000, 18% more than a year earlier.
Oversea-Chinese Banking Corp. Ltd. (OCBC) swept past United Overseas Bank Ltd. (UOB) to take the second spot, with 10,714 workers. UOB had about 600 fewer people on its payroll, compared with OCBC losing 225 workers.
OCBC attributed the reduction in jobs to changing customer expectations and technologies.
“From 2018 to 2025, we have committed over $80m towards employee development and mobility,” Ernest Phang, managing director for
group human resources at OCBC, told Singapore Business Review
This includes growth and job mobility opportunities for its employees, apart from reskilling and upskilling programmes.
“Currently, we offer more than 29,000 programmes across OCBC,” he said.
Like OCBC, Maybank Singapore said that it “remains a strong advocate for grooming internal talent.”
“We anticipate more focused recruitment in business lines tied to digital transformation, data analytics, cybersecurity, customer experience innovation, compliance, wealth management, and global banking,” according to Wong Keng Fye, head of human capital at the bank.
The bank, whose parent Malayan Banking Berhad is Malaysia’s biggest bank by assets, added 113 workers to 2,277, the second-fastest increase after Credit Agricole.
According to Wong, their hiring priorities this year revolve around digital, data, and technology.
“Emerging technologies such as artificial intelligence (AI), cloud, and big data analytics are reshaping the skillsets we prioritise."
On the other hand, HSBC
Holdings Plc, whose headcount rose 1.2% to 3,990, said wealth management and digital banking are central to its business strategy and human resource priorities.
“In wealth management, which remains a growth driver for HSBC in Asia, we're continuing to focus on client-facing, relationship management, and customer service positions to support our ambition to be Asia's leading wealth manager,” according to Mukul Anand, head of HR at HSBC Singapore.
RHB Singapore is also looking to hire more relationship managers.
“A key focus area is retail banking, where we anticipate continued growth, particularly in hiring relationship managers to support wealth products as part of our expansion strategy,” Jenson Tng, head of human resources at RHB Singapore, told Singapore Business Review
“We are also prioritising talent with expertise in regulatory compliance, financial crime, risk, and Treasury, particularly those with cross-border experience and are skilled in operational excellence and digital process transformation,” he added.
'Digitally savvy'
Both HSBC and RHB cited the need for real-time, hyper-personalised, and seamless digital banking experiences.
HSBC’s Anand said customer expectations for a hyper-personalised, frictionless experience with a blend of digital convenience underscores the need to hire digitally savvy talent.
“This dual expectation is driving our approach to hire talents who are digitally savvy, especially in wholesale banking where we have market-leading transaction banking platforms,” he said.
RHB’s Tng, meanwhile, said that they are investing in people who could work on intelligent automation, cloud infrastructure, and sustainable banking solutions.
“We are placing greater emphasis on developing internal talent, particularly in roles that support digital enablement, customer excellence, and sustainability,” he said. This includes structured upskilling programmes in data analytics and cross-border banking, he added.
Whilst banks are prioritising hiring and upskilling to keep up with
DBS and OCBC top this year's bank rankings
HR & EDUCATION
Wong Keng Fye
Ernest Phang
Mukul Anand
RANKINGS: BANKS
advanced technology, tech is also being cited as a reason for increased retrenchments, a hiring expert said.
“There has been an increase in retrenchments due to the shifting structure of banking,” said Serena Fernando, a senior consultant for banking and financial services at Robert Walters Singapore.
The rise of AI and automation means people must upskill and take on more sophisticated tasks, she said in a separate interview.
“For customer service roles, we are already seeing chatbots being introduced and the number of hires for customer service has dipped, with some banks making huge cuts in headcount,” she added.
More opportunities
The Johor-Singapore Special Economic Zone and higher US tariffs could be positive for job seekers in Singapore’s banking industry.
“This is relatively newly launched, but there are banking institutions that have already discussed potential synergies,” Fernando said.
Six financial institutions have been roped in to support investment growth in the zone—Bank of America Corp., HSBC, Sumitomo Mitsui Banking Corp., CGS International Securities Singapore Pte. Ltd., Maybank and CIMB.
“This could mean more operational or manual work being offshored to this area, or level one technical support roles,” she said.
US tariffs and trade uncertainties could lead to companies, including banks, moving roles from Hong Kong to Singapore to hedge against geopolitical uncertainties.
“Some clients are opting to retain their existing Hong Kong footprint, but to expand into Singapore as a second Asia-Pacific office for business contingency reasons, and also to use Singapore as a gateway to access investment opportunities in Southeast Asia,” Fernando said. Banks in Singapore are hiring fewer people—or not at all—as corporate spending hits a brake to stay liquid, according to Ken Ong, managing director at recruitment consultancy Morgan McKinley’s Singapore operations.
“Even the volume of replacement is not in proportion to the attrition level,” he said, noting that for every two people who resign, only one post gets replaced.
Ong expects bank hiring to slow this year, although some posts remain in demand, including relationship managers and roles in wealth management and family offices.
“Bulge bracket banks are not hiring as many,” he said. “However, the second-tier banks, specifically Asian
banks, still have a certain appetite in the market for some strategic [hiring] moves," he added.
'Contracting route'
Ong said second-tier banks are still hiring specialised workers who will help them boost their cybersecurity, cloud investment, and data analytics.
Much of the hiring is limited to contract workers and project-based roles as Singapore’s economy is expected to be flat this year, he told Singapore Business Review
“When they look at that sort of projection, then they will also take a step backwards from hiring for a replacement role,” he said. “A lot of banks also just want to have more agility with their cash flow and make sure that they have a bit of cushion.”
“The main challenge currently in the market is that everyone is just being very cautious,” he added.
There has also been a shift amongst workers, from bankers moving to fintech to Hong Kong posts being moved to Singapore, Ong said.
Employers are also using contractual work to test employees before offering them a permanent job, the managing director added.
“Most clients are happy to explore the contracting route to validate performance," he said.
New hires themselves seek job contracting to explore what career paths they want, Ong added.
The main challenge currently in the market is that everyone is just being very cautious
“Unlike the old times where they were told to get into a role and become a specialist very earlier in their career, they prefer to get a variety of exposures before deciding what specialisation they want to get into,” Ong told Singapore Business Review.
Jenson Tng
Serena Fernando
Ken Ong
Banks prioritise hiring for roles in data analytics and intelligent automation
Bank of China posted the biggest decline at 13%
RANKINGS: BANKS
Relaxed rules could spur cross-listing on SGX
There may be greater interest from Chinese companies.
Aproposal to ease prospectus requirements for companies listed on 15 foreign exchanges could lift secondary listing applications in Singapore by 30% over the next two to three years, an expert said.
The Singapore Exchange (SGX) could draw five to 10 secondary listings each year if execution is effective, Henry Tan, group CEO and chief innovation officer at CLA Global TS Holdings Pte. Ltd., told Singapore Business Review in an interview.
“The actual growth depends on market conditions, investor appetite, and geopolitical stability,” he said.
According to Tan, secondary listings on SGX have been “modest and stagnant” in recent years, averaging only two to four yearly, well below the activity in Hong Kong or the United States.
SGX had two secondary listings last year—PC Partner Group Ltd. and Helens International Holdings Ltd., according to PricewaterhouseCoopers International Ltd. It is still zero as of end-May.
Potential listings
Cross-listing accounts for 10% to 15% of initial public offerings (IPO) on SGX by number, Tan said, citing 2023–2024 data. He expects streamlined prospectus rules to spur secondary listings from China.
He sees strong interest from technology and fintech, renewable energy and green tech, healthcare and biotech, as well as consumer goods and e-commerce.
Within the technology and fintech space, listings may come from companies seeking brand visibility and capital diversification, said Tan. Renewable energy and green tech firms may pursue dual listings to attract ESGfocused investors across markets.
In healthcare and biotech, Tan said companies could list to access sophisticated regional investors and growth capital. Meanwhile, consumer goods and e-commerce players are likely regional firms aiming to tap Southeast Asia’s expanding digital economy.
SGX would love to attract “big names” like tech groups Sea Ltd. or Grab Holdings, Inc., both based in Singapore, said James Leong, CEO at Grasshopper Asia Co. Ltd. But every major exchange apart from stock exchanges in New York is facing the same problem, he told Singapore Business Review.
“There is a lot of concentration in the US,” he said. “You see names that are choosing to list on the New York Stock Exchange because they can push for higher valuation, and ultimately, the goal of any CEO or board is to get the best price for the listing.”
Under the proposal, the NYSE is amongst the 15 eligible bourses. So are the Australian Securities Exchange (ASX) Ltd., the London Stock Exchange, New Zealand Exchange Ltd., Bursa Malaysia Berhad, and the Hong Kong Exchanges and Clearing Ltd.
Leong said exchanges from smaller markets like Thailand, Indonesia, and Vietnam would have been a good addition to the list given their huge population,
adding that these exchanges are “missed opportunities.”
Still, the plan to streamline listings, including secondary ones, could help create a more “interesting” trading ecosystem in Singapore, helping boost capital markets, he said.
“Singapore is clear, transparent, and a good market to come to, but there aren’t enough products right now,” he told Singapore Business Review
He noted that whilst Singapore has a large capital base and strong asset management presence, much of the capital isn’t deployed on SGX due to its limited and lowvolatility listings, which investors find less attractive.
Bringing in secondary listings from successful foreign companies could activate idle capital and diversify the local market, Leong said.
Tan said the relaxed rules could deepen the capital market and boost liquidity and competitiveness. The Straits Times Index (STI) gained 4.9% in the first quarter, whilst total return climbed to 5.3%.
“Introducing larger, well-known international companies would enhance the diversity and robustness of SGX’s offerings,” he said.
Singapore is clear, transparent, and a good market to come to, but there aren’t enough products right now
“More high-profile listings tend to attract institutional investors and active traders, which boosts trading volumes," he continued.
Tan emphasised that attracting secondary listings is vital to SGX’s strategy of anchoring itself as Asia’s global listing destination.
“They allow Singapore to tap into the growth of regional champions without competing for primary IPOs, which are increasingly being retained in home jurisdictions,” he said.
Cross-listing accounts for 10% to 15% of initial public offerings (IPOs) on SGX by number
Henry Tan
James Leong
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We transform indirect (non-strategic) procurement cost into strategic company value
Singapore plugs tax and benefit loopholes with tighter foreign hiring rules
The cost of setting up shop would be lower than getting caught for operating illegally.
Alaw that bars local job agencies from hiring nonSingaporeans for companies without an office in the city-state is expected to plug a loophole that allowed foreign employers to avoid retirement contributions and other taxes, recruitment experts said.
The law, which took effect in September last year, would also ensure job protection for all Singapore-based talent regardless of their origin under the Ministry of Manpower’s (MoM) comprehensive labour laws.
The government banned the so-called employer of record sponsorship for outsiders for the right reasons, Andrew McNeilis, managing director at global recruiter Phaidon International, told Singapore Business Review
in the city-state is expected to plug a loophole Manpower’s (MoM) comprehensive labour laws. . avoiding Central Provident Fund contributions, shifting
“Those reasons likely include the fact that enough people were taking advantage of the employer of record model in ways that were unfair to the local workforce—perhaps avoiding Central Provident Fund contributions, shifting tax offshore, and ultimately keeping money and commerce from being part of Singapore’s ecosystem,” he said.
