Industry News

The Institute of Singapore Chartered Accountants (ISCA) has announced the election of six new Council Members, alongside plans to invest up to $7m in 2025 to enhance the Singapore Chartered Accountant Qualification (SCAQ) programme and drive international growth. The new Council Members will serve until 2027, bringing diverse expertise from various sectors, including public accounting, listed companies, and government finance.

ISCA’s recent achievements include a 47% increase in SCAQ enrolments, a record-high membership retention rate of 98.3% in 2024, and the establishment of 12 overseas chapters in nine countries. The organisation also reported a $53m surplus, boosting its reserves to $113.8 million.

The new Council Members include Ang Suat Ching, Chin Chee Choon, Lee Eng Kian, and Gajendran SO Vyapuri. Re-elected members are Lo Mun Wai, Judy Ng, Cyndi Pei, and Song Yeow Chung. Additionally, Esther Wee and Tan Boon Gin have been appointed, with Wee representing the government and Tan bringing regulatory expertise.

ISCA President Teo Ser Luck expressed optimism about the future, stating, “The Council members bring with them many years of experience from a wide range of industries and sectors. Their diverse backgrounds will bring fresh ideas and new perspectives to help advance both ISCA and the accounting profession.”

In 2025, ISCA aims to acquire a second property valued at approximately $55m to support its financial health and long-term growth plans. This strategic move underscores ISCA’s commitment to enhancing its global presence and delivering lasting value to its members.
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SATS Ltd., a leading provider of air cargo and ground handling services, has announced a significant investment of over S$250m to enhance its operations at Changi Airport. The investment, set to be rolled out from 2025, will focus on modernising ground support equipment and expanding cargo handling capabilities to meet growing demands.

The investment includes over S$150m dedicated to renewing and expanding the ground support equipment (GSE) fleet over five years. This project, commencing on 1 April 2025, will see the refurbishment of over 500 specialised vehicles and the addition of more than 100 new units. The upgrades will incorporate advanced safety features such as anti-collision technology and proximity sensors, aligning with the International Air Transport Association’s guidelines. SATS also plans to increase the electrification of its fleet from 35% to 55% by the financial year 2030, contributing to greener airport operations.

Additionally, S$100m will be invested in enhancing cargo operations over two years, with completion expected by early 2027. The enhancements will focus on the Singapore Hub’s largest air cargo facility, AFT6, which will be reconfigured as a dedicated Singapore Airlines cargo hub. This will increase peak day handling capacity by over 50%, from 1,750 to 3,150 tonnes.

Henry Low, CEO of SATS Singapore Hub, stated, “These upgrades and enhancements will enable us to support our airline customers more effectively and ensure that Singapore continues to excel as a world-leading air hub.”

These strategic initiatives are expected to optimise turnaround times and support the anticipated growth in cargo volumes, reinforcing Changi Airport’s position as a global aviation hub.
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LHN Limited has announced a significant 29.4% increase in revenue for the first half of 2025, reaching $51.5m (S$70.6m), compared to $39.8m (S$54.5m) in the same period last year. The company’s net profit also saw an 8.8% rise, totalling $10.3m (S$14.1m), driven by its Space Optimisation and Property Development businesses, including contributions from its co-living subsidiary, Coliwoo.

The company attributes its robust financial performance to high occupancy rates across its properties and strategic expansions. A notable development is the launch of Coliwoo Hotel Kampong Glam, a co-living hotel located at 48 Arab Street, which aims to meet the growing rental demand in Singapore. This new venture offers a unique blend of cultural immersion and modern conveniences, appealing to solo travellers, digital nomads, and young professionals.

Kelvin Lim, Executive Chairman of LHN Limited and Founder of Coliwoo, highlighted the strategic importance of the new hotel, stating, “The launch of Coliwoo Hotel Kampong Glam represents a strategic milestone for Coliwoo, enhancing our presence within one of Singapore’s most vibrant and culturally significant districts.”

The hotel features 24 rooms designed with a nod to the area’s rich heritage, offering guests a blend of comfort and cultural experience. Additionally, the hotel provides smart technology solutions, including a self-check-in system and a mobile app for managing bookings and community events.

Looking ahead, LHN Limited plans to continue its expansion with the upcoming opening of another property at 453 Balestier Road in mid-June 2025, further cementing its position in Singapore’s co-living and hospitality sector.

