Industry News

Confidence amongst Singapore’s CEOs regarding growth prospects for 2025 has notably declined, according to the latest EY-Parthenon CEO Outlook Survey.

The survey, which included 1,200 global business leaders, found that Singapore’s CEO confidence fell to 54% from 72% in September 2024, primarily due to concerns over prices and inflation. In contrast, global CEO confidence rose to 73.5% from 70.5%.

The survey highlights that 44% of Singapore respondents believe they will not fully achieve their transformation goals, compared to 43% globally. Despite this, 56% of Singapore CEOs remain optimistic about reimagining their business models through transformation. Janet Truncale, EY Global Chair and CEO, emphasised the importance of adaptability, stating, “Organisations that embrace transformation can turn disruption into opportunity.”

Singapore’s CEOs are also showing reduced interest in mergers and acquisitions (M&A), with only 40% planning to pursue such activities in the next 12 months, down from 48% in September 2024. Conversely, global CEOs’ appetite for M&A increased to 56%. Andre Toh, EY Asean and Asia-Pacific Valuation Leader, noted that Singapore’s open economy makes it vulnerable to supply chain shocks, influencing cautious decision-making.

Investment in people and technology remains a priority, with 85% of CEOs recognising the need to address capability gaps. However, 55% of Singapore CEOs expressed concerns about potential workforce reductions due to declining profitability. The survey also revealed that Singapore CEOs are focusing investments locally, with top markets including the US, Malaysia, Indonesia, and Hong Kong.
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NTT DATA announced the commissioning of its Malaysia, India, Singapore Transit (MIST) submarine cable system by June 2025.

The 8,100-kilometre cable, capable of carrying over 200 terabits per second (Tbps), will directly connect Malaysia, Singapore, and Thailand with India, marking NTT DATA’s first cable system to establish direct connectivity to and from India.

The MIST cable system is a significant step in enhancing global connectivity and supporting the rapid growth of India’s digital economy. It was first connected to NTT DATA’s Mumbai landing station in February 2023 and its Chennai landing station in May 2023. This initiative aligns with Singapore’s plans to double its subsea cable landings, further boosting the city-state’s global connectivity.

NTT DATA is also expanding its presence in India with the launch of its largest data centre campus, capable of holding over 500 megawatts of power. The company aims to operate all its data centres on 100% renewable energy by 2030. Additionally, NTT DATA is upgrading its Innovation Centre in Bengaluru, focusing on AI, digital twin, and quantum computing projects.

Akira Shimada, President and CEO of NTT, stated, “India is key in our global strategy, fuelled by its rapid economic and digital expansion.” Abhijit Dubey, CEO of NTT DATA, Inc., added, “Our USD 3 billion investment in India’s digital infrastructure over the last decade reflects our confidence in the region’s exceptional talent and robust tech ecosystem.”

With these strategic initiatives, NTT DATA aims to elevate India to one of its top five markets within the next three years, driving transformation across key industries such as banking, manufacturing, and automotive.
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Singapore’s mid-cap stocks experienced a notable rise in trading activity during the first quarter of 2025, according to data from the Singapore Exchange (SGX) and Refinitiv. This surge is highlighted by the impressive performance of several stocks, with YF8 leading the pack with a 488% increase in average daily trading turnover (ADT).

The top five mid-cap stocks with the highest ADT growth include YF8, U10, ACV, Japfa, and S07. YF8, with a market capitalisation of S$2,332m, recorded an ADT of S$14.05m, whilst U10, with a market cap of S$1,674m, saw a 248% growth in ADT. ACV and Japfa also showed significant increases, with ADT growth of 233% and 188%, respectively.

This uptick in trading activity is significant as it reflects increased investor interest in mid-cap stocks, which are often seen as offering growth potential whilst being less volatile than smaller-cap stocks. The data also indicates a shift in investor focus towards these stocks amidst broader market trends.

In addition to the mid-cap stock performance, the SGX has introduced three new Hong Kong Stock Depository Receipts (SDRs), allowing investors to trade Hong Kong blue chips like Xiaomi, Meituan, and Ping An Insurance on the Singapore market. This move is part of SGX’s strategy to provide investors with diversified investment opportunities and thematic exposures to global trends such as AI transformation and e-commerce.

