Industry News

Income Insurance has unveiled findings from its “Singapore Electric Dream” survey, which highlights significant barriers preventing Singaporeans from adopting electric vehicles (EVs). Despite 71% of respondents supporting the nation’s goal of achieving 100% cleaner energy vehicles by 2040, concerns such as costly battery replacements, fire risks at charging stations, and range anxiety remain prevalent.

The survey, conducted by YouGov in March 2025, involved 1,009 car owners, including nearly 200 EV owners. It revealed that younger drivers, particularly Millennials and Gen Zs, are worried about fire risks at charging stations (35%), long charging times (34%), and range anxiety (32%). Meanwhile, older generations, such as Gen X and Baby Boomers, are more concerned about costs, including high battery replacement expenses (36%) and limited resale value (31%).

A notable finding is the demand for EV-specific insurance, with 30% of EV owners expressing concern over the lack of tailored insurance products. Features such as coverage for battery replacement and 24/7 emergency mobile charging service are highly sought after, addressing practical concerns about EV ownership.

Cecilia Siah, VP and head of Motor Business at Income Insurance, stated, “We understand that switching to an EV is a big decision for many drivers. Our team have spoken to car owners who are keen to make the switch but are held back by worries around battery replacement costs or roadside emergencies.”

Despite these challenges, the survey indicates a strong desire among Singaporeans to contribute to environmental sustainability and embrace technological advancements. Financial incentives, such as government subsidies and reduced road tax, are seen as effective motivators for non-EV owners considering the switch.
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Coliwoo, the co-living subsidiary of LHN Limited, has secured the tender to convert the state-owned property at 159 Jalan Loyang Besar into its first resort-style chalet. This marks Coliwoo’s largest expansion in Singapore’s eastern region, with the revamped property set to feature over 350 keys and span a floor area of 106,949 square feet.

Strategically located near Changi Airport and Changi Business Park, the development aims to cater to the rising demand for flexible accommodation, especially with the anticipated opening of Changi Airport Terminal 5 in the mid-2030s. The property will offer a blend of co-living and resort-style amenities, including swimming pools, sports zones, and meditation gardens, alongside social lounges and event spaces.

The renovation, expected to begin between April and September 2025, will align the property with Coliwoo’s co-living concept. The revamped chalet is projected to be operational by the third quarter of the financial year ending 30 September 2026. Kelvin Lim, executive chairman of LHN Limited and founder of Coliwoo, stated, “We believe this project will set a new benchmark for co-living in Singapore, meeting the evolving needs of today’s modern guests and travellers.”

The development will also focus on sustainability, incorporating solar energy systems and green mobility solutions such as electric vehicle charging stations and cycling paths. This eco-conscious approach aims to create a harmonious retreat that respects both architectural heritage and modern design.
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Singapore’s venture capital scene experienced a significant boost in May 2025, with funding reaching $45m, an 85.3% increase compared to the same period last year. This surge is attributed to several high-profile deals, including a $19m investment in VFlow Tech, which led the funding rounds for the month.

The increase in funding is notable when compared to April 2025, which saw $20.5m in venture capital investments. This upward trend highlights the growing confidence in Singapore’s tech sector, particularly in seed-stage and early-stage funding rounds. Notably, SEEDS Capital and UntroD were amongst the top investors, with SEEDS Capital participating in three deals and UntroD in two.

Despite the positive funding trend, no new unicorns emerged in May 2025. However, the consistent investment activity suggests a robust pipeline for potential future unicorns. The month also saw two initial public offerings (IPOs) and two acquisitions, maintaining the same level of exit activity as April 2025.

In contrast, Hong Kong’s venture capital funding for May 2025 was significantly lower, totalling $1.1m, with no new unicorns or IPOs reported. The disparity between the two regions underscores Singapore’s growing prominence as a hub for tech investments in Asia.

Looking ahead, the continued interest from venture capitalists and the steady flow of investments suggest a promising outlook for Singapore’s tech industry, potentially paving the way for more unicorns and successful exits in the coming months.
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Economic instability is reshaping the global workforce, with more than half of workers worldwide living paycheck to paycheck, according to the ADP Research’s People at Work 2025 report. The study, which surveyed nearly 38,000 workers across 34 markets, reveals that 23% of workers globally hold two or more jobs to cover necessary expenses. This trend is mirrored in Singapore, where 60% of respondents report living paycheck to paycheck, exceeding the Asia Pacific average of 48%.

