Industry News

Denodo has unveiled its latest offering, Denodo Platform 9.2, which aims to revolutionise data management for enterprises across Singapore and the Asia-Pacific region. The platform introduces a comprehensive data marketplace, enhanced support for Generative AI (GenAI) applications, and new self-service tools designed to streamline data product development.

The new data marketplace offers an e-commerce-style experience, allowing users to explore, discover, and access data with ease. This feature is supported by a semantic layer and AI-powered automation, providing insights into data usage across applications and analytical tools. Stewart Bond, research vice president at IDC, noted, “The new data marketplace functionality of Denodo Platform 9.2 makes access even more intuitive with a more user-friendly interface.”

Denodo Platform 9.2 also extends its capabilities for GenAI applications, crucial for organisations seeking to harness AI innovation. Shanmuga Sunthar Muniandy, Director of Architecture and Chief Evangelist at Denodo, highlighted the platform’s ability to “simplify data access, speed up GenAI application development, and strengthen collaboration across diverse markets.”

The platform’s enhancements include dynamic customisation of AI models, improved support for unstructured data, and a certification programme for GenAI developers. Barend Van Coller from Alexforbes expressed enthusiasm for the release, stating it “further empowers our teams to search, discover, and interact with data.”

Additionally, Denodo Platform 9.2 offers developers tools for agile data product development, including CI/CD workspace support and automated dependency analysis. Alberto Pan, Denodo’s chief technology officer, emphasised that these innovations will “put organisations at the forefront of data-driven transformation.”

For more information, visit Denodo’s website.
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The Singapore Department of Statistics has revealed that the services sector is bracing for a challenging second quarter in 2025, with only 8% of firms expressing optimism about business conditions. In contrast, 25% of firms foresee a decline, leading to a net weighted balance of 17% expecting a less favourable business outlook from April to September 2025.

The report highlights a cautious sentiment within the sector, which is crucial to Singapore’s economy. The services sector encompasses a wide range of industries, including finance, retail, and hospitality, making its performance a significant indicator of the country’s economic health.

The data suggests that businesses are preparing for potential headwinds in the coming months. This sentiment could impact investment decisions, hiring, and overall economic activity within the sector. The cautious outlook may be influenced by various factors, including global economic uncertainties and domestic challenges.

The Singapore Department of Statistics encourages stakeholders to stay informed through their enhanced SingStat Mobile App, which offers updated features for accessing statistical information. Additionally, the department is active on Instagram, providing bite-sized statistical updates to keep the public informed.

As the services sector navigates these anticipated challenges, businesses and policymakers alike will need to monitor developments closely to adapt strategies and mitigate potential impacts on the economy.
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Singapore enterprises are ramping up their investments in fraud detection, ID verification, and content moderation, according to a new report by TELUS Digital and Ryan Strategic Advisory. The report, titled “Safety in Numbers,” highlights that 43% of Singapore businesses intend to significantly increase their spending on fraud detection over the next year. This surge in investment comes as cybercrime cases in Singapore rose by 18% to 28,751 in the first half of 2024, as reported by the Singapore Police Force.

The study reveals that 54% of enterprises plan to somewhat increase their investment in ID verification, whilst 38% aim to enhance content moderation efforts. These moves are driven by the need to meet rising customer expectations and comply with tightening regulatory demands. Singapore’s leadership in AI-driven public services has set high standards, prompting private-sector businesses to follow suit.

Peter Ryan, President and Principal Analyst at Ryan Strategic Advisory, noted, “Trust, safety, and security have become essential to delivering great customer experience.” He added that businesses face pressure to manage budgets whilst adhering to evolving compliance standards, making it challenging to access the necessary technical talent.

The report also highlights the importance of human expertise in delivering secure customer experiences. Despite the growing adoption of automation, most organisations continue to rely on human-in-the-loop models to balance efficiency and compliance. For instance, 79% of organisations involve humans in ID verification processes, either through a combination of human and technology-based methods or entirely human-sourced services.

As enterprises navigate these challenges, the ability to scale trust, safety, and security capabilities effectively will be crucial. TELUS Digital’s Ljubiša Velikić emphasised the need for partners with deep expertise to help organisations strengthen their approach to trust, safety, and security in an evolving risk landscape.
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In a landmark ruling, Singapore’s High Court has found Rajan Sunil Kumar, a former employee of Hayate Partners Pte Ltd, guilty of breaching both contractual and equitable obligations of confidentiality. The court’s decision, delivered in the case of Hayate Partners Pte Ltd v Rajan Sunil Kumar [2025] SGHC 41, underscores the importance of maintaining confidentiality regarding company documents even after employment has ended.

The case highlights the legal responsibilities employees have towards their employers concerning sensitive information. By retaining company documents after his departure, Kumar violated the trust placed in him by his former employer. This ruling serves as a critical reminder for employees to adhere strictly to confidentiality agreements and obligations.