“I don’t think any government, including Singapore’s, would remove a facility like this lightly unless it was being abused or manipulated,” he added.
Curbing misuse
Curbing misuse
Singapore’s Ministry of Manpower has banned non-Singaporean entities from using a job agency, which used to handle all their legal and compliance requirements, to sponsor employment permits for foreign employees.
Before the law took effect in September 2024, it had been common practice for foreign companies to use job agencies without having to establish a local presence. By requiring companies to apply directly for work permits, the state aims to curb the misuse of its work pass system.
“It could be an offence under the Employment of Foreign Manpower Act (EFMA), which could lead to fines and, in very serious cases, even jail time for company officers,” said Ian Lim, a partner at TSMP Law.
This would apply to the foreign company, though such companies might take this less seriously if they’re not based in Singapore, he pointed out.
“However, it could also impact the employer-ofrecord company,” he said. “Just to be clear, a breach of the EFMA has the potential to affect three parties—the foreign company, the employer of record, and the foreign employee in question,” Lim said.
the state aims to curb the misuse of its work pass system. “It could be an offence under the Employment of to fines and, in very serious cases, even jail time for them, but those looking to expand in Singapore could
McNeilis noted that forcing foreign companies to set up an office in Singapore might mean higher costs for them, but those looking to expand in Singapore could instead apply for a short-term visitor pass.
“These operational costs are the right thing to do, the legally compliant approach,” he said. “And I suspect they would be far lower than the costs of getting caught trying to operate illegally and facing the consequences.”
“These operational costs are the right thing to do, the legally compliant approach,” he said. “And I suspect trying to operate illegally and facing the consequences.”
Lim said the law gives Singaporeans more job
opportunities. “It’s worth mentioning that nothing Singaporeans through an employee of record. And
opportunities. “It’s worth mentioning that nothing prevents foreign companies from engaging Singaporeans through an employee of record. And by Singaporeans, I mean both Singapore citizens and permanent residents because both groups don’t need a work pass to work in Singapore.”
The TSMP Law partner said there is no reason for foreign companies not to hire local talent.
“There are some sectors, industries, and positions where local talent might be very limited,” he said. “But honestly, those are very few. So, I think foreign companies that don’t want to set up shop in Singapore will just have to hire Singaporeans.”
McNeilis echoed this sentiment, adding that compliance protocols in Singapore are very clear, very pragmatic, and very simple to use. “The regulations and requirements for legal compliance in Singapore are straightforward, with minimal red tape,” he said.
The law would not necessarily affect specific sectors or businesses more significantly than others.
“There are some sectors, industries, and positions and requirements for legal compliance in Singapore are businesses more significantly than others.
“Blue-collar foreign workers in particular are not usually engaged through employer of record arrangements,” Lim said. “In industries like construction, logistics, and oil and gas, companies wouldn’t normally go through employers of record for their blue-collar workers. Typically, it’s white-collar workers who are hired this way.”
Andrew McNeilis
Ian Lim
HR & EDUCATION
Andrew McNeilis
HR & EDUCATION
Branded plushies wear out fast with no hook beyond the cute
The emotional connection must create loyalty that outlasts the campaign itself.
Plushies from Milo to KFC have managed to create buzz, but they might not be as effective as a marketing tool in the long run in a saturated market, according to analysts.
“At this point, just releasing a plushie isn’t enough,” Juda Kanaprach, co-founder and chief commercial officer at Milieu Insight, told Singapore Business Review. “People have seen so many already, and the market is becoming saturated," she continued.
“We’re reaching a point where people are going to get a lot more selective about the toys they care about. As more and more brands jump in, consumers, especially Gen Z and Millennials who drive online trends, will start filtering more seriously,” she said in an exclusive interview.
Several brands have introduced plush toy campaigns in Singapore this year, including global chains like Pizza Hut and McDonald’s, as well as local brands such like Singtel.
“Plushies should have character or personality or something that carries the brand’s story or message in a way people can relate to. When there's meaning behind it, people are more likely to share it, talk about it, and keep it around,” Kanaprach told the magazine.
According to Ashutosh Awasthi, director at market research firm Kadence International, plushies are not sustainable as a marketing strategy in the long run due to their short shelf life.
“The duration until plushies become or remain a craze will be limited, which will put a lot of pressure on the cost-efficiency of the promotions or the money brands are investing in it,” he told Singapore Business Review. He added that plushies are better suited for brands that are trying to revive their image rather than for routine campaigns. Companies keen to tap into the popularity of collectables for promotions or brand marketing should consider digital alternatives such as virtual plush toys or app-based characters, which Awasthi said can offer similar emotional engagement at a fraction of the cost.
“Eventually, this will be the way to go if brands want to balance the emotional power plushies offer without making it a very cost-intensive initiative,” he said. “It also allows them to roll out similar campaigns more regularly.”
Tapping into emotional connection
Kanaprach said toys that carry a brand’s story or message in a way people can relate to are the ones that stand out.
“Exclusivity also makes a difference,” she said. “Limited editions, surprise releases, or fan-designed characters can elevate a plushie from a novelty to something people genuinely treasure.”
“That feeling of having something unique, even if it’s small, adds real value,” she added. Kanaprach said toys should spark emotions, “not just something cute that gets tossed aside after a week.”
Companies that can tap into that emotional connection will see more than just a sales boost; they’ll also see stronger
engagement, more foot traffic, and app downloads.
“The plushies that will really stick around are the ones that feel like they mean something. Not just a logo slapped onto a soft toy, but something with intention behind it,” Kanaprach told the magazine.
“The plushies that feel generic like they’re trying to ride the trend without offering anything new probably won’t last. People will share, will post about them once, maybe get a little attention for their newness, and then fade quickly,” the Milieu Insight executive added.
Kanaprach explained that plushies aren’t out of favour; consumers are just more selective and distracted.
“If it doesn’t spark an emotional reaction, create a sense of belonging, or give people something to talk about or show off, it’s forgotten almost as fast as it appeared,” she said.
Years after the original release of McDonald’s Hello Kitty campaign, people were still collecting full sets and even trading these online, she pointed out.
McDonald’s US sales rose 0.3% year-on-year in the third quarter of 2024, when it launched the Yu-Gi-Oh! x Hello Kitty Happy Meal, recovering from a 2.2% drop the previous quarter as collectables drove customer interest.
“That kind of long-term behaviour isn’t just about design,” Kanaprach said. “It’s about emotional connection. That’s the real return for brands, creating loyalty that outlasts the campaign itself," she continued.
Singtel launched a limited edition blind box set for SG60 (Photos from Singtel)
Juda Kanaprach
Ashutosh Awasthi
Its AI Auto apture detects when gu
AI photo editing and hromakey technology place guests into imaginative backdrops like enchanted forests or futuristic worlds. Pictureworks also introduced ong ong’s first g screen video experience, turning memories into cinematic keepsakes.
Facial recognition
Singapore’s top tech innovators honoured at SBR Technology Excellence Awards 2025
Singapore’s technology landscape continues to thrive as companies accelerate their digital transformation journeys. As the country’s most prestigious awards programme for innovation, the SBR Technology Excellence Awards 2025 celebrated the most outstanding companies and initiatives driving this digital revolution.
Presented by Singapore Business Review, this year’s award ceremony took place on 29 April 2025, bringing together leading industry figures and innovators in a celebration of technological excellence.
The event honoured exceptional companies that are leading the digital revolution with cutting-edge innovations and forward-thinking
SBRTECHNOLOGY
EXCELLENCEAWARDS 2025WINNERS
Abbott
• Emerging Technology - Healthcare
Academic Labs Limited
• Blockchain - Education
Agency for Science, Technology and Research (A*STAR)
• Virtualisation - Government Organisation
AIA Singapore
• Mobile - Life Insurance
Alibaba Cloud
• Cloud - Media & Entertainment
Amplify Health Asia
• AI - Health Insurance
AsiaPac Technology Pte Ltd
• API - Non-Profit Organisation
Atlas & Alibaba Cloud
• AI - Travel Services
Beam Mobility
• AI - Safety & Security
Botsync
• Robotics - Manufacturing
Cadence Design Systems
• AI - Computer Software
Canon Singapore
• Facial Recognition - Aviation
Canopy Pte Ltd
• Software - Financial Technology
CGS International Securities Singapore Pte. Ltd.
• Fintech - Brokerage
China Telecom (Asia Pacific) Pte Ltd
• Cloud - Telecommunications
solutions. It highlighted award-winning initiatives which demonstrated a strong commitment to driving business impact, improving customer experience, and fostering sustainable and long-term growth.
The distinguished panel of judges for this year’s awards programme included Andrew Tan, Partner, Consulting at EY; Cheong Chew Wai, Technology & Transformation Partner at Deloitte Southeast Asia; Lee Ser Yen, Partner, Cyber, Advisory at KPMG; Cecil Su, Director, Head of Cybersecurity at BDO; and Eileen Tan, Partner at RSM Singapore.
Congratulations to all the winners for their remarkable achievements in driving technology excellence. See the full list of winners below:
CrimsonLogic Pte Ltd
• Connectivity - Logistics
Cynosure® Lutronic®
• Machine - Healthcare Technology
Evolve Innovative Solutions Pte. Ltd.
• AI - Tourism
FairPrice Group
• AI - Retail
Green Li-ion Pte Ltd
• Emerging Technology - Renewable Energy
HAVI Freight Management
• Digital - Logistics
Helicap
• Fintech - Financial Services
Hitachi Vantara
• Infrastructure Technology - Computer Software
Hong Leong Finance
• API - Financial Services
HP Inc.
• Hardware - Computer Hardware
Hydra X
• Blockchain - Financial Technology
IMC Industrial Pte Ltd
• AI - Industrial Services impact.com
• Enterprise Software - Marketing
InsureMO
• Connectivity - General Insurance
Irdeto
• Cybersecurity - Sports
• Emerging Technology - Broadcasting
K2 STRATEGIC
• Data Centre - Data Centre
KABAM Robotics
• Connectivity - Real Estate
• Emerging Technology - Safety & Security
Kuok Group Singapore
• AI - Conglomerates
LexisNexis Southeast Asia
• AI - Legal
LPS and SMRT Trains Ltd
• AI - Transportation
Lunchbox Smart Restaurant Solution
• Fintech - Food & Beverage
Manhattan Associates Software Pte Ltd
• Robotics - Logistics
Mastercard
• Digital - Financial Technology
Mediacorp
• AI - Broadcasting
• AudioTech - Broadcasting
Mindmap Technologies
• Startup - IT Services
Mobile-health Network Solutions
• Cloud - Healthcare Technology
MoneyHero Group
• Digital - Insurance Broker
MoneyOwl by Temasek Trust
• Online Services - Financial Services
Moomoo Singapore
• Fintech - Private Wealth Management
MUFG Bank Ltd, Singapore
• Analytics - Banking
Nanyang Technological University
• Infrastructure Technology - Education
National Trades Union Congress
• AI - Non-Profit Organisation
NTUC LearningHub Pte Ltd
• ICT - Training and Development
Ohmyhome
• Analytics - Real Estate
Payoneer
• Fintech - Payments
Peak3
• Cloud - Financial Technology
Primech AI
• Robotics - Building Services & Facilities
Profit.co
• AI - Business Services
PropNex Realty
• PropTech - Real Estate
Refract Technologies & Alibaba Cloud
• AI - Sports
SC Ventures
• Blockchain - Venture Capital
Seagate
• IT Storage - IT Services
Sentosa Development Corporation
• Digital - Tourism
Silversea Media Group
• Augmented Reality and Virtual Reality - Safety & Security
Prototype City: Exploring the inner workings of Singapore’s innovation engine
By Connie Cheng, Vice President, Foundry, Asia Pacific, Mastercard
As the only Southeast Asian member of the original four Tiger Economies, Singapore has long been a bellwether for economic transformation in the region. From its origins as a manufacturing hub and shipping entrepôt to its emergence as a global financial center, the city-state has consistently offered valuable lessons in a blueprint for sustainable, forward-looking development. Today, Singapore’s influence extends beyond traditional macroeconomics. It is a launchpad for advanced payment and commercial technologies—thanks to its regulatory clarity, digital infrastructure, and national commitment to innovation.
