Industry News

Southeast Asian tech startups raised $909 million in the first quarter of 2025, marking a 30.79% increase from the previous quarter, according to the Tracxn Geo Quarterly Report. Despite this growth, the figure represents a 9.10% decline compared to the same period last year. The report highlights a significant surge in late-stage funding, which reached $700 million, up 110.21% from Q4 2024.

Singapore dominated the funding landscape, accounting for 95% of the total investments in the region. The city-state’s tech firms raised $865 million, with Thu Duc and Jakarta following at $28 million and $6.2 million, respectively. The quarter saw 13 acquisitions, including the $252 million purchase of Dropsuite by NinjaOne, the highest-valued acquisition of the period.

The Enterprise Infrastructure sector led the funding surge, attracting $640 million, a dramatic increase from the $19.5 million recorded in the previous quarter. Digital Edge was a standout performer, securing $640 million in a Series D round. However, seed-stage funding fell sharply to $44.8 million, a 43.07% decrease from Q4 2024.

The report also noted a decline in the number of companies going public, with none in Q1 2025 compared to one in the previous quarter. Despite these challenges, the SEA tech ecosystem shows adaptability and potential for long-term growth, with expectations of improved funding levels in the coming quarters.
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Moody’s Ratings has announced the withdrawal of China Life Insurance Singapore’s A3 insurance financial strength rating (IFSR) at the request of the issuer. The decision, made on 21 March 2025, follows a review of the insurer’s request to discontinue its rating. Prior to this withdrawal, the outlook for China Life Singapore was stable.

China Life Insurance Singapore, established in 2015, operates as a licensed life insurer under the regulation of the Monetary Authority of Singapore. It is an indirectly wholly owned subsidiary of China Life Group, and a wholly owned subsidiary of China Life Insurance Overseas Company Ltd, which holds an IFSR of A1 with a negative outlook. As of the end of 2023, the company reported total assets of $385m (SGD526m) and shareholders’ equity of $96 million (SGD131 million).

Moody’s decision to withdraw the rating aligns with its policy on credit ratings withdrawal, which is detailed on its website. The withdrawal of the rating does not reflect any change in the financial health or operational status of China Life Singapore but is purely based on the issuer’s request.

The implications of this withdrawal are primarily procedural, as it removes the public credit rating assessment from Moody’s, which could impact the transparency of the company’s financial strength to potential investors. However, the company remains a significant player in the Singaporean insurance market, backed by the substantial resources of its parent group.
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The Advertising Standards Authority of Singapore (ASAS) has reported a significant increase in consumer feedback regarding telecommunications advertisements in 2024. The advisory council, part of the Consumers Association of Singapore (CASE), received 53 complaints about telco ads, marking a threefold rise from the previous year. This surge contributed to a 39% increase in overall advertisement feedback, totalling 432 pieces in 2024, up from 309 in 2023.

Telecommunications ads were the most complained-about, surpassing other industries such as food and beverages, restaurants, electrical and electronics, and entertainment. The complaints primarily focused on mobile plans, subscription television, and broadband services, with both traditional and virtual operators implicated. A particular telco’s brand campaign drew significant criticism for a social media video featuring a mother not admonishing her child for watching a racy scene. Although ASAS found no breach of the Singapore Code of Advertising Practice (SCAP), it advised the telco to consider the feedback and ensure such content is not accessible to children.

ASAS also noted an increase in feedback regarding potentially misleading claims, particularly around promotions and service offerings. Concerns included unclear terms for sign-up promotions and the actual availability of advertised broadband speeds.

Bryan Tan, Chairman of ASAS, emphasised the importance of ethical advertising practices, stating, “ASAS will engage the telco industry and its stakeholders to promote ethical advertising practices, encourage greater transparency to consumers and foster a trusted, level playing field among businesses.”

ASAS continues to encourage consumers to report misleading advertisements and remains committed to upholding community standards in the advertising industry.
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A recent report by Kroll, a global financial and risk advisory firm, reveals that 76% of senior executives in Singapore’s financial and professional services sectors anticipate an increase in financial crime risks by 2025. This figure surpasses the global average of 71%, highlighting Singapore’s heightened concern over financial crime threats.

The 2025 Financial Crime Report identifies key drivers of these risks, including cybersecurity threats, the increasing use of artificial intelligence (AI) by criminals, regulatory changes, geopolitical tensions, and sanctions. Notably, cybersecurity is cited by 68% of global respondents as a significant risk factor, with 61% in Singapore echoing this sentiment.

