Industry News

Singapore-headquartered Turion Labs has officially launched Southeast Asia’s first full-stack biotech innovation platform, designed to support start-ups and early-stage ventures in the region.

Backed by South Korea’s S&S LAB and Indonesia’s Future Lestari, the platform integrates shared laboratory infrastructure, contract research services, and regulatory enablement to accelerate the journey from discovery to market.

The announcement was made today during Ecosperity Week in Singapore.

The platform’s flagship site will open later this year at the Sinarmas Land Biomedical Hub in Indonesia’s Biomedical Special Economic Zone.

This facility will feature modular labs, pilot-scale research suites, and clinical support services, providing a comprehensive environment for biotech development. Dominic Jeong, CEO of S&S LAB Korea, stated, “We’re bridging the gap between high-potential science and scalable solutions.”

Turion Labs aims to address critical gaps in Southeast Asia’s biotech ecosystem by reducing capital and timeline barriers for new ventures and enhancing cross-border collaboration. Cynthia Krisanti, Director of Future Lestari, highlighted the platform’s role in enabling faster product development and expanded market access, saying, “Turion Labs is a platform for acceleration — a place where biotech ideas become real-world impact.”

The launch event was attended by Indonesia’s Coordinating Minister for Human Development and Cultural Affairs, who expressed support for the initiative. Turion Labs plans to expand beyond Singapore and Indonesia, with projects in Thailand, Malaysia, and the Philippines, creating a cross-border biotech corridor to attract venture capital and connect research hubs.
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The Nature Conservancy (TNC), a global environmental non-profit, has announced the expansion of its carbon project development capabilities in Singapore.

This initiative, revealed at the GenZero Climate Summit 2025, is supported by the Singapore Economic Development Board (EDB) through its Carbon Project Development Grant. TNC aims to leverage Singapore’s status as a regional carbon services hub by establishing a dedicated team focused on community engagement, applied science, and financial planning.

TNC’s expansion will involve assessing nature-based carbon projects aligned with Singapore’s International Carbon Credit Framework. The focus will be on countries with which Singapore has signed Article 6 agreements under the Paris Agreement. The team will conduct feasibility studies, project design, carbon accounting, and local stakeholder engagement to ensure high-quality project development.

Tamara Singh, Managing Director of TNC Singapore, highlighted the organisation’s legacy of collaboration in the region. “This grant builds on that foundation, enabling us to apply our decades of science-based expertise to develop high-quality, nature-based carbon projects,” she stated. Lim Wey-Len, Executive Vice President of Green Economy at EDB, emphasised Singapore’s growing role as a carbon hub, noting TNC’s valuable expertise in nature-based solutions.

TNC is renowned for its global experience in developing high-quality carbon projects, having advanced over 60 projects in 18 countries. In Singapore, TNC is a founding member of the Southeast Asia Climate and Nature-based Solution Coalition, working to scale high-quality solutions across the region. This expansion signifies a significant step in supporting Singapore’s and the region’s climate goals.
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Singapore-based fintech platform Seedflex has successfully raised $3.2m in a seed extension round, co-led by Z Venture Capital and Iterative, to enhance access to capital for micro, small, and medium enterprises (MSMEs) across Emerging Asia. The funds will support the company’s expansion into new markets, starting with Indonesia later this year.

Seedflex, co-founded by former Grab executives Ritwik Ghosh and Sauvik Datta, launched in Malaysia last year. The company offers a unique “Pay-As-You-Sell Advance” (PAYS Advance) credit solution, which adjusts loans and repayments based on sales revenue. This model has already attracted over 5,000 merchants in Malaysia, with plans to increase this number to 50,000 by the end of 2025.

The recent investment will enable Seedflex to scale its operations and introduce its embedded credit application programming interface (API) to more distribution partners. “In these turbulent and uncertain economic times, access to flexible credit is vital for the survival and growth of MSMEs,” said Ritwik Ghosh.

ZVC’s Principal, Janice Sa, highlighted the significance of Seedflex’s model, stating, “It directly addresses the core pain points in SME lending.” Iterative’s General Partner, Brian Ma, praised the founders’ expertise, noting their experience in building embedded finance at scale.

