Industry News

KPMG International has released its Global Economic Outlook for June 2025, forecasting a significant slowdown in global GDP growth from 3.2% in 2024 to 2.7% in 2025. This deceleration is attributed to heightened geopolitical uncertainty and de-globalisation trends, which are prompting executives worldwide to adopt a ‘pause and prepare’ strategy.

The report, which draws insights from KPMG’s first-ever Global Economic Outlook webinar attended by nearly 2,000 executives, highlights that 34% of executives view macroeconomic volatility as their primary concern, whilst 30% are worried about geopolitical instability. Regina Mayor, Global Head of Clients & Markets at KPMG International, noted that “uncertainty consistently ranks as their foremost concern” among CEOs.

KPMG’s Global Geopolitics team describes the current international scenario as a ‘Critical Recession’, marking a shift from a US-dominated globalisation era to a more multipolar world. This transition is expected to impact regions like Southeast Asia significantly, with countries such as Singapore and Hong Kong potentially facing recessions due to changes in US trade policies.

In the Americas, economic growth is projected to slow to 2.7% in 2025, the weakest since the 2008/9 financial crisis. Diane Swonk, Americas Chief Economist at KPMG International, highlighted the impact of rising tariffs, which are expected to exceed 20% by year-end, contributing to a surge in the US trade deficit.

In Europe, GDP growth is anticipated to be modest, with the Eurozone expected to grow by 0.9% in 2025. Yael Selfin, European Chief Economist at KPMG International, pointed out that Europe remains vulnerable to tariff escalations, particularly in the pharmaceutical sector.

As businesses navigate these challenges, KPMG advises leaders to view geopolitical risks as strategic assets and to remain agile in adapting to the evolving global landscape.
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Businesses in Singapore and Southeast Asia are facing critical cloud security vulnerabilities, according to the 2025 Cloud Security Risk Report released by Tenable. The report highlights alarming gaps in cloud environments, revealing that 9% of cloud storage resources contain sensitive data, whilst 54% of organisations have secrets embedded in workloads. These misconfigurations could lead to data breaches, financial losses, and regulatory repercussions.

The report’s findings are particularly concerning for organisations in regulated sectors or those managing cross-border data flows. In Singapore, frameworks such as the Cybersecurity Act and Personal Data Protection Act (PDPA) impose stringent data protection requirements. Similar regulations exist across the region, including Indonesia’s Personal Data Protection Law and Malaysia’s PDPA, underscoring the need for robust cloud governance.

Tenable’s research found that nearly one in ten publicly accessible storage locations holds sensitive data due to common misconfigurations and weak access controls. Additionally, 54% of organisations using AWS ECS task definitions have secrets embedded, exposing them to potential cloud environment takeovers. Furthermore, 3.5% of AWS EC2 instances contain credentials in user data, providing attackers with pathways to escalate privileges.

Ari Eitan, Director of Cloud Security Research at Tenable, emphasised the importance of securing secrets within cloud infrastructures. “Secrets are the keys to the kingdom, yet many organisations are unknowingly leaving them unguarded,” he stated. Eitan urged organisations to prioritise security hygiene to prevent potential breaches.

As Singapore continues to expand cloud adoption, supported by initiatives like IMDA’s Cloud Outage Incident Response framework, the report stresses the need for a proactive, risk-driven security strategy. Understanding data access and implementing strong controls must become a priority at the board level to mitigate these risks.
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The National Basketball Association (NBA) has announced that eight marketing and promotional partners will support the first-ever NBA Rising Stars Invitational, a regional high-school basketball tournament. Scheduled from 25 to 29 June at the Kallang Tennis Hub in Singapore, the event will showcase boys’ and girls’ teams from 11 countries across the Asia-Pacific region. The tournament is part of a broader basketball and entertainment festival supported by Sport Singapore and the Singapore Tourism Board.

The event will be headlined by notable figures such as three-time NBA All-Star Domantas Sabonis and two-time WNBA champion Lauren Jackson. NBA Legend Yao Ming will also make special appearances, including attending the opening ceremony. The festival will offer fans interactive experiences, including player meet-and-greets, open court sessions, and photo opportunities with NBA memorabilia.

Key partners include SoftBank, which will provide in-venue branding and livestream the tournament in Japan, and the Karim Family Foundation, which will host community clinics. The Singapore Sports Hub will serve as the Official Venue Partner, hosting various events. Other partners like 2K, New Era, and Wilson will contribute through gaming booths, merchandise, and official game balls.

