Industry News

UOB Global Economics and Markets Research has revised Singapore’s GDP growth forecast for 2025 to 1.7%, up from the previous 1.5%, driven by continued front-loading of exports amidst easing US-China trade tensions. The first quarter of 2025 saw GDP growth adjusted to 3.9% year-on-year, a slight increase from earlier estimates, with significant contributions from the construction and services sectors.

The report highlights that domestic-oriented services such as food and beverage, accommodation, and retail trade remain sluggish, partly due to a slow recovery in tourist arrivals, which reached 92% of 2019 levels in Q1 2025. However, transportation and storage services benefitted from export front-loading, with real non-oil re-exports (NORX) showing strong growth.

Despite the positive adjustments, UOB warns of potential headwinds. The Ministry of Trade and Industry (MTI) maintains a cautious outlook, citing risks such as possible re-escalation of tariffs and a slowdown in global trade, particularly in the latter half of 2025. The financial services sector is also expected to face challenges due to slower growth in banking and fund management.

Looking ahead, UOB anticipates that consumer-facing sectors may encounter difficulties due to a cooling domestic labour market and challenging tourist recovery. The bank has lowered its 2026 GDP growth forecast to 1.4%, reflecting concerns over a potential downturn in trade and manufacturing activities.
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CBRE has announced the sale of a rare 9999-year tenure, 3-storey shophouse located at 1 Jalan Wangi, Singapore. The property, situated at the junction of MacPherson Road and Jalan Wangi, is being marketed exclusively by CBRE through an Expression of Interest exercise, closing on 18 June 2025 at 12pm.

The shophouse, occupying a site of approximately 2,944 square feet with an estimated Gross Floor Area (GFA) of 4,800 square feet, is currently tenanted. The ground floor hosts a retailer, whilst levels two and three are occupied by a co-living operator. The guide price for this asset is set at $5.7 million (S$7.8 million), translating to about $1,187 (S$1,625) per square foot based on the GFA.

Michael Tay, Deputy Managing Director and Head of Capital Markets at CBRE, highlighted the property’s investment potential, stating, “Shophouses along MacPherson main road are hard to come by and this opportunity is ideal for investors looking to capitalise on strong rental upside and capital appreciation.” The property’s proximity to industrial estates is expected to ensure strong occupancy for its residential component.

Joshua Giam, Director of Capital Markets at CBRE, noted the strong demand from local high net worth individuals for city fringe shophouses. He mentioned potential value-add options for the incoming buyer, such as converting the ground floor for alternative uses, subject to approval.

Located in Sennett Estate, the property is within a 10-minute walk from Potong Pasir MRT Station and is well-connected to key areas like the Central Business District and Orchard Road.
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AngelSchool.vc, a global network and accelerator for angel investors, has achieved a milestone by onboarding more than 1,400 Limited Partners (LPs). This growth has been driven by the platform’s community-focused and educational approach, which eschews traditional marketing in favour of organic engagement and word-of-mouth referrals.

Founded by Jed Ng, AngelSchool.vc aims to revolutionise the education and empowerment of emerging angel investors. The platform’s success is attributed to its innovative model that combines expert training with practical application and a robust peer-to-peer network. “Exceeding more than 1,400 LPs is a testament in itself that what we’re building is taking hold,” said Ng. “Our simple equation is to give deep value, emphasise results, and build a community that gets stronger through teamwork.”

Central to AngelSchool.vc’s expansion are its two flagship programmes: Venture Fundamentals and Syndicate Blueprint. Venture Fundamentals targets beginners, teaching essential concepts in start-up investing, whilst Syndicate Blueprint is designed for emerging syndicate leads, offering guidance on establishing and expanding angel syndicates.

The platform’s community-driven model has created a close-knit network of graduates who continue to collaborate and invest together. This approach has led to numerous success stories, with alumni leading syndicates and investing alongside leading venture capitalists. “We measure success by how many graduates out there are making deals, raising syndicates, and succeeding as part of that network worldwide,” Ng added.

