Industry News

AIA Singapore has announced its role as the Official Title Partner for the AIA HYROX Open Asian Championships 2025, set to take place on 28 and 29 June at the Singapore National Stadium. This partnership with HYROX Singapore aims to promote holistic wellness and active living by offering complimentary personal accident insurance to participants and spectators throughout June.

Following the success of HYROX Singapore’s debut in October 2023, which attracted over 16,000 participants, the 2025 championships promise an even more thrilling experience. The event will feature singles, doubles, and relay races, with the addition of the Mixed Relay Open Asian Championship Invitationals and corporate relays, encouraging teamwork and employee wellbeing.

Gary Wan, APAC Managing Director of HYROX APAC, expressed enthusiasm for the partnership, stating, “We knew that securing the right title partner would be key to elevating the event, and with HYROX and AIA, we’ve found the perfect match.”

AIA Singapore’s CEO, Wong Sze Keed, highlighted the company’s commitment to active living, noting, “This dynamic partnership underscores our unwavering commitment to holistic wellbeing and builds on the momentum of our AIA One Billion movement mission.”

In addition to insurance, AIA Vitality members can enjoy a 25% discount on race tickets. Grab, a Premium Partner, is also offering up to 10% discounts on HYROX tickets through GrabPay or PayLater.

HYROX, which began in Germany in 2017, has expanded to over 31 countries, with more than 335,000 participants in 2024. The 2025 season will feature over 93 events worldwide, including in Korea, Hong Kong, and Australia.
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The event “Navigating the Ever-Changing Clinical Trials Landscape in Southeast Asia” was held on 20 March 2025 at METRO @ ASCENT, DR Science Park, Singapore. Hosted by Intrinseque Health in collaboration with Biotech Connection Singapore and Geneo, the event attracted over 100 professionals from the biotechnology and pharmaceutical sectors. It featured keynote presentations, a panel discussion, and networking opportunities.

Nitin Jain, President and CEO of Intrinseque Health, delivered a keynote presentation highlighting the significance of robust clinical supply chain strategies in enhancing trial quality and efficiency. The panel discussion included insights from industry experts such as Dr. Antonio Bertoletti from LionTCR, Tracy Thia from PSI CRO, and Bayu Darmawan from Antris Management Solutions. They shared their perspectives on regulatory updates and operational challenges faced in clinical trials.

Attendees also engaged in an interactive “Spin the Wheel & Win” activity, adding a lively element to the proceedings. The event provided a platform for professionals to exchange ideas and explore the future of clinical trials in the region.

The gathering underscored the importance of collaboration and innovation in navigating the complexities of clinical trials in Southeast Asia. As the industry continues to evolve, such events play a crucial role in shaping the next phase of clinical research and development.
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Vietjet is significantly expanding its global network by introducing new direct routes from Ho Chi Minh City to Hyderabad and Bengaluru in India, as well as Nagoya and Fukuoka in Japan. Additionally, the airline will launch a Singapore-Phu Quoc route in May and increase its Singapore-Ho Chi Minh City flights to three times daily from 30 March 2025. This expansion aims to enhance Vietnam’s connectivity with key markets in Singapore, China, India, and Japan.

The airline’s latest routes to India, launched on 18 and 19 March 2025, include two weekly flights to Hyderabad and three weekly flights to Bengaluru. Vietjet now operates the largest Vietnam-India flight network, with 10 routes and 78 weekly flights connecting major cities such as New Delhi, Mumbai, and Ahmedabad.

In Japan, Vietjet will commence flights from Ho Chi Minh City to Nagoya and Fukuoka on 24 and 25 April 2025, respectively. The Nagoya route will operate four times weekly, whilst the Fukuoka route will run three times weekly. This expansion brings Vietjet’s total to 138 weekly flights across 10 direct routes between Vietnam and Japan.

From 30 May 2025, Vietjet will also offer direct flights between Singapore and Phu Quoc, with four return flights per week. This new route complements existing connections from Singapore to Ho Chi Minh City, Hanoi, and Da Nang, increasing the total number of weekly flights between Vietnam and Singapore to 78.

Passengers can enjoy Vietjet’s modern aeroplanes, in-flight menu, cultural performances, and loyalty rewards. For more information, visit the Vietjet website or mobile app.
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MoneyHero Limited, a prominent personal finance and digital insurance platform in Greater Southeast Asia, has introduced an AI agent to revolutionise its customer service operations. Developed in collaboration with Ada, a leader in AI customer service, the AI agent is now operational in Singapore, with plans to expand to Hong Kong, the Philippines, and Taiwan in the coming months.