Mastercard and the LTA
Consider public transit payments. Through a partnership between Mastercard and the Land Transport Authority (LTA), in 2019, Singapore became the first country in Southeast Asia to adopt open-loop contactless fare systems, enabling commuters to “tap and go” on buses and trains with their existing credit, debit or prepaid cards—no proprietary transit card or pre-loaded ticket required. Whilst the shift may seem subtle, it demanded deep coordination across technology platforms, regulatory frameworks, and operational systems. The result? A seamless commuter experience that has inspired similar transit partnerships with Mastercard in more than 250 cities globally, including Bangkok, Jakarta, and Manila—each adapting the
Mastercard Experience Center
Singapore’s strong technological foundations also make it a natural home for our regional Mastercard Experience Center: a collaborative space where we work with customers and partners to co-create, test and scale technologies that are shaping the future of commerce across Southeast Asia and beyond.
Powering what we do at the Mastercard Experience Center is what we call the innovation loop—a dynamic cycle where digitisation creates new opportunities, interoperable standards enable scale, and strong cybersecurity frameworks build trust. In Singapore, the conditions that power this loop are not only present—they are thriving. This makes it an ideal proving ground for emerging solutions, from frictionless payments to tokenised economies.
The innovation loop
The innovation loop comes to life each year at the Singapore Fintech Festival, where Mastercard showcases emerging technologies from VR-enabled financial advisory tools to blockchain-based intellectual property protections—new solutions that push the boundaries of what’s possible. Whilst these use cases may seem abstract today, so too did AI-powered travel planning just a few years ago. Yet, today, “Agentic AI” is redefining user interaction by autonomously executing tasks such as booking and paying for flights, hotels,
and tours—always within clearly defined parameters.
Singapore as the heart of innovation
As we embrace the power of emerging technologies, we are equally laserfocused on embedding responsible innovation, frameworks that ensure governance, ethical oversight and secure interoperability. Once again, Singapore serves as a proving ground—not just for technical feasibility, but for establishing the frameworks that make such technologies worthy of public trust.
Powering what Mastercard does at the Mastercard Experience Center is the innovation loop
A compelling example is Mastercard Gamer Exchange (MGE)—a first-of-its-kind platform that allows consumers to convert loyalty points into in-game currency across major gaming ecosystems. Singapore was the ideal launchpad: a digitally fluent population, high loyalty engagement, and a regulatory environment open to new value exchange models. Crucially, many of Singapore’s digitally engaged consumers already viewed loyalty points as a form of currency, allowing MGE to function as a rewards system as well as a new digital payment rail. Since launching here, MGE’s success has laid the groundwork for expansion across Malaysia, the Philippines, and Thailand, each with its own unique market dynamics, setting a new standard for micro-payment innovation in a gaming industry that was estimated to be worth more than US$136 billion across the region in 2023.
Ultimately, as countries across the region accelerate toward cashless, digitally driven economies, Singapore will continue to be a vital hub of innovation in commerce and financial services. Whether we’re deploying AI in finance, building tokenised value ecosystems, or crafting immersive consumer experiences, the work we do here, alongside our partners and customers, extends far beyond Singapore’s shores. Together, we’re helping shape the future of commerce across Asia Pacific and beyond.
model to suit local needs.
Connie Cheng, Vice President, Foundry, Asia Pacific, Mastercard
SINGAPORE’S NEWEST
SHIPYARD
PAXOCEAN SG @ 5JS
The 17.26-hectare facility, featuring 3 docks and 1,250m of berths, is designed for operational scale and versatility—capable of supporting a wide range of vessels, including offshore, specialised, and Suezmax-class ships.
iHub5 is a new initiative designed to serve as the nexus for fostering collaborative partnerships to drive deep-tech solutions. iHub5 connects ecosystem stakeholders to leverage domain expertise, engineering capabilities, and operational insights to accelerate business growth and decarbonization.
Located within iHub5, the Centre of Excellence in Engineering R&D advances Kuok Maritime Group’s (KMG) technology interests such as digital twins, carbon capture, electrification, and alternative fuel solutions.
Singtel lauded at SBR Technology Excellence Awards 2025 for tech innovations
It was recognised for its Unified Platform and NewHome programme.
Singtel has once again cemented its position as a trailblazer in the tech industry. It has received two top honours at the Singapore Business Review Technology Excellence Awards 2025 — the Enterprise Software - Telecommunications award for its Unified Platform and the Data Centre - Telecommunications award for its NewHome programme.
These accolades reflect how Singtel is driving customer-centric innovation and transforming its infrastructure to meet the demands of a digital-first future.
Unified Platform: Redefining customer experience in telecommunications Singtel’s Unified Platform emerged as a standout innovation in the enterprise software category, having significantly transformed the way customers interact with the company’s services. The platform consolidates services across various touchpoints into a single, intuitive self-service portal named ‘Empower’. By integrating eight customer digital portals into one, the Unified Platform has dramatically streamlined user interactions, resulting in a more cohesive and efficient experience for individual consumers and enterprise clients.
By centralising data and services, the Unified Platform enables users to manage their end-to-end business needs independently. This one-stop, contactless solution not only improves efficiency but also enhances personalisation through AIpowered solution and recommendations that are based on customer behaviour and usage patterns.
Additionally, the introduction of the Agent Assist Mode has proven instrumental in boosting frontline efficiency. Service managers are now equipped with comprehensive, real-time customer data,
allowing for quicker resolution of issues and more proactive engagement. On the customer side, the robust self-service capabilities reduce the need for human intervention, empowering users to independently handle tasks that previously required agent support.
From a development perspective, Singtel adopted a modular architecture built on a single tech stack. This approach accelerates UI design and development, simplifies maintenance, and lowers costs, allowing resources to be reinvested into further innovation and digital enhancements.
Looking ahead, Singtel plans to enhance the platform’s AI capabilities to deliver deeper, actionable insights and scale its API-as-a-service offering. As part of Singtel’s long-term growth strategy, the platform will also be rolled out regionally and globally over the coming years to optimise core business performance, scale growth engines, and enable smarter capital deployment.
Singtel is tackling digital transformation on multiple
fronts
NewHome programme: Building the future of infrastructure
In parallel with its front-end transformation, Singtel has also made significant strides on the infrastructure front through its NewHome programme, which earned the company the Data CentreTelecommunications Award.
This initiative represents a comprehensive overhaul of Singtel’s network IT architecture, positioning it for greater agility, scalability, and efficiency. The NewHome programme is centred on the creation of a hybrid and multi-
cloud environment. Singtel modernised its legacy systems by migrating applications and workloads to more flexible cloud-based solutions. This involved the deployment of software-defined networking (SDN) technologies and significant upgrades to inter-data centre bandwidth and internet connectivity.
Singtel employed a strategic mix of migration techniques to ensure a smooth and reliable transition. This included lift-and-shift approaches for legacy applications, technology refreshes, and more transformative upgrades where appropriate. The result is a future-ready infrastructure that supports rapid scaling, faster service deployment, and enhanced performance.
Crucially, this infrastructure transformation also aligns with Singtel’s goal of operational sustainability. By shifting to more efficient cloud-native environments, the company has reduced reliance on energy-intensive legacy systems. The new architecture not only reduces costs and carbon footprint but also enhances security, resilience, and disaster recovery capabilities.
Driving forward with innovation
The dual recognition at the SBR Technology Excellence Awards 2025 reflects Singtel’s broader vision to be at the forefront of digital innovation in telecommunications. By focussing on both customer-facing platforms and back-end infrastructure, Singtel is tackling digital transformation on multiple fronts. The Unified Platform and NewHome programme are more than just technological upgrades, they are strategic enablers of long-term growth, agility, and customer empowerment. With continued investment in AI, cloud, and next-generation connectivity, Singtel is well-positioned to lead the next wave of digital evolution.
Unified Platform (Team photo)
NewHome Celebration (Team Photo)
Amplify Health leverages AI to transform medical claims adjudication for Asia’s health insurers
The company uncovers hidden claim leakage with AI-enabled clinical enrichment and FWA detection.
Affordable health coverage in Asia is facing an uncertain future: health insurers are increasingly hiking premiums as they grapple with rising medical costs. Amidst growing claim volumes, many insurers struggle to detect Fraud, Waste, and Abuse (FWA) in medical claims they receive – such as overcharging, overservicing, and procedure-diagnosis mismatches – because their claims systems are capturing only highlevel claims header data. But now, Amplify Health is enabling insurers to capture every single line item they are billed and pinpoint suspicious charges in a highly targeted way, with an integrated health intelligence solution that has won most innovative AI solution for heath insurance at the SBR Technology Excellence Awards.
Building a structured data foundation
Within many Asian markets, medical claim invoices vary widely in their fees, formats, level of detail, and clinical terminology used. This makes it challenging for insurers to understand the medical context for various claim lines, compare similar claim items over time and across providers, and identify suspicious claim patterns.
To overcome this, capturing and organising unstructured claims information from different healthcare providers into a comparable format and translating varied medical free text into standardised clinical codes is foundational to building a solution that can rapidly yet precisely detect FWA in medical claims.
Transforming claims adjudication
Amplify Health’s integrated health
intelligence solution uses an Optical Character Engine (OCR) enhanced with Natural Language Processing (NLP) to extract relevant information from medical invoices and turn them into structured data, whilst a Clinical Encoder uses multistage AI to map free text descriptions into a comprehensive range of clinical codes across 17 medical domains.
The standardised and enriched health data is then automatically checked against hundreds of policy arrangements, whilst machine learning models perform outlier analysis over the data. The combined output of these two analyses provides claim assessors with real-time decision support, allowing them to rapidly assess compliance with existing agreements and pinpoint specific claim lines with potential FWA, transforming the traditional claims adjudication process.
Designed for intelligent adaptation
The modular architecture of Amplify Health’s end-to-end solution allows each component to be tuned to custom market
requirements faced by insurers across Asia. This ranges from an NLP-enhanced optical character recognition (OCR) technology that intelligently adapts to specific market digitisation challenges, a multi-stage AI clinical encoder that maps free text according to both local market and international clinical schemas, custom policy tracking that keeps track of different negotiated hospital discounts and special member arrangements, and granular, lineitem FWA analysis powered by advanced machine learning models that identify market-specific outlier patterns.
