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FROM THE EDITOR
Startups are moving beyond regional dominance, seeking global ground for capital, customers, and talent. This trend is reflected in this year’s Hottest Startups list which includes local startups with globally relevant technologies like Wubble AI Pte. Ltd., the world's first enterprise-grade music AI platform. See the full list on pages 28 to 32.
Sector-wise, green tech, healthcare, and deeptech shine as bright spots for innovation, according to analysts. Experts from venture capital firms also name the underserved industries which need more attention from founders and investors. Find out more on pages 26 to 27.
Funding activity is also picking up, especially at the early-stage level. But VCs are treading carefully, opting out of big-ticket investments. What does this mean for founders? We explore this on pages 20 to 21.
The education sector also saw an uptick, particularly in MBA enrollments, driven by growing interest in technology, finance, entrepreneurship, and leadership. Discover more trends within the sector on pages 34 to 35 and learn which programmes saw an increase on pages 36 to 39.
Interest in entrepreneurship does not always translate to business success, particularly in the food and beverage sector, where more than 3,000 outlets shut down last year. This has fuelled calls to tighten licensing rules. Learn what other steps can stabilise the market after a record wave of closures on page 6.
Tim Charlton
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What to expect in Singapore’s Budget 2025?
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F&B sector hit by record closures, sparks licence cap calls
The government should consider limiting the licenses issued to food and beverage (F&B) companies to stabilise the market after record closures, according to an analyst.
“The F&B industry in Singapore is saturated,” Guy Llewellyn, an assistant professor at EHL Singapore campus, told Singapore Business Review in an interview “The overall number of F&B establishments currently operating is too high for the amount residents and tourists spend.”
In 2024, 3,793 F&B businesses were formed in Singapore, according to the Accounting and Corporate Regulatory Authority. A little over 3,000 of them eventually folded up.
Before introducing a cap, the state could require feasibility studies for new players and use a scorecard that factors in owner expertise, rent costs, and site location, Llewellyn said. Banks can use the scorecard to decide whether to give a loan, he added. For established F&B outlets, tracking food
trends is key to staying open, he pointed out. Plant-based dining is one opportunity, since 18% of Singaporeans mainly eat vegetable dishes with some meat or fish, according to British online market research firm YouGov.
Changing preferences
Consumers in Singapore are prioritising health and well-being when dining, driving demand for healthier menu options, said Tim Hill, key account director for Southeast Asia at GlobalData Plc.
The growing preference for nonalcoholic drinks reflects this trend. According to Hill, over half (59%) of Singapore consumers occasionally or regularly choose low- or nonalcoholic beverages.
“Gen Z in particular and the younger Gen Y consumers in Singapore and
elsewhere are drinking much less than previous generations,” Hill said.
“Yet, most bars or restaurants have a fairly small or sometimes nonexistent selection of these types of drinks," he added.
“Operators who fail to diversify their menus to include healthier choices may find themselves losing customers to competitors who meet these evolving preferences,” the GlobalData expert told Singapore Business Review
New strategies
Winnie Ong, a partner at consulting firm Simon-Kucher, said restaurants should offer novel food choices, citing McDonald’s seasonal offers as an example.
“There are consumers in Singapore who are willing to travel great distances if there is something interesting from a food option perspective,” she told Singapore Business Review in an interview.
Having one product at an attractive price point would not be enough to keep a restaurant profitable, the partner said.
“Menu innovation and introducing limited-time seasonal products would be a good way to keep things interesting for customers, using the novelty element to appeal to consumers beyond the affordability proposition,” she added.
Menu updates should occur at least annually, if not quarterly, Llewellyn said.
F&B restaurants should also refresh their ambience or decor, but not necessarily at the same pace, the assistant professor added.
Consumers want a hygienic and inviting dining experience, and operators who fail to deliver risk losing customers to rivals, Hill noted.
“Operators need to especially consider how photogenic their decor is in order to attract customer promotions through their social media apps," he said.
Ong said restaurants should consider takeaway service as home dining grows in Singapore. Whilst most restaurants in Singapore have joined delivery platforms, some, particularly those at hawker centres, have yet to do so, she pointed out.
“It’s not always easy to be on a delivery platform, as these platforms charge fees. F&B establishments must balance profitability from these channels, often raising delivery prices to maintain margins,” she said.
Menu innovation and introducing limited-time seasonal products would be a good way to keep things interesting for customers
There were 3,793 F&B businesses formed in 2024
FOOD & BEVERAGE
Singapore’s first shared art ownership platform launched
People may now own expensive Singaporean art at a fraction of the cost with the launch of We Are Art Collectors Pte. Ltd. (WAAC), the city-state’s first fractional art ownership platform.
Fractional investment lets ordinary investors pool their money to buy a blue-chip artist’s work. WAAC divides the ownership of a painting into lots of $1,000, so a $10,000 painting will have as many as 10 owners.
“Even if they are rich collectors, there's a limit to their budget,” Low Sok Leng, who started the platform on Jan. 10, told Singapore Business
Review. “Sometimes, they realise there are artworks they want to collect, but there’s still a budget constraint.”
“With this fractional art ownership platform, they can choose to diversify across more artworks with the same budget. They can also diversify their risk,” she added.
At least 30 investors have signed up on the WAAC website for a one-time membership fee of $1,000 within 15 days of the service's launch. Low expects to attract about 1,000 investors this year.
WAAC ensures fair pricing for artists and collectors by negotiating
When someone buys an art piece, it often disappears into the person's home
the best price for each artwork, said Low, daughter of second-generation Singaporean artist Low Hai Hong For example, “Wayang Kulit (No. 1)” by her father, offered during the platform's launch in January, is an oilon-canvas piece valued at $28,000 to $33,000. It is available on the platform for $20,000 across 20 lots.
“If you invest in this $20,000 painting with an estimated value of $33,000, you're already in the black,” Low told the magazine.
Retail investors can profit by reselling their lots to fellow members at a higher price, especially if the painting is highly sought after, Low said. When the fractionalised painting is sold to third party, the proceeds are distributed based on ownership. For instance, an investor with a 10% share will receive 10% of the payment.
Low said the platform sells artworks to retail buyers only if it gets a competitive offer. Lot owners get the first chance to buy; if no one matches the offer, the sale continues.
Every fractionalised piece of art on the platform will be displayed in galleries, Low said, noting that art should be displayed and not stored.
“That’s the problem with private art collections,” she said. “When someone buys an art piece, it often disappears into the person’s home. Actually, it’s not even in their home most of the time; it’s in some storage facility.”
“We do not want good, quality art to be stored in this way,” Low said. “We want it to be shared with the public," she concluded.
THE CHARTIST: SOCIAL AD SPEND IN SINGAPORE TO GROW 10.3% IN 2025
Social ad spend is expected to grow by double digits, reaching 10.3% to $30.9m (US$240m) in 2025, Dentsu reported.
This growth will be driven by the increasing role of social platforms as information sources and their dominance as the preferred retail channel for local consumers.
Online habits
According to Dentsu, people in Singapore spend more than two hours a day on social media, primarily to stay connected with friends and family, find information, and discover content.
On average, users access six to seven social platforms each month, with Meta apps including WhatsApp, Facebook, and
Instagram, being the most widely used. Singaporeans were also found to spend nearly seven hours online daily, primarily using the internet to search for information and stay updated with news. This activity is expected to boost the search market to reach $327.5m (US$254m) in 2025, reflecting a 7.9% year-on-year growth.
Public sector spending is also expected to increase by 10.1% in 2025, driven by several events, with the most significant being the highly anticipated general elections scheduled for November 2025.
Dentsu also forecasts Singapore's Outof-Home Advertising market to grow by 10.0% to $211.5m (US$164m) in 2025. This growth is attributed to the adoption of advanced technologies and innovative content strategies.
Wayang Kulit (No. 1) by Low Hai Hong (Photo from WAAC)
Low Sok Leng
MARKETS & INVESTING
Overview of the total advertising market
Source: Dentsu
LTA RULE PUTS TAXIS, PRIVATE HIRE CARS ON EQUAL FOOTING
TRANSPORT & LOGISTICS
ALand Transport Authority (LTA)
rule that bars hire cars owned by Singapore businesses from changing the purpose of their use for three years is expected to remove their unfair advantage over taxis, whose number has been declining in the past decade, analysts said.
“Taxis have historically been regulated more strictly than private hire cars,” Walter Edgar Theseira, an associate professor at the Singapore University of Social Sciences (SUSS), told SingaporeBusinessReview
“The main difference is that taxis were previously restricted to taxi use only. Once registered as a taxi, they could not be converted for other purposes,” he said.
In contrast, the function of private hire cars, which are used in ride-hailing services like Grab or in dedicated rental services like Lion City Rentals, could be converted much freely, he pointed out.
Stricter regulations
This has made taxis a riskier investment, Theseira said, noting that the number of taxis in the city-state had fallen to a little over 13,100 in 2024 from almost 29,000 10 years earlier.
The number of chauffeured private hire cars, on the other hand, jumped 38 times to 59,371 during the same period, according to LTA data.
Under regulations effective 19 February, business-owned chauffeured private hire cars are subject to a threeyear lock-in period, during which they cannot be repurposed.
If transferred to another business, the new owner must honor the remaining lock-in period. The rule does not apply to cars owned by people who use them for ride-hailing services and personal trips.
Aside from levelling the playing field, the three-year lock-in period is also expected to reduce speculative activity in the private hire car market, Theseria told the magazine.
Gov't eyes directory of heritage businesses
Singapore will launch an online directory of locally owned businesses that are at least three decades old to amplify their reach and preserve the nation’s cultural landscape.
The directory, part of the National Heritage Board's (NHB) SG Heritage Business Scheme, which seeks to drive awareness and boost patronage of culturally significant shops, is expected to go live by the third quarter, when the awardees will be announced.
A survey by the agency last year showed that only 46% of Singaporeans patronise these businesses even if more than 80% think they help promote history, heritage, and culture.
“We want to encourage Singaporeans to participate in sustaining our local heritage by supporting these heritage businesses,” Nasri Shah, assistant director at the NHB, told Singapore Business Review magazine.
“After all, safeguarding our living heritage is a collective effort.
Singaporeans must also do their part to ensure that such businesses remain valued and viable,” he said.
Besides the online directory, eligible businesses will get the SG Heritage Business mark, which will be part of the “marketing toolkit” given to them. The kit will also include assets unique to each business, such as storefront and product photos, that businesses could use for publicity purposes,” Nasri said.
There will also be a marketing campaign highlighting heritage businesses and their legacies.
“Businesses could also appear in placemaking initiatives such as tours or workshops conducted during events like NHB’s festivals and at heritage institutions such as the Indian Heritage Centre,” he added.
Expanding the programme
The pilot programme started on 20 March and ended on 18 May, covering businesses in the Central Area including River Valley, Chinatown, Little India, and Bugis, with plans to extend to the other parts of the citystate, according to NHB.
Under the programme, a heritage business must be registered and operating in Singapore for at least 30 years, have at least 30% local equity held by Singapore citizens or permanent residents, and have operated continuously for more than two years.
NHB said they would consider businesses that offer traditional food, crafts, or services, such as heritage restaurants, clothing or jewellery makers, and those that preserve and share cultural knowledge and skills such as tea culture.
Longstanding businesses passed down through generations or in operation for more than a generation will also be considered.
“The number awarded will depend on the number of quality nominations that meet the award criteria,” Nasri said. Nominations will be announced in July.
A business that fails to make the cut does not mean it is not a heritage business. “The scheme recognises exemplars who have submitted strong nomination applications. It does not aim to regulate who or what can be considered a heritage business.”
“Upon receiving the designation, a business will be subject to terms and conditions that may include ensuring it continues to reflect the values of being an SG Heritage Business,” Nasri said.
Mei Heong Yuen at 39 Temple Street (Photo from NHB)
Late-stage funding accounted for 86.7% of tech startup deals in Q1 2025, aligning with forecasts of a potential recovery this year.
In 2024, late-stage funding declined by 75% to S$944.9m (US$707.7m).
By comparison, late-stage deals made up only 31.9% of total transactions in Q1 2024.
Early-stage startups took the larger share at 48.1% as venture capitalists became more risk-averse and shifted funds toward smaller, early-stage investments.
Overall, funding for tech startups dipped by 0.67% year-on-year to $961.2m (US$741m). On a sequential basis, however, funding rose by 33.75%.
The top investor for the quarter was Singapore-based quantitative trading firm Presto Labs, which participated in two deals, according to Tracxn.
Source: Traxcn
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STARTUPS
K-ID HELPS GAME DEVELOPERS COMPLY WITH AGE REGULATIONS
Tech startup k-ID is helping protect children by working with video game developers to create age-appropriate experiences for kids and ensure that their content complies with local laws worldwide.
The company’s proprietary, privacy-preserving technology helps companies grasp the ages of their users and the applicable laws based on their location. It then configures the user experience to make it age-appropriate and compliant.
“We are building technology that allows kids to access online experiences in a safer manner with parental involvement, while also helping platforms or publishers comply with complex global privacy and safety regulations,” Jeff Wu, co-founder and chief people officer at k-ID, told Singapore Business Review
Creating safety nets
K-ID’s global team of experts in law, privacy, trust, and online safety creates innovative technology that puts kids and teens first, whilst offering seamless compliance solutions for developers and publishers, he said.
