Industry News

The National Heart Centre Singapore (NHCS) has announced the launch of the Cardiovascular Ageing and Longevity programme (CRANE), the first of its kind in the Asia-Pacific region, aimed at transforming cardiac care for older adults. This initiative seeks to address the rising rates of heart disease and an ageing population in Singapore by integrating artificial intelligence, specialised geriatric-cardiac care, and cutting-edge research.

CRANE builds on the success of NHCS’s INDEPENDENCY Study, which has shown promising results in improving seniors’ strength and mobility. The programme will utilise advanced smart technology to swiftly identify frailty indicators and integrate cardiac and geriatric expertise to enhance patient outcomes. It also focuses on innovative research into ageing biomarkers to improve the quality of life for cardiac patients.

Professor Yeo Khung Keong, CEO of NHCS, stated, “This initiative positions Singapore at the forefront of cardiovascular care for our seniors.” The programme aims to develop and evaluate targeted interventions for older adults, focusing on advancing the biological aspects of cardiovascular ageing and exploring gender differences in these mechanisms.

CRANE will also transform clinical care delivery with comprehensive models designed for older adults, incorporating advanced frailty assessment protocols and innovative health monitoring systems. Associate Professor Angela Koh, Director of CRANE, emphasised the programme’s mission to integrate scientific discoveries with practical clinical applications to maintain cardiovascular health and enhance the quality of life for older adults.

In addition to clinical advancements, NHCS plans to establish an education framework to address knowledge gaps in geriatric cardiology, fostering collaboration among healthcare professionals. This initiative is expected to significantly impact Singapore’s ageing population and contribute valuable insights to the broader medical community in the Asia-Pacific region.
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UnionPay International (UPI) and CIMB Bank Berhad have signed a memorandum of understanding to enhance payment services in Malaysia. This strategic partnership aims to improve the payment experience for UnionPay cardholders, particularly in sectors such as retail, transportation, medical care, and e-commerce. UPI will provide CIMB merchants with access to its security authentication service, optimising Malaysia’s e-commerce and digital payment environment..

The signing ceremony was attended by key figures from both organisations, including Dong Junfeng, Chairman of China UnionPay and UnionPay International, and Gurdip Singh Sidhu, CEO of CIMB Malaysia and CIMB Bank Berhad. Dong Junfeng highlighted the significance of the collaboration, stating, “UnionPay has been operating in Malaysia for over 20 years. This collaboration with CIMB represents an important step in advancing UnionPay’s payment network in Malaysia.”

Gurdip Singh Sidhu emphasised CIMB’s commitment to enhancing payment solutions, noting that the partnership allows for greater ASEAN-China and global solutions coverage. The collaboration aligns with recent agreements between China and Malaysia to foster productivity cooperation and extend visa exemptions, further supporting bilateral exchanges.

The partnership will expand UnionPay’s presence among CIMB merchants, including petrol stations, transportation ticket counters, and shopping centre parking systems. With over 90% of local merchants already accepting UnionPay cards, the initiative aims to improve customer experience and payment acceptance. UnionPay has issued more than 10 million cards in Malaysia and launched three e-wallets to promote interoperability with local networks, solidifying its position as a preferred payment brand for local and cross-border transactions.

Malaysia is a model of payment interconnection and interoperability amongst countries including China, Indonesia, Thailand, Singapore, Vietnam, the Philippines, Cambodia and Laos.

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SingHealth Duke-NUS Academic Medical Centre has announced a S$10m initiative to address sarcopenia, a condition affecting nearly one in three Singaporeans aged 60 and above. This marks Singapore’s first comprehensive research programme dedicated to understanding and treating muscle loss in ageing populations. The initiative, supported by the National Research Foundation and the Ministry of Health, aims to position Singapore as a leader in sarcopenia research.

The project, named MAGNET (Mechanistic Investigation and Clinical Innovation for Sarcopenia Diagnosis and Therapy), will utilise state-of-the-art investigative platforms and a unique collection of patient samples to explore the disease’s onset and progression. The research will focus on developing early diagnostic tools and discovering new therapeutic targets, particularly for Asian patients.

Professor Wang Yibin, Corresponding Principal Investigator of the MAGNET Programme, emphasised the urgency of the research, stating: “The health burden of sarcopenia is growing rapidly as our society ages, yet we are still in the early stages of understanding how it develops and how best to treat it.”

The initiative will involve over 400 patients from Sengkang General Hospital and aims to expand its cohort to 1,000 individuals. The research will incorporate cutting-edge AI, genomic, and molecular technologies to map the molecular and metabolic landscape of sarcopenia.

Clinical Associate Professor Frederick Koh highlighted the complexity of sarcopenia, noting its various causes, including ageing and chronic diseases. The research aims to dissect these underlying processes through collaboration across all public healthcare institutions.

The MAGNET initiative is expected to bring significant advancements in the screening, diagnosis, and management of sarcopenia, ultimately improving patient outcomes and quality of life.
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SingWealth Holdings has successfully acquired an insurance brokerage licence in Hong Kong, establishing PFPFA HK Limited as part of its strategic expansion across Asia. This move aims to extend SingWealth’s comprehensive wealth management solutions beyond its existing operations in Singapore, reinforcing its commitment to the Greater Bay Area.

