Industry News

Restaurant Asia 2025, co-organised by the Restaurant Association of Singapore and IEG Asia, is set to take place from 16 to 18 July at Marina Bay Sands, Singapore. This premier event will bring together foodservice professionals, chefs, and entrepreneurs from across ASEAN and APAC, focusing on innovation, sustainability, and regional collaboration.

The event will showcase a wide array of foodservice offerings, including ingredients, raw materials, and finished products like meat, seafood, and beverages. It will also highlight advanced technologies and equipment essential for modern F&B operations. A significant feature of the event is the RAS Symposium, which will explore smart business models and technology-driven productivity.

A key highlight will be the signing of a Memorandum of Understanding among members of the ASEAN Restaurant Associations Alliance, aiming to foster sustainable growth and cross-border cooperation. The International Food & Beverage Association will also host a roundtable on resilient sourcing and evolving consumer trends.

Benjamin Boh, President of the Restaurant Association of Singapore, stated, “This show reflects the evolving needs of our restaurant operators, from sourcing to digital transformation.” Ilaria Cicero, CEO of IEG Asia, added, “It’s not about scale – it’s about strategy and substance.”

The event will also see the launch of MrBeast Burger in Singapore, a virtual dining concept by YouTube sensation MrBeast. Nichol Ng, CEO of Xolutions Int., expressed excitement about introducing this innovative concept to Singapore.

Restaurant Asia 2025 promises to be a strategic platform for industry professionals to engage, collaborate, and drive business outcomes, setting the stage for future advancements in the F&B sector.
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Coface’s Asia Payment Survey 2025 has highlighted a challenging landscape for businesses across the Asia Pacific, with payment behaviours expected to deteriorate amidst economic uncertainty. Conducted among 2,400 companies across nine markets and 13 sectors, the survey reveals that whilst Singapore’s economy showed resilience in 2024, the region faces significant hurdles due to tight liquidity conditions and intense market competition.

The survey found that payment terms in Asia Pacific increased slightly from 64 days in 2023 to 65 days in 2024, though still below the five-year average of 69 days. Notably, Singapore, Australia, and Taiwan reduced their payment terms, reflecting a cautious approach to cash preservation. Despite these tighter terms, the proportion of companies reporting overdues fell to a record low of 49%, down from 60% in 2023.

However, the report also noted a concerning rise in Ultra Long Payment Delays (ULPDs) exceeding 180 days, affecting 40% of companies, up from 23% in 2023. This trend indicates a sharp deterioration in credit risk, with India, Thailand, and China experiencing the most significant increases. Bernard Aw, Chief Economist at Coface, explained that “80% of these delays were irrecoverable,” underscoring the severity of the issue.

Looking ahead, 57% of respondents anticipate worsening payment behaviours, driven by slower demand, competitive pressures, and rising costs. Despite these challenges, a majority remain hopeful for improvement, particularly in India. The survey, conducted between December 2024 and March 2025, provides a comprehensive view of the evolving credit management practices in the region.
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Singapore has unveiled significant advancements in artificial intelligence (AI) at the Asia Tech x Singapore 2025 summit, organised by the Infocomm Media Development Authority (IMDA). The event focused on building a trusted AI ecosystem, emphasising AI adoption for enterprises and upskilling talent. Singapore is influencing global AI norms through initiatives like the Singapore Consensus on Global AI Safety Research Priorities, which aims to bridge research and policy on AI safety.

IMDA has collaborated with global partners to enhance AI governance, introducing frameworks such as the AI Verify Testing Framework, which aligns with US standards. This framework addresses generative AI risks and facilitates cross-border data flows through the Global Cross-Border Privacy Rules Certification, opening access to nine economies with a market size of approximately $40 trillion.

The summit also introduced the MERaLiON Multimodal Empathetic Reasoning and Learning in One Network, a large language model designed to understand Southeast Asia’s diverse languages and cultures. Developed by the A*STAR Institute for Infocomm Research, MERaLiON has seen over 90,000 downloads globally since its initial release. Its second version includes enhanced language coverage and emotional intelligence capabilities, paving the way for culturally aware AI applications in the region.

Singapore’s commitment to AI extends to talent development, with IMDA securing 800 job and training opportunities under the TechSkills Accelerator programme. This initiative aims to equip locals with AI practitioner skills, enabling them to engage in high-value work with leading companies such as AWS, Microsoft, and Oracle.

