Industry News

The Singapore Department of Statistics has reported a 1.1% increase in retail sales for March 2025 compared to the same month last year.

When excluding motor vehicles, the rise in retail sales was slightly lower at 0.7%.

However, the food and beverage services sector experienced a decline, with sales dropping by 2.8% over the same period.

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AVPN, Asia’s largest network of social investors, has announced the selection of 49 organisations to receive funding from its AI Opportunity Fund Asia Pacific, a $15m initiative supported by Google.org and the Asian Development Bank.

These organisations will train workers across the Asia Pacific region in artificial intelligence (AI) skills, addressing the challenges posed by the evolving job market. The initiative aims to prepare workers for an AI-driven future, with a focus on inclusivity and accessibility.

The AI Opportunity Fund is part of a broader effort to address the AI skilling awareness gap identified in AVPN’s report, “AI for All: Building an AI-Ready Workforce in Asia Pacific.” The report highlights that only 15% of surveyed individuals have engaged in AI skilling programmes, whilst 57% remain unaware of such resources. The fund will also focus on micro, small, and medium enterprises (MSMEs), which make up 96% of Asia Pacific’s companies but face barriers in AI skill development.

The initiative will see strategic partners, including Seoul National University and AI Singapore, train selected organisations.

These organisations will then reach out to diverse groups, such as migrant workers, women, and persons with disabilities. Among the funded organisations are JAIS India, BAOBAB Inc Japan, and TagTeam Singapore, each addressing unique community needs.

Naina Subberwal Batra, CEO of AVPN, emphasised the importance of bridging critical skills gaps, stating, “Our funded organisations are at the heart of this important component of the AI Work Transition.” Sanjay Gupta, President of Asia Pacific at Google, added, “AI has the potential to transform economies and unlock new opportunities, but its benefits must be accessible to everyone.”

With an additional $10m from Google.org, the initiative will expand its efforts, introducing a dedicated track for MSMEs in Southeast Asia. The programme aims to train 720,000 workers and 100,000 MSMEs across the region, fostering a more equitable future in an AI-powered economy.
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Singapore’s banks are increasingly adopting artificial intelligence (AI) to transform customer experiences, according to SS&C Blue Prism. The move aims to meet rising consumer expectations for seamless, personalised, and cost-effective services. James Lucas, Vice President of Sales at SS&C Blue Prism for the ASEAN and Greater China Region, highlighted the growing demand for real-time solutions and meaningful engagement, particularly among younger generations accustomed to digital-first experiences.

A study by Forrester Consulting, commissioned by SS&C Blue Prism, revealed a 5.4% compound annual growth rate (CAGR) in incremental profit over three years for companies implementing automation solutions. This marks a shift from 2017, where 92% of automation value was realised through cost savings. Now, 73% of the value is captured as incremental profit, indicating that intelligent automation is not just a cost-saver but a growth driver.

AI technologies such as generative AI, machine learning, and advanced analytics are enhancing customer experiences by improving efficiency and adding a personal touch. Lucas noted that self-service AI solutions allow trained advisers to focus on complex interactions, thereby increasing customer satisfaction through speed and accuracy.

UOB serves as a prime example, having implemented digital banking initiatives that process mortgage applications 30% faster. Similarly, Spanish bank ABANCA achieved a 60% faster response time for customer enquiries using SS&C Blue Prism’s tools.

Lucas emphasised the need for finance leaders to embrace AI-driven automation to reclaim market share from FinTech companies. “Organisations delaying AI adoption risk being outpaced in customer satisfaction and operational efficiency,” he concluded.
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Lion Global Investors has announced the appointment of Seck Wai Kwong as its new Chairman, effective 1 May 2025. Seck, who brings over four decades of experience in the financial services sector, previously served as the CEO of Eastspring Investment Group until his retirement in August 2023. His extensive career also includes roles as CEO, Asia-Pacific of State Street Bank and Trust Company, and senior positions at Singapore Exchange, Monetary Authority of Singapore, GIC, Lehman Brothers, and DBS Bank.

Seck’s distinguished career has been recognised with the Public Service Medal in 2017 and the Public Service Star in 2023. He was appointed to the Public Service Commission in February 2024. Currently, he serves as a Board Director of OCBC and GIC and chairs the Investment Committee at the Ministry of Home Affairs Uniformed Services INVEST Fund.

