Industry News

Ng Teng Fong General Hospital (NTFGH) has unveiled Project ENTenna, Asia’s first allergy database focused on Allergic Rhinitis (AR), a condition affecting 39% of Singaporeans. This AI-driven initiative, supported by National University Hospital, Tan Tock Seng Hospital, Changi General Hospital, and A*STAR, will track 6,000 patients over three years to enhance AR diagnosis and management.

The programme, backed by the Ministry of Health’s Health Innovation Fund and the JurongHealth Fund, integrates patient-reported data with AI analytics to personalise treatment and improve medication adherence. This has already led to a 45% increase in discharges from specialist outpatient care to primary care at NTFGH, optimising resource use and care transition planning.

Project ENTenna employs WhatsApp chatbots, AI-powered symptom trackers, and behavioural nudges, potentially improving medication adherence by up to 25%. Adjunct Associate Professor Ng Chew Lip, the project’s principal investigator, stated, “This is possibly the most advanced model of ENT care tapping on AI and smart communication technology in Asia.”

The programme also collaborates with A*STAR Singapore Immunology Network to explore molecular-level investigations, aiming to identify new therapeutic targets. Early findings have revealed environmental trends influencing AR symptoms, which could inform future clinical guidelines.

Future plans include expanding the project to paediatric care and vulnerable groups such as migrant workers, alongside a cost-effectiveness evaluation to support scalability across other healthcare institutions.
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Singaporean scientists from the Agency for Science, Technology and Research (ASTAR) Institute of Molecular and Cell Biology and Singapore General Hospital have unveiled an artificial intelligence-powered scoring system, TIMES, that predicts the recurrence of hepatocellular carcinoma (HCC), the most common form of liver cancer. Featured on the cover of the scientific journal Nature, the TIMES score analyses the spatial distribution of immune cells and specific genes within liver tumour tissues, achieving an 82% accuracy rate in predicting recurrence.

The TIMES score identifies patients at risk of recurrence months earlier than current methods, allowing for timely and targeted interventions. “In Singapore, up to 70% of liver cancer patients experience recurrence within five years,” said Dr Joe Yeong, principal investigator at ASTAR IMCB. “TIMES offers a significant advancement in predicting these outcomes, enabling clinicians to intervene at the earliest possible stage.”

The system was validated using samples from 231 patients across five hospitals. It is now accessible through a free web portal for research purposes, with plans to integrate it into clinical workflows. Further validation studies are planned at Singapore General Hospital and the National Cancer Centre Singapore later this year. Discussions with diagnostic partners are also underway to develop TIMES into a clinically approved diagnostic test kit.

The development of the TIMES score marks a significant step forward in liver cancer treatment, potentially improving patient care and survival outcomes.
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DBS has unveiled iCoach, a Generative AI-powered coaching platform designed to provide scalable career guidance to its workforce. Developed in collaboration with renowned executive coach Marshall Goldsmith, iCoach aims to democratise coaching by making it accessible to all employees, not just top executives. This initiative addresses the challenge of delivering cost-effective coaching at scale, traditionally reserved for select individuals.

The platform is part of DBS’s broader strategy to equip its staff with future-ready skills through its Triple E framework—Education, Exposure, and Experience. Lee Yan Hong, Head of Group Human Resources at DBS, emphasised the importance of career resilience, stating, “iCoach is a powerful new addition that complements these efforts, leveraging Gen AI to offer personalised, on-demand career guidance.”

iCoach operates 24/7, providing tailored advice based on the bank’s roles and internal pathways. It builds on data showing that 70% of coached individuals experience improved work performance and communication skills, whilst 80% report increased self-confidence.

The tool complements other DBS initiatives such as iGrow, an AI-driven platform for personalised career advice, and the DBS Mentoring Programme, which connects employees with leaders for career insights. Additionally, the DBS Learning Hub offers over 10,000 courses, and the Be My Guest Programme allows job shadowing and workshops across departments.

DBS’s commitment to employee development has earned it accolades, including being ranked first in TIME’s 500 Best Companies in Asia Pacific in 2025 and Forbes World’s Best Employers in 2024. The bank continues to be recognised as a top employer in Singapore, topping LinkedIn’s rankings for three consecutive years.
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foodpanda has launched its first-ever Local Foodie Heroes Hall of Fame to celebrate Singapore’s 60th birthday, recognising the nation’s most cherished local food and beverage (F&B) brands. This initiative not only highlights the flavours and personalities that have shaped Singapore’s vibrant food scene but also offers exclusive deals for all users, with additional perks for pandapro subscribers.

