Industry News

Xiaomi has launched its latest TV A Pro 2026 Series in Singapore, offering a range of four screen sizes—43-inch, 55-inch, 65-inch, and 75-inch—to cater to diverse viewing needs. The series, available from 15 May, boasts a 4K QLED display, sleek metal finishing, and an ultra-thin bezel design. It features an upgraded 120Hz refresh rate under Game Boost Mode via HDMI and supports Dolby Audio, DTS:X, and DTS Virtual:X for an immersive audio experience.

The Xiaomi TV A Pro 2026 Series enhances home entertainment with its DCI-P3 colour gamut standard, providing vibrant and realistic images. It supports HDR 10+ and HDR Enhance features for optimal picture quality and improved contrast in HDR videos. The inclusion of Filmmaker Mode allows viewers to enjoy films as intended by the creators, whilst MEMC technology ensures clear and sharp high-speed motion images.

For those who enjoy extended viewing sessions, the series offers a low blue light mode and DC dimming technology to reduce eye strain. The TVs come pre-installed with Xiaomi TV+, a free ad-supported streaming service, and support Google TV, Google Cast, Miracast, and Apple AirPlay. Users can control the TV using the built-in Google Assistant.

The series is available for purchase on mi.com and Lazada, with prices starting at $292 (S$399) for the 43-inch model, $431 (S$589) for the 55-inch, $621 (S$849) for the 65-inch, and $803 (S$1099) for the 75-inch.
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Forrester has announced a downward revision of its 2025 technology spending forecast for the Asia Pacific (APAC) region due to evolving tariff negotiations. Initially, Forrester projected a 6.5% growth in tech spending, reaching $722 billion, up from $678 billion in 2024. However, the imposition of broad-based tariffs by the US is expected to increase technology costs and disrupt supply chains, potentially reducing growth by 1 to 2 percentage points.

Despite these challenges, the adoption of artificial intelligence (AI) and cloud technologies is anticipated to continue driving robust growth in software and IT services across Asia. Countries like India and Vietnam, initially expected to see tech spending grow by 11% and 10% respectively, may experience a slight dip but are still projected to outperform the regional average. The software market is set to grow by 10.4% in 2025, with AI and cloud services dominating demand, particularly in Southeast Asian economies.

Frederic Giron, VP and senior research director at Forrester, noted, “Asia Pacific’s tech spending growth continues to demonstrate the region’s commitment to leveraging technology to build resilience and drive innovation in an uncertain global climate.” However, he cautioned that the new tariffs are likely to influence the pace and prioritisation of technology initiatives.

Forrester’s projections for 2025 include a 6.6% growth in Australia, 7.7% in China, 11% in India, and 5.6% in Singapore, with Southeast Asia also showing strong growth. Business and tech leaders are advised to engage in comprehensive scenario planning to navigate these economic headwinds effectively.
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OxPay Financial Limited has announced the appointment of Chin Mun Chung as the Chief Operating Officer of its subsidiary, OxPay SG Pte. Ltd. Chin, who brings over 28 years of experience in Singapore’s technology and payments industry, will lead the strategic direction and operations of OxPay SG, pending approval from the Monetary Authority of Singapore.

Chin’s extensive career includes a significant tenure at AXS Pte Ltd, where he served as Chief Executive Officer and played a pivotal role in the company’s growth and adaptation to the evolving fintech landscape. His leadership is expected to enhance OxPay’s operational execution and set a path for sustainable growth. “We are pleased to welcome Chin Mun Chung onboard,” said Shawn Ching Wei Hung, Non-Executive Non-Independent Deputy Chairman of OxPay. “His expertise and leadership will support the Group’s ongoing efforts to improve operational performance and reposition OxPay for future growth.”

OxPay, which operates in Singapore, Malaysia, Indonesia, and Thailand, provides merchant payment services and digital commerce solutions. The company aims to diversify its service portfolio to meet evolving customer demands and mitigate competition with larger players. As the digital payments landscape evolves, OxPay is confident in capturing emerging market opportunities and overcoming recent business challenges.

Chin’s appointment is part of OxPay’s strategy to leverage its established payment platform, backed by a licence from the Monetary Authority of Singapore to provide five categories of payment services, to pursue financial recovery and long-term growth.
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MetaComp, a Singapore-based digital asset platform, has unveiled StableX, a cutting-edge infrastructure designed to revolutionise cross-border foreign exchange (FX) payments through the use of stablecoins. Announced on 14 May, StableX is integrated with MetaComp’s institutional platform, CAMP, and is set to operate continuously, supporting a wide range of currencies to facilitate global payment flows.

