Industry News

Welzo Inc, an innovation-driven company in the agri-horticultural sector, has announced the establishment of a wholly owned subsidiary, Welzo Singapore PTE LTD, as of 2 June 2025. This strategic move is designed to accelerate the company’s expansion into the Southeast Asian market, leveraging Singapore’s robust business environment and international connectivity as a regional hub.

The Singapore office will focus on several key areas to drive growth across Southeast Asia. These include the development and execution of marketing strategies tailored to the unique market characteristics and consumer trends of each country. Welzo plans to enhance brand recognition and expand sales channels by participating in trade shows and collaborating with local partners.

Additionally, the subsidiary will handle the import and export of agricultural products, feed ingredients, and pet supplies. By partnering with local businesses, Welzo aims to establish a responsive supply system that promotes high-quality Japanese products and imports raw materials suited to local needs. The office will also manage logistics, customs, and quality control to optimise the supply chain.

Welzo is committed to recruiting skilled local professionals to ensure culturally sensitive services and foster regional business operations. President and CEO Yoshifumi Kanao stated, “Singapore is not just a gateway to Southeast Asia—it’s a global hub where innovation and agriculture can converge.”

This new subsidiary is expected to play a pivotal role in Welzo’s future regional expansion and global business growth, reinforcing its commitment to sustainable and socially responsible practices.
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Singapore-based fintech startup Investbanq has emerged as one of the seven winners in the season seven finale of the global startup reality show, “Meet the Drapers.” The company showcased its next-generation AI-powered wealth operating system, designed for financial institutions, which impressed the judges with its potential to empower wealth managers and family offices with scalable, intelligent financial tools.

During the finale, Silicon Valley investor Tim Draper encouraged Investbanq to explore educational dimensions as part of its broader mission. Although Investbanq did not secure a definitive deal, CEO Oz Zhiyenkul noted that the experience served as a catalyst for the company. “Initially, I was disappointed we didn’t walk away with a definitive deal,” Zhiyenkul said. “But the production team shared that outcomes like ours are rare—and often signal something deeper could be in the works.”

Building on its international momentum, which includes sustained revenue growth and a recent award for Best WealthTech Solution from Global Private Banker, Investbanq is now developing an AI-driven financial education module. This initiative aims to support the next generation of investors, reinforcing the company’s mission of inclusion and accessibility in wealth management.

Investbanq, co-founded by Kazakhstani entrepreneurs Oz Zhiyenkul and Talgat Kantayev, aims to redefine wealth management with its inclusive, AI-native financial infrastructure. The platform offers a full-stack digital infrastructure for banks, asset managers, and family offices, integrating features like the Advisor CoPilot and LLM for enhanced client service. Headquartered in Singapore, with offices in Kazakhstan and the UAE, Investbanq holds regulatory approvals from MAS, AIFC, and DFSA.
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StraitsX has announced the integration of its Singapore Dollar-pegged stablecoin, XSGD, and US Dollar-pegged stablecoin, XUSD, onto the PlatON Network. This strategic move aims to enhance cross-border stablecoin clearing and settlement infrastructure, benefiting global merchants, financial institutions, and digital asset developers. Both stablecoins are fully backed by reserves held with regulated financial institutions, ensuring a 1:1 backing.

The integration allows users and enterprises to leverage PlatON’s high-performance infrastructure for stable and programmable value transfers. StraitsX has already facilitated over $10b in on-chain stablecoin transactions, and this collaboration with PlatON is set to extend its reach further. PlatON, driven by the LatticeX Foundation, is developing a compliant, stable, and open multilateral clearing network, aiming to transform stablecoins into comprehensive clearing and settlement infrastructure.

The partnership will also explore future enhancements, including programmable payouts and merchant settlements, with seamless compliance integrations with licenced partners like Allinpayintl. This collaboration equips XSGD and XUSD with robust infrastructure, enabling secure and compliant processing of stablecoin payments in financial hubs such as Singapore and Hong Kong.

Looking ahead, PlatON and StraitsX plan to expand their support for regional markets, promoting the adoption of programmable, compliant payment infrastructure across Southeast Asia and beyond. This initiative is part of PlatON’s broader vision to build an open, interoperable financial network that powers digital assets in real-world applications.
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Synpulse, a global management consultancy, has successfully completed Phase 2 of Judo Bank’s core banking transformation, marking a significant milestone in the bank’s modernisation efforts. Over seven months, Synpulse collaborated with Judo Bank to design, build, and migrate term deposit products onto a new core banking platform powered by Thought Machine. This phase, which began with a discovery phase in September 2024, included the migration of approximately 63,000 accounts and a subset of loan accounts from a legacy platform.