Jessica Zhang, Senior Vice President of APAC at ADP, noted, “Although Singapore’s core inflation rate has stabilised over the past two years, the impact of cost-of-living pressures remains evident. Our findings indicate that many people are earning just enough to meet their needs, with some taking on additional work to manage daily and future expenses.”

The survey indicates that workers take on multiple jobs primarily to cover necessary expenses, save for future spending, and build retirement savings. In regions with low average wages relative to living costs, such as parts of Africa, Latin America, and Asia, holding multiple jobs is often a necessity. In Singapore, workers with three or more jobs cite covering necessary expenses and the inability to secure full-time employment as reasons for their multiple roles.

ADP’s chief economist, Nela Richardson, emphasised the need for employers to adopt a holistic approach to compensation, suggesting that benefits like health insurance and subsidised childcare could alleviate financial pressures and enhance employee loyalty and productivity.
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Singapore is set to become a pivotal hub in Southeast Asia’s renewable energy landscape, as it shifts from its heavy reliance on natural gas to regional grid interconnections. According to Rystad Energy, these interconnections, primarily through subsea cables, could unlock up to 25 gigawatts (GW) of renewable energy capacity, potentially attracting over $40b (£32b) in investments. This move aims to decarbonise Singapore’s energy supply and stabilise electricity prices by reducing dependency on the volatile global gas market.

The proposed interconnections could significantly reduce Singapore’s carbon emissions by up to 13 million tonnes of CO₂e annually. This initiative not only supports Singapore’s sustainability goals but also enhances its energy resilience by diversifying its energy sources. “Singapore stands to benefit the most from Southeast Asia’s emerging regional grid,” said Raksit Pattanapitoon, Lead Renewables & Power Analyst at Rystad Energy. However, he emphasised the need for coordinated cooperation with neighbouring countries to realise these benefits.

Currently, natural gas accounts for 96% of Singapore’s power generation. The Electricity Market Authority (EMA) is crucial in ensuring a reliable supply of imported low-carbon electricity, requiring projects to achieve a 60% load factor within five years. Solar-plus-storage hybrid systems, which can achieve load factors above 90%, are seen as a viable alternative to traditional gas turbines.

Nevi Cahya Winofa, an analyst at Rystad Energy, highlighted that these hybrid systems could offer lower costs than anticipated. As Singapore engages with its neighbours, it must secure unique advantages to maximise shared value in the potential regional power grid.
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A consortium led by Hong Leong Holdings Limited, including GuocoLand Limited and CSC Land Group, has secured a $692m green loan to fund a pioneering urban development in Tengah, Singapore’s first “forest” town. The loan, anchored by DBS with $484mand supported by OCBC, will finance the project’s green infrastructure and ecological initiatives, aligning with international Green Loan Principles.

The development marks Tengah’s first private mixed-use project, set to launch in 2026. It will feature approximately 860 homes and integrated retail amenities, designed to enhance biodiversity and reduce environmental impact. Located in Tengah Garden Avenue, the project aims to create a vibrant, eco-conscious community.

Key features include biodiversity-enhancing designs, ecological integration with Tengah’s future forest corridor, and sustainable smart technologies. These elements aim to mitigate the urban heat island effect and promote ecological networks.

Loke Kee Yeu, General Manager of Hong Leong Holdings, emphasised the project’s role in fostering an eco-conscious community, stating, “We aim to anchor and grow an eco-conscious private housing community whilst partnering with like-minded investors and sustainable financiers.”

Chew Chong Lim, Group Head of Real Estate and Shipping, Aviation, Logistics and Transportation at DBS, highlighted the importance of integrating nature into urban development, noting, “DBS is pleased to support Hong Leong Holdings by providing financing and green loan advisory, to bring this milestone project to life.”

This development aligns with Singapore’s Green Plan ambitions, demonstrating a commitment to sustainable urban living and private-sector partnerships in achieving national climate goals.
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As healthcare costs continue to rise in Singapore, employees are being urged to take a more active role in assessing their employer-sponsored benefits during the upcoming mid-year enrolment period. According to the 2025 Health on Demand report by Mercer Marsh Benefits, one in three individuals with a household income below the median are not confident in their ability to afford healthcare, highlighting the importance of understanding available benefits to mitigate financial strain.

The report also reveals significant generational and gender disparities in health priorities. Gen Z men, for instance, report high levels of mental health concerns, whilst Boomers are increasingly worried about cognitive decline. These findings underscore the need for tailored benefits that address diverse employee needs. Additionally, the report points out a gap in mental health support, with only 38% of men valuing mental health screenings, presenting an opportunity for employers to enhance mental well-being programmes.

