Industry News

International law firm Bird & Bird has announced the appointment of Ashok Kumar and Darius Tay as Restructuring & Insolvency (R&I) partners in its Singapore office, effective 1 August. The duo, along with their team from BlackOak, a boutique law firm they founded in 2016, will bolster Bird & Bird’s capabilities in Singapore and Southeast Asia.

Ashok Kumar, a veteran with 30 years of experience in corporate restructuring and insolvency, and Darius Tay, with 13 years in the field, are set to enhance Bird & Bird’s offerings. Their expertise spans both contentious and non-contentious restructuring and insolvency matters, including banking, finance, and mergers and acquisitions in special situations. They also provide services to fund managers, international firms, and financial institutions on compliance, regulatory matters, and special situations arising from investments.

Jeremy Tan, Singapore Managing Partner at Bird & Bird, remarked, “This addition will strengthen our Singapore and Southeast Asia capability at an important moment when Singapore has emerged as a leading hub for international businesses.” Ashok Kumar expressed enthusiasm about joining Bird & Bird, highlighting the firm’s global leadership in Technology and Intellectual Property. Darius Tay echoed this sentiment, noting the exciting opportunities presented by Singapore’s dynamic environment shaped by technology and regulation.

The move signifies Bird & Bird’s commitment to expanding its presence and expertise in the region, aligning with Singapore’s status as a strategic hub for international business operations.
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The future of artificial intelligence in the financial sector hinges on a hybrid approach that merges the generative capabilities of large models with the precision of traditional AI, according to Ming Jin, International CTO of OneConnect Financial Technology. Speaking at the Fortune Brainstorm AI conference in Singapore, Jin highlighted the necessity of this strategy for industries like finance, which manage sensitive data and demand high reliability.

Jin noted that the banking sector often grapples with outdated systems, and AI, particularly large language models, offers innovative solutions for modernisation. “By using AI large models to analyse programme code and extract functional specifications, we can quickly understand and reconstruct the underlying architecture,” he stated. This method has proven effective for financial institutions tackling system modernisation challenges.

OneConnect’s parent company, Ping An Group, exemplifies AI’s practical application, having integrated AI across sales, service, operations, and management. In 2024, Ping An’s AI call centre managed 184 billion customer interactions, handling 80% of total enquiries. Additionally, AI-driven anti-fraud technologies have significantly enhanced credit and fraud prevention.

Jin emphasised three critical elements for successful AI implementation: robust data, computing power, and algorithms; professional talent with cross-disciplinary expertise; and a diverse portfolio of business scenarios. He pointed out China’s advantages in these areas, citing Ping An’s extensive resources, including over 3,000 scientists and 21,000 technology developers.

Looking forward, OneConnect aims to advance its AI capabilities, focusing on integrating large models into business processes whilst maintaining human oversight. This approach ensures system flexibility, transparency, and reliability, contributing to the digital transformation of global financial institutions.
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Motorola Solutions has unveiled ‘AI nutrition labels’ for its safety and security technologies, marking a pioneering move in the public safety and enterprise security sectors. These labels are designed to offer clear insights into the use of artificial intelligence (AI) within their products, detailing the type of AI used, data ownership, human oversight, and the intended purpose of the AI application.

The initiative aligns with Singapore’s national priorities of digital trust and responsible AI, addressing the gap where only 53% of organisations have robust AI governance. Mahesh Saptharishi, executive vice president and chief technology officer at Motorola Solutions, emphasised the company’s commitment to transparency, stating, “It is our unwavering conviction that technology—including AI—must be deployed with purpose and transparency to fulfil its promise as a force for good.”

These labels are part of Motorola Solutions’ broader strategy to integrate AI across its ecosystem, providing users with actionable and reliable information. The AI is designed to assist in prioritising actions and understanding complex situations, enhancing human performance when time is critical. Saptharishi noted, “AI can ingest, learn, and cross-reference data to provide contextual understanding. Our AI nutrition labels will bring added clarity to the important role AI is playing in helping to protect people, property, and places.”

The introduction of these labels is supported by the Motorola Solutions Technology Advisory Committee, which guides the company on ethical and technological implications. This move is expected to set a precedent for transparency in AI usage, fostering trust and accountability in technology-driven safety solutions.
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Zoho Corporation has unveiled a suite of new AI tools, including the Zia Large Language Model (LLM), aimed at boosting operational efficiency for businesses. The announcement, made on 28 July 2025, highlights Zoho’s commitment to developing proprietary technology that safeguards customer data whilst offering advanced AI functionalities.

