Industry News

The 19th Singapore Maritime Week (SMW) commenced today at the Suntec Singapore Convention and Exhibition Centre, marking a significant milestone with over 20,000 attendees from nearly 80 countries. Organised by the Maritime and Port Authority of Singapore, the event was inaugurated by Murali Pillai, Minister of State for the Ministry of Law and Ministry of Transport. This year’s SMW, running from 24 to 28 March, celebrates Singapore’s maritime contributions as part of the SG60 Signature Event.

The expanded EXPO@SMW features close to 200 exhibitors, including nine country pavilions, underscoring Singapore’s position as a leading maritime hub. A highlight of the opening was the Singapore Maritime Lecture delivered by Senior Minister Lee Hsien Loong, who discussed geopolitical trends and Singapore’s strategies for the maritime industry’s green transition.

A notable innovation unveiled at the event is Singapore’s first Maritime Digital Twin. Developed by the Maritime and Port Authority in collaboration with the Government Technology Agency of Singapore, this advanced simulation model integrates real-time data to enhance maritime operations. It aims to optimise port operations, improve energy efficiency, and support emergency responses.

Themed ‘Actions Meet Ambition’, SMW 2025 focuses on decarbonisation, digitalisation, maritime services, and talent development. The event includes high-level dialogues and conferences addressing key industry trends. Additionally, the Talent@SMW programme aims to connect individuals with career opportunities in the maritime sector.

The week-long event also features public engagement activities, offering tours and maritime heritage talks to showcase Singapore’s rich maritime history. As SMW 2025 unfolds, it promises to foster innovation and collaboration within the global maritime community.
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The Maritime and Port Authority of Singapore (MPA), alongside partners including the Singapore Maritime Officers’ Union (SMOU) and SkillsFuture Singapore (SSG), has unveiled an enhanced Tripartite Maritime Training Award (TMTA) to make seafaring a more appealing career for mid-career individuals. The programme, set to open for applications in April 2025, reduces training duration from 31 to 22 months whilst increasing monthly allowances from $1,600 (S$1,200) to $1,600 (S$2,200).

The TMTA, originally launched in 2009, supports individuals transitioning to roles such as 3rd Officers and 5th Engineers. The updated curriculum focuses on strengthening core maritime skills through advanced ship simulators and optimised onboard training. A structured mentorship programme will also be introduced, providing cadets with guidance from experienced seafarers.

A Memorandum of Understanding to enhance the TMTA will be signed on 25 March 2025, with a commitment of $6.3m (S$8.5m) over three years from government agencies, SMOU, and industry partners. Stephen Cotton, General Secretary of the International Transport Workers’ Federation, and other key figures will witness the signing.

Teo Eng Dih, Chief Executive of MPA, emphasised the significance of seafaring in global trade, stating, “The enhanced Tripartite Maritime Training Award provides mid-career individuals with the skills and financial support to make a successful transition into a rewarding maritime career at sea.” Mary Liew, General Secretary of SMOU, highlighted the programme’s role in strengthening the maritime workforce and ensuring seafaring remains an attractive career choice.

The initiative reflects Singapore’s commitment to developing a skilled maritime workforce, ensuring the nation remains a leading global hub port.
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ComfortDelGro Corporation Limited, a leading multimodal transport operator, has unveiled a refreshed corporate brand, including a new purpose statement and visual identity, marking a significant step in its evolution as a global transport leader. The company, which operates in 13 countries with a fleet of over 54,000 vehicles, aims to drive positive impact through its new purpose statement, “Mobility for a better future.”

The brand refresh comes as ComfortDelGro continues to expand its international business, securing bus and rail tenders in Europe and Australia. Managing Director and Group CEO Cheng Siak Kian stated, “Our purpose statement drives us to reimagine mobility as a catalyst for positive impact as we accelerate our growth and navigate new horizons.” This aligns the group’s diverse operations under a common goal of building a purpose-driven organisation.

Chairman Mark Greaves emphasised the company’s commitment to sustainable mobility, powered by innovation and collaboration. “This brand refresh underpins our journey forward as a global progressive and collaborative mobility company,” he said, highlighting the company’s role in shaping the future of transportation.

The updated brand identity features a refined blue hue symbolising reliability, a streamlined lowercase font for approachability, and an enhanced arrow motif representing a forward-thinking approach. The new identity will be gradually implemented across ComfortDelGro’s global operations, reinforcing its commitment to delivering innovative, world-class mobility solutions.
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ChainUp, a prominent digital asset solutions provider, has announced the launch of the “ChainUp Innovation Scholarship” in collaboration with the National University of Singapore (NUS) Business School Executive MBA (EMBA) programme. This initiative aims to address the increasing need for strategic leadership within the rapidly evolving Web3 ecosystem.