Despite the anticipated rise in financial crime, only 24% of Singaporean executives believe their compliance programmes are “very effective.” The report suggests that insufficient technology adoption and investment are potential reasons for this ineffectiveness, with only 26% strongly agreeing that their programmes are adequate in these areas.

AI’s role in financial crime compliance is a double-edged sword. Whilst 72% of respondents believe AI developments will benefit compliance efforts, 58% acknowledge the significant risks AI poses. Furthermore, the threat of cryptocurrencies is a moderate to significant concern for 74% of respondents, yet only 36% have compliance programmes addressing these risks.

David Lewis, Managing Director at Kroll, commented on the complex risk environment firms face in 2025, stating, “From cybersecurity threats to geopolitical uncertainty, firms are facing an incredibly complex risk environment.”

As Singapore prepares for the fifth round of the Financial Action Task Force mutual evaluation, the focus is shifting towards the effectiveness of compliance programmes. The report underscores the need for technology-driven capabilities to match the evolving threat landscape.
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GlobalData, a leading data and analytics company, has reported a slight decline in its Country Risk Index (GCRI), dropping from 55.6 in Q3 2024 to 55.0 in Q4 2024. This change reflects a complex global economic landscape, where easing price pressures are counterbalanced by trade policy uncertainties and geopolitical tensions. The report highlights that whilst the Asia-Pacific region shows resilience, the Americas and the Middle East and Africa (MEA) face higher risks due to economic instability and geopolitical conflicts.

In the Asia-Pacific, the risk score decreased from 54.0 to 53.4, supported by strong domestic demand and export growth, despite geopolitical tensions in the South China Sea and an economic slowdown in China, according to the report titled “Global Risk Report Quarterly Update – Q4 2024,”. Annapurna Pillutla, Economic Analyst at GlobalData, noted, “Global economic growth is projected to reach 3.1% in 2024, slightly down from 3.3% in 2023, reflecting both resilience and ongoing challenges.”

In the Q4 2024 GCRI update, the highest-risk countries included Pakistan, Myanmar, and Bangladesh. Conversely, the countries with the lowest risk were Singapore, Taiwan (Province of China), and Hong Kong (China SAR).

Pillutla concludes that managing these risks requires a sophisticated approach, emphasising adaptation and diversification. The report underscores the need for policymakers and investors to navigate the complex global economic environment effectively.
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Singapore’s labour market maintained stability in the fourth quarter of 2024, according to the latest Labour Market Pressure Index (LMPI) from UOB Global Economics and Markets Research. The index, which utilises methodologies such as equally-weighted Z-score and Principal Component Analysis, indicates a significant easing of labour market tightness since its peak in the second quarter of 2022.

The LMPI, incorporating ten distinct labour market indicators, suggests that the job market remains robust. Notably, the job vacancies to unemployed persons ratio increased to 1.64 in Q4 2024 from 1.32 in Q3 2024, whilst the overall unemployment rate stayed low at 2.0% as of January 2025. Despite a rise in redundancies to 3,680 in Q4 2024, these figures align with historical norms, reflecting a stable employment environment.

The LMPI also highlights a positive correlation with the Monetary Authority of Singapore’s year-on-year core and services Consumer Price Index readings. This relationship underscores the potential for a tight labour market to exert upward pressure on consumer prices due to strong wage pressures.

Looking ahead, UOB anticipates the labour market will remain resilient in the first half of 2025. However, firms may exercise caution in hiring, particularly in trade-related sectors, due to escalating trade tensions and tariffs. The government’s focus on upskilling and reskilling initiatives in recent budgets is expected to enhance labour productivity, helping businesses manage cost pressures.
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CBRE has announced the sale of a conserved 4-storey commercial shophouse at 257 Outram Road, Singapore, through an Expression of Interest exercise closing on 16 April 2025. The property, with a site area of approximately 1,531 sq ft and a Gross Floor Area (GFA) of 4,600 sq ft, is priced at $8.8m (S$12m), translating to about $1,900 (S$2,600) per square foot.

Located in the Tiong Bahru conservation area, the shophouse is currently tenanted by a pet care service on the ground floor and a co-living operator on the upper levels. The area is renowned for its blend of historical charm and modern amenities, making it a sought-after location for young professionals and expatriates. Joshua Giam, Associate Director of Capital Markets at CBRE, highlighted the strong and stable occupancy and rental rates in the area, noting the attractive gross yield of approximately 3.5% for potential buyers.

