Industry News

Singapore banks are poised to reduce their capital buffers, which currently stand at double the regulatory requirement, according to a report by S&P Global Ratings. The adjustments will be influenced by loan growth and emerging opportunities, as outlined in the report titled “Banking Brief: High Capital Levels A Double-Edged Sword For Singapore Banks,” published on 19 March 2025.

The report notes that the increase in banks’ capital ratios, following Basel reforms in July 2024, offers both advantages and challenges. Whilst robust capitalisation provides a safeguard against unexpected losses and bolsters public confidence, excessively high levels may suggest inefficiencies in capital utilisation for growth and expansion. S&P Global Ratings suggests that Singapore banks are already planning short to mid-term strategies to address this issue.

The findings underscore the delicate balance banks must maintain between ensuring financial stability and pursuing growth. As the report states, “Healthy capitalisation protects against unexpected losses and instils public confidence. However, very high levels could indicate that a bank is not effectively using its capital for growth and expansion.”

The report is accessible to RatingsDirect subscribers and can be purchased by non-subscribers through S&P Global Ratings’ website. This analysis does not constitute a rating action but provides critical insights into the strategic financial management of Singapore’s banking sector.

As banks navigate these adjustments, the implications for their growth strategies and market positioning will be closely monitored by industry stakeholders.
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Citi Private Bank has unveiled its new philanthropy advisory solutions in Asia, starting with Singapore, to cater to the growing interest among ultrahigh net worth clients in impactful giving. This initiative, led by the bank’s Global Family Office Group, complements existing wealth management services and aims to provide clients with bespoke philanthropic guidance. The solutions include establishing donor-advised funds and facilitating donations through partnerships with registered charities.

The decision to expand these services across Asia was driven by a significant intergenerational wealth transfer, estimated at $100 trillion, and the distinct philanthropic priorities of the next generation, such as climate change and social inequality. Lee Lung-Nien, Asia South Chairman of Citi Private Bank, noted, “Our new offering caters to a growing trend of clients who want a more structured and customised approach to giving.”

The bank’s annual Family Office survey in 2024 highlighted the need for strategic development and best practice sharing in philanthropy, with over 60% of Asia Pacific family offices identifying these as crucial areas of support. The survey also revealed an increase in family offices seeking external expertise for philanthropy, rising from 21% in 2023 to 24% in 2024.

Citi Private Bank has partnered with the Community Foundation of Singapore (CFS) and AVPN to align clients with meaningful programmes. Catherine Loh, CEO of CFS, expressed enthusiasm for welcoming Citi’s clients into their community of philanthropists. Meanwhile, Naina Subberwal Batra, CEO of AVPN, introduced ImpactCollab, an online platform developed with the Monetary Authority of Singapore and the Gates Foundation, to support strategic social impact.
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HEINEKEN has unveiled its first Global Generative AI (GenAI) Lab in Singapore, a strategic move aimed at revolutionising growth, productivity, and customer engagement through advanced AI technologies. This initiative, in collaboration with AI Singapore, positions HEINEKEN as a leader in AI-driven innovation within the beverage industry.

The Lab is set to become a global centre of expertise, focusing on developing scalable GenAI solutions across key business areas. These include automated marketing content creation, intelligent financial reporting, and next-generation customer support systems. By integrating human expertise with AI capabilities, HEINEKEN aims to create responsible and standardised solutions for global implementation.

Kenneth Choo, Managing Director, APAC, HEINEKEN, expressed enthusiasm about the collaboration, stating, “By harnessing Singapore’s exceptional AI ecosystem, skilled talent, and supportive government policies, we are excited to drive the development of innovative solutions that will transform the beverage industry for years to come.”

The Lab will foster continuous knowledge transfer and talent sharing between HEINEKEN and AI Singapore. By the end of 2025, it aims to assemble a specialised team of experts, combining HEINEKEN’s Digital and Technology specialists with talent from AI Singapore.

Laurence Liew, Director of AI Innovation at AI Singapore, highlighted the significance of the partnership: “By combining HEINEKEN’s industry expertise with AI Singapore’s cutting-edge AI capabilities and talent, we are creating a powerful model for how private and public sector collaboration can drive innovative solutions with real-world impact.”

The establishment of the GenAI Lab underscores HEINEKEN’s commitment to digital transformation and innovation, setting the stage for future advancements in AI technology within the company.
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Indonesian formal sector workers are increasingly prioritising Singapore as their top destination for employment abroad, according to a recent survey by Populix. The study, which surveyed 1,000 Indonesians, revealed that 82% of respondents favour Singapore over other Southeast Asian countries, with Malaysia, Brunei, and Thailand following behind.

Populix’s Co-Founder and CEO, Timothy Astandu, highlighted that Asian countries remain the primary choice for Indonesian workers seeking international employment, with 67% of respondents choosing Asia. Europe, Australia and Oceania, and the Middle East were also considered, but to a lesser extent. The appeal of these regions is largely due to higher salaries, career development opportunities, and perceived safety and stability.