The scholarship, part of the NUS Business School EMBA 2025 intake, will honour exceptional entrepreneurs and executives who have demonstrated pioneering achievements in blockchain, Web3, and fintech. ChainUp CEO and NUS Business School EMBA alumnus, Sailor Zhong, emphasised the company’s commitment to nurturing future industry innovators. “We are proud to partner with NUS Business School EMBA to launch this scholarship, which reflects our belief in the transformative power of strategic innovation and leadership development,” Zhong stated.

The scholarship targets leaders advancing in areas such as decentralised finance (DeFi), NFTs, smart contracts, AI, and other cutting-edge technologies. This aligns with the NUS Business School EMBA’s mission to empower entrepreneurs with a global vision, as demonstrated by its comprehensive 2025 scholarship programme. The programme also includes scholarships focused on global entrepreneurship, ASEAN leadership, Singaporean SMEs, women in leadership, social impact, and ESG sustainability.

By fostering strategic leadership in the Web3 space, ChainUp and NUS Business School EMBA aim to contribute to the development of a robust and innovative digital economy. Founded in 2017 and headquartered in Singapore, ChainUp provides a wide range of digital asset solutions, serving diverse clients from Web3 companies to established financial institutions.
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Prudential Singapore has unveiled the Prudential Wealth Suite, a dedicated space for high net worth (HNW) clients seeking comprehensive wealth and financial planning services. Launched on 17 March 2025, the suite is located at Prudential Tower in Raffles Place, Singapore, and aims to cater to the increasing number of affluent individuals in the region.

The launch comes as Prudential reports a 16% rise in its HNW customer base from 2023 to 2024, alongside a sales increase of over 40% during the same period. With Asia’s millionaire population expected to more than double by 2030, Prudential plans to capitalise on this growth. The number of Prudential Private Client Advisers (PCAs) has expanded six-fold since 2018, highlighting the growing demand for specialised advisory services.

Chief Customer Officer Goh Theng Kiat stated, “The Prudential Wealth Suite is part of Prudential’s strategy to support the continued growth of wealthy individuals in Singapore and the region, and it is designed to deliver seamless and convenient holistic advisory to our high net worth customers.”

The Wealth Suite offers a private, by-appointment-only environment where clients can discuss their financial needs. It features an in-house adviser working alongside PCAs to address complex financial requirements. Clients can also access an external panel of experts for tax, legal, and estate planning services.

Prudential’s commitment to HNW clients includes the PRUVantage Legacy Index, an insurance product tailored for protection and legacy planning. The company also invests in its PCAs, providing training through the Wealth Management Institute to enhance their expertise in wealth structuring.

As Prudential continues to expand its services for HNW individuals, the Wealth Suite represents a significant step in meeting the sophisticated needs of this growing client segment.
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Singapore’s job market is showing signs of recovery, with a 3% month-on-month increase in hiring activity in February 2025, despite a 5% year-on-year decline. The latest foundit Insights Tracker report highlights the advertising, media, and education sectors as key drivers of this growth. These sectors each recorded a 7% increase in hiring, reflecting a focus on digital marketing and workforce upskilling.

The report, published by foundit, formerly Monster APAC & ME, indicates that the software, hardware, and telecom roles are in high demand, with a 2% month-on-month growth. The legal sector also saw a significant 19% year-on-year increase, driven by evolving regulatory landscapes and corporate expansions.

V Suresh, CEO of foundit, commented on the trends, stating, “The February 2025 foundit Insights Tracker signals a promising recovery in Singapore’s job market. The robust expansion of sectors such as advertising, media, and education underscores shifting industry priorities and workforce evolution.”

Other sectors, including engineering, construction, and real estate, as well as retail trade and logistics, also showed positive trends with 6% and 5% month-on-month growth, respectively. However, sectors like oil and gas, import/export, and consumer goods remained stagnant with no change in hiring activity.

The foundit Insights Tracker provides a comprehensive analysis of online job postings, offering a snapshot of recruitment activity across Singapore. As digital transformation accelerates, the demand for tech talent continues to grow, highlighting the importance of upskilling and adaptability in the evolving job landscape.
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The General Insurance Association of Singapore (GIA) has reported a robust average annual growth of 8% over the past decade in the general insurance sector, with combined gross written premiums increasing by 6.3% to S$10.8b in 2024. This growth underscores the sector’s resilience and its crucial role in protecting lives and businesses amidst evolving risks.

The domestic segment saw an 8.3% rise in gross written premiums, although it faced a 16.7% drop in underwriting profit to S$219.04m due to increased claims in property, travel, and health sectors. Ronak Shah, President of GIA, highlighted the sector’s importance in navigating complex risks, stating, “Insurance plays an irreplaceable role in safeguarding the public, helping them recover from financial losses, and ensuring access to protection.”

