Industry News

Carro, Asia Pacific’s largest online used car platform, is celebrating its 10th anniversary by reviving its award-winning ‘No Drama’ advertising campaign. The campaign, which initially launched in 2023, cleverly parodies drama clichés to highlight Carro’s commitment to a seamless and transparent car buying and selling experience. The first ad, set in the Joseon Dynasty, showcases Carro’s dedication to saving customers from the stress of car transactions. A second instalment, featuring a Hong Kong crime genre, is set to be released in June.

The original ‘No Drama’ campaign went viral, amassing over 38 million views and winning six awards at the YouTube Works Awards Southeast Asia, including the Overall Winner for The Big Bang Southeast Asia category. Carro’s Chief Marketing Officer, Katherine Teo, emphasised the importance of transparency and stress-free processes, stating, “We keep our processes transparent and stress-free, and all the drama they see will only be from our ads.”

Carro’s innovative approach allows customers in markets like Hong Kong and Malaysia to begin their car-selling journey online, with inspections and quotations conducted at their homes. Chief Operating Officer Chua Zi Yong highlighted Carro’s commitment to transparency and trust, ensuring customers feel confident at every step.

Since its founding in 2015, Carro has expanded its reach across seven markets in Asia Pacific, offering a comprehensive ecosystem that includes financing, insurance, and aftersales services. The company has also begun selling brand new cars in Singapore, with plans to expand this offering to other markets. The ‘No Drama’ campaign continues to run in Singapore, Malaysia, Indonesia, Japan, and Hong Kong.
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Canon Singapore and Mitsubishi Electric Asia have announced a strategic partnership to introduce a cutting-edge automation solution in Southeast Asia. This collaboration integrates Canon’s newly launched Force Torque Sensor FH-300-20 with Mitsubishi Electric’s MELFA FR series industrial robots, aiming to address labour shortages and improve operational efficiency across the region.

The Force Torque Sensor FH-300-20, showcased at SEMICON Southeast Asia 2025, is designed to bring human-like sensitivity to robotic arms. This innovation allows robots to perform complex tasks such as gear alignment and material testing with high precision. According to Kobe Kazuhiro, Senior Director of Industrial Products at Canon Singapore, the integration of force sensors is crucial for automating tasks that require delicate force application, potentially increasing demand for such technology.

The sensor’s advanced encoder technology minimises signal noise, providing clearer force feedback and smoother control, which is particularly beneficial in high-speed production environments. Its durability ensures consistent performance, reducing maintenance and downtime. By detecting subtle changes in force and torque, the sensor enables robotic arms to mimic the nuanced touch of a human hand, crucial for tasks requiring delicate adjustments.

Mitsubishi Electric’s MELFA FR series FR PLUS robots, featuring the MELFA High Drive function, complement the sensor’s capabilities by enhancing positioning time and trajectory accuracy. This combined solution supports diverse manufacturing needs, contributing to higher productivity and quality.

SEMICON Southeast Asia 2025, held from 20 to 22 May at Marina Bay Sands, Singapore, marks the 30th anniversary of the region’s premier semiconductor exhibition, drawing over 20,000 attendees from 65 countries.
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Digital wallets have emerged as a dominant force in Singapore’s payment landscape, according to Worldpay’s 10th annual Global Payments Report. The report highlights that digital wallets accounted for 39% of online transaction value in Singapore in 2024, a significant increase from just 7% in 2014. This trend is expected to continue, with digital wallets projected to represent 47% of e-commerce spend in Singapore by 2030.

The report underscores the rapid adoption of digital wallets in the Asia-Pacific (APAC) region, where they have become the leading online payment method in eight out of 14 markets, including Singapore. Phil Pomford, General Manager of Global eCom, APAC at Worldpay, noted, “APAC consumers have long led the way globally with digital payment adoption. Singapore stands out as a regional leader due to its robust digital infrastructure and tech-savvy population.”

Despite the rise of digital wallets, credit cards remain a popular choice for Singaporeans, with 70% preferring to fund their digital wallets using this method. In 2024, cards accounted for 51% of point-of-sale (POS) transactions and 50% of online transaction value in Singapore.

The report also highlights the growing popularity of the buy now pay later (BNPL) trend, which represented 3% of all e-commerce transaction value in Singapore in 2024. Globally, BNPL is expected to grow at a compound annual growth rate of 9% through 2030.

As Singapore’s e-commerce market is projected to reach $27.5b (S$37.5b) by 2030, the continued evolution of payment methods will play a crucial role in shaping the future of commerce in the region.
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A groundbreaking partnership between ACwise and Ngee Ann Polytechnic’s Centre for Environmental Sustainability (CfES) has enabled Singapore building owners to save $12m in energy costs over the past six months. This collaboration focuses on integrating ACwise’s NanoRefrigerant technology into HVAC systems, significantly improving energy efficiency and reducing emissions.