The startup’s full suite of application programming interfaces is offered to developers through a subscription model.
“Our business model [helps developers] avoid the large fines that some of these companies are being exposed to, and help them comply with local restrictions and regulations,” Wu said.
“So if a kid comes in and says they’re actually 12 in Singapore, our system is smart enough to recognise the rules that apply to a 12-year-old in Singapore regarding different features in a game or an online experience,” he added.
The system then turns off certain features of private chat, artificial intelligence (AI) tools, or targeted advertising, whilst allowing contextual advertising. These permissions are adjusted as the child ages, the co-founder noted.
“This way, kids can access games without having to lie about their age,” Wu said. “They still get the core gaming experience but won’t have access to riskier features until they obtain what we call VPC — verifiable parental consent,” he said. “This means involving their parents and getting explicit permission for access to the most sensitive features.”
Wu noted that when kids go online, one of the first things they learn to do is lie. “This often comes up with age gates that ask ‘How old are you?’ Kids all over the world, not just in Singapore, have figured out that if they say they’re under 13 or 18, they’ll be blocked from experiences that are fun or interesting,” Wu told the magazine.
“This creates significant issues for kids globally, contributing to many of the online risks we see today, including sextortion, cyberbullying, and mental health challenges,” he added.
A Ministry of Communications and Information survey revealed that 17% of young people aged 13 to 18 who play online video games have experienced in-game bullying.
Truely ends SIM swaps
Truely, a telecom startup, is improving global connectivity for frequent travellers by offering a single eSIM with access to a network of about 700 partner providers.
“What sets us apart is that our eSIM only needs to be installed once and can be managed entirely through our app,” Simon Landsheer, co-founder and CEO at Truely, told Singapore Business Review. “Our service is designed primarily for frequent travellers — they simply keep our app on their phone, and every time they visit a new country, they can access local internet at local rates directly through the app,” he added.
He noted that before eSIMS became popular, travellers had to get into a queue to buy a local physical SIM card upon arrival at a foreign destination. Now, they can buy an eSIM online and install it from anywhere in the world, as long as the phone hardware supports the tech.
Users can select and pay for their preferred data plan through a website at local provider rates. The seller then emails a QR code that lets them install the eSIM on the phone.
Truely mainly targets travellers staying abroad for extended periods, typically 20 top 30 days, including business travellers, global backpackers, and vacationing families. The eSIM also supports hotspots and tethering.
BUILDING & ENGINEERING
Truely plans to offer a simple daily rate for internet access when traveling abroad with a fixed, affordable price.
Landsheer said most market rivals are still selling data by the gigabyte and asking users how much they would need when traveling. “But we’ve realised that many people have no idea how much data they use, making it a difficult question to answer. Some choose the smallest plan, one gigabyte, whilst others opt for the largest, 20 gigabytes, just to avoid running out. So we decided to make it unlimited because, ultimately, we already know the average data usage, and we can price it accordingly,” he said.
“On top of that, we’re introducing additional services such as travel insurance and virtual phone numbers, which are especially useful for digital nomads,” he said. “This way, they can avoid paying another provider for a separate SIM card.”
Wenti Labs syncs sites in real time
Startup Wenti Labs is streamlining the workflow between construction sites and offices with a mobile-friendly, customisable artificial intelligence (AI) app that lets the team communicate in real time and track site progress.
The app automates progress and safety reporting, generates customer quotations, tracks inventory, and reduces paperwork, allowing workers to focus on project execution, its co-founder said.
“It’s a very manual workflow that involves people emailing each other, with someone having to enter data into a system,” Ethan Ow, co-founder at Wenti Labs, told SingaporeBusinessReview
“We take that off their hands by using AI to transform real-world, unstructured data — whether from chats, emails, or photos — into a report or tabular format that can be used in subsequent systems,”
according to Ow.
Customers can consolidate all project data uploaded to the cloud into messaging apps like WhatsApp and Telegram. The AI agent then processes the information and gives users updates, Ow said.
Truely CEO Simon Landsheer
Wenti Labs Co-founder Ethan Ow
k-ID founders Julian Corbett, Timothy Ma, Jeff Wu, and Kieran Donovan
TELECOM & INTERNET
Chi Longevity opens luxe medical lounge at the Four Seasons Hotel
The clinic is designed to bring a ‘Nordic airline lounge’ feel.
Chi Longevity Clinic has opened its second branch at the Four Seasons Hotel Singapore, designed to redefine what a medical space can feel like.
Unlike traditional clinics, the 1,205 sq ft facility is crafted to evoke the calm and privacy of a first-class Nordic airline lounge. “It doesn’t feel like a typical medical facility. It’s not intimidating, overly sanitised, or clinical in its vibe,” said co-founder Lindsay Cooper.
The space features consultation areas and biological testing rooms, all set in a welcoming, high-end environment. Each interaction is intentionally unhurried—appointments are limited to just two or
three clients at a time. “You’re not sitting in a reception area, pulling a card, and waiting with a crowd,” Cooper said. Clients never need to see each other, thanks to a layout that prioritises discretion and flow.
The design avoids both sterile minimalism and corporate luxury, striking a balanced tone of comfort and elegance, he added.
Though smaller than its flagship at Camden Medical Center, the new clinic delivers the full Chi experience— premium care, personalized service, and a physical space that makes health engagement feel less clinical and more like a curated journey.
Lindsay Cooper
1 The Four Seasons clinic is Chi Longevity’s second branch in Singapore.
4 The clinic offers physical assessments with state-of-the-art facilities. 2 It is designed to have a “first-class Nordic airline lounge” feel.
The new branch spans 1,205 square feet.
The clinic offers evidence-based medicine to slow biological ageing.
The Four Seasons clinic provides exclusive, stress-free healthcare experience.
MRT train turned hotel offers compact rooms for work and rest
It’s also a living museum for a train car that once served Singapore’s Green Line.
Aco-living hotel repurposed from a decommissioned metro train has arrived in Singapore and is set to open its doors in the second half.
Train Pod @ one-north offers eight compact rooms, each about 7.5 square meters, featuring private bathrooms and Murphy bunk beds that fold neatly into the wall, letting guests convert the sleeping area into a functional workspace.
There’s a premier room at the front of the train car that features the original driver’s seat, giving guests a rare chance to play conductor.
Seah Liang Chiang, founder of Tiny Pod, the company behind Train Pod, noted that while much of the train’s
interior had to be removed to meet structural and fire safety rules, original elements such as the train walls and decals had been preserved. The hotel also serves as a “living museum” for a train car that no longer runs on the tracks and once served Singapore’s Green Line for 30 years. The rooms are named after Green Line stations, including Jurong East and Raffles Place.
When checking in, guests are guided to use a mobile phone at the front desk, where they key in their booking details. The system then uses facial recognition to confirm their identity. Inside each room, guests scan a QR code to access the digital concierge for requests like dining recommendations, extra towels, or the Wi-Fi password.
Seah Liang Chiang
1 The MRT car used for the hotel served the Green Line for 30 years.
4 All rooms also have private bathrooms.
2 The premier room located at the front of the train features the original driver’s seat.
5 The deck is stocked with vending machines offering food and drinks and is also open to the public.
3 Each room has Murphy bunk beds that fold neatly into the wall.
6 Outside the rooms is a spacious deck where guests can relax or dine. (Photos from JTC)
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Far East Hospitality opens first ‘Quincycurated’ serviced apartments
The 255-unit property is popular amongst tourists and business travellers.
Far East Hospitality has launched its ninth serviced apartment in Singapore, Quincy House Singapore, introducing the first 'Quincy-curated' living experience within Holland Village.
The 255-unit property blends hotel-style amenities with the comfort of an apartment. Its standout feature is Quincy Qurates, a curated guide designed to match different personalities and preferences.
“The guide features three complementary tracks,” said Joycel Yang, general manager for serviced residences. “Whether guests seek cultural exploration, life’s finer moments, or high-energy excitement, Quincy House offers something for everyone.”
Designed for both solo travellers and families, the space includes coworking tables, a barbeque lounge, a 20-metre rooftop pool, and 24-hour facilities such as a fitness room, Munchies Bar, and guest services.
Quincy House’s location in Holland Village was a deliberate move to offer “residential tranquility” while keeping guests connected to vibrant retail, dining, and nearby business hubs like One-North.
Guests staying more than six days are on the rise, particularly amongst business travellers on extended assignments. The serviced residence is within walking distance of One Holland Village mall, Little Farms grocery, and local food centres — enhancing its balance of convenience and community.
Joycel Yang
1 Quincy House offers space for both solo travellers and families.
4 The units are suitable for both short- and long-term stays.
2 Quincy House combines hotel amenities with the comfort of an apartment. 5 The new serviced apartment offers one- and two-bedroom units. 3 The units offer a scenic view of the Holland Village neighbourhood. 6 Quincy House is popular amongst business travellers.
Cautious VCs turn to Series A startups
Early-stage startups in Singapore have raised $50m this year.
Venture capitalists (VC) have become more riskaverse to big-ticket deals and are investing most of their funds in early-stage startups, where the funding market is expected to recover this year after an 18% decline in 2024, analysts said.
“Investors have significant uninvested funds but are focusing their capital towards early-stage companies with strong fundamentals and clear value propositions,” Neha Singh, chairperson and managing director at company tracker Tracxn, told Singapore Business Review
“Investors are becoming more cautious and prioritising profitability over rapid growth, resulting in a valuation adjustment [for late-stage startups] after a pandemic-driven boom,” she said an exclusive interview.
Early-stage tech startups in Singapore have attracted $50m (US$37.5m) in investments as of 23 January, according to data from Tracxn. Funding for their category fell 18.4% last year to $1.5b (US$1.1b) from a year earlier, though recovery has started, Singh said. Overall Singapore startup funding fell 56% year-on-year to $2.8b (US$2.1b).
Bhavik Vashi, managing director for Asia Pacific and Middle East at San Francisco-based tech company Carta, Inc., expects a “tremendous amount of early stage activity” in Singapore this year.
“When you think about early-stage investing, the check size is small, and the valuation, though pretty resilient,
Investors are becoming more cautious and prioritising profitability over rapid growth
is still palatable,” he told Singapore Business Review “Fundamentally, you’re making kind of a binary “zero or one” bet when you make an early stage investment.”
“Early-stage investing will still be the most popular and the highest-volume funding stage [this year],” according to Vashi.
Early-stage Singapore-based startups that obtained Series A funding last year include BEVM Foundation Ltd. which raised $13.3m (US$10M), and Particle Network Labs, Inc. which took up $20m (US$15m). Polyhedra Network raised $26.7m (US$20m) in Series B funds.
Late-stage funding decline
Late-stage funding in Singapore fell 75% year-on-year to $944.9m (US$707.7m) in 2024, though fintech, edtech, and enterprise apps bucked the trend.
Singh said fintech secured $480.3m (US$360m), with insurance platform Bolttech raising $133.4m (US$100m) and cross-border money transfer provider Nium Pte. Ltd. getting $66.7m (US$50m).
Enterprise application startups raised $203.7m (US$152.7m) in late-stage funding last year, led by opensource backend development platform Supabase, Inc. with $110.3m (US$82.6m). Eruditus Learning Solutions Pte. Ltd. was the only edtech startup to secure late-stage funding at $200.1m (US$150m).
FINANCIAL INSIGHT: VENTURE CAPITAL
Funding trend for the last 12 months
Source: Tracxn
Late-stage recovery
Few Singapore-based late-stage companies have experienced valuation growth, Singh said. Valuation for Eruditus rose 7% last year to $4.1b (US$3.1b) from a year earlier, whilst Bolttech jumped 31% to $2.8b (US$2.1b).
Vashi said low late-stage funding in Singapore and Asia is largely due to the limited involvement of local VCs.
“A lot of companies that reach the growth or late stage often have to go to global funds to raise capital,” he said. “For Series C or D rounds, you typically see US or European investors either leading or participating significantly in those rounds," Vashi pointed out.
He added that late-stage or growth companies in Hong Kong are in a better position than their Singaporean counterparts, thanks to the China factor.
Singh is optimistic about a potential recovery in late-stage funding in Singapore this year. As of 23 January, late-stage funding had reached $933.9m (US$700m), close to the 2024 total of $944.1m (US$707m).
Singh expects late-stage startups “with strong unit economics and profitability” to continue attracting investor interest and boost their valuations. “Sectors like blockchain and artificial intelligence (AI) are expected to receive increased funding owing to the recent growth trend in funding in these segments.”
Singh and Vashi expect AI startups to attract attention from venture capitalists, particularly those that focus on AI infrastructure. Singh said edtech startups are also attracting interest from VCs, having raised $204.5m (US$153m) last year.
She identified novel food as an emerging sector, citing Oatside’s $47.1m (US$35.3m) Series B funding round on 24 June 2024. The electric vehicle (EV) sector is also showing promise, she added.
Whilst several sectors have been gaining popularity amongst venture capitalists, fintech startups remain king in Singapore, having raised $1.3b (US$1b) last year. Behind are enterprise applications that raised $796.6m (US$597m) and blockchain technology with $736.9m (US$552m).