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Singapore’s non-oil domestic exports (NODX) experienced a notable rise of 12.4% in April 2025, marking a substantial increase from the 5.4% growth recorded in March.

This data, released by the Department of Statistics Singapore, highlights a positive trend in the nation’s export sector.

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The Monetary Authority of Singapore (MAS) has unveiled proposals to streamline prospectus requirements and broaden investor outreach channels for initial public offerings (IPOs) on the Singapore Exchange (SGX). Announced on 15 May, these initiatives are designed to simplify the listing process for issuers and provide more options for engaging potential investors.

MAS’s proposals focus on three key areas. Firstly, they aim to streamline prospectus disclosures for primary listings by concentrating on core information that is most relevant for investors’ decision-making. This approach is intended to ensure that issuers focus their efforts on the most pertinent disclosures.

Secondly, the proposals seek to simplify the process for secondary listings. By aligning disclosure requirements with international standards, issuers with primary listings elsewhere can use their existing prospectuses with minimal changes for secondary listings on SGX. This alignment is expected to facilitate smoother secondary listings.

Lastly, MAS proposes to provide issuers with greater flexibility to gauge investor interest earlier in the IPO process. This change would support bookbuilding efforts and allow investors more time to understand the issuers and their offerings.

These proposals are part of a broader effort by MAS and the Singapore Exchange Regulation (SGX RegCo) to enhance the competitiveness of Singapore’s equities market. The Equities Market Review Group, which announced the first set of measures on 21 February 2025, will continue to explore additional measures to strengthen investor protection and focus on shareholder value.

MAS is inviting feedback on these proposals, with comments to be submitted by 14 June 2025.
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PSB Academy, a leading private education institution in Singapore, has announced the launch of its Beyond60 initiative, a S$2.1 million programme aimed at funding education scholarships for 30 recipients. The scholarships will be awarded through partnerships with the Singapore Centre for Social Enterprise (raiSE), United Women Singapore, and Care Corner Singapore, focusing on social enterprises, women in STEM, and youths-at-risk.

The scholarships, part of the SG60 “Building Our Singapore Together” theme, will cover educational programmes ranging from six months to four years. Derrick Chang, CEO of PSB Academy, emphasised the importance of providing equal opportunities for Singaporeans to progress, stating, “We must ensure that prosperity extends to more members of the community.”

The initiative aims to strengthen the capabilities of leaders within the social enterprise sector, provide young women with opportunities in STEM, and support at-risk youths in achieving their academic goals. Alfie Othman, CEO of raiSE, highlighted the strategic investment in human capital, whilst Tan Ching Ne, President of United Women Singapore, noted the importance of equipping young women to thrive in underrepresented fields.

Scholarships will be awarded in multiple tranches, with courses commencing as early as the second half of this year and as late as December 2026. Applications are open until 31 December 2025. PSB Academy plans to host public engagement activities to promote inclusivity and accessibility in education.
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UNIQLO’s bi-annual Thank You Festival is set to return from 23 to 29 May, offering a week of appreciation to its loyal customers in Singapore.

The festival will feature limited offers on LifeWear essentials, new UT launches, and exclusive novelty items, alongside local food-themed UTme! designs by Singaporean artists Tiffany Lovage and Kenneth Seow.

The festival highlights include special collections such as the Doraemon x Louvre UT collection and the Summer 2025 UNIQLO x Anya Hindmarch “T-SHIRT SHOP”. Customers can also enjoy limited offers on summer essentials featuring Japanese technology like AIRism and Ultra Stretch.

In addition to fashion, UNIQLO is offering exclusive perks during the festival. Shoppers spending a minimum of S$100 in-store or online will receive a limited-edition lunch bag. Those visiting the Orchard Central Global Flagship and Jewel Changi Airport stores can customise a mixed rice keychain with a S$100 purchase. Furthermore, a S$10 voucher is available for customers using DBS or POSB cards with a minimum spend of S$100.

Paulene Ong, Marketing Director of UNIQLO Singapore, expressed the brand’s gratitude, stating, “The Thank You Festival, or Kanshasai in Japanese, is our heartfelt tradition to express gratitude to our community.”

UNIQLO also continues its commitment to community support through the Project Neighbours Helping Neighbours initiative, encouraging customers to donate pre-loved clothing. This initiative has redistributed over 30,000 pieces of clothing to more than 3,000 beneficiaries across Singapore.