StableX addresses the complexities of the current FX market, which sees over $7 trillion traded daily through outdated systems. By leveraging stablecoins, StableX offers a more efficient alternative, enabling real-time execution and reducing transaction friction. The platform’s intelligent routing engine optimises each transaction, choosing between stablecoins or US dollars (USD) for the best cost, speed, and settlement certainty. Initially, StableX supports USDT and USDC, with plans to include other stablecoins like FDUSD, PYUSD, and WUSD soon.

Tin Pei Ling, Co-President of MetaComp, highlighted the platform’s benefits: “StableX delivers what businesses need most—24/7 access, real-time execution, and infrastructure they can trust.” Eddie Hui, Co-President and COO, added that StableX bridges the gap left by legacy systems, offering agility and scalability for global financial flows.

Built on MetaComp’s Web 2.5 Core Banking System, StableX integrates seamlessly with CAMP, supporting high-volume FX transactions and offering additional services like collection-on-behalf and payment-on-behalf. As it launches, StableX will support major currency pairs, with plans to expand to 31 currencies, ensuring liquidity and compliance.

StableX is now live, providing a robust solution for businesses seeking efficient, transparent, and cost-effective cross-border payments.
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Deloitte’s 2025 Gen Z and Millennial Survey has revealed that young professionals in Singapore are prioritising financial independence, meaningful work, and well-being over traditional leadership roles.

The survey, which included 309 participants from Singapore, highlights a significant shift in career aspirations and expectations from employers.

The survey found that only 8% of Gen Zs and 9% of millennials in Singapore aim for leadership positions, with the majority seeking financial independence as their primary career goal. This trend is accompanied by a strong desire for managerial support, as 62% of Gen Zs and 63% of millennials expect guidance from their managers, yet less than half report receiving it.

Generative AI is also influencing career choices, with 75% of Gen Zs and 77% of millennials considering job opportunities less susceptible to automation. Elizabeth Faber, Deloitte Global Chief People & Purpose Officer, noted, “These generations prioritise work/life balance and meaningful work as they strive for financial stability.”

The survey further reveals that financial insecurity is a growing concern, with 62% of Gen Zs and 52% of millennials citing the cost of living as their top worry. Additionally, a sense of purpose is crucial, as nearly all respondents consider it vital for job satisfaction.

As the workplace continues to evolve, Deloitte’s findings suggest that employers must adapt to meet the changing needs of these generations, focusing on providing meaningful work and supporting their development.
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ComfortDelGro has announced a significant financial performance for the first quarter of 2025, with profits after tax and minority interest (PATMI) rising by 19% to $48.3m compared to the same period last year. This marks the eighth consecutive quarter of continuous improvement for the group, highlighting its robust financial health and strategic growth.

The company’s PATMI margin also saw an improvement, increasing to 4.1% from 4% in the first quarter of 2024. This steady rise in profitability underscores ComfortDelGro’s effective management and operational strategies amidst a competitive market landscape.

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IREIT Global, a Europe-focused real estate investment trust, has successfully issued its inaugural S$85m green notes, due 2028, under its $1b Multicurrency Debt Issuance Programme. The issuance, which carries a 6.00% interest rate, was met with robust investor demand, reflecting strong confidence in IREIT’s strategic direction and its transformative project at Berlin Campus, known as Project RE:O.

Project RE:O aims to reposition Berlin Campus from a single-let office building into a vibrant, sustainable, and multi-functional destination. The net proceeds from the green notes will fund the initial phase of this transformation, focusing on establishing a premier hospitality hub. This includes converting a significant portion of the campus to accommodate two major international operators: Premier Inn, the UK’s largest hotel chain, will manage a 270-room hotel, and Stayery will feature 255 guest rooms, both under 20-year leases.

The transformation is set to diversify IREIT’s tenant base and income streams, enhancing the resilience and long-term appeal of its portfolio. Construction is expected to begin in the second quarter of 2025, with completion anticipated in early 2027. The project is committed to sustainability, targeting a minimum Leadership in Energy Environmental Design (LEED) Gold certification.

Peter Viens, CEO of the Manager, stated, “This successful and well-supported debut green bond issuance is a powerful endorsement of our strategy. The proceeds will kickstart the exciting first phase for Berlin Campus, creating a dynamic hospitality core.”

