Industry News

Porsche Asia Pacific has unveiled the track layout for the highly-anticipated Porsche Experience Centre (PEC) Singapore, marking its debut on the roof of Brock Gilchrist’s Porsche 911 GT3 Cup car during the 2025 Porsche Carrera Cup Asia (PCCA). This announcement coincides with Porsche’s sponsorship of Gilchrist, a rising New Zealand racing talent, as part of their commitment to nurturing motorsport talent across the Asia Pacific region.

The PEC Singapore track, designed by renowned racetrack designer Hermann Tilke, promises thrilling features such as a high-speed straight and sharp, banked corners. This centre, the first of its kind in the region, aims to elevate the driving experience for Porsche enthusiasts. Yannick Ott, Director Marketing Porsche Asia Pacific, expressed excitement about the centre, stating, “The upcoming Porsche Experience Centre Singapore, built right at the gateway of Asia, will provide many more with the opportunity to fulfil their dream of driving a Porsche in its natural habitat.”

Gilchrist, driving the #10 Porsche 911 GT3 Cup car prepared by Earl Bamber Motorsport, is part of the PCCA Talent Pool, a programme aimed at recognising and developing promising drivers. His journey mirrors that of fellow New Zealander Earl Bamber, who rose through the PCCA ranks to become a Porsche works driver and a two-time 24 Hours of Le Mans winner.

The 2025 PCCA season, which began at the Shanghai International Circuit, will continue across celebrated tracks in Asia, including the Fuji Speedway and the Marina Bay Street Circuit during the Formula 1 Singapore Grand Prix weekend. The PEC Singapore is scheduled to open in 2027, promising to be a hub for Porsche fans and customers in the region.
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Sembcorp Industries and Aster Chemicals and Energy have announced a significant partnership to advance energy and utilities projects in Southeast Asia, with contracts exceeding S$65m. The collaboration will see Sembcorp providing a comprehensive range of gas, power, and utilities solutions to Aster’s integrated refining and chemical complex located in Pulau Bukom and Jurong Island.

The two companies have also signed a Memorandum of Understanding (MOU) to explore strategic initiatives across Singapore, Indonesia, and the wider Southeast Asian region. This MOU, valid for six months, aims to foster collaboration on cogeneration and utilities projects, regional gas procurement, joint infrastructure investments, and the establishment of industrial parks in Indonesia. These efforts align with their shared vision for sustainable growth and addressing the region’s rising energy demands.

Erwin Ciputra, Group CEO of Aster, highlighted the partnership’s potential, stating, “Our partnership with Singapore’s leading energy provider brings together the strength of two companies to shape the future of energy and environmental stewardship for our region.” Koh Chiap Khiong, President & CEO of Gas and Related Services at Sembcorp, added, “This collaboration reinforces our commitment to support the growth of critical assets in the region.”

Whilst the agreements are substantial, they are not expected to materially impact Sembcorp’s earnings per share or net tangible assets per share for the financial year ending 31 December 2025. The partnership marks a significant step towards sustainable energy solutions in Southeast Asia.
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About 74% of Singaporean travellers use comparison sites, yet many marketers continue to prioritise paid ads. This underscores a critical misalignment between marketing strategies and consumer behaviour, according to a recent report by Impact.com, a leading partnership management platform.

Online Travel Agents (OTAs) are the top booking channel for Singaporeans, with 76% using them, followed by brand websites and mobile apps.

Impact.com’s “Beyond the Booking: Where APAC Travel Brands Are Investing for Growth,” highlights a shift in consumer trust towards word-of-mouth over traditional advertising. The report, based on insights from 100 travel industry leaders and 1,200 travellers from Singapore, Australia, and China, reveals that 40% of Singaporean travellers trust peer recommendations more than advertisements when choosing travel destinations.

Adam Furness, Managing Director APJ at impact.com, stated, “The modern consumer demands trust, transparency, and authenticity, and they turn to their communities and trusted sources of information to guide their purchasing decisions.”

Key findings indicate that promotions are the primary driver for bookings among Singaporeans, with 77% citing them as influential, compared to brand reputation for Australians and Chinese travellers. The report also highlights the growing importance of partnerships, with 68% of Singaporean travellers trusting review and comparison sites.

As travel brands navigate post-pandemic challenges, the report suggests a strategic shift towards high-trust channels like influencers and affiliates. This approach aims to align marketing investments with consumer preferences, fostering authentic connections and driving sustainable growth in the travel sector.
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Settio, a premium residential lettings and management firm, has announced the launch of its Settio Living Build-to-Rent (BTR) service, targeting institutional investors and funds acquiring buildings. Led by co-founder Samuel Fitz-Hugh, the new service promises to bring a fresh approach to the BTR sector by leveraging Settio’s extensive tenant database and market expertise to offer faster lease-up, higher occupancy rates, and improved resident retention.

