Industry News

A groundbreaking cancer immunotherapy, PRL3zumab, developed by researchers from Singapore’s ASTAR Institute of Molecular and Cell Biology and biotechnology company IntraImmuSG, has shown promising results in a Phase II clinical trial. The trial, approved by the US Food and Drug Administration, demonstrated the therapy’s safety and efficacy in slowing disease progression in patients with advanced solid cancers unresponsive to existing treatments.

PRL3zumab is a novel humanised antibody therapy targeting PRL3, a protein highly expressed in 80% of solid tumours. Unlike conventional antibodies, PRL3zumab identifies cancer cells by targeting PRL3 when it appears on the cell surface, marking them for destruction by the immune system. This approach offers new hope for patients with aggressive, treatment-resistant cancers, including those who have exhausted standard immunotherapy options.

The trial enrolled 51 patients and reported no serious drug-related side effects. One patient with Stage IV gastric cancer experienced disease stabilisation for over 13 months, compared to the typical two months with existing treatments. Encouraging tumour shrinkage has also been observed in ongoing trials in Malaysia and China, with full results expected next year.

PRL3zumab’s development began with Professor Qi Zeng at ASTAR IMCB, who identified PRL3 in 1998. The therapy’s ability to target previously undruggable intracellular proteins marks a significant advancement in cancer treatment. “This research product has already benefited many late-stage cancer patients and offers new hope to those with rare aggressive cancers,” said Professor Zeng.

The success of PRL3zumab highlights the potential for innovative immunotherapy approaches to improve outcomes for patients with limited treatment options. As further studies continue, PRL3zumab could pave the way for new cancer therapies.
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A recent study by CARMA has unveiled that Singaporean car owners exhibit the highest level of trust in Chinese automotive brands worldwide. The research, which examined consumer perceptions and media reporting across various Asian and Western countries, highlights the growing global interest in Chinese car brands and their competitive stance against established Western and Japanese automakers.

The study’s findings indicate a significant satisfaction gap between owners of Chinese and European car brands. European car brand owners reported lower satisfaction with vehicle performance, driving experience, and technology, and were less inclined to repurchase. Conversely, Chinese brand owners expressed higher satisfaction and a greater likelihood of buying from the same brand again. This trend is particularly pronounced in the Philippines, where confidence in Chinese brands is bolstered by GAC’s expansion of dealerships.

The report also delves into media perceptions, noting that Chinese brands are increasingly capturing market share in the global electric vehicle (EV) market. Notably, Chinese brands now occupy seven of the top 10 positions in global EV sales rankings, with BYD leading the charge through a 58.2% year-on-year increase in plug-in deliveries.

As the automotive industry continues to evolve, the rise of Chinese brands is reshaping market dynamics. The study suggests that this trend will persist, with implications for consumer behaviour and the competitive landscape. Future editions of CARMA’s series will further explore these developments, including a case study on BYD’s rapid ascent.
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International law firm Addleshaw Goddard has bolstered its Global Infrastructure practice in the ASEAN region by appointing Danna ER as a partner in its Singapore office. Danna, a dual-qualified lawyer in New York and Singapore, brings extensive expertise in high-value international arbitrations, court proceedings, mediations, and adjudications across Infrastructure, Energy, and Construction projects in Asia.

Danna’s appointment is part of Addleshaw Goddard’s AG2030 international growth strategy, which aims to expand the firm’s presence in key markets, including Korea. Her experience includes advising on contract documentation to mitigate dispute risks, and she joins from Eldan Law, a top-tier Singapore construction law firm. Previously, she worked with Pinsent Masons and Clyde & Co.

Recognised as a leading lawyer in construction and commercial disputes by directories such as Legal 500 and Benchmark Litigation, Danna’s arrival complements the recent appointment of construction and energy disputes partner Chanaka Kumarasinghe. This brings the number of partners in Addleshaw Goddard’s Singapore office to five.

Chanaka Kumarasinghe, Head of the Singapore office, expressed enthusiasm about Danna’s addition, stating, “We are delighted that Danna has joined us in Singapore, bringing with her over 15 years of experience in the construction sector, both domestic and international.”

Jonathan Tattersall, Head of Asia at Addleshaw Goddard, added, “Danna is someone we have admired for a long time and will help continue AG’s growth in Singapore and Asia more broadly.”