Blockchain tech startups were one of the few sectors to experience funding growth in 2024 at 63%, along with edtech, transportation and logistics tech, and food and agriculture tech.
Hong Kong mirrors Singapore’s early-stage funding surge
When you think about earlystage investing, the check size is small, and the valuation, though pretty resilient, is still palatable
Hong Kong is seeing a similar trend to Singapore, with early-stage tech startups pulling in $3.8m in funding as of January 23, according to Tracxn. This covers Series A and Series B rounds.
Funding for their category rose 84.44% last year to $397.4m (US$310m) from a year earlier, Singh said. She attributed the increase to HashKey Group, a Hong Kongbased cryptocurrency trading and exchange platform that secured $128.7m (US$100m) in a Series A funding at a valuation of $1.3b (US$1b).
KPay Merchant Service Limited, an app-based point-ofsale system solution for businesses, also contributed to the increase by raising $70.8m (US$55m) in a Series A round.
Other early-stage Hong Kong-based startups that obtained Series A funding last year include Crowd Education Limited (Mocaverse) which raised $12.9m (US$10m) and RD Holdings (Hong Kong) Ltd. which took up $10m (US$7.8m).
To date, four early-stage companies in Hong Kong have reached valuations above $1.3b (US$1b), including HashKey and Humanity Protocol, a platform designed to bridge online and offline identities.
Late-stage funding
As venture capitalists focused on early-stage startups, latestage funding in Hong Kong dropped 66% year on year to $413.9m (US$320m) in 2024, the lowest in seven years.
Singh said late-stage funding in Hong Kong hit its peak in 2021 when $18.7b (US$2.4b) was raised. “After that, there has been a noticeable decline in late-stage funding.”
Despite this trend, a few late-stage Hong Kong-based startups managed to raise funds last year, such as online video streaming platform Viu International Ltd., which got $777m (US$100m) in a Series E funding round.
Singh is optimistic about a potential recovery in latestage funding in Hong Kong this year. As of 23 January, late-stage funding had reached $5.4b (US$690m), close to the 2024 total of $23.3m (US$3m).
Singh expects 2025 to be a better year for venture capital funding in Hong Kong after a record decline last year. Vashi also expects a turnaround. “We have probably already hit the bottom," he said.
University startups (Photo from HKSTP)
REGIONAL OUTLOOK
Bhavik Vashi
Neha Singh
ANALYSIS: ECOZONE DEAL
Tech startups, factories may benefit most from Johor-Singapore ecozone
These companies will enjoy a much lower 5% corporate income tax.
Companies with revenues of less than $1.1b such as tech startups and small manufacturers are expected to benefit the most through lower taxes from a plan to boost business ties between Singapore and Johor, Malaysia through a special economic zone (ecozone), analysts said.
These so-called growth-phase companies poised to locate in the Johor-Singapore Special Economic Zone are not subject to the global minimum tax on multinational enterprises, Kirsty McMillan, a tax expert at Forvis Mazars in Singapore, told Singapore Business Review.
The tax rules, approved in December 2021 by 141 territories, require big companies with sales of at least $1.1b to pay a minimum 15% global tax rate, regardless of their operating location.
Big companies that are taxed 5% in Johor must pay the 10% difference under the rules, which could affect about 1,800 multinational companies in Singapore, KPMG said. Johor’s special tax rate is significantly lower than 24% in Malaysia and 17% in Singapore, it added.
Tech startups focused on software development, artificial intelligence,
and blockchain solutions, as well as small and medium-sized manufacturers of specialised components for the electronics and automotive industries would benefit from the tax incentives under the Johor-Singapore Special Economic Zone deal signed in January.
The ecozone is expected to transform the border region between Malaysia’s Johor state and Singapore into a premier economic hub. It is poised to play a pivotal role in boosting trade, investment, and innovation across Southeast Asia, with a focus on sectors such as electronics, financial services, business-related services and healthcare, according to law firm Rajah & Tann Singapore LLP.
Companies like SP Manufacturing Pte Ltd., a manufacturer that has expanded into Johor with the opening of a new facility in Senai in October 2024, are expected to gain from improved cross-border links through passport-free clearance and the upcoming Rapid Transit Link System between Singapore and Johor.
Manufacturing will thrive due to Johor’s lower costs and ample land
“A single transshipment permit and the upcoming digital clearance processes significantly simplify cross-border logistics, reducing delays and costs associated with Customs
procedures,” McMillan said.
Manufacturers and logistic companies are likely to see the earliest gains from the agreement, she added.
“Manufacturing will thrive due to Johor’s lower costs and ample land, supporting growth in electronics, automotive, and precision engineering,” Alvin Lee, country CEO at Maybank Singapore, told Singapore Business Review in an interview.
The manufacturing sector is a key focus in six of the nine flagship zones of the ecozone.
More FDI
Lee said Johor is emerging as an alternative hub for manufacturing, warehousing, and distribution, particularly for Chinese companies seeking to diversify supply chains amidst tensions with the US. Chinese firms are actively exploring opportunities in the ecozone, the country CEO told the magazine.
US and European firms may tap the special ecozone to grow in Asia, McMillan said, predicting labour-intensive and capital-heavy operations will shift to Johor.
The renewable energy and digital economy sectors also stand to gain from the economic zone.
Lee said the ecozone is likely to draw investments in solar and sustainable energy projects, along with initiatives for green building solutions and energy-efficient technologies.
He noted that Johor is experiencing a boom in data centres, having attracted about $5.4b of investments in 2024. “Some of these global multinational companies are demanding that the electricity be generated by renewable energy, which is catalysing more investments in green power projects.”
“With the special economic zone, Singapore can leverage Johor’s lower-cost environment to attract investments while maintaining its edge in high-end manufacturing, research, and development,” McMillan said.
The manufacturing sector is a key focus in the Johor-Singapore ecozone
Kirsty McMillan
Alvin Lee
MARKETS & INVESTING
Ryde eyes more tie-ups as part of ‘green’ push
The Singaporean ride-hailing company is set to sign deals with two more EV companies.
Ryde Group Ltd. is partnering with banks, electric vehicle (EV) players, and tech firms to fast-track its push to make its drivers and customers more sustainable and safe.
The New York-listed Singaporean ride-hailing and carpooling company, which operates the Ryde app, is close to finalising tie-ups with two EV companies, Ryde CEO Terence Zou told Singapore Business Review
Ryde is partnering with EV makers, leasing companies, and EV charging companies to achieve targets under its RydeGreen programme, launched in December 2024, he said. The company has partnered with Singapore Electric Vehicles (SEV), the largest EV leasing company in the citystate, according to Zou.
Ryde, which also offers delivery services, targets 600 more EVs by 2025 and 1,200 by 2027. It has pledged more than $1m (US$747,442) in “green bonuses” for driver-partners leasing EVs through SEV to encourage adoption.
This initiative, Zou said, not only promotes EV adoption but also ensures driver-partners have access to affordable rental options that support their financial stability and operational efficiency.
As part of the Ryde programme, the company is also working to expand access to Singapore’s growing EV charging network, he added.
Ryde’s sustainability push aligns with Singapore’s national green plan and consumer preference, Zou said, citing a YouGov report showing that 58% of Singaporeans prefer supporting sustainable brands.
“The average vehicle occupancy rate is 1.7. With carpooling, we can increase that metric and thereby reduce the number of cars or make more efficient use of cars on the roads,” he told the magazine.
Zou expects governments and companies globally to phase out fossil-fuel cars in favour of EVs and hybrid fleets, driving Ryde’s long-term goal to become the most sustainable ridehailing platform in Singapore and beyond.
Support for driver-partners
As part of its environmental, social, and governance (ESG) initiatives, Ryde is also boosting support for its driverpartners by providing insurance.
Ryde partnered with Singapore Life Ltd. (Singlife) in August to offer insurance plans to its drivers, a month before the passage of the Platform Workers bill, which guarantees financial compensation for gig workers in case of workplace injuries. The accident insurance is also offered to Ryde passengers for free.
Ryde’s other safety initiatives for passengers include 3D secure authentication for better credit card and fraud
We see safety as a core pillar of our ride-hailing experience
detection, along with an option for passengers to report incidents and accidents. “We see safety as a core pillar of our ride-hailing experience and have made numerous improvements in this area,” Zou said.
The company has been working with financial advisory firms to offer insurance and financial products to its driver-partners, the CEO said, adding that they have inked a new insurance partnership in March.
Ryde has also worked with tech firms to improve artificial intelligence (AI)-powered ride-matching and predictive analytics to enhance rider and driver experience, according to Zou.
“At Ryde, we are positioning ourselves at the forefront of this transformation by investing in sustainable mobility, forging strategic partnerships, and ensuring our technology drives efficiency in urban transport,” Zou said.
Beyond its corporate partnerships, the ride-hailing company is also considering acquisitions to scale its operations, expand to new markets, and solidify its position in the mobility and tech ecosystem.
Ryde is strengthening partnerships with like-minded business to business companies to deliver customised mobility solutions and accelerate business expansion, Zou said.
“We remain committed to forging impactful, long-term partnerships that drive innovation, unlock new revenue streams, and create value across the ride-hailing ecosystem,” Zou said. “We’ll continue to invest in manpower, service, and infrastructure, including the use of AI to improve the entire ride-hailing experience.”
Terence Zou, CEO at Ryde TRANSPORT
Trusted Manufacturer, Distributor, Solution Provider and Integrator of IoT Monitoring Solutions
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Go global or go home: Singapore startups eye growth beyond Southeast Asia
Investors favour those that demonstrate a clear and disciplined path to profitability.
The year 2025 will see Singapore startups move from trying to dominate the Southeast Asian region to gaining global ground in search of capital, customers, and talent, venture capital analysts said.
“The ecosystem will see a surge in ventures targeting global markets, especially in sectors like artificial intelligence (AI), green tech, and digital healthcare, whilst still leveraging Singapore’s strategic position as a gateway to Southeast Asia,” Jussi Salovaara, co-founder and managing partner at venture capitalist Antler, told Singapore Business Review
“Startups will increasingly develop technologies that not only address regional needs but also hold export potential to other emerging and developed markets,” he added.
Relevant technologies
The global move is reflected in startups expanding their search for capital particularly in deep tech and biotech, where they are creating globally competitive products, according to Vishal Harnal, managing partner at 500 Global.
Harnal said Aliena, Atomionics, Hydroleap, Krosslinker, SepPure, Transcelestial, and Volt14 are among Singaporean startups pushing deeptech and biotech innovation to a global scale.
“As entrepreneurs and capital become increasingly mobile, we anticipate this trend to be more pronounced in 2025,” Harnal told Singapore Business Review in an exclusive interview
Melisa Irene, a partner at East Ventures, noted that having products that solve regional or global problems is important in emerging or niche markets.
This is why many startups are “doubling down on refining their core product offerings,” said Peggy Wu, founder and managing director at Milkfish.
“We see startups taking a dual approach — some are focusing on perfecting their core offerings, whilst others are expanding in response to real user pain points,” she told Singapore Business Review. Startups are also doing this as investors increasingly favour those that "demonstrate a clear and disciplined path to profitability,” according to Wu.
Investors are prioritising sustainability over hyper-growth, favoring business-to-business startups with strong fundamentals over high-burn models, said Amit Chu, a partner at Verda Ventures.
‘Thoughtful innovation’
Nicholas Cocks, a partner at Velocity Ventures, said startups have been “shifting focus from aggressive expansion to a more sustainable growth strategy.”
Salovaara anticipates Singapore startups to “transition from rapid growth to thoughtful innovation” this year.
In 2025, all eyes will remain on AI, and it will have the greatest impact on life sciences
“From scaling AI solutions that respect privacy and data sovereignty to fostering climate-conscious technologies, startups will align more closely with global environmental, social, and governance (ESG) trends,” the managing partner added.
With the carbon market projected to reach $13.4m (US$10b) by 2030,
more investors are becoming more interested in ESG-aligned ventures, according to Salovaara.
“Sustainability and climate tech will emerge as a high-growth sector, with startups focusing on industrial decarbonisation, renewable energy optimisation, and sustainable agriculture,” he added.
Within the ESG space, cleantech is growing rapidly in Singapore, said JF Gauthier, founder and chief executive officer at Startup Genome.
Green tech deals in Singapore more than doubled in volume in 2023, covering investments in renewable energy, waste management, and other sustainability solutions, Startup Genome said in a November 2024 report. Notable funding rounds include Green Li-ion’s $20.5m preSeries B.
One cleantech startup that made it to this year’s Hottest Startups list is Antler-backed Zolo Pte Ltd.
Healthcare innovation is also taking centre stage, said Gauthier, citing the ageing population and policies as main growth drivers. In 2024, Singapore led Southeast Asia in funding healthtech and life sciences, raising $123.5m (US$92.4m) across 14 funding rounds. Health and fitness platform HealthifyMe was the top funded Singapore healthtech last year, raising $26.7m (US$20m) in a
Singapore led Southeast Asia in funding healthtech with $123.5m
Series C round.