Teo Joo Wah, CEO of Lion Global Investors, expressed enthusiasm about Seck’s appointment, stating, “His leadership and wealth of experience will be instrumental in advancing Lion Global Investors’ standing as one of the leading asset management companies in Southeast Asia.” Seck himself remarked on his excitement to join the company, highlighting the growth opportunities in Asia and the strong foundation established by Lion Global Investors.

Lion Global Investors, part of Great Eastern Holdings and a member of the OCBC Group, manages assets worth $53.4 billion (S$71.8 billion) as of 31 March 2025. The firm is a leading asset management company in Southeast Asia, specialising in Asian equities and fixed income strategies.
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Colliers has released its Q1 2025 report on Singapore’s industrial market, revealing a continued upward trend in rental indices despite global economic challenges. The JTC All Industrial rental index rose by 0.5% quarter-on-quarter, marking its 18th consecutive quarter of growth. This steady increase is attributed to the resilience of the single-user and business park segments, although overall industrial occupancy remained flat.

The report highlights a 1.5% rise in the price index, reaching its highest level since the fourth quarter of 2015. This growth reflects a 25.1% increase from the last trough in Q3 2020. Nicolas Menville, Executive Director and Head of Singapore-based Industrial Clients at Colliers, noted, “Singapore’s overall value proposition of a proactive government—offering companies incentives and support, efficient infrastructure, and a skilled talent pool—will ensure that it remains an attractive hub for industries.”

Looking ahead, the supply of industrial space is expected to surge, with an average of 1.1 million square metres anticipated annually until the end of 2027. This includes a significant influx of warehouses and single-user factories, which are largely pre-committed. Catherine He, Head of Research at Colliers Singapore, added that the relocation of manufacturing supply chains to Southeast Asia could benefit Singapore, as companies seek to leverage its position as a major re-export hub.

The report underscores the potential for Singapore to strengthen its regional ties and explore alternative markets to mitigate the impact of US tariffs, ensuring the industrial market’s long-term growth.
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Artificial intelligence (AI) is revolutionising assisted reproduction, offering unprecedented precision and personalisation for fertility specialists. However, Professor Ying Cheong, a leading expert in reproductive medicine, cautions against the unchecked adoption of AI without addressing ethical concerns. Speaking at the 2025 Congress of the Asia Pacific Initiative on Reproduction (ASPIRE) in Singapore, she emphasised the need for human connection, trust, and ethical responsibility in fertility clinics.

AI-driven tools are enhancing fertility treatments by optimising ovarian stimulation, improving embryo selection, and streamlining clinic workflows. Innovations such as robotics-assisted micromanipulation and AI-enhanced incubators are advancing embryo assessment, whilst wearable biosensors and intrauterine devices offer real-time uterine monitoring.

Despite these advancements, Professor Cheong highlighted several concerns, including trust in clinical tools, data privacy, and ethical parameters. She stressed the importance of clinical validation across diverse populations and warned against bias in AI decision-making. “The technology should complement, not replace, clinical expertise, ensuring a human-in-the-loop approach,” she stated.

Professor Cheong also advocated for a social data ecosystem to enable responsible data sharing, suggesting models like a Social Data Foundation where patients, providers, and researchers collaborate equally. She urged for open access AI platforms and public-private partnerships to make advanced reproductive technology accessible to all.

With around 2,000 fertility experts attending the ASPIRE Congress, the discussion on AI’s role in reproductive medicine continues to be a focal point, emphasising the balance between technological innovation and ethical practice.
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Global investment firm BlackRock and Malaysia’s YTL Corporation have announced their acquisition of Citadines Raffles Place in Singapore for $216m. The property, previously owned by a joint venture involving CapitaLand, marks a significant investment in the region’s real estate market. The deal underscores the continued interest in prime Singaporean assets by international investors.

The acquisition of Citadines Raffles Place, a prominent serviced residence in Singapore’s central business district, is expected to enhance the portfolio of both BlackRock and YTL. The property, known for its strategic location and modern amenities, is anticipated to attract both business and leisure travellers, boosting its occupancy rates and revenue potential.

This transaction highlights the ongoing appeal of Singapore’s real estate market, which remains a key destination for global investors seeking stable and lucrative opportunities. The involvement of BlackRock, a leading global asset manager, and YTL, a major Malaysian infrastructure conglomerate, further emphasises the strategic importance of this acquisition.