The initiative is part of Singapore’s efforts to meet its Green Plan 2030 targets, which include reducing carbon emissions from buildings, a sector responsible for over 20% of the nation’s emissions. The carbon tax increase from $5 to $25 per tonne of CO2 equivalent in 2024, with a further rise to $45 by 2026, underscores the urgency of adopting energy-saving technologies.

Seo Eng Joo Food Hub, managing large cold storage facilities in Southeast Asia, reported a 19% reduction in HVACR energy consumption. Similarly, Song Fish, a leading frozen seafood supplier, achieved a 12.3% reduction in energy use through a recent trial.

Tommy Chan, CEO of ACwise, highlighted the broader impact of the collaboration: “We’re creating a replicable framework that demonstrates how academic insights can drive meaningful industry transformation.” Jason Tang, Chief Sustainability Officer at Ngee Ann Polytechnic, added, “Our collaboration with ACwise exemplifies bridging innovative research with real-world applications.”

The partnership not only delivers immediate cost savings but also encourages reinvestment into sustainable upgrades like solar panels, enhancing Singapore’s green ecosystem. As the nation accelerates its Green Plan 2030 efforts, this collaboration serves as a model for integrating certified solutions into existing infrastructure, paving the way for a sustainable future.
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Longbridge Singapore has announced the launch of its US fractional shares trading service, allowing investors to purchase shares in major US companies such as Apple and Tesla for as little as USD 1. This new offering significantly lowers the entry barrier for investors and provides more flexible portfolio strategies. Traditionally, purchasing a single share of high-priced stocks required substantial capital, but fractional shares trading allows investors to buy stocks by dollar amount or in fractions, making investing more accessible.

The service is designed to help investors manage market fluctuations by enabling them to build positions gradually based on their risk tolerance and market conditions. A Longbridge spokesperson stated, “We believe fractional shares trading lowers the entry barrier to the US stock market and enables more precise asset allocation.”

Longbridge’s fractional shares trading covers a wide range of popular US stocks, and investors can explore eligible stocks through the Longbridge App. The app offers flexible order placement options, allowing investors to specify either the fractional share quantity or the dollar amount they wish to invest. All trades are commission-free, further reducing costs for investors.

Fractional share trading is available exclusively during regular US market hours. However, investors should be aware of certain limitations, such as the lack of shareholder voting rights and the inability to short sell fractional shares. Despite these limitations, the service offers a valuable entry point for beginners and a tool for experienced investors to fine-tune their strategies.
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Palo Alto Networks has unveiled its inaugural Cybersecurity Benchmark Study for Asia-Pacific and Japan, revealing that mid-market organisations are increasing their cybersecurity investments, yet still face significant challenges in operationalising artificial intelligence (AI) and adopting frameworks like NIST 2.0. The study, which includes insights from Singapore, highlights that whilst cyber budgets now constitute 15.2% of revenue, gaps in governance and identity management persist.

The report indicates that Singapore’s cybersecurity benchmark score of 19.28 out of 25 is slightly above the regional average, yet it trails behind other ASEAN markets.

This underscores the need for enhanced investment in cybersecurity capabilities and organisational alignment. Despite the increase in spending, many organisations struggle with fragmented tool stacks and low AI maturity, hindering their ability to respond to threats in real-time.

Michelle Saw, Vice President of Ecosystems for Asia-Pacific and Japan at Palo Alto Networks, stated, “Cybersecurity is no longer just an IT issue, it’s a business priority. As threats grow more sophisticated and AI reshapes the threat landscape, our benchmark study reveals that many mid-market organisations are still catching up.”

Key findings from the study show that 49% of organisations currently use partners for cybersecurity solutions, a figure expected to rise to 85% within two years. Additionally, the study highlights that AI-related capabilities are among the lowest-performing areas in cybersecurity programmes, despite growing awareness.

As mid-market firms in Singapore and the region continue to navigate the complexities of digital transformation, the study suggests a more integrated, AI-driven platform approach is necessary to build cyber resilience. The growing reliance on partners further emphasises the need for collaboration across the ecosystem to develop smarter, more adaptive security strategies.
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The latest ACCA Global Talent Trends 2025 survey highlights how Generation Z is transforming the finance workforce in Singapore. With a strong emphasis on digital fluency and work-life balance, Gen Z professionals are prioritising flexibility, sustainability, and AI upskilling, challenging traditional workplace norms. The survey, the largest of its kind in the finance sector, indicates that employers must adapt to these evolving expectations to remain competitive.

The survey reveals that 61% of Singapore’s finance professionals are interested in sustainability-focused careers, reflecting a regional trend where 71% share this interest. Furthermore, 65% of Singaporean respondents express concerns about not acquiring necessary AI skills, a critical area for future workplace success. This gap in skill development presents a significant opportunity for businesses to invest in training and development.

Daniel Leung, Country Manager of ACCA Singapore, emphasised the need for employers to “challenge the status quo and invest in their talent pool to ensure long-term resilience for organisations.” He noted the importance of aligning with professionals’ desire for purposeful work that addresses high-value challenges.

