Industry News

FairPrice Group has announced its ambitious ‘Store of Tomorrow’ programme, aiming to transform retail experiences by integrating cutting-edge technologies such as generative artificial intelligence, advanced data analytics, and biometric recognition into its stores. Over the next three years, the group plans to trial more than 20 new digital solutions annually, enhancing shopping experiences for its customers in Singapore.

The initiative will be rolled out across FairPrice’s 164 supermarkets and eventually extend to the group’s wider network of over 570 touchpoints. Currently, over 1.65 million customers use the FairPrice Group App across its various platforms, including Cheers, Unity, and Kopitiam.

Among the innovations being piloted are Smart Carts, which are already in use at FairPrice Finest Sengkang Grand Mall and will soon be available at the Punggol Digital District outlet. These carts feature built-in displays for in-store navigation, product recommendations, and a scan-and-go function. Vision AI, another technology being tested, uses existing CCTV infrastructure to provide real-time updates to staff, improving queue management and store safety.

The Grocer Genie, an AI-enabled staff portal, simplifies store operations by integrating with Vision AI to manage tasks such as queue monitoring and spill clean-ups. Additionally, FairPrice is working on integrating its app with Myinfo data to automate discount applications for eligible customers, streamlining the checkout process.

Biometric payment options and the Endless Aisle concept, which connects physical and digital shopping experiences, are also part of the programme. These initiatives promise to offer greater convenience and a more personalised shopping experience for customers. The Store of Tomorrow programme is set to redefine retail by leveraging technology to meet evolving consumer needs.
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Truely, a travel tech company specialising in eSIM connectivity, has announced a successful $2m funding round, bringing its total capital raised to $5.5m. The funding, led by DG Daiwa Ventures, Goodwater Capital, and Disrupt.com, aims to accelerate Truely’s expansion and enhance its offerings for frequent travellers and business users.

Truely’s innovative Switchless™ eSIM technology provides unlimited global data without roaming fees or SIM swaps, making it an attractive solution for travellers. The company has seen significant growth since launching Truely 2.0 in May 2025, driven by its seamless connectivity options. The new funding will enable Truely to scale its network, introduce localised pricing, and develop new tools for team and business travel.

The eSIM market is projected to reach over $3b by 2025, with nearly 50% annual growth, according to Kaleido Intelligence. This growth is fuelled by the shift from physical SIMs and increased eSIM adoption. Truely is poised to capitalise on this trend, with plans to expand its presence through strategic partnerships with online travel agencies, airlines, and fintech super-apps.

Simon Landsheer, Truely’s CEO, expressed enthusiasm about the funding, stating, “I’m happy to announce this round and honoured to have the trust of these investors as we continue building Truely.” DG Daiwa Ventures highlighted the potential for Truely to address connectivity challenges and expand in the Japanese market.

With this new investment, Truely is set to enhance its offerings and continue its mission to redefine global connectivity for travellers.
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Luxury home sales in Singapore’s Core Central Region (CCR) have seen a significant rise in the first quarter of 2025, according to a new report by OrangeTee. Transactions for properties exceeding $5m increased by 43%, from 100 units in Q4 2024 to 143 units in Q1 2025, marking the highest number of such sales since Q4 2023.

The report highlights a substantial increase in the total transaction value of private homes in the CCR, which rose by 44.6% from S$950 million in Q4 2024 to $1.37b in Q1 2025. This surge is attributed to a renewed interest in both landed and non-landed luxury properties.

Super luxury flats, priced over $10m, also experienced a notable uptick. Seventeen units were sold in Q1 2025, matching the previous high recorded in Q2 2023. Amongst these, a standout transaction was a 5,899 sqft unit at Park Nova, sold for $38.888m, making it the second-highest price per square foot ever recorded.

However, the demand for Good Class Bungalows saw a decline, with only two transactions in Q1 2025 compared to 12 in Q3 2024. Despite this, the luxury market is expected to remain robust, supported by Singapore’s stable economy and political environment, which continue to attract high-net-worth individuals seeking valuable assets.
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In the first five months of 2025, 63 primary-listed companies on the Singapore Exchange (SGX) have engaged in share buybacks totalling $930m, a significant rise from the $505m recorded during the same period in 2024. This surge represents the highest level of buybacks for the first five months of a year since 2020, driven largely by market volatility in April.

The month of May alone saw S$176m in buybacks, with United Overseas Bank (UOB) leading the charge, purchasing $144m worth of shares at an average price of $35.329. DBS Group Holdings and Olam Group followed, with buybacks of $18m and $6m respectively. UOB has been particularly active, buying back $253m of its shares over the past five months.