The AI agent employs advanced technologies such as natural language processing and machine learning to provide instant and accurate responses to customer enquiries. This innovation is expected to reduce customer service requests by at least 50%, resulting in estimated annual cost savings of $100,000. Currently, MoneyHero’s customer service team manages over 35,000 enquiries monthly, with a significant portion related to reward fulfilment.

By automating routine enquiries, MoneyHero aims to enhance operational efficiency and maintain high standards of customer service without increasing costs. This initiative is part of the company’s broader strategy to leverage AI for improving digital customer experiences and service quality.

Rohith Murthy, CEO of MoneyHero, stated, “As we continue to scale, AI-driven automation is key to improving operational efficiency and customer experience. With this AI agent, we’re making it easier for customers to get quick resolution whilst alleviating the workload on our customer service team.”

Mike Murchison, CEO of Ada, added, “Through our partnership, MoneyHero is scaling personalised support and continuously improving the quality of customer interactions.” This development marks a significant step in MoneyHero’s AI-first strategy, with further automation planned across more business areas.
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Kai Tak Sports Park in Hong Kong is set to celebrate its grand opening with a month-long series of events starting 21 March. The festivities will include the first-ever “Kai Tak Dining Cove Carnival,” featuring nearly 30 food and craft beer stalls, alongside live music performances. Organised by the Hong Kong Markets Organisation, the carnival will take place every weekend until 27 April, offering a dynamic experience for locals and tourists alike.

The carnival will showcase a variety of culinary delights, from Texas-style barbecue by Smoke & Barrel to inventive gelato flavours by Verona Gelato. Local brands like Street Food Queen and Explicit Spices will present Hong Kong-style street snacks with modern twists. Additionally, nearly 10 craft beer brands, including Zhang Men Brewery and hEROES Beer Co, will offer unique brews.

On 29 March, the Hong Kong International A Cappella Festival 2025 will make a special stop at the park, featuring performances by international and local vocal groups. Visitors can also enjoy the dazzling evening transformation of Kai Tak Sports Avenue, adorned with LED-lit trees.

Beyond the carnival, the park will host a series of sports and cultural events. Highlights include the Kai Tak Art Week from 21 to 27 March, the Hong Kong Indoor Orienteering Challenge Cup on 22 and 23 March, and the Cathay/HSBC Hong Kong Sevens from 28 to 30 March. These events promise to blend sports, culture, and entertainment, making Kai Tak Sports Park a vibrant new destination in Hong Kong.
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Southeast Asian tech startups raised $909 million in the first quarter of 2025, marking a 30.79% increase from the previous quarter, according to the Tracxn Geo Quarterly Report. Despite this growth, the figure represents a 9.10% decline compared to the same period last year. The report highlights a significant surge in late-stage funding, which reached $700 million, up 110.21% from Q4 2024.

Singapore dominated the funding landscape, accounting for 95% of the total investments in the region. The city-state’s tech firms raised $865 million, with Thu Duc and Jakarta following at $28 million and $6.2 million, respectively. The quarter saw 13 acquisitions, including the $252 million purchase of Dropsuite by NinjaOne, the highest-valued acquisition of the period.

The Enterprise Infrastructure sector led the funding surge, attracting $640 million, a dramatic increase from the $19.5 million recorded in the previous quarter. Digital Edge was a standout performer, securing $640 million in a Series D round. However, seed-stage funding fell sharply to $44.8 million, a 43.07% decrease from Q4 2024.

The report also noted a decline in the number of companies going public, with none in Q1 2025 compared to one in the previous quarter. Despite these challenges, the SEA tech ecosystem shows adaptability and potential for long-term growth, with expectations of improved funding levels in the coming quarters.
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Moody’s Ratings has announced the withdrawal of China Life Insurance Singapore’s A3 insurance financial strength rating (IFSR) at the request of the issuer. The decision, made on 21 March 2025, follows a review of the insurer’s request to discontinue its rating. Prior to this withdrawal, the outlook for China Life Singapore was stable.

China Life Insurance Singapore, established in 2015, operates as a licensed life insurer under the regulation of the Monetary Authority of Singapore. It is an indirectly wholly owned subsidiary of China Life Group, and a wholly owned subsidiary of China Life Insurance Overseas Company Ltd, which holds an IFSR of A1 with a negative outlook. As of the end of 2023, the company reported total assets of $385m (SGD526m) and shareholders’ equity of $96 million (SGD131 million).

Moody’s decision to withdraw the rating aligns with its policy on credit ratings withdrawal, which is detailed on its website. The withdrawal of the rating does not reflect any change in the financial health or operational status of China Life Singapore but is purely based on the issuer’s request.