Catherine Lee, a senior partner at Dentons Rodyk & Davidson LLP, commented on the case, emphasising its significance in reinforcing the legal framework surrounding confidentiality in employment. The court’s decision is expected to have far-reaching implications for employment practices in Singapore, particularly in sectors where data security and confidentiality are paramount.

The ruling not only reinforces the legal obligations of employees but also serves as a cautionary tale for companies to ensure that their confidentiality agreements are robust and clearly communicated to all employees. As businesses increasingly rely on sensitive data, the protection of such information remains a top priority.

This case may prompt organisations to review and tighten their confidentiality protocols, ensuring that employees are fully aware of their responsibilities both during and after their tenure.
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Singapore’s small and medium-sized enterprises (SMEs) are grappling with unprecedented borrowing costs and shrinking access to larger loans, according to a recent survey by Linkflow Capital. The survey, which analysed data from over 2,216 users on its SME loan comparison platform, found that average borrowing costs soared to 8.47% per annum in 2024, the highest in recent years. Additionally, loan approvals for amounts exceeding $500,000 have plummeted to zero.

The survey highlights a significant contraction in loan sizes, with approvals for loans above $300,000 constituting only 3% of approved loans in 2024, down from 10% in 2023. This tightening of credit conditions has led to a surge in business closures, reaching a 15-year high, as SMEs struggle to manage rising operational costs and limited financing options.

Benjamin Teo, spokesperson for Linkflow Capital, noted, “SMEs were caught in a difficult bind in 2024—needing capital to navigate rising operational costs but facing the highest borrowing rates we’ve seen in years and finding it much harder to secure larger loan amounts required for expansion.”

Whilst early signs of interest rate easing have emerged, with the 3-month SORA benchmark falling from 3.03% in January to 2.55% by April 2025, SME lending rates are expected to remain high until at least Q3 2025. The permanent increase of the SME Working Capital Loan cap to $500,000, announced in Budget 2024, offers some relief, but cash flow pressures continue to mount.

Teo emphasised the importance of preemptive financing planning and maintaining liquidity buffers, given Singapore’s heavy trade exposure and vulnerability to external shocks. The full survey findings are available on Linkflow Capital’s website.
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The United Nations Development Programme (UNDP) and Singapore-based Trigger Asset Management have announced a new partnership to bolster investment and support for startups and businesses aligned with the Sustainable Development Goals (SDGs). The initiative, named Origin, seeks to leverage UNDP’s global expertise and Trigger’s investment acumen to create a robust ecosystem for mission-driven ventures.

Origin will focus on several key areas, including the design and launch of investment opportunities for SDG-aligned startups, supported by structured acceleration and incubation pathways. Additionally, a next-generation digital platform powered by AI and Web3 technologies will be developed to facilitate connections between startups and investors, enhancing collaboration and efficiency.

The partnership will also establish a comprehensive database of startups nurtured by UNDP’s accelerator programmes, enabling smart matchmaking between ventures, donors, and investors. Tailored capacity-building programmes, including training in SDG impact management and innovative financing, will be offered to enhance business development and project design skills.

Robert Pasicko, Team Leader for UNDP’s Alternative Finance Lab, highlighted the potential of SDG-aligned startups, stating, “This partnership with Trigger is about bridging that gap—making it easier for impact investors to find and fund ventures solving real-world problems whilst giving those ventures the tools and networks they need to thrive.”

Goh Seh Harn, CEO of Trigger Asset Management, emphasised the transformative potential of the collaboration, noting, “We are building an ecosystem where capital not only scales businesses but also fuels systemic change for people and the planet.”

By combining their strengths, UNDP and Trigger aim to support a new generation of investment-ready startups capable of delivering sustainable social and environmental impact on a global scale.
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IHH Healthcare, a leading global healthcare provider, has secured a landmark S$300m sustainability-linked loan from UOB, marking the first such loan for both the company and the bank in the healthcare sector. This agreement underscores IHH’s commitment to sustainable practices, aiming to cap carbon growth by 2025 and achieve net-zero emissions by 2050.

The loan is structured under UOB’s Sustainability-Linked Financing Framework, which provides clients with pre-approved and externally validated key performance indicators and sustainability performance targets. This framework is designed to integrate sustainability into business strategies effectively.

IHH, with over 140 healthcare facilities in 10 countries, including more than 80 hospitals, is dedicated to operating in an environmentally responsible manner. The company’s recent inclusion in the FTSE4Good Index highlights its commitment to embedding environmental, social, and governance principles across its operations.

Dilip Kadambi, IHH’s Group Chief Financial Officer, stated, “We see sustainability as an opportunity to create lasting impact. We are proud to advance sustainable financing through this loan.”

