Industry News

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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Singapore Post Ltd. (SingPost) has announced a special dividend following the sale of its Australian business, yet details on a strategic reset remain absent, according to S&P Global Ratings. This lack of clarity has left SingPost’s future strategy and leverage policy uncertain, keeping its ratings on CreditWatch negative since December 2024.

The sale of the Australian business, which accounted for approximately 50% of SingPost’s operating profit for fiscal 2025, was expected to be accompanied by a strategic reset. However, the announcement did not include plans for the use of sale proceeds beyond repaying Australian dollar-denominated debt. This omission has raised concerns about how SingPost will address the structural decline in its core logistics business, which faces challenges such as declining mail volumes and high fixed costs.

S&P Global Ratings anticipates that SingPost will reveal its strategic plans in the first half of fiscal 2026, ending 30 September 2025. The company’s management changes are ongoing, with a new chief financial officer and chief operating officer appointed in January 2025, but the CEO position remains vacant.

The ratings agency aims to resolve the CreditWatch placement once SingPost discloses its strategy. This will include a review of management and governance, which is currently assessed as neutral, following the termination of three top executives in December 2024. The ‘BBB’ long-term issuer credit rating and ‘BB+’ issue rating on SingPost’s subordinated perpetual securities remain under scrutiny, reflecting the uncertainty surrounding the company’s strategic direction.
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Wall PIE Pte Ltd and Singapore Polytechnic have signed a landmark 10-year Memorandum of Understanding (MOU) to expand space engineering education, aiming to cultivate future aerospace and artificial intelligence talent in Singapore. This collaboration comes as 11-year-old Elizabeth Ng, a graduate of Wall PIE’s Space Juniors Programme, has been accepted into Elon Musk’s prestigious Space School with a full scholarship. Elizabeth is now working with Russia’s Roscosmos to launch an AI-powered optical satellite, marking a significant step in youth-led aerospace advancements.

The MOU will see Wall PIE and Singapore Polytechnic co-develop comprehensive Space Engineering electives within the Diploma in Aeronautical Engineering and Diploma in Aerospace Electronics programmes. The initiative, which began with a pilot in 2024, will expand to multiple sessions per academic year due to high demand. Key areas of collaboration include specialised modules, internships, co-supervised projects, and joint research in satellite prototyping and AI integration.

Jesslyn Wong, CEO of Wall PIE, highlighted the partnership’s strategic importance: “Through our collaboration with Singapore Polytechnic, we’re investing in the future minds who will not only operate but lead space missions.”

Elizabeth Ng’s achievements underscore Wall PIE’s commitment to nurturing young talent. Her current project involves launching a satellite equipped with a custom-designed AI chip, developed with Wall PIE and Tabernacle Health Group, to enhance Earth-to-space communication.

Wall PIE also announced the upcoming launch of BaoBao LLM, a lightweight AI model for space applications, further integrating AI into student-led satellite missions. This initiative offers Singaporean students hands-on experience in real satellite deployments, bridging classroom theory with practical space exploration.
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NetLink NBN Trust, a key player in Singapore’s fibre network infrastructure, is maintaining a strong financial position despite market challenges, according to recent analyst reports from CGS International and DBS. Both reports, dated 16 May 2025, highlight NetLink’s resilience, with CGS International maintaining an “Add” rating and DBS a “Buy” rating, citing a target price of S$1.00 and S$0.98 respectively.

NetLink’s business model is underpinned by predictable revenue streams, which have helped it weather the impact of a lower interconnect rate in FY25. The company reported an EBITDA of S$288.1m for FY25, consistent with expectations despite a dip in non-residential connections. DBS notes that NetLink’s balance sheet remains robust, generating stable cash flows to support future capital expenditures and distributions.

Looking ahead, NetLink plans to focus on expanding its non-building address points and segment connections in FY26. The operationalisation of the Seletar Central Office is expected to contribute positively to the co-location segment. Additionally, NetLink’s gearing was reduced to 28.3% in March 2025, down from 30.6% in December 2024, indicating a decrease in capital expenditure for network upgrades in the coming fiscal year.

DBS anticipates a 1-2% annual increase in NetLink’s distribution per unit over the next few years, with the yield spread expected to narrow towards 250 basis points, reflecting the resilience of its distributions. This is supported by the Singapore Government’s 10-year bond yield of 2.6%, which implies a 330 basis point yield spread for NetLink, slightly above the four-year average.

In summary, NetLink’s strategic focus on infrastructure resilience and stable financial management positions it well for future growth, with analysts maintaining positive outlooks on its performance.
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