Industry News

Hogan Lovells, a global law firm, has announced the appointment of Charmian Aw as a partner in its Global Regulatory and Intellectual Property (IP) practice, based in Singapore. Aw, who will join the firm on 25 February from Squire Patton Boggs, brings a wealth of experience in data privacy, cybersecurity, and technology transactions across the Asia Pacific region.

This strategic hire marks the fifth recent addition to Hogan Lovells’ Singapore office, following the appointments of private equity and funds partners Siew Kam Boon, Timothy Goh, and Thomas Kim, as well as Rob Palmer in International Arbitration. The firm has also expanded its Hong Kong office with the addition of Michael Wong and Maria Sit, further strengthening its capabilities in private funds, complex disputes, and cross-border investigations.

Lloyd Parker, Regional Managing Partner for Asia Pacific, highlighted the significance of Aw’s expertise, stating, “Charmian’s expertise in data protection and cybersecurity within ASEAN significantly strengthens our regional offering.” Aw’s experience will be crucial as Hogan Lovells continues to meet growing client demand for coordinated advice amid heightened regulatory scrutiny.

Aw has worked with numerous global corporations on high-value technology transactions and regulatory compliance initiatives across more than 130 jurisdictions. Her appointment is expected to enhance Hogan Lovells’ capabilities in the fast-evolving area of data protection and cybersecurity. Janice Hogan, Practice Group Leader for the Global Regulatory and IP practice, noted, “Charmian’s exceptional experience will be instrumental in driving our growth in APAC.”

Aw expressed her enthusiasm about joining Hogan Lovells, stating, “The firm’s commitment to providing comprehensive advice across the region aligns perfectly with my approach to client service.”

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Demand for prime office space continues to grow worldwide, despite a 0.3% rise in rents and a 0.2% increase in fit-out costs in the final quarter of 2024, according to Savills’ latest report. Singapore and Tokyo ranked sixth and fifth, respectively, in the Prime Office Costs Index, with Singapore experiencing a 0.5% cost growth. The finance sector has overtaken technology as the leading industry for office space deals in the second half of 2024.

Savills’ report highlights a moderate upward trend in office costs, with a 1.9% increase over the year. In Asia Pacific, net effective costs declined by 1% in Q4 2024, with China seeing a 2.6% drop due to economic uncertainties. Conversely, Sydney and Melbourne experienced cost increases of 1.7% and 1.6%, respectively, driven by reduced landlord incentives and rental growth.

Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted, “The rise in Singapore’s office cost continued in 2024 as supply of Grade A offices was relatively tight and fit-out costs have been pressured by higher labour costs.”

Globally, Dubai and Los Angeles saw significant cost increases, with Dubai experiencing a 7% rise due to constrained supply and high demand. In North America, Los Angeles reported the highest leasing volumes since Q1 2020, reflecting strong demand.

Rick Schuham, CEO of Global Occupier Services at Savills, stated, “Ultra prime offices remain a key strategic asset for many businesses globally and almost all industries saw an increase in square footage transacted in H2 2024 compared to the first half of last year.”

Looking ahead, Savills anticipates continued growth in rent and leasing volumes in 2025, driven by demographic and behavioural trends as firms compete for talent.

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A recent survey by MDRi has revealed contrasting trends in the medical insurance landscapes of Hong Kong and Singapore. As Hong Kong experiences a growing interest in health insurance, Singapore is dealing with the challenges of rising medical costs and financial risk management.

The survey, which engaged 1,000 respondents across both regions, highlights that health is a top priority for residents in both markets. However, significant differences exist in insurance coverage. In Singapore, 90% of individuals have medical insurance, with 49% holding personal plans. In contrast, Hong Kong sees 81% coverage, with 19% of its population uninsured.

High-net-worth individuals (HNWIs) in Hong Kong are driving demand, with 48% planning to purchase new medical insurance in 2025. This contrasts with Singapore, where only 30% of HNWIs intend to acquire additional coverage due to already extensive insurance ownership.

The motivations for purchasing insurance differ between the two regions. Hong Kong residents are primarily driven by the need to address coverage gaps and rising medical expenses, whilst Singaporeans focus on mitigating financial risks. High costs remain a significant deterrent in both markets, affecting 62% of respondents in Hong Kong and 52% in Singapore.

Simon Tye, CEO of MDRi, emphasised the importance of these trends, stating, “Insurance firms must recognise the distinct landscapes of Hong Kong and Singapore.” The survey results suggest growth opportunities for insurers, particularly in Hong Kong, where many remain uninsured. Meanwhile, Singapore’s market could benefit from offering diverse coverage solutions to address rising medical expenses.

