Industry News

Vietjet has announced the launch of a new direct route connecting Singapore and Phu Quoc, set to commence on 30 May 2025. This development was unveiled during Vietnam’s General Secretary To Lam’s visit to Singapore, alongside the signing of a $300 million aircraft financing agreement with Carlyle Aviation Partners. The new route will operate four round-trip flights per week, increasing Vietjet’s total weekly flights between Singapore and Vietnam to 78.

The introduction of the Singapore–Phu Quoc route marks Vietjet’s fourth route to Singapore, complementing existing services from Ho Chi Minh City, Hanoi, and Da Nang. The airline anticipates serving over 500,000 passengers annually between the two countries, enhancing tourism and economic ties.

In addition to expanding its network, Vietjet has secured a US$300m financing agreement with Carlyle Aviation Partners to support the delivery of new aircraft in 2025–2026. Alexander Rasnavad, President of Carlyle Aviation Partners, expressed pride in supporting Vietjet’s international growth, stating, “We are proud to be a long-term strategic partner of Vietjet, supporting its international growth and commitment to providing affordable, convenient travel options.”

Furthermore, Vietjet has entered into a multi-year agreement with Satair, an Airbus Services company, for Integrated Material Services (IMS) to support its Airbus A320 and A330 fleet. This collaboration aims to optimise operational costs and maintain efficiency.

Dr. Nguyen Thi Phuong Thao, Chairwoman of Vietjet, highlighted the airline’s role in fostering economic trade and cultural exchange, emphasising its commitment to sustainable development. As Singapore remains Vietnam’s largest investor, Vietjet’s partnerships with Singaporean firms continue to drive financial and trade collaboration.
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Singapore-headquartered Virtuos, a video game development company, has announced the opening of its new studio in Seoul, South Korea. This strategic move aims to strengthen its collaboration with Korean game developers by offering full-cycle development, co-development, and creative services. The new studio will facilitate seamless partnerships between Korean clients and Virtuos’ extensive network of 25 studios worldwide.

The Seoul studio will be led by Seunghwan “Sean” Yoon, who brings 20 years of industry experience, including leadership roles at Webzen and Kabam. Yoon emphasised the importance of the Korean market, stating, “Gaming is deeply ingrained in Korean culture. Establishing a physical studio in Seoul enables Virtuos to directly address the unique challenges faced by Korean studios, with the proximity facilitating closer co-development and collaboration.”

Virtuos has been collaborating with Korean studios since 2009, contributing to successful projects such as Crossfire, Dave the Diver, PUBG, and Stellar Blade. The new studio will enhance Virtuos’ ability to support these collaborations by providing earlier and more effective involvement in game production.

The core team at Virtuos Seoul includes Kyungjin Lee, Development Director, and Sangwon Suh, Senior Business Development Manager, both of whom have extensive experience in the gaming industry. The studio is actively hiring to expand its team, with open positions available on its website.

This expansion into South Korea is part of Virtuos’ broader strategy to become a glocalised game development powerhouse, following recent expansions into Europe and North America.
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Singapore Airlines (SIA) has announced a collaboration with Salesforce to integrate advanced AI technologies into its customer service operations. The partnership will see SIA incorporating Agentforce, Einstein in Service Cloud, and Data Cloud into its customer case management system, aiming to deliver more consistent and personalised service to its customers.

The integration of Agentforce, powered by Data Cloud, will streamline customer service operations by deploying AI agents. This allows customer service representatives to focus on providing enhanced and personalised attention during customer interactions. Additionally, the Einstein AI capabilities in Service Cloud will summarise past customer interactions and offer guidance, enabling representatives to better anticipate and address customer needs, ultimately reducing response times.

The collaboration extends beyond immediate implementation, as SIA and Salesforce plan to co-develop AI solutions for the airline industry at the Salesforce AI Research hub in Singapore. This initiative aims to provide greater value and benefits to the sector.

Goh Choon Phong, CEO of Singapore Airlines, expressed the airline’s commitment to leveraging technology to enhance customer experiences and operational efficiencies. “The SIA Group has been an early adopter of Generative AI solutions, developing over 250 use cases over the last 18 months,” he stated.

Marc Benioff, CEO of Salesforce, highlighted the transformative potential of digital labour powered by AI, noting the partnership’s role in elevating customer service and fostering innovation within the airline industry.

Salesforce also announced a significant investment of $1 billion in Singapore over the next five years, underscoring its commitment to accelerating digital transformation in the region.
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Salesforce has announced a significant investment of US$1b in Singapore over the next five years, aiming to accelerate the nation’s digital transformation and the adoption of its Agentforce platform. This move aligns with Singapore’s National AI Strategy 2.0 and positions the country as a leader in global AI innovation. The investment will support the development of digital workforces, combining human efforts with autonomous Agentforce agents to enhance productivity and growth.

