Industry News

Validus Risk Management, a prominent software and tech-enabled services platform for financial risk management, has announced the opening of its new office in Singapore and the appointment of Shawn Koh as Head of Asia Client Coverage. This strategic move aims to bolster Validus’ presence in the Asia-Pacific (APAC) region, driven by increasing demand from local and global private capital firms.

Shawn Koh, who previously served as Regional Head of Global Markets Sales Asia at First Abu Dhabi Bank, will spearhead operations across APAC. He expressed enthusiasm about his new role, stating, “This is an exciting time to be joining Validus as we continue to develop our APAC offering. I’m looking forward to working with and growing our team to support our clients with their risk management needs as they navigate an ever-complex macroeconomic landscape.”

The Singapore office, located in the Central Business District’s CapitaGreen tower, marks Validus’ first foray into the region. This expansion follows a $45m growth equity investment from FTV Capital in February 2025, which supports Validus’ growth in APAC, the US, and Europe. CEO Kevin Lester highlighted the significance of this development, saying, “The opening of a Singapore office marks another milestone, further bolstering our ability to support clients, not only at a regional level, but on a global scale.”

With further hires anticipated in H2 2025, Validus aims to enhance its capabilities and continue its growth trajectory in the region.
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Trip.com, a leading international travel service provider, has announced strategic partnerships with Vietnam’s Sun World Holding and Singapore’s DreamUs International Holdings to expand its Attractions & Tours business across Southeast Asia. These collaborations aim to enhance user experiences and support partners in digital transformation and global outreach.

In Vietnam, Trip.com has partnered with Sun World Holding, a flagship brand under Sun Group, to distribute attraction tickets across domestic and international markets, focusing on key inbound regions such as South Korea, China, Thailand, and Singapore. Chase Liu, General Manager of Attractions & Tours at Trip.com, stated, “Vietnam is a key market for Trip.com as we continue to grow internationally.”

In Singapore, Trip.com has signed an exclusive ticket distribution agreement with DreamUs International Holdings, the operator of SuperPark Singapore and other attractions. This agreement makes Trip.com the exclusive authorised third-party distributor for tickets, streamlining inventory management and improving access for regional audiences. Carolyn Chia, General Manager of DreamUs, expressed excitement about the collaboration, highlighting its potential to reach new customer segments.

These partnerships reflect Trip.com’s ongoing investment in Southeast Asia’s travel ecosystem. The company’s Attractions & Tours business in the region has seen rapid growth, with Vietnam’s GMV more than tripling last year and Singapore experiencing over 80% growth. Through these strategic alliances, Trip.com aims to offer travellers enhanced access to regional experiences whilst supporting partners with scalable digital distribution.
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Retail sales in Singapore experienced a modest increase of 0.3% in April 2025 compared to the same month last year, according to the latest data released by the Singapore Department of Statistics. When excluding motor vehicles, the rise in retail sales was more pronounced at 0.8%. Additionally, the food and beverage services sector saw a 1.2% increase over the same period.

The growth in retail sales, albeit slight, indicates a steady recovery in consumer spending. The exclusion of motor vehicles from the data highlights a stronger performance in other retail sectors, suggesting a diversified consumer interest beyond automotive purchases.

The food and beverage services sector’s 1.2% increase reflects a continued appetite for dining out and takeaway services, which have been resilient amidst fluctuating economic conditions. This growth is a positive sign for businesses in the sector, which have faced challenges in recent years due to the pandemic.

The Singapore Department of Statistics continues to provide valuable insights into the country’s economic health through its monthly indices. These figures are crucial for businesses and policymakers to understand consumer behaviour and economic trends.

As Singapore navigates its economic recovery, the retail and food and beverage sectors remain key indicators of consumer confidence and spending patterns. The data from April 2025 suggests a cautiously optimistic outlook for these industries.
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DBS and UOB have jointly arranged a landmark $530m loan to finance a new data centre campus in Batam, Indonesia. The project, a collaboration between Singapore-based DayOne and the Indonesia Investment Authority (INA), represents the largest rupiah-denominated financing deal for a data centre. This initiative aims to bolster the digital infrastructure in Southeast Asia, enhancing connectivity between Singapore and Indonesia.

The funds will be used to develop three data centres in Nongsa Digital Park, which is envisioned as a ‘digital bridge’ between the two nations. This development will allow Singaporean companies to tap into Indonesia’s infrastructure and talent, whilst Indonesia benefits from Singapore’s technological advancements. Upon completion by the end of 2025, the data centre campus will have an IT load capacity of 72MW, contributing to 5% of Indonesia’s projected data centre capacity by 2029.

