Industry News

Team Singapore’s Mikayla Yang has successfully qualified for the hoop and ball apparatus finals at the 16th Senior Rhythmic Gymnastics Asian Championships, currently taking place at the OCBC Arena, Singapore Sports Hub, from 16 to 18 May 2025. The 17-year-old gymnast secured her spot by placing seventh in both qualification rounds, amidst strong performances from competitors across Asia.

Yang expressed her satisfaction with her performance, stating, “The support from the home crowd gave me added confidence as I stepped onto the carpet.” She aims to maintain her momentum and qualify for all four apparatus finals on Sunday. Her teammate, Thea Chew, also competed, finishing 11th in the hoop event and 20th in the ball event.

The championships, sanctioned by the International Gymnastics Federation and organised by the Asian Gymnastics Union and Singapore Gymnastics, feature over 150 elite athletes from 20 federations. The event serves as a qualification for the 41st FIG Rhythmic Gymnastics World Championships in Rio de Janeiro, Brazil, in August 2025.

In the junior category, Singapore’s Leia Yap and Lydia Lim made their continental debuts, placing 13th in hoop and 10th in ball, respectively. The championships highlight Singapore’s growing role as a regional hub for gymnastics, following the successful hosting of the 2023 Asian Artistic Gymnastics Championships. Tickets for the event are available online, with prices starting from S$30 (local currency).
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Grand Banks Yachts Limited has announced a significant increase in its net order book, reaching S$119.5m. The company also reported a net profit after tax of S$9.9m for the first nine months of the financial year 2025. This financial performance underscores the company’s robust market position and operational efficiency.

The increase in the net order book highlights the growing demand for Grand Banks Yachts’ products, reflecting the company’s strategic initiatives and market penetration. The reported net profit after tax further cements its financial stability and growth trajectory.

The company has been focusing on expanding its market reach and enhancing its product offerings, which has contributed to the increased order book. This growth is indicative of the company’s successful navigation through the competitive landscape of the yacht manufacturing industry.

Looking ahead, Grand Banks Yachts is poised to continue its upward trajectory, leveraging its strong order book and financial health to explore new opportunities and innovations in yacht manufacturing. The company’s performance in the first nine months of FY2025 sets a positive tone for the remainder of the financial year.
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Singapore-headquartered Sunrate, a global payment and treasury management platform, has been acknowledged by FXC Intelligence as one of the Top 100 Cross-Border Payment Companies for 2025. This marks the second year running that Sunrate has received this accolade, highlighting its growing influence in the cross-border payments sector. The recognition underscores Sunrate’s rapid growth and commitment to innovative solutions for global businesses.

FXC Intelligence’s annual list celebrates companies that are transforming the cross-border payments landscape, including fintechs, banks, and payment processors. Daniel Webber, CEO and founder of FXC Intelligence, noted Sunrate’s strategic vision and innovation as key factors in its success. “With a robust platform, recent geographic expansions, and strategic partnerships, Sunrate is broadening its global footprint and demonstrating operational excellence,” Webber stated.

Paul Meng, cofounder and CEO of Sunrate, expressed pride in the recognition, attributing it to the team’s vision to lead in emerging markets. Over the past year, Sunrate has expanded its reach across APAC, EMEA, and other regions, enabling businesses to transact in over 130 currencies and settle commercial card spending in more than 15 currencies. Additionally, Sunrate has introduced Trading and Hedging solutions to equip businesses with advanced financial tools.

As the global payments landscape evolves, Sunrate remains focused on leveraging its global network and technology to redefine international payments.

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Raffles Sentosa Singapore, the nation’s first all-villa resort, has officially opened its doors on Sentosa Island with a grand ribbon-cutting ceremony. The event, attended by leaders from Raffles Hotels & Resorts, Royal Group, and members of the diplomatic community, marked the resort’s debut as a new landmark destination. Since welcoming guests from 1 March 2025, the resort has hosted numerous distinguished visitors and significant events.

Situated just a 15-minute drive from Singapore’s Central Business District, the resort is nestled on a hilltop amidst the lush greenery of Sentosa Island. Designed by Yabu Pushelberg, it boasts 62 villas, each featuring a private pool and outdoor terrace. The design incorporates expansive floor-to-ceiling windows, offering sweeping views of the verdant landscape. The resort’s tranquil environment is further enhanced by its unique flora and fauna, including two heritage Ficus trees and a muster of resident peacocks. Guests can also enjoy the renowned Raffles Butler service, ensuring personalised and impeccable care.

To celebrate the grand opening, Raffles Sentosa Singapore is offering a Welcome Home experience, which includes private roundtrip transfers, daily breakfast for two at Empire Grill, and a complimentary Sentosa Sling. This offer is available for bookings made before 31 October 2025, for stays up to 30 November 2025, with rates starting from $1,020 (S$1,398) per villa per night, excluding service charge and taxes.