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DFI Retail Group has announced the appointment of Yoep Man as the new Chief Executive Officer for 7-Eleven across South China, Hong Kong, Macau, and Singapore.

Effective immediately, Yoep will spearhead the strategic direction and operations of the convenience retail business in these regions, focusing on innovation and growth to meet evolving customer demands. He will also join the Group’s Management Committee, contributing to the broader leadership of the organisation.

Yoep Man brings over two decades of experience in the retail industry, particularly in food and fast-moving consumer goods (FMCG) across the Asia Pacific. Prior to this role, he served as Managing Director of Food Singapore for DFI Retail Group, where he successfully led brands such as Giant, Cold Storage, CS Fresh, and Jasons Deli. Under his leadership, these brands achieved financial improvements and enhanced market positioning despite challenging conditions.

Scott Price, CEO of DFI Retail Group, expressed confidence in Yoep’s appointment, stating, “His appointment aligns perfectly with our customer-first approach, given his proven ability to enhance customer experiences and drive innovation.”

The appointment comes as 7-Eleven experiences robust growth, particularly in the ready-to-eat market, and continues to enhance customer experiences through digital advancements. Yoep Man commented, “I am excited to support 7-Eleven’s growth and ambitions in the markets we serve.”

DFI Retail Group, a leading Asian retailer, operates over 11,000 outlets and employs more than 200,000 people. The Group’s annual revenue in 2023 exceeded £26 billion, underscoring its significant presence in the region.

The tender process for the site at 22 Ubi Road 4 in Singapore has concluded without an award, as announced on 10 February 2025.

Despite receiving four bids, the highest offer failed to meet the reserve price, leading to the decision not to award the tender. The tender was initially launched on 21 November 2024 and closed on 22 January 2025.

The decision not to award the tender underscores the importance of meeting reserve prices in property transactions, ensuring that the value of the land is adequately reflected in the bids. This outcome highlights the competitive nature of the real estate market in Singapore, where strategic pricing plays a crucial role in the tendering process.

The site at 22 Ubi Road 4, located in a prominent industrial area, was anticipated to attract significant interest due to its strategic location. However, the inability of the bids to meet the reserve price indicates a potential reassessment of market valuations or bidder expectations.

This development may prompt future bidders to reassess their strategies and valuations when participating in tenders for similar sites. The authorities’ decision to withhold the award ensures that the site will remain available for future opportunities, potentially attracting more competitive bids that align with market expectations.

Singapore is expected to run a budget deficit of 0.8% of its Gross Domestic Product (GDP) in the financial year 2025, according to RHB Bank’s latest Global Economics and Market Strategy Report.

This marks a shift from an estimated surplus of 0.8% in FY2024. The report, attributed to Barnabas Gan, Acting Group Chief Economist and Head of Market Research at RHB Bank, outlines the anticipated focus areas for the upcoming budget.

The FY2025 budget is projected to concentrate on four main priorities: job security and cost of living, strengthening Singapore’s economic relevance and resilience, enhancing the social compact, and promoting a green and sustainable Singapore. These areas are seen as crucial for maintaining the nation’s economic stability and addressing pressing social and environmental issues.

RHB Bank predicts that Singapore’s economy will grow by 3.0% in 2025, a slight easing from the 4.0% growth expected in 2024. The bank also maintains its forecast for the Consumer Price Index (CPI) at 2.3% for the current year. These projections highlight a cautious yet optimistic outlook for Singapore’s economic performance amidst global uncertainties.

The focus on sustainability and economic resilience reflects Singapore’s ongoing commitment to adapt to changing global dynamics whilst ensuring the well-being of its citizens. As the budget details unfold, these priorities are expected to guide policy decisions and resource allocation in the coming year.

Standard Chartered has unveiled SC PrismFX, a comprehensive cross-currency transactional foreign exchange (FX) solutions suite, aimed at enhancing the FX payment services for its global clientele. The suite is designed for Financial Institutions, Non-Banking Financial Institutions, PayTech, and Corporate clients, including notable companies like bp and Ant International.

SC PrismFX consolidates Standard Chartered’s digital capabilities in Transaction Banking, Financial Markets, and Digital Platforms under a single brand. This integration allows the bank to offer robust FX services across more than 130 currencies in over 40 markets. Michael Spiegel, Global Head of Transaction Banking at Standard Chartered, highlighted the suite’s ability to provide clients with a “robust payment distribution network with direct clearing across multiple domestic schemes.”

For corporate clients such as bp, SC PrismFX ensures a consistent FX payments experience with competitive pricing and insights into emerging markets. PayTech clients like Ant International benefit from an extensive payments network and seamless integration with local payment schemes, enhancing customer experience.