The investment will facilitate several initiatives, including the expansion of Salesforce’s AI Research hub in Singapore, which has been pivotal in global AI development since its establishment in 2019. The hub has contributed to over 100 research papers and patents, focusing on innovations like AIOps Agents and in-house code LLMs. Salesforce’s commitment also includes expanding its services on Hyperforce, ensuring data residency for its platforms in Singapore, crucial for compliance with local data privacy regulations.

Singapore Airlines is set to integrate Agentforce, Einstein in Service Cloud, and Data Cloud into its customer management system, enhancing personalised service delivery. The collaboration will also see the co-development of AI solutions for the airline industry at the Salesforce AI Research hub.

Salesforce’s investment extends to workforce development, with plans to refresh its Singapore office to include spaces for Agentforce activations and upskilling initiatives. Partnerships with local educational institutions aim to equip students with essential CRM and AI skills, preparing them for future job opportunities within the Salesforce ecosystem.
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JCB International Co Ltd, the international operations arm of Japan’s sole international payment brand, has announced its premier sponsorship for the 10th edition of Sakura 2025 at Singapore’s Gardens by the Bay. The event, which aims to bring Japan’s unique culture and architectural history to Singapore, was inaugurated by Tan Kiat How, Senior Minister of State, Ministry of National Development and Ministry of Digital Development and Information, alongside Toru Hotta, Chargé d’Affaires of the Embassy of Japan in Singapore, and Felix Loh, CEO of Gardens by the Bay.

The sponsorship is part of JCB’s ongoing commitment to support local activities and attractions. Previously, in 2022, JCB sponsored Singapore’s Star Island Countdown event at Marina Bay. Hiroko Michishita, Managing Director of JCB International Asia Pacific, highlighted the event as an opportunity to promote cross-border tourism and deepen understanding of Japanese culture. “We hope this event will further boost tourism to Japan and raise awareness of JCB’s presence and merchant privileges in Singapore,” Michishita stated.

During Sakura 2025, promotional banners will be displayed on selected street lamps, garden banners, and MRT advertisements, enhancing JCB’s visibility. This initiative aligns with JCB’s strategy to strengthen its presence in Singapore and encourage cultural exchange between Japan and Singapore.

JCB, a major global payment brand, has an extensive acceptance network with about 53 million merchants worldwide and over 164 million cardmembers, primarily in Asia. Through strategic alliances, JCB continues to expand its international reach and enhance its service offerings.
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The Inland Revenue Authority of Singapore (IRAS) has announced that more than 19 million individual taxpayers will be eligible for the NoFiling Service (NFS) during the 2025 tax season.

This initiative, which simplifies the tax filing process, will also see nearly 500,000 individuals benefiting from the Direct Notice of Assessment (DNOA) for the Year of Assessment (YA) 2025. For the first time, self-employed persons will be included in the DNOA, thanks to income data provided by intermediaries such as commission-paying organisations and private hire car operators.

Taxpayers using the NFS are advised to verify the prefilled information in their returns, particularly the reliefs based on the previous year’s tax bill, due to changes in criteria for dependant-related tax reliefs effective from YA 2025. Despite not needing to file an Income Tax Return, this verification step remains crucial.

IRAS has also reminded all individual taxpayers and partnerships to submit their income tax returns by 18 April 2025. Additionally, all tax resident individuals will receive an automatic Individual Income Tax rebate of 60% of tax payable, capped at $200 per taxpayer, for YA 2025.

This expansion of services aims to streamline the tax process and reduce the administrative burden on taxpayers. As the tax season approaches, these changes are expected to enhance efficiency and accuracy in tax assessments.
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YouBiz, a leading multicurrency corporate card and spend management platform by YouTrip, has announced a strategic partnership with TikTok for Business to support the burgeoning e-commerce sector in Singapore. This collaboration aims to enhance financial and marketing solutions for local businesses, enabling them to optimise their advertising efforts and streamline financial operations.

Singapore’s e-commerce market is rapidly expanding, with gross merchandise value (GMV) rising from US$8b in 2023 to US$9b in 2024, according to a report by Google, Temasek, and Bain & Company. Video commerce now accounts for 20% of e-commerce GMV, highlighting the dynamic nature of the industry.

The partnership introduces an exclusive cashback scheme, providing new TikTok advertisers with up to US$100 in ad credits to refine their campaigns. Additionally, businesses can earn up to 3% cashback on TikTok ad spend through YouBiz, enhancing return on investment and freeing up capital for further growth. Beyond TikTok, YouBiz offers unlimited 1% cashback on all expenditures.

Benedict Khong, General Manager of YouBiz, stated, “This partnership with TikTok for Business is designed to bridge the gap by seamlessly integrating YouBiz’s innovative financial solutions with TikTok’s dynamic advertising platform.”