The Zia LLM, developed in-house using NVIDIA’s AI platform, features three models with billions of parameters, tailored for various business applications such as data extraction and code generation. This model is designed to optimise performance based on user context, ensuring efficient resource management.

In addition to Zia LLM, Zoho has launched two Automatic Speech Recognition models for English and Hindi, promising up to 75% better performance than existing models. These tools are part of Zoho’s broader strategy to integrate AI deeply into its platform, enhancing user experience without compromising data privacy.

The company has also introduced Zia Agent Studio, a no-code builder allowing users to create AI agents that can be deployed across Zoho’s ecosystem. The Agent Marketplace now offers 25 prebuilt agents, including a Revenue Growth Specialist and a Deal Analyser, to streamline various business functions.

Zoho’s AI advancements are set to roll out to customers by the end of 2025, with a focus on expanding language support and introducing new AI capabilities. As Zoho continues to innovate, it aims to provide businesses with tools that enhance productivity whilst maintaining robust data protection.
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Knight Frank Singapore’s latest Auction Report for Q2 2025 reveals a significant shift in the property auction landscape, with sellers becoming more realistic in their pricing expectations. The report highlights a 78.8% quarter-on-quarter increase in gross sales value, reaching S$21.3 million, despite a decrease in the total number of auction listings.

The number of auction listings fell by 11.8% from the previous quarter to 120, largely due to a reduction in mortgagee sale listings. This decline is attributed to easing interest rates, which have allowed more homeowners to manage their mortgage payments and avoid foreclosure. Sharon Lee, Head of Auction & Sales at Knight Frank Singapore, noted, “Auctions have an inherent self-regulating character, where listings can be revised to realistic levels and successfully transacted subsequently.”

In Q2 2025, five properties were sold at auction, achieving a success rate of 4.2%. Notably, a landed home in Brighton Avenue was sold at a 1.3% premium over its opening price. Residential properties dominated the listings, accounting for 53.3% of the total, whilst commercial and industrial properties made up the remainder.

The report also indicates that the auction process is helping to align seller expectations with market realities, particularly in a volatile global economy. As geopolitical tensions and trade uncertainties persist, more property investors may choose to liquidate assets, potentially increasing auction activity. Knight Frank’s findings suggest that auctions provide a platform for sellers to adjust their pricing strategies, offering buyers more reasonably priced opportunities.
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Singlife Philippines has unveiled its latest insurance offering, Protect from Income Loss (Accidents), designed to provide Filipinos with a steady monthly income if they are unable to work due to an accident. Available through the Singlife Plan & Protect App, this plan aims to offer an affordable and accessible solution for families facing financial challenges following unexpected accidents.

The insurance plan distinguishes itself by offering monthly cash benefits rather than a one-time lump sum, mimicking a regular salary to help cover essential expenses. Policyholders can choose from coverage options of ₱20,000, ₱30,000, or ₱50,000 per month, with a cash bonus on the 36th month, potentially totalling up to ₱1.8 million in benefits. Premiums start at a budget-friendly ₱120 per month, with coverage commencing immediately upon purchase.

Lester Cruz, CEO of Singlife Philippines, emphasised the importance of this plan, stating, “For Filipino breadwinners, income isn’t just money—it’s food on the table, tuition, and tomorrow’s dreams. We created this plan to act like a salary that keeps coming in, even when you no longer can.”

The plan is fully digital, allowing customers to manage their policies, track transactions, and file claims through the app. Additionally, policyholders can benefit from the Super Boost Rewards Programme, earning up to 15% p.a. net interest, whilst maintaining an active policy earns 5% p.a. net interest.

This initiative reflects Singlife Philippines’ commitment to empowering Filipinos towards financial independence, providing real-world protection and financial growth opportunities.
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Citi has announced an expansion of its research division to include private companies, with a particular emphasis on the technology and artificial intelligence (AI) sectors. This strategic move aims to complement Citi’s existing public company research by providing insights into private firms, which are increasingly influential in today’s financial landscape.

Lucy Baldwin, Citi’s Head of Research, stated, “This investment and commitment underlines Citi’s focus on complementing our existing market leading public company research with access and commentary on private companies.” The initiative will be spearheaded by Heath Terry, a former executive at Goldman Sachs, who has joined Citi as Head of Technology and Communications Research.