Settio, which currently manages over £525m of property and supports more than 2,500 individual landlord clients, is expanding its focus from the private residential sector to BTR. The firm has already begun supporting lease-up efforts at key developments, including Legal & General’s Slate Yard in Salford and Vita Group’s Union and Uhaus in Manchester.

“The BTR sector has accelerated at high speed over the past five years,” said Fitz-Hugh. “Settio Living can deliver that fresh and innovative approach and produce better results for investors and communities.”

The launch follows a year of significant growth for Settio, including appointing Daniel de Abreu as managing director, expanding its ‘Asia Desk’ to include Mandarin and Cantonese-speaking consultants, and doubling the managed portfolio at its London Canary Wharf office.

With offices in Manchester, London, and Singapore, and plans to open in Birmingham in 2025, Settio continues to expand its reach. The firm aims to disrupt the BTR market with its innovative approach, striving for better outcomes for investors and communities alike.
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Leading figures in artificial intelligence (AI) safety research convened in Singapore on 26 April 2025 for the inaugural Singapore Conference on AI International Scientific Exchange on AI Safety (SCAI ISE). This event, part of Singapore AI Research Week, was held alongside the International Conference on Learning Representations (ICLR) 2025, marking its first appearance in Singapore. The conference brought together over 100 participants, including academics, industry leaders, and policymakers from 11 countries, to discuss AI safety and establish global research priorities.

The Singapore Consensus on Global AI Safety Research Priorities was published as a result of the conference, highlighting three key areas: risk assessment, development, and control. Risk assessment focuses on understanding potential harms from AI systems and developing methods for precise measurement and third-party audits. Development aims to create AI systems that are trustworthy and secure by design, following safety engineering frameworks. Control involves managing AI systems’ behaviour to achieve desired outcomes, even amidst uncertainties.

Minister for Digital Development and Information, Josephine Teo, emphasised the importance of bridging research and policy to ensure effective AI governance. The Singapore Consensus will be presented at the Asia Tech x Singapore Summit on 28–29 May 2025, aiming to influence policymaking and foster a balance between safety and innovation.

This conference is part of Singapore’s ongoing efforts to build a trusted AI ecosystem. Previous initiatives include the AI Verify Foundation’s toolkits for testing AI models and the Model AI Governance Framework for Gen AI, which addresses concerns whilst promoting innovation. The Singapore AI Safety Red-Teaming Challenge Evaluation Report was also published following a multicultural and multilingual exercise conducted in partnership with Humane Intelligence.
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Tech enthusiasts can enhance their smart living experience this May with Xiaomi’s latest promotional offers. Celebrating Mother’s Day and the opening of five revamped stores, Xiaomi is providing a range of discounts and special deals throughout the month.

From 1 to 11 May, Xiaomi is offering up to 47% off on selected products, including a free Xiaomi Smart Air Purifier 4 Lite with every purchase of a Xiaomi 15 smartphone. Other discounted items include Xiaomi TV A Series models and various smart home devices such as rice cookers and vacuum cleaners. The full list of offers can be found on Xiaomi’s official website.

In addition to these deals, Xiaomi is celebrating the refurbishment of five stores located in Bedok Mall, Waterway Point, Northpoint City, Jurong Point, and Causeway Point. These stores now feature a wider variety of products and a refreshed layout. On 10 and 11 May, customers can purchase the Xiaomi MIX Flip in-store at a special price of $730 (S$999), limited to the first five sets per day.

Throughout May, Xiaomi’s promotions extend to their online platforms, including Mi.com, Shopee, and Lazada, with discounts on wearables, robot vacuums, and more. Notable offers include the Xiaomi Watch S3 at $102 (S$139) and the Xiaomi Robot Vacuum X20+ at $374 (S$509).

These promotions not only provide consumers with significant savings but also mark Xiaomi’s commitment to enhancing the shopping experience across its physical and online stores.
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Grandtag Financial Consultancy, a prominent high-net-worth insurance broker, has inaugurated its new office in Singapore, which is approximately 40% larger than its previous location. This expansion aims to support the firm’s increasing team size and improve its ability to serve clients both locally and throughout Asia. The move comes as Grandtag’s headcount in Singapore has more than doubled over the past two years under the leadership of Martin Wong, Regional CEO, Ray Ang, Singapore CEO, and Louise Thean, then Global Head of Strategic Alliance.

The new office underscores Grandtag’s commitment to agility, efficiency, and excellence in serving high-net-worth individuals and ultra-high-net-worth families across Asia. The firm, which has been operational since 2007, also maintains a presence in Hong Kong and Malaysia. In addition to the office expansion, Grandtag has made several strategic leadership appointments, including promoting Louise Thean to Chief Proposition Officer and appointing Ryan Ng as Chief Financial Officer and Lee Eik Hong as Chief Operating Officer.