The transformation enables Judo Bank to retire a key legacy platform by mid-2025, significantly improving operational efficiency and reducing technical debt. Rahul Bansal, Partner and Global Head of Retail and SME Banking at Synpulse, highlighted the importance of this phase, stating, “Phase 2 was all about building on the momentum of the first phase—extending the platform’s capabilities with term deposits and completing critical migrations.”

Judo Bank, Australia’s first purpose-built challenger bank for small and medium-sized enterprises (SMEs), now operates a unified core banking system that supports both lending and deposit products. Rosanna Fornarino, Chief Operating Officer at Judo Bank, noted, “This gives us the flexibility to innovate faster, operate more efficiently, and deliver even better outcomes for our customers.”

The successful completion of this phase underscores Judo Bank’s commitment to modernising its technology stack and delivering customer-first banking through a robust, future-ready platform. Synpulse’s role in this transformation also strengthens its presence in the Australian market, paving the way for further innovations and collaborations.
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Tokyo Electric Power Company Holdings Inc (TEPCO) and ESR Group Limited have announced a significant financing agreement with Bank SinoPac to develop rooftop solar power projects in Singapore. The agreement, signed on 15 May 2025, will initially provide $95m (approximately 11 billion yen) to fund the development of 10 MW of solar capacity, with potential expansion to 40 MW.

The Special Purpose Vehicle (SPV) formed by TEPCO and ESR will utilise the funds to implement these projects, marking the first such agreement for the TEPCO Group. This initiative aligns with TEPCO’s broader strategy to expand its renewable energy footprint across the Asia-Pacific region, aiming for a total capacity of 100 MW.

TEPCO has also secured power purchase agreements with multiple electricity users, facilitating the integration of small-scale, distributed renewable energy sources. This move is part of TEPCO’s commitment to creating a carbon-neutral society.

Beyond Singapore, TEPCO plans to extend its renewable energy initiatives to Australia, focusing on storage batteries and energy management systems. The collaboration with ESR aims to leverage renewable energy solutions to provide net-zero carbon emission properties, advancing decarbonisation goals across the region.

This project is a step forward in TEPCO’s strategy to deliver renewable energy efficiently and sustainably, contributing to its goal of making entire cities and areas carbon-neutral.
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Validus Risk Management, a prominent software and tech-enabled services platform for financial risk management, has announced the opening of its new office in Singapore and the appointment of Shawn Koh as Head of Asia Client Coverage. This strategic move aims to bolster Validus’ presence in the Asia-Pacific (APAC) region, driven by increasing demand from local and global private capital firms.

Shawn Koh, who previously served as Regional Head of Global Markets Sales Asia at First Abu Dhabi Bank, will spearhead operations across APAC. He expressed enthusiasm about his new role, stating, “This is an exciting time to be joining Validus as we continue to develop our APAC offering. I’m looking forward to working with and growing our team to support our clients with their risk management needs as they navigate an ever-complex macroeconomic landscape.”

The Singapore office, located in the Central Business District’s CapitaGreen tower, marks Validus’ first foray into the region. This expansion follows a $45m growth equity investment from FTV Capital in February 2025, which supports Validus’ growth in APAC, the US, and Europe. CEO Kevin Lester highlighted the significance of this development, saying, “The opening of a Singapore office marks another milestone, further bolstering our ability to support clients, not only at a regional level, but on a global scale.”

With further hires anticipated in H2 2025, Validus aims to enhance its capabilities and continue its growth trajectory in the region.
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Trip.com, a leading international travel service provider, has announced strategic partnerships with Vietnam’s Sun World Holding and Singapore’s DreamUs International Holdings to expand its Attractions & Tours business across Southeast Asia. These collaborations aim to enhance user experiences and support partners in digital transformation and global outreach.

In Vietnam, Trip.com has partnered with Sun World Holding, a flagship brand under Sun Group, to distribute attraction tickets across domestic and international markets, focusing on key inbound regions such as South Korea, China, Thailand, and Singapore. Chase Liu, General Manager of Attractions & Tours at Trip.com, stated, “Vietnam is a key market for Trip.com as we continue to grow internationally.”

In Singapore, Trip.com has signed an exclusive ticket distribution agreement with DreamUs International Holdings, the operator of SuperPark Singapore and other attractions. This agreement makes Trip.com the exclusive authorised third-party distributor for tickets, streamlining inventory management and improving access for regional audiences. Carolyn Chia, General Manager of DreamUs, expressed excitement about the collaboration, highlighting its potential to reach new customer segments.