These efforts underscore Singapore’s strategic role in shaping AI’s future, fostering innovation, and ensuring responsible AI development and deployment.
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Singapore-headquartered EVONET Global Pte Ltd has launched a cross-border mobile wallet interoperability service in collaboration with KDDI Corporation and Tenpay Payment Technology Co Ltd. This initiative enables over 1.4 billion WeChat Pay users from China to make payments at au PAY-affiliated stores across Japan by scanning QR codes. This service, known as the Merchant-Presented Mode (MPM), aims to provide a seamless payment experience for Chinese tourists in Japan, eliminating language and currency barriers.

The collaboration marks the first time KDDI has opened its au PAY merchant network to non-Japanese users. Merchants can now accept WeChat Pay without installing new systems or making complex changes, thus capturing inbound demand more efficiently. James Zhao, CEO of EVONET Global, stated, “EVONET provides the technological platform that underpins this global collaboration, serving as a hub to address the complexities of international payment infrastructure.”

Looking ahead, EVONET plans to expand its network by partnering with more mobile wallet providers across Asia. The company also intends to introduce the Consumer-Presented Mode (CPM), where merchants scan the user’s QR code, offering more flexible payment options. EVONET envisions enabling Japanese users to make outbound payments at overseas merchants using their domestic mobile wallets, further enhancing global payment convenience.

EVONET aims to build an open network that allows multiple wallet operators to connect seamlessly across countries and regions, facilitating easy payments for users worldwide.
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The Maritime and Port Authority of Singapore (MPA) and Bureau Veritas (BV) have renewed their Memorandum of Understanding (MoU) to further their collaboration in maritime digitalisation, decarbonisation, and talent development. The agreement, signed by MPA Chief Executive Teo Eng Dih and BV Group CEO Hinda Gharbi, builds on a successful partnership established in 2022.

The renewed MoU includes plans to explore the establishment of a BV global innovation hub in Singapore. This hub will focus on the research and application of emerging technologies, such as cybersecurity standards, battery technologies, and fuel cell systems. The collaboration will also address innovative digital and decarbonisation solutions, including smart ship systems, AI technologies for vessel inspection, and robotics for in-water applications. Additionally, the partnership will promote the use of zero and near-zero greenhouse gas emission fuels, electrification, and wind-assisted propulsion to strengthen Singapore’s MarineTech ecosystem.

To support workforce development, BV will continue its involvement in industry manpower programmes, including the MPA Global Internship Award and the MaritimeONE Internship and Scholarship Programmes. These initiatives aim to attract and nurture maritime talent, contributing to BV’s growth in Singapore and the broader maritime talent pool.

Teo Eng Dih expressed enthusiasm for the partnership, stating, “Singapore has a strong innovation ecosystem that brings together researchers, start-up entrepreneurs and tech companies to collaborate with class societies such as BV.” Hinda Gharbi added, “This renewed collaboration with MPA reflects our continued commitment to support the maritime industry’s priorities in digitalisation, decarbonisation, and talent development.”

The partnership underscores Singapore’s commitment to advancing its maritime sector through innovation and sustainable practices.
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RHB has reaffirmed its “overweight” rating on the plantation sector, following a robust performance in the first quarter of 2025. The sector experienced significant year-on-year earnings growth, aligning with expectations, and is anticipated to maintain this momentum throughout the year. In Malaysia, palm oil inventory rose to 1.99 million tonnes in May, despite higher exports, due to increased production. Analysts predict that palm oil output will continue to rise as it approaches the peak season, with demand likely to improve given current competitive pricing.

The report identifies Johor Plantations Group, Sarawak Oil Palms, Bumitama Agri, PP London Sumatra Indonesia, and SD Guthrie as top picks within the sector. These companies are expected to benefit from the favourable market conditions and strategic positioning.

The analysis underscores the importance of the plantation sector in the regional economy, particularly in Malaysia and Indonesia, where palm oil production plays a crucial role. The sector’s performance is closely watched by investors, given its impact on trade balances and employment.

Looking ahead, RHB anticipates that the plantation sector will continue to thrive, driven by increasing output and stable demand. This positive outlook suggests that the sector will remain a key area of interest for investors seeking growth opportunities in the region.
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Anytime Fitness Asia, the region’s largest 24-hour fitness network, has unveiled its most significant brand campaign to date, “Train For Your Life.” This initiative spans across Singapore, Malaysia, the Philippines, Indonesia, Hong Kong, China, Thailand, Vietnam, and Taiwan, aiming to redefine fitness motivations based on recent consumer insights.

A comprehensive study involving nearly 9,000 individuals across these markets revealed a shift in fitness priorities. The findings showed that 61% of respondents now prioritise better sleep, whilst 49% focus on mental wellbeing, surpassing traditional goals such as weight or strength management. Despite 60% recognising exercise as a crucial fitness strategy, only 14% utilise commercial gyms, with many opting for daily activities like chores and commuting.

