Industry News

The Association of Banks in Singapore (ABS) has released the results of the fourth Banking Trust Index for Singapore (BTIS) survey, conducted by Edelman Data & Intelligence from 27 September to 5 November 2024. The survey revealed that whilst trust in the Singapore banking industry remains high, there has been a slight decline in the Edelman Net Trust Score (ENTS) from 70 in 2022 to 68 in 2024. This dip is attributed to increasing public expectations for banks to make a positive societal impact.

The survey, which included responses from 3,501 Singapore residents across 14 participating banks, highlighted a shift in public priorities. Whilst banks have maintained or improved their performance in 26 trust drivers, the emphasis on Purpose—banks’ societal contributions—has become more significant. Despite improvements in community involvement and environmental sustainability, Purpose remains the lowest-performing driver compared to Ability, Integrity, and Dependability.

Key drivers of trust continue to be banks’ financial strength, technological innovation, and product quality. The industry has also made strides in accountability, customer relations, and transparency. However, the report suggests that banks could further enhance trust by focusing on customer centricity and ethical conduct.

For the first time, the BTIS report included studies on financial literacy and scam management, recognising banks’ efforts in these areas as crucial for fostering trust. The ABS plans to use these findings to bolster customer protection against scams and enhance community support through initiatives like the $4m Industry Community Giveback Programme.

ABS Chairman and Group CEO of OCBC Bank, Helen Wong, expressed optimism, stating, “We are heartened by the robust trust that the public places in banks in Singapore, and with it, the rising expectations for us to do more for the common good.”
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Singapore has taken a significant step towards transforming its economy with the release of a consultative paper titled “Skills-First: Are We There Yet?” The paper, launched on 20 May 2025, calls for a coordinated, multi-stakeholder approach to foster a skills-powered economy. This initiative, led by the Institute for Adult Learning (IAL), aims to address the structural barriers hindering the adoption of skills-first practices.

The paper identifies five key barriers: signalling failures, coordination deficits, risk asymmetry, measurement gaps, and cultural resistance. These challenges have kept workforce systems entrenched in qualification-first thinking, leaving 100 million workers globally underemployed due to skills mismatches, as reported by the World Economic Forum in 2024.

Highlighting successful global interventions, the paper points to Sweden’s Job Security Councils and New Zealand’s micro-credentials system as models for addressing these inefficiencies. It also notes PwC’s skills-first workforce strategy, which improved internal mobility and reduced hiring time by 45%.

Since the SkillsFuture Movement’s inception in 2015, Singapore has made strides in updating higher learning mandates and engaging employers to drive skills-first practices. Initiatives include national jobs-skills taxonomies and digital tools to enhance skills signalling.

The paper emphasises that realising a skills-first ecosystem requires rethinking how skills are valued and applied across the system. It calls for stakeholders to engage in a national conversation, facilitated by IAL-led roundtables, to shape Singapore’s future as a skills-powered economy.
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Singapore’s rental market continued to show resilience in April 2025, with both condominium and Housing Development Board (HDB) rental volumes rising despite increasing prices.

According to the latest report by 99.co and SRX, rental prices for private condominiums increased by 0.1% month-on-month, with the Core Central Region (CCR) and Outside Central Region (OCR) seeing increases of 0.3% and 0.5%, respectively. The Rest of Central Region (RCR) remained stable.

The report highlighted a 2.7% month-on-month increase in condo rental volumes, with 6,088 units rented in April. Year-on-year, rental prices rose by 2.5%, with the OCR leading the growth at 2.9%. Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that “prospective tenants are displaying increased price sensitivity and demonstrating greater reluctance towards premium asking rates.”

In the HDB segment, rental prices rose by 0.3% from March, with Mature and Non-Mature Estates seeing increases of 0.4% and 0.2%, respectively. The demand for 3-room and 4-room flats was particularly strong, with prices rising by 0.3% and 0.7%. However, Executive flat rentals saw a decline of 0.9%.

HDB rental volumes increased by 5.9% month-on-month, with 2,881 flats rented in April. Despite this, year-on-year rental volumes were down by 3.4%. The report suggests that the shift towards HDB flats may be driven by tighter household budgets amidst global economic uncertainty.