Looking ahead, AngelSchool.vc plans to scale its model globally, maintaining its focus on quality instruction and community engagement. The platform invites aspiring angel investors to join its upcoming cohort, promising the tools and support needed to succeed in the venture ecosystem.
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LingoAce, a leader in online education, has announced a comprehensive upgrade to its Advanced Chinese Programme, integrating cutting-edge technology to enhance precision and personalisation in Mandarin learning. The programme now includes innovative Stage Tests powered by AI diagnostics and big data analytics, which are designed to provide learners with customised learning pathways and offer teachers and parents valuable insights for targeted support.

The upgrade comes in response to the growing global interest in Mandarin as a second language. LingoAce has reimagined its programme to address the diverse needs of international learners, introducing enhancements that empower students to progress with clarity and confidence. The Stage Tests serve as strategic checkpoints, evaluating learning outcomes and guiding targeted remediation. These AI-driven insights create individualised learning blueprints, enabling focused and clear progression.

Additionally, LingoAce has introduced a Parent-Teacher Conference module, allowing teachers to collaborate with parents using Stage Test results and classroom observations to ensure aligned learning strategies. This initiative aims to strengthen the partnership between home and school, providing comprehensive support for learners.

Hugh Yao, founder and CEO of LingoAce, stated, “This upgraded Advanced Chinese Programme offers learners a more intelligent and accelerated path to fluency whilst providing parents with a clearer understanding of their child’s educational journey.” He added that the company plans to extend the Stage Tests across all Mandarin programmes within the year.

LingoAce’s commitment to innovation in education technology continues to empower learners worldwide, fostering global confidence and competitiveness.
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Five lawyers from Carey Olsen have been honoured in the Asian Legal Business (ALB) Offshore Client Choice list for 2025, highlighting their exceptional client service and strong connections within the legal community across Asia. Partners Tim Haynes, Helen Wang, and Matthew Watson, along with counsellors Kate Lan and Amelia Tan, were recognised for their expertise and dedication.

The ALB Offshore Client Choice list is based on direct feedback from clients and partner law firms, identifying lawyers who have made significant impacts in the offshore legal sector. Carey Olsen stands out with the highest number of individuals named, including the unique distinction of having both partners and counsellors recognised.

Tim Haynes, head of Carey Olsen’s dispute resolution and litigation team in Hong Kong, is celebrated for his 26 years of experience in commercial dispute resolution. Clients commend him as “a super experienced practitioner” with a balance of technical excellence and commercial advice.

Helen Wang, a partner in the Singapore office, specialises in complex commercial litigation and insolvency matters. She is praised for her “excellent legal knowledge and commercial sense,” being described as “extremely personable” and “super responsive.”

Matthew Watson, based in Hong Kong, is noted for his work in Bermuda law, particularly in insolvency and restructuring. Clients describe him as “an absolute delight to work with” and commend his attention to detail.

Counsellors Kate Lan and Amelia Tan, both based in Singapore, are recognised for their expertise in cross-border litigation and commercial disputes. Lan is noted for her “sharp” and “commercially savvy” approach, whilst Tan is described as “technically solid” and “business savvy.”

This recognition underscores Carey Olsen’s commitment to providing top-tier legal services in the offshore sector.
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Airwallex, a global payments and financial platform, has successfully raised $300m in a Series F funding round, elevating its valuation to $6.2b. This funding includes $150m in secondary transactions and brings the company’s total funding to over $1.2b. The investment will be used to expand Airwallex’s infrastructure into new markets such as Japan, Korea, the UAE, and Latin America, whilst accelerating growth in Europe, North America, and Southeast Asia.

The funding round saw participation from prominent investors including Square Peg, DST Global, Lone Pine Capital, Blackbird, Airtree, Salesforce Ventures, and Visa Ventures. Jack Zhang, co-founder and CEO of Airwallex, stated, “The global financial system wasn’t built for today’s borderless economy. At Airwallex, we’re building a new foundation for the global economy – one that’s fast, seamless, and built for scale.”

Airwallex has experienced rapid growth, with its annualised revenue reaching $720m in March 2025, marking a 90% increase year-over-year. The company now supports over 150,000 businesses globally and processes more than $130b in annualised payment volume. It anticipates hitting $1b in annual run rate revenue by the end of 2025.

