Industry News

The Monetary Authority of Singapore’s (MAS) Cyber and Technology Resilience Experts (CTREX) Panel has proposed several strategies to bolster the resilience of Singapore’s financial sector against emerging cyber threats. Convening for the first time on 16 April 2025, the panel discussed critical issues such as technology resilience, third-party risks, quantum security, and digital financial scams.

Formed in August 2024, the CTREX Panel aims to advise MAS on key cyber and technology risks. Among the recommendations, the panel emphasised a service-centric approach to operational resilience, urging financial institutions (FIs) to incorporate unscripted elements into disaster recovery drills. This approach aims to better prepare FIs for real-world IT incidents.

Addressing third-party and open-source software risks, the panel highlighted the importance of understanding IT vendor risks and maintaining a comprehensive inventory of IT components. This would help FIs develop effective risk assessments and mitigation strategies.

The panel also warned of the security threats posed by quantum computers, recommending that FIs promptly inventorise their cryptographic solutions to prioritise replacements vulnerable to quantum attacks.

To combat the rising sophistication of digital financial scams, the panel suggested a multi-layered approach, including the use of artificial intelligence for fraud detection and enhanced information sharing among FIs.

The two-day event also featured a seminar with senior technology professionals from the financial industry, organised by MAS and the Association of Banks in Singapore. These discussions are expected to guide future efforts in strengthening the sector’s resilience against cyber threats.
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Creative lifestyle brand MG LIFE has partnered with art toy icon MRPA from TOYCITY to host a themed pop-up, the Lucky Panda Lounge, at Jewel Changi Airport. Running from 27 March to 23 April 2025, the event offers a unique cultural and creative experience for both local fans and international visitors.

The pop-up marks the world premiere of the Singapore-exclusive MRPA Merlion vinyl plush, drawing long queues of toy collectors and MRPA enthusiasts. Visitors can enjoy MRPA mascot appearances every Friday to Sunday from 2 PM to 8 PM, along with special meet-and-greet sessions featuring live autograph signings by the designer. The event also includes photogenic scenes, free scented card giveaways, interactive games, and lucky draw prizes, making it a must-visit attraction.

Jerry Lu, Head of Global Business at MG LIFE, expressed excitement about the collaboration, stating, “This is our first in-depth collaboration with Jewel. At such a globally recognised venue, we aim to offer a fresh perspective on lifestyle aesthetics to consumers from all over the world.” Marketing Director Ziqi Tong added, “MRPA represents a lighthearted and joyful lifestyle attitude, which aligns beautifully with the spirit of MG LIFE.”

The event has already attracted thousands of visitors. A local fan, Lee, shared her enthusiasm, saying, “The Merlion collaboration design is incredibly cute. I queued for the limited-edition plush and even received the designer’s autograph. Meeting the mind behind such a fun character was truly exciting.”

Following the event, the limited-edition MRPA Merlion Vinyl Plush will be available exclusively at MG LIFE stores in Raffles City and Wisma Atria, offering fans another opportunity to own a piece of this cultural crossover.
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The inter airport Southeast Asia 2025 (IASEA) exhibition, held from 25 to 27 March in Singapore, marked its 8th edition with record-breaking participation. The event attracted 3,621 trade professionals from 53 countries, showcasing innovations across 6,259 square metres of exhibition space. This year’s event saw a 43% increase in exhibitor size and a 156% rise in attendee numbers, underscoring its importance as a platform for discussions on airport operations and sustainability.

The exhibition featured 134 companies, including pavilions from Germany, Italy, Japan, and Singapore. A notable highlight was the presence of a delegation from Vietnam’s major airports, including Long Thanh International Airport. Nguyen Cao Cuong, Deputy General Director of Airports Corporation of Vietnam, emphasised the event’s role in exploring advancements in aviation technology and fostering partnerships to enhance airport infrastructure.

First-time exhibitor Thales introduced its FlytoGate biometrics solution, whilst Smiths Detection showcased the SDX 10060 XDi X-ray scanner. Desmond Lian of Smiths Detection highlighted the event’s significance in connecting with regional aviation leaders. Meanwhile, Mallaghan, a ground support equipment manufacturer, focused on electrifying ground handling equipment to promote greener aviation.

The conference addressed the theme “Airport Operations for Tomorrow,” with discussions on data and AI driving resilient airport operations. David Jea from Airport Authority Hong Kong stressed the importance of technology in optimising operations. The event concluded with panels on data analytics and operational resilience, preparing for future challenges in airport management.

The next edition of inter airport Southeast Asia is scheduled for 23 to 25 March 2027 at Marina Bay Sands, Singapore.
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StarHub has been awarded the Cisco Premier Provider Certification and the Cisco Powered Webex Contact Centre Specialisation, solidifying its role as a key technology partner for enterprises in the rapidly changing digital landscape. These accolades underscore StarHub’s capability to deliver secure and scalable IT and customer engagement solutions, supported by extensive expertise and a proven service delivery track record.