The suite also offers Financial Institutions and Non-Banking Financial Institutions the convenience of a single provider with upfront FX rate visibility, enabling full control over margins and rates. Ankur Kanwar, Head of Transaction Banking & Cash Management, Singapore and ASEAN, described SC PrismFX as a “digital-first, future-ready solution” that enhances convenience and competitiveness for clients.

With SC PrismFX, Standard Chartered aims to leverage its foreign exchange expertise and extensive payment network to help clients navigate complex global and local market challenges effectively.

ST Engineering has announced the acquisition of maintenance, repair, and overhaul (MRO) contracts for CFM56-7B and LEAP-1A engines with two major operators in the Middle East. These multi-year agreements will see ST Engineering delivering heavy maintenance services from its engine MRO facilities located in Asia.

The company’s Head of Engine Services, Tay Eng Guan, highlighted the significance of these contracts, stating, “As a trusted engine MRO partner, we are continuously investing in our capabilities and services to better support our customers globally. Our market presence in the Middle East has been growing in recent years, and our latest contracts with the two new Middle Eastern customers provide a strong foundation for collaboration with operators in this region.”

ST Engineering’s Commercial Aerospace division has a robust history in servicing CFM56-5B and CFM56-7B engines. Notably, it is the first independent MRO provider in Asia to be recognised as a Premier MRO provider within CFM International’s LEAP open MRO ecosystem. The company expanded its capabilities in 2024 by adding testing services for the new-generation CFM LEAP-1A and LEAP-1B engines at its Singapore facility and is now advancing to include LEAP Performance Restoration Shop Visit services.

This development underscores ST Engineering’s strategic expansion in the Middle East, reinforcing its commitment to delivering high-quality services and fostering strong partnerships with regional operators. The contracts are expected to bolster the company’s presence and influence in the Middle Eastern aerospace market.

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The Ministry of Manpower (MOM), SkillsFuture Singapore (SSG), and Jobstreet by SEEK have announced a partnership to advance career health in Singapore. This collaboration introduces SEEK Pass, a platform enabling job seekers to securely verify and share their work credentials, thereby improving job matching efficiency.

The Career Health SG initiative, supported by this partnership, aims to empower workers to achieve their career goals and enable employers to access a broader talent pool through skills-first hiring. This initiative is crucial in a competitive labour market, as evidenced by a 146% increase in job applications per advertisement in 2024 compared to the previous year.

SEEK Pass, first launched in Australia by SEEK, has been customised for Singapore’s labour market. It allows candidates to utilise their Careers & Skills Passport (CSP), which includes employment history and educational qualifications verified by participating universities. This integration is expected to streamline hiring processes and enhance job opportunities.

Vic Sithasanan, Managing Director of Jobstreet by SEEK in Singapore, stated, “With the surge in job applications in 2024, SEEK Pass addresses the need for efficient hiring processes and empowers candidates to stand out.”

The initiative is part of a broader effort to support Singapore’s economic and social goals by realising the potential of its human capital. The government, alongside partners like Jobstreet, aims to develop tools and services that meet the evolving needs of workers and employers.

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Singapore’s small and medium-sized enterprises (SMEs) are facing significant financial challenges in 2025, with rising costs and economic uncertainty impacting cash flow. According to Syfe, a leading savings and investment platform in the Asia Pacific, these businesses are losing an estimated SGD 800 million annually by leaving idle cash in low-yield bank accounts. A recent survey by Syfe of 350 Singaporean SMEs highlights that nearly half prioritise guaranteed returns (48%) and liquidity (45%), yet many still rely on traditional banking solutions.

The survey reveals that the average SME holds less than 11 months of cash reserves, making them vulnerable to economic disruptions such as rising interest rates and inflation. To manage cash reserves, SMEs prefer strategies like money market funds, standard business bank accounts, and reinvesting in operations.

In response, Syfe, in partnership with Wallex, has launched Syfe Earn, a cash management solution offering returns of up to 3.5% with next-day fund access and no lock-in period. This initiative aims to help SMEs unlock the value of their idle cash and build financial resilience. Jack Prickett, Chief Commercial Officer at Syfe, stated, “By empowering businesses with smarter financial solutions, we can help them build the resilience needed to navigate challenges and drive growth.”

Syfe Earn is designed to support a diverse range of businesses, offering competitive returns and addressing the need for liquidity. Hiro Kiga, General Manager at M-DAQ Global and Co-Founder of Wallex, added, “We’re excited to partner with Syfe to introduce this new feature, enabling businesses to transform their Wallex wallet funds into a steady, low-risk source of returns.”

The survey polled SME business owners aged 25 and above in Singapore, with cash reserves ranging from SGD 100,000 to 20,000,000, to understand their cash management strategies and challenges.

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