The deal comes amid a surge in demand for data centre capacity in Southeast Asia, driven by digital transformation and the adoption of artificial intelligence. Jamie Khoo, CEO of DayOne, stated, “This landmark financing…is a strong endorsement of DayOne’s proven ability to deliver digital infrastructure at speed and scale.” Amit Sinha from DBS Bank highlighted the strategic importance of the transaction in accelerating the region’s digital economy.

DayOne and INA’s joint venture aims to advance Indonesia’s data centre landscape, with DayOne operating a network of data centres across key Asian hubs. The project aligns with Indonesia’s ambition to become a regional digital hub, as noted by Harapman Kasan of UOB Indonesia.
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YouTube’s creator ecosystem in Southeast Asia is experiencing unprecedented growth, with 7,600 creators surpassing one million subscribers across Indonesia, Thailand, Singapore, Malaysia, Vietnam, and the Philippines. This surge highlights the platform’s extensive reach and presents a significant opportunity for brands to engage with highly active audiences through creator-led partnerships.

The platform’s influence is evident as YouTube reached 290 million people in Southeast Asia in 2024, accounting for 85% of the region’s online population. This reach is complemented by the trust viewers place in YouTube content, with 85% of viewers in Thailand and 67% in Indonesia finding creator content trustworthy. This trust extends to brands, with 60% of Indonesian Gen Zs trusting brands featured by YouTube creators, compared to 46% on other social platforms.

Video commerce is becoming a substantial component of Southeast Asia’s digital economy, now representing 20% of e-commerce gross merchandise value. YouTube’s role in this growth is significant, driving nearly four times greater purchase intent than other social media platforms in the region. Sapna Chadha, Vice President of Southeast Asia and South Asia Frontier at Google, noted, “This trust translates into purchase confidence, with YouTube driving almost 4x greater purchase intent than other social media platforms in the region.”

YouTube Shopping, launched in partnership with Shopee in several Southeast Asian countries, further enhances this ecosystem by allowing creators to promote products directly. This initiative has seen a substantial uptake, with 55% of eligible creators in Indonesia, Vietnam, and Thailand enrolling in the programme. As YouTube continues to expand its reach and capabilities, the platform is poised to remain a central player in the region’s burgeoning video commerce landscape.
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A recent survey by Hays, a global recruitment agency, reveals that 47% of professionals in Singapore believe implementing a four-day workweek could significantly boost productivity. The study, conducted amongst a diverse range of industries, highlights a growing interest in flexible work arrangements as a means to improve work-life balance and efficiency.

The survey results come amidst ongoing discussions about the future of work and the potential benefits of reduced working hours. Hays’ findings suggest that a shorter workweek could lead to increased job satisfaction and better mental health for employees. The concept of a four-day workweek has gained traction globally, with several companies already experimenting with the model to positive outcomes.

Hays’ Head of Marketing for Southeast Asia, Sonel Singh, noted the importance of adapting to changing work environments. “As organisations continue to navigate the evolving landscape of work, it is crucial to consider innovative approaches that enhance productivity and employee well-being,” Singh stated.

The survey also indicates that whilst there is significant support for the four-day workweek, some professionals remain sceptical about its feasibility in certain sectors. Concerns include potential disruptions to client services and the need for industry-specific adaptations.

As the conversation around flexible work arrangements continues, the findings from Hays provide valuable insights into the preferences and expectations of Singapore’s workforce. The potential shift towards a four-day workweek could have lasting implications for how businesses operate and compete in the future.
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Singapore’s retail sector experienced a marginal growth of 0.3% month-on-month in April, according to UOB Global Economics and Markets Research. This follows a 2.7% decline in March, reflecting ongoing challenges in the retail landscape. The year-on-year growth was similarly modest at 0.3%, down from 1.3% in March.

The April figures were notably impacted by a significant drop in sales at petrol service stations, which fell by 10.6% year-on-year. This decline aligns with the downward trend in Brent crude oil prices, which averaged $66 per barrel in April, compared to $71 in March. Additionally, sectors such as wearing apparel and footwear, department stores, and furniture and household equipment also saw declines.

Conversely, the sale of watches and jewellery, as well as computers and telecommunications equipment, showed robust growth. Watches and jewellery sales increased by 12.9% year-on-year, whilst computers and telecommunications equipment surged by 14.8%.

The overall sluggishness in retail sales year-to-date, which stands at 0.9% compared to 1.4% in 2024 and 2.3% in 2023, is attributed to the slow recovery in tourist arrivals. As of April, tourist numbers remain at 91% of pre-pandemic levels, with particularly slow recovery from Southeast Asian countries like Thailand and the Philippines.

