Industry News

The Institute of Chartered Accountants in England and Wales (ICAEW) and the Tax Academy Singapore (TA) have signed a Memorandum of Understanding (MoU) to enhance collaboration and professional development in the field of taxation. This strategic partnership, formalised by Azlina Bulmer, Interim International Director of ICAEW, and Dennis Lui, CEO of TA, seeks to strengthen Singapore’s talent pipeline and support its position as a competitive global business hub.

The partnership will provide Singaporean tax professionals with access to ICAEW’s world-leading expertise and resources, alongside TA’s industry-relevant programmes. These initiatives aim to bridge academic knowledge with real-world application, raising professional standards and advancing Singapore’s standing as a hub for thought leadership in taxation.

Azlina Bulmer highlighted the importance of the collaboration, stating, “Tax professionals serve all areas of business and public life and play a key role in shaping trust and inspiring confidence in economies.” Dennis Lui added that the partnership underscores TA’s vision to be a leading centre for tax education, reflecting their commitment to nurturing tax expertise.

Following the MoU signing, Dennis Lui participated in the ICAEW VAT Conference, where a Singaporean team presented their award-winning research on reforming the UK VAT system. This research provided a comparative analysis with tax systems in Singapore and New Zealand, offering insights into potential reforms for the UK.

This partnership marks a significant step in international collaboration, aiming to build a future-ready tax workforce in Singapore.
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A recent report by Docusign and Deloitte has revealed that whilst Singapore excels in digital trust, it lags behind its Asia Pacific peers in adopting AI and automation in agreement management. The 2025 Optimising Agreement Management report highlights that 89% of Singaporean business leaders express strong confidence in their agreement systems, yet only 16% of businesses have fully automated contract creation.

The study, which surveyed over 1,400 business leaders across 14 markets, underscores the strategic importance of agreement management in driving business performance. It found that organisations with mature agreement systems are 77% more likely to outperform their peers. However, Singapore trails behind Australia, New Zealand, and Japan in terms of automation and AI integration, with these countries reporting significantly higher levels of advanced capabilities.

Kartik Krishnamurthy, Vice President, Asia at Docusign, noted, “The divergence in agreement management maturity across APAC highlights unique opportunities for businesses in each market. Singapore’s strong foundation in digital governance and trust positions it well to accelerate AI adoption and automation in agreement processes.”

The report also indicates a shift in how agreement management is perceived within organisations, with over 75% of businesses now assigning C-level oversight to these processes. This reflects a move from viewing agreement management as a back-office function to recognising it as a critical component of business infrastructure.

As Singapore looks to enhance its agreement capabilities, the report suggests that embracing AI and automation could unlock significant productivity gains and ensure competitiveness in a digital-first economy.
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A new diagnostic kit, Steadfast H5-HPAI, developed in Singapore for detecting the highly pathogenic H5 Avian Influenza Virus (AIV), has been commercialised and licenced for laboratory use. This significant milestone follows its development in November last year through a collaboration between the Diagnostics Development Hub (DxD Hub), the Agency for Science, Technology and Research (A*STAR), and Japan’s National Institute for Environmental Studies.

The Steadfast kit is designed for centralised laboratories, offering rapid and accurate detection of avian influenza viruses within three hours. Its high sensitivity and specificity make it crucial for early outbreak detection and biosecurity response. The kit will be distributed by BioAcumen Global Pte Ltd to national surveillance centres, veterinary clinics, hospitals, and private laboratories across Southeast Asia by December 2025.

Jimmy Toh, Director and Chief Scientist of BioAcumen Global, stated, “Our goal is to make advanced diagnostics more accessible and responsive to real-world needs.” This sentiment was echoed by Dr Weng Ruifen, CEO of DxD Hub, who highlighted the collaboration’s role in bolstering regional preparedness against emerging infectious diseases.

The commercialisation of Steadfast underscores the power of public-private collaboration in accelerating healthcare innovation. With its regional rollout underway, the technology is poised to enhance avian flu surveillance and response throughout Asia, marking a significant step forward in public health protection.
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Singapore Exchange has experienced a significant rise in its share value, nearly 50% over the past year, driven by increased derivatives trading volumes amid global uncertainty. However, recent statistics from May 2025 reveal a deceleration in this momentum. The surge in trading was initially fuelled by volatility, particularly in foreign exchange futures, which saw a 50% year-on-year increase following US tariff announcements in April 2025. Despite this, equity derivatives and iron ore futures have seen a decline since the US election.