With Indonesia’s vast market potential, Seedflex aims to leverage its innovative credit solutions to empower more businesses in the region, ensuring they have the necessary resources to thrive in a competitive landscape.
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Landed home prices in Singapore have surpassed $2,000 per square foot (psf) for the first time, according to Huttons’ quarterly report for the first quarter (Q1) of 2025.

This represents a 3.3% increase from the previous quarter, marking the fastest growth in prices since the third quarter (Q3) of 2022.

The rise is attributed to strong income growth, increased wealth, and declining interest rates, which have facilitated buyers in achieving their aspirations of owning landed properties.

Despite a 5.3% decline in transaction volume to 412 units, Q1 2025 recorded the highest first-quarter sales since 2021.

The semi-detached homes segment experienced the most significant increase, with a 15.7% rise to 147 units, as prices remained relatively stable.

Conversely, the transaction volume for terrace homes dropped by 18.4% due to a preference for larger units in new launches.

The report highlights that 85% of transactions involved 999-year leasehold and freehold properties. The average price for these homes increased, with terrace homes reaching $4.6 million, semi-detached homes at $6.8 million, and detached homes at $12.2 million.

Looking ahead, the landed homes market may be influenced by the global tariffs war, potentially causing locals to delay purchases. However, Singapore’s stability might attract ultra-high-net-worth individuals (UHNWIs) seeking safe havens. Prices and transaction volumes are expected to remain steady throughout 2025.
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Tech funding in Singapore experienced a notable increase in April 2025, according to the latest monthly trackers from Tracxn.

The data indicates a strong investment climate in the country, with Singapore seeing a particularly impressive rise in funding activity.

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UOB Group has reported a net profit of S$1.5b for the first quarter of 2025, maintaining stability year on year.

This performance was driven by diversified growth across its wholesale banking and retail businesses, with net fee income reaching a record S$694m, a 20% increase from the previous year.

The growth was primarily attributed to loan-related and wealth management fees, alongside a 6% rise in loan growth, which also contributed to a 2% increase in net interest income.

Despite a 5% year-on-year decline in other non-interest income due to lower trading and investment income, there was a 25% increase from the previous quarter, bolstered by strong customer treasury income and effective trading and liquidity management activities.

Credit costs rose to 35 basis points as UOB set aside additional pre-emptive allowances to bolster provision coverage amidst growing macroeconomic uncertainties. The non-performing loan ratio remained stable at 1.6%, reflecting resilient asset quality.

Wee Ee Cheong, UOB’s Deputy Chairman and CEO, commented on the results, stating, “The Group achieved a solid set of results for the first quarter, supported by broad-based income growth, record fee income and robust loan growth.”

He also noted the impact of US tariffs on market volatility and global trade, anticipating a slowdown in global growth but expressing confidence in ASEAN’s resilience and long-term potential.

With a robust balance sheet, healthy capital, and strong liquidity positions, UOB is well-prepared to navigate risks and seize growth opportunities, supporting customers and communities through challenging times.

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AIMS APAC REIT Management Limited has announced a 2.6% year-on-year increase in distribution per unit (DPU) to 9.600 Singapore cents for the financial year ending 31 March 2025. This growth is attributed to a robust operational performance and strategic asset management initiatives, including a 20.0% rental reversion and stable portfolio occupancy of 95.8%.

Gross revenue for the year rose by 5.3% to S$186.6m, whilst net property income increased by 2.1% to S$133.7m. The REIT’s proactive capital management was highlighted by the successful issuance of S$125m in five-year perpetual securities at a competitive rate of 4.70%, underscoring its strategy to secure cost-effective funding.

CEO Russell Ng emphasised the REIT’s strategic positioning, stating, “Through disciplined execution of our strategies, we have continued to drive strong operational and financial performance that support the delivery of sustainable growth for our Unitholders.” The REIT’s portfolio, comprising 28 properties valued at S$2.13b, remains diversified across Singapore and Australia, providing resilience amidst economic uncertainties.

In line with its sustainability commitments, AA REIT progressed with its rooftop solar PV system installations and other green initiatives, aiming to enhance operational sustainability. Looking forward, the REIT plans to continue its asset enhancement initiatives and explore new growth opportunities, ensuring long-term value creation for its unitholders.