The Cisco Premier Provider Certification is granted to partners who consistently offer high-quality managed services with verified technical proficiency. The Cisco Powered Webex Contact Centre Specialisation further acknowledges StarHub’s competence in providing advanced, AI-powered contact centre solutions at scale. This recognition enables StarHub to assist businesses in modernising operations and improving customer connections.

Tan Kit Yong, Head of Enterprise Business Group at StarHub, stated, “This recognition reflects more than technical excellence, it affirms our commitment to enabling bold transformation for our customers. As technology becomes more critical to business success, we’re focused on delivering intelligent, future-ready solutions that help our customers move faster, work smarter, and lead with confidence.”

Jamie Romanin, Director of Webex Customer Experience at Cisco Systems, Asia Pacific, Japan, and China, added, “We are delighted to collaborate with StarHub as a valued Premier Provider Partner. This achievement demonstrates their deep understanding of our contact centre solutions and proven ability to deliver managed solutions effectively.”

For businesses, these certifications mean faster solution deployment, simplified support operations, and consistent service quality, all supported by StarHub’s certified experts and Cisco lifecycle services. As customer and IT needs evolve, StarHub remains committed to providing simple, dependable technology solutions designed to deliver real outcomes.
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PATRIZIA and Mitsui & Co., Ltd. have announced a strategic partnership with Kaer, committing up to $350m to expand Kaer’s Cooling as a Service (CaaS) business across Asia. This investment, made through the APAC Sustainable Infrastructure Fund (A-SIF), is set to accelerate the transition to low-carbon cooling solutions in high-growth Asian markets.

Kaer will use the funds to enhance its presence in Singapore, Malaysia, India, and Indonesia, whilst also entering new markets such as Thailand and Vietnam. The company, which experienced 30% growth in 2024 and anticipates a further 50% growth in 2025, aims to deliver low-carbon cooling to up to 100 million square feet of commercial real estate by 2028, potentially eliminating 120 million kilograms of carbon emissions.

Saji Anantakrishnan, Head of Infrastructure for Australia and Asia at PATRIZIA, highlighted the strategic nature of this investment, stating, “Kaer has built a market-leading business in an emerging sector that delivers both sustainability benefits and cost savings to customers.”

Kaer will maintain its current management structure, with A-SIF initially holding a minority stake. Justin Taylor, CEO of Kaer, remarked, “This partnership with PATRIZIA and Mitsui through A-SIF is a significant milestone for Kaer and the global Cooling as a Service movement.”

This investment underscores PATRIZIA’s commitment to sustainable infrastructure, following recent investments in renewable energy and urban mobility. The focus remains on infrastructure that enhances the built environment and integrates smart technologies.
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A recent report by CIMB Singapore reveals that 63% of Singapore residents aspire to achieve financial independence between the ages of 40 and 60. The study, conducted in collaboration with the Nanyang Centre for Marketing and Technology, surveyed over 500 residents aged 26 to 60, highlighting their perceptions and behaviours towards financial planning.

The report indicates that 52% of respondents believe they need over S$1m to reach financial independence, defined as being free from financial worries. Despite this, 72% consider financial independence a realistic goal, with 43% confident in managing their finances to achieve it. However, high living costs, family responsibilities, and low income are cited as the main barriers.

Interestingly, younger residents under 30 show the most confidence, with 60% aiming for independence before 40 and 54% confident in their financial management skills. In contrast, only 39% of those aged 40 to 50 and 43% of those aged 50 to 60 feel similarly confident.

The report also highlights a generational divide in financial planning, with younger residents more willing to seek advice. CIMB Singapore’s Head of Wealth Management, Raymond Tan, emphasised the importance of supporting all generations in their financial journeys.

CIMB Singapore is committed to educating the public on financial planning, as evidenced by their InsureXpo event, which brought together industry leaders to discuss insurance and financial wellbeing. The bank aims to empower individuals to make informed decisions about their financial futures.
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The OCBC SME Index for the first quarter of 2025 has contracted to 49.9, down from 50.7 in the previous quarter, marking a shift into contractionary territory after three quarters of expansion. This decline is attributed to the impact of US trade tariffs and global trade uncertainties. The index, which provides a barometer of SME business health in Singapore, shows that overall collections grew by 1.7% year-on-year, whilst payments remained flat.

The GDP Nowcast based on the OCBC SME Index for Q1 2025 is 3.7%, a decrease from the 5.0% recorded in Q4 2024, aligning with the Ministry of Trade and Industry’s advance estimates of 3.8%. The announcement of US tariff measures on 2 April is expected to further weaken the business outlook for SMEs, particularly in outward-oriented sectors such as ICT, Transport & Logistics, and Wholesale Trade. These sectors have significant overseas collections, with 7% directly from US-based payers.

The OCBC SME Business Outlook poll, conducted before the US tariffs, revealed that 41% of SME business owners felt conditions were unchanged, 36% saw improvements, and 23% noted deterioration. However, the ongoing global trade disruptions and supply chain reconfigurations have led over a quarter of business owners to identify geopolitical uncertainties and market competition as major challenges in the coming months.