In September, Singapore will host the International Union of Marine Insurance (IUMI) 2025 annual conference, further cementing its status as a global maritime insurance hub. This event will gather marine insurance professionals worldwide, reinforcing Singapore’s position as a leading maritime centre.

The sector’s growth also reflects positive trends in specific segments. The health segment reversed its previous losses, posting an underwriting profit of S$5.34m in 2024, whilst employer’s liability insurance saw a 4.9% decline in net incurred claims. However, the rise in road traffic fatalities remains a concern, prompting ongoing collaborations with the Traffic Police and Singapore Civil Defence Force to enhance public safety.

As Singapore strengthens its role as a global insurance hub, the sector remains committed to fostering resilience and safeguarding the nation’s economic stability and public wellbeing.
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Healthcare real estate investment trusts (S-REITs) have emerged as the top-performing subsector in the Singapore REIT market for the year to date, achieving an average total return of 2.8% as of 20 February 2025. This follows impressive returns of 6.9% in 2024 and 7.1% in 2023, according to the latest data from the Singapore Exchange (SGX).

Retail investors have shown significant interest in S-REITs, with net purchases totalling S$608m between December 2024 and February 2025. This trend underscores the growing confidence in the sector, particularly in healthcare, which continues to attract investor attention.

Data centre S-REITs are also experiencing growth, driven by the increasing adoption of artificial intelligence technologies. Property consultancy JLL highlights data centre assets as likely beneficiaries of this technological shift, suggesting a promising outlook for investors in this area.

Meanwhile, S-REITs with retail assets in Singapore have maintained high occupancy rates and positive rental reversions, buoyed by a recovery in tourism and proactive asset management. Market expectations indicate that committed occupancy in the retail segment will remain robust, with continued rental growth anticipated throughout 2025.

Office S-REITs in Singapore have reported stronger operational performance, with leasing activities in quality office developments improving in the fourth quarter of 2024. JLL data suggests that rental and capital values are expected to remain stable in the first half of 2025, with potential recovery in the latter half of the year.

Overall, the diverse performance across different S-REIT sectors highlights the dynamic nature of the market and the varied opportunities available to investors. As the year progresses, these trends will likely continue to shape investment strategies and market outcomes.
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United Overseas Bank (UOB) has released its Annual Report 2024 and Sustainability Report 2024, marking a significant step in transparency and environmental responsibility. The reports are now available for download on UOB’s investor relations website.

The Annual Report features insights from UOB’s leadership, including statements from Chairman Wong Kan Seng and Deputy Chairman and CEO Wee Ee Cheong. Key business leaders, such as Frederick Chin, Head of Group Wholesale Banking and Markets, Susan Hwee, Head of Group Retail, and Dean Tong, Head of Group Human Resources, also contribute their reflections on the past year and their outlook for the future.

In a pioneering move, UOB’s Sustainability Report includes disclosures on nature and biodiversity, setting a precedent as the first local bank in Singapore to do so. This initiative underscores UOB’s commitment to integrating environmental considerations into its business practices.

The inclusion of nature and biodiversity disclosures is particularly noteworthy as it aligns with global trends towards greater environmental accountability in the financial sector. By addressing these issues, UOB not only enhances its sustainability credentials but also sets a benchmark for other local financial institutions.

As the financial landscape continues to evolve, UOB’s comprehensive reporting provides stakeholders with valuable insights into the bank’s strategic direction and environmental commitments. The reports are expected to influence future sustainability practices within the banking industry in Singapore.
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Latham & Watkins has advised Digital Realty, the world’s largest provider of cloud and carrier-neutral data centre solutions, on its $100m investment into Digital Realty Bersama. This joint venture with Bersama Digital Infrastructure Asia aims to develop and operate data centres across Indonesia, enhancing the region’s digital infrastructure.

The legal team from Latham & Watkins was led by Singapore partner James Clayton-Payne and counsellor Penelope Davey, with support from Hong Kong associate Rita Hong and Singapore associates Cherine Teh and Shi Cheng Chong. The firm also provided US corporate advice through San Diego partner Ann Buckingham, and tax advice from Los Angeles partner Eric Cho and Century City partner Ana O’Brien.

Digital Realty Bersama currently operates a connected campus featuring two data centres: CGK11 in Central Jakarta and CGK10 in West Jakarta. The recently launched CGK11 initially offers 5 megawatts (MW) of IT load capacity, with plans to expand to 32MW. The venture is backed by major shareholders, including Provident Capital Partners, Saratoga Investama Sedaya, a Macquarie Asset Management-led consortium, and Distro Hub.

This strategic investment underscores Digital Realty’s commitment to expanding its footprint in Southeast Asia, a region experiencing rapid digital growth. The development of these data centres is expected to bolster Indonesia’s digital infrastructure, supporting the increasing demand for data services in the region.
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