Overall, the rental market’s upward trajectory in both volume and price indicates a robust demand, although tenant preferences are shifting towards more cost-effective options. As the market adapts to these changes, further fluctuations in rental dynamics are expected.
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The Singapore Department of Statistics has unveiled the Quarterly Wholesale Trade Index for the first quarter of 2025, revealing a 7.2% decrease in domestic wholesale sales compared to the same period last year.

When excluding petroleum, the decline in domestic sales is slightly steeper at 7.8%. In contrast, foreign wholesale sales have shown a positive trend, rising by 1.1% over the same timeframe. Excluding petroleum, foreign wholesale sales experienced a more significant increase of 7.7%.

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Income Advisory Financial Advisers (IAFA), a subsidiary of Income Insurance Limited, has announced a strategic partnership with Arta Finance, a digital wealth management platform, to offer sophisticated investment opportunities to Singapore’s accredited investors. This collaboration will provide IAFA clients with access to private markets and structured products typically reserved for ultra-high-net-worth individuals.

The partnership will also see IAFA leveraging Arta’s advanced AI tools to enhance personalised investment strategies. Grace Yong, CEO of IAFA, stated, “This partnership with Arta gives our accredited investors access to financial instruments that are typically out of reach for them, except for the wealthiest.”

Arta Finance, founded by former Google executives, aims to democratise access to elite financial services. Amanda Ong, Country Head, Singapore at Arta Finance, noted, “Our platform is purpose-built to serve the needs of accredited investors and opens up a much wider universe of investment opportunities.”

This collaboration marks Arta’s first financial advisory partnership and a significant milestone in its B2B journey. The partnership is set to provide exclusive offerings to IAFA’s accredited clients this quarter, further enhancing the financial advisory firm’s service delivery.
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Gene Solutions has unveiled SPOTMAS Lung, an innovative blood-based test powered by artificial intelligence (AI) and multiomics analysis, designed to enhance early lung cancer detection in Asia. This new test is particularly significant for asymptomatic individuals and those with inconclusive imaging results, who are often overlooked by traditional screening methods.

Lung cancer remains a major health concern in Asia, accounting for 62% of global lung cancer deaths. Alarmingly, nearly half of the patients in the region are diagnosed at a metastatic stage, where curative treatment is often not possible. Early detection, however, can dramatically improve survival rates, making the SPOTMAS Lung test a crucial development.

The test analyses circulating tumour DNA (ctDNA) shed by cancer cells, using a multiomics tumour atlas and AI models trained on Asian population data. This approach aims to make advanced testing more affordable whilst maintaining high sensitivity and specificity. Notably, the test has shown no significant difference in performance between smokers and non-smokers, making it particularly useful in regions where lung cancer in never-smokers is prevalent.

Gene Solutions has partnered with 365 Cancer Prevention Society and Bethesda Medical Centre in Singapore to offer free tests as part of a public health initiative. This collaboration aims to increase awareness and expand access to early detection, aligning with Gene Solutions’ mission to provide accessible, precision-based cancer screening.

A multicentre validation study is planned in Singapore to further assess the test’s performance. Prof Anand Sachithanandan, Founding President of Lung Cancer Network Malaysia, highlighted the test’s potential to address the unmet need for early diagnosis in high-risk non-smokers.
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DynaAi, a Singapore-based AI-as-a-Service company, has officially launched its operations in Nigeria, marking its first venture into the African continent. The launch event, held on 15 May, introduced a strategic partnership with PalmPay, a leading digital bank and fintech platform in Nigeria with over 35 million users. This collaboration aims to leverage DynaAi’s cutting-edge AI technologies to enhance PalmPay’s operational efficiency and user experience.

The event, named Nigeria Dyna Day, featured key figures such as Tomas Skoumal, Chairman and Co-Founder of DynaAi, and Chika Nwosu, Managing Director of PalmPay. Skoumal emphasised the importance of collective efforts in transforming Nigeria’s finance industry, stating, “Transforming the Nigerian finance industry is never a one-party job. It requires collective effort from ecosystem players and support from the local government.”

DynaAi showcased its advanced AI solutions, including AvatarGPT and VoiceGPT, which are designed to improve customer engagement and employee experience. These technologies adapt to local languages and accents, enhancing communication and interaction within the Nigerian market.

PalmPay’s Managing Director, Chika Nwosu, expressed enthusiasm about the partnership, highlighting the potential to set new standards in digital finance. “By leveraging their remarkable artificial intelligence-powered infrastructure, we’re reinforcing the reliability and safety of our services,” Nwosu said.