The NBA Rising Stars Invitational will be livestreamed on its YouTube channel, with updates available on the event’s Instagram page. Fans can visit the NBA’s website for ticketing information.
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ShawKwei & Partners, an Asian private equity industrial investor, has successfully completed the $165m acquisition and delisting of PEC Ltd from the Singapore Exchange. The acquisition was executed through Liberty Energy Solutions, an investment platform under ShawKwei’s control. PEC, founded in 1982 and headquartered in Singapore, is a prominent provider of maintenance and engineering procurement and construction services for the oil, gas, and petrochemical industries.

The acquisition marks a significant step for Liberty Energy, which aims to enhance its global platform with top-tier energy services. Liberty Energy, which already owns CR3 Group and ZymeFlow LLC, plans to integrate PEC’s operational capabilities to establish a leading provider of comprehensive energy solutions. Kyle Shaw, Founder and Managing Partner of ShawKwei and Chairman of Liberty Energy, stated, “This addition of PEC’s operational expertise to Liberty Energy strengthens CR3’s engineering and manufacturing capabilities, broadens the group’s geographic spread of customers, and creates more opportunities for ZymeFlow’s proprietary decontamination technology.”

PEC will continue to operate under the leadership of Chair Edna Ko and CEO Robert Dompeling, who will now work within Liberty Energy to address global energy service demands. ShawKwei & Partners, established in 1998, focuses on investing in industrial and service companies across Asia, Europe, and the US, aiming to improve business performance through strategic partnerships.

The acquisition is expected to accelerate Liberty Energy’s strategic development, positioning it to better serve global clients with world-class products and services in the evolving energy industry.
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Singapore Exchange Ltd (SGX) shares closed at 1,403 on the Singapore Exchange, maintaining the same level as the previous close. Despite a high trading volume of 1,300,300 shares, the stock showed minimal movement, with a slight change of 0.16. The day’s trading saw a high of 1,412 and a low of 1,400.

The steady performance of SGX shares comes amidst a backdrop of fluctuating market conditions. Investors are closely monitoring the stock, which has shown resilience despite broader market volatility. The unchanged closing price suggests a balanced sentiment among traders, with neither significant buying nor selling pressure evident.

SGX’s consistent performance is noteworthy given the current economic climate, where many stocks experience significant swings. The high trading volume indicates continued interest and confidence in the stock, even as it remains stable. This stability may appeal to investors seeking less volatile investment options.

Looking ahead, market analysts will be watching for any shifts in trading patterns or external factors that could influence SGX’s stock price. The company’s ability to maintain its position amidst market fluctuations will be crucial for investor confidence.
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The Council for Estate Agencies (CEA) has reported a significant 15-percentage point increase in consumer satisfaction with property agents over the past year, as revealed in their 2024 Public Perception Survey of the Real Estate Agency Industry. This rise indicates that consumers feel more supported and informed when engaging with property agents, according to Eugene Lim, Key Executive Officer of ERA Singapore.

Lim noted that whilst the increase in satisfaction is a positive sign, there remains work to be done. Consumers expect agents to maintain professionalism and stay updated on property transaction regulations. They value agents who can deliver speed, accuracy, and negotiation expertise, guiding them through complex procedures with confidence.

The survey highlights the growing importance of digital platforms in the property journey, with online ratings and reviews becoming a new trust currency. This trend is pushing the industry towards greater consistency and consumer focus, as agents are held accountable for their digital footprints.

Despite the rise of digital touchpoints, the human connection remains crucial. Agents are expected to guide clients through high-stakes decisions, necessitating a blend of technology, data, and soft skills. Lim praised the leadership of the CEA and the Ministry of National Development for setting clear standards and fostering a consumer-centric property ecosystem. He expressed a commitment to continue working with authorities to further elevate industry standards.
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Singapore Airlines (SIA) is set to announce its Q1 FY26 financial results in late July or early August, with expectations of a core net profit ranging between S$400m and S$500m. This projection aligns closely with the previous year’s performance, despite the challenges posed by rising geopolitical tensions in the Middle East, which have led to increased jet fuel prices.

In May 2025, SIA reported a 3.1% year-on-year increase in passenger load and a 4.2% rise in cargo load, both surpassing pre-pandemic levels. The closure of Jetstar Asia, a competitor, presents an opportunity for SIA and its low-cost subsidiary, Scoot, to expand their market share at Changi Airport. This development is expected to support SIA’s medium-term growth outlook.

However, the recent conflict between Israel and Iran has caused a significant spike in Brent crude oil prices, raising concerns about future fuel costs. Despite these challenges, SIA maintains a “Hold” rating with a target share price of S$6.63, reflecting a cautious yet optimistic outlook.

