Industry News

Singapore’s Minister for Manpower and Second Minister for Trade and Industry, Tan See Leng, delivered a keynote address at the European Chamber of Commerce’s (EuroCham) Annual General Meeting on 22 April 2025. Held at JEN Hotel, Singapore, the event gathered EuroCham member companies and key stakeholders to discuss the future of trade and collaboration between Europe and Singapore.

In his address, Tan highlighted Singapore’s dedication to maintaining a rules-based international order amidst a complex global environment.

He stated, “Singapore hopes to remain a reliable partner for businesses, providing certainty and stability in an increasingly fragmented and volatile world.” Tan underscored the importance of the EU-Singapore relationship, noting that it exemplifies the potential of like-minded partners working together to support a connected world. He also emphasised the role of open trade, digital connectivity, and collaboration in the green economy in driving inclusive and sustainable growth.

The meeting also featured remarks from Jens Rubbert, President of EuroCham, who congratulated Singapore on its 60th anniversary and celebrated the strong economic ties between Europe and Singapore. Additionally, EU Ambassador to Singapore, Iwona Piorko, praised Singapore’s growth and the valuable relationship between the two regions, particularly in green economy and digital transformation.

The AGM concluded with a call for continued partnership and collaboration between Singapore and Europe, aiming to deepen engagement and drive positive change in the region.
“`

YZi Labs has launched EASY Residence, a 10-week in-person global incubation programme designed for early-stage teams in Web3, AI, and healthcare. Following the inaugural session, the programme will expand to other major international cities, including Singapore and Dubai.

Starting on 2 June 2025 in Silicon Valley, California, the programme will host 10 to 20 selected teams, providing them with hands-on support, access to a global network of mentors, and an immersive environment including accommodation, meals, and a workspace optimised for development.

Applications are open until 21 May 2025, with YZi Labs covering accommodation, meals, and initial funding to allow founders to concentrate fully on product development.

The programme aims to push participants beyond the ideation phase to achieve a working product with user or sales traction by Demo Day. Ella Zhang, Head of YZi Labs, stated, “This elevated programme goes beyond traditional incubation—it’s a focused environment designed for the top 1% of founders to build, ship, and gain real traction.”

Participants will benefit from mentorship by industry leaders such as CZ, Co-founder of Binance, and Vitalik Buterin, Co-founder of Ethereum. The programme will focus on transformative areas like Web3, AI, and healthcare, aiming to redefine future societal norms.

YZi Labs, managing over $10 billion in assets globally, emphasises impact over profit, believing that meaningful financial returns will follow. The EASY Residence programme is part of YZi Labs’ commitment to fostering innovation and supporting exceptional founders.
“`

UniFuels Holdings Limited, a global provider of marine fuel solutions headquartered in Singapore, has announced its financial results for the year ending 31 December 2024. The company reported a substantial increase in total revenues, reaching $1.552 billion, a 119% rise from the previous year, primarily driven by a 121% surge in marine fuel sales.

The company’s recent developments include its initial public offering on 15 January 2025, where it raised $96.m through the sale of 2,415,000 Class A Ordinary Shares on the Nasdaq Capital Market. This move marks a significant milestone in UniFuels’ corporate journey, as highlighted by Chairman and CEO Koh Kuan Hua, who stated, “Our listing on Nasdaq represents a strategic effort to strengthen our capital base and enhance our market presence.”

Despite the impressive revenue growth, UniFuels faced challenges with increased costs. The cost of revenues rose by 122% to $1.520b, largely due to the higher costs of acquiring marine fuels. Consequently, the company’s net income decreased by 86% to $0.2m, compared to $12m in 2023.

UniFuels’ strategic shift towards direct sales led to a decrease in brokerage commissions by 98%, as the company focused on expanding its sales and marketing efforts. This expansion resulted in the number of marine fuel customers nearly doubling from 83 to 156, and the number of ports served increasing from 51 to 87.

Looking ahead, UniFuels anticipates continued growth in 2025, driven by global expansion and enhanced operational efficiency. The company aims to capture further market share and deliver sustained value to its shareholders.
“`

The popular fried chicken brand SIDES, founded by the Sidemen, a British YouTuber collective, is making its international debut with a new store in Singapore. Scheduled to open in June 2025, the store will be located in Bugis+, a bustling 10-storey shopping mall in the Bugis district. This marks the brand’s first venture outside the UK, bringing its Nashville-style fried chicken to Asia.