Secondary-listed companies have also been active, with Hongkong Land repurchasing $55m (US$55m) of its shares under a $200m (US$200m) programme set to conclude by the end of the year. ESR REIT and Stoneweg European REIT have continued their buyback activities, aiming to enhance financial metrics such as Return on Equity (ROE) and Net Asset Value (NAV).

The buyback trend is largely attributed to companies seeking to manage excess capital and improve financial ratios. According to ACRA, buybacks can enhance Earnings per Share (EPS) and ROE, whilst capitalising on perceived undervaluation of shares.

The Straits Times Index (STI) banks have been particularly prominent, accounting for 77% of the total buybacks, as they continue to return surplus capital through these programmes. DBS Group Holdings launched a $3m buyback initiative in 2024, with UOB and Oversea-Chinese Banking Corporation following suit in early 2025.
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CIMB Singapore and Wing Bank (Cambodia) Plc have announced a strategic partnership through a memorandum of understanding (MoU) to enhance cross-border financial services between Singapore and Cambodia. This collaboration seeks to deepen economic ties within ASEAN by leveraging CIMB’s regional expertise and Wing Bank’s local leadership.

The alliance is set to deliver seamless financial solutions for a diverse range of clients, including commercial enterprises, small and medium-sized enterprises (SMEs), and high-net-worth individuals. Dr. Dmytro Kolechko, CEO of Wing Bank, stated, “Teaming up with CIMB Singapore allows us to bring world-class financial solutions to our customers whilst deepening Cambodia’s economic integration with Singapore.”

Victor Lee Meng Teck, CEO of CIMB Singapore, highlighted the importance of this partnership, noting, “Our collaboration with Wing Bank reflects CIMB’s commitment to advancing financial inclusion and economic progress across ASEAN.”

A key focus of the partnership is to empower Cambodian SMEs, which account for 98% of businesses, 70% of employment, and 58% of GDP in Cambodia. The collaboration will offer tailored banking solutions, including deposits, loans, remittances, and trade finance, to support the growing demand from cross-border businesses.

In 2024, trade between Cambodia and Singapore surged to $103 million, marking a 101% year-on-year growth. This partnership aims to further streamline financial services, facilitating smoother cross-border transactions and business growth.

For high-net-worth individuals, the partnership will leverage CIMB Singapore’s wealth management capabilities alongside Wing Bank’s local expertise to offer sophisticated investment solutions tailored to Cambodia’s evolving financial landscape. This alliance marks a significant step towards a more interconnected ASEAN, fostering innovation, inclusion, and sustainable growth.
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Lazada is set to captivate shoppers with its 6.6 Super Wow Sale, running from 5 June at 8:00PM SGT to 8 June at 11:59PM SGT. The event promises a blend of exclusive deals, AI-driven shopping experiences, and interactive features, aiming to enhance the online shopping journey for customers across Southeast Asia.

The sale will feature over 300 brands spanning sports, beauty, fashion, electronics, and home essentials. Shoppers can look forward to “Epic Price Drops” with items available at $1.22 (S$1.66), $11.76 (S$16), $48.53 (S$66), $122.07 (S$166), and $1,222.07 (S$1,666) during specific time slots. Additionally, “LazFlash Deals” will offer discounts of up to 90% on top-selling products, with further savings available through seller vouchers.

A standout feature of the sale is the AI LazzieChat Hunt, where Lazada’s AI shopping assistant, AI Lazzie, will help users unlock surprise vouchers and provide personalised product recommendations. Participants have the chance to win up to $64.66 (S$88) in LazCash.

The event also includes TikTok Bingo Nights from 2 to 6 June, offering interactive games and prizes worth up to $7,346.59 (S$10,000), including an Apple iPhone 16. Adidas, the main apparel sponsor for the upcoming Lazada Run 2025, will provide exclusive deals on performance gear.

Lazada’s Change of Mind Return Option ensures a hassle-free shopping experience, allowing easy returns with free pick-up or drop-off. Shoppers can access the sale via Lazada.sg or the Lazada app.
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Capella Singapore is set to host an exclusive cocktail event, Constellation of Cocktails, in collaboration with Capella Hanoi’s The Hudson Rooms, recognised amongst Asia’s 50 Best Bars 2024. This two-night pop-up will take place at The Pineapple Room on 6 and 7 June 2025, from 6 p.m. to 11 p.m., offering guests a unique cocktail experience inspired by the glamour of 1920s New York.

The event will feature a curated selection of signature cocktails from The Hudson Rooms, including their rendition of the Old Fashioned, which combines Glenlivet 18-Year-Old Single Malt Scotch, Caol Ila 12-Year-Old Single Malt, Oloroso, smoked honey, bitters, and an oyster infusion. Other highlights include the 61 Martini, a tropical twist on the classic Martini, and the 61 Highball, a refreshing mix of Michter’s Rye and Jasmine & Coconut Soda.