The airline’s strategic moves, including absorbing Jetstar Asia’s market share and staff, are seen as positive steps towards maintaining its competitive edge. As SIA navigates these turbulent times, its focus remains on leveraging opportunities for growth whilst managing the risks associated with fluctuating fuel prices.
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Economists surveyed by the Monetary Authority of Singapore (MAS) have revised down the city-state’s economic growth forecast for 2025, citing global trade uncertainty and geopolitical tensions as significant headwinds. The latest MAS survey, released on Wednesday, indicates a median GDP growth projection of 1.7% for this year, a decrease from the previous forecast of 2.6% and a significant drop from the 4.4% growth recorded in 2024.

The survey also adjusted the 2026 growth forecast, now expecting a 1.7% increase instead of the previously anticipated 2.3%. Geopolitical tensions and rising trade frictions were identified as the primary risks to Singapore’s economic outlook, alongside concerns about an external slowdown and tighter financial conditions.

On a more positive note, easing trade tensions and a better-than-expected external outlook, particularly in China and the US, were highlighted as potential upside risks. Additionally, a sustained upturn in the tech cycle could bolster Singapore’s economic prospects.

However, the outlook for Singapore’s non-oil domestic exports remains bleak, with annual shipments expected to rise by only 1.0%, down from the 2.8% increase predicted in March. This follows an unexpected decline in exports in May, ending a three-month growth streak.

Inflation is projected to moderate, with the headline figure expected to ease to 0.9% from the earlier forecast of 1.7%, and core inflation cooling to 0.8% from 1.5%. Manufacturing is anticipated to contract by 0.3% this year, reversing the 2.9% expansion predicted in March, whilst private consumption is expected to grow by 3.1%, slightly down from the previous 3.5% forecast.

Over half of the survey respondents anticipate further easing by the central bank at its July policy review, primarily through adjustments to the Singapore dollar nominal effective exchange rate policy band. The MAS survey, reflecting the views of 20 respondents, does not represent the central bank’s own forecasts.
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Singapore-based fintech company Finmo has unveiled MO AI, a conversational co-pilot designed to streamline global treasury operations for finance teams. This innovative tool, embedded within Finmo’s intelligent treasury platform, promises to enhance cash management, forecasting, compliance, and reporting by leveraging natural language processing.

MO AI is engineered to handle complex multi-entity and multi-currency workflows, offering finance professionals the ability to retrieve account balances, initiate transactions, and generate reports with ease. According to Finmo’s CEO, David Hanna, “MO AI reflects the kind of meaningful innovation we aim for at Finmo—solving real-life treasury challenges with intelligent, usable tech.”

The system’s architecture combines real-time data integration with Finmo’s proprietary Model Context Protocol, enabling it to interpret finance-specific language and execute transactions securely. Raj Vimal Chopra, Finmo’s Chief Technology Officer, highlighted that MO AI was developed as a domain-specific AI system, integrating generative AI and advanced large language models to address the complexities of global treasury management.

Akhil Nigam, Chief Product Officer at Finmo, stated, “MO AI has been designed to think like a CFO function. It’s built to understand the urgency, structure, and decision logic behind every action.” The platform aims to transition finance teams from reactive to proactive execution, positioning them to lead strategically in a dynamic global economy.

Looking ahead, Finmo plans to enhance MO AI with predictive capabilities, complete workflow automation, and adaptive learning tailored to individual user roles, marking a significant step towards intelligent finance.
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Proteus Energy, a Singapore-based clean energy provider, has introduced the Proteus® Maritime Fuel Cell Solution, a modular hydrogen fuel cell system designed for maritime applications. Developed in collaboration with Symbio France, a leader in automotive fuel cell technology, the system aims to provide a sustainable energy solution for various vessel types, including harbour craft and offshore support vessels.

The Proteus® Maritime Fuel Cell Solution offers a 75 kW output per fuel cell stack, which can be combined for larger power needs. This innovation is particularly significant as it addresses the maritime industry’s urgent need for clean energy solutions. “The maritime industry needs viable clean energy solutions today,” said Lars Gruenitz, CEO of Proteus Energy. “This best-in-class system is the logical and most cost-effective choice to help operators make a quantum leap in their decarbonisation efforts.”

The system promises zero tailpipe emissions, low maintenance costs, and fast refuelling times, making it a compelling alternative to traditional marine diesel generators. Additionally, it complements electric propulsion, enhancing the range and efficiency of hybrid vessels.

Symbio’s fuel cell technology, which has already powered vehicles across Europe, is now adapted for marine conditions. The fuel cells are manufactured at Symbio’s gigafactory in Lyon, France, ensuring high production capacity and quality.

Proteus also offers high-pressure hydrogen storage tanks, developed with Forvia, to facilitate onboard hydrogen storage. The Proteus® Maritime Fuel Cell Solution is expected to be available for delivery from January 2026, with type approval anticipated by the end of this year.
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