With increasing usage across more Asian markets, Amplify Health’s machine learning models become increasingly attuned to flagging an expanding range of sophisticated FWA patterns, limiting the extent of training required for future deployments.
At an operational level, this involves widening Amplify Health's detection of unusual claims beyond potential overcharging, overservicing, readmission, and diagnosis-related mismatches to more advanced aspects, such as longitudinal behaviour patterns, collusion detection, procedure and place of service mismatch, and mutual exclusivity of procedure pairs.
Amplify Health’s groundbreaking application of multiple state-of-the-art AI and analytics technologies reflects its leadership in applying advanced AI to transform health insurance operations and deliver measurable results.
Amplify Health at the SBR Technology Excellence Awards 2025
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Singapore Pools brings home SBR Technology Excellence Award for data centre upgrade
The upgrade yielded annual savings of $4.2m and estimated annual reduction of 305 tonnes of CO2*.
Singapore’s only legal lottery, sports betting and horse wagering operator, Singapore Pools (Private) Limited clinched the Infrastructure TechnologyNon-Profit Organisation category win in the prestigious SBR Technology Excellence Awards 2025 for its transformative data centre modernisation programme,
This recognition from the awards programme reinforces Singapore Pools' commitment to community development, technological innovation, and its crucial role in combatting illegal gambling.
Focussed on strengthening security, resilience, and performance of its online gaming platform, which provides a legal, safe, and trusted avenue for gambling, Singapore Pools undertook this complex transition, akin to “building an airplane mid-flight,” ensuring service continuity and safeguarding the vital revenue streams that fund essential social programmes.
Next-gen architecture
The next-generation hardware and software architecture enables workload migration across Singapore Pools' autonomous data centres, ensuring high availability and performance even during planned maintenance or unforeseen outages. This resilient design allows any single data centre to be taken offline without impacting operations, whilst redundancy is maintained. Moreover, this initiative establishes a tri-site, “active-active-active” ecosystem of three data centres operating simultaneously, marking a significant upgrade from the previous traditional “primary-standby-disaster recovery” model.
Sustainability at the core
Collaborating with trusted partners, the company has exceeded expectations by successfully delivering this complex project within one fiscal year and migrating to a robust, tri-site, next-generation
We've built a more resilient and sustainable infrastructure to better serve the public and contribute to
architecture. Yeo Teck Guan, Chief Business Technology Officer at Singapore Pools explains, “This modernisation strengthens our ability to deliver reliable, secure services whilst advancing responsible gaming.
“With Fujitsu’s support, we've built a more resilient and sustainable infrastructure to better serve the public and contribute to a safer Singapore,” Yeo added.
Since the start of the modernisation project, Singapore Pools has also dramatically reduced its environmental footprint through a 31% reduction in rack space, minimising energy consumption and CO2 emissions.
This optimisation has contributed to significant cost savings as part of an overall $4.2m annual reduction in operating expenses which could be channelled towards community and social initiatives.
Industry-leading uptime and capacity
To ensure continuous operation, Singapore Pools' data centre uptime achieves an industry-leading 99.999%. This improvement, a jump from 99.742%, reduces potential disruption from two hours to just 26 seconds per month.
With the three data centres in activeactive-active architecture, the probability
of total data centre failure is significantly reduced to near-zero.
About the awards programme
SBR Technology Excellence Awards celebrates technological innovations in Singapore, highlighting exceptional companies that are riding the digital disruption wave with groundbreaking technology initiatives that have made an impact on the economy. It honours technology companies that pioneered groundbreaking IT products and solutions, as well as any organisation or company from across different industries with innovative technology initiatives that made an impact on their business.
This year’s award ceremony took place on 29 April 2025, bringing together leading industry figures and innovators in a celebration of technological excellence.
The distinguished panel of judges for the 2025 SBR Technology Excellence Awards included Andrew Tan, Partner, Consulting at EY; Cheong Chew Wai, Technology & Transformation Partner at Deloitte Southeast Asia; Lee Ser Yen, Partner, Cyber, Advisory at KPMG; Cecil Su, Director, Head of Cybersecurity at BDO; and Eileen Tan, Partner at RSM Singapore.
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HP Inc. honoured at Singapore Business Review Technology Excellence Awards 2025
The HP Color LaserJet Pro 3000 series redefines high-quality, energy-efficient printing for SMBs.
HP Inc. has been recognised at the Singapore Business Review Technology Excellence Awards 2025 in the Hardware - Computer Hardware category for its HP Color LaserJet Pro 3000 series.
Empowering SMBs
Designed to empower small and medium businesses (SMBs), this printer series brings premium colour quality, high-speed performance, and enhanced energy efficiency. Launched in April 2024, the HP Color LaserJet Pro 3000 series delivers industry-leading colour quality, duplex printing speeds, and reliability in a compact and user-friendly design. SMBs require fast, efficient, and high-quality printing solutions to produce financial, legal, and marketing materials, and this printer series addresses those needs while incorporating advanced security and sustainability features.
“As the market leader in Color LaserJet printing, HP is committed to continuous innovation, constantly developing and implementing new technologies to enhance the customer experience,” the company said. HP’s TerraJet toner technology enables sharper colours, with an 11% improvement in colour vibrancy over previous models.
The new toner formulation also boosts print speeds by 18% and shortens calibration time by 19%. Additionally, TerraJet technology reduces energy consumption by 6%, helping companies achieve their sustainability goals whilst maintaining high-quality output.
The HP Color LaserJet Pro 3000 series also enhances productivity with laser technology. It offers faster two-sided printing and scanning, featuring a High-Performance Duplex Auto Sheet Feeder that scans both sides of a document in a single pass. With one of the fastest first-page-out speeds, the printer minimises wait times. Built with HP’s self-healing dual-band Wi-Fi technology, the printer automatically recovers from network failures. HP’s printers undergo rigorous testing, with over 75,000 pages printed during the HP Total Test Process to ensure durability even under heavy business use.
Pro-level security
HP has embedded pro-level security into the HP Wolf Pro Security suite. It was built with hardware, firmware, and
HP
operating system protections. It also has tamper-resistant toner packaging and PIN-based authentication for print jobs, so businesses can safeguard sensitive documents from cyber threats.
Meanwhile, the compact design of the HP Color LaserJet Pro 3000 series incorporates post-consumer recycled plastic. “With the latest Color Laserjet technology, HP Color Laserjet Pro 3000 series printer not only enhances the customer experience, but also extends HP's leading position in the market,” the company added.
The Singapore Business Review Technology Excellence Awards recognises technological innovations and companies in Singapore that are leading the digital journeys of their respective industries. The awards programme commends companies that pioneered ground-breaking IT products and solutions, and organisations from different industries that made an impact with their innovative technology.
Color Laserjet Pro 3000 series printer not only enhances the customer experience, but also extends HP's leading position in the market
AIA Singapore bags accolade at SBR Technology Excellence Awards 2025
The company was honoured for its exemplary approach in transforming insurance with holistic health and wealth solutions in a single app.
AIA Singapore won the Mobile - Life Insurance category at the SBR Technology Excellence Awards 2025, for its app AIA+, being the first in the market to combine healthcare and insurance solutions into one app.
AIA+ by AIA Singapore
AIA+, launched in 2024, is a user-friendly, intuitive app that integrates insurance, finance, healthcare, and wellness features and services into a single app. With this, users can take control of their physical, mental, and financial health all in one place.
AIA+ empowers customers to achieve holistic wellness by offering easy access to a wide range of healthcare services, wellness programmes, and financial tools. This comprehensive approach supports and encourages customers to engage in healthier
lifestyles and proactively plan for their financial future.
AIA+ provides users with a customised view of their insurance portfolio, featuring reminders and easy access to essential services such as claims submission, preauthorisation requests, and teleconsultations. Customers can quickly find doctors, make appointments, check insurance coverage,
manage payments, and submit claims.
AIA+ Vitality
AIA+ adds a new dimension to health management with AIA Vitality, a comprehensive wellness programme that uses digital technology and gamification to encourage healthier lifestyles. Customers earn Vitality points by making healthier choices, like getting sufficient quality sleep, buying HealthyFoodTM, and engaging in physical activities. Users can track, incentivise, and reward themselves for these health-promoting activities, all within the app.
AIA+ also helps users manage their financial health by securely connecting to SGFinDex, providing a consolidated view of their financial information.
AIA+ continues to evolve, incorporating new features and capabilities to meet the changing needs of its customers.
The app’s flexibility ensures it remains an essential tool for managing health and wealth in today’s digital age.
AIA Singapore at the SBR Technology Excellence Awards 2025
It was honoured for the Singapore Pools API Gateway and Cloud Microservices Project.
AsiaPac Technology, a leading hybrid multi-cloud and digital transformation solutions provider, proudly announces its win at the SBR Technology Excellence Awards 2025. The award recognises the company for the successful delivery of the API Gateway and Cloud Microservices Project for Singapore Pools—a strategic initiative that redefines digital infrastructure in the non-profit gaming industry.
Transforming legacy systems with cloudnative innovation
The project marks a major step in Singapore Pools’ digital modernisation. At its core is the shift from a monolithic setup to a cloud-native microservices architecture. This empowers Singapore Pools with scalable, modular, and agile systems that support rapid innovation whilst ensuring strong performance and security.
A standout feature is the implementation of Infrastructure as Code (IaC). The technology automates infrastructure management and enables dynamic scalability, ensuring optimal performance even during high-traffic events like the UEFA World Cup.
Unique features driving innovation
A centralised API Gateway secures and simplifies integration with gaming platforms, payment systems, and external services. This supports real-time data flow and enhances user experience across digital channels. The decoupling of application components enables faster development, testing, and deployment. This leads to quicker updates, reduced downtime, and a more responsive platform.
The project marks a major step in Singapore Pools’ digital modernisation
Tangible business results
The project delivered measurable improvements: 50% reduction in time-tomarket for launching features and games via CI/CD automation; 30% cut in operational overhead by adopting IaC and reducing manual tasks; 20% savings in cloud costs through dynamic, demand-driven resource scaling; 99.99% uptime even during peak periods, ensuring uninterrupted access; and regulatory compliance maintained through built-in security and governance controls.
Accelerating
innovation with CI/CD Pipelines
AsiaPac Technology’s deployment of CI/CD pipelines revolutionised software delivery at Singapore Pools. Manual releases were replaced with automated build, test, and deployment processes, enabling faster, more reliable updates.
Smaller, incremental releases improve system stability and enhance deployment agility. Development teams can work in parallel, releasing features continuously without disrupting operations.
Future-proof and scalable by design
A key aspect of this award-winning
project is its future-readiness.
The modular design allows Singapore Pools to easily incorporate new technologies and third-party services without rearchitecting the entire system. This plugand-play flexibility ensures the platform evolves alongside customer expectations and technological advancements.
The solution is designed with crosssector replicability in mind. Its complianceready, scalable foundation can be applied to similarly regulated industries such as healthcare and finance, creating new opportunities for innovation beyond gaming.
Sustainability and green IT commitment
The use of dynamic resource scaling and avoidance of overprovisioning aligns with green IT practices, reducing energy consumption and operational waste. Infrastructure is deployed only when needed and torn down automatically when idle, creating a lean, efficient, and environmentally conscious footprint.