In 2025, Salovaara expects healthcare innovation to witness “unprecedented momentum” not only in Singapore but also across Southeast Asia.
“Startups leveraging AI to improve efficiency, such as predictive analytics for patient outcomes and federated learning systems for electronic health records, will address critical gaps in Southeast Asia’s fragmented healthcare landscape,” he said.
One healthtech startup that has seen growing momentum is Doctor Anywhere, whose funding had reached $260.6m (US$195m) as of 2023, Wu said.
Within healthtech, healthcare diagnostics would be a key area, said Herston Powers, founding managing partner at 1982 Ventures.
“Deep tech and AI are two areas where Singapore will continue to grow,” said Gauthier, adding that funding for AI in big data in Singapore more than doubled from 2020 to 2024.
‘Real value, not just hype’ Salovaara said 2024 was a year of AI-powered technologies, noting that Singapore’s strong regulatory framework combined with strategic investments in AI-ready data centers and digital infrastructure provided “fertile ground” for startups to thrive.
Powers said Singapore’s Smart Nation initiative, strong digital infrastructure, and government support for AI adoption across industries would drive innovation in the AI space, with key areas being fintech, supply chain optimisation, and smart city solutions.
Within the travel and hospitality sector, solutions like AI-driven concierge services and green travel initiatives would gain traction, Cocks told the magazine.
“In 2025, all eyes will remain on AI, and it will have the greatest impact on life sciences,” Ron Levin, managing partner at Alumni Ventures, told the publication.
Wu, however, noted that whilst AI would remain dominant, investors are becoming more discerning about it. OpenAI would lead to a more mature market and create jobs, but startups need to prove they are solving real problems, not just riding the AI wave, he added.
SingaporeBusinessReviewasked venture capital firms which underserved industries need more attention from founders and investors—here’s what they said.
NICHOLAS COCKS
Co-founder and partner
Velocity Ventures
Startups developing solutions such as carbon offset technology, eco-conscious accommodations, and AIdriven energy management systems may find growth opportunities. The experience economy—innovative leisure and wellness travel concepts—is also underfunded. Additionally, digital infrastructure for the hospitality industry, including automation, AI-powered analytics, and next-generation booking platforms, could present investment opportunities.
RON LEVIN
Managing partner Alumni Ventures
We see many opportunities to deploy capital in areas such as longevity, quantum computing, cybersecurity, and clean energy, among others. Many investors stay away from hardware, but we believe that not all problems can be solved by software alone and there are big businesses to be created by actually designing and manufacturing things that will benefit society in all sorts of ways that are just beginning to become apparent.
VISHAL
HARNAL
Managing partner
500 Global
Singapore is emerging as a significant player in the healthspan sector, driven by consumer demand, government interest, and AI. However, the sector remains underfunded. The intersection of AI and longevity, has significant potential to improve the quality, accessibility, and affordability of healthcare. There is growing interest in cognitive health and addressing cognitive decline.
JUSSI SALOVAARA Co-founder and managing partner Antler
Underfunded and overlooked industries with significant potential include eldercare technology, alternative materials innovation, and ocean-based sustainability solutions. These are ripe for transformation but have yet to capture widespread investor attention despite their longterm impact.
FLORIA CHAN Senior Vice President
Beyond Ventures
Culture-related industries, including gaming, social media, and movies, hold significant potential. China boasts a wealth of worldclass talent and technology. Examples demonstrating the immense potential of these sectors include the action role-playing game Black Myth: Wukong, The RedNote, Korean pop culture, and the popularity of Labubu. These examples highlight the vast opportunities available in these areas. Hong Kong is well-positioned to capitalise on this potential.
HERSTON
POWERS Founding managing partner 1982 Ventures
Many countries face infrastructure gaps, particularly in transportation, energy, and water systems. Underinvestment in infrastructure can hinder economic growth, reduce quality of life, and worsen inequalities. Modernising infrastructure with smart and sustainable technologies is key for building efficient systems that can support future needs.
AMIT CHU Partner Verda Ventures
Quantum computing could revolutionise encryption, logistics, and materials science, whilst synthetic biology holds promise for sustainable materials, precision medicine, and food security. Financial inclusion in emerging markets is also a sector that has massive potential to expand access to financial services and drive economic growth, yet it remains overlooked due to regulatory complexities and perceived lower returns.
MELISA IRENE Partner East Ventures
Healthcare innovations, climate technology, and consumer technology remain underfunded, with numerous pressing challenges yet to be addressed.
These sectors present significant opportunities for impactful solutions, transformative growth, and long-term societal and economical benefits.
True to the forecast that 2025 will be a breakout year for fintech, the sector takes the lead in this year’s Hottest Startups list, boasting three representatives. This year’s list includes startups that have amassed large funding, alongside those recommended by venture capital firms such as Antler and East Ventures, and startup analytics platform Tracxn Technologies.
1. Aid
Founders: Elijah Yang
Total Funding: $3.3m (US$2.5m)
Founding Year: 2024
Aid is a building materials company focused on creating highquality, multi-functional solutions that enhance aesthetics, acoustics, fire safety, and sustainability. Headquartered in Singapore, with offices in Dubai and the United States, Aid specialises in advanced materials like Timberix™ acoustic panels, Polyx recycled PET boards, Alüm aluminium ceiling systems, and Fabrix™ modular fabric acoustic panels. Aid’s expertise is seen in projects like Grand Hyatt Singapore which enhanced its lobby acoustics with Timberix™ Microperforated panels, whilst SeaWorld Abu Dhabi utilised 12,000 sqm of Polyx acoustic baffles to optimise sound within its marine park. Acoustic solutions optimised public spaces in these projects.
Founders: Bhavana Ravindran
Total Funding: $1m (US$800,000)
Founding Year: 2024
EarlyBird AI is re-imagining bookkeeping by making accounting real-time and stress-free for businesses of all sizes. Its AI-driven automation closes the gap for month-end financial close for companies by automating repetitive, manual tasks like document scanning, payments classifications and bank reconciliations. Their proprietary AI agents transform transaction data into Live Ledgers™, continuous reconciliation, and live financial statements that are completely self-driving. The platform's real-time visuals, tax automation, and AI concierge enable finance teams to focus on strategic work.Backed by Antler, EarlyBird AI's experienced founders and AI-driven finance solutions are poised to dominate the Southeast Asian CFO-as-a-Service market.
Founders: Kevin Boo and Matthew Pay
Total Funding: $3.4m (US$2.6m)
Founding Year: 2024
Oneteam offers an innovative employee ownership succession model for SMEs. Backed by Wavemaker Ventures, Oneteam acquires businesses from retiring owners and transitions them into employee-owned entities, ensuring business continuity whilst empowering the next generation of business leaders and employees. Their mission is to reward one generation of business owners, whilst empowering the next. With a focus on digital-first solutions, Oneteam provides acquired businesses with the resources they need to thrive in today's dynamic economy, driving innovation, growth, and long-term success.
Founders: Anand Roy and Shaad Sufi
Total Funding: $532,640 (US$400,000)
Founding Year: 2024
Wubble is revolutionising music creation by enabling businesses to generate high-quality, royalty-free soundtracks instantly. Designed for marketing, gaming, film, retail, and advertising, its AI-powered platform automates the entire music production process—from ideation and composition to editing and mastering. In just 15 seconds, businesses can create unique soundtracks without worrying about copyright infringement. Backed by Antler, Wubble is led by an Emmy-nominated Disney veteran and a seasoned tech entrepreneur. Their enterprise solution addresses the growing demand for commercial music licensing with AI, solving clear pain points in content creation. Wubble, an AI Verify Foundation member, promotes ethical AI in Singapore with royalty-free data training.
2. OneTeam
3. Earlybird
4. Wubble.ai
5. k-ID
Founders: Kieran Donovan, Jeff Wu, Julian Corbett, Timothy Ma
Total Funding: $68.9m (US$51m)
Founding Year: 2023
k-ID enables online services and platforms to create safer, age-appropriate experiences whilst ensuring compliance with global regulations. Its proprietary, privacy-preserving technology identifies user age and location-specific laws, then automatically configures game features to meet legal requirements. This helps developers avoid hefty fines and streamline compliance whilst allowing children to access games and services without falsifying their age. The startup partners with industry leaders like Discord, Roblox, Capcom, and Another Axiom, offering compliance solutions through a scalable subscription model. Available in over 200 markets, it is committed to democratising child safety online, making regulatory compliance accessible to developers of all sizes.
Founders: Jean-Patrick Bisson and Simon Landsheer
Total Funding: $4.7m (US$3.5m)
Founding Year: 2023
Truely is transforming global connectivity for frequent travellers with a seamless eSIM solution that taps into a network of 700 partner providers for the fastest, strongest signal. It requires only a one-time installation and is fully managed via app, giving users instant access to local internet at local rates. Designed for long-term travellers, business professionals, and digital nomads, Truely supports hotspots and tethering. The company is rolling out a fixed daily-rate unlimited data model, removing the guesswork from usage. It is also expanding into travel-related services like insurance and virtual numbers, creating a convenient, all-in-one connectivity platform for global users.
Founders: Ethan Ow and Tu Nguyen
Total Funding: $337,510 (US$250,000)
Founding Year: 2023
Wenti Labs is transforming construction workflow automation with its AI-powered, mobile-friendly platform. It automates construction reporting, quotations, and inventory, streamlining team communication. By converting unstructured data from emails, chats, and photos into structured reports, the AI ensures teams always have accurate, real-time information, reducing errors and improving efficiency. It is also designed to deliver instant updates and documents via WhatsApp and Telegram. With a vision to become the leading AI agent for the construction industry, Wenti Labs aims to expand into markets with growing construction sectors like the US, Australia, Japan, South Korea, the UAE, and China.
Founders: Daniel Yew
Total Funding: Bootstrap/Pre-seed
Founding Year: 2023
Quocia is reshaping social media marketing for SMEs with its AI-powered automation tool, providing an affordable way to boost online presence. For just $118 a month, businesses get tailored content strategies, automated scheduling, and multi-platform posting across LinkedIn, TikTok, Facebook, and more. SMEs answer five simple questions, generating a “brand brief” for market analysis, hashtag research, and content direction in just three minutes. Quocia’s Q-Chat feature acts as a virtual account manager, refining strategies and automating posts. Quocia delivers unlimited, scalable content without high costs or talent shortages. It also provides SMEs with agile and affordable social media marketing tools to thrive digitally.
6. Wenti Labs
7. Truely Travel
8. Quocia
Founders: Paco Chan, Andrian Kanta
Total Funding: $1.87m (US$1.4m)
Founding Year: 2023
Farmio is transforming Southeast Asia's food supply chain with AI-powered digital solutions. Founded in 2023, the company supports retailers and F&B businesses, offering BPO tools for enhanced efficiency. Collaborating across Thailand, Malaysia, Ukraine, and Indonesia, Farmio ensures seamless sourcing and optimised distribution through AI-driven automation. Backed by Antler, it leverages founder experience from a Series B logistics company. Farmio integrates AI into existing workflows, embedding intelligence without requiring behavioural shifts. It's building a robust BPO solution, embedding smart systems into supply chain functions. Combining global vision with local execution, Farmio drives digital transformation and sustainability.
Founders: Jialu Zhong, Joe Lu, Ke Wang, and Sean Dy
Total Funding: $2.6m (US$3.5m)
Founding Year: 2023
HeyMax is redefining loyalty programmes and travel rewards by helping businesses attract high-value customers whilst driving new revenue streams. Its flagship product, Max Miles, enables businesses like SingSaver to offer cost-effective rewards programmes without the traditional complexity. With a universal currency, customers can earn Max Miles across 27 airlines and hotels. HeyMax’s solution reduces customer acquisition costs by 50%, whilst its employee benefits platform helps companies boost satisfaction with travel perks. Backed by January Capital, HeyMax has surged to 100,000 users in Singapore due to strong market demand. HeyMax leverages AI for credit card rewards, enhancing business loyalty programmes.
Founders: Alfan Hendro, Darmawan Shi
Total Funding: Seed
Founding Year: 2023
RevScaler acquires high-quality enterprise software-as-aservice (SaaS) companies and helps them scale. By partnering with seasoned entrepreneurs and professionals who have built and expanded successful businesses, RevScaler drives sustainable growth. The company leverages its extensive go-to-market expertise and SaaS network to unlock new opportunities. Backed by East Ventures, RevScaler attracted investment due to its founders’ proven execution skills in the SaaS sector and the vast untapped potential in Southeast Asia’s growing software market. RevScaler prioritises responsible stewardship, ensuring businesses retain their strength while benefiting from strategic scaling.
Founders: Mrat Yussubaliyev, Mark Keong
Total Funding: $1.2m (US$945,000)
Founding Year: 2023
ZOLO is transforming the food supply chain by eliminating inefficiencies in ordering, payments, and deliveries. Designed for food suppliers, its AI-powered assistant streamlines order management on WhatsApp. Instead of forcing change, ZOLO seamlessly converts text-based orders into structured purchase orders, reducing errors by 50% and improving efficiency. Backed by Antler, ZOLO secured investment due to its strong foundermarket fit and deep supply chain expertise, having managed procurement portfolios exceeding $500m. Unlike traditional solutions, ZOLO integrates directly with existing enterprise resource planning systems, removing manual re-entry. ZOLO offers frictionless, scalable order optimisation for Southeast Asian food suppliers.