In the context of Southeast Asia, Singapore stands out, with eight out of ten Indonesians considering it for work. Astandu noted, “Singapore is seen as one of the several countries with the strongest economy in Asia, offering the highest salary standards among its neighbours, including Indonesia.”

The survey also indicated that the decision to work abroad is driven by the desire to improve economic welfare, career prospects, and quality of life. However, challenges such as language barriers and cultural adaptation remain concerns for potential migrant workers. The IT sector, in particular, is a significant draw, with 91% of Indonesian IT professionals eyeing Singapore due to its high salaries and job stability.

Singapore’s recent initiatives, such as the New Enterprise Compute Initiative, which allocates S$150m to support AI adoption in businesses, further enhance its attractiveness. Additionally, the Tech:X programme, a collaboration between Indonesia and Singapore, offers a one-year work visa for tech talents, facilitating easier movement between the two countries.

The trend of Indonesian workers moving to Singapore is also reflected in citizenship transfers, with 3,912 Indonesians changing their nationality to Singaporean between 2019 and 2022. As the international job market becomes more competitive, Astandu advises prospective workers to prepare thoroughly for the challenges ahead.
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Sincap Group, listed on the SGX Catalist, has announced its acquisition of homegrown Skylink APAC for S$42.3m. The proposed reverse takeover (RTO) is spearheaded by corporate veteran Teh Wing Kwan, aiming to bolster Sincap’s strategic positioning in the market.

The acquisition is a notable development for Sincap, as it seeks to expand its footprint and capabilities. Skylink APAC, known for its robust operations, is expected to complement Sincap’s existing portfolio, enhancing its competitive edge. Teh Wing Kwan, a strategic investor, is leading the RTO, bringing his extensive experience to the table. This move is anticipated to drive growth and innovation within the company.

The transaction underscores Sincap’s commitment to strengthening its market presence and diversifying its business operations. By integrating Skylink APAC’s expertise, Sincap aims to leverage new opportunities and deliver enhanced value to its stakeholders. The acquisition is poised to create synergies that will benefit both entities, fostering a collaborative environment for future growth.

As the acquisition progresses, industry observers will be keenly watching the integration process and its impact on Sincap’s market performance. The strategic move is expected to set a precedent for similar transactions in the sector, highlighting the importance of strategic acquisitions in achieving business objectives.
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Salesforce’s latest Connected Financial Services report reveals that a significant 60% of Singapore consumers foresee artificial intelligence (AI) playing a pivotal role in financial services, surpassing its impact in other industries. This sentiment is particularly strong among millennials and Gen Z, with 63% and 53% respectively expressing optimism about AI’s potential. The report, which surveyed 500 financial services institution (FSI) consumers in Singapore, highlights a growing expectation for AI to expedite financial transactions, with 74% of respondents anticipating faster services.

Despite the enthusiasm for AI, only 17% of Singapore consumers report full satisfaction with the personalisation offered by their banks. This gap presents a substantial opportunity for FSIs to enhance customer experiences through AI-driven solutions. Sujith Abraham, Senior Vice-President and General Manager of Salesforce ASEAN, noted, “Consumers today expect highly personalised services, yet banks struggle to meet this demand. Agentic AI solutions like Agentforce can help by providing a limitless digital workforce for banks to scale personalised services at speed.”

Key findings from the report underscore the importance of differentiated service, with 44% of Singapore consumers willing to remain with a provider offering excellent service, even if fees increase. Additionally, trust in AI agents remains a concern, as only 12% of consumers are fully confident in their use. Transparency, accuracy, and validation of AI outputs are crucial factors in building consumer trust.

As FSIs navigate declining interest rates and evolving consumer expectations, leveraging AI to deliver standout digital experiences could be key to retaining customer loyalty and satisfaction.

Venturi Partners, a Singapore-based growth-stage investor, has announced the launch of its second fund, aiming to raise $225m with a hard cap of $250m. This initiative focuses on high-growth sectors such as retail, education, healthcare, and fast-moving consumer goods (FMCG) in India and Southeast Asia. The firm plans to achieve a first close of $130m by June 2025, supported by strong backing from existing investors.

Building on the success of its first fund, which raised $180m in April 2022, Venturi Partners has already invested in seven high-growth consumer companies, including Livspace, Country Delight, and Pickup Coffee. The new fund will continue Venturi’s strategy of supporting consumer brands that are disrupting their sectors and offering innovative solutions tailored to the evolving needs of Asian consumers.

Nicholas Cator, founder of Venturi Partners, stated, “Our investment philosophy remains unchanged, backing brands that create meaningful change and deliver innovative solutions to consumers. We take an active ownership approach with our portfolio companies, working closely with founders to help unlock growth and scale their businesses.”