Key Achievements
IaC cut operational overhead by 30% and cloud costs by 20%, enabling teams to focus on innovation.
CI/CD pipelines also shortened time-to-market by 50%, improving responsiveness and accelerating innovation. Microservices-based architecture improved scalability by 40%, ensuring smooth performance even at peak demand.
This win at the SBR Technology Excellence Awards is a testament to the trusted collaboration between AsiaPac Technology and Singapore Pools— grounded in delivering resilient, forwardlooking digital platforms that scale with business growth.
AsiaPac Technology at the SBR Technology Excellence Awards 2025
Democratising AI for all: Straits Interactive’s Capabara powers a smarter, more capable workforce
The company’s Capability-as-a-Service model, delivered through the Capabara platform, makes generative AI accessible, safe, and scalable for every organisation.
In a world racing to adopt AI, a quiet movement is underway - one that focusses not on coding prowess, but on empowering everyday professionals to harness generative AI in meaningful, secure, and sustainable ways. Leading this charge is Straits Interactive, whose Capability-as-a-Service (CaaS) model is transforming the way organisations and individuals use, create, deploy and govern generative AI capabilities.
At the heart of this model lies Capabara, Straits Interactive’s adaptive Software-asa-Service (SaaS) generative AI platform. Designed for non-technical users, Capabara enables the adoption and design of AIpowered tools with zero coding required.
“We don’t just deliver content or tech; we deliver the ability to transform,” says Kevin Shepherdson, Founder and CEO of Straits Interactive. “Through Capabara, we enable organisations to build capabilities — skills, knowledge, tools, processes, and flexibility — that help them grow safely and responsibly in an AI-driven world.”
Empowering the workforce with generative AI Straits Interactive’s CaaS model comprises three key pillars: AI-enhanced training, the Capabara platform, and expert-led advisory.
The AI-enhanced suite of training tools has been deployed in partnership with local institutions like Singapore Management University (SMU) Academy across over 30 courses on data protection, data governance & management, AI governance, and more. Designed to support adult learning strategies, the courses incorporate generative AI tutors not just to facilitate theory familiarisation, but equip learners with hands-on experience using practical AI tools across business functions. With a capability-led focus beyond knowledge acquisition, Capabara as an EdTech solution
supports professionals in applying what they’ve learnt so they can lead workplace transformation from within.
The company has also joined hands with international professional
certification bodies like the International Association of Privacy Professionals (IAPP) and OCEG, to enrich their courses with self-paced exam preparation for students and guidance for practitioners. Further collaborations with the Asian Institute of Management (AIM) in the Philippines and Telekom University in Indonesia extend the reach of its Capability-as-a-Service approach and AI-blended adult education across Southeast Asia.
We don’t just deliver content or tech; we deliver the ability to transform
Capabara in action
Capabara stands out for its intuitive no-code design, allowing users to create generative AI applications from modular templates. As a model-agnostic platform, it supports multiple large language models including ChatGPT, Claude, and Gemini, enabling users to choose the best fit for their needs.
In education, instructors can build AI tutors and scenario simulations tailored to each student’s background and proficiency, with built-in learning pedagogies like Bloom’s Taxonomy. In compliance, Data Protection Officers (DPOs) can tap on Capabara’s AI DPO Assistant to streamline policy reviews and distil insights from complex cases. In HR, toolkits modelled after operational workflows are accelerating recruitment and personalised employee development. Manila-based legal firm FMH Law reported a 99% reduction in legal research time with Capabara, from two hours to under a minute. Meanwhile,
startup consultants like Asia Pro Ventures in Singapore have launched subscriptionbased generative AI toolkits to their clients, monetising their expertise at scale.
Safe,
secure, sustainable AI deployment
With a pedigree in robust data protection, Straits Interactive’s generative AI offering doesn’t stop at enablement - it embodies governance-by-design. Not only is the platform fitted with a governance dashboard and safeguards against data leakage, but corporate users also receive expert support on privacy, risk, and responsible AI implementation. Its blended advisory services for in-house AI & data governance engagements combine training for data protection governance committees with service implementation. These services are further strengthened by consultancy support, including legal guidance, ensuring that AI is integrated responsibly and sustainably.
Capability for the future
As Singapore commits over $1b to AI development, the question is no longer whether organisations should adopt AI, but how. For Straits Interactive, the answer lies in capability: building flexible, modular solutions that adapt to different industries and goals. By combining technology and governance in one integrated offering, the company is setting a new standard for AI adoption in society, anchoring digital transformation in responsibility and ethics.
“The future of work depends on enabling people, not just powering tools,” concludes Shepherdson. “With our Capability-as-aService model and Capabara as its vehicle for delivery, we’re ensuring that no one is left behind in the AI revolution.”
Kevin Shepherdson, Founder & CEO of Straits Interactive
Straits Interactive took home the AI-Education category win at the SBR Technology Excellence Awards 2025
Transforming sustainability reporting with transparency and teamwork
Workiva helped Great Eastern Life automate its sustainability reporting in a platform that delivers data integrations, real-time collaboration, and built-in controls.
As sustainability reporting becomes increasingly critical for businesses globally, many organisations are facing substantial challenges. Sustainability data is now under the same scrutiny as financial data, but without the established controls or the same data sources traditionally reserved for financial reporting. Timely and accurate reporting of integrated data requires strategic, streamlined solutions that enhance efficiency whilst maintaining compliance.
Workiva recognises these challenges. The company is on a mission to power transparent reporting, actively collaborating with organisations to simplify sustainability reporting processes through its connected, controlled, and cloud-based platform.
Fewer manual processes, less risk Workiva’s collaborative approach is evident in its transformation project with Great Eastern Life, one of Asia’s leading insurance firms. Great Eastern faced considerable complexities in its sustainability reporting, heavily reliant on manual processes. By integrating Workiva’s platform, the insurer evolved its reporting towards a simplified, automated approach. The platform facilitated data submission across diverse sustainability topics, significantly reducing the time and resources needed to produce comprehensive reports.
Through close cooperation with Great Eastern’s sustainability experts, designers and stakeholders, Workiva’s platform has
effectively streamlined workflows, enabling real-time collaboration and reducing the reporting cycle. The solution offers flexibility, allowing last-minute data adjustments whilst maintaining comprehensive audit trails to ensure accuracy and compliance.
Single, secure, and audit-ready
Workiva’s platform also provides Great Eastern with a centralised, organised repository for all supporting documentation. This integration ensures transparency, accountability and audit readiness throughout the reporting process.
Winnie Tan, Senior Vice President of Sustainability at Great Eastern, underscores this key benefit: “Workiva’s ability to offer customised access to auditors is a plus, as auditors can conduct their audit independently—taking away manual resources typically needed to
'Compared to other platforms, Workiva is easy to use and very intuitive. It cuts down training time and is easy to navigate and get used to.'
- Winnie Tan, Senior Vice President of Sustainability, Great Eastern
support the audit process in the usual fashion. This is on top of Workiva’s hygiene function of being able to keep version controls and standardised records. External assurance is a requirement and any optimisation of a standardised process is a benefit to the users.”
Ease of use is another benefit valued by Great Eastern’s data providers and reviewers. The intuitive nature of the platform promotes swift adoption across various entities and geographical regions within the organisation.
The collaboration between Workiva and Great Eastern has been recognised externally, earning Workiva the ESG Tech - IT Services category award at the prestigious SBR Technology Excellence Awards 2025.
Future-focussed growth
Looking ahead, Great Eastern is eager to explore further enhancements and new functionalities with the Workiva platform.
The insurer appreciates the userfriendly design of Workiva’s platform. As Tan highlights, “Compared to other platforms, Workiva is easy to use and very intuitive. It cuts down training time and is easy to navigate and get used to. This is exceptionally important as we have colleagues across different places and frequent personnel changes as people get on or off due to role change.”
By fostering transparency, accountability and trust, Workiva aims to support businesses like Great Eastern Life in building sustainable futures aligned with regulatory expectations and stakeholder interests.
Workiva helps organisations deliver transparency, accountability, and trust across their critical business data
To
financial
financial
www.cgsi.com.sg/up
Truegenics’ Madison AI signals a bold move toward AI-driven growth
Truegenics Pte Ltd has won the AIConsumer Products (Non-Durables) category at the Singapore Business Review (SBR) Technology Excellence Awards 2025, in recognition of its AI-powered customer service agent, Madison.
Whilst this milestone marks a proud achievement, it also signals a deeper transformation: Truegenics’ commitment to becoming a more agile, AI-driven SME, where innovation is embedded not just in products, but in how the business operates.
Transforming customer support at scale Madison was developed to meet growing global customer support demands with greater speed and consistency. It now handles over 70% of daily inquiries — streamlining response times, improving accuracy, and allowing the support team to focus on more complex issues. “We didn’t want poorly implemented AI. It had to meet our standard of care for customers to represent our brands well,” said Jeremy Wong, CTO of Truegenics.
Julius Yap, Senior Manager of Customer Service and project co-lead, added:
It’s changed how we work. We’re not just faster, we’re delivering better support with less manual strain.
“This award validates our efforts, but more importantly, it pushes us forward,” said Alvin Huang. “We’re building a future-ready team and AI is part of how we get there.” From one
Laying the groundwork for AI Encouraged by Madison’s success, Truegenics began expanding AI capabilities beyond customer support, exploring use cases in creative design, digital marketing, recruitment, CRM, supply chain, and performance analytics. One of the more ambitious projects underway is a proprietary AI tool tailored for the email marketing team. Aimed at automating testing, optimising send times, and enhancing segmentation through smarter data insights.
To support this transition, the company is preparing to launch a company-wide AI Mandate Policy. This policy will outline clear expectations whilst providing teams with the structure to explore and implement AI confidently and responsibly.
“AI adoption isn’t optional, it’s inevitable,” said Alvin Huang, CEO of Truegenics.
‘The sooner we learn to use AI wisely, the stronger and more resilient our business becomes.’
Leading with enablement
Whilst some teams have already started experimenting, from automating performance reports to accelerating campaign content, company-wide support structures are being actively built.
Resources like internal AI agents, curated prompt libraries, hands-on demos, and internal AI champions are in development to equip every team with the confidence and tools to adopt AI in their day-to-day work.
As these foundational elements mature, Truegenics is also preparing to introduce structured policies that guide AI adoption across departments, ensuring alignment, consistency, and sustainable impact at scale.
People first in the AI transition
As the organisation undergoes this shift, HR has also begun adapting its hiring lens, bringing in individuals who are already applying AI in their work. This early integration of AI-capable talent helps ease change management and accelerates knowledge sharing across departments.
“Hiring individuals who are already familiar with using AI tools makes the transition smoother for everyone,” said Hidayah Zulka, Senior HR Manager. “It’s not just about skill, it’s about mindset. These hires bring practical ideas and help their teams move forward with more confidence.”
Recognition begins with culture Momentum around AI adoption is already building across Truegenics. Teams are voluntarily sharing their wins, whether it’s saving hours through automation or testing new AI-supported workflows. These examples are gaining visibility through team check-ins, Slack threads, and casual leadership updates. Truegenics is focussed on cultivating a culture where curiosity, experimentation, and peer learning are encouraged, allowing AI integration to grow naturally from the ground up.
A blueprint for SME AI transformation
With an AI mandate ahead and enablement tools underway, Truegenics is building a practical, future-ready business one smart use case at a time.