The opening ceremony was graced by key figures such as Omer Acar, CEO of Raffles Hotels & Resorts, and Asok Hiranandani, Chairman of Royal Group, highlighting the significance of this new addition to Singapore’s luxury hospitality landscape.
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A recent survey conducted by Reeracoen Singapore, in partnership with Rakuten Insight Global, has revealed that 35% of jobseekers in Singapore have fallen victim to job scams over the past year, with more than half experiencing multiple attempts.

This alarming statistic emerges amidst a broader rise in scam activities across the nation, with job scams alone costing victims over $14.6m (S$20m) in 2023, according to the Singapore Police Force.

Kenji Naito, Group CEO of Reeracoen Group, emphasised the growing challenge posed by digital fraud, stating, “As AI continues to evolve, it’s becoming harder to tell what’s real and what’s a scam — especially in digital hiring. This is no longer just a tech problem; it’s a human one.” The survey indicates a significant decline in trust among jobseekers, with 79% expressing high concern over scam risks and 40% reporting reduced confidence in recruitment platforms.

Fraudsters are increasingly exploiting legitimate-looking platforms and impersonating recruiters, targeting tech-savvy candidates. Common red flags include requests for upfront fees and offers of suspiciously high salaries with minimal job requirements. Shoichi Sunaga, Branch Manager of Reeracoen Singapore, noted, “Verified listings, stronger employer branding, and human-led screening are no longer optional – they’re essential.”

Jobseekers are calling for greater accountability from job platforms, demanding stricter screening, verified accounts, and real-time reporting systems. The report suggests deploying verification badge systems, implementing AI-powered screening tools, and enhancing collaboration with regulatory bodies to combat these scams effectively.

Reeracoen advocates for industry-wide collaboration to create a more secure and transparent digital hiring environment, ensuring jobseekers can navigate the market safely.
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Huawei Cloud Credence Forum Singapore 2025, held on 16 May, brought together over 30 global industry leaders and technology experts to discuss advancements in cloud resilience. The forum focused on enhancing enterprise quality and operational efficiency in the digital era. Maxi Wang, CEO of Huawei International, emphasised the need for continuous innovation to adapt to the evolving requirements of cloud infrastructure.

Huawei Cloud’s Director of the SRE Department, Alex An, highlighted the company’s success in achieving zero major incidents in 2024, showcasing its industry-leading quality standards. An explained that Huawei Cloud has developed a deterministic operations system that integrates quality culture, high-availability architectural design, and intelligent operations. This system allows cloud customers to achieve predictable business outcomes, utilising global networks and digital twin technologies to enhance customer experiences.

The forum also featured a panel discussion moderated by Evan Cheng, Senior Vice President of Huawei Cloud Continuous Operation & Delivery. Experts, including Jim Lim from the Cloud Security Alliance and Gan XingPing, CIO of NatSteel, discussed how cloud resilience strategies can enhance enterprise agility and operational efficiency. The panel underscored the importance of intelligent operations and maintenance in boosting system reliability.

Additionally, Huawei Cloud launched the Huawei Cloud Credence Club in Singapore, aiming to drive industry innovation and development. Gigi Hu, Managing Director of Huawei Cloud Singapore, stated that the club will focus on overcoming technological barriers and scaling intelligent operations. The initiative aims to transform operations and maintenance into a key enabler of an intelligent world, promoting collaboration and innovation across industries.
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Singapore-headquartered CrediLinq has announced the successful closure of an $85m Series A funding round, led by OMVC and MSAD Ventures. The funding will be used to accelerate CrediLinq’s expansion into the US, UK, and Australia, as well as to enhance its technology and hire senior talent. New investors include Citi North America and Rustem Family Office, whilst returning investors feature 500 Global and Epic Angels.

CrediLinq operates in the embedded finance sector, providing B2B platforms with AI-powered credit solutions. Its technology integrates into online platforms via APIs, leveraging real-time data to offer seamless credit to small and medium-sized enterprises (SMEs).

The funds will support market expansion, strategic acquisitions, and partnerships, particularly in Singapore, where CrediLinq plans to strengthen its local presence.

Deep Singh, founder and 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 enhance its AI-led credit algorithms to reduce non-performing loans and improve efficiency. Vikram Kotibhaskar, co-founder of CrediLinq, highlighted the benefits of their Credit-as-a-Service stack, which offers quick decision-making and easy checkout within partner ecosystems, resulting in a frictionless customer experience.