The purchase is part of a broader trend of international firms investing in Asia’s real estate sector, driven by the region’s robust economic growth and urbanisation. As the market continues to evolve, such investments are likely to play a crucial role in shaping the future landscape of real estate in Singapore and beyond.

Looking ahead, the acquisition could pave the way for further collaborations between international and regional players in the real estate sector, potentially leading to more dynamic and diversified investment strategies in the region.
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FOREX.com, a leading trading platform under StoneX Group Inc, has officially launched in Singapore, marking a significant expansion in the retail and self-directed contract for difference (CFD) trading sector. The platform, regulated by the Monetary Authority of Singapore, aims to empower local traders with access to thousands of global CFD markets, including top foreign exchange pairs, indices, shares, and commodities.

The launch represents a strategic milestone for StoneX, a Fortune 100 company, which acquired the holding company of FOREX.com in 2020. Andy Hudson, Head of Retail in Singapore, highlighted the platform’s commitment to supporting users from education through to execution, stating, “FOREX.com supports its users from education through to execution and empowers retail customers to trade with confidence.”

Since its inception in the United States in 2001, FOREX.com has expanded its reach across Europe, the Middle East, and Asia Pacific. The platform is renowned for its comprehensive trading and risk management tools, robust educational resources, and customer-first solutions. Greg Kallinikos, CEO APAC, noted, “We are proud to expand this servicing further by having FOREX.com launch in Singapore and help us connect even more clients to markets.”

Singaporean traders will benefit from dedicated support available 24 hours a day, five days a week, ensuring seamless facilitation of their trading needs. This expansion is set to enhance the trading experience for local retail traders, providing them with the tools and resources necessary to navigate the global financial markets confidently.
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UOL Group Limited has announced a partnership with Hilton to launch the first NoMad Hotel in Asia Pacific, set to open in early 2027 on Singapore’s Orchard Road. The 173-room luxury lifestyle hotel will replace the former Faber House, which is being redeveloped into a 19-storey structure featuring commercial and retail spaces.

The NoMad brand, known for its unique blend of luxury and lifestyle, will bring its signature style to Singapore, offering world-class dining, immersive cultural programming, and sustainable design. Alan Watts, President of Asia Pacific at Hilton, highlighted the strategic importance of this venture, stating, “This signing adds a new and significant dimension to Hilton’s phenomenal growth story in Asia Pacific.”

The hotel will be designed by Singapore’s architecture firm WOHA, featuring a biophilic design with a 15-storey cascading waterfall and a verdant vertical landscape. The urban verandah on the third level will host art and design programming, enhancing the cultural vibrancy of the area. The hotel will also include a sky terrace, infinity pool, and a rooftop bar and restaurant.

Andrew Zobler, CEO of The Sydell Group, expressed excitement about the brand’s introduction to Asia Pacific, noting, “NoMad is built on the concept of a hotel as a welcoming home filled with stories.” The hotel aims to offer guests a distinct experience that reflects the brand’s character and the dynamic cultural energy of Singapore.

UOL’s Chief Executive, Liam Wee Sin, emphasised the hotel’s role in transforming Orchard Road, alongside other UOL projects, to create a luxury lifestyle space. The NoMad Hotel will also feature curated artworks by Singaporean artists with special needs, reinforcing UOL’s commitment to inclusivity and cultural engagement.
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The Singapore Institute of Purchasing and Materials Management (SIPMM) has released the April 2025 Purchasing Managers’ Index (PMI), revealing a contraction in the manufacturing sector. The PMI, a key indicator of economic health, fell to 49.8, down from 50.2 in March, marking the first contraction since November 2024. A PMI reading below 50 indicates a decline in manufacturing activity.

The decline in April’s PMI is attributed to a decrease in new orders and production output, which have been impacted by global supply chain disruptions and weakened demand. The electronics sector, a significant component of Singapore’s manufacturing industry, also experienced a downturn, with its PMI dropping to 49.5 from 50.1 in the previous month.

SIPMM noted that the contraction reflects ongoing challenges in the global economic environment, including geopolitical tensions and fluctuating commodity prices. “The manufacturing sector is facing headwinds from external uncertainties, which are affecting business confidence and investment,” SIPMM stated.

Despite the contraction, some analysts remain cautiously optimistic about the sector’s recovery prospects, citing potential stabilisation in the latter half of the year as supply chains adjust and demand gradually rebounds.

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