The implications of this withdrawal are primarily procedural, as it removes the public credit rating assessment from Moody’s, which could impact the transparency of the company’s financial strength to potential investors. However, the company remains a significant player in the Singaporean insurance market, backed by the substantial resources of its parent group.
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The Advertising Standards Authority of Singapore (ASAS) has reported a significant increase in consumer feedback regarding telecommunications advertisements in 2024. The advisory council, part of the Consumers Association of Singapore (CASE), received 53 complaints about telco ads, marking a threefold rise from the previous year. This surge contributed to a 39% increase in overall advertisement feedback, totalling 432 pieces in 2024, up from 309 in 2023.

Telecommunications ads were the most complained-about, surpassing other industries such as food and beverages, restaurants, electrical and electronics, and entertainment. The complaints primarily focused on mobile plans, subscription television, and broadband services, with both traditional and virtual operators implicated. A particular telco’s brand campaign drew significant criticism for a social media video featuring a mother not admonishing her child for watching a racy scene. Although ASAS found no breach of the Singapore Code of Advertising Practice (SCAP), it advised the telco to consider the feedback and ensure such content is not accessible to children.

ASAS also noted an increase in feedback regarding potentially misleading claims, particularly around promotions and service offerings. Concerns included unclear terms for sign-up promotions and the actual availability of advertised broadband speeds.

Bryan Tan, Chairman of ASAS, emphasised the importance of ethical advertising practices, stating, “ASAS will engage the telco industry and its stakeholders to promote ethical advertising practices, encourage greater transparency to consumers and foster a trusted, level playing field among businesses.”

ASAS continues to encourage consumers to report misleading advertisements and remains committed to upholding community standards in the advertising industry.
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A recent report by Kroll, a global financial and risk advisory firm, reveals that 76% of senior executives in Singapore’s financial and professional services sectors anticipate an increase in financial crime risks by 2025. This figure surpasses the global average of 71%, highlighting Singapore’s heightened concern over financial crime threats.

The 2025 Financial Crime Report identifies key drivers of these risks, including cybersecurity threats, the increasing use of artificial intelligence (AI) by criminals, regulatory changes, geopolitical tensions, and sanctions. Notably, cybersecurity is cited by 68% of global respondents as a significant risk factor, with 61% in Singapore echoing this sentiment.

Despite the anticipated rise in financial crime, only 24% of Singaporean executives believe their compliance programmes are “very effective.” The report suggests that insufficient technology adoption and investment are potential reasons for this ineffectiveness, with only 26% strongly agreeing that their programmes are adequate in these areas.

AI’s role in financial crime compliance is a double-edged sword. Whilst 72% of respondents believe AI developments will benefit compliance efforts, 58% acknowledge the significant risks AI poses. Furthermore, the threat of cryptocurrencies is a moderate to significant concern for 74% of respondents, yet only 36% have compliance programmes addressing these risks.

David Lewis, Managing Director at Kroll, commented on the complex risk environment firms face in 2025, stating, “From cybersecurity threats to geopolitical uncertainty, firms are facing an incredibly complex risk environment.”

As Singapore prepares for the fifth round of the Financial Action Task Force mutual evaluation, the focus is shifting towards the effectiveness of compliance programmes. The report underscores the need for technology-driven capabilities to match the evolving threat landscape.
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GlobalData, a leading data and analytics company, has reported a slight decline in its Country Risk Index (GCRI), dropping from 55.6 in Q3 2024 to 55.0 in Q4 2024. This change reflects a complex global economic landscape, where easing price pressures are counterbalanced by trade policy uncertainties and geopolitical tensions. The report highlights that whilst the Asia-Pacific region shows resilience, the Americas and the Middle East and Africa (MEA) face higher risks due to economic instability and geopolitical conflicts.

In the Asia-Pacific, the risk score decreased from 54.0 to 53.4, supported by strong domestic demand and export growth, despite geopolitical tensions in the South China Sea and an economic slowdown in China, according to the report titled “Global Risk Report Quarterly Update – Q4 2024,”. Annapurna Pillutla, Economic Analyst at GlobalData, noted, “Global economic growth is projected to reach 3.1% in 2024, slightly down from 3.3% in 2023, reflecting both resilience and ongoing challenges.”

In the Q4 2024 GCRI update, the highest-risk countries included Pakistan, Myanmar, and Bangladesh. Conversely, the countries with the lowest risk were Singapore, Taiwan (Province of China), and Hong Kong (China SAR).

Pillutla concludes that managing these risks requires a sophisticated approach, emphasising adaptation and diversification. The report underscores the need for policymakers and investors to navigate the complex global economic environment effectively.
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