The collaboration was unveiled at an event featuring a panel discussion on leveraging digital platforms for effective marketing. Genecia Alluora, co-founder of local skincare brand Alluora, shared insights on the benefits of financial tools in reducing foreign exchange fees and earning cashback.

Through this partnership, YouBiz and TikTok for Business are committed to empowering e-commerce businesses in Singapore, driving growth and innovation in the digital economy.
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Moody’s Ratings has affirmed a stable outlook for Singapore’s banking system, highlighting the country’s robust economic conditions and strategic diversification. The report, released today, underscores the resilience of Singapore banks amidst geopolitical tensions and economic fluctuations in the Asia-Pacific region.

Singapore’s banking sector is expected to maintain a stable operating environment, supported by strong domestic consumption and supply chain relocations from North Asia. Moody’s anticipates Singapore’s real GDP growth to normalise to 2%-3% in 2025, providing a solid foundation for the banks’ operations.

Asset quality remains a focal point, with problem loan ratios projected to stay between 1% to 2% in 2025. Despite risks associated with commercial real estate in Greater China, Singapore banks’ prudent risk management and robust credit reserves are expected to mitigate potential impacts. “Geopolitical tensions and rate cuts will have diverse effects on the operating environment of banking systems across APAC, but steady capitalisation, funding and liquidity will help many APAC banks withstand fundamental pressures,” said Chong Jun Wong, Assistant Vice President at Moody’s Ratings.

Profitability is set to remain stable, with return on average assets forecasted at 1.3% in 2025. The banks’ wealth management activities continue to drive strong fee income growth, offsetting modest declines in net interest margins.

The capital levels of Singapore’s three largest banks are expected to moderate due to higher distributions through special dividends and share buyback programmes. However, their capital ratios remain robust, providing opportunities for further overseas acquisitions.

Funding and liquidity are anticipated to remain strong, bolstered by a concentrated domestic deposit market and competitive regional banking franchises. The probability of government support for Singapore’s largest banks remains high, reinforcing their stability in times of need.

In summary, Singapore’s banking system is well-positioned to navigate the challenges posed by global economic uncertainties, thanks to its strategic diversification and strong risk management practices.
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BYD Singapore has successfully raised S$880,938 for the Singapore Breast Cancer Foundation (BCF) through the BYD Football Fiesta 2025, held on 22 February at ARFC Woodleigh. The event featured football legend Ryan Giggs, alongside Singapore icons Fandi Ahmad and V. Sundramoorthy, engaging the community in a spirited football tournament to support breast cancer awareness and patient programmes.

The funds were accumulated through BYD Singapore’s commitment to donate S$1,000 for every BYD or Denza D9 sold between 6 February and 6 March 2025, supplemented by tournament entry fees and contributions from partners. These funds will directly aid BCF’s public education, patient support, and advocacy efforts.

James Ng, Managing Director of BYD Singapore and the Philippines, expressed gratitude for the community’s support, stating, “The funds raised will go towards helping those affected by breast cancer, and we are honoured to contribute to this important cause.”

The event not only provided a platform for football fans to meet their idols but also underscored the power of sports in uniting people for a meaningful cause. Anthony Teo, Managing Director of Vantage Automotive, highlighted the event’s broader impact, saying, “This event was more than just about football—it was about uniting people in support of a cause that impacts many lives.”

The success of the BYD Football Fiesta underscores BYD Singapore’s dedication to community-driven initiatives, reinforcing their commitment to supporting meaningful causes beyond business.
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HashKey Exchange, Hong Kong’s largest licensed virtual asset platform, has announced a strategic partnership with B2C2, a global leader in institutional liquidity for digital assets. This collaboration aims to integrate multicurrency fiat trading networks, enhancing market efficiency and reinforcing Hong Kong’s position as a leading hub for regulated virtual asset trading.

The partnership is a significant milestone for HashKey Exchange, which has secured regulatory approvals from the Hong Kong Securities and Futures Commission (SFC), including a Type 1 Dealing in Securities licence, a Type 7 Providing Automated Trading Services licence, and a virtual asset trading platform operator licence. HashKey Exchange’s co-chief executive officer, Haiyang Ru, stated, “B2C2’s liquidity infrastructure will play a key role in fostering a more open and trusted digital finance ecosystem.”

B2C2, founded in 2015 and majority-owned by Japanese financial conglomerate SBI, is renowned for providing stable and consistent pricing, credit, and payment services across major crypto and fiat currencies. David Rogers, APAC CEO at B2C2, remarked, “We are seeing exciting growth in the APAC digital assets market. Increasing regulatory clarity has encouraged greater interest from institutional investors.”

As of 15 January 2025, HashKey Exchange ranks seventh on CoinGecko’s global exchange list and is the highest-ranked licensed virtual asset exchange in Hong Kong. This partnership is expected to expand institutional access to the digital assets market in the Asia-Pacific region, supporting the growth of a resilient and sustainable digital assets ecosystem.
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