Industry News

Doctors at the National Heart Centre Singapore (NHCS) have successfully performed a groundbreaking procedure to treat blockages in mechanical heart pumps, known as Left Ventricular Assist Devices (LVADs), without the need for major surgery. This innovative approach, the first of its kind in Singapore, allows patients to recover in days rather than weeks.

LVADs are critical for heart failure patients whose hearts are too weak to pump blood independently. These devices can serve as temporary solutions for those awaiting a heart transplant or as permanent alternatives. However, they can develop dangerous blockages that traditionally required open-heart surgery to resolve.

The new procedure utilises a balloon and stent technique, adapted from a common heart procedure used to treat blocked blood vessels. This method is performed percutaneously, meaning through the skin and within blood vessels, to clear blockages in the tube that carries blood out of the mechanical heart pump. This advancement eliminates the need for open-heart surgery, significantly reduces recovery time, lowers the risk of infection, and improves survival rates.

Assistant Professor Zameer Abdul Aziz, a consultant in the Department of Cardiothoracic Surgery at NHCS, highlighted the significance of this development: “This procedure marks a significant leap forward in how we care for our LVAD patients. Now we can treat LVAD patients with outflow graft obstructions more safely and efficiently, through a small incision, dramatically reducing surgical risks and recovery time.”

With the increasing number of heart failure cases in Singapore and a growing waiting list for heart transplants, this procedure offers a vital lifeline for patients relying on LVADs. Asst Prof Tan Teing Ee, Director of the Heart Transplant & Mechanical Assist Device Programme at NHCS, emphasised the importance of this innovation in providing a safer, more sustainable option for patients with severe heart failure.
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Technology services firm NCS has announced a strategic joint venture with Globe Telecom in the Philippines, acquiring a 51% stake in Globe’s IT subsidiary, Yondu. This move will significantly expand NCS’ workforce in the Philippines from 150 to over 1,200 professionals, enhancing its Global Delivery Network and offering clients increased access to digital, cloud, data, and AI services.

The joint venture, to be renamed NCS Philippines, aims to leverage NCS’ global resources to augment Yondu’s existing services, which include Custom Software Development, eCommerce Solutions, and Cloud platforms. Ng Kuo Pin, CEO of NCS, highlighted the venture as a “significant milestone” in their Asia Pacific growth, emphasising the potential for business transformation and innovation in the telecommunications sector.

Ernest Cu, CEO of Globe, expressed optimism about the partnership, stating, “Partnering with NCS will unlock new global opportunities, enabling Yondu to expand its reach and deliver more impactful IT solutions worldwide.”

The transaction, valued at PHP 1,868m (approximately S$44m), involves a net consideration of PHP 134m (approximately S$3m) by NCS, funded through cash and internal resources. The deal is subject to certain conditions precedent before its finalisation.

This collaboration comes as the Asia Pacific IT services market is projected to grow at a compound annual growth rate of 6.2% from 2024 to 2028, with the Philippines expected to see an 8.7% growth rate, according to IDC. The joint venture positions NCS to capitalise on this growth, enhancing its service offerings and market presence in the region.
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The Maritime and Port Authority of Singapore (MPA) has partnered with Republic Polytechnic (RP) to launch a new Unmanned Aircraft (UA) Pilot Training programme. This initiative, formalised through a Memorandum of Understanding, is designed to equip MPA and commercial UA pilots with advanced skills for maritime applications, such as vessel inspection, emissions monitoring, and emergency response.

The comprehensive course will cover essential skills, including take-off and landing from vessels, emergency procedures at sea, and Beyond Visual Line of Sight operations. Pilots will also be trained to handle drones with various sensor payloads, including electro-optics and infrared imaging, and engage in tethered drone operations for extended surveillance.

Over the next five years, the collaboration aims to train more than 20 MPA UA pilots annually and develop a maritime-specific qualification for UA pilots. RP’s full-time lecturers, who are certified UA Pilot Licence trainers, will conduct the training. The programme also offers RP students internship opportunities with MPA, providing practical experience and potential career pathways in maritime drone operations.

In 2025, MPA plans to trial new drone capabilities, including coordinated operations for chemical spill management and a Maritime Drones Traffic Management System. These advancements are expected to enhance safety, fuel efficiency, and sustainability in maritime operations. The Maritime Drone Estate, launched in 2021, will be expanded to support commercial drone services, including remote inspections and shore-to-ship deliveries.
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Tavo, a new name in pet mobility from the creators of Nuna, has launched the Maeve 3-in-1 Pet Protection System in Singapore, marking the first pet car seat in the country tested against international children’s safety standards. This innovative product aims to transform pet travel by offering enhanced safety and comfort for pets on the move.