The Singapore outlet will occupy a 114-square-metre space, accommodating between 52 and 56 diners, and is expected to create up to 10 jobs across various roles. The store’s opening has already generated excitement, with SIDES-branded hoardings spotted at the site and the Capitaland Malls’ website listing it as “Opening Soon.”

SIDES is renowned for its bold flavours and signature double-dipped, double-coated crispy fried chicken. Whilst the specific menu for Singapore has not been disclosed, it is anticipated to feature many of the brand’s popular items, including indulgent burgers, wraps, and hand-spun shakes.

Robin Mehta, CEO of SIDES, expressed enthusiasm about the expansion, stating, “Singapore is officially the first international home of SIDES, and we couldn’t be more excited. The food scene is elite, delivery culture is strong, the energy, the people, the vibe—it just fits.”

Founded in 2021, SIDES has rapidly grown in the UK, with locations in Manchester, Kent, Wembley, Essex, and the West Midlands. The Singapore opening is part of a broader international expansion plan, with the brand aiming for 12 stores worldwide by 2026 and a projected revenue of $244m.
“`

The Singapore Economic Development Board (EDB) has unveiled the Global Founder Programme (GFP), a strategic initiative designed to attract experienced entrepreneurs from across the globe to establish and expand their ventures in Singapore.

The programme seeks to bolster Singapore’s startup ecosystem by nurturing innovative companies with the potential to become global industry leaders.

GFP offers a comprehensive suite of resources and tools specifically tailored to meet the needs of founders and support venture growth. Participants will benefit from streamlined business setup processes, facilitating operational ease, and gain access to Singapore’s robust entrepreneurial ecosystem. Additionally, the programme provides support from expert networks, ensuring that founders have the guidance and connections necessary to succeed.

“`

Shiseido Asia Pacific has expanded its partnership with United Women Singapore (UWS) by launching a year-long mentorship programme aimed at empowering young women and girls in Singapore. This initiative, formalised through a Memorandum of Understanding signed on 17 April 2025, builds on the collaboration that began in 2022 with Shiseido Camellia Day, an annual volunteer event.

The programme, which commenced with Shiseido employees mentoring young women from educational institutions, will extend to more employees and beneficiaries identified by UWS. These face-to-face mentor-mentee sessions will be held at Shiseido’s regional headquarters in Singapore, with two more sessions planned for the year. Each mentee will be paired with up to two mentors to receive personalised guidance on career and life choices.

Nicole Tan, President and CEO of Shiseido Asia Pacific, emphasised the company’s commitment to social impact, stating, “The launch of this year-long mentorship programme is a testament to our continued commitment in advancing empowerment for women. We look forward to helping the next generation of girls achieve their fullest potential through guidance and meaningful support.”

Tan Ching Ne, President of United Women Singapore, highlighted the importance of mentorship, saying, “We’re now expanding this partnership into a year-long initiative, recognising mentorship as key to career exposure, breaking barriers, and creating supportive spaces.”

This programme aims to provide young women with the tools and confidence needed to succeed, fostering a future where every girl has an equal opportunity to thrive.
“`

Singapore-headquartered Banyan Group, a leader in sustainable hospitality, has released its 2024 Sustainability Report, titled “One Banyan, One Sustainable Future.” The report outlines the group’s progress in environmental, social, and economic dimensions, showcasing a 57% reduction in emissions intensity per occupied room and a 28% diversion of waste from landfill. These achievements are part of Banyan Group’s commitment to sustainability, which remains a core foundation of its business.

The report highlights several key initiatives, including investments in energy-efficient infrastructure and renewable energy, which have significantly reduced emissions. Waste management efforts have also been enhanced, with increased recycling and repurposing activities. Additionally, the group’s water conservation strategies have improved water efficiency by 51% per occupied room.

Marine conservation remains a priority, with the expansion of Our Marine Lab in the Maldives and the launch of the Coral Reef Restoration Project in partnership with the China Environmental Protection Foundation. Banyan Group’s commitment to local communities is evident through its Seedlings programme, which supported 93 young individuals and provided over 2,500 internship opportunities.

To mark its 30th anniversary, the Banyan Global Foundation funded 30 projects through the Greater Good Grants, focusing on long-term social, environmental, and financial benefits. Ho Ren Yung, Deputy CEO of Banyan Group, emphasised the group’s ongoing journey towards more impactful practices, stating, “Sustainability is a cornerstone of Banyan Group’s purpose, and our journey will continue to evolve.”