Bhavani Mishra, Managing Director of foodpanda Singapore, stated, “These brands are more than just familiar names connecting generations of Singaporeans – they represent stories of resilience, innovation, and community that define what it means to be truly local.”

The Hall of Fame features ten categories, spotlighting beloved brands such as iTEA, OK Chicken Rice, and Pastamania. From 21 July to 31 August, foodpanda users can enjoy 30% off selected eats from these restaurants and best grocery picks on pandamart, Giant, and Cold Storage. Pandapro subscribers receive an additional 5% off.

Among the honourees, iTEA is celebrated for its “Most Tea-riffic Brew,” whilst OK Chicken Rice is recognised for its community spirit. Pastamania, known for its fusion of Italian and local flavours, is dubbed the “Ultimate Flavour Twirler.”

Additionally, shoppers spending $30 at any Giant or Cold Storage store between 8 to 24 August can redeem a $6 voucher for their first three online purchases on foodpanda.

This celebration not only honours local F&B heroes but also brings Singaporeans closer to the flavours they love, marking a delicious tribute to the nation’s culinary heritage.
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Singapore banks are bracing for a challenging second quarter (Q2) of 2025 as net interest margin (NIM) compression is expected to accelerate, according to a recent report. The report highlights that whilst the Singapore Dollar is likely to remain weak in the short term, the Hong Kong Dollar’s pressure may have eased. This financial landscape is impacting market sentiment, although wealth management continues to provide a medium-term tailwind for the sector.

The report further notes that United Overseas Bank (UOB) is anticipated to continue bolstering its general provisions buffer. However, writebacks across banks are unlikely to occur in the near future. This cautious approach reflects the ongoing uncertainties in the financial markets.

In terms of financial performance, the report predicts a decline in both revenues and net profits for Singapore banks on a quarter-on-quarter basis in Q2 2025. Despite these challenges, the focus remains on banks with higher and growing yields, which are expected to perform better amidst the NIM squeeze.

The report underscores the importance of strategic positioning for banks during this period of financial tightening. As the industry navigates these challenges, the emphasis on wealth management and prudent financial strategies will be crucial for maintaining stability and growth.
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The Monetary Authority of Singapore (MAS) is expected to ease its monetary policy at the upcoming meeting, according to a recent analysis by ING. The forecast is driven by a projected slowdown in Singapore’s GDP growth in the second half of 2025, compounded by ongoing tariff uncertainties and a persistent overvaluation of the Singapore dollar.

ING’s report highlights that Singapore’s GDP growth exceeded expectations in the second quarter, accelerating to 4.3% year-on-year, surpassing the consensus forecast of 3.6%. Despite this strong performance, ING anticipates a slowdown in the latter half of the year as global demand softens. The Singapore dollar’s continued appreciation against the US dollar has pushed its overvaluation to new highs, further supporting the case for policy easing.

The report notes that whilst the electronics and broader manufacturing sectors have remained resilient, uncertainty around global supply chains may impact investment decisions. Additionally, despite a robust labour market, consumer trends are weakening, with retail consumption slowing across most sectors.

Deepali Bhargava, ING’s Regional Head of Research for Asia-Pacific, emphasises the significant downside risks from external factors, stating, “Despite Singapore maintaining the baseline tariff rate of 10%, these risks have not abated.” The analysis suggests that reducing the slope of the Singapore dollar nominal effective exchange rate (SGD NEER) band to zero could be a prudent move.

As Singapore navigates these economic challenges, the MAS’s decision on monetary policy will be closely watched, with potential implications for the country’s economic trajectory in the coming months.
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Singaporeans’ inflation expectations have reached their lowest point since 2021, according to the latest Singapore Index of Inflation Expectations (SInDEx) survey conducted by the Singapore Management University (SMU) and DBS Group Research. The survey, which polled around 500 individuals, found that the One-year-Ahead headline inflation expectations dropped to 3.5% in June 2025, down from 3.8% in March 2025.

The survey also revealed that the overall aggregated Consumer Price Index (CPI) inflation expectations slightly decreased to 4.9% in June 2025 from 5% in March 2025. Notably, the expectations for major CPI components such as Food, Transportation, and Healthcare remained unchanged at 5%, whilst categories like Recreation, Sport & Culture, and Clothing & Footwear saw a decline.

The survey also explored the impact of global economic developments on Singapore’s growth, with respondents anticipating a slight negative impact over the next 12 months. Despite this, 50.3% of those surveyed expect inflation to decline, citing factors such as a slowdown in global growth and trade policy uncertainties.

