Industry News

Singapore’s industrial production (IP) experienced a significant decline in February, contracting by 7.5% month-on-month seasonally adjusted, according to a report by UOB Global Economics and Markets Research. This decline translates to a 1.3% year-on-year decrease, falling short of Bloomberg’s median forecast of a 7.0% year-on-year increase and UOB’s own estimate of 9.5%.

The report highlights a notable downturn in electronics output, which fell by 6.4% year-on-year, primarily due to a drop in semiconductor production. Biomedical output also saw a decline of 14.3% year-on-year, attributed partly to unfavourable base effects, although this was somewhat offset by improvements in medical technology.

UOB’s analysis suggests that the industrial production slowdown could signal a moderation in Singapore’s GDP growth for the first quarter of 2025. The report notes that the electronics cycle in South Korea and Taiwan, which often serves as a regional indicator, peaked in the third quarter of 2024. This trend, coupled with escalating trade tensions and tariffs, could further depress manufacturing activity in the coming months.

The report also points out that the average industrial production for the last six months showed a noticeable slowdown, with electronics output dropping from 15.8% in January to 7.7% in February. Overall output also decreased from 9.2% in January to 5.7% in February, indicating potential fatigue from earlier production and export front-loading.

As trade tensions continue to rise, UOB warns that manufacturing activity could face further challenges due to weaker global demand, particularly in the second half of 2025.
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Thales has unveiled its 2025 Digital Trust Index, highlighting a global decline in consumer trust for digital services compared to last year. The study, which surveyed over 14,000 consumers across 14 countries, found that only the insurance, banking, and government sectors saw stable or slightly increased trust levels. In Singapore, government organisations topped the trust index at 67%, followed by banking at 49% and healthcare at 41%.

The report indicates that privacy concerns are a significant factor in consumer decisions, with 85% of Singapore consumers abandoning brands in the past year due to excessive personal data demands. Daniel Toh, Chief Solutions Architect for Asia Pacific & Japan at Thales, commented, “Trust in digital services is decreasing or remaining stagnant at best, even among highly regulated industries.”

The survey also revealed that 62% of Singapore consumers feel too much responsibility is placed on them for data protection. Despite these concerns, 75% of consumers indicated that their confidence in a brand would increase if it adopted advanced technologies like passwordless authentication and responsible AI use.

John Tolbert, Director of Cybersecurity Research at KuppingerCole Analysts, emphasised the importance of deploying modern security solutions to rebuild consumer trust. The findings underscore the need for brands to enhance their security measures to address evolving cyber threats and consumer scepticism.
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Energy management firm Ampotech has introduced an internet of things (IoT) based fleet management platform for Singapore’s largest electric supply vessel, the PXO ESupply Boat Voltai. Developed by the Coastal Sustainability Alliance (CSA) and led by the Kuok Maritime Group, the vessel is expected to reduce annual fuel costs by approximately 40% due to its electric drivetrain and enhanced payload capacity.

Following its launch in February and successful sea trials, Ampotech’s solution connects to the vessel’s onboard systems, including batteries and electric motors, to transmit data to its fleet management software. This system monitors vessel movement, energy usage, available range based on battery status, and carbon footprint. The onboard IoT devices utilise the coastal 5G network provided by CSA partner M1.

Ampotech CEO William Temple stated, “As the maritime sector electrifies, operators will need new ways to manage and improve vessel operations, and they will need new tools to support route planning and charging. Those are challenges we are well equipped to handle.”

The PXO ESupply Boat Voltai also features innovative technologies such as a hull design that reduces power consumption by up to 10% at 10 knots under full load and a digital twin. Tan Thai Yong, Managing Director and CEO of PaxOcean Group and Chairperson of CSA, remarked, “The integration of IoT-enabled fleet management solutions is an enabler for the future of maritime operations.”

The vessel will be showcased at Singapore Maritime Week before commencing operations. Additionally, work has begun on a sister vessel, the PXOACE1, which will be the first fully electric tug assembled, delivered, and operated in Singapore.
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The Laughing Cow, a leading cheese brand known for its commitment to healthy snacking, has partnered with KidZania Singapore to launch The Laughing Cow Cheese Factory. Situated at KidZania, Palawan Kidz City, Sentosa Island, this initiative allows children to role-play as cheesemakers, introducing them to the steps of cheese-making in an interactive and engaging environment.