Truegenics’ Team at the SBR Technology Excellence Awards 2025
Alvin Huang (left) and Jeremy Wong (right), CEO & CTO of Truegenics
Eliminating artificial workflow barriers inherited through decades of WMS expansion and shedding systemic limitations to unlock radical advancements in productivity in the DC. No Limits.
One brand, every platform: How to simplify e-commerce and social selling at scale
Y3 Technologies empowers brands to scale seamlessly, unify operations, and drive growth through real-time insights.
Y3 Technologies has once again cemented its reputation as a leader in digital innovation, clinching the SBR Technology Excellence Award 2025 in the E-Commerce - Luxury Retail category for its groundbreaking OMS Multi-Channel E-commerce Enabler Platform. This recognition underscores Y3’s relentless pursuit of technological excellence and its pivotal role in transforming the e-commerce landscape for brands seeking to thrive in an increasingly complex digital marketplace.
Driving e-commerce excellence with OMS
At the heart of Y3’s success is its robust Order Management System (OMS), a platform purpose-built to streamline and centralise multi-channel e-commerce operations. In its award-winning partnership with luxury fragrance brand House of Perfumes, Y3’s OMS enabled the brand to expand rapidly into ASEAN markets, overcoming the operational hurdles that often accompany regional growth.
The OMS platform brings all sales channels—whether online marketplaces, social commerce, or direct-to-consumer sites—into a single, unified dashboard. This centralisation ensures real-time synchronisation of inventory, seamless order processing, and consistent product listings across every marketplace.
The result is a simplified, error-free approach to managing sales, products, and fulfilment, empowering brands to scale their operations with confidence.
Unlocking growth with data-driven insights
Y3’s OMS is not just about operational efficiency; it’s a powerful engine for datadriven growth. The platform’s advanced analytics capabilities provide actionable insights into market trends, customer preferences, and sales performance.
Brands can leverage these insights to fine-tune their strategies, optimise inventory allocation, as well as launch targeted promotions, ensuring they stay ahead of consumer demand and market shifts.
Dr. Navin Bhatnagar, Chief Executive Officer of Y3 Technologies, explains, “At Y3, we believe that innovation is about more than just technology—it’s about creating tangible value for our clients. Our OMS platform is designed to empower brands with the agility, visibility, and intelligence they need to compete in today’s fast-moving e-commerce environment.”
Seamless scalability and market adaptation
A key differentiator of Y3’s OMS is its scalability and adaptability.
As brands look to penetrate new markets or introduce new product lines, OMS ensures effortless expansion without the need for complex system overhauls. The platform is engineered to integrate with local e-commerce platforms, maximising reach and enabling brands to tailor their offerings to diverse consumer bases. Dr Bhatnagar
adds, “OMS’s scalability ensures effortless adaptation to new markets, product lines, and consumer trends, paving the way for sustained growth. We are committed to helping our clients not only navigate but also lead in the digital economy.”
Powering customer-centric commerce
Beyond operational and analytical prowess, Y3’s OMS enhances the customer experience at every touchpoint. By automating order processing and fulfilment, the platform reduces delivery times and minimises errors, resulting in higher customer satisfaction and loyalty. Dynamic promotion management allows brands to quickly roll out campaigns across all channels, ensuring a consistent and engaging brand presence.
This customer-centric approach has translated into measurable business outcomes. For House of Perfumes, the implementation of Y3’s OMS led to significant sales growth, improved inventory turnover, and a stronger foothold in the competitive ASEAN luxury retail market.
Shaping the future of e-commerce
Y3 Technologies’ win at the SBR Technology Excellence Awards is more than an industry accolade—it is a testament to the company’s vision and leadership in digital transformation. As the e-commerce sector continues to evolve, Y3 remains at the forefront, investing in research and development and deepening its capabilities to serve retail, consumer goods, and logistics sectors.
“Technology is the great equaliser in today’s marketplace,” says Dr Bhatnagar.
“Our mission is to provide brands with the tools and insights they need to deliver exceptional experiences and achieve sustainable growth, no matter where they operate,” he added.
With its OMS Multi-Channel E-commerce Enabler Platform, Y3 Technologies is not just keeping pace with digital disruption—it is setting the benchmark for technological excellence in e-commerce. For brands seeking to expand, innovate, and lead, Y3 offers the expertise, solutions, and vision to turn ambition into achievement.
‘Innovation is about more than just technology—it’s about creating tangible value for our clients’
Dr Navin Bhatnagar, CEO of Y3 Technologies
From Asia to the world: Investing with confidence in a complex era
Achieving
growth amidst complex investment landscapes.
In an increasingly complex world, it is easy to become overwhelmed by the hyper-information, contradictory signals, and array of investment options. CGS International leverages its expert insights, wide networks, and deep roots to help clients decode the complexities, offering them exclusive access to investment opportunities in Asia and beyond.
The company is proud to stand as Asia’s Global Investment House — a nextgeneration financial institution uniquely positioned at the crossroads of China, Southeast Asia (SEA), and the world.
Grounded in experience, powered by perspective
Backed by nearly half a century of expertise in SEA's financial markets, CGS International brings its legacy of trust, hyperlocal insights, extensive global market access, and innovative products to its global client base in over 15 cities.
Whether you are seeking long-term portfolio growth, cross-border market access, or tailored solutions in a dynamic
region, CGS International provides the tools, access, research, and advisory to help you with confidence.
A full suite of financial products for a new era of investors
Today’s investors demand more than execution. They expect platforms that are intuitive, advice that is actionable, and insights that reflect local realities.
CGS International delivers just that — a full stack of investment capabilities, from equities and fixed income to futures, private wealth, and structured products. Its proprietary platforms, such as iTrade and UP, serve both new investors and seasoned traders, giving them 24/7 access to the markets and flexibility to trade according to their unique needs.
For a more personal touch, its Private Wealth arm offers bespoke advisory for high-net-worth clients seeking global access and exclusive opportunities.
Underpinning these is one of the most awarded research teams in Asia, delivering timely perspectives through an Asian lens.
Not just in Asia — of Asia
As an Asian-born investment house, the company doesn’t just observe the region — it thrives, right in the pulse of it. That means clients benefit from faster insights, more responsive service, and strategies grounded in on-the-ground expertise. Whether you're an international investor seeking access to Asia or an Asian investor expanding globally, CGS International is built to bridge markets and empower decisions.
CGS International provides the tools, access, research, and advisory to help you act with confidence
The future of finance is inclusive, informed, and international.
From digital innovation to sustainability, from financial literacy to capital markets access, CGS International is committed to empowering better decisions for individuals and institutions alike.
In a world of infinite options, let CGS International be your partner in a rising Asia. Explore more at www.cgsi.com.
CGS International, Asia’s Global Investment House
Singapore's finest lauded at SBR National and International Business Awards
As a global business hub, Singapore hosts a dynamic mix of local and international companies that foster innovation, resilience, and progress. The 2025 SBR International Business Awards and SBR National Business Awards recognise these trailblazing companies, highlighting their remarkable contributions to Singapore's ever-evolving business landscape.
These prestigious awards honoured foreign companies that have successfully established themselves in Singapore, as well as homegrown enterprises that demonstrate exceptional leadership, innovation, and resilience. The awards celebrate their impactful
SBR INTERNATIONAL BUSINESSAWARDS 2025WINNERS
8x8 International
• Communications
Amity Global Institute Pte. Ltd.
• Higher Education Blockdaemon
• Financial Technology
CGS International
• Brokerage Chain IQ
• Supply Chain Crisis24
• Security Services
DWS Investments Singapore
• Financial Services
Everise
• Business Services FUJIFILM Business Innovation Singapore Pte. Ltd.
• IT Services
Hitachi Vantara
• Computer Software
Howden Singapore
• Insurance Broker
Kaplan Higher Education Academy
• Educational Management
London School of Business & Finance Singapore Campus
• Education
RHB Singapore
• Banking
initiatives and contributions to Singapore’s thriving economy.
Presented by Singapore Business Review, this year’s ceremony took place on 24 April 2025, at Marina Bay Sands, bringing together top industry leaders and innovators to showcase business excellence.
The esteemed judging panel for this year’s awards included Veron Wong, EY ASEAN and Singapore Risk Consulting Leader; Roger Loo, Practice Leader, Strategy Advisory, and Head of Management Consulting Service at BDO Consultants Singapore; Piyush Jain, Monitor Deloitte Leader for Southeast Asia; and Qiu Wenqi, Partner at RSM Singapore.
Signify Singapore
• Lighting Solutions
TZ and CapitaLand
• Building Services & Facilities
Weichai Singapore
• Manufacturing WorldFirst
• Trade Technology XTransfer
• Payments
SBR NATIONAL BUSINESSAWARDS 2025 WINNERS
Adventus Singapore Pte. Ltd.
• IT Services
ESR-REIT
• Commercial Real Estate Trust
FairPrice Group Supply Chain
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DWS Investments Singapore recognised at the SBR International Business Awards 2025
The award is in recognition of its record sales and strong employee engagement initiatives.
DWS Investments Singapore has been named the winner of the Financial Services category at the 2025 Singapore Business Review International Business Awards, in recognition of its strong business performance and meaningful community engagement initiatives.
A regional hub
The Financial Services accolade highlights a milestone year for the firm, marked by record growth and continued contribution to the local community.
Over the past three years, DWS Singapore has achieved a 94% increase in assets under management (AUM), with a 64% rise in net flows in the 2024 fiscal year surpassing the industry’s 11% average growth, making DWS Singapore one of the fastest-growing asset managers in Singapore, which is driven in part by strong inflows into its Xtrackers ETFs. (Source: DWS Singapore financials and McKinsey growth cube, as of 31 December 2024)
Its flagship Asia real estate fund, managed out of Singapore, has also delivered consistent outperformance versus peers and its benchmark since its inception in 2018.
As part of DWS Group—one of the world’s leading asset managers with more than EUR1t in AUM—DWS Singapore plays a strategic role as a regional hub for alternatives, a distribution gateway to Southeast Asia, as well as a Centre of Excellence for infrastructure expertise.
DWS
Singapore plays a strategic role as a regional hub for alternatives, a distribution gateway to Southeast Asia, and a Centre of Excellence for infrastructure expertise
Meaningful community engagement
A key driver of the firm’s success is its strong workplace culture, underpinned by a commitment to employee engagement and corporate responsibility. This year, the firm celebrates a decade-long partnership with the People’s Association of Singapore through its “Bless A Child, Share A Love” initiative, which supports over 150 underprivileged children and their families during the festive season through donations, gifts, and volunteer involvement. Employees also contributed their time to local organisations such as the Singapore Association of the Visually Handicapped, Dignity Kitchen, and a food donation drive.
The recognition from the SBR International Business Awards reflects DWS Singapore’s continued growth, client focus, and community spirit. The team remains dedicated to delivering high-quality asset management services while fostering a culture of respect, collaboration, and impact.
About the awards programme
The SBR International Business Awards recognises the achievements of foreign companies in Singapore as well as the transformative business initiatives, strategies and projects that stand out in the competitive It spotlights businesses that are driving progress in Singapore.vv
DWS Investments Singapore
Project Dignity Volunteer Day
TZ and CapitaLand take home SBR International Business Award for Smart Locker technology
They deployed innovative Smart Locker technology across flagship developments.