Industries such as Transport & Logistics, Business Services, and Wholesale Trade are expected to be most affected by these factors. Additionally, SMEs have experienced an average wage bill increase of 9.7% in Q1 2025, with some sectors witnessing even steeper growth. As global trade norms evolve, the OCBC SME Index is likely to ease further, reflecting lower business confidence and increased economic pressures.
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Charge+ has launched Singapore’s first Direct Current (DC) fast electric vehicle (EV) charger in a Housing & Development Board (HDB) surface car park at Boon Lay Place Market. This development, officiated by Senior Minister of State Dr Amy Khor, marks a significant milestone in Singapore’s push towards widespread EV adoption.

The introduction of DC chargers in HDB car parks aims to cater to EV drivers who require faster charging options, particularly those who drive longer distances and need to charge more than once a day. Whilst Alternating Current (AC) chargers remain prevalent for overnight charging, DC chargers offer a quicker solution for high-traffic areas. Charge+ plans to expand this network to six additional HDB car parks by mid-2025, including locations at Beach Road, Bukit Merah, Bukit Panjang, Ghim Moh, Jurong East, and Kallang Bahru.

Charge+, Singapore’s largest EV charging operator, has been a pioneer in deploying public EV chargers in HDB estates. The company currently operates over 1,300 charging points across four of Singapore’s five regions. “We are pleased to introduce the first of many DC chargers in HDB car parks, which affirms our commitment to supporting EV drivers with diverse and accessible charging solutions,” said Goh Chee Kiong, CEO of Charge+.

This strategic deployment of DC chargers is part of Singapore’s broader EV roadmap, contributing to a sustainable EV ecosystem as the nation advances towards a greener future. Charge+ continues to play a pivotal role in this transformation, with plans to operate 30,000 charging points globally by 2030.
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Leong Yik Engineering & Contractor has launched a newly redesigned website to commemorate its seventh anniversary in Singapore. The updated platform, unveiled on 16 April 2025, boasts a streamlined layout, improved navigation, and an intuitive user interface, all aimed at enhancing the user experience for both new and returning visitors.

The website’s “Our Projects” section has undergone significant enhancements, now offering a comprehensive view of the company’s past work. From residential projects to large-scale commercial renovations, this section features detailed visuals, project descriptions, and client testimonials. The redesign places a stronger emphasis on project transparency and user engagement, providing potential clients with a clearer understanding of Leong Yik’s capabilities and standards.

Additionally, the website facilitates easier access to information about specific services such as roof leakage repair and wall plastering. Users can now effortlessly find relevant details and assess service suitability, whether they are seeking a contractor for ceiling water damage repair or wall hacking. The site also highlights Leong Yik’s expertise in cement screed and concrete screed flooring, crucial for creating durable and level surfaces.

As an HDB-approved tiling contractor and BizSafe Star accredited company, Leong Yik continues to build trust through quality workmanship and safety compliance. The new website reflects the company’s commitment to professional growth and client satisfaction, following months of preparation to preserve SEO rankings and develop new content.

Founded in 2017, Leong Yik Engineering & Contractor has established itself as a reliable name in Singapore’s renovation sector, offering practical and long-lasting solutions tailored to modern clients’ needs. The website launch signals the company’s future direction, focusing on expanding service offerings, exploring new technologies, and enhancing community engagement.
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The Singapore Manufacturing Federation (SMF) and Tuas Power have announced a strategic partnership to enhance sustainability initiatives among small and medium-sized enterprises (SMEs) in Singapore. This collaboration, unveiled on 16 April 2025, aims to provide SMEs with structured sustainability support, including access to certifications, green financing, and carbon offset opportunities.

Tuas Power is offering up to $2,200 (S$3,000) in credits to eligible customers who participate in SMF’s Chief Sustainability Officer-as-a-Service (CSOaaS) programme. This initiative is designed to lower the barriers to entry for SMEs embarking on their sustainability journey. The CSOaaS programme, offered by SMF’s Centre for Sustainability and Resilience, is a comprehensive one-year initiative that helps businesses establish baseline sustainability metrics and build roadmaps for future growth.

The funding provided by Tuas Power is tiered based on contract length and energy consumption. Existing customers with more than six months remaining on their contracts can receive $730 (S$1,000), whilst new sign-ups or renewals for 12, 24, or 36 months can access between $730 and $2,200 (S$1,000 and S$3,000). Eligibility requires a monthly energy usage exceeding 0.5MW (372 MWh/month).

Lennon Tan, President of SMF, expressed pride in the partnership, stating, “This project embodies how large corporations can use their platforms to uplift entire ecosystems, helping SMEs become more resilient and future-ready.”

This collaboration is significant as SMEs contribute approximately 47% to Singapore’s GDP. With the combined efforts of Tuas Power’s commercial network and SMF’s structured support, the partnership aims to create a ripple effect of green transformation across various industries. The initiative marks the beginning of a year-long partnership with aspirations for long-term impact and leadership in sustainable development.
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