Industry News

Nucleus Software has unveiled its latest AI-driven digital banking solutions at the 20th IDC Asian Financial Services Congress and Awards, held at the Sands Expo and Convention Centre in Singapore. The event, which took place on 18 July 2025, gathered over 120 chief information officers and senior technology leaders from across Southeast Asia, including Indonesia, Vietnam, Malaysia, Singapore, Thailand, and the Philippines. The congress focused on themes such as AI transformation, regional payment modernisation, and central bank digital currency readiness, aiming to foster a resilient and interoperable financial ecosystem in the region.

The congress featured a notable fireside chat titled “Changing the Engine Whilst the Bus Is Running: A Pragmatic Path to Transformation for Heritage BFSIs.” Chandima Cooray, Chief Information Officer of Hatton National Bank, and Aabhinna Suresh Khare, Chief Marketing Officer of Nucleus Software, discussed the challenges and strategies of transforming legacy financial institutions in real-time environments. Cooray emphasised the importance of balancing regulatory trust, operational continuity, and digital agility in the transformation process.

Nucleus Software’s presence at the congress underscores its mission to drive AI-enabled transformation for financial institutions across Southeast Asia. Through its integrated platforms—FinnOne Neo for lending, FinnAxia for transaction banking, and Nucleus Digital Services for cloud-ready innovation—the company supports initiatives such as credit inclusion for MSMEs in Indonesia and faster digital onboarding in Vietnam.

Khare highlighted AI’s transformative potential, stating, “AI is a mindset shift—reshaping how banks think, decide, and deliver.” He noted that AI enables banks to move from reactive to predictive operations, enhancing speed, personalisation, and risk management. As Southeast Asia embraces a digital-first financial future, Nucleus Software remains committed to empowering banks to lead with intelligence and agility.
“`

OceanX, a non-profit dedicated to ocean exploration, has bolstered its leadership team in Singapore by appointing Florence Tan as Director of Partnerships, APAC, and Lynette Long as Director of Public Programming under OceanX Education. These strategic hires aim to expand OceanX’s influence in Asia and strengthen its ability to forge impactful partnerships and deliver engaging public experiences.

Mark Dalio, founder and co-CEO of OceanX, stated, “Florence and Lynette each bring decades of experience, deep regional insight, and proven results in building relationships and delivering innovative programming. They are mission-aligned leaders who will help scale our presence and partnerships across Asia and beyond.”

Florence Tan, previously Deputy Director at Singapore Management University, has nearly two decades of experience in philanthropy and advancement. She has managed a philanthropic portfolio involving high-net-worth individuals, foundations, and government partners, consistently delivering multi-million-dollar results. Tan expressed her enthusiasm, saying, “OceanX’s ability to bridge science, education and media creates a powerful platform for regional collaboration. I’m proud to help grow its footprint in Asia.”

Lynette Long, with over 20 years of experience in creative project development and stakeholder engagement, has led global touring exhibitions such as Jurassic World: The Exhibition. She remarked, “There’s a huge opportunity to shift how people engage with ocean conservation. OceanX is well positioned to lead that movement.”

The appointments of Tan and Long are expected to guide OceanX’s strategic expansion in Asia, enhancing public engagement and cross-sector collaboration. Their expertise will be crucial as OceanX enters a new phase of global missions and regional partnerships.
“`

Singapore’s non-oil domestic exports (NODX) are set for a 2% growth in 2025, according to RHB’s latest economic research. This marks an upgrade from the previous forecast of 0% growth, highlighting the continued resilience in regional demand as a key factor supporting Singapore’s external sector. Despite the positive outlook, RHB maintains a cautious stance on the broader trade environment.

In June 2025, Singapore’s NODX surged by 13% year-on-year, a significant rebound from a 3.9% decline in May, and surpassed Bloomberg’s estimates of a 5% increase. This robust performance underscores the strength of regional demand, which remains a critical anchor for the country’s trade activities.

Barnabas Gan, RHB’s Group Chief Economist and Head of Market Research, noted the importance of these figures, stating, “The latest data reaffirms a key trend: Resilience in regional demand continues to be a critical anchor for Singapore’s external sector.”

The upgrade in NODX growth forecast is significant as it reflects the potential for sustained economic momentum in Singapore, driven by strong regional demand. However, the cautious outlook on the broader trade environment suggests that external uncertainties may still pose challenges.

Looking ahead, the upgraded forecast for NODX growth could have positive implications for Singapore’s economic performance in 2025, provided that regional demand remains robust and external conditions do not deteriorate significantly.
“`

PropNex Realty has announced a strategic partnership with BYD, a leader in electric vehicles, to promote sustainability within Singapore’s real estate and transportation sectors. The collaboration was formalised with a Memorandum of Understanding (MOU) signed on 15 July 2025 during PropNex’s 25th Anniversary Celebrations at Marina Bay Sands.

The partnership aims to encourage the adoption of electric vehicles among PropNex’s network of over 13,000 salespersons and employees. Special benefits will be offered for purchases of BYD or Denza vehicles, promoting eco-friendly transportation options. James Ng, Managing Director of BYD Singapore and Philippines, highlighted the collaboration’s potential to “empower more individuals to make eco-conscious choices.”

In addition to this green initiative, PropNex has partnered with the Singapore Institute of Advanced Medicine Holdings Ltd (SAM Holdings) to provide comprehensive, fully-sponsored health screenings for all 13,600 salespersons and nearly 200 full-time employees until 2026. This programme focuses on early disease detection and long-term health management, reinforcing PropNex’s commitment to employee well-being.

Executive Chairman of PropNex, Ismail Gafoor, emphasised the importance of these initiatives, stating, “We believe we can collectively drive meaningful change by championing the use of electric vehicles and adopting greener lifestyle choices.” The health screening initiative, he added, aims to empower salespersons and employees with access to critical health assessments.

These partnerships reflect PropNex’s broader vision of sustainability and welfare, as the company continues to lead in purposeful leadership and innovation.
“`

Morgan Stanley Research has unveiled a report highlighting how artificial intelligence (AI) is set to propel Singapore’s economic growth amidst challenges posed by an ageing population and labour constraints. The report, released ahead of Singapore’s 60th anniversary, predicts that AI will sustain a 3% GDP growth rate, keeping Singapore among the fastest-growing developed economies.

Singapore is recognised as one of the top AI markets globally, thanks to a robust ecosystem fostered by government initiatives. According to the report, over 70% of surveyed corporations have integrated AI into their operations, enhancing productivity, labour efficiency, product development, and supply chain management. This widespread adoption is crucial for maintaining the projected GDP growth.

The report identifies two categories of AI players in Singapore: Enablers and Adopters. Enablers like Singtel, Keppel, and SCI are pivotal in building the necessary infrastructure for AI, with Singtel expanding its data centre capacity and establishing AI factories across Southeast Asia. Meanwhile, Adopters such as Grab, Sea Ltd, Singapore Airlines (SIA), and ST Engineering (STE) are leveraging AI for innovation and productivity enhancements. Notably, Grab has launched an AI Centre of Excellence in Singapore to accelerate AI-driven solutions.

Morgan Stanley’s findings underscore the strategic importance of AI in Singapore’s economic landscape, suggesting that continued investment and innovation in AI could further solidify the country’s position as a global leader in technology and economic growth.
“`

Arsenal Football Club has announced a multi-year partnership with Airwallex, a leading global payments and financial services platform, which will now serve as the club’s Official Finance Software Partner. This collaboration will see Airwallex support Arsenal’