The company’s proprietary global network allows customers to generate local account numbers in over 60 countries and move funds across more than 150 markets, with 95% of transactions settled within hours. This expansion is set to redefine global banking, providing businesses with the tools to operate seamlessly across borders.
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Elivity®, a wellness brand with roots in Australia, is making waves in Singapore by offering affordable, science-backed supplements aimed at promoting healthy ageing. With prices starting at $61 (S$83) per month, the brand’s products, including NMN and Spermidine supplements as well as oral sprays, are now available at Guardian outlets across the island. These offerings are designed to fit seamlessly into the busy routines of Singaporeans, providing benefits such as increased energy, improved focus, and enhanced cellular repair.

The brand’s approach focuses on making premium wellness accessible to a broader audience, addressing the needs of younger adults, busy professionals, caregivers, and seniors. Elivity® emphasises the importance of starting early with daily supplements to maintain energy and focus, whilst also supporting long-term wellness. The products are developed with global research expertise and manufactured in Australia, ensuring credibility and effectiveness.

As the demand for practical wellness solutions grows in the Asia-Pacific region, Elivity® positions itself as a leader in the market. The brand’s commitment to affordability and efficacy makes it a strong contender among competitors, catering to the increasing interest in healthy ageing. With its innovative approach, Elivity® aims to make youthful vitality financially sustainable for consumers of all ages.
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California Wine Month is set to make a vibrant return to Singapore from 1 to 30 June 2025, marking its annual celebration since its inception in 2022. This event, which highlights California’s rich winemaking heritage, will see over 100 online and physical retail locations, including RedMart, FairPrice, and Cellarbration, offering enticing discounts on a wide array of wines. Wine enthusiasts can also look forward to exclusive tasting events at select FairPrice outlets, 75cl.sg, and Wine Hours.

The month-long celebration is a testament to California’s commitment to sustainability and innovation in winemaking. Christopher Beros, Greater China and Southeast Asia director of the Wine Institute, emphasised the importance of these principles, stating, “We want to communicate these efforts and our focus on leaving our world sustained for future generations.”

During the event, FairPrice will host free wine tastings at various locations, allowing customers to sample a diverse selection of wines. Meanwhile, 75cl.sg will offer tastings of wines from renowned producers like Sand Point and LangeTwins. Wine Hours will feature wines from J Lohr, providing a unique opportunity for wine lovers to explore different flavours and styles.

Retailers such as Bottles and Bottles, Redmart, and Malt and Wine Asia will participate by offering discounts on popular labels, including The Prisoner Wine Company and Louis M. Martini. This initiative aims to make California wines more accessible to Singaporean consumers, showcasing the state’s diverse offerings and sustainable practices.

As California Wine Month continues to grow in popularity, it not only celebrates the state’s winemaking prowess but also reinforces its dedication to sustainability, ensuring that future generations can enjoy the fruits of these efforts.
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Singapore’s economy expanded by 3.9% year-on-year in the first quarter of 2025, according to the latest figures released by the Department of Statistics.

Despite this growth, the GDP forecast for the entire year remains unchanged at a range of 0.0% to 2.0%.

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The Singapore Business Federation (SBF) has announced a leadership transition with S.S. Teo taking over as Chairman from Lim Ming Yan, effective today. Teo, who previously held the position from 2014 to 2020, is the Executive Chairman of Pacific International Lines and brings extensive experience in internationalisation and regional business engagement.

Lim Ming Yan, who led SBF through significant challenges including the COVID-19 pandemic, has been praised for his contributions to digitalisation and workforce development. He expressed gratitude for the support received during his tenure, stating, “It has been an honour to serve as Chairman of the Singapore Business Federation over the past five years. I am deeply grateful to our members, the Council, partners, and the SBF Secretariat for their unwavering support and collaboration.”

Teo, who also chairs SBF’s Internationalisation Action Committee, aims to continue advancing SBF’s strategic priorities. “Under Ming Yan’s leadership, SBF strengthened its advocacy and broadened its partnerships across sectors. I thank him for his steady hand and service to the Federation,” Teo remarked.

Kok Ping Soon, CEO of SBF, highlighted the importance of this transition, noting, “Mr Lim’s leadership has been instrumental in steering SBF through a time of profound change. His guidance has been invaluable to the Secretariat.”

This leadership change is expected to bring continuity and renewed momentum as SBF continues to support Singapore’s business community in navigating the global economic landscape.
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