Furthermore, the report highlights that only 50% of long-term foreign employees in Singapore are aware of where to find benefits information. This suggests a need for improved communication and personalised benefits to boost employee engagement and satisfaction.

As organisations navigate these challenges, the insights from the report serve as a crucial guide for developing effective benefits strategies. Employers are encouraged to foster a supportive work environment that meets the evolving needs of their workforce, ensuring that employees are well-informed and adequately supported in their health and well-being.
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KK Women’s and Children’s Hospital (KKH) has inaugurated Singapore’s first PlagioCentre, a specialised clinic dedicated to diagnosing and treating plagiocephaly and brachycephaly, collectively known as flat head syndrome. This initiative marks KKH as the first public hospital in Singapore to incorporate 3D-printed helmets into its treatment options.

The establishment of the PlagioCentre comes in response to a significant rise in awareness and cases of flat head syndrome. Over the past two years, KKH has observed a 36% increase in cases, with numbers climbing from over 800 in 2022 to more than 1,000 in 2024. Globally, the condition affects up to 22% of infants by the sixth week of life, escalating to nearly 30% by the fourth month.

Flat head syndrome occurs when an infant’s head becomes misshapen due to prolonged pressure on one side, often exacerbated by torticollis, a condition that restricts neck movement. The PlagioCentre offers comprehensive services, including physiotherapy and helmet therapy, particularly for moderate to severe cases. The 3D-printed helmets are custom-fitted using a scan of the infant’s head, applying gentle pressure to reshape the skull.

Dr Kavitha V Sothirasan, Lead of the KKH PlagioCentre, emphasised the importance of early intervention, stating, “Helmet therapy is most effective when started early, whilst the skull is still developing.” The centre’s multidisciplinary team ensures that infants receive tailored care to improve their condition.

Parents seeking more information about the PlagioCentre are encouraged to consult their child’s paediatrician or visit a polyclinic.
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Standard Chartered has announced the appointment of Yusuf Demiral as the Global Head of Data, Analytics & AI for its Wealth and Retail Banking division. Starting on 7 July, Demiral will be based in Hong Kong, reporting to Samir Subberwal, Global Head of Wealth Solutions, Deposits and Mortgages, and Chief Client Officer. This newly created role will see Demiral spearheading the bank’s strategy across the entire client journey, working closely with marketing, digital sales, and client experience teams.

Demiral brings over 25 years of banking experience, having previously served as the Group Head of Data Analytics and Customer Relationship Management (CRM) for Wealth and Personal Banking at HSBC. There, he led a global team of over 1,000 professionals across more than 20 markets, focusing on data platforms, advanced analytics, and CRM capabilities.

Samir Subberwal expressed enthusiasm about Demiral’s appointment, stating, “I am delighted to welcome Yusuf to Standard Chartered. As we continue to deliver innovative, digital-first personalised experiences for our clients, Yusuf will play a critical role in strengthening the use of data, analytics and AI capabilities to enhance the client journey.”

The appointment underscores Standard Chartered’s commitment to leveraging data and technology to deepen client relationships and meet evolving client needs. As the bank continues to innovate, Demiral’s expertise is expected to be pivotal in advancing its capabilities in data-driven client engagement.
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A recent survey by International Workplace Group (IWG) indicates that nine in 10 CEOs and CFOs are increasingly adopting hybrid working models to tackle macroeconomic instability. The study, which surveyed over 1,000 global executives, highlights that 86% are taking proactive financial measures, with hybrid work being a key strategy to reduce costs and enhance business resilience.

The survey found that 83% of business leaders believe hybrid working is crucial for cost savings, with 77% already experiencing reductions in overheads such as office space and utilities. This shift allows companies to redirect resources towards growth and manage economic uncertainties more effectively. In Singapore, where small and medium-sized enterprises (SMEs) form the backbone of the economy, businesses are also leveraging hybrid work to navigate rising operational costs and talent shortages.

Hybrid work is not only a financial strategy but also a means to improve employee satisfaction and productivity. According to the survey, 88% of leaders report increased employee satisfaction, whilst 83% note measurable productivity gains. Mark Dixon, CEO and Founder of IWG, stated, “By empowering their teams to work closer to home in local workspaces and offices, companies operating in the hybrid model are able to significantly reduce their costs and improve the work-life balance of their people.”

As companies continue to face economic headwinds, hybrid working models are being recognised for their long-term strategic value, offering a sustainable approach to workforce management that extends beyond mere cost savings.
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