The property’s strategic location offers excellent connectivity, being just a 9-minute drive from the Central Business District and near major expressways. Additionally, the upcoming developments under the Urban Redevelopment Authority’s Draft Master Plan 2025, including 6,000 new homes at Pearl’s Hill, promise to enhance the area’s appeal further.

Giam emphasised the investment potential, stating, “This asset is ideal for investors looking to capitalise on strong rental upside and capital appreciation.” The shophouse presents opportunities for conversion to alternative uses, subject to approval, making it a versatile investment option.
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Singapore banks are poised to reduce their capital buffers, which currently stand at double the regulatory requirement, according to a report by S&P Global Ratings. The adjustments will be influenced by loan growth and emerging opportunities, as detailed in the report titled “Banking Brief: High Capital Levels A Double-Edged Sword For Singapore Banks.”

The report notes that the increase in banks’ capital ratios, following Basel reforms in July 2024, offers protection against unexpected losses and boosts public confidence. However, excessively high capital levels may suggest underutilisation of capital for growth and expansion. S&P Global Ratings suggests that banks are already planning short to mid-term strategies to manage these levels effectively.

The report, which does not constitute a rating action, is accessible to RatingsDirect subscribers and can be purchased by non-subscribers. It provides insights into how Singapore banks might navigate their capital strategies in the coming months.

As Singapore banks consider these adjustments, the financial sector will be closely watching how these changes impact overall growth and stability. The potential recalibration of capital buffers could influence lending practices and investment strategies, shaping the future landscape of Singapore’s banking industry.
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AIA Singapore has announced its role as the Official Title Partner for the AIA HYROX Open Asian Championships 2025, set to take place on 28 and 29 June at the Singapore National Stadium. This partnership aims to promote holistic wellness and active living, aligning with AIA’s One Billion movement to inspire healthier lifestyles by 2030.

The event, expected to draw over 10,000 participants, will feature new racing categories, including the Mixed Relay Open Asian Championship and corporate relays. These additions aim to foster teamwork and well-being among participants. Gary Wan, Managing Director of HYROX APAC, stated, “The upcoming Singapore race is set to be bigger and more exciting than ever before.”

For the first time in HYROX championships, AIA Singapore will provide complimentary personal accident coverage for participants and spectators upon ticket purchase, valid throughout June. AIA Vitality members will also receive a $25 discount on race tickets. Wong Sze Keed, CEO of AIA Singapore, expressed excitement about the partnership, emphasising its commitment to promoting active living.

Additionally, Grab, a Premium Partner, is offering up to 10% discounts on HYROX tickets for those using GrabPay or PayLater by Grab. This collaboration highlights the shared dedication of AIA and HYROX to making active lifestyles accessible to all. The event promises to be a thrilling test of strength and endurance, continuing the success of HYROX Singapore’s debut in 2023.
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Funding Societies, Southeast Asia’s largest SME digital finance platform, has secured a strategic equity investment from Gobi Partners, an Asia-focused venture capital firm. This investment highlights confidence in Funding Societies’ business model and its commitment to bridging the SME credit gap amidst challenging fintech market conditions.

The investment arrives at a time when caution towards fintech firms is prevalent, reinforcing Funding Societies’ financial stability and growth in SME financing and payments since 2022. Kelvin Teo, Co-founder and Group CEO of Funding Societies, expressed gratitude for the investment, stating, “This partnership is a testament to our strong fundamentals and commitment to financial inclusion.”

Gobi Partners’ support will enable Funding Societies to enhance its technology-driven approach, leveraging AI and automation to streamline lending processes. Thomas G. Tsao, Co-founder and Chairperson of Gobi Partners, remarked, “Funding Societies has consistently demonstrated strong execution and resilience in SME financing.”

Despite economic uncertainties, Funding Societies remains dedicated to empowering SMEs with tailored digital financial products. The company has disbursed over $4 billion (£3.3 billion) in business financing to approximately 100,000 SMEs and processed an annualised payments gross transactions value of over $1.4 billion (£1.15 billion). The partnership with Gobi Partners will further expand its reach, supporting SMEs that drive local economies.

With backing from investors like Cool Japan Fund and Maybank, and a credit facility from HSBC’s ASEAN Growth Fund, Funding Societies is poised to maintain its growth trajectory whilst ensuring responsible lending practices.
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