The slowdown in derivatives trading is noteworthy as it suggests that the volatility-driven growth may have reached its peak. Whilst foreign exchange futures remain robust due to geopolitical uncertainties, cash equity trading volumes are expected to decline by approximately 10% in fiscal 2025, influenced by China’s economic slowdown. Despite this, revenue may see a slight increase due to higher per-trade pricing.

Morningstar has adjusted its fair value estimate for Singapore Exchange, increasing it by 3% to S$14, reflecting the time value of money. The market appears to share a similar outlook, with shares trading close to this fair value. This adjustment underscores the importance of derivatives trading to Singapore Exchange’s overall performance, even as the pace of growth moderates.

In conclusion, whilst Singapore Exchange continues to benefit from strong foreign exchange futures trading, the cooling of other derivatives and cash equity trading highlights the challenges ahead. The company’s ability to adapt to these changes will be crucial in maintaining its market position.
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Singapore-headquartered Peak Energy, a leading renewable energy developer in Asia, has announced the acquisition of a 48 MW ready-to-build solar portfolio in Japan. This strategic move, completed on 17 June 2025, will see the projects come online progressively between 2026 and 2028, incorporating battery storage to enhance climate impact and cost savings for customers.

The newly acquired sites, located across various regions including Tokyo and Tohoku, are expected to generate nearly 60 GWh of zero-carbon electricity annually. This output is equivalent to the power consumption of approximately 15,000 households and will help avoid nearly 27,000 tonnes of CO₂ emissions each year, akin to removing about 9,000 cars from the roads.

Electricity generated from these solar plants will be sold to corporate clients through long-term power purchase agreements (PPAs), with fixed prices from the outset, ensuring customers are protected from electricity tariff fluctuations. Selected sites will also feature battery energy storage systems, allowing for extended use of renewable energy into the night.

This acquisition marks another milestone in Peak Energy’s rapid expansion in Japan, following its earlier acquisition of 11 MW of ready-to-build high-voltage solar sites in 2025. The company also co-owns a 28 MW solar plant in Kyushu and offers a range of energy services to corporate power users in Japan.

Gavin Adda, CEO of Peak Energy, stated, “This acquisition further cements our position in Japan, where we are now uniquely positioned to serve large power consumers with cheap, clean energy at the scale they require and within the timeframe they need to meet their climate objectives.”

Peak Energy is committed to delivering clean, affordable, and reliable power solutions across Asia, with over 200 MW of solar projects and 298 MWh of battery storage capacity in operation or under construction.
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Rex International Holding Limited has announced its production figures for May 2025, revealing a total output of 10,874 barrels of oil equivalent per day (boepd) from its operations in Norway and Oman. This update highlights the company’s ongoing activities in these regions.

In Norway, Lime Petroleum AS, a subsidiary of Rex, reported a combined production of 9,159 boepd from the Brage and Yme Fields. Lime Petroleum holds a 33.8434% interest in the Brage Field, operated by OKEA ASA, and a 25% interest in the Yme Field, operated by Repsol Norge AS. The Yme Field’s gas production is utilised for operational purposes and re-injected to enhance oil recovery. The company noted that both scheduled and unscheduled shut-ins occurred during May, which are typical in the course of operations, and drilling activities continue at the Brage Field.

Meanwhile, in Oman, Masirah Oil Limited, another subsidiary of Rex, reported an average production of 1,715 stock tank barrels per day (stb/d) from the Yumna Field in offshore Block 50. A planned maintenance shutdown was completed ahead of schedule, within three days, at the end of the month. Masirah Oil holds a 100% interest in Block 50.

These production updates underscore Rex International’s strategic operations in key oil-producing regions, with ongoing efforts to optimise output and maintain operational efficiency. The company’s use of its proprietary Rex Virtual Drilling technology continues to play a crucial role in de-risking exploration and development activities.
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Sustainable Fitch has issued a Second-Party Opinion on the Impact Investment Exchange’s (IIX) Women’s Livelihood Bond (WLB) Series framework, declaring it fully aligned with the International Capital Market Association’s Green Bond Principles, Social Bond Principles, and Sustainability Bond Guidelines. The opinion, rated as ‘Excellent’, also marks Sustainable Fitch’s inaugural evaluation against the Orange Bond Principles, developed by the Orange Movement.

IIX, a Singapore-based impact investment management firm, focuses on providing financial solutions to underserved communities. The WLB Series targets low-income women in South Asia, Southeast Asia, and Sub-Saharan Africa, offering loans in sectors such as clean energy, sustainable agriculture, and affordable housing. The framework’s proceeds are allocated across seven categories, including water, sanitation, and hygiene loans, as well as microfinance and micro-insurance products.