‘The SmartLocker initiative sets new standards for organisations and the use of their workspace’
Smart locker solution provider TZ and CapitaLand Group, one of Asia’s largest diversified real estate groups, have won the Building Services & Facilities category in the SBR International Business Awards 2025 for the innovative Smart Locker technology solution deployed at CapitaLand’s properties.
The prestigious award celebrates a significant contribution to the rethinking of workspace efficiency, security, and tenant experience through the deployment of intelligent locker solutions in CapitaLand properties such as CapitaSpring, Rochester Commons, and Geneo.
Revolutionising traditional lockers
At the heart of this breakthrough solution is a cloud-controlled and edge-operated design locker system which enables the use of multiple digital authentication methods, including facial recognition, mobile card, and QR code access via CapitaLand’s tenant experience platform, CapitaStar@Work.
Another critical feature of the system is that it ensures continuous operation even without network connectivity, ensuring that staff can get access to their personal belongings in the event of network disruption on the premises.
The SmartLocker initiative also addresses security concerns surrounding digital authentication methods at the workplace. The digital authentication system ensures that users get access only to their lockers.
Real-time logging and audit trails allow
relevant teams to track access and usage, as well as receive alerts for issues faced by users. CapitaLand is committed to creating a safer environment for its employees and tenants, acknowledging the importance of security at the workplace.
On the physical front, a key benefit derived from this system is the reduction of reliance on large pedestal drawers and manual key management, allowing more area to be repurposed for other uses.
The SmartLocker system is also designed to scale, allowing for expansion to additional areas, covering more square footage and accommodating a larger tenant population.
Since its implementation in various
locations, the SmartLocker solution has had a significant impact on office space management, with tenants expressing their satisfaction with the locker system, thanks to the security features and its ease of use.
What the future brings
With artificial intelligence (AI) now integrated into smart technology systems, the teams from CapitaLand and TZ are exploring an AI-based solution to enhance the locker system's capabilities. Predictive maintenance, personalised user experiences, and advanced data analytics for better decision-making are just some of the developments being discussed.
“The SmartLocker initiative sets new standards for organisations and the use of their workspace, whilst creating lasting value for our tenants, their employees, and the broader community. The project's commitment to user convenience, operational efficiency, and scalability ensures that the demand for its implementation in more workspaces will keep growing. We have no doubt that the SmartLocker system will become a ubiquitous workplace feature in no time,” said Fleur Lim, Vice President, Group Administration at CapitaLand Investment.
The Singapore Business Review International Business Awards recognises the achievements of foreign companies in Singapore as well as the transformative business initiatives, strategies and projects that stand out in the competitive landscape of the Lion City.
Fleur Lim, Vice President, Group Administration at CLI
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Revolutionising global supply chains: How RFID and IoT are reshaping the logistics landscape
Y3 Technologies is leading global supply chain transformation with scalable, smart supply chain solutions that enhance speed, accuracy, and agility from factory to storefront.
Radio Frequency Identification (RFID) technology is transforming global supply chains, bringing efficiency, transparency, and real-time visibility to the forefront of logistics operations. Now, combined with the Internet of Things (IoT), this integration is unlocking new levels of intelligence, automation, and agility across the logistics ecosystem.
From manufacturing to retail, RFID and IoT are reshaping how goods are tracked, managed, and delivered—minimising errors, reducing costs, and helping businesses thrive in a fast-evolving market.
The global rise of RFID and IoT
Unlike traditional barcode systems, RFID doesn’t require a direct line-of-sight, enabling bulk and in-motion scanning even in complex environments. IoT complements RFID by connecting devices and sensors across the supply chain, allowing businesses to capture, transmit, and analyse data in real time. This synergy accelerates warehouse operations, improves accuracy, and facilitates predictive decision-making.
In sectors where compliance and product integrity are paramount, RFID tags equipped with IoT-enabled environmental sensors monitor temperature, humidity, and handling conditions. This ensures perishable goods remain within safety thresholds, reducing waste and preserving quality.
Pioneering
smart supply chains
At the forefront of this transformation is Y3 Technologies, winner of the Logistics Category at the SBR National Business Awards 2025. Its award-winning Transformation Project, in partnership with a global footwear brand, showcases how RFID and IoT can deliver intelligent, end-toend logistics solutions. Y3’s integration of RFID and IoT into regional transportation, warehousing, and retail operations has eliminated manual barcode scanning and introduced RFID-enabled gates that automate inbound and outbound tracking. IoT sensors feed real-time data to a central platform, enabling faster throughput, higher inventory accuracy, and data-driven responsiveness to demand changes.
“RFID and IoT have allowed us to create a fully connected supply chain, from online marketplaces to retail stores,” says Dr Navin Bhatnagar, CEO of Y3 Technologies. “Clients now benefit from predictive insights, enhanced transparency, and greater agility. This is the future of logistics—intelligent, customer-centric, and scalable.”
Real-world impact and global reach
Following the implementation of Y3 Technologies' smart supply chain solution, the footwear brand has significantly improved planning, forecasting, and operational optimisation. With over 50% of its sales coming from international markets—spanning 170+ countries and more than 3,550 retail and e-commerce platforms—the need for synchronised, datarich operations is more crucial than ever.
Feedback has been overwhelmingly positive. Real-time visibility into goods movement, inventory status, and environmental compliance has empowered stakeholders to make faster, more accurate decisions, enhancing global coordination and performance tracking.
Y3’s platform connects critical supply
chain nodes—warehouses, transport hubs, retail outlets, and e-commerce platforms—into a unified digital ecosystem. With RFID and IoT working in tandem, supply chain operations are now more agile, resilient, and responsive to global market shifts.
RFID + IoT: A glimpse into the future
Looking ahead, RFID and IoT technologies are evolving rapidly. Smart tags embedded with processors and multisensor arrays, cloud analytics, and AI-powered insights will enable nextlevel capabilities such as predictive maintenance, real-time route optimisation, automated regulatory compliance, and global asset tracking with granular precision.
Y3 Technologies is already exploring these next-generation solutions to help clients achieve sustainable, data-driven growth. Its vision: to lead the way in building supply chains that are not only smarter but also greener and more adaptable.
Competitive advantage in a digital age
In today’s digital-first landscape, RFID and IoT are no longer optional—they’re essential. The ability to trace inventory in real time, optimise fulfilment workflows, and gain end-to-end visibility gives businesses a critical edge in speed, accuracy, and customer satisfaction.
Y3 Technologies’ recognition at the SBR National Business Awards underscores the value of intelligent supply chain transformation. As digital disruption accelerates, companies like Y3 are setting new benchmarks with scalable, future-ready solutions.
“Innovation in logistics isn’t just about moving goods—it’s about moving businesses forward,” says Dr Bhatnagar. “With RFID and IoT, we are reshaping what’s possible in global supply chain management.”
RFID and IoT have allowed us to create a fully connected supply chain
Dr Navin Bhatnagar, CEO of Y3 Technologies
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FairPrice Group drives into the future with awardwinning transport transformation initiative
FairPrice Group was recognised at SBR National Business Awards 2025 for pioneering autonomous vehicle integration in its supply chain, setting new benchmarks for efficiency and sustainability.
FairPrice Group (FPG) has become an integral part of Singaporean lives, committed to making every day a little better by keeping daily essentials within reach for all. Behind this commitment lies the FairPrice Group Supply Chain (FPGSC)—the silent orchestrator ensuring shelves remain stocked across nearly 570 touchpoints, even amidst evolving challenges.
To continue delivering a consistent and efficient supply of essentials, FPG embarked on a cutting-edge Transport Transformation Initiative. Developed in partnership with Zelos Technology, this initiative pioneered the use of Autonomous Vehicles (AVs) for cargo transportation on public roads, providing enhanced efficiency, resilience, and sustainability across the supply chain. These forward-thinking efforts in transforming logistics earned FPG the Supply Chain Award at the 2025 SBR National Business Awards.
Building upon previous successes, including its award-winning Supply Chain Operation Centre, FPG embarked on its Transport Transformation Initiative as the next frontier in its logistics optimisation. This project represents a bold step towards redefining goods transportation, unparalleled efficiency, enhanced resilience, and a significantly reduced environmental footprint.
Transforming transport
The initiative directly addresses several critical challenges facing the modern logistics sector. Firstly, it targets enhanced supply chain efficiency. By automating routine transportation tasks, specifically the movement of palletised goods between its major distribution centres, FPG streamlines operations and boosts productivity across its network. This automation allows for more efficient resource allocation, enabling FPG to better manage its vast network. Adding to this, it is the only vehicle running on public roads without any trailing vehicles or a physical driver. Additionally, it is the only vehicle on public roads that has the approval to be remotely supervised.
Secondly, the initiative provides an innovative solution to the pressing issue of manpower shortages, particularly the acute 50% vacancy rate for Class 4 drivers in Singapore. By deploying AVs, FPG will reduce reliance on manual labour for these specific
routes, demonstrating strategic foresight in ensuring operational continuity. Importantly, this allows the existing workforce to be redirected towards more complex, strategic, and higher-value tasks, fostering skills development and job enrichment.
Furthermore, sustainability is a core pillar of the Transport Transformation Initiative. The AVs deployed are fully electric, aligning closely with FPG's sustainability goals and Singapore's national environmental targets, including the push towards net-zero emissions. Each AV represents a remarkable 68% reduction in carbon dioxide equivalent (CO2e) emissions compared to a traditional diesel-powered 24FT truck. Once fully rolled out, this is projected to cumulatively eliminate 27 tons of CO2e annually.
Proven success and tangible impact
The initiative's success is not just theoretical; it has been rigorously proven in real-world conditions. FPG achieved a significant milestone by becoming the first organisation in Singapore to receive approval from the Land Transport Authority (LTA) for authorised trials of AVs for cargo transport on public roads. Since the trial commenced between FPG's Benoi and Joo Koon distribution centres, operating under LTA approval granted in October 2024, which lifted previous operating hour limitations, the AVs have demonstrated exceptional reliability.
With
Executing four daily trips, the AVs have completed over 200 journeys transporting palletised goods, achieving a flawless 100% success rate with zero safety incidents.
Driving towards an autonomous future
With the initial trials proving highly successful, FPG is looking towards the future with confidence. The next phase involves potentially scaling the autonomous vehicle fleet to cover additional inter-warehouse routes and exploring expansion into more complex logistical challenges, such as last-mile deliveries to its numerous retail outlets across Singapore. This phased approach ensures responsible and effective integration of the transformative technology.
The AV initiative is a key component of FPG's broader strategy to build a sustainable, efficient, and future-ready supply chain. It complements other ongoing efforts, such as the continuous expansion of FPG's wider electric vehicle (EV) fleet, which already comprises over 30 vehicles.
“By introducing autonomous vehicle technology into our logistics operations, FPG aims to enhance our operational efficiency as Singapore’s largest retailer, and lead the charge for adopting sustainable practices in retail. This project highlights our commitment to operational excellence, and making every day a little better for those we serve by keeping daily essentials within reach,” the company said.
the initial trials proving highly successful, FPG is looking towards the future with confidence
FairPrice Group at the SBR National Business Awards 2025
Stellar Lifestyle clinches win at SBR National Business Awards 2025 for retail ecosystem
Stellar360 has redefined brand-to-commuter connections whilst cultivating vibrancy and growth.