Guests will also enjoy innovative cocktails like the Warbonnet Locomotive, a bold fusion of Mezcal, Aperol, Pink Pepper, and citrus. These drinks will be complemented by new table snacks at The Pineapple Room, such as tramezzini with avruga caviar, mushroom arancini, and five-spiced fried chicken.

The Pineapple Room, located within the historic Tanah Merah Building, offers a blend of heritage charm and modern elegance, making it an ideal setting for this collaboration. This event promises to be a celebration of cocktail artistry and craftsmanship, inviting guests to indulge in the unique flavours and hospitality of Capella’s iconic destinations.
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Singapore and France have signed an Enhanced Maritime Partnership Agreement, marking a significant step in maritime cooperation between the two nations. The agreement was signed by French Minister for Transport Philippe Tabarot and Singapore’s Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow during President Macron’s State Visit to Singapore. This partnership elevates the relationship between the countries to a Comprehensive Strategic Partnership.

The Maritime and Port Authority of Singapore (MPA) and the Directorate General for Maritime Affairs, Fisheries and Aquaculture (DGAMPA) will collaborate on initiatives focusing on maritime decarbonisation, digitalisation, cybersecurity, innovation, and training. This builds on a previous partnership established in 2021.

Key projects include developing a bio-methane supply chain and certification framework to align with sustainability standards. A bio-methane bunkering trial in Singapore, involving shipping company CMA CGM, is also planned. On digitalisation, MPA will work with HAROPA PORT and the Port of Marseille-Fos to enhance port call optimisation and maritime digitalisation, including trials on ship-to-shore data exchange.

The partnership also aims to foster maritime innovation and entrepreneurship through platforms like the PIER71TM Smart Port Challenge and ZEBOX. MPA Chief Executive Teo Eng Dih stated, “This partnership marks an important step in strengthening maritime collaboration between Singapore and France.” Eric Banel, Director General of DGAMPA, echoed this sentiment, highlighting the strategic importance of cooperation in port digitalisation and green shipping.

This agreement underscores the shared commitment of Singapore and France to advance sustainable and secure maritime solutions, reinforcing their roles as global maritime hubs.
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OKP Holdings Limited has announced a landmark contract win worth S$258.3m from Singapore’s Land Transport Authority (LTA) for the design and construction of new cycling paths in the East Region. This significant project, which commenced in May 2025 and is expected to conclude by May 2031, will see the development of cycling networks across eleven towns, including Sengkang, Hougang, and Serangoon.

The contract, awarded to OKP’s wholly-owned subsidiary, Or Kim Peow Contractors, involves converting existing footpaths to cycling paths and creating new pedestrian footpaths. The project will also include infrastructure improvements such as drainage enhancements and the installation of high-strength coatings and thermoplastic markings.

This contract win has propelled OKP’s net construction order book to a record high of S$735.8m, with projects extending until 2031. The Group’s Managing Director, Or Toh Wat, expressed pride in the achievement, stating, “This landmark achievement is a testament to the confidence and trust placed by LTA in OKP. Not only does it mark the largest contract win in our corporate history, it also underscores the Group’s strong capabilities in replenishing our order book.”

The project aligns with Singapore’s Green Plan 2030, reinforcing OKP’s commitment to environmental sustainability. This is the fourth contract OKP has secured from the LTA for cycling path networks, with previous contracts covering other regions in Singapore.
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Standard Chartered Bank is set to increase the maximum interest rate on its Bonus$aver deposit account to 8.05% per annum from 1 June 2025, marking the highest rate ever offered by the bank for this product. This move positions Bonus$aver as the most competitive savings account in the industry. The bank also announced that online equity Buy trades of at least S$20,000, executed through SC Online Trading, will now qualify under the “Invest” category, alongside unit trust purchases.

The Bonus$aver account, known for its tiered interest rate structure, rewards clients for engaging in various banking activities such as salary credit, card spending, insurance, and investment. Usman Khalid, Global and Singapore Head for Deposits, Mortgages & Payments at Standard Chartered, stated, “Bonus$aver has been one of our signature offerings in Singapore for several years, and we’re excited to relaunch it with our highest rates yet for clients who choose Standard Chartered as their primary bank for both their banking and investment needs.”

The decision to include equity trades comes in response to a 50% increase in new client acquisitions in 2024 compared to 2023, and a 65% rise in trading volumes. This change underscores the bank’s commitment to supporting diverse client engagement methods.

Additionally, new clients opening a Bonus$aver account by 30 June 2025, with a minimum deposit of S$50,000, will receive 50 units of SPDR Straits Times Index ETF, valued at S$198. The new rates and conditions will be available on the bank’s website from 1 June 2025.
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