“Train For Your Life” is more than a marketing endeavour; it embodies Anytime Fitness’s mission to be a lifelong partner in health. The campaign introduces the SmartCoachingEcosystem, an app-powered experience integrating training, nutrition, and recovery. Johannes Raadsma, President and Co-Founder of Inspire Brands Asia (IBA), stated, “Our mission has always been to support our members not just in their workouts but in living a healthier, more confident life.”

With nearly 500 clubs in Southeast Asia and 5,600 globally, Anytime Fitness continues to lead with a focus on community, coaching, and innovation. IBA Group CEO, Luke Guanlao, emphasised, “We don’t push perfection—we support progress.”

As Anytime Fitness expands its footprint, the campaign underscores its commitment to providing holistic support, offering 24-hour access and global reciprocity, ensuring members receive personalised guidance wherever they are.
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OTS Holdings, a prominent player in the food manufacturing sector, has outlined its strategic goals for 2030, focusing on growth and expansion. The company, listed on the Singapore Exchange (SGX), has reported a 6.8% year-on-year revenue increase to S$16.8M in the first half of the financial year 2025. This growth is attributed to key revenue drivers and strategic initiatives.

The company has announced plans to enhance its capabilities and market reach with the upcoming establishment of a new facility in Johor. This development is expected to significantly impact the group’s cost structure and operational capabilities. The Johor facility is part of OTS Holdings’ broader strategy to strengthen its position in the food manufacturing industry and tap into new markets.

Looking ahead to 2030, OTS Holdings has set three primary strategic goals: expanding its product offerings, increasing its market presence, and enhancing operational efficiency. These objectives are designed to ensure sustainable growth and maintain the company’s competitive edge in the industry.

The company’s commitment to excellence in food manufacturing is reflected in its continuous efforts to innovate and adapt to changing market demands. As OTS Holdings progresses towards its 2030 goals, the industry will be watching closely to see how these strategic initiatives unfold and contribute to the company’s long-term success.
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Fire-fighting operations are ongoing for the Singapore-registered container vessel Wan Hai 503, which is currently off the coast of India. The Indian authorities and the vessel owner have deployed two additional fire-fighting vessels, expected to arrive this evening, to bolster the response efforts. Meanwhile, the 18 crew members who were rescued earlier have safely reached New Mangalore Port. Six of these crew members were injured, with three already discharged from a shore medical facility.

Search and rescue (SAR) operations are actively underway to locate four missing crew members, with aerial surveillance supporting these efforts. The Maritime and Port Authority of Singapore (MPA) is collaborating with the vessel’s classification society and Indian authorities to provide technical information crucial for stabilising the situation and managing the fire. This includes guidance on fire containment measures, assessing onboard fire conditions, and monitoring the vessel’s stability.

MPA is closely monitoring the situation in coordination with Indian authorities, focusing on assessing the vessel’s structural integrity and potential environmental impacts. Further updates will be provided as more information becomes available.
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Singapore-headquartered brokerage Straits Financial Services has announced an expansion of its partnership with Integral, a currency technology provider, to strengthen its operations in the precious metals market across Asia. This move comes as gold prices hit new highs and trading volumes surge, allowing the brokerage to optimise pricing and improve liquidity aggregation.

Straits Financial Services has extended its services to the SG1 data centre in Singapore, aiming to enhance execution quality and liquidity provision for its customers dealing in foreign exchange (FX) instruments and precious metals. This expansion is part of the company’s strategy to secure competitive pricing for its Asian clientele, facilitated by Integral’s API-first technology, which allows seamless integration with external systems.

The brokerage’s increased activity in the Asian precious metals market includes trading in gold, silver, platinum, and palladium. Integral’s pricing engine, which converts prices from ounces to grams or kilograms, is crucial for Straits Financial Services’ success in this sector. This feature improves pricing transparency and risk management by benchmarking prices against local currencies.

Susan Quek, Vice President and Head of Sales at Straits Financial Services, stated, “We have experienced first-hand the substantial impact Integral’s tech can have on precious metals and FX trading operations, offering optimised pricing, superior liquidity aggregation, and streamlined operational efficiencies.”

Integral’s CEO, Harpal Sandhu, added, “Our partnership with Straits Financial Services is a perfect example of this agility, allowing the firm to continue consolidating its position as a leading broker in the region.”

This partnership expansion underscores Straits Financial Services’ commitment to delivering high-quality service and positions the firm to thrive in the growing precious metals market.
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