Stellar Lifestyle was lauded with the Retail category win at the prestigious SBR National Business Awards 2025 for its integrated retail and advertising ecosystem, Stellar360, which has transformed Singapore’s transit network into a vibrant commercial hub.
Seamlessly integrating retail, advertising, and digital engagement, Stellar360 leverages high-footfall spaces, cutting-edge technology, and strategic partnerships to provide businesses with an all-in-one platform to maximise visibility, drive revenue, and enhance commuter experiences.
Connecting with commuters
With flexible leasing options and thoughtfully designed activation spaces, Stellar360
strategy—powered by Stellar Ace—further amplifies visibility and drives engagement across the entire transit network.
One of its recent campaigns is A Stellar Christmas of Giving, launched in collaboration with the Singapore Red Cross (SRC). The campaign activated six redemption booths across Stellar Lifestyle’s event spaces and distribution points. Its redemption mechanics also incentivised commuters to shop at Stellar Lifestyle retail outlets.
From dynamic digital screens to printed posters displayed throughout MRT stations, the campaign was prominently featured across high-traffic commuter nodes
Stellar360 enables brands to build meaningful connections
island-wide. It was also showcased on the WINK+ app, supported by targeted push notifications and social media amplification.
“At Stellar Lifestyle, we see the transit network as more than just a point of travel— it’s a space for connection, commerce, and community. Stellar360 is our commitment to unlocking that potential, and ‘A Stellar Christmas of Giving’ reflects how brands
Tony Heng, President of Stellar Lifestyle at SBR National Business Awards 2025
DR LI HONGYAN AND DR KIM JEONG WON
Greening the shipping industry: What the approval of the IMO carbon pricing proposal means for Singapore
On 11 April 2025, the International Maritime Organisation (IMO) took a major step forward by approving the first-ever carbon pricing mechanism for international shipping.
According to the approved proposal, known as J9, ships around the world may be subject to the world’s first carbon pricing system in the maritime sector by 2028. Singapore — a proactive initiator of the proposal and a leading global maritime hub — now faces both challenges and opportunities that could reshape its economy, port operations, and climate leadership in the years ahead.
The J9 proposal, co-sponsored by Singapore and Norway, features a two-tier carbon pricing mechanism that combines a credit trading scheme with a global fuel standard. Vessels over 5,000 gross tonnes must meet the annual greenhouse gas fuel intensity (GFI) benchmarks, consisting of a minimum base target and a more stringent direct compliance target (DCT).
Whereas ships outperforming DCT can generate tradable credits (surplus units), ships failing to meet the base target must purchase surplus units or pay US$380/tCO2e (S$491/tCO2e) on emissions exceeding the threshold. Ships that meet the base target but fall short of DCT must pay US$100/tCO2e (S$129/tCO2e). Starting from 2028, the new mechanism states that ships are required to reduce their GFI by 4% (base target) – 17% (DCT) compared to 2008 levels.
These targets will be tightened annually to ensure the industry keeps making steady progress. This carbon pricing scheme, combined with GFI requirements, is expected to mark a significant shift for the industry where most ships still run on heavy fuel oil, one of the dirtiest fossil fuels.
Singapore's opportunities
For Singapore, a central player in global shipping, these requirements carry far-reaching implications, not only for compliance but also for competitiveness, innovation, and its leadership in green shipping. Singapore’s trading volume is more than triple the size of its economy, with total imports and exports equivalent to 326% of its GDP in 2024. The vast majority of this trade relies on maritime transport.
Singapore handles over 3 billion gross tonnes of vessel arrivals each year and maintains one of the world’s largest ship registries, with more than 4,000 vessels flying the Singapore flag. This dual role as both a major port state and flag state gives Singapore the responsibility as well as the opportunity to shape the future of maritime decarbonisation.
The 4% reduction in GFI, or base target, is relatively inexpensive to achieve. Most ships may be able to meet this requirement through operational improvements such as route optimisation or by blending in a small percentage of cleaner fuels like LNG or biofuels.
However, achieving the 17% reduction and the incremental reduction targets will require a more fundamental fuel switch to zero and nearzero emissions marine fuels like green hydrogen-based ammonia and methanol, which are much cleaner but more expensive and not yet
LI HONG YAN Research Fellow Energy Studies Institute
KIM JEONG WON Senior Research Fellow Energy Studies Institute
commercially or technologically viable at scale.
This move puts pressure on Singapore’s shipping industry to restructure its fleet since companies that adopt low-carbon vessels early may gain market power. Indeed, global leading shipping companies have begun expanding their low-carbon fleet by introducing LNG and methanol dual-fuel containerships and installing more scrubbers.
In the short term, these changes will impose cost pressures on shipping companies, particularly smaller companies and operators with long-haul, fuel-heavy routes, and possibly on final consumers through price pass-through. However, in the medium term, early movers stand to benefit. Ships that meet or exceed targets will avoid carbon levies and be well-positioned for even stricter regulations in the future. Moreover, they can attract sustainability-conscious cargo owners.
For example, the Zero Emission Maritime Buyers Alliance, formed by global giant shippers, including Amazon, Patagonia, and Nike, selected a shipping company for its members through a tender with an aim of reducing greenhouse gas emissions from maritime shipping by at least 90% compared to fossil fuel-powered shipping.
As more consignors prefer low-carbon shipping, driven by their respective commitments and campaigns for ESG (environmental, social, and governance) management, transitioning to low-carbon fuels will enable Singapore’s shipping companies to gain a competitive edge in the global shipping market beyond merely complying with international rules. Furthermore, Singapore has an underexplored opportunity to lead regional green shipping, positioning itself as the go-to green port in Asia-Pacific.
Green-focused policies
In this evolving shipping landscape, effective policy support to accelerate the adoption of low-carbon vessels and port infrastructure will be increasingly critical. The Maritime and Port Authority (MPA) already promotes such measures through its Green Ship Programme, offering 100% rebates on registration fees and tonnage taxes for vessels that adopt zero-emission fuels. Vessels using near-zero emissions fuelled engines; other low-carbon fuelled engines; or engines that exceed the IMO’s energy efficiency design requirement are also qualified to receive 20% to 100 concessions.
Moreover, the MPA received over 50 proposals for developing green fuel bunkering infrastructure in 2023. To further catalyse progress, the government has committed more than S$300m (US$232m) to support maritime decarbonisation. These investments are part of an effort to build a green maritime ecosystem that includes clean energy innovations, sustainable logistics, and new opportunities in marine engineering and workforce development.
Meanwhile, following the implementation, other governments and international organisations may strengthen sustainable maritime policies and introduce additional regulations.
STEPHEN LIN OPINION
Why good strategy fails: The governance blind spot in Singapore’s boardrooms
In Singapore’s dynamic business environment, where strategic foresight is often seen as a hallmark of success, it may come as a surprise that many well-crafted business strategies never see the light of day. Despite the resources poured into strategic planning, execution continues to be the Achilles’ heel for many organisations. The reason? A persistent governance blind spot.
Governance is often misunderstood as just a compliance exercise—a box to check or a report to file. But true governance is also about strategic stewardship, ensuring the long-term viability of the business. That means effective planning and efficient execution. The latter involves internal alignment, enforcing accountability, and building cultural integrity to translate vision into reality. Without successful execution, strategy is just wishful thinking.
After more than two decades of facilitating organisations across sectors, I’ve seen a recurring syndrome I call “SPOTS”—Strategic Plans sitting On The Shelf, gathering dust. These plans, whilst beautifully written, end up as showpieces for stakeholders, regulators, or websites. They lack practical use and, more importantly, organisational buy-in. They don’t fail because they’re poorly conceived, but because they are poorly governed. In Singapore, this issue is particularly acute in companies that treat strategic planning as a ceremonial activity rather than a leadership responsibility. There’s often a disconnect between the board and management, or between management and staff. A board may set ambitious goals without understanding the operational capacity required to achieve them. Or top management may cascade vague strategies to staff with little guidance on what execution actually entails.
Improving governance
This breakdown is not just a communication issue—it is a governance one. A robust governance system ensures that strategic intent is translated into clear, actionable plans at every level of the organisation. It mandates that strategy is not just communicated, but also cascaded—with resources, responsibilities, and results clearly defined. Without the existence of such a structure, execution becomes inconsistent, ultimately causing the strategy's momentum to weaken. Yet governance isn’t only about structure—it’s about culture. A strategy to innovate will fail in a culture that punishes risk. A strategy to enhance accountability will falter if political games dominate decision-making. Governance must, therefore, include not just frameworks and processes but also the softer aspects of organisational life: leadership behaviours, trust, and the emotional buy-in of teams. Consider SingPost’s digital transformation. In response to the declining traditional mail business, SingPost repositioned itself as a technology-driven logistics and e-commerce provider. This included significant investments in automation, artificial intelligence, cloud computing, and enterprise resource planning systems.
However, execution was fragmented, and the company ultimately lost ground to regional challengers like Ninja Van and J&T Express. This failure can be attributed to lack of centralised
STEPHEN LIN Strategic Management Consultant Haines Centre for Strategic Management
oversight, inadequate stakeholder management, and deficient risk management. Such failings have to do with poor implementation, not the quality of the strategy. They are governance issues, not a lack of vision. A bold, well-crafted, and well-funded strategy will falter without a strong governance backbone to carry it through.
In contrast, organisations that execute strategy effectively demonstrate a common set of governance principles. They see governance not as bureaucracy but as a strategic enabler. Boards take ownership not only of approving strategy, but also of overseeing its delivery. They ask difficult questions: What’s the implementation plan? Who’s accountable? How will we track success?
A bank in a neighbouring country I worked with recently had problems with implementing its previous strategic plan. It looked like a very good strategic plan, with seemingly great strategy statements and detailed plans.
However, they either could not make headway with some strategies or could not agree whether they were successfully implemented or not. In any case, the results expected from the strategies were not seen. When I worked with them, I found that they had no agreed-upon way of measuring success and holding people accountable. Success of strategy implementation was left to the strategy owners to declare – that is not good governance.
Developing key success measures
Good governance requires that objective measures of success (what we call Key Success Measures) for corporate goals and strategies must be decided upon and approved at the highest level. And it is with these Key Success Measures that the board will hold the management collectively accountable, and the top management will hold individual executives accountable. Without such accountability, strategies do not get properly and fully implemented.
Another major governance issue they had was the absence of a central project management office that acts for and on behalf of the CEO to drive the day-to-day efforts in strategy implementation.
This is one of the crucial elements of governance to ensure effective implementation. Without this central office and the full authority of the CEO behind the office, they will have a really hard time creating and sustaining momentum for implementation.
These were the first two issues that needed to be dealt with to make sure that the new strategic plan we were developing would become a reality. There were more governance issues, but I highlight these two because they are very common – I see them again and again in client organisations, and the consequences are huge.
They also invest in both the hard and soft enablers of governance. Hard enablers include clear performance frameworks, scorecards, and cross-functional accountability structures. Soft enablers include leadership alignment, culture-building, and a relentless focus on questions like “what’s in it for me?” at every level.
Finally, they stay adaptable. In today’s volatile and ambiguous world, strategy must be capable of evolving mid-flight.