As Banyan Group looks to the future, it aims to scale its sustainability efforts further, with ambitious climate action and deeper community engagement planned for the coming years.
“`

Singapore’s industrial sector is bracing for turbulent times as recent US tariff announcements create uncertainty, impacting relocations and expansions. Calvin Yeo, Head of Occupier Strategy and Solutions at Knight Frank Singapore, noted that the ongoing tariff changes compel industrial players to adopt a cautious stance. The Singapore economy grew 3.8% year-on-year in Q1 2025 but contracted 0.8% quarter-on-quarter, with the manufacturing sector expanding 5.0% year-on-year but shrinking 4.9% quarter-on-quarter.

The Economic Development Board reported a 1.3% year-on-year decrease in manufacturing output in February 2024, breaking a streak of monthly expansions. Despite this, the business outlook for January to June 2025 remains positive at 16.0%, up from 10.0% in the previous period. However, this optimism was recorded before the US tariffs were announced in April 2025, which have since unsettled the global outlook.

Industrial property sales in Singapore saw a decline, with total sales value dropping 33.9% quarter-on-quarter to $500m (S$680.9m) in Q1 2025. Leasing activity also slowed, with a 0.4% quarter-on-quarter decline in rental transactions. The US tariffs are expected to slow global trade flows, impacting Singapore’s manufacturing, electronics, and logistics sectors due to the country’s reliance on exports.

Despite these challenges, Singapore remains an attractive investment hub. The construction sector is poised for growth with large projects like Changi Airport Terminal 5 and Marina Bay Sands expansion. JTC has announced enhancements to the industrial land lease framework, offering more flexibility in renewals to support businesses during this uncertain period.

The inaugural GITEX ASIA x Ai Everything Singapore is set to make a significant impact on the tech and investment landscape from 23 to 25 April at Marina Bay Sands. This event, touted as Asia’s largest debut for tech, startups, and venture capital, aims to position Southeast Asia as a burgeoning hub for socio-economic growth and digital transformation.

The event will feature North Star Asia, the region’s largest startup-investor platform, showcasing over 350 startups from more than 60 countries and attracting over 250 global investors managing a combined $200b in assets. A key component of the event is the facilitation of over 2,500 pre-arranged meetings between founders and venture capitalists, designed to expedite fundraising and market entry.

Startups will present solutions across high-growth sectors such as artificial intelligence, fintech, agritech, healthcare, green technology, and Industry 5.0. AI is projected to contribute $1t to Southeast Asia’s GDP by 2030, according to Kearney, with leading AI-focused funds like Vertex Holdings and 500 Global in attendance.

The event will also feature country showcases from over 50 nations, including Vietnam, Singapore, and Australia, highlighting globally competitive innovations. The Supernova Challenge, with a prize pool of $100,000, will see top startups pitching to a global panel of investors.

As Southeast Asia’s tech startup market cap reached $454b in H1 2024, the region is attracting unprecedented interest from global investors and accelerators, marking a period of immense growth and opportunity.
“`

Cushman & Wakefield has announced a series of strategic leadership changes within its Project & Development Services (PDS) division across Singapore and Southeast Asia. The company has promoted Meriana Liao to Director of PDS in Singapore and appointed Gina Peng, Adrian Choong, and Cedric Bada to key leadership roles in the region. These moves are designed to strengthen the firm’s capabilities and expand its service offerings to meet the growing demands of its client base.

Meriana Liao, who joined Cushman & Wakefield in 2021, has been elevated to Director, where she will lead a team of Client Services Managers and drive sales strategy development. Her promotion is a testament to her successful leadership in client engagements and her contribution to the growth of PDS in Singapore.

Gina Peng, with over 20 years of experience in project management, has been appointed as Director of PDS in Singapore. Her expertise in sustainable design and construction is expected to enhance the firm’s green initiatives. “Meriana’s exceptional leadership in Client Services and Gina’s vast experience are pivotal to our continuous pursuit of delivering unparalleled service,” said Grant Carter, Head of PDS, Singapore.

In Malaysia, Adrian Choong has taken on the role of Head of PDS, bringing extensive experience in construction and engineering. Meanwhile, Cedric Bada has been appointed Head of PDS in the Philippines, leveraging his architectural background to manage complex real estate projects.

Riaz Khan, Head of PDS for Southeast Asia, emphasised the importance of these appointments in driving value for clients across the region. The firm aims to capitalise on the diverse opportunities within the fast-growing Southeast Asian markets.
“`