The decision to expand into private company research reflects a broader shift towards private markets over the past decade. Citi plans to focus on approximately 100 large and influential private firms, primarily within the tech sector. The research will cover significant events such as product launches and customer acquisitions, employing fundamental research methods including direct engagement with stakeholders.

Citi’s approach will not include price targets or buy/sell recommendations for these private entities. Instead, the research aims to provide transparency and insights into how these firms might disrupt existing profit pools and which companies could emerge as market leaders.

This expansion comes as Citi continues to enhance its research capabilities, having recently been named Best Bank for Research by Euromoney. The initiative underscores the growing importance of private companies in shaping the future of various industries, particularly in technology and AI.
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Kuvings Singapore has launched its SG60 promotion to celebrate Singapore’s 60th National Day, offering customers special deals and exclusive gifts. Running from 25 July to 10 August, the promotion includes complimentary attachments and discounts for purchases made through the official Kuvings website.

Customers purchasing Kuvings juicers online will receive a free Ice Cream & Smoothie Maker attachment and a ceramic knife. Additionally, those submitting a photo review will be rewarded with a long-slot bread toaster, available whilst supplies last. New customers registering during the campaign will also benefit from extra discount vouchers.

The SG60 promotion is designed to appeal to health-conscious consumers looking to reduce sugar intake without compromising on taste. Kuvings is showcasing a range of innovative low-sugar juice recipes, utilising their advanced slow juicers to enhance nutrition and flavour.

With limited quantities available, Kuvings encourages customers to act swiftly to take advantage of these celebratory offers. The SG60 vouchers are accepted as a payment method on the Kuvings website, making it an opportune time for consumers to purchase the products they have been considering.

As Kuvings continues to cater to the growing demand for healthier lifestyle choices, this promotion not only marks a significant national milestone but also aligns with the brand’s commitment to providing premium kitchen appliances that support nutritious living.
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Singapore Airlines (SIA) has been downgraded to a “sell” recommendation by Maybank IBG Research following a significant drop in its first-quarter net profit for the financial year 2026. The airline reported a 58.8% year-on-year decline in net profit, amounting to $136 million (SGD186 million), which represents only 12% of the full-year forecasts by Maybank and other analysts. The downturn is attributed to reduced interest income and losses from associates, particularly Air India.

Maybank analyst Eric Ong noted that the airline’s share price has outpaced its fundamentals, leading to the downgrade. The target price has been adjusted to $4.93 (SGD6.75), down from $5.55 (SGD7.60), based on a price-to-book ratio of 1.25 times for FY26 estimates. Ong also highlighted the impact of rising non-fuel costs and a weaker cargo business on the company’s earnings, prompting a reduction in core earnings per share estimates by 25-29% for FY26-28.

The downgrade comes amidst a challenging environment for SIA, as it navigates increased operational costs and fluctuating demand in the aviation sector. The airline’s financial performance is under scrutiny as it attempts to balance cost management with strategic growth initiatives. The revised outlook suggests a cautious approach for investors, with Maybank advising a reassessment of SIA’s long-term prospects in light of current market conditions.
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Raffles Medical has been downgraded from ‘buy’ to ‘neutral’ by RHB, with a revised target price of S$1.10, reflecting a 3% upside. The downgrade comes despite expectations of a stronger second half of 2025, as the company’s current valuation already accounts for anticipated mid-teens profit growth. The first half of 2025 results met 47–48% of the full-year estimates, aligning with projections.

The decision to downgrade is influenced by the absence of special dividends or major mergers and acquisitions, which limits immediate growth catalysts. However, the long-term outlook remains positive, driven by steady revenue growth in Singapore and China, and progress towards EBITDA breakeven in China. The company’s ex-cash price-to-earnings ratio remains attractive, yet the valuation is comparable to regional peers.

Shekhar Jaiswal, an analyst at RHB, noted that whilst the company’s financial metrics are appealing, the lack of immediate catalysts necessitated the downgrade. The report highlights that the company’s valuation already reflects expected profit growth, suggesting limited room for further appreciation in the short term.

Raffles Medical’s strategic focus on expanding its healthcare partnerships in China and maintaining steady growth in its core markets supports its long-term prospects. However, investors may need to temper expectations for immediate returns, given the current market conditions and valuation levels.
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