Looking forward, DynaAi and PalmPay plan to explore further applications of AI solutions across additional African markets, aiming to drive efficiency and innovation. This partnership underscores DynaAi’s commitment to building infrastructure, creating local jobs, and scaling innovation from Nigeria to the rest of Africa.
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The Maritime Rescue Coordination Centre (MRCC) Singapore, operated by the Maritime and Port Authority of Singapore, successfully coordinated the rescue of 30 individuals from the capsized Indonesia-registered craft, FACIFIC MEMORY II, on 20 May 2025. The incident occurred at 0720hrs Singapore Time, approximately 14.6 nautical miles northeast of Pedra Branca.

Upon receiving the distress call from the Hong Kong-registered containership COSCO DEVELOPMENT, MRCC Singapore swiftly issued navigational broadcasts to nearby vessels and alerted Indonesia’s National Search and Rescue Agency (BASARNAS) and MRCC Malaysia. The Liberia-registered bulk carrier ANDROS SPIRIT was directed to the scene, where it promptly rescued all 30 individuals from the water. Fortunately, no Singaporeans were involved in the incident.

The rescued individuals will be disembarked at Batam, Indonesia, as confirmed by the MRCC Singapore. This operation highlights the effective coordination and rapid response capabilities of the MRCC Singapore in maritime emergencies.
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A recent EY survey indicates a significant shift in the wealth management landscape in Singapore, with 39% of respondents considering changing their primary wealth manager within the next three years. This figure surpasses both global and Asia-Pacific averages, highlighting a growing trend among Singaporean investors seeking better investment performance amidst market volatility.

The 2025 EY Global Wealth Research Report, which surveyed nearly 3,600 clients worldwide, reveals that 53% of Singaporean investors have taken more control over their portfolios due to market fluctuations, compared to a global average of 44%. Investment performance remains a top priority, with 42% of respondents ranking it as the most crucial factor when selecting a wealth manager.

The report also highlights a shift towards cash and cash equivalents (CCE), with 42% of Singaporean investors planning to increase their allocation in these assets over the next three years. Despite concerns about data privacy and security, 74% of respondents expect wealth managers to adopt artificial intelligence (AI), a figure higher than the global average of 60%.

Swee Yen Yeoh, EY Asean Financial Services Wealth & Asset Management Leader, commented, “High-net-worth clients in Singapore are increasingly eyeing a change in their primary wealth provider — driven by a strong desire for better investment performance and returns.”

As the industry evolves, wealth managers are urged to provide not only returns but also expert insights, seamless digital experiences, and AI-driven tools to maintain client trust and satisfaction. This dynamic environment presents both challenges and opportunities for wealth managers aiming to meet the changing expectations of their clients.
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Astaka Holdings Limited and Kimlun Corporation Berhad have commenced construction on Arden, a 68-storey serviced residence in Johor Bahru, Malaysia. The development, part of the One Bukit Senyum project, is set to become the city’s second tallest skyscraper at 260 metres. Scheduled for completion by 2030, Arden is designed to be a landmark within the Johor-Singapore Special Economic Zone.

The project, valued at $169 million (RM800 million), will feature 618 premium units ranging from 797 to 1,700 square feet, priced between $275 and $317 (RM1,300 and RM1,500) per square foot. Arden will offer hotel-grade amenities, including sky dining, a KTV lounge, and an indoor golf simulator, among others. It also introduces an integrated Hotel Stay Management model, allowing owners to maximise rental income through short-term stays.

The groundbreaking ceremony on 19 May 2025 was officiated by Johor Bahru City Council Mayor, Dato’ Haji Mohd Haffiz bin Haji Ahmad, who remarked that Arden will symbolise Johor Bahru’s rapid growth and potential as a world-class city. Allen Khong, CEO of Astaka Holdings, expressed excitement about the project, highlighting the collaboration with Kimlun as a testament to their commitment to delivering world-class developments.

Kimlun’s CEO, Pang Khang Hau, noted the partnership’s alignment with their vision for high-quality construction solutions. The Arden project is part of the final phase of One Bukit Senyum, which aims to transform Johor Bahru into a new Central Business District, strategically located near key transport links to Singapore.
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