As the market progresses through 2025, the continued interest in mid-cap stocks and the introduction of new trading instruments like the Hong Kong SDRs could shape investment strategies and market dynamics in Singapore.
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Geo Energy Resources Limited has announced a significant step forward in its infrastructure development in Sumatra, following the signing of a non-binding Memorandum of Understanding (MOU) with Resource Invest AG (ResInvest). The agreement, which outlines a potential investment of between US$50m and US$100m, aims to bolster the MBJ Integrated Infrastructure project, a strategic initiative designed to enhance coal logistics in the region.

The MOU, which is expected to be finalised by the end of 2025, positions MBJ as a pivotal player in the coal industry, with a projected valuation exceeding US$1.5b at full capacity. This development is set to unlock substantial value from Geo Energy’s TRA mine, providing a crucial market route for third-party commodity producers.

In addition to the investment, MBJ has entered into non-binding term sheets with two major mining groups, securing long-term infrastructure usage agreements for up to 25 million tonnes annually. These agreements, with PT Thriveni and PT Astaka Dodol, underscore MBJ’s role as a key logistics hub in South Sumatra, supporting Geo Energy’s strategy to monetise its infrastructure assets.

Charles Antonny Melati, Executive Chairman and CEO of Geo Energy, remarked, “MBJ is more than just an infrastructure project; it’s a game-changer for Sumatra’s natural resources industry, unlocking market access for over 2 billion tonnes of reserves in the region.”

The MBJ project, featuring a 92km hauling road and a jetty, is set to be the largest coal infrastructure in Sumatra, with completion targeted for the first half of 2026. This initiative is expected to significantly enhance Geo Energy’s production capacity and competitive edge, whilst also diversifying its revenue streams as an infrastructure provider.
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CapitaLand Integrated Commercial Trust Management Limited has announced the appointment of Tan Choon Siang as the new Chief Executive Officer (CEO) and Executive Non-Independent Director, effective 1 May 2025. Tan, currently the Deputy CEO, will succeed Tony Tan, who will transition to the role of Chief Corporate Officer at CapitaLand Development.

Tan Choon Siang brings over 22 years of experience in financial management, investments, and corporate finance. Before joining CapitaLand Integrated Commercial Trust (CICT), he served as CEO of CapitaLand Malaysia Trust, where he successfully expanded the business and diversified its portfolio. His extensive background includes roles at CapitaLand India Trust and Ascendas-Singbridge, as well as investment banking positions at Goldman Sachs and Deutsche Bank.

Tony Tan, who has been at the helm since 2017, played a pivotal role in the merger of CapitaLand Mall Trust and CapitaLand Commercial Trust in 2020, creating Singapore’s first and largest listed real estate investment trust (REIT) with a market capitalisation of S$15.5b. Under his leadership, CICT achieved consistent growth and was recognised for its commitment to environmental, social, and governance practices.

The leadership transition is part of CICT’s ongoing succession planning and aims to continue driving the trust’s growth and operational performance. The board of directors expressed appreciation for Tony Tan’s contributions and leadership over the years. With Tan Choon Siang at the helm, CICT is poised to maintain its strategic direction and enhance its market position.
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Chocolate Finance, a brand of Chocfin Pte Ltd, has announced significant progress in processing redemption requests following an unusually high volume of withdrawals. As of 17 March, 90% of the redemption requests received on 10 March have been successfully processed and paid out. The remaining requests from that day are expected to be completed by the end of 18 March.

The company also reported that 73% of the requests received on 11 March have been processed and paid out. The remaining requests from 11 March are scheduled for completion over the next two days. Requests received on or after 12 March are being handled in an orderly manner, adhering to the standard processing time of three to six business days.

Chocolate Finance has urged customers to stay informed through their Instagram channel, where CEO Walter De Oude and the team provide updates. Customers with concerns are encouraged to consult the FAQs and Terms & Conditions available on the company’s website.

The company, a licenced Capital Markets Services provider, partners with globally recognised institutions to ensure a secure investment experience. Chocolate Finance expressed gratitude for its customers’ patience during this period and remains committed to delivering a secure and rewarding financial experience.
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The Singapore Maritime Gallery at Marina South Pier has reopened with a new maritime heritage zone, “Tides of Time”, as part of the SG60 celebrations. Officially launched by Murali Pillai, Minister of State for the Ministry of Law and Ministry of Transport, the gallery now features exhibits that trace Singapore’s maritime history back to the 3rd century, highlighting its pivotal role in regional trade and the development of international maritime law.

The refreshed gallery, supported by the National Heritage Board, showcases maritime archaeological artefacts and explores significant events such as the 1603 Santa Catarina incident. Additionally, the “Future is Now” zone offers interactive displays, including a dynamic world map of global shipping movements and a scale model of Tuas Port, illustrating the transformation of Maritime Singapore through digital innovations.

