Industry News

Singapore’s national election on 3 May marks Prime Minister Lawrence Wong’s first major electoral test amidst significant economic challenges.

According to Moody’s Analytics, the election occurs as Singapore navigates uncertainties from a US-China trade war that threatens the global trading system crucial to its economy since 1965.

Domestically, the ruling People’s Action Party (PAP) confronts issues such as high living costs, housing supply, and job security.

The Workers Party, the largest opposition, aligns with the PAP on addressing US tariffs and economic uncertainties but differs on extending social safety nets and job security for the domestic workforce. Pre-election polls suggest a strong likelihood of the PAP retaining power, though opposition parties might gain additional seats. However, political gridlock is unlikely, as most legislation can pass with a simple parliamentary majority.

Moody’s Analytics economist Heron Lim notes that the PAP will face an acute economic slowdown in 2025, necessitating stabilisation policies, especially if the economy contracts further in the second quarter. Lim emphasises that the most significant risk remains the potential escalation of the trade war, which could increase uncertainty and threaten investments and exports in Singapore.
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The Lee Kuan Yew Water Prize (LKYWP) 2026 has officially opened for nominations, inviting leaders in the water sector to propose candidates who have made significant contributions to solving global water issues. Named after Singapore’s founding Prime Minister, the prestigious biennial award celebrates individuals and organisations that have developed groundbreaking water technologies, programmes, and policies since its inception in 2008.

The LKYWP has honoured a diverse range of laureates whose innovations have transformed water management practices worldwide. Past winners include experts in wastewater-based epidemiology, membrane technology, and holistic water policies. These contributions have improved water sustainability and public health, impacting millions globally.

Presented in partnership with Temasek Foundation, the 2026 laureate will be announced in April 2026. The winner will receive $220,000 (S$300,000), a gold medallion, and a certificate during the 11th Singapore International Water Week, scheduled for 15 to 19 June 2026.

Nominations are open to leaders of international water companies, top academics, and distinguished individuals in the field. The process involves submitting a citation of the nominee’s achievements online by 11 July 2025. Shortlisted candidates will undergo a thorough evaluation by the Water Prize Nominating Committee, which will make recommendations to the Water Prize Council for the final decision.

The LKYWP continues to highlight the importance of innovative solutions in addressing water challenges, encouraging global collaboration and advancement in the field.
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GTN, a global fintech company, has partnered with Webull Singapore to enhance fixed income investing opportunities for investors across the Asia-Pacific (APAC) region. This collaboration allows Webull users to access GTN’s unique fractional fixed income offerings, including US treasuries, through a seamless mobile trading experience.

The partnership integrates GTN’s single API framework, providing Webull users with convenient access to market data, trading, and account management. Jonathan Man, CEO of Webull Singapore, expressed enthusiasm for the collaboration, stating, “Webull Singapore offers a best-in-class platform to our customers, and by adding another asset class, this allows Webull to further cater to their investment needs and preferences.”

Ankit Shah, Global Head of Fintech at GTN, highlighted the significance of the partnership, noting, “Our technology is designed to make investing in key assets like US Treasuries as seamless and efficient as trading equities. With fractionalisation, we are removing significant hurdles and empowering more individuals to build truly resilient and sophisticated portfolios.”

The collaboration aims to democratise investing by providing APAC investors with the tools and access needed to diversify their portfolios, especially amidst volatile market conditions. Both companies are committed to empowering users to build more balanced investment strategies.

GTN, backed by strategic investors such as IFC and SBI Group, operates across 14 countries, whilst Webull Singapore, a subsidiary of Webull Corporation, is regulated by the Monetary Authority of Singapore. This partnership marks a significant step in expanding investment opportunities for individuals in the region.
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Singapore’s non-oil domestic exports (NODX) growth in March was weaker than anticipated, according to a report by Nomura Global Economics.

The growth rate fell to 5.4% year-on-year, significantly below the consensus forecast of 13.6% and Nomura’s own prediction of 15.2%. This slowdown was primarily attributed to a sharp decline in non-monetary gold exports, which dropped to 78.1% from 106.8% year-on-year.

Despite the overall slowdown, excluding gold, NODX growth still rose to 2.7% year-on-year from 1.0%, driven by low base effects in electronics and pharmaceuticals exports. Electronics exports increased by 11.9%, whilst pharmaceuticals surged by 24.9%, aligning with Nomura’s expectations.

China remained a significant drag on NODX, with growth worsening to -29.4% from -27.4%. Exports to the US also saw a sharp decline, falling to 5.7% year-on-year from 21.5%, largely due to reduced gold exports. Meanwhile, exports to the EU moderated to 11.0% from 16.7%, despite an improvement in pharmaceutical exports.

Nomura maintains its 2025 GDP growth forecast for Singapore at 2.3%, but highlights rising downside risks due to escalating US-China trade tensions and weaker-than-expected GDP growth in the first quarter. The Singapore government recently adjusted its official 2025 GDP growth forecast range to 0-2% from 1-3%.

Looking ahead, Nomura anticipates further moderation in NODX growth, although resilient domestic demand and fiscal support measures from Budget 2025 are expected to provide some offset.
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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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