9. Farmio
10. Revscaler
11. Heymax.ai
12. Zolo
Founders: Dushyant Verma
Total Funding: $299,610 (US$225,000)
Founding Year: 2023
SmartViz is redefining quality inspection with AI-powered defect detection, enabling manufacturers to identify assembly errors, surface imperfections, and anomalies with near-zero misses. Its proprietary deep learning models integrate seamlessly with industrial cameras and existing factory setups, improving production efficiency without requiring costly hardware overhauls. With SmartViz, businesses can automate visual inspections within six weeks, using as few as two to 30 images for AI training. Backed by Antler, SmartViz secured investment due to its hardwareagnostic approach, solving critical pain points in manufacturing quality control. Early traction with system integrators in Singapore and India validates strong market demand.
Founders: Dhruv Sawhney
Total Funding: $18.7m (US$14m)
Founding Year: 2023
Rize is a Singapore Agri-Tech startup on a mission to revolutionise rice farming in Asia. Formed through a joint venture between Temasek, Wavemaker Impact, Breakthrough Energy Ventures, and GenZero, Rize is building a cutting-edge platform to implement the most effective emission-reduction strategies whilst aligning economic incentives across the rice value chain. Driven by a commitment to make rice farming sustainable, whilst improving farmers’ livelihood, Rize sets an ambitious goal of eliminating 500 million metric tons of carbon emissions by 2040. Starting in Indonesia and Vietnam, Rize is set to scale its impact regionally, working hand-in-hand with farmers, traders, millers, off-takers, institutions, and governments. cultivation.
Founders: Alejandro Ramos and Mauvis Ledford
Total Funding: $2.8m (US$2.135m)
Founding Year: 2023
Founded by former CoinMarketCap executives, Sogni AI addresses the growing demand for accessible AI tools in the $300b creative economy. Its Supernet offers rendering speeds 176 times faster than traditional cloud services by distributing workloads across a decentralised GPU network. Sogni AI aims to democratise AIdriven content creation, offering modular AI, on-demand GPUs, and an open-source SDK, making AI faster, cheaper, and more accessible. Their platform lets users generate 16 AI images in under 5 seconds, outpacing centralised AI tools. Sogni AI is set to attract artists, developers, GPU owners, and enterprises seeking costeffective AI solutions. Their mission is to empower anyone to create professional-grade visuals and videos.
Founders: Marcus Lim
Total Funding: $6m (US$4.5m)
Founding Year: 2023
PEXX, a regulated fintech, revolutionises cross-border payments via DeFi and blockchain. Founded in 2023, the company envisions borderless banking, empowering global financial freedom. Following a $4.5m raise led by TNB Aura and ANTLER, PEXX acquired Chain Debrief, a leading blockchain media platform, deepening community engagement. They offer faster, cheaper, secure transfers using stablecoins like USDT/ USDC, bypassing traditional banking hurdles. Collaborating with licenced providers, PEXX enables efficient, affordable global transactions. Integrating Chain Debrief's insights empowers users with vital blockchain knowledge. PEXX aims to transform global transactions, driving financial inclusion with seamless, cost-effective solutions.
13. SmartViz
14. Sogni AI
15. Rize
16. PEXX
Founders: Tommy Phun
Total Funding: $6m (US$4.45m)
Founding Year: 2022
Pyxis is a maritime tech startup driving the transition to a greener, decarbonised maritime industry. Focused on coastal electrification, Pyxis offers a seamless solution for maritime companies through its three pillars: electric vessels, energy infrastructure, and Electra, an IoT-enabled fleet management system. With a strong presence in Singapore, Pyxis aims to deploy 100 electric vessels and expand to seven international ports by 2030. Backed by industry leaders, Pyxis has raised $6m in funding from investors like Shift4Good and Motion Ventures. Its strategic partnerships, including a collaboration with Mitsui O.S.K. Lines, positions itself as a key player in sustainable maritime innovation.
Auptimate is a technology-driven platform transforming how syndicate leads, fund managers and startup founders manage investment structures. By automating special purpose investment entities and funds, Auptimate simplifies complex deal structuring, reduces administrative burdens, and ensures compliance with regulatory requirements. The platform empowers users to design and launch investment structures efficiently. Auptimate leverages industry expertise and automation, driven by leaders Olivier Too, Brandon Doffing, and Davin Dedhia. With a strong client base, including Leo Capital, A2D Ventures, Kilde, Ringkas and Baskit, Auptimate is setting new standards in venture investment by prioritising efficiency, compliance, and scalability.
Founders: Boon Chong Goh and Maurice Van Steensel
Total Funding: $1.35m (US$1m)
Founding Year: 2022
ArrowBiome pioneers precise bacterial targeting technologies to treat skin conditions, promote gut health, and combat antimicrobial resistance. Focused on personal care, ArrowBiome supplies microbiome-targeted active ingredients to cosmeceutical manufacturers. Instead of adding probiotics or prebiotics, ArrowBiome’s engineered lysins selectively remove harmful bacteria, eliminating over 90% of targeted bacteria within minutes. These lysins are sustainable, non-irritating, and effective at ultra-low concentrations (0.01%). Co-founded by biophysicist Dr Boon Chong Goh and dermatology professor Maurice van Steensel, ArrowBiome is expanding into solutions for other skin conditions, gut microbiome modulation, and antimicrobial resistance.
Founders: Dr Zou Bin
Total Funding: $27.9m (US$21m)
Founding Year: 2022
Axcynsis Therapeutics is a biotechnology company developing Antibody Drug Conjugate therapies. The company has developed AxcynDOTTM, a proprietary linker payload platform to advance a pipeline of differentiated ADC candidates aimed at filling key medical gaps. With one potential best-inclass programme entering clinical trials this year and another asset nearing IND status, they are poised for significant value creation. Axcynsis recently received FDA IND clearance for AT03-65, targeting CLDN-6 positive solid tumors, and plans to initiate a Phase 1 clinical trial in the US this year. The company is committed to advance effective and targeted oncology therapeutics with breakthrough potential to improve the lives of cancer patients globally.
17. Pyxis
18. ArrowBiome
19. Auptimate
20. Axcynsis Therapeutics
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MBA PROGRAMMES SURVEY
MBA enrollments bounce back amidst tight labour market
Singapore continued to have more job vacancies than jobless people.
Increased interest in technology, finance, and entrepreneurship, as well as leadership and career progression, fuelled a 15% rise in Master of Business Administration (MBA) enrollments in Singapore last year, amidst economic uncertainty and a tight labour market.
MBA enrollments in 2024 bounced back from a decline a year earlier, with local MBA providers offering new courses to graduate students who want to gain an edge, according to Singapore Business Review’s latest MBA survey.
Survey findings
Enrollment at the 10 MBA providers that participated in the survey rose by 15% to 3,690 from a year earlier.
Singapore's economy grew 4.4% last year, exceeding expectations and outpacing the 1.8% expansion in 2023, though some economists remain cautious due to global uncertainties and trade frictions.
The city-state’s labour market remained tight last quarter, with more job vacancies than jobless people, the Ministry of Manpower reported last week, as companies struggled to find qualified workers.
its Global MBA programme got international roles at top employers like The Coca-Cola Company, Deloitte, Emirates NBD Bank, GEP, KPMG, and LVMH Moët Hennessy Louis Vuitton, according to the SP Jain Global MBA Placements 2025 report by India-based online education platform Shiksha.
MBA applications in the Asia-Pacific region rose 26% last year, spurred by a 40% surge in domestic applications, according to a report by the US-based Graduate Management Admission Council (GMAC). International applications rose only 6%.
‘More depth’
Meanwhile, Aventis Graduate School cited growing interest in MBA programmes amongst professionals under 30.
In the MBA survey, INSEAD topped the list again, accepting 868 students in its sole MBA programme, followed by Amity Global Institute with 507 graduate students and the National University of Singapore (NUS) with 421 students across four MBA programmes.
PSB Academy had 370 enrollments across four MBA programmes, followed closely by James Cook University with 326 students in its single programme, tying with SP Jain School of Global Management, which has two MBA programmes.
Kaplan Higher Education Academy had 331 enrollments across three programmes, whilst Nanyang Technological University (NTU) accepted 215 students in its four MBA programmes. Singapore Management University (SMU) had 196 students, and Aventis Graduate School had 130.
At INSEAD, 97% of 843 MBA graduates from December 2023 and July 2024 reported having received at least one job offer within three months of graduation.
At SP Jain School of Global Management, 71% of graduates from
“Many young professionals are pursuing the degree to develop leadership capabilities, gain strategic insights, and fast-track their career progression,” Malick Sy, academic director at Aventis, told Singapore Business Review. “This shift highlights the importance of continuous learning and professional development at an earlier stage in one’s career.”
Sy also cited more female enrollees. “This increasing female representation in MBA programs is crucial for fostering diversity in senior management and executive roles across industries” he added.
At Kaplan Higher Education Academy, more international students are seeing the benefits of higher education.
“At the same time, career-driven professionals are prioritising flexible learning pathways to future-proof their skills and remain agile in a rapidly evolving job market,” Kaplan's non-executive chair Susie Khoo said.
Similarly, students at SP Jain, despite coming from diverse backgrounds such as engineering, technology, finance, and entrepreneurship, share a common goal: to strengthen their leadership and management capabilities, said Rashmi Udaykumar, CEO and head of the Singapore campus.
“We observed students’ preferences for more depth in certain subject areas,” Dr Ang Ser Keng, Academic Director, MBA, at Singapore
NUS offers new electives in AI and ESR business practices (Photo from NUS)
Wedad Sunny
Charles Ong
Malick Sy
HR & EDUCATION
Management University (SMU) told Singapore Business Review. “We introduced several tracks — communications, entrepreneurship, finance and human capital.”
Aventis launched the MBA in Healthcare Management given Singapore’s ageing population and continued investment in healthcare, according to Sy.
“With Singapore’s aging population and continued investment in healthcare transformation, professionals in this sector recognize the need for specialized business and leadership training,” Sy said.
“This trend underscores the increasing importance of healthcare leadership and strategic management expertise in shaping the future of the industry,” Sy added.
PSB Academy also introduced a semi- and fully virtual MBA offered by the University of Hertfordshire.
“These programmes were designed to meet the diverse preferences of modern learners, particularly those seeking greater flexibility to balance their professional and personal commitments with
MBA PROGRAMMES SURVEY
their academic pursuits,” Dr Charles Ong, dean at PSB Academy said.
Some universities like NUS Business School now offer electives in artificial intelligence (AI), technology, and environmental, social, and responsible (ESR) business practices, “ensuring that our curriculum remains at the forefront of industry trends and evolving business needs,” said Wedad Sunny, deputy director and head of marketing and admissions.
Existing programmes also opted
for expansion to accommodate professionals seeking a broader understanding of global markets.
SMU offers optional overseas exchange programs with partner universities, including Imperial College in the UK, IE Business School in Spain, Keio University in Japan, Seoul National University, and Peking University in China, “to deepen their global perspectives and networks,” said Ang Ser Keng, academic director for MBA at SMU.
Susie Khoo
Rashmi Udaykumar
Ang Ser Keng
Odeon 333 (Photo from Kaplan)
MBA PROGRAMMES SURVEY
MBA PROVIDERS SURVEY
MBA PROVIDERS SURVEY
Singapore's hydrogen gas turbine market heats up
The city-state’s hydrogen-powered plants are expected to cut its carbon emissions.
Singapore is witnessing an increase in power plants ready for cleaner fuels, with Keppel Ltd. and PacificLight Power Pte Ltd. developing gas turbine projects compatible with hydrogen.
This is in response to a government requirement that all new and repowered natural gas power plants be at least 30% hydrogen-compatible by volume.
Hydrogen-compatible gas turbine technology is implemented by retrofitting and upgrading combustion turbines to create co-firing systems that burn natural gas and hydrogen, according to South Korean conglomerate Hanwha Group.
Ongoing projects
On 26 November 2024, Keppel installed Singapore’s first hydrogencompatible co-generation power plant at the Keppel Sakra Cogen Plant.
The 600-megawatt (MW) combined-cycle power generation plant is the most energy-efficient plant of its kind in Singapore, according to Keppel. The plant can also produce steam for use in industrial processes for energy and chemical customers on Jurong Island, it added.
The plant is jointly undertaken and funded by Keppel and the company’s private fund, Keppel Asia Infrastructure Fund, in a 30-70 joint venture. The parties' total investment reached $750m.
The plant is 80% complete and on track to commence operations in the first half of 2026.
Meanwhile, the Energy Market Authority on 3 January awarded PacificLight the right to build, own, and operate a hydrogenready combined cycle gas turbine facility on Jurong Island.
"We added a battery to our power plant to use the full power of our new gas turbine, which is much bigger than the 600-MW limit for plants without backup,” Yu Tat Ming, CEO at PacificLight told the magazine.
We added a battery to our power plant to use the full power of our new gas turbine, which is much bigger than the 600-MW limit for plants without backup
“The battery lets us use all that power without overloading the grid.”