Designed with families in mind, the gallery includes “PlayPort”, a children’s area developed in collaboration with the National Library Board. This space features maritime-themed e-comics, videos, and activities like storytelling sessions and craft workshops.

The gallery’s reopening coincides with Singapore Maritime Week 2025, a key SG60 event running from 24 to 28 March. The week will feature industry conferences, a trade exhibition, and the inaugural Talent@SMW, aimed at connecting students and mid-career professionals with maritime industry opportunities.

Public engagement activities, including vessel showcases and maritime heritage tours, will take place over two weekends. The Singapore Maritime Gallery is open daily from 9am to 6pm, except Mondays, with free entry. For more details, visit the Singapore Maritime Gallery website.
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Airwallex, a leading global fintech, has announced a collaboration with Discover Global Network, allowing its merchants to accept Discover and Diners Club International cards across Singapore, Hong Kong, Australia, Europe, and the UK.

This partnership aims to enhance payment flexibility for businesses and their customers, potentially reducing cart abandonment and improving customer satisfaction by enabling payments with preferred cards.

The integration with Discover Global Network opens access to 345 million cardholders across more than 200 countries and territories. Kai Wu, Chief Revenue Officer at Airwallex, stated, “Our collaboration with Discover Global Network reflects our dedication to broadening payment acceptance for businesses worldwide.” This move is expected to help merchants scale internationally and drive growth by offering more payment choices.

Airwallex now supports over 160 payment methods, providing businesses with a comprehensive suite of tools to facilitate transactions. Chris Winter, Vice President International Markets at Discover Global Network, commented, “Our collaboration with Airwallex ensures that merchants have the payment solutions needed to engage with a global audience, enhancing their business potential and customer satisfaction.”

This partnership marks a significant step in Airwallex’s mission to simplify global payments and financial operations. With a robust infrastructure supporting over 150,000 businesses, Airwallex continues to innovate in cross-border commerce, empowering businesses to unlock new opportunities and expand their reach.

The GAIP Insurance Innovation Competition 2025 has expanded its reach globally, inviting students from top universities across Asia and Europe to showcase their innovative ideas in insurance. Organised by Nanyang Technological University’s Nanyang Business School and the Global Asia Insurance Partnership (GAIP), the competition aims to enhance risk resilience through student-led research and solutions.

This year, prestigious institutions such as Fudan University, the University of Hong Kong, Keio University, Seoul National University, and the University of St. Gallen are participating. Each university will host local competitions, with the best teams advancing to the global final in Singapore on 15 August 2025. The competition boasts a prize pool of US$26,000.

The event not only offers monetary rewards but also provides winning teams from Singapore universities the chance to present their business cases at a major regional industry conference later in 2025. This initiative is designed to equip young talents with the skills needed to drive transformative change in the insurance industry.

The competition timeline includes a registration period from February to April 2025, with local winners announced between May and July. The GAIP Insurance Innovation Competition continues to serve as a launchpad for future industry leaders, fostering innovation and addressing emerging challenges in the insurance sector.
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Developers in Singapore experienced a surge in new home sales in February 2025, achieving a nine-year high with 1,575 units sold, excluding executive condominiums. This represents a 45% increase from January’s 1,083 units and a dramatic rise from the 153 units sold in February 2024. The impressive figures were largely driven by the success of two new launches, Parktown Residence in Tampines and ELTA in Clementi, which together accounted for 87% of the month’s sales.

The Outside Central Region (OCR) dominated February’s transactions, contributing 92% of the total sales with 1,452 units sold. Parktown Residence emerged as the top-selling project, moving 1,041 units at a median price of $2,363 per square foot (psf). ELTA followed, selling 326 units at a median price of $2,538 psf. Wong Siew Ying, Head of Research and Content at PropNex Realty, noted, “Brisk sales at Parktown Residence and ELTA have supercharged new home sales in February, extending the trend of healthy take-up rates at many new launches since November 2024.”

In contrast, the Rest of Central Region (RCR) saw a significant drop, with only 98 units sold compared to 771 in January. The Core Central Region (CCR) also experienced a decline, with 25 units sold, down from 121 in January. The additional buyer’s stamp duty is partly attributed to the muted sales in the CCR.

Looking ahead, sales in March are expected to be lower due to fewer new launches. However, the strong performance in February indicates a resilient demand for mass market homes, with developers likely to continue focusing on pricing strategies that appeal to owner-occupiers.
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