The issuance, managed by DBS Bank Ltd. and CIMB Bank Berhad, marks a strategic move towards greater collaboration with Singapore financial institutions, aligning with IREIT’s broader financial strategy to reduce asset encumbrance and diversify funding sources.
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Golden Agri-Resources Ltd (GAR) has reported a 47% year-on-year increase in net profit for the first quarter of 2025, reaching $55m. This surge is attributed to enhanced plantation output and a 27% rise in crude palm oil (CPO) prices, which averaged $1,156 per tonne. Despite a competitive market environment affecting downstream sales, GAR’s revenue grew by 19% to $3.04b.

The company’s EBITDA rose by 12% to $259m, maintaining a margin of 8.5%. Underlying profit also saw an increase, climbing to $89m. The reduction in foreign exchange loss further bolstered the net profit figures. GAR’s financial health remains robust, with an improved gearing ratio of 0.65 times and a net debt to EBITDA ratio of 0.41 times.

GAR’s upstream palm product output increased by 11% to 658,000 tonnes, whilst downstream sales volume decreased by 5% due to global economic conditions. The company continues to focus on enhancing plantation productivity and developing higher value-added products to sustain long-term growth.

In terms of sustainability, GAR is advancing its decarbonisation efforts, aligning with its Net Zero 2050 ambition. The company is also enhancing its supply chain traceability with the blockchain-powered SmartTrace system, aiding compliance with regulations like the EU Deforestation Regulation.

Looking ahead, GAR Chairman and CEO Franky O. Widjaja noted the potential easing of global vegetable oil supply constraints, despite challenges from weather patterns and geopolitical tensions. The company remains vigilant in observing market dynamics and macroeconomic conditions that could influence future trends.

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Brilliance Capital Pte. Ltd. has announced the sale of a rare freehold commercial building at 562 Serangoon Road, Singapore. This four-storey property, with a land area of approximately 2,336 square feet and a total floor area of 7,453 square feet, is available through an Expression of Interest closing on 9 July 2025.

The building stands out due to its non-conserved status, offering flexibility for redevelopment. Zoned as “Commercial” under the 2019 URA Master Plan, it allows for diverse uses such as serviced flats, co-living spaces, or lifestyle clinics, subject to approval. The ground floor has approved F&B use, enhancing its appeal for investors and business operators.

Strategically located near Farrer Park and Boon Keng MRT stations, the property benefits from high foot traffic and excellent connectivity. It is also close to shopping centres like City Square Mall and Mustafa Centre, and medical hubs such as Farrer Park Hospital. This positioning supports a steady demand for commercial activities.

Sammi Lim, Founder and Executive Director of Brilliance Capital, highlighted the property’s unique attributes, stating, “562 Serangoon Road offers freehold tenure, F&B approval, strata flexibility, and the freedom to enhance or reposition the building without conservation constraints. It is truly a rare gem.”

The building’s pure commercial zoning exempts it from Additional Buyer’s Stamp Duty and Seller’s Stamp Duty, making it an attractive option for both local and foreign investors. With a guide price of $17.2m (S$23.5m), this property presents a compelling opportunity for those seeking a strategic investment in Singapore’s vibrant city fringe.
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Singapore’s Prime Minister Lawrence Wong officiated the groundbreaking ceremony for Changi Airport’s Terminal 5 on 14 May 2025, marking a significant milestone in the airport’s expansion. Designed to handle 50 million passengers annually in its first phase, Terminal 5 will enhance Changi’s position as a leading air hub, leveraging state-of-the-art systems and extensive automation to meet growing travel demands.

Terminal 5 will integrate with existing terminals, allowing Changi to operate as a single air hub. The Singapore Airlines Group plans to consolidate its operations under one roof at the new terminal, which will also accommodate other carriers. The terminal’s design, inspired by Singapore’s blend of nature and urban life, aims to provide a “mega yet cosy” experience, according to Changi Airport Group CEO Yam Kum Weng.

The terminal will feature a ground transportation centre, enhancing connectivity with train, bus, and taxi services, and plans are underway to extend major rail lines to link Terminal 5 to the city centre. Additionally, the terminal will support air and sea connectivity, offering seamless travel options to neighbouring destinations.

Terminal 5 is set to be a Green Mark Platinum Super Low Energy building, incorporating clean energy solutions like a large rooftop solar system. It will also be equipped with advanced technologies for automation and sustainability, including contactless systems to reduce disease transmission.

The project, paused during the COVID-19 pandemic, resumed in 2022 with a focus on resilience and sustainability. Terminal 5 is part of the broader Changi East development, which includes industrial and urban districts aimed at bolstering Singapore’s aviation and business sectors. As construction progresses, Terminal 5 is poised to become a pivotal element in Singapore’s aviation landscape, supporting long-term growth and connectivity.
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