The plant will initially use at least 30% hydrogen and then transition to 100% hydrogen in the future. It will be in addition to the company’s existing 830 MW combined cycle gas turbines facility, and 100 MW of Fast Start capacity, which is currently under construction and due to start operations in the second quarter of 2025.
A hydrogen gas turbine reduces the natural gas needed to generate pressurised gas during combustion, resulting in an energy production system with lower carbon emissions.
“Natural gas will continue to dominate in the coming years,” Yu said. “When we chose the plant, we needed to ensure that we could deliver an immediate and long-term impact on the environment.”
Yu said PacificLight’s grid emission factor is about .412 tonne per megawatt-hour. “We expect our hydrogen-compatible gas turbine to be at least 14% lower than this emission.”
Based on PacificLight’s estimates, the plant can supply electricity to 850,000 out of Singapore’s 1.4 million households once it becomes fully operational next year.
Further decarbonisation
“By having the most efficient plant, our fuel costs will also be lower,” he said. “Because we emit less carbon dioxide for each unit of electricity generated, we will incur less carbon tax.”
Yu said the city-state’s carbon tax is expected to rise to $45 per tonne next year and to $60 to $80 per tonne by 2030 from $25 now.
“Whatever savings in terms of fuel costs or carbon tax that we incur, we intend to pass on these savings to the consumer.”
Keppel expects the Sakra Cogen plant to cut the amount of carbon dioxide it generates by 200,000 tonnes yearly or 6 million tonnes for 30 years — the expected life of the plant.
To further support decarbonisation, the government has provided grants such as the Genco Energy Efficiency Grant awarded by Singapore’s Energy Market Authority which co-funds energy projects.
Keppel has benefitted from this grant and is currently upgrading the second gas turbine in its 1300MW power plant, Keppel Merlimau Cogen, to improve efficiency and be hydrogen compatible.
Singapore's carbon tax is expected to rise to $45 per tonne in 2026
Yu Tat Ming
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Food industry told to harness blockchain amidst stricter safety rules
Parliament wants to ensure unsafe food can be quickly removed from the market.
Singapore’s food sector should adopt blockchain technology to help it track products across the supply chain, amidst a legislative push for better food safety, according to legal and food industry experts.
Traceability takes centre stage in the city-state’s Food Safety and Security bill, which Parliament passed on second reading on 8 January.
“The bill introduces detailed requirements for food traceability and recall records, ensuring that unsafe food products can be quickly identified and removed from the market,” David Ettinger, partner at Keller and Heckman LLP Shanghai Representative Office, told Singapore Business Review in an exclusive interview.
Under the measure, the industry must keep details about importers, food descriptions such as brand and lot numbers, and recipient contact information for animal feed producers.
Tech like blockchain for traceability and the Internet of Things (IoT) for monitoring could be used to simplify compliance with the bill, according to Wendy Lim, a senior lecturer from Taylor’s Culinary Institute (TCI) of Taylor’s University in Malaysia.
"While these involve upfront investment, they enhance operational efficiency and build long-term trust with stakeholders," Lim said.
In Singapore, one company that uses a blockchainpowered food traceability platform is The Grow Hub.
Kala Anandarajah, head of Competition and Antitrust and Trade at law firm Rajah & Tann Singapore, said bigger food operators and supply chain players should guide and carry their smaller counterparts. “The aim is that food operators streamline compliance processes.”
Companies in the food business should check how they will be affected by stricter regulations, whilst training their staff to ensure compliance, analysts said.
“Small food operators must ensure that employees are trained on the updated safety standards to ensure that everyone involved in food handling is knowledgeable about the new requirements,” she added.
Scope
Ettinger stated the bill would cover wider food supply activities, including donations and free distribution, not just sales.
The bill also mandates businesses to stockpile specific quantities of key food products to manage potential shortages from supply chain disruptions, in line with the Minimum Stocking Requirement (MSR). Whilst the MSR requirements for all food categories remain undefined, rice importers must hold a two-month stock under the Rice Stockpile Scheme.
Lim said food operators seeking pre-market approvals for novel and defined foods should document food handling practices and adhere to stringent hygiene
standards given hefty fines for violators.
First-time corporate offenders face a fine of as much as $50,000, whilst individual violators face a $25,000 fine or one-year jail term, or both, Jenny Li, counsel at Keller and Heckman’s Shanghai Representative Office Li pointed out. Repeat offenders face more severe penalties.
Anandarajah noted that the licence of violators could also be suspended or revoked.
The bill also bars offenders whose licences were revoked for repeated food safety violations from reapplying for the same type of licence for as long as three years. This new stipulation replaces the current rule allowing immediate licence reapplication after a conviction.
According to Anandarajah, the measure would make Singapore’s food industry more competitive and compliant with international trade standards, whilst boosting local food safety and public health.
She added that the bill plays a vital role in consumer protection: “With the drive to ensure more effective consumer protection, having specific rules that guide is critical, and this bill does that. It will also indirectly promote overall public health.”
Li said the bill consolidates and updates foodrelated legislation into one comprehensive framework, simplifying the process for market players, including importers; however, it is worth noting that operators may still need to refer to other regulations, such as the Singapore Food Regulations, for specific requirements in activities like food labeling and the use of food additives.
“This consolidation of regulations provides greater clarity and convenience for industry stakeholders. This eliminates the need to consult multiple acts and regulations, simplifying the process of understanding and adhering to food safety standards,” Li said.
The bill also mandates businesses to stockpile specific quantities of key food products to manage potential shortages
David Ettinger
Kala Anandarajah
Wendy Lim
Jenny Li
FOOD & BEVERAGE
Review of hiring process sought under Workplace Fairness bill
Job interviews should avoid bias against age, nationality, sex, religion and disability.
Employers in Singapore may need to revisit their hiring practices to comply with an impending law that mandates workplace fairness — from hiring and appraisal to training, promotion, and dismissal — and protects not just employees but also jobseekers, according to recruitment experts.
Andrew McNeilis, managing director for the Asia-Pacific region at global recruitment company Phaidon International, advised employers to examine their interview questions to ensure they do not come across as unfair or discriminatory.
“For example, if someone is newly married and you ask: ‘I’d love to hire you, but when are you going to have children?’ That’s the type of question that an individual, if they didn’t get the job, could say: ‘Ah, I was treated unfairly,’” he told Singapore Business Review in an interview.
Singapore’s Parliament approved on second reading the Workplace Fairness bill on 8 January 2025, barring companies from making “adverse employment decisions” based on age; nationality; sex, marital status, pregnancy status, and caregiving responsibilities; race, religion, and language; and disability and mental health conditions.
The bill still needs to be passed on third or final reading and will become a law once signed by the President.
Jonathan Yuen, a partner at law firm Rajah & Tann Singapore LLP, noted that at all levels of the hiring process, recruitment managers should ask themselves: “If I was applying for this job, would I agree to this question, requirement or restriction?”
“Would they object if this measure was applied to their loved ones? Only if it passes this commonsensical sense-check should it progress for further discussion,” he told Singapore Business Review in a separate interview.
Unprofessional practices are a key reason applicants withdraw from job interviews, McNeilis said, citing a Phaidon International study. He urged companies to audit their processes and train hiring teams to prevent fines of as much as $250,000 in civil lawsuits.
He noted that under the bill, expected to take effect sometime in 2026 or 2027, an employer’s responsibility starts when the job is offered, not when the employee joins..
“Organisations have got to do their benchmark and health check… making sure that anybody involved in the interview process understands what the act is trying to achieve, which is fairness at work,” McNeilis said.
Still no pay gap clause
Whilst there have been debates over the bill’s coverage, with suggestions to expand the protection to platform workers, those with less visible disabilities, and the LGBT community, McNeilis said the scope now is “comprehensive.”
“The length and breadth of the characteristics are comprehensive. I mean, there are some things in there, like marital status that I thought was interesting,” he said. The provision on age protection safeguards both older employees and those who may be perceived as too young
or lacking experience, he added.
Positive first step
Desmond Wee, a partner at Rajah & Tann, said the bill is a positive “first step” in institutionalising workplace fairness. But it does not tackle the longstanding pay gap that unfairly affects women and minorities, he pointed out.
“It would have been welcome if the bill had included provisions to require employers to have some level of pay reporting and/or other structures to mitigate pay discrepancy,” he said.
Still, the bill is a “well-needed proactive step to protect jobseekers and employees against discriminatory workplace conduct.” The measure complements the Tripartite Guidelines on Fair Employment Practices, allowing enforcement through workshops, fines, and other penalties, Wee said.
Yuen said the bill also mandates employers to implement grievance-handling procedures and prohibits retaliation. With an emboldened workforce more willing to report discrimination, companies should establish clear frameworks and accessible grievance channels, he added.
“Complying with the requirements imposed by the bill will require whole-of-firm support to plug organisational gaps quickly and efficiently,” he said.
McNeilis pointed out that employees can “fire companies” over unfair treatment regardless of the bill, reminding employers of their duty to ensure a fair and just workplace.
Companies are urged to audit their hiring processes to prevent fines of as much as $250,000 in civil lawsuits
Andrew McNeilis
Jonathan Yuen
Desmond Wee
Blind box craze unwraps surprise potential for non-toy retailers
Fashion and beauty products can also benefit from the ‘mystery.’
More retailers outside the toy business should adopt blind boxes to boost sales, as mystery collectibles continue to capture the imagination of both serious and casual buyers worldwide.
Whilst blind boxes — product packaging with a random item from a series, where the buyer doesn't know what's inside until they open it — are popular for entertainment products, even industries like food and beverage (F&B) and fashion could use them as a sales strategy, Jason Tjiptadi, a consultant at Euromonitor International, told Singapore Business Review in an interview.
“Industries such as fashion or skin care can also adopt ‘mystery products,’ where consumers do not know which design or variant they will be getting,” he said. A T-shirt or perfume blind box can always gain traction with social media hype, the consultant added.
Rich toy culture
The global blind box toy market was valued at $14.3b in 2024 and is expected to grow 6% annually to $21.4b through 2031, according to Cognitive Market Research. Whilst North America dominates the blind box toy business, the AsiaPacific region is expected to post the biggest growth due to growing interest in collector toys amongst children and adults.
“The region's rich toy culture, driven by both local trends and global franchises, drives up demand for one-of-a-kind and limited-edition releases,” it said in a 2024 report.
“The popularity of blind boxes is fuelled by the consumer trend of seeking fun experiences to alleviate stress and monotony,” according to market research firm Mintel Group Ltd. “This trend is likely to continue as brands explore innovative ways to engage consumers through surprise and adventure, creating memorable experiences that resonate emotionally.”
In Singapore, where 77% of consumers enjoy trying new experiences, the most popular blind box brands are Lego, Pop Mart, and Pokemon, the report stated.
“Pop Mart experienced strong growth in 2024 through Labubu's popularity on social media, with the product continuously being sold out from the shelf," Tjiptadi said.
Pop Mart’s Skull Panda and Molly brands also gained traction. “Pop Mart's licensing with popular intellectual properties such as Disney, Marvel, and Harry Potter further boosts its popularity, capturing a wider audience,” he added.
Toy retailers and brands should change their marketing strategies to remain competitive with free-to-play mobile games and streaming platforms, Tjiptadi said.
“If toys and their retailers remain the same as they were 10 years ago, then they will slowly lose consumers' attention, especially with today’s shorter attention span,” he said. “Retailers must look at creating an immersive store experience while leveraging social media to create hype surrounding its products," the consultant told the magazine.
The analyst said mystery products are valued more if they are rare and scarce. “Looking at Pokémon cards, for
If toys and their retailers remain the same as they were 10 years ago, then they will slowly lose consumers' attention
example, some are printed in smaller quantities, making them highly appealing to collectors,” he said. “But if there are too many products in the market compared with demand, they will not hold their value.”
Creating buzz
Another key factor is the hype surrounding these toys.
Sales of dolls and accessory blind boxes in Singapore rose 12% in 2023, while nonblind-boxed dolls and accessories fell by 3%, Tjiptadi. “This shows a shift of interest from consumers, especially kidults who now prefer to spend their money collecting blind boxes.”
A popular franchise still needs to generate the hype surrounding its toy products to keep their value, he said. Pokemon, for one, retains its hype as it is collected and promoted by celebrities and content creators, he pointed out. “This works in the same way for blind boxes,” Tjiptadi said.
In 2024, Washington-based Funko, Inc. continued to release its latest products to capitalise on momentum from movie releases. It released a Deadpool and Wolverine edition when the movie hit cinemas in Singapore.
Meanwhile, Hong Kong-listed Chinese toymaker Pop Mart took advantage of celebrity endorsements and the “fear of missing out” trend to generate buzz and boost sales.
For other brands like Lego, kidults, or adults whose interests are typically associated with children's, have become a primary target market because they are drawn to toys that evoke nostalgia, according to Tjiptadi.
The popularity of its Lego Icons series of construction toys, which showcase landmarks, buildings, classic vehicles, and pop culture favorites that target consumers older than 18 years, has gone beyond the COVID-19 pandemic and continues to drive the bulk of its growth, Tjiptadi said.