As Singaporeans adjust to post-pandemic consumption patterns, the survey suggests that inflation expectations may continue to stabilise, reflecting a cautious yet optimistic outlook for the nation’s economic future.
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Astrea 9 Pte. Ltd., wholly owned by Azalea Asset Management, has lodged a preliminary prospectus with the Monetary Authority of Singapore (MAS) for the public offering of Astrea 9 Private Equity (PE) Bonds. The bonds, part of the Astrea Platform, provide retail investors in Singapore with a unique opportunity to invest in private equity through a diversified portfolio of 40 PE funds managed by 31 reputable general partners.

The Astrea 9 PE Bonds are divided into three classes: Class A-1 and Class A-2 Bonds, available to retail investors, and Class B Payment-in-Kind (PIK) Bonds, which are not offered to retail investors. The total offering size is approximately US$780 million, with S$615 million allocated to Class A-1 Bonds, US$200 million to Class A-2 Bonds, and US$100 million to Class B PIK Bonds. These bonds are backed by cash flows from over 1,000 investee companies across various regions and sectors.

Both Class A-1 and Class A-2 Bonds are expected to receive investment-grade ratings from Fitch and will be listed on the Mainboard of the Singapore Exchange (SGX-ST). Interest rates will be determined through a bookbuilding process with institutional investors and will be offered to retail investors at the same rates.

The Astrea Platform, initiated in 2006, has seen eight series to date, with Astrea 9 being the latest. Azalea has been committed to developing this platform since 2015, with all bond obligations fulfilled to date. The Astrea PE bonds have also experienced multiple credit ratings upgrades since issuance.

Applications for the Class A-1 and Class A-2 Public Offer Bonds will be open from 31 July to 6 August 2025. The bonds are not guaranteed or insured by any party, but structural safeguards are in place to ensure timely payment of interest and principal.
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HeyMax, a Singapore-based loyalty and travel rewards platform, has announced its acquisition of krip, a leading fintech platform in Hong Kong. This strategic move aims to accelerate HeyMax’s expansion into the regional loyalty and rewards market, offering more than 6,000 credit card deals from over 3,000 merchants to consumers and travellers in Hong Kong.

The acquisition marks HeyMax’s first and follows its impressive fivefold year-on-year revenue growth reported in May 2025. As part of the deal, krip’s founder, David B Wang, will join HeyMax as Global Head of Loyalty Partnerships and General Manager of Hong Kong. “This is a strategic step forward in our mission to make travel more accessible through everyday spending,” said Joe Lu, CEO and co-founder of HeyMax.

Krip, launched in 2022, has been instrumental in helping consumers maximise their credit card rewards, supporting an estimated $74 billion in additional annual card spending. The platform’s integration into HeyMax will allow users to manage all their cards in one place, enhancing customer engagement and loyalty.

The acquisition comes at a time when the Asia-Pacific region is experiencing a strong travel rebound, with tourism projected to exceed pre-pandemic levels by 2025. The global market for travel loyalty programmes is expected to grow significantly, with Asia-Pacific leading the charge.

HeyMax plans to officially launch in Hong Kong soon, offering local users and visitors access to its expanding network of rewards. The company has opened a waitlist for early sign-ups, promising priority access and exclusive rewards.
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The Lee Kuan Yew School of Public Policy has unveiled a strategic roadmap detailing how ASEAN can leverage the convergence of 5G and artificial intelligence (AI) to drive economic growth, projecting a $130 billion boost to the Asia-Pacific economy by 2030. The report, “Leveraging 5G to Accelerate AI-Driven Transformation in ASEAN,” provides policymakers with actionable strategies to unlock the region’s digital potential.

The study highlights the uneven adoption of 5G across ASEAN, with penetration rates ranging from 48% in Singapore to less than 1% in other member states. Without coordinated action, these disparities could exacerbate digital divides and hinder regional competitiveness. Professor Vu Minh Khuong from the Lee Kuan Yew School of Public Policy emphasised the urgency, stating, “The window for establishing regional leadership in intelligent connectivity is rapidly closing.”

The report identifies ten critical imperatives for accelerating 5G-AI transformation, beginning with establishing coordinated digital leadership to address fragmentation. It recommends five strategic priorities, including developing national 5G-AI strategies, creating empowered coordination agencies, and fostering AI-driven ecosystems through public-private collaboration.

The study also underscores the importance of private 5G networks for Industry 4.0 transformation and positions current 5G deployment as critical infrastructure for the anticipated 6G evolution by 2030. Successful examples, such as Singapore’s 5G-powered smart ports and Thailand’s AI-enhanced disaster management systems, illustrate the transformative potential of coordinated strategies.

The comprehensive 148-page report serves as a strategic guide for policymakers and a call to action for regional institutions to seize the 5G-AI moment, aiming to shape a digitally empowered future for ASEAN’s 700 million citizens.
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