CrediLinq’s solutions are applicable across various sectors, including e-commerce, supply chain, and banking. The company’s integration with major marketplaces like Amazon and TikTok Shop exemplifies its reach. Mark Munoz, managing partner at OMVC, praised CrediLinq’s innovative use of AI, noting the positive revenue outcomes for clients.

With this funding, CrediLinq is poised to make a significant impact on the global financial landscape, empowering SMEs with enhanced access to capital.
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CSE Global, a systems integration and information technology solutions provider, is poised for a stronger second half of 2025, according to recent analyst reports from CGS International, Maybank, and UOB Kay Hian. The company expects a substantial increase in order wins and earnings, driven by project timings and strategic market positioning, particularly in the US.

In the first quarter of 2025, CSE Global’s order wins fell by 11% year-on-year to S$155m, attributed to delays caused by trade tariffs. However, the company secured a significant $15m (US Dollars) order from a major data centre hyperscaler, highlighting strong momentum in the data centre sector. The management’s decision to raise the dividend payout ratio to a minimum of 50% reflects confidence in the company’s earnings resilience and cash flow stability.

Maybank maintains a “Buy” rating on CSE Global, with a target price of S$0.58, noting that the company is reserving capacity for data centre and utilities market projects in the US. The bank also highlights CSE’s potential as a key beneficiary of the Monetary Authority of Singapore’s SGD5 billion programme.

UOB Kay Hian also retains a “Buy” rating, with a target price of S$0.61, despite a slight earnings revision due to the Singapore dollar’s strength against the US dollar. The company’s first-quarter revenue of S$206m, a 4% increase year-on-year, was driven by strong performances in the communications and automation segments.

Looking ahead, CSE Global’s acquisition of Chicago Communications is expected to bolster its communications network in the Americas, contributing approximately S$1.2m in net profit from May 2025. The company’s healthy orderbook of S$616m, supported by recent order wins, positions it well for future growth.

Moody’s Ratings has downgraded Yanlord Land Group Limited’s corporate family rating to B2 from B1 and its senior unsecured rating to B3 from B2. The downgrade, announced on 16 May 2025, is attributed to Yanlord’s declining operating scale and ongoing contracted sales declines, which are expected to weaken its performance and credit metrics over the next 12 to 18 months.

Yanlord, a real estate developer in China and Singapore, has seen its gross contracted sales fall to RMB22.2 billion in 2024, continuing a downward trend from 2023. This decline is driven by sector challenges and a slowdown in land replenishment. Moody’s Assistant Vice President and Analyst, Daniel Zhou, noted, “The stable outlook reflects our expectation that Yanlord will maintain adequate liquidity to meet all funding needs over the next 12 to 18 months.”

Despite the downgrade, Yanlord’s B2 rating considers its established brand, high-quality products, and adequate liquidity. The company benefits from solid recurring rental income from its investment properties in China and Singapore. However, its ratings are constrained by reduced operating scale, declining sales, and significant exposure to joint ventures.

Moody’s projects Yanlord’s debt leverage to increase to around 7.0x over the next 12 to 18 months, with adjusted EBIT/interest coverage declining to approximately 2.0x. The company’s liquidity remains adequate, supported by a cash balance of RMB10.2 billion and operating cash flow sufficient to cover debt maturities, including a $500m bond due in May 2026.

Yanlord’s ability to raise secured loans by pledging its investment properties can support liquidity, though increased reliance on secured borrowings may reduce financial flexibility. The B3 senior unsecured debt rating reflects structural subordination risk, with most claims at operating subsidiaries having priority over senior unsecured claims in a bankruptcy scenario.
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Singapore-based technology company FingerMotion has announced its expansion into the Indonesian market through a strategic partnership with PT Mach Wireless Teknologi. The collaboration aims to deploy FingerMotion’s AI-powered insurance risk rating platform, tailored specifically for the Indonesian market, to enhance underwriting processes for motor, health, and life insurance.

The platform, developed by Finger Motion Financial, a subsidiary of FingerMotion, leverages advanced machine learning models and data processing engines to integrate seamlessly into Indonesia’s telco-insurance ecosystem. This initiative is designed to empower telecom operators and insurers to deliver more accessible and personalised digital insurance products.

Martin Shen, CEO of FingerMotion, highlighted the significance of this expansion, stating, “Our entry into Indonesia represents a key milestone in FingerMotion’s strategic expansion across Southeast Asia. This platform aims to establish a strong telco-insurance ecosystem through collaboration between telecom operators and insurers.”

The partnership with Mach Wireless is also expected to facilitate connections with local solution providers, including insurance companies and telematics services, to strengthen the ecosystem further. Additionally, FingerMotion is finalising an agreement with a major telecommunications provider in Indonesia, which is anticipated to accelerate the platform’s adoption and scalability.

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