Pop Mart's viral Labubu line fuels strong 2024 growth
Jason Tjiptadi
Outstanding business leaders lauded at SBR Management Excellence Awards 2024
Singapore's business landscape continues to evolve, further solidifying its position as a leading global business hub with a dynamic and resilient economy. The SBR Management Excellence Awards, presented by Singapore Business Review, highlights the visionary leaders and forward-thinking companies that are driving this progress.
Now in its 10th year, the SBR Management Excellence Awards 2024 recognised outstanding business leaders, teams, and initiatives at the Awards Awards Dinner held on 21 November 2024 at the Marina Bay Sands Expo & Convention Centre, Singapore.
This year’s awards programme honoured achievements that exemplify visionary leadership, innovation, teamwork, employee
SBR MANAGEMENT EXCELLENCEAWARDS 2024WINNERS
Executive of the Year
• Agriculture - Dr Tan Hai Meng, Kemin Animal Nutrition & Health Asia Pacific (KAA)
• Telecommunications - Christian Patouraux, Kacific Broadband Satellites Ltd
• Training and Development - Jeremy Ong, NTUC LearningHub Pte Ltd
Innovator of the Year
• Architecture - ONG&ONG Group
• Computer Hardware - Cherng Linn, HP Inc
• Education - David Chiem, MindChamps PreSchool Limited
• FMCG - FairPrice Group
• Food Manufacturing Solutions - Country Foods Pte Ltd
• Insurance - Cigna Healthcare Singapore
• Insurtech - Melissa Wong, bolttech
engagement, diversity and inclusion, and health and wellness. It celebrated organisations and individuals who are setting new standards of excellence, creating a lasting and positive impact on their businesses, and shaping the future of Singapore’s business sector.
A distinguished panel of industry leaders were invited to serve as this year’s judges, which includes Tea Wei Li, Partner, Risk, Advisory, KPMG in Singapore; Roger Loo, Executive Director, Management Consulting, BDO LLP; and Henry Tan, Group CEO & Chief Innovation Officer, CLA Global TS Holdings Pte. Ltd.
Congratulations to all the winners for their outstanding achievements and exceptional leadership in the industry!
• Sustainability Services in Real Estate - Savills Energy & Sustainability Management Team, Savills (Singapore) Pte Ltd
• Staffing and Recruiting - GE Team, ScienTec Consulting
• Transportation - SBS Transit Rail, SBS Transit
Diversity & Inclusion Initiative of the Year
• Metals & Mining - Rio Tinto
• Retail - Swarovski Singapore Trading Pte Ltd
Employee Engagement of the Year
• Financial Services - CGS International Securities Singapore Pte. Ltd.
• Non-profit or Government Organizations - NTUC - Administration and Research Unit (ARU)
• PropTech - PropertyGuru Group
Health & Wellness Initiative of the Year
• Business Services - Gear Inc.
• Retail - Unity Pharmacy (part of FairPrice Group)
Alibaba Cloud Avanade
HAVI Freight Management (S) Pte Ltd
Bahwan CyberTek
Country Foods Pte Ltd
Cigna Healthcare Singapore
FairPrice Group (FPG)
Everise
Alibaba Cloud
bolttech
CGS International Securities Singapore Pte. Ltd.
EVENT: SBR MANGEMENT EXCELLENCE
NTUC Learninghub Pte Ltd
NTUC - Administration and Research Unit (ARU)
Moody’s Ratings
MindChamps
Maybank Securities Pte Ltd
Lenovo Group Limited
Kemin Animal Nutrition & Health Asia Pacific (KAA) JJ-LAPP
Jebsen & Jessen Packaging CGS International Securities Singapore
ScienTec Consulting
VETRESKA
Unity Pharmacy
Tiger Brokers (Singapore) Pte. Ltd.
Straits Financial Services Pte Ltd
Standard Chartered Bank
Singapore Computer Society
SBS Transit Ltd
Savills Facilities Management Team
Savills (Singapore) Pte Ltd
Rio Tinto
PropertyGuru Group
Maybank Securities CEO Aditya Laroia drives strategic transformation and growth
Under Laroia’s guidance, MSSG has achieved impressive growth, strengthened its prime brokerage leadership in ASEAN, and embraced digital innovation.
Aditya Laroia, CEO of Maybank Securities Singapore (MSSG), has been honoured as the Executive of the Year in the Investment Banking category at the prestigious SBR Management Excellence Awards. This accolade highlights Laroia’s exceptional leadership and his pivotal role in driving MSSG’s transformation, growth, and strong market presence across prime brokerage, institutional markets, and investment banking sectors.
Under Laroia’s strategic guidance, MSSG has achieved a commendable 12% compound annual growth rate (CAGR) in revenue from 2022 to 2024, showcasing his ability to anticipate market trends and drive the firm’s focus toward high-growth opportunities. His clear vision for digital transformation, operational efficiency, and market expansion has positioned MSSG for continued success in a rapidly evolving financial landscape.
A prime brokerage leader
Laroia’s strategic repositioning of MSSG as the sole bank-backed prime broker in ASEAN has been a key factor in the firm’s growth. Targeting mid-sized hedge funds and family offices, MSSG has established a sustainable business model, with prime brokerage now contributing 40% of the firm’s revenue. This repositioning has enabled MSSG to capture an increasing share of the regional market and cement its position as a leader in ASEAN’s financial ecosystem.
By leveraging Maybank’s global network, Laroia has expanded MSSG’s institutional business, driving high-profile transactions that enhance the firm’s reputation and capabilities in the institutional services market. To address the constraints of Southeast Asia's smaller markets, Laroia expanded MSSG’s product offerings, including global equities, fixed income, and derivatives, ensuring MSSG remains competitive on a global scale.
Spearheading digital transformation for competitive advantage
A key pillar of Laroia’s strategy has been digital innovation. Recognising the critical importance of technology in enhancing client engagement, he spearheaded the development of the Maybank Trade SG app — an intuitive, integrated platform that provides a seamless trading experience for clients.
In addition, Laroia led the digitalisation of client onboarding and engagement processes, reducing the onboarding time to just three minutes, which has significantly increased client activation rates.
Strengthening MSSG’s digital infrastructure has positioned the firm to remain competitive, particularly against rising fintech challengers.
Expanding into niche markets and driving innovation
Laroia’s strategic focus on niche sectors and underserved mid-cap companies has allowed MSSG to uncover untapped growth opportunities. The development of specialised research products such as Opportunity+ and Discovery+ has allowed MSSG to identify emerging
trends in mid-cap equities and niche sectors, creating unique alpha-generating investment opportunities. This focus on niche sectors and underserved mid-cap companies has strengthened MSSG’s reputation as a valuable partner for investors seeking highreward growth.
Commitment to diversity and inclusion
Laroia’s commitment to fostering an inclusive and diverse workplace culture has been integral to MSSG’s success. By promoting gender balance and ensuring strong talent retention, Laroia has cultivated a high-performing team that remains at the forefront of the industry. This focus on diversity and inclusion has driven collaboration, innovation, and sustained growth within the firm.
A vision for long-term growth
Aditya Laroia’s leadership has been instrumental in MSSG’s transformation into a market leader within ASEAN. His strategic vision, innovative approach, and focus on people-centred leadership have positioned MSSG for long-term success. His ability to pivot the company toward new opportunities, embrace digital transformation, and expand its reach in institutional and investment banking has laid the foundation for MSSG to continue its strong trajectory.
Maybank Securities continues to lead with innovation, leveraging Laroia’s visionary leadership to deliver exceptional value to clients and shareholders alike.
Laroia has cultivated a high-performing team that remains at the forefront of the industry
Aditya Laroia, CEO of Maybank Securities Singapore (MSSG)
Maybank Securities Singapore’s COO Young Lim receives the trophy on behalf of CEO Aditya Laroia.
The comprehensive licensed recruitment firm sets the standard for recruitment excellence and was recognised for the strategic leadership of its Managing Director and the fulfilment capability of its team.
ScienTec Consulting bagged accolades of Executive of the Year - Staffing and Recruiting and Team of the Year - Staffing and Recruiting at the SBR Management Excellence Awards 2024. This achievement highlights the firm's ability to navigate the complexities of today's recruitment ecosystem with strategic foresight and agility, implementing key shifts such as tailored staffing solutions and technology investments to stay closely aligned with evolving client needs.
Despite the growing pressures of the tough recruitment sector, tightening regulations, and a shifting labour market, ScienTec has consistently achieved measurable success, delivering impactful workforce solutions that drive growth.
Success through service excellence
In the last financial year, the company recorded an impressive 28% year-on-year revenue growth along with profit increase and notably, achieved a double-digit compound annual growth rate over the past five years.
Cecilia’s stewardship, combined with her team’s dedication to delivering trusted service, has driven record-breaking performance in the professional scope of work services and contract staffing, successfully placing well over 2,500 talents in Singapore.
Rooted in ScienTec’s “People First, Always” philosophy, the firm’s commitment to client and candidate satisfaction has helped garner 278 testimonials, reinforcing its reputation as a trusted and reliable recruitment partner.
Building trust through innovation
A key pillar of ScienTec’s success is their commitment to technology-driven innovation.
Recognising the importance of efficiency and seamless experiences, ScienTec integrated advanced AI recruitment technology, enhancing both client and candidate journeys.
By linking front-end customer relationship management systems with back-end operations, ScienTec has streamlined processes from onboarding to performance analytics, offering clients a holistic, real-time view of the recruitment lifecycle.
With technology as a trusted enabler, team members can focus on high-value human interactions: insightful conversations, strategic advisory, and trusted partnerships.
ScienTec has also prioritised data security as a cornerstone of trust, and has achieved the Data Protection Trust Mark Certification. This accomplishment reinforces the company’s unwavering commitment to the highest standards of data governance, ensuring clients have peace of mind in an era where data privacy is non-negotiable.
Leading through economic challenges
ScienTec's focus on employee engagement, through initiatives like Objectives and Key Results (OKRs) and a robust rewards system, has helped maintain high motivation and performance levels within the team. Their flexible hybrid work model, which
balances remote work with meaningful inoffice collaboration, has enabled the company to attract and retain top talent, particularly within the rising Zillennial workforce, whilst maintaining a strong record of success.
A trusted recruitment partner
As one of the top employment service providers in Singapore, ScienTec has solidified its position as a trusted partner for talent acquisition and workforce solutions.
By focussing on innovation, service excellence, and a deep understanding of the evolving market, ScienTec Consulting remains at the forefront of helping organisations navigate the complexities of recruitment, offering tailored solutions that drive long-term success.
Leveraging technology as a trusted enabler allows ScienTec to focus on meaningful human interactions, providing strategic advisory and building meaningful partnerships
ScienTec Consulting wins Executive of the Year - Staffing and Recruiting and Team of the Year - Staffing and Recruiting at SBR Management Excellence Awards 2024
By Helen Snowball, Chief People Officer, PropertyGuru Group
Southeast Asia’s aspirations are anchored by its cities’ fast-paced growth, fuelled by urbanisation, digitalisation, and the rise of the middle class. This has led to a period of rapid transformation in the real estate industry, with Asia's property technology (proptech) market expected to grow at a CAGR of 16.3% from 2022 to 2028.
The rapid transformation has fuelled the growth of the housing market in the region and makes it imperative for property marketplaces to advance technologies and provide innovative solutions, data, and insights for urban planning that eases the home buying journey for consumers.
Strategic talent acquisition
Southeast Asia is a fast-moving region, characterised by its diversity. Understanding this region is critical for any company looking to align with its continued economic growth, multicultural talent, and rapidly changing technology.
Talent identification, hiring, and development are therefore crucial in unlocking opportunities.
For example, addressing the talent
demand when technological changes outpace the availability of skilled professionals or finding talents who understand and can navigate the region’s nuances effectively.
At the same time, employee expectations have been evolving as well. Employees are no longer only looking for competitive salaries and benefits; they also value the opportunity to do purposeful work that aligns with their personal values.
With over 17 years of experience and with number-one marketplaces across Singapore, Malaysia, Thailand, and Vietnam,
We strive to nurture a twoway conversation with Gurus to meet them where they are
PropertyGuru has established itself as the region's leading proptech company. At the heart of this growth is the recognition of the role and responsibility we play in cultivating an industry built on excellence, growth, and well-being—and that starts with Gurus, our people. Our regional footprint has also
allowed us to build a dynamic team that embodies diversity—a team that is wellrepresented across gender, nationality, skill, experience, and perspective.
Commitment to employee growth
To retain and support talent growth, we ensure our benefits and policies reflect the needs of our Gurus. From our continued commitment to flexible work arrangements, the equalisation of parental leave, adoption, and childcare leave across genders and marital statuses, to the provision of upskilling opportunities, we strive to nurture a two-way conversation with Gurus to meet them where they are.
We implement tailored talent management strategies. We prioritise employee development through comprehensive learning programmes, including on-the-job training, online learning libraries, and in-person workshops, offering a spectrum of learning opportunities.
Most importantly, we recognise that there is no one-size-fits-all approach when it comes to development and growth and that everyone’s employee journey is unique. This is embodied in our Employee Value Proposition, "Be More, Be a Guru," which provides our Gurus the tools, the support, the trust, as well as the power to shine and be the best that they can be at PropertyGuru and beyond.