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Vietjet Aviation Joint Stock Company has announced a 24% year-on-year increase in consolidated pre-tax profit for the first quarter of 2025, attributed to its aggressive international expansion and robust operational performance.

The airline reported consolidated revenue of approximately $656m (SGD896m) and a pre-tax profit of $30.54m (SGD41.71m). This growth is supported by the introduction of new routes, including direct flights between Singapore and Phu Quoc starting 30 May, and the expansion of its fleet to 106 aircraft.

The airline’s financial statements reveal air revenue of VND17.92t (approx. $653m, SGD892m), with ancillary revenue contributing over VND6.223t (approx. $227m, SGD310.38m), accounting for more than 35% of total revenue. Vietjet operated nearly 38,700 flights, transporting over 6.87m passengers, marking a year-on-year growth of over 12% and 9%, respectively.

Vietjet’s strategic initiatives include the addition of new routes to China and India, enhancing connectivity in key Asian markets. The airline also launched its inaugural flight to the United States, leading to strategic partnerships worth $14b (approx. SGD18.15b). These partnerships, combined with existing agreements with Boeing and other major players, bring Vietjet’s total cooperation value to nearly $50b (approx. SGD64.78b).

In addition to its business achievements, Vietjet has engaged in corporate social responsibility efforts, delivering humanitarian aid to Myanmar and constructing homes for low-income families in Vietnam. The airline’s SkyJoy loyalty programme was recognised for its digital innovation, and Vietjet was named the “World’s Best Ultra Low-Cost Carrier 2025” by AirlineRatings. With these accomplishments, Vietjet is poised to exceed its 2025 targets and seize further growth opportunities in the global aviation market.

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Emirates, the world’s largest international airline, has launched its first Emirates World retail store in Singapore, marking a significant milestone in its 35-year history in the region. Located at Odeon 333, near the iconic Raffles Hotel, the store offers personalised travel planning and advice, alongside interactive displays that showcase the airline’s award-winning inflight experience.

The store was inaugurated by Adnan Kazim, Emirates’ Deputy President and Chief Commercial Officer, in the presence of dignitaries including Ahmed AlKetbi, Deputy Ambassador of the UAE in Singapore, and Lim Ching Kiat from Changi Airport Group. Kazim highlighted the store’s role in embodying Emirates’ commitment to seamless service and premium design, stating, “This store provides a welcoming, informative space that brings our ‘Fly Better’ promise to life.”

The Emirates World store aims to revolutionise travel retail by combining innovation, personalisation, and convenience. It features a First-Class Private Suite installation, allowing visitors to experience the luxury typically reserved for the skies. The store also offers a range of upcycled products, reflecting Emirates’ commitment to sustainability.

Spanning over 330 square metres, the store is designed with a lounge-like environment and includes smart technology experiences such as a ‘selfie mirror’. With four customer service counters, guests can book flights and receive expert travel advice whilst enjoying freshly brewed coffee.

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Synagistics Limited, a Singapore-based AI and big data company, has announced a strategic partnership with BytePlus, a business unit of ByteDance, to accelerate the adoption of enterprise-grade artificial intelligence (AI) solutions in the Asia-Pacific region. This collaboration will see Synagistics integrate BytePlus’s proprietary AI technologies into its multi-LLM orchestration platform, Geene, enhancing decision-making and digital transformation for enterprise clients.

The partnership will focus on co-developing industry-specific AI applications using BytePlus’s “Hi Agent” development environment and incorporating AI-powered customer engagement platforms into Synagistics’ ecosystem. Clement Lee, Executive Chairman of Synagistics, highlighted the significance of this collaboration, stating, “Our partnership with BytePlus marks a pivotal milestone in our AI strategy. Their world-class AI infrastructure significantly enhances our enterprise capabilities.”

Initially targeting markets in Singapore, Indonesia, Malaysia, Thailand, and Vietnam, the partnership aims to expand further across Asia-Pacific. With the AI market in the region expected to grow from $85.15b in 2025 to $298.4b by 2030, this strategic move positions both companies to capture the increasing demand for enterprise-grade AI capabilities.

Synagistics will lead customer engagement and commercialisation strategies, whilst BytePlus will provide AI infrastructure and support. This partnership aligns with investor interest in scalable, high-impact technology ventures, reinforcing Synagistics’ position as a leader in enterprise AI orchestration.
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