The survey also highlights a high level of employability confidence, with 65% of Singaporean respondents expecting to change roles within two years. However, workplace wellbeing remains a concern, as 53% report mental health issues due to work pressures.

As the finance sector navigates these changes, the demand for hybrid working models and the rise of ‘side hustles’ further illustrate the shifting landscape. Employers are urged to rethink talent strategies to attract and retain the next wave of finance leaders, ensuring they meet the expectations of a new generation.
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Prudential Singapore has unveiled PRUHospital Care360, a hospital income insurance plan aimed at providing financial support during unexpected hospital stays and recovery periods. This plan offers daily income for hospitalisation due to illness or injury, alongside lump sum benefits for post-hospitalisation care and day surgery.

PRUHospital Care360 stands out by offering additional income for hospital stays resulting from accidents and infectious diseases. Policyholders can also access various value-added services through Prudential’s partner healthcare institutions, including health screenings, vaccinations, chronic care management, traditional Chinese medicine treatments, and teleconsultations.

Dr Sidharth Kachroo, Chief Health Officer at Prudential Singapore, highlighted the importance of the plan: “Most people in Singapore have health insurance, but extended illnesses or injuries can result in periods of time where one cannot work, impacting your income. Unplanned hospitalisations entail additional expenses which are challenging for primary breadwinners with dependents, self-employed individuals and freelancers without fixed income.”

Key features of PRUHospital Care360 include:

– Daily Hospital Income Benefit: Up to 500 days of daily income for hospitalisation due to illness or injury.
– Daily ICU Income Benefit: Up to 30 days of daily income for ICU stays.
– Daily Accidental and Infectious Disease Hospital Income Benefits: Up to 30 days of daily income for hospitalisation due to injury or one of 21 covered infectious diseases.
– Homecare Benefit: Lump sum payout for post-hospitalisation home care.
– Day Surgery Benefit: Lump sum payout for eligible procedures.

Applicants need only answer three health questions to apply, simplifying the process. This initiative reflects Prudential’s commitment to enhancing healthcare access and financial security for its customers.
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CrediLinq, an AI-driven embedded finance platform, has secured $8.5m in a Series A funding round, with Citi North America joining as a new investor. The round, led by OM/VC and MS&AD Ventures, also saw participation from the Rustem Family Office and returning investors such as 1982 Ventures and 500 Global. The funds will be used to expand CrediLinq’s market presence in the US, UK, and Australia, strengthen its Singapore operations, and invest in senior talent and technology enhancements.

CrediLinq’s platform integrates with B2B platforms to provide seamless credit solutions for small and medium-sized enterprises (SMEs) using real-time alternative data. This approach allows SMEs to access flexible and transparent financing options at the point of need. Deep Singh, Founder and Group CEO of CrediLinq, stated, “Today marks a pivotal moment for CrediLinq as we accelerate the growth of embedded finance globally, helping platforms empower digital native SMEs with flexible, transparent and more seamless access to capital.”

The company plans to partner with larger digital platforms in its target markets to drive user growth and enable digitally native businesses to access capital. Herston Powers, Founding Managing Partner of 1982 Ventures, commented, “This Series A round, with the backing of global financial leaders like Citi, is a testament to CrediLinq’s vision and execution.”

CrediLinq’s technology stack will see significant investment to enhance its AI-led credit algorithms, which utilise SMEs’ digital footprints to reduce non-performing loans and improve efficiency. The platform’s solutions can be embedded across various sectors, including e-commerce, procurement, and banking, with existing integrations with marketplaces like Amazon and TikTok Shop. Co-founder Vikram Kotibhaskar added, “Our Credit-as-a-Service stack leverages API connectivity, transactional data and credit algorithms for quick decision-making at the point of need.”
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Singapore banks have reported a stable first quarter for 2025, despite facing challenges such as lower benchmark rates and increased loan provisioning. According to RHB’s latest sector update, the banks have largely met expectations, but uncertainties in the macroeconomic environment persist. Dividends and capital returns are expected to play a crucial role in maintaining investor confidence.

RHB’s analysis places DBS as the top pick among Singapore banks, citing its attractive dividend yields and solid performance. The report also favours OCBC over UOB due to stronger asset quality metrics. The banks’ commitment to dividends and capital returns is seen as a stabilising factor in an otherwise muted earnings landscape.

The report highlights that whilst the banks have managed to navigate the initial months of 2025 effectively, the broader economic outlook remains uncertain. This uncertainty underscores the importance of strategic financial management and investor relations in the coming months.

In addition to the banking sector, RHB’s Singapore Morning Cuppa bulletin covers various topics, including sustainable practices in plantations and the ASEAN investment landscape. The bulletin also touches on Singtel’s recent asset sale, which aligns with its capital recycling strategy aimed at enhancing shareholder value.

As the year progresses, the focus will remain on how these financial institutions adapt to ongoing economic challenges and leverage their strengths to maintain stability and growth.
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