The factory offers a hands-on experience where young participants can learn the intricacies of crafting The Laughing Cow’s soft and creamy cheese. Through role-play, children explore the art of cheese-making, understand the importance of high-quality ingredients, and learn about the innovative and hygienic processes involved. The Laughing Cow Cheese is highlighted as a nutritious snack, with two portions of its Creamy Cheese Triangles providing the same calcium as a glass of milk.

Alamjit Singh Sekhon, General Manager of Bel Southeast Asia, stated, “At Bel, we are passionate about creating meaningful partnerships that inspire and educate. Our collaboration with KidZania Singapore reflects our commitment to promote nutrition and education in ways that are interactive, enjoyable, and memorable.”

The educational journey aims to inspire young minds, fostering critical thinking and motor skills through role-playing activities. At the end of the session, each child earns the title of “The Laughing Cow Certified Cheesemaker,” making the experience both fun and memorable. This initiative aligns with The Laughing Cow’s philosophy of providing accessible, nutritious, and enjoyable food for all.
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Singapore’s manufacturing sector experienced a notable downturn in February 2025, with output decreasing by 7.5% on a seasonally adjusted month-on-month basis. “`

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The Singapore International Foundation (SIF) and the Vietnam-Singapore Friendship Association (VSFA) have renewed their partnership with a Memorandum of Understanding (MOU) signed on 26 March 2025. This agreement, witnessed by Singapore Prime Minister Lawrence Wong and Vietnam’s Prime Minister Pham Minh Chinh, focuses on fostering people-to-people cooperation between the two nations.

Since their initial collaboration in 2017, SIF and VSFA have worked together to promote mutual understanding and cooperation. The renewed MOU aims to facilitate partnerships in areas such as climate adaptation, youth engagement, and development needs. It also seeks to support the identification and engagement of relevant stakeholders to participate in each other’s programmes and initiatives.

The collaboration will continue to strengthen knowledge exchange and dialogue between Singaporean and Vietnamese communities. Lian Wee Cheow, Vice Chairman of SIF, expressed honour in reaffirming the partnership, stating, “This MOU reflects our shared commitment to foster meaningful connections and collaborations between our peoples.”

Nguyen Duc Hung, Vice Chairman and General Secretary of VSFA, echoed this sentiment, highlighting the importance of the partnership in facilitating meaningful exchanges and strengthening community ties. He added, “We look forward to expanding our cooperation and working together on initiatives that enhance mutual understanding and drive sustainable development.”

This MOU is part of several bilateral agreements signed during Prime Minister Wong’s visit, aimed at enhancing multifaceted cooperation with Vietnam. The continued collaboration between SIF and VSFA is expected to contribute to a more inclusive and sustainable future for both nations.
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CITIC Telecom International CPC Limited has announced a strategic partnership with Sangfor Technologies to launch the SmartCLOUD CFUSION hybrid cloud series. This collaboration aims to integrate Sangfor’s technologies with CITIC Telecom CPC’s ICT capabilities, providing enterprises with innovative and trusted hybrid cloud services. The new series is designed to support enterprises’ digital transformation and IT resource management across China and global markets.

The SmartCLOUD CFUSION series offers a comprehensive cloud infrastructure, including private, virtual private, and public cloud services. It is compatible with multiple CPU architectures, ensuring seamless operations and compliance with national regulatory policies. This initiative is particularly significant for enterprises with compliance requirements for autonomous technologies, facilitating their “Going Global, Entering China” strategy.

Kenneth Wong, Vice President of Product and Digital Intelligence Development at CITIC Telecom CPC, emphasised the importance of this partnership, stating, “We strive to cooperate with an ecosystem of partners, including Sangfor. This announcement signifies our deepened collaboration and dedication to providing innovative and scalable IT solutions.”

The partnership will initially focus on the Beijing and Guangzhou markets, with plans to expand to other regions. Ringo Yiu, Sangfor’s General Manager for the Asia-Pacific Region, highlighted the collaboration’s potential, noting, “This strategic partnership will demonstrate the synergistic capabilities of both companies, enhancing not only the supply capabilities of our products and services but also propelling our global market growth.”