These partnerships reflect Trip.com’s ongoing investment in Southeast Asia’s travel ecosystem. The company’s Attractions & Tours business in the region has seen rapid growth, with Vietnam’s GMV more than tripling last year and Singapore experiencing over 80% growth. Through these strategic alliances, Trip.com aims to offer travellers enhanced access to regional experiences whilst supporting partners with scalable digital distribution.
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Retail sales in Singapore experienced a modest increase of 0.3% in April 2025 compared to the same month last year, according to the latest data released by the Singapore Department of Statistics. When excluding motor vehicles, the rise in retail sales was more pronounced at 0.8%. Additionally, the food and beverage services sector saw a 1.2% increase over the same period.

The growth in retail sales, albeit slight, indicates a steady recovery in consumer spending. The exclusion of motor vehicles from the data highlights a stronger performance in other retail sectors, suggesting a diversified consumer interest beyond automotive purchases.

The food and beverage services sector’s 1.2% increase reflects a continued appetite for dining out and takeaway services, which have been resilient amidst fluctuating economic conditions. This growth is a positive sign for businesses in the sector, which have faced challenges in recent years due to the pandemic.

The Singapore Department of Statistics continues to provide valuable insights into the country’s economic health through its monthly indices. These figures are crucial for businesses and policymakers to understand consumer behaviour and economic trends.

As Singapore navigates its economic recovery, the retail and food and beverage sectors remain key indicators of consumer confidence and spending patterns. The data from April 2025 suggests a cautiously optimistic outlook for these industries.
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DBS and UOB have jointly arranged a landmark $530m loan to finance a new data centre campus in Batam, Indonesia. The project, a collaboration between Singapore-based DayOne and the Indonesia Investment Authority (INA), represents the largest rupiah-denominated financing deal for a data centre. This initiative aims to bolster the digital infrastructure in Southeast Asia, enhancing connectivity between Singapore and Indonesia.

The funds will be used to develop three data centres in Nongsa Digital Park, which is envisioned as a ‘digital bridge’ between the two nations. This development will allow Singaporean companies to tap into Indonesia’s infrastructure and talent, whilst Indonesia benefits from Singapore’s technological advancements. Upon completion by the end of 2025, the data centre campus will have an IT load capacity of 72MW, contributing to 5% of Indonesia’s projected data centre capacity by 2029.

The deal comes amid a surge in demand for data centre capacity in Southeast Asia, driven by digital transformation and the adoption of artificial intelligence. Jamie Khoo, CEO of DayOne, stated, “This landmark financing…is a strong endorsement of DayOne’s proven ability to deliver digital infrastructure at speed and scale.” Amit Sinha from DBS Bank highlighted the strategic importance of the transaction in accelerating the region’s digital economy.

DayOne and INA’s joint venture aims to advance Indonesia’s data centre landscape, with DayOne operating a network of data centres across key Asian hubs. The project aligns with Indonesia’s ambition to become a regional digital hub, as noted by Harapman Kasan of UOB Indonesia.
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YouTube’s creator ecosystem in Southeast Asia is experiencing unprecedented growth, with 7,600 creators surpassing one million subscribers across Indonesia, Thailand, Singapore, Malaysia, Vietnam, and the Philippines. This surge highlights the platform’s extensive reach and presents a significant opportunity for brands to engage with highly active audiences through creator-led partnerships.

The platform’s influence is evident as YouTube reached 290 million people in Southeast Asia in 2024, accounting for 85% of the region’s online population. This reach is complemented by the trust viewers place in YouTube content, with 85% of viewers in Thailand and 67% in Indonesia finding creator content trustworthy. This trust extends to brands, with 60% of Indonesian Gen Zs trusting brands featured by YouTube creators, compared to 46% on other social platforms.

Video commerce is becoming a substantial component of Southeast Asia’s digital economy, now representing 20% of e-commerce gross merchandise value. YouTube’s role in this growth is significant, driving nearly four times greater purchase intent than other social media platforms in the region. Sapna Chadha, Vice President of Southeast Asia and South Asia Frontier at Google, noted, “This trust translates into purchase confidence, with YouTube driving almost 4x greater purchase intent than other social media platforms in the region.”

YouTube Shopping, launched in partnership with Shopee in several Southeast Asian countries, further enhances this ecosystem by allowing creators to promote products directly. This initiative has seen a substantial uptake, with 55% of eligible creators in Indonesia, Vietnam, and Thailand enrolling in the programme. As YouTube continues to expand its reach and capabilities, the platform is poised to remain a central player in the region’s burgeoning video commerce landscape.
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