The official launch of PFPFA HK Limited was celebrated with a grand event at Gonpachi Restaurant in Tsim Sha Tsui, Hong Kong. Key figures from SingWealth Holdings, including Jeffrey Chow, Director, and Peter Huber, Non-Executive Chairman, attended the gathering. The event provided a platform for industry leaders to discuss the broader implications of SingWealth’s entry into the Hong Kong market.

Jeffrey Chow stated, “Securing our insurance brokerage licence in Hong Kong is a pivotal step in SingWealth Holdings’ regional growth strategy. This expansion allows us to extend our expertise and provide clients in Hong Kong with seamless, high-quality wealth management solutions.”

SingWealth Holdings, known for its dynamic presence across Singapore, Thailand, Malaysia, Mainland China, and Hong Kong, offers a range of financial services through its subsidiaries. These include financial advisory, insurance brokerage, and estate planning solutions tailored to the needs of individuals and businesses. The company also supports PFP Legacy entities, providing wills and trust services across the region.

With this expansion, SingWealth Holdings continues to empower communities across Asia, aiming to deliver financial stability and enhanced well-being through innovative and personalised strategies.
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DBS Bank, the Singapore Manufacturing Federation (SMF), Ernst & Young LLP (EY), and Nanyang Polytechnic (NYP) have unveiled Singapore’s first decarbonisation playbook tailored for the manufacturing sector. Launched on 28 May 2025, the “Decarbonisation Playbook: A Practical Guide for Manufacturers to a Low-Carbon Future” aims to guide over 5,000 local manufacturers and 1,600 NYP learners in their sustainability efforts.

The manufacturing sector, a significant contributor to Singapore’s economy and carbon emissions, faces challenges in adopting sustainable practices. A survey of over 70 manufacturers revealed that 80% are in the early stages of their sustainability journey, with 65% lacking visibility over their carbon emissions. The playbook addresses these challenges by providing a step-by-step “DECARB” framework to help companies identify emissions, evaluate opportunities, and implement solutions.

Chen Ze Ling of DBS emphasised the importance of practical support, stating, “Meaningful decarbonisation starts with practical, real-world support – shaped by close industry engagement and delivered in partnership across the manufacturing value chain.” The playbook, backed by industry testimonials and practical use cases, simplifies the complexity of decarbonisation for manufacturers.

NYP plans to integrate the playbook into its curriculum, impacting over 1,000 students and 220 adult learners annually. This initiative is part of a broader effort to embed sustainability into education and industry practices, equipping future professionals with the skills to tackle environmental challenges.

The playbook will be introduced through workshops co-organised by DBS, SMF, EY, and NYP, providing hands-on guidance for manufacturers. This initiative complements existing programmes like DBS’ ESG Ready Programme, which supports businesses in building sustainability capabilities and accessing green financing solutions.
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Perennial Holdings has signed an agreement with Guangzhou Metro to establish the first wholly foreign-owned tertiary general hospital in Guangzhou and Southern China. The Singapore-based company will lease approximately 105,000 square metres of space and invest around RMB1 billion to develop the hospital and a specialist facility at the Southeast Tower of Yuesheng Plaza, adjacent to the Baiyun High-Speed Railway station. The two hospitals will have a combined capacity of over 600 beds.

The project will implement a Shared Medical Platform, modelled after a successful system in Perennial’s Tianjin hospital, allowing doctors to focus on consultations and treatments without investing in infrastructure. This platform includes advanced operating theatres and diagnostic equipment, enhancing cost efficiency and scalability for medical practitioners.

Construction is set to begin in July 2025, with completion expected within a year. This development marks the first phase of the Perennial Baiyun International Healthcare City, a 118-square-kilometre precinct envisioned to integrate medical, wellness, research, and residential components. The total investment for the healthcare city is estimated at RMB5 billion.

Executive Chairman and CEO of Perennial Holdings, Pua Seck Guan, highlighted the strategic location of the hospitals in Guangzhou’s city centre, providing access to a population of over 100 million in the Greater Bay Area. He noted, “Our asset-light Shared Medical Platform for doctors and medical groups, coupled with Guangzhou’s international aviation hub status, facilitates global partnerships with renowned overseas doctors and medical groups.”

Perennial Holdings is also developing an eldercare project in Guangzhou’s Huangpu District, further expanding its healthcare footprint in China.
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Singapore businesses are facing significant challenges from rising costs and supply chain disruptions, prompting a strategic overhaul, according to HSBC’s 2025 Global Trade Pulse Survey. The survey highlights that 85% of Singapore-based firms are re-evaluating their long-term business models in response to evolving trade policies, whilst 86% are exercising caution in expansion and investment plans. The anticipated revenue decline due to supply chain delays stands at an average of 22%.