The SmartCLOUD CFUSION series is expected to empower enterprises with robust hybrid cloud solutions, reducing IT complexity and costs whilst supporting global market expansion.
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UOB Asset Management has announced a significant change to its Singapore-listed ETF, effective 25 March 2025. The ETF, formerly known as the United SSE 50 Index ETF, now tracks the FTSE China A50 Index, aiming to improve investability and operational efficiency for offshore portfolio managers. This shift is expected to make the ETF more appealing to international investors.

The FTSE China A50 Index comprises 50 Chinese A-Share companies listed on the Shanghai and Shenzhen Stock Exchanges, including new technology stocks such as CATL and BYD. These companies are part of the index’s largest weights, with CATL holding a 6.8% weight and BYD a 4.0% weight. The inclusion of these stocks is part of a broader strategy to provide better representation and tradability of the China A-share market.

The revamped ETF now offers both SGD and USD counters, with a minimum tick size of 0.001. The change aligns with China’s recent economic policies, which include boosting foreign reinvestment and supporting industrial chain collaboration. These policies were announced in March, alongside a fiscal deficit increase to $219 billion (RMB 1.6 trillion) and a GDP growth target of 5%.

The FTSE China A50 Index has shown strong performance, generating a 21.8% total return in 2024. It ranks among the top three performers of China-focused indices maintained by FTSE Russell, with the second-lowest volatility. This change in the ETF’s underlying index is expected to enhance its attractiveness to investors seeking exposure to China’s dynamic market.
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SecurityScorecard’s 2025 Global Third-Party Breach Report has unveiled a significant rise in cyber attacks originating from third-party vendors, with 35.5% of all breaches in 2024 linked to these sources. The report, based on an analysis of 1,000 breaches across various industries and regions, underscores the growing threat posed by vendor-driven attacks.

The report identifies Singapore as having the highest third-party breach rate at 71.4%, followed by the Netherlands and Japan. Ryan Sherstobitoff, SVP of SecurityScorecard’s STRIKE Threat Research and Intelligence, noted, “Threat actors are prioritising third-party access for its scalability.”

Key findings indicate a shift in attack patterns, with 46.75% of third-party breaches involving technology products and services, down from 75% the previous year. This suggests a diversification of attack surfaces. The retail and hospitality sectors experienced the highest breach rates, whilst the healthcare sector reported the most breaches in total.

The report also highlights the role of ransomware, with 41.4% of such attacks now starting through third parties. The ransomware group C10p is identified as a prominent user of third-party access vectors.

SecurityScorecard recommends several strategies to mitigate these risks, including real-time monitoring of vendor relationships and demanding “secure by design” technology. The report stresses the importance of adapting security measures to industry-specific risks and enhancing vendor risk management programmes.

As cyber threats continue to evolve, organisations are urged to shift from periodic assessments to continuous monitoring to safeguard their supply chains effectively.
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SC Capital Partners, a Singapore-based real estate investment firm, has announced the final closing of its sixth Asia Pacific opportunistic real estate fund, Real Estate Capital Asia Partners VI L.P. (RECAP VI), at $900 million. The fund targets growth-oriented investments in developed Asia Pacific markets, with a focus on technology and hospitality sectors.

RECAP VI has already committed over 70% of its equity, with 44% allocated to Japan’s hospitality and data centre sectors. The fund’s investments include acquiring 27 hotels in Japan, managed by Japan Hotel REIT Advisors, a subsidiary of SC Capital Partners. This move aims to tap into the increasing demand from both inbound and domestic travellers.

Additionally, RECAP VI is developing a data centre campus in Osaka, Japan, and a hyperscale facility in Bucheon, South Korea, in partnership with SC Zeus Data Centres. These projects align with the fund’s strategy to capitalise on digital transformation and expanding cloud infrastructure in the region.

Suchad Chiaranussati, Chairman and Founder of SC Capital Partners, expressed optimism about the Asia Pacific real estate sector, citing strong fundamentals in Japan’s hospitality sector, the data centre market, and industrial and logistics sectors. “Despite ongoing challenges in global capital markets, we remain optimistic about the Asia Pacific real estate sector,” he stated.

The fund has attracted a diverse group of institutional investors, including sovereign wealth funds and corporations, due to its platform-driven investment approach. This successful closing highlights SC Capital Partners’ ability to leverage its in-house expertise across key sectors, enhancing operational efficiencies and generating long-term value for investors.
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