Danna’s appointment coincides with Addleshaw Goddard’s ongoing expansion, including the recent opening of its 20th office in Warsaw. This growth aligns with the firm’s AG2030 strategy, targeting £1 billion in revenue over the next five years.
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ESR, a leading logistics real estate platform, has commenced construction on a new logistics facility in Singapore, in partnership with Japanese firms Tokyu Land and Hulic. The groundbreaking ceremony took place on 13 May, marking a significant step in the development of the state-of-the-art warehouse designed to meet the growing demand for logistics space in the region.

The facility, strategically located to serve Singapore’s bustling logistics sector, is expected to enhance the efficiency of supply chains and support the increasing e-commerce activities in Asia. The collaboration with Tokyu Land and Hulic underscores the importance of international partnerships in addressing the evolving needs of the logistics industry.

ESR’s Managing Director for Singapore, Jeffrey Shen, highlighted the project’s significance, stating, “This development is a testament to our commitment to providing high-quality logistics infrastructure in key markets across Asia.” The facility aims to incorporate sustainable building practices and advanced technology to optimise operations and reduce environmental impact.

The partnership with Tokyu Land and Hulic is part of ESR’s broader strategy to expand its footprint in Asia, leveraging the expertise and resources of its partners to deliver innovative solutions. The new facility is expected to be completed by the end of 2026, providing a boost to Singapore’s logistics capabilities.

As the demand for efficient logistics solutions continues to rise, the completion of this project will likely have a positive impact on the region’s supply chain dynamics, offering enhanced services to businesses and consumers alike.
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ETC has announced the sale by tender of a prime freehold 11-storey commercial building located on Tras Street in Singapore’s Central Business District (CBD). The tender is set to close on 26 June 2025 at 3pm. This property, occupying a corner plot with main street frontage, offers a site area of 619.5 sq m and a gross floor area of 3,606.34 sq m. The guide price is $64.8 million (S$88.8 million), equating to $1,670 per sq ft (S$2,288 per sq ft).

The building is open to both local and foreign buyers and is not subject to Additional Buyer’s Stamp Duty or Seller’s Stamp Duty, as it is zoned for commercial use under the Master Plan 2019. Swee Shou Fern, Head of Investment Advisory at ETC, highlighted the rarity of such opportunities, stating, “Office buildings in prime central locations with a price quantum of under $109.5 million (S$150 million) are well-sought after but rarely available for sale.”

The property boasts excellent connectivity, being just 300 metres from Tanjong Pagar MRT Station and near major expressways. The area is rich in amenities, including retail outlets, restaurants, and hotels. The building’s versatility allows for various uses, such as a corporate headquarters or an investment asset.

With Singapore’s CBD undergoing transformation into a vibrant mixed-use district, the property presents significant potential for future development and investment.
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Sea Limited has inaugurated its new global headquarters for digital financial services in Singapore, marking a significant milestone with the rebranding of SeaMoney to Monee. The announcement was made on 8 May 2025, with the opening ceremony officiated by Dr Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry. The new headquarters, located at Rochester Commons, is set to become a hub for innovation and collaboration, accommodating over 1,000 professionals with a capacity for up to 1,500.

The rebranding to Monee signifies a strategic move to enhance trust and accessibility in financial services. Forrest Li, Chairman and CEO of Sea, stated, “Whilst Monee is already one of the largest digital financial services businesses in our region, I believe we are only seeing the start of its potential.” The rebrand aims to reflect the company’s mission to improve the lives of consumers and small businesses through technology.

The new headquarters will house Monee’s Centres of Excellence, focusing on product management, artificial intelligence, and anti-money laundering. It features over 100 collaborative meeting rooms, innovation spaces, and facilities designed to promote employee well-being. Monee, since its inception in 2014, has grown to become a major digital financial platform in Southeast Asia, offering services such as mobile wallets, payment processing, and digital banking.

The establishment of a digital banking group under MariBank further underscores Monee’s commitment to expanding financial access across the region. This development is poised to strengthen Monee’s position as a leader in digital financial services, fostering greater financial inclusion and accessibility.
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Zurich Insurance Company (Singapore) Ltd. has announced the appointment of Christy Yeo as Head of Property and Wendy Ong as Head of Financial Lines in Singapore. Both leaders will be responsible for the leadership, growth, and market management of their respective portfolios, working closely with their teams to enhance underwriting capabilities and execute strategic priorities.

Christy Yeo, with over two decades of experience, including 12 years at Zurich, previously served as Head of Upstream Energy. She will continue to oversee the Upstream Energy portfolio alongside her new role. Wendy Ong, who joined Zurich in 2018, has managed Directors & Officers and Financial Institutions product lines and led the Financial Lines’ wholesale facultative reinsurance underwriting strategy.

Alexandra Cowley, Chief Underwriting Officer at Zurich Singapore, expressed confidence in the appointments, stating, “I am very pleased to have Christy and Wendy step into these expanded leadership roles with their proven track records in their respective fields. Their deep technical knowledge and established market relationships will be instrumental in delivering leading solutions to our broker partners and customers as well as driving profitable growth through underwriting excellence across our business.”

These appointments are expected to strengthen Zurich Singapore’s market position and support its commitment to delivering innovative solutions and profitable growth. Christy and Wendy will report directly to Alexandra Cowley.
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Standard Chartered Bank’s recent “Million Reasons to be Happier” campaign has achieved remarkable success, marking the highest-ever client participation in a spend and win promotion. The campaign, which ran from 8 November 2024 to 28 February 2025, resulted in a 15% increase in credit card spending and a 20% rise in deposit balances amongst participating clients, compared to the previous quarter.

The campaign’s success highlights Standard Chartered’s position as a preferred wealth manager, aligning with its strategy to expand its affluent business. Grace Chan, Managing Director of Personal Banking & Credit Cards and Personal Loans in Singapore, noted, “The increased engagement we have observed reflects a step in the right direction as we continue to accelerate our affluent business.”

The campaign offered clients multiple ways to participate, including loans, deposits, and digital banking transactions, with the chance to win a Porsche Taycan. Irving Scott Henson, a 48-year-old gym owner and long-time client, won the car. He expressed his excitement, saying, “I truly appreciate Standard Chartered for not only making banking so convenient but running such exciting promotions too.”

The campaign was supported by a comprehensive marketing strategy, focusing primarily on digital platforms. A brand tracker report by Kantar indicated a 14% increase in Unaided Brand Awareness and Consideration, and a 16% rise in Wealth Management Association metrics.

Standard Chartered plans to continue this momentum with future campaigns, aiming to provide clients with more rewarding banking experiences.
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Violas Xiao, the Singapore CEO of XTransfer, participated as a distinguished speaker at Money20/20 Asia, one of the most significant events in the global fintech calendar, held in Bangkok, Thailand. The event, which took place on 13 May 2025, featured the RiseUp panel, an initiative by Deutsche Bank aimed at promoting the careers of women in financial technology and fostering inclusive leadership.

During the panel discussion titled “Reevaluate the Power of Connection: How to Leverage Relationships,” Xiao joined other prominent speakers, including Kriti Jain from Deutsche Bank and Ivan Chang, with Rachel Whelan moderating. Xiao emphasised the importance of building authentic relationships in today’s interconnected world, stating, “Opportunities rarely happen by chance; they come from people who know and trust you.”

Xiao encouraged professionals, particularly newcomers, to engage with curiosity rather than credentials, suggesting open-ended questions to spark genuine conversations. She advised against waiting for the perfect moment, noting that most people are more approachable than assumed, and stressed the importance of sincerity in networking.

XTransfer, founded in 2017, is a leading B2B cross-border trade payment platform, providing secure and low-cost foreign trade payment solutions to over 600,000 enterprise clients. The company is committed to innovation in financial services and supporting the next generation of women leaders in the fintech industry. With local payment licences across multiple regions, including Mainland China, Hong Kong, Singapore, and the US, XTransfer continues to expand its global footprint.
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Prudential Singapore has achieved a significant milestone in the financial services sector, with 13 of its agency leaders receiving the prestigious 2025 Million Dollar Round Table (MDRT) Culture of Excellence Awards. This accomplishment places Prudential at the forefront, as it accounts for more than a third of the 33 global winners. The awards recognise exceptional leadership in the life insurance and financial services industry, based on six criteria including production, retention, and recruitment.

The company’s success is attributed to its robust in-house MDRT support programme, which fosters a culture of mentorship and knowledge sharing. Rom Lee, Chief Agency Officer at Prudential Singapore, highlighted the importance of this culture, stating, “We are pleased to celebrate our largest ever cohort of MDRT Culture of Excellence Awards winners. This speaks to Prudential Singapore’s strong MDRT culture of sharing.”

Amongst the awardees, five agency leaders have achieved the distinction for three consecutive years, with Bryan Phang, Financial Services Director, being the only three-time Diamond category awardee globally. Phang remarked, “Receiving the MDRT Culture of Excellence Awards was only possible with the hard work and dedication of our entire team.”

Prudential’s commitment to professional development is evident through its comprehensive training programmes, including the Financial Consultant Induction Programme and the High Net Worth Skill Up Series. With over 5,400 financial representatives, Prudential continues to invest in its workforce to maintain high standards of service and support for its customers.
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