Despite these hurdles, Singapore companies are capitalising on the nation’s robust trade connections to key growth regions such as India, the Middle East, and Europe. Gilbert Ng, Head of Banking – Singapore, Corporate and Institutional Banking at HSBC, noted, “Despite the challenges posed by the uncertain tariff and trade landscape, Singapore businesses are demonstrating resilience and adaptability in the way they operate.”

The survey also indicates that Singapore firms are slightly less optimistic about international trade growth compared to their global counterparts, with 83% expressing optimism versus 89% globally. Aditya Gahlaut, Regional Head of Global Trade Solutions, Asia, HSBC, commented on the strategic shift, stating, “Against a backdrop of trade uncertainty, many companies have taken a pause on their capital expenditure so that they can assess the new normal.”

As Singapore businesses navigate these complexities, the focus on leveraging regional trade ties and managing working capital remains crucial. This strategic adaptability is expected to help local firms mitigate the impact of global trade uncertainties and sustain growth in challenging times.
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Citi is hosting the Citi Singapore Macro and Pan Asia Investor Conference from 28 to 30 May, bringing together over 1,500 delegates, including clients, investors, corporates, family offices, and private bankers. The event features more than 20 panels and presentations, alongside nearly 7,000 meetings between corporates and experts, focusing on the latest geopolitical developments, economic outlook, and investment themes impacting the financial industry.

The conference will see participation from distinguished speakers such as Robert Lighthizer, Chair of the Centre for American Trade at AFPI and former United States Trade Representative, Loretta Mester, former President and CEO of the Federal Reserve Bank of Cleveland, and Dr Lawrence Summers, former United States Secretary of the Treasury. These experts will provide insights into the evolving landscape of trade policy and globalisation.

Sue Lee, Head of Markets for Asia South at Citi, highlighted the significance of the event, stating, “We are entering a new era of trade policy and globalisation, marking a deep structural shift in how markets move and how businesses operate. Citi’s leading Markets franchise with a wide global footprint uniquely positions us to support our clients as they navigate this new environment.”

Citi’s Markets business, which operates from trading floors in nearly 80 countries, serves corporates, institutional investors, and governments. Its robust capabilities in underwriting, sales, trading, and distribution across various asset classes enable it to meet diverse client needs effectively.

The conference underscores Citi’s commitment to facilitating critical discussions and fostering connections that address the challenges and opportunities in today’s financial landscape.
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The Singapore Business Federation (SBF) has released its National Business Survey 2025, revealing a significant shift in business sentiment. Conducted between 27 March and 21 April 2025, the survey gathered insights from 526 businesses, highlighting a cautious outlook amid global economic uncertainty. The Business Sentiment Index (BSI) stands at 56.5, reflecting this cautious sentiment, with 40% of businesses expecting the economy to worsen over the next 12 months—nearly double the 22% from Q4 2024.

The survey indicates that sectors such as Hotels, Restaurants & Accommodations, and Retail Trade are particularly pessimistic, with the former registering the lowest BSI score of 52.2. Rising cost pressures are a concern, with the Real Estate and Hotels sectors anticipating the highest cost increases.

Despite the gloomy outlook, the Banking & Insurance and Education sectors show optimism, with BSI scores of 61.2 and 60.5, respectively. These sectors also report the highest revenue and profitability expectations. The outlook for business expansion is moderate, with a score of 61.6, driven by optimism in the Education and Banking & Insurance sectors.

The Singapore Budget 2025 has been well-received, with 92% of businesses expressing satisfaction or neutrality. Key measures such as the 50% Corporate Income Tax Rebate and the SkillsFuture Workforce Development Grant are seen as beneficial. However, liquidity remains a concern, with 22% of businesses facing credit crunches.

SBF CEO Kok Ping Soon emphasised the importance of continued transformation and collaboration with the government to address financing challenges. “It is heartening to see that transformation momentum remains strong,” he stated, highlighting the need for larger financing lines and longer terms to mitigate the impact of US tariff measures.
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CBRE has announced the sale of a unique 4-storey freehold mixed-use development at 19 Jalan Masjid, Singapore. The sale will be conducted via an Expression of Interest exercise, closing on 2 July 2025. This property, occupying a prime site of approximately 3,383 sq ft, offers a built-up area of about 10,134 sq ft and is currently fully tenanted, providing stable rental income.

The building, strategically located in Bedok, is zoned for “Residential with Commercial at the 1st-storey” under the Master Plan 2019. It has received in-principal approval to convert the upper floors into Serviced Apartment II (SA2), subject to certain conditions. The ground floor is leased to a commercial school, whilst the upper floors are occupied by a co-living operator.

The indicative guide price for the property is S$17m, translating to approximately $1,678 per square foot. Clemence Lee, Executive Director of Capital Markets at CBRE, highlighted the investment’s appeal, stating, “This offering represents a unique opportunity for investors to acquire a freehold mixed-use development with in-principal approval for SA2.”

The property’s location opposite Kembangan MRT Station and proximity to major expressways enhances its accessibility. The area is set to benefit from a new mixed-use project by HDB, which will include residential units and various amenities. With the scarcity of such assets and the attractive investment quantum, CBRE anticipates strong interest from a range of investors.
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