Sustainable Fitch anticipates that these projects will significantly enhance environmental and social outcomes, such as employment generation and improved access to financial services for underserved women. The evaluation underscores the framework’s potential to increase renewable energy use and improve sanitation facilities.

The endorsement by Sustainable Fitch not only validates IIX’s commitment to sustainable finance but also sets a precedent for future evaluations under the Orange Bond Principles. This development is expected to bolster confidence in impact investments aimed at fostering social and environmental progress.
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ABB has entered into a new five-year service agreement with StarDream Cruises, covering maintenance and lifecycle support for the luxury cruise ships Star Navigator and Genting Dream. This collaboration marks a significant milestone as ABB celebrates the 25th anniversary of its Marine & Ports division’s operations in Singapore.

The agreement ensures that both vessels, measuring 269 and 335 metres respectively, will receive 24/7 technical support from ABB. Star Navigator is scheduled for two drydocking projects, whilst Genting Dream will undergo one during this period. This partnership comes at a time when Asia’s cruise market is experiencing robust growth, contributing 16.7% to the global cruise market in 2024 and generating revenues of $1.48 billion, with projections to reach $3.23 billion by 2030.

Rickard Cignozzi, Vice President of Technical Operations at StarDream Cruises, expressed confidence in ABB’s services, stating, “ABB’s commitment to innovation and service excellence has consistently supported our own.” Juha Koskela, President of ABB’s Marine & Ports division, highlighted the enduring relationship, noting, “This renewed partnership with StarDream Cruises is more than just a service agreement. It’s a celebration of a relationship that began 25 years ago here in Singapore.”

Both ships are equipped with ABB’s Remote Diagnostic System and Propulsion Control System. Genting Dream also features ABB Ability™ OptimE, an automated marine software toolset for optimising propulsion unit performance. This agreement underscores ABB’s continued success in Asia and its commitment to supporting the cruise industry’s growth and technological advancement.
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In a recent survey conducted by Randstad, the world’s largest talent agency, 41% of Singaporean respondents expressed a desire to change jobs to improve their work-life balance. This finding is part of the 2025 Employer Brand Research, which surveyed 2,522 working adults in Singapore. The study highlights that alongside work-life balance, 36% of respondents are motivated by the need for higher salaries due to rising living costs.

The research, independently conducted by Kantar, also indicates a decline in job-switching intentions. Between July and December 2024, 17% of respondents changed jobs, a 2-point decrease from the previous year. Furthermore, only 31% plan to switch jobs in the first half of 2025, marking a 3-point decline year-on-year.

David Blasco, Country Director at Randstad Singapore, emphasised the importance of employee retention, stating, “Employers need to pay attention to their employees’ growth, well-being and happiness to reduce these push factors.”

Sector-specific data reveals that tech and finance professionals are the most likely to consider job changes in 2025, with 43% of tech talent and 37% of finance professionals planning to switch. However, the tech sector is facing a tougher job market, with only 11% of tech workers securing new positions between July and December 2024, down from 16% the previous year.

The full results of the 2025 Employer Brand Research will be released on 25 June 2025, offering further insights into employee motivations and engagement factors.
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Patients and caregivers visiting the National University Health System (NUHS) hospitals can now access real-time emergency department wait times through the newly enhanced NUHS App. This digital feature, launched on 23 March 2025, allows users to check estimated wait times at the National University Hospital (NUH), Ng Teng Fong General Hospital, and Alexandra Hospital before arrival, with updates every 30 minutes.

The app’s enhancements aim to reduce uncertainty and improve patient flow by allowing individuals to complete health declarations in advance. This streamlines the triage process and helps identify high-risk patients promptly. Adjunct Professor Malcolm Mahadevan, Group Chief of Emergency Medicine at NUHS, stated, “Providing transparency about wait times helps to support hospital operations by improving patient flow and managing expectations.”

In addition to wait times, the app offers resources for non-emergency conditions, including access to the NurseFirst helpline, staffed by triage nurses from Woodlands Health. This service directs patients to appropriate care based on their symptoms. Users can also locate nearby GPFirst and PaedsENGAGE clinics within a 2km radius, enhancing access to primary care.

The NUHS App, developed with Synapxe, has over 840,000 unique users and is part of a broader initiative to leverage digital tools for better healthcare navigation. As the Ministry of Health plans to consolidate public healthcare apps by 2027, NUHS will continue to refine its digital offerings, contributing to the development of a unified platform.
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