Navigating the new workforce
In a time when acquiring and retaining talent is tedious and innovation is imperative, driving a consistent employee experience, prioritising flexibility, and investing in skills development are crucial in helping organisations and talent navigate the complexities of the world today.
As PropertyGuru Group continues to invest in talent to support the creation of a digital property ecosystem in Southeast Asia, we need to acknowledge the paradigm shift in today’s workforce: tenure and loyalty are a thing of the past.
Employees are going to be with us for a short but great time and companies cannot guarantee a job for life. Recognising this, we over index on cultivating a vibrant organisational culture, enhancing management effectiveness, and nurturing our Gurus throughout their time with us.
Helen Snowball, CPO, PropertyGuru Group
HP Inc triumphs at SBR Management Excellence Awards 2024 with two accolades
The company was honoured at the awards programme for the success of its HP Smart Tank Development Team and its Principal Engineer, Teo Cherng Linn.
HP Inc. won the Team of the YearComputer Hardware and Innovator of the Year - Computer Hardware categories at the SBR Management Excellence Awards 2024, which reflect the company’s commitment to innovation and business growth.
Driving innovation in printing
HP Smart Tank Development Team has launched its next-generation Smart Tank 580/5100, 520, 210 Printer Series, targeting the home ink market—a segment of approximately 15 million units annually. With a strategic goal to gain market share, the team has successfully propelled HP from a 15% market share to No. 2 in the ink tank category, growing by 6 points in the last year.
Despite the challenges posed by COVID-19 and global supply chain disruptions, the team demonstrated exceptional resilience. From the onset of product development in January 2021, the team utilised virtual tools like JIRA and MIRO to collaborate across global teams in the U.S., China, and India. Remote testing and innovative problem-solving were key to overcoming technical hurdles, including redesigning software and addressing the global semiconductor shortage.
HP Inc.'s customer centric and eco-conscious approach
Furthermore, the Smart Tank 580/5100 series was built with both environmental and customer-first principles. The printers are the first to feature spill-free ink refilling and a unique low ink detection system. The product is also environmentally conscious, with over 45% of the plastic material sourced from recycled content. The team further innovated with cost-saving solutions, including a patented design for eliminating expensive paper-size sensing components.
Under the leadership of the Singaporebased team, HP’s Smart Tank printers have enhanced customer satisfaction—with a score of 82 (high for the category)—and delivered significant commercial success. By launching ahead of competitors, the team achieved a 30% reduction in development time whilst maintaining a focus on innovation, sustainability, and operational efficiency.
The team’s collaborative spirit, adaptability, and relentless drive have made the HP Smart
Tank 580/5100, 520, 210 series a market leader and set new benchmarks for the company, which earned them the Team of the Year - Computer Hardware accolade.
Strategic vision amidst evolving trends
As the print industry continues to evolve with trends like digitisation, hybrid work, and increased competition, HP remains at the forefront of innovation.
A key figure in this drive is Teo Cherng Linn, whose leadership and innovative approach have been instrumental in advancing HP’s product and business strategies.
The Smart Tank 580/5100 series was built with both environmental and customerfirst principles
With 24 years of experience at HP, Cherng Linn has a deep-rooted background in R&D. His impressive portfolio includes 20 patents and 16 defensive publications, showcasing his dedication to pioneering ideas and securing HP’s competitive edge in the market.
Cherng Linn’s ability to bridge technological advancements with business strategy stems from his understanding of customer needs and market dynamics. His approach is characterised by a blend of deep insights and innovative thinking, which has consistently delivered successful outcomes for HP. One of Cherng Linn’s key contributions to the
company has been his leadership in the development of the Smart Tank platform, a product category that has seen significant growth under his guidance.
Cherng Linn also embarked on field trips to Indonesia and India to further understand local market requirements.
In Indonesia, he worked closely with stakeholders to navigate complex government regulations and devise solutions to supply chain challenges.
In India, he identified market-specific needs and developed a modular concept to enable rapid solution deployment.
Impact on patent portfolio and culture
Moreover, Cherng Linn’s influence extends beyond product development. As a member of HP’s Patent Review Board, he shapes the company’s patent portfolio by providing technical assessments and feedback. His proactive role in fostering innovation within HP also includes launching a bimonthly technical newsletter that has generated new ideas and aligned teams across HP labs. Aside from these, he regularly hosts technical deep dive sessions to share insights and promote competitive awareness, driving a culture of continuous innovation.
Cherng Linn’s leadership was recognised with the Innovator of the Year - Computer Hardware accolade. His work and efforts have not only driven market success but have also built a stronger, more collaborative innovation culture at HP.
HP Inc. at the SBR Management Excellence Awards 2024
Jebsen & Jessen Packaging’s Chui Tau Siong scores win at SBR Management Excellence Awards 2024
He was recognised in the Executive of the Year - Manufacturing category for his exemplary leadership.
Jebsen & Jessen Packaging’s CEO, Chui
Tau Siong, was honoured at the SBR Management Excellence Awards 2024, lauding his direction that transformed the company into a regional powerhouse.
Under his leadership, Jebsen & Jessen Packaging has expanded its regional presence and led the charge in operational innovation, sustainability, and community outreach.
Chui, who joined Jebsen & Jessen Packaging when the company operated exclusively in Singapore, spearheaded the company’s expansion into Malaysia and Vietnam as well as the formation of a joint venture in Indonesia. Chui’s tenure also saw the company through five successful mergers and acquisitions, allowing the company to diversify its portfolio.
Cost savings and market expansion
In 2020, Chui played a pivotal role in the company’s entry into the blow-moulded bottles market by partnering with a packaging company—which expanded the company's product offerings and market reach.
Since 2022, blow-moulded bottles have become a key revenue contributor, accounting for half of the business unit’s total revenue under his leadership.
Moreover, Chui has overseen a series of successful lean manufacturing initiatives that have enhanced the company’s
competitiveness and agility. In 2023 alone, the six manufacturing plants under Jebsen & Jessen Packaging achieved SG$710,313 in lean savings, building on nearly SG$1m in savings in 2022. These cost savings were achieved through initiatives such as digitalisation of utilities monitoring systems, low-cost automation, elimination of the seven wastes, and line balancing.
Energy efficiency and emissions reduction
Other improvements, including the installation of auto take-out systems and energy-saving technologies, contributed to the company’s success in achieving consistent operational savings and improvements.
In 2023, the company completed the transition from coal to biomass boilers at its Vietnam facility, significantly reducing Scope 1 emissions. This shift has reduced the carbon footprint of the facility by an estimated 11,440 tonnes annually.
Chui spearheaded the adoption of solar energy across multiple factories, with solar panels now installed at all packaging facilities in Malaysia and Singapore. Projects in Indonesia and Vietnam are currently in the final stages, with installations expected to be completed in early 2025.
Giving back to the community
Beyond his focus on business performance, Chui has been an advocate for community support and social responsibility. Jebsen & Jessen Packaging has been a longtime supporter of charitable initiatives, particularly in the area of children’s education. The company’s Vietnam Charity Bursary provides financial aid to the children of low-income employees, helping to ensure that the next generation has access to quality education and a better future.
SBR Management Excellence Awards
The SBR Management Excellence Awards recognises the most exceptional business leaders, innovators, teams, and initiatives that drive growth and make a positive impact on both the business operations and its workforce in Singapore.
The SBR Management Excellence Awards, now in its 10th year, acknowledges positive change and honours those who have propelled their companies to new heights of success whilst fostering a nurturing environment that positively influences their employees.
Beyond his focus on business performance, Chui has been an advocate for community support and social responsibility
Jebsen & Jessen Packaging’s Chui Tau Siong receives his trophy at the SBR Management Excellence Awards 2024
Redefining Customer Interactions that Matter
Everise, led by Founder and CEO Sudhir Agarwal, is setting new standards in customer experience excellence in key markets across the globe. Sudhir’s recognition as Executive of the Year at the Singapore Business Review Management Excellence Awards 2024 highlights Everise’s focus on elevating customer happiness and driving business growth for its partner brands.
Explore how Everise inspires its champion agents to create interactions that deliver results.
Smarter Manufacturing, Greater Productivity
Improve customer experience, accelerate efficiency and reduce environmental impact.
Asia’s Global Investment House
At CGS International, we bring decades of experience and a commitment to excellence as Asia's Global Investment House. Serving as the nexus connecting Southeast Asia, China, and the world, we offer unparalleled market access, tailored solutions, and in-depth localised research to empower informed investment decisions.
From unlocking Asia’s growth to global expansion, we deliver the expertise and insights you need to achieve your financial goals.
CGS International – your partner in a rising Asia. www.cgsi.com
Animal Nutrition Health&
We are compelled to meet the global demand for safe animal protein. As the world’s population continues to grow and the demand for protein soars, Kemin is dedicated to developing ingredients that help producers raise healthy livestock. We are a trusted market leader in the animal feed, beef, dairy, poultry, swine, and equine industries.
Our wide variety of science-backed solutions help optimise nutrition, improve gut health, support immune function, improve the absorption of nutrients, extend the shelf life of feed, and reduce harmful pathogens in the feed and water animals consume. Energised by our curiosity, we never stop pursuing more effective ways to protect our food supply at the source.
MACKENDER, ELALINGAM AND YONG
Embracing automation in tax functions: Staying ahead of Singapore’s digital tax revolution
Singaporeans are no strangers to electronic government services. Over the years, the Singapore government has built a robust digital ecosystem that enables citizens and residents to access an array of government services online. In fact, these days, an individual is unlikely to step into a government office just to get administrative matters done in person.
Of course, digitalisation is a continuous journey and one area where we can expect further progress is with regard to the data and information for indirect taxes that businesses provide to the Inland Revenue Authority of Singapore (IRAS).
Currently, Goods and Services Tax (GST)-registered businesses file periodic GST returns – usually on a quarterly basis – with IRAS. They report their business activities, including the amount of GST they have collected, GST due, or any GST refunds they may be eligible for.
While businesses may use various accounting systems to collect transactional data, preparing GST returns is often a manual process which includes uploading the necessary information onto IRAS’ myTax Portal. If IRAS originates a tax audit, businesses must manually review and inspect documents to provide the required responses.
Recent announcements on the expansion of electronic invoicing, including mandatory direct data reporting, could significantly transform how businesses interact with IRAS in the future. These changes would bring about greater efficiency and transparency, particularly in tax reporting and audits.
What is electronic invoicing?
Electronic invoicing, or e-invoicing, automates the digital exchange of invoice data directly between a vendor’s and a customer’s accounting systems. This data is transmitted through a thirdparty network or system which is sometimes administered by the government or tax authority. Unlike sending invoices as PDFs via email or through other traditional methods, e-invoicing enables seamless, secure, and efficient data sharing.
Outside of Singapore, e-invoicing adoption is increasing globally, in countries across Europe, Latin America and Asia. Based on current trends, it is likely that the vast majority of countries will mandate e-invoicing in some form or another for all business-to-business (B2B) transactions by the end of this decade.
Singapore’s e-invoicing implementation plans
Singapore was an early adopter of e-invoicing by introducing the PanEuropean Public Procurement OnLine (PEPPOL)-based “InvoiceNow” network in 2019, administered by the Infocomm Media Development Authority (IMDA). However, this model has a limited scope as it does
To address this, IMDA and IRAS announced in 2024 a phased rollout of e-invoicing for all B2B transactions which incorporates direct invoice-level reporting to IRAS. This adaptation of the existing PEPPOL framework will be the first of its kind in the world and will be closely watched by other tax authorities seeking to enhance their own e-invoicing models.
Under the proposed model, when a business transaction is initiated, the seller’s finance and accounting system will transmit invoice data in real-time to the buyer’s system through IMDA-accredited third-party access points connected to the PEPPOL network.
This ensures that the data transmitted from the seller to the buyer is verified and validated. A subset of the data will then be forwarded to IRAS via the same access point or service provider, enabling IRAS access to the transaction-level data for audit or verification.
Singapore’s phased adoption means that the changes will not affect all businesses right away. A soft launch for pilot companies will take place on 1 May 2025, before being expanded to newly incorporated companies voluntarily registering for GST from 1 November 2025, and all other voluntary GST registrants from 1 April 2026. While the timeline for adoption across all businesses remains unclear, we expect that this phased approach will be expanded over the next few years.
Impact on Singapore businesses
Even as many businesses in Singapore are ahead of the curve in adopting digital solutions, the wider impact of e-invoicing needs to be considered. Firstly, systems and processes on both the front and back-ends will be impacted. Businesses will need to review their permanent (master) and transactional data to ensure that the information transmitted from enterprise resource planning (ERP) to billing systems are accurate in both format and substance.
Additionally, customer and vendor management, alongside existing standard operating procedures, must be reassessed and adjusted where needed to establish robust and reliable processes along the e-invoicing transmission flow.
Businesses are also likely to incur time and costs to identify the most practical and efficient method to transmit data to the government, third-party network, and customers.
Based on what we have observed in other countries, there are several approaches to this – some businesses opt to develop custom tools, others rely on their ERP provider for add-ons or pre-built tools designed for their systems, while others look to third-party vendors for external software that can interface across multiple financial systems.