Looking ahead, retail sales are expected to remain tepid throughout 2025. However, initiatives such as the Budget 2025 measures, including CDC and SG60 vouchers, alongside tourism promotion efforts, may provide some support to the sector.
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The Maritime and Port Authority of Singapore (MPA), Nippon Yusen Kabushiki Kaisha (NYK), and MTI Co., Ltd. (an NYK Group company) have taken a significant step in advancing maritime technology by conducting a joint workshop on 4 June 2025. The event, held in Singapore, focused on port-to-port Maritime Autonomous Surface Ship (MASS) trials, a key initiative under the MPA-NYK Memorandum of Understanding signed in 2024. This collaboration aims to accelerate efforts in maritime decarbonisation, digitalisation, and manpower development.

The workshop brought together over 60 participants, including representatives from MPA, NYK, MTI, and various industry partners and research institutes such as the Singapore Maritime Institute, ClassNK, Japan Radio Co., and the Technology Centre for Offshore and Marine Singapore. The trials will test the interoperability of autonomous vessels with port-based systems, including MPA’s Vessel Traffic Information System, and will help develop best practices for navigation safety, route planning, fuel consumption, AI-based decision-making, communications, and cybersecurity.

MPA’s Chief Marine Officer, Capt M. Segar, highlighted the importance of the collaboration, stating, “This collaboration provides an important platform for us to test and validate new concepts of operations in Singapore’s port waters.” Hideki Suzuki, President of MTI, echoed this sentiment, noting that the workshop marks a crucial step in developing autonomous navigation systems.

These trials are expected to advance smart, safe, and sustainable autonomous shipping, setting new standards for the maritime industry. The outcomes could significantly impact the future of shipping, enhancing efficiency and safety in one of the world’s busiest ports.
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Singapore has been ranked 48th in the Global Business Complexity Index (GBCI) by TMF Group, reflecting its position as one of the least complex regions for business operations in Asia. The report, released on 5 June 2025, underscores Singapore’s strategic neutrality and robust infrastructure, which bolster its role as a trade corridor hub amidst rising geopolitical uncertainties.

The GBCI, now in its 12th edition, evaluates 292 indicators across 79 jurisdictions, covering 94% of global GDP. Singapore’s slight shift from 47th in 2024 to 48th this year indicates new compliance demands as the nation continues to future-proof its regulatory frameworks. Patrice Lo, TMF Group Singapore’s Country Head, noted, “Singapore offers businesses a rare combination of low operational complexity, legal certainty, and strategic access to emerging trade corridors.”

Singapore’s investment in digitalisation and infrastructure, including ports and airports, reinforces its status as a regional hub. With 43% of APAC jurisdictions citing infrastructure as a trade enabler, Singapore plays a vital role in global supply chains. The nation also remains attractive to foreign talent, ranking 45th in the “human resources and payroll” category, thanks to streamlined immigration policies and competitive wages.

Despite increased regulatory complexity, Singapore aligns with international standards, enhancing transparency and trust. The government’s Green Plan 2030 and initiatives like the Digital Connectivity Blueprint aim to strengthen Singapore’s position as a trusted hub for data flows and AI-enabled trade, ensuring continued growth and resilience amid global volatility.
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CPFIS funds, under the Central Provident Fund Investment Scheme, recorded a 6.17% gain over the past year, according to the latest report by FundSingapore and Morningstar. However, the first quarter of 2025 saw a slight decline of 0.18% in these funds, reflecting mixed performance across asset classes.

The report highlights that whilst equities fell by 0.62% in Q1 2025, fixed income funds showed improvement with a 1.18% increase. Money market and allocation funds remained stable, delivering returns of 0.68% and 0.13% respectively. Over the past year, equities saw a significant drop in returns from 14.19% to 7%, whilst allocation funds halved to 5.80%. Despite these fluctuations, money market funds maintained stability with a 3.28% return, and fixed income improved to 3.49%.

Senior Analyst Arvind Subramanian noted, “Despite lower interest rates, it’s notable that investors favoured money market funds in the first quarter of 2025—likely seeking shelter from the uncertain threat of potential trade tariffs at the time.”

In terms of fund flows, the first quarter of 2025 saw net inflows of $2.2b, a 27.8% increase from the previous quarter. Money market funds led with net inflows of $917.58m, followed by allocation funds with $2.2b. Equity strategies attracted $397.11m, whilst fixed income funds saw a decrease in net inflows to $168.87m from the previous quarter’s $758.83m.

The findings underscore the dynamic nature of investment strategies amidst global economic uncertainties, with potential shifts in investor focus as market conditions evolve.
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