The Thank You Festival not only celebrates UNIQLO’s appreciation for its customers but also highlights its dedication to community engagement and sustainability.
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Singapore’s core inflation is expected to remain subdued in April, according to a report by UOB Global Economics and Markets Research. The upcoming Consumer Price Index (CPI) release on 23 May is projected to show a sequential rise in core inflation by 0.2-0.3% month-on-month, translating to an estimated 0.5% year-on-year, unchanged from the previous month.

The subdued inflation outlook is attributed to several factors. Imported inflation is likely to remain contained due to benign external price pressures, as indicated by UOB’s import-weighted inflation index. Additionally, the Singapore dollar nominal effective exchange rate (S$NEER) has been elevated above the midpoint of the policy band, further tempering inflation pressures.

A notable factor in the inflation forecast is the 10% increase in water prices effective from 1 April 2025, which is expected to contribute to stronger inflation in the utilities and other fuels component. However, electricity tariffs are set to remain unchanged for the second quarter of 2025.

Airfares, which have a 1.29% weight in the CPI basket, are expected to show weaker momentum. This is partly due to discounts offered by a domestic airline carrier, as well as a broader deflationary trend in airfares observed in February and March. This trend is mirrored in the US CPI and is possibly driven by cheaper fuel prices and softer global demand for travel amidst a challenging macroeconomic environment.

The report highlights that the average price of Brent crude oil has declined from S$75 ($75) per barrel in February to S$66 ($66) in April, which may indicate weakened consumer sentiment and reduced travel demand globally.
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The National University Heart Centre Singapore (NUHCS) has become the first in Asia to recruit patients for a pioneering clinical trial aimed at treating transthyretin amyloid cardiomyopathy (ATTRCM), a rare and potentially fatal heart disease. The trial, known as MAGNITUDE, explores a novel gene editing therapy that could alter patients’ DNA to slow the production of harmful proteins causing the disease.

ATTRCM affects around 150 individuals in Singapore, including Chua Ah Hai, a 62-year-old participant in the trial. The disease is characterised by the build-up of misfolded proteins in the heart and other organs, leading to symptoms such as numbness, lethargy, and dizziness. If untreated, it can result in heart failure.

Assistant Professor Lin Weiqin, Clinical Director of the Heart Failure and Cardiomyopathy Programme at NUHCS, is spearheading the Singapore arm of this international study. The trial investigates the impact of the gene editing research medicine Nexiguran Ziclumeran (NTLA-2001) on ATTRCM. “If successful, it will be the first DNA altering treatment used in adult cardiology,” Lin stated.

The trial’s first Asian participant received the therapy in September 2024, with four more patients, including Chua, joining since. Early results have shown promising reductions in the abnormal protein with minimal side effects. NUHCS continues to recruit patients aged 18 to 90 who meet specific criteria, including a history of heart failure due to ATTRCM.

NUHCS, a leading heart centre in Singapore, is renowned for its expertise in treating complex cardiovascular diseases and is actively involved in cutting-edge research to improve patient outcomes.
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S&P Global Ratings has assigned a ‘BBB+’ long-term issue rating to the Singapore dollar-denominated subordinated notes proposed by Prudential Funding (Asia) Plc, a finance company under the Prudential insurance group. These notes are part of Prudential’s extensive $10 billion medium-term note (MTN) programme, with Prudential PLC acting as the guarantor.

The notes, which include loss absorption features, are designed to qualify as regulatory capital under the Hong Kong Insurance Authority’s groupwide supervision framework. This means they can be used by Prudential’s regulated entities to absorb losses whilst maintaining operational stability. Despite their hybrid nature, the notes do not receive equity content recognition due to their tenor being under 10 years, but they are fully considered in the group’s capital adequacy assessment.

The rating is two notches below Prudential PLC’s long-term issuer credit rating, reflecting the notes’ subordination and payment risks associated with mandatory deferral features. The final terms and conditions are still under review, but the notes are expected to support Prudential’s financial leverage, which is projected to remain close to 20% over the next two years.

Prudential maintains a strong regulatory solvency record, with a total groupwide supervision coverage ratio of 203% as of 31 December 2024. The notes can be called in whole between 9.75 and 10 years after issuance, subject to regulatory approval. This issuance underscores Prudential’s strategic approach to managing its capital structure and regulatory requirements.
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