UOB, recognised as the Best Bank for Sustainable Finance in Singapore by Global Finance, has provided S$16.6b in sustainability-linked loans across various sectors as of 31 December 2024. Ang Moh Chuan, Managing Director of Group Corporate Banking at UOB, emphasised the bank’s commitment to supporting businesses in their transition to a low-carbon economy.

This partnership between IHH and UOB exemplifies how sustainable finance can drive meaningful change, setting a precedent for future collaborations in the healthcare sector.
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Developers have shown a marked reluctance to bid on a residential site near Singapore’s One North, highlighting increasing concerns over market stability. The site, which was expected to attract significant interest due to its prime location, has instead seen developers hesitate, citing uncertainties in the real estate market as a primary reason for their caution.

The reluctance comes amidst a backdrop of fluctuating property prices and regulatory changes that have left developers wary of committing to new projects. The site, located in a region known for its proximity to tech and research hubs, was anticipated to be a hotbed for development. However, the current economic climate has prompted a more cautious approach.

Industry experts suggest that the hesitation is indicative of broader market trends, where developers are increasingly prioritising risk management over expansion. “The current environment demands a more strategic approach to investments,” noted a real estate analyst. “Developers are weighing the potential returns against the risks more carefully than ever before.”

This development is part of a larger pattern of cautious investment strategies being adopted across Asia’s real estate markets. As developers navigate these uncertain times, the focus is likely to remain on stability and long-term planning rather than immediate growth.

The implications of this trend could see a slowdown in new residential projects, potentially impacting housing supply in the region. As the market continues to evolve, stakeholders will be closely monitoring these developments to adapt their strategies accordingly.
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AIA Singapore has unveiled a series of initiatives to commemorate Singapore’s 60th anniversary, focusing on holistic wellbeing for citizens of all ages. Announced on 30 April, these initiatives aim to empower individuals and families to improve their physical, financial, and mental health, whilst also fostering community engagement and environmental conservation.

Amongst the highlights is the launch of the “Live Better with AIA Monopoly” game, a customised version of the classic board game that encourages players to make informed decisions about health, wellness, and financial planning. The game features Singapore-specific elements, such as local slang and cultural experiences, to engage players in a journey of self-growth and community involvement.

AIA Singapore is also rolling out a family-centric campaign offering up to 20% off eligible plans and a free family adventure pass to Mandai Wildlife Reserve. This initiative, running from 6 May to 31 July, aligns with the National Family Festival and aims to help families build a strong financial foundation.

In collaboration with Rainforest Wild ASIA at Mandai Wildlife Reserve, AIA Singapore is promoting wildlife conservation and healthier lifestyles. This partnership is part of the AIA One Billion initiative, which seeks to empower one billion people to live healthier lives by 2030.

For high-net-worth clients, AIA Singapore is offering bespoke experiences through its AIA Altitude programme, including exclusive events and a specially designed silk scarf by local designer Mike Tay. These initiatives reflect AIA’s commitment to holistic wellness, transcending mere financial wellbeing.

As part of its corporate social responsibility efforts, AIA Singapore is enhancing community bonds through volunteer programmes and fundraising activities, with proceeds supporting the AIA Better Lives Fund. These efforts underscore AIA’s dedication to making a positive social impact as Singapore celebrates its milestone anniversary.
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Singapore’s labour market has shown signs of weakening, with the unemployment rate rising to 2.1% in the first quarter of 2025, up from 1.9% in the previous quarter, according to the Ministry of Manpower’s Labour Market Advance Release. This marks the first increase in four quarters, driven by a rise in citizen unemployment to 3.1% and resident unemployment to 2.9%.

The slowdown in job creation, particularly in outward-oriented sectors such as professional services, manufacturing, and information and communications, is attributed to rising global trade tensions and economic uncertainty. Job gains fell significantly to 1,300 in Q1 from 6,700 in Q4, whilst the hiring outlook of firms weakened, with only 40.5% of firms planning to hire, down from 46.3% in the previous quarter.

Despite the rise in unemployment, redundancies remained stable at 3,300, close to the pre-pandemic average. The Ministry of Manpower noted that business reorganisation or restructuring was the primary reason for redundancies, indicating that job losses have been contained so far.

Nomura has adjusted its unemployment rate forecasts, raising the 2025 prediction to 2.4% and the 2026 forecast to 2.9%, reflecting the unexpected uptick in Q1 and a weaker hiring outlook. The firm anticipates further moderation in labour demand, particularly in externally oriented sectors, as the impact of US tariffs becomes more pronounced in the second half of the year.

The subdued labour market conditions are expected to support Nomura’s core inflation forecast of 0.9% for 2025, below the consensus forecast of 1.5% but within the Monetary Authority of Singapore’s range. This aligns with expectations of easing wage growth and continued subdued inflation pressures.
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