The Maeve system, designed for modern pet owners, combines premium materials with advanced safety features, ensuring pets receive the same level of protection as children. With 34% of Singaporeans owning a pet, the demand for safer and more comfortable pet travel solutions is on the rise. Tavo’s Maeve system addresses this need by integrating safety, functionality, and aesthetics.

Austin Hodges, Global Chief Marketing Officer at Nuna Baby, stated, “We believe pets are members of the family. Nuna has dedicated years to pioneering innovation in child safety, and now we’re excited to extend that commitment to our four-legged companions with Tavo.” Helen Johnson, Marketing Director at Tavo, added, “Protection is what makes the Maeve such a must-needed product for pet owners.”

The Maeve 3-in-1 system includes a secure pet carrier, a vehicle base with ISOFIX locking, and a foldable stroller frame. It is rigorously crash-tested and meets the United Nations ECE R129 child restraint regulations. The Maeve with ISOFIX base is priced at $510 (S$699) and is available in five colourways. The collection is now available at iShopChangi, with more products to follow.

Following its success in over 22 countries, Tavo aims to redefine pet mobility in Singapore, paving the way for a new era of pet travel where safety meets style.
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A team of Singapore scientists has made a breakthrough in stomach cancer research by creating a detailed “atlas” of tumours, potentially paving the way for more precise treatments. Using cutting-edge spatial and genetic tools, the researchers identified two subgroups of gastric cancer tumours, each with unique cellular states and immune responses. This discovery could lead to targeted therapies that improve survival rates and reduce side effects.

The study, published in Cancer Discovery, involved analysing 226 gastric cancer samples from 121 patients using spatial transcriptomics and single-cell RNA sequencing. This approach allowed the team to map the interactions between cancer cells and their environment, revealing distinct differences between cells at the tumour’s core and edge. The core cells, marked by insufficient oxygen, were less likely to spread, whilst edge cells exhibited invasive characteristics.

Professor Patrick Tan, Senior Vice-Dean for Research at Duke-NUS, likened the integration of spatial technologies and genetic tools to upgrading from an old roadmap to a high-tech GPS for cancer. “This gives us a powerful tool to develop better treatments tailored to each patient,” he said.

The research, supported by the National Research Foundation and the Singapore Gastric Cancer Consortium, also uncovered separate evolutionary pathways of tumour cells. These insights could expose gastric cancer’s vulnerabilities, offering new biomarkers for personalised therapies. Dr Raghav Sundar, a senior consultant at NCIS, highlighted the study’s potential to develop targeted therapies that overcome local barriers within the tumour microenvironment.

The team is now focused on identifying more therapeutic targets and testing them in pre-clinical models, moving closer to personalised cancer care.
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Singapore has emerged as one of the most challenging countries to locate an ATM, according to a recent study by Merchant Machine. The study, which analysed Google searches for “ATMs near me” per one million internet users, found that Singapore ranks fourth globally, with 14,094 searches. This highlights the increasing difficulty faced by residents in accessing cash machines amidst the rise of digital payment methods.

The study places Singapore behind the United Arab Emirates, New Zealand, and Ireland, which occupy the first three positions with 28,594, 15,982, and 15,306 searches respectively. The findings underscore a significant trend towards digital transactions, which has led to a decline in the number of ATMs available.

Merchant Machine’s analysis provides insight into the global shift towards cashless societies, with Singapore being a notable example. The data suggests that as digital payments become more prevalent, the need for physical cash access points like ATMs diminishes, impacting those who still rely on cash transactions.

The implications of this trend are significant for both consumers and financial institutions. As the demand for ATMs decreases, banks may need to reconsider their strategies for cash distribution and customer service. Meanwhile, consumers may need to adapt to a more digital-centric financial landscape.

With Singapore ranking high in ATM search difficulty, the study highlights the ongoing transformation in how people access and use money, suggesting a future where cashless transactions may become the norm.
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The Life Insurance Association, Singapore (LIA Singapore) has unveiled its newly elected Management Committee and outlined its strategic priorities for 2025, focusing on consumer advocacy. The announcement was made during the Association’s Annual General Meeting on 27 March 2025, where Wong Sze Keed was appointed as President, succeeding Dennis Tan. The committee’s agenda includes enhancing financial literacy, simplifying legacy planning, and fostering trust within the industry.

Wong Sze Keed emphasised the industry’s robust performance in 2024, achieving a 19.7% growth with S$5.87 billion in Total Weighted New Business Premiums, despite economic challenges. She stated, “As an industry, we will build on that momentum in 2025 by prioritising consumers and addressing key consumer challenges by enhancing financial literacy, simplifying legacy planning and the claims journey, strengthening trust, and supporting a sustainable healthcare ecosystem.”