Venturi’s hands-on approach involves collaborating closely with management teams to scale operations and create lasting value. This strategy has established the firm as a trusted partner for founders in the region. Founded in 2020, Venturi Partners continues to focus on consumer-centric, purpose-driven brands that aim to make a positive impact in Asia.
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PropNex Realty, Singapore’s largest real estate agency, has announced the collective sale of Casa Fidelio, a freehold landed development in District 15. The tender will open on 20 March 2025, with a reserve price set at $24m, translating to $1,388 per square foot on the land area. The site covers 1,606.6 square metres (approximately 17,293 square feet) and currently consists of seven cluster terrace units built in 1990.

Casa Fidelio is located in the tranquil residential enclave of Fidelio Street and is designated for residential use under the 2019 Master Plan, allowing for two-storey mixed landed development. This zoning offers developers the flexibility to create luxury cluster houses, landed terraces, or a single grand mansion, catering to ultra-high-net-worth individuals.

Laurence Wong, Head of Collective Sales at PropNex, highlighted the site’s potential, stating, “Casa Fidelio presents a rare and exciting redevelopment opportunity for developers and investors looking to capitalise on Singapore’s resilient landed housing market.” He noted the site’s regular shape and ample size as advantageous for designing a modern residential development.

District 15 is one of Singapore’s most sought-after residential areas, known for its vibrant community and strong housing demand. The limited supply of freehold land in this prime location enhances Casa Fidelio’s appeal as a long-term investment opportunity. Despite interest, homes at Casa Fidelio have been tightly held, with no transactions since 2021.

The site is well-connected to major expressways and public transport, with nearby amenities including East Coast Park, Katong, and Joo Chiat precincts. The tender for Casa Fidelio will close on 22 April 2025 at 3 PM, inviting interested parties to submit offers for this rare redevelopment opportunity.
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A recent survey by foundit, a leading jobs and talent platform, highlights a growing disparity between salary expectations and market realities in Singapore. The survey reveals that 53% of professionals believe their salaries do not align with industry standards, whilst 41% have experienced no significant salary growth over the past three years. This misalignment poses a challenge for employers aiming to retain skilled talent in a competitive job market.

The survey underscores the need for organisations to adopt transparent salary benchmarking and skills-based compensation models. V Suresh, CEO of foundit, stated, “Our survey highlights a growing disparity between employee salary expectations and market realities in Singapore. More than half of professionals feel their compensation is not aligned with industry standards.”

Key findings from the survey include that entry-level professionals (0-3 years) are the most optimistic, with 46.9% reporting they earn above industry standards. In contrast, mid-level professionals (7-10 years) are the most dissatisfied, with 57.9% feeling their salary is below market standards. Additionally, 35% of respondents expressed dissatisfaction with salary growth opportunities.

The survey also found that nearly half of employees expect no growth or a maximum of 10% salary hike in their next review. Meanwhile, 73% of respondents anticipate future salary growth, particularly in sectors like consumer electronics, engineering, construction, and IT.

These insights provide valuable opportunities for organisations to refine their talent strategies, ensuring competitive compensation structures that attract and retain top talent. By addressing these concerns, companies can strengthen Singapore’s position as a premier talent hub in Asia.
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The Urban Redevelopment Authority (URA) has announced the results of the Bayshore Road land tender, with SingHaiyi Group securing the site with a top bid of approximately $659m, translating to a land rate of $1,388 per square foot per plot ratio (psf ppr). This tender marks the first private residential Government Land Sales (GLS) site in the new Bayshore precinct, which is planned to accommodate around 10,000 new homes, 70% of which will be Housing Development Board (HDB) flats.

The tender attracted eight bids, equalling the highest number of bids for a URA plot since the Jalan Tembusu site in January 2022. The top bid from SingHaiyi Group was narrowly higher—by just 0.8%—than the second-highest bid from Sing Holdings. However, there was a significant 36% spread between the top bid and the lowest bid from Sim Lian Group.

Wong Siew Ying, Head of Research and Content at PropNex, noted that the top bid land rate for the Bayshore Road site is higher than some Central Region plots awarded previously. For example, Zion Road plots fetched $1,202 and $1,304 psf ppr, whilst Holland Drive and River Valley Green plots were sold for $1,285 and $1,325 psf ppr, respectively.

The tender outcome exceeded expectations, with developers submitting bullish bids due to the site’s strong locational attributes, including proximity to the Bayshore MRT station and potential waterfront views. Wong highlighted the pent-up demand for new private housing in the area, particularly from HDB upgraders in nearby estates, as no significant private condo launches have occurred in Bayshore for decades.

The positive sales momentum in the primary market and anticipation of strong homebuying interest for the future Bayshore project have contributed to the optimistic bids. The last nearby GLS plot was sold in Siglap Road in 2016, with Seaside Residences launched in 2017 and sold out by 2021. PropNex projects that the average selling price for the Bayshore site could exceed $2,600 psf.