Grandtag has also forged new strategic partnerships in Asia, reinforcing its dedication to legacy planning and wealth advisory services. Currently, the firm collaborates with over 60 private banks, trustees, family offices, and more than 30 reputable insurance companies globally. Martin Wong, Regional CEO, stated, “Our expansion in Singapore not only marks an important step in our growth but more importantly enhances our ability to support the evolving needs of our high-net-worth clients in Asia.”

Ray Ang, Singapore CEO, added, “The opening of our new Singapore office represents a significant investment in our people, our clients, and our future in this market.” This expansion reflects Grandtag’s vision for continued growth and its commitment to delivering bespoke liquidity and wealth planning solutions for clients across generations.
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Ottu, a global fintech leader, has announced the opening of its new regional headquarters in Singapore, marking its entry into the Asia-Pacific (APAC) market. This strategic move is part of Ottu’s global growth plan to introduce its digital payments platform to the dynamic financial ecosystems of Singapore, Malaysia, Thailand, and Cambodia. The company, known for its direct bank integration model, aims to provide enhanced transparency and scalability to banks and merchants in the region.

Following its success in the Middle East, where it supports over 1,000 merchants, Ottu plans to further expand its operations to Indonesia, the Philippines, and Australia. This expansion underscores Ottu’s commitment to facilitating seamless digital commerce across key APAC markets. The company has appointed S.N. Prasad as Chief Operating Officer for Ottu APAC, leveraging his extensive experience in global payment schemes and financial institutions to drive local partnerships and solutions.

The launch of the Singapore headquarters was highlighted by a visit from Munaf Bukhari, Deputy CEO of Ottu, emphasising the company’s focus on building strong regional relationships. Talal AlAwadhi, CEO of Ottu, stated, “Ottu’s expansion into APAC represents a bold step forward in our global mission to redefine digital payments. Our presence in Asia-Pacific reinforces our vision to foster innovation, strengthen digital commerce ecosystems, and deliver long-term value across the fintech landscape.”

Ottu’s platform offers businesses the ability to manage multiple payment gateways across regions, focusing on innovation, security, and operational efficiency to support business expansion.
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Raffles Family Office (RFO), a leading multi-family office in Asia, has announced the appointment of Terence Seow as Managing Director, Board Adviser, and Shaun Lim as Managing Director, Relationship Management, in its Singapore office. These strategic appointments aim to strengthen RFO’s advisory capabilities and expand its influence across Southeast Asia.

Terence Seow brings over 40 years of experience in the banking and financial services industry, having held senior positions at Citibank, DBS, and the Bank of Singapore. His expertise in market trends, global investments, and risk analysis will be instrumental in guiding RFO’s strategic direction. “I’m delighted to join RFO at such a dynamic stage of its growth,” Seow stated, emphasising his commitment to supporting the firm’s mission.

Shaun Lim, with over 25 years of experience advising ultra-high-net-worth (UHNW) clients, joins RFO from his previous role as Market Head of the North Asia Team at Royal Bank of Canada Wealth Management. Lim expressed his enthusiasm, saying, “Joining RFO is a natural next step that allows me to serve families with a broader lens.”

Kendrick Lee, CEO of Singapore, highlighted the significance of these appointments, noting that Lim’s client-first mindset and Seow’s strategic counsel will enhance RFO’s relationship management capabilities. As RFO continues its growth journey, these additions are expected to play a pivotal role in serving the evolving needs of UHNW families in Asia.
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The People’s Action Party (PAP) has secured another victory in Singapore’s recent election held on 3 May, ensuring the continuation of its established macroeconomic policies.

Fitch Ratings has highlighted that this win signals a sustained commitment to fiscal discipline and economic stability, which has been a hallmark of the PAP’s governance.

Fitch Ratings, a global credit rating agency, noted that the election outcome is expected to maintain Singapore’s strong economic framework. The agency stated, “The victory of the incumbent People’s Action Party in Singapore’s election suggests that the government will maintain its strong record of prudent macroeconomic policies and adherence to fiscal rules.”

This continuity is crucial for Singapore as it navigates the complexities of the global economic landscape. The PAP’s approach has historically been characterised by a focus on fiscal prudence, which Fitch Ratings believes will persist, thereby supporting the country’s economic resilience.

The election results are significant for investors and businesses operating in Singapore, as they provide a stable and predictable policy environment. This stability is particularly important in the context of ongoing global economic uncertainties.

Looking ahead, the PAP is expected to bolster confidence in Singapore’s economic policies, ensuring that the nation remains an attractive destination for investment. The emphasis on maintaining fiscal discipline is likely to support Singapore’s long-term economic growth and stability.
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