The committee’s priorities include enhancing customer financial literacy to bridge protection gaps, simplifying legacy planning and the claims journey for families, elevating industry culture and conduct to build greater trust with consumers, and collaborating with stakeholders to ensure a sustainable healthcare ecosystem.

With Singapore’s ageing population, the LIA plans to publish consolidated legacy planning resources and update its Nomination of Insurance Nominees guide in Q2 2025. Additionally, the industry aims to prevent unintended policy lapses through digitalisation efforts whilst ensuring inclusivity for seniors.

The LIA’s initiatives are set against a backdrop of projected 12% medical inflation in Singapore, highlighting the need for collaboration among insurers, the medical community, and government stakeholders to maintain healthcare affordability.
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Singapore Post Limited (SingPost) has announced the successful completion of its divestment of Freight Management Holdings (FMH) to Pacific Equity Partners, marking a pivotal step in its strategic review. The transaction, valued at A$1.02b (approximately S$867m), received overwhelming support with a 99% shareholder vote at the Extraordinary General Meeting on 13 March 2025.

The sale, resulting from a competitive international bidding process, generated gross proceeds of approximately A$781.5m (S$664.2m) and is expected to yield a gain of S$289.5m for SingPost. This reflects a remarkable levered return on equity of about four times the company’s A$93.6m investment in FMH over the past four years.

SingPost plans to utilise the proceeds to reduce debt, including repaying A$362.1m (S$307.8m) in borrowings related to the FMH acquisition. The company also intends to announce a Special Dividend in compliance with SGX-ST listing rules.

This divestment necessitates a strategic reset for SingPost, with future earnings relying on its Singapore Postal and eCommerce Logistics business, as well as its International eCommerce Logistics operations. The company also holds two major non-core assets, SingPost Centre and Famous Holdings, which continue to perform well.

The successful sale of FMH, along with potential future divestitures, is expected to create a significant cash pool, enabling SingPost to reinvest in its future, reduce debt, or return proceeds to shareholders, aligning with shareholder interests.
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The Monetary Authority of Singapore (MAS) has unveiled a proposed regulatory framework designed to enable retail investors to access private market investment funds. This initiative, announced on 27 March 2025, seeks to broaden the investment landscape for retail investors, who currently have limited access to private equity, private credit, and infrastructure investments.

MAS has observed a rising interest from retail investors in private market investments, alongside a willingness from experienced industry players to offer such products. In response, MAS has proposed the Long-term Investment Fund (LIF) framework, which adapts existing fund requirements to better suit the characteristics of private market investments and the needs of retail investors.

The framework outlines two potential fund structures. The first is a Direct Fund, allowing for direct private market investments with greater transparency of underlying assets. The second is a long-term investment fund-of-funds (LIFF) structure, which invests in other private market funds, leveraging the expertise of LIFF managers to select and monitor a diversified portfolio.

MAS is consulting on the necessary regulatory safeguards for each structure and is seeking feedback on the types of private market investment assets suitable for retail investors. The proposed framework aims to foster a robust market for retail private market investment funds, offering investors more options for diversified portfolios and potentially paving the way for the listing of such funds.

Interested parties are invited to submit their views on the consultation paper by 26 May 2025.
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Singapore and Vietnam have taken a significant step towards enhancing their energy collaboration by signing a letter of intent to strengthen cross-border electricity trade. This agreement aims to support the ASEAN Power Grid initiative, which seeks to improve energy security and sustainability across the region.

The letter of intent, signed by representatives from both countries, outlines their commitment to explore opportunities for electricity trade and cooperation. This move is expected to facilitate the integration of renewable energy sources and improve the efficiency of electricity distribution between the two nations.

The ASEAN Power Grid is a key regional initiative designed to promote energy connectivity and sustainability. By enhancing cross-border electricity trade, Singapore and Vietnam aim to contribute to the grid’s development, ensuring a more resilient and sustainable energy future for the region.

The collaboration between Singapore and Vietnam is expected to bring several benefits, including increased energy security, reduced carbon emissions, and the promotion of renewable energy sources. This partnership aligns with the broader goals of the ASEAN Power Grid, which seeks to create a more interconnected and sustainable energy network across Southeast Asia.

As both countries work towards implementing this agreement, they will explore various avenues for cooperation, including the development of infrastructure and the integration of renewable energy sources. This initiative marks a significant step forward in regional energy collaboration and sets the stage for future advancements in cross-border electricity trade.

In conclusion, the signing of the letter of intent between Singapore and Vietnam represents a crucial development in the pursuit of a more sustainable and interconnected energy future for the ASEAN region. As the two nations work together to enhance cross-border electricity trade, they are poised to make significant contributions to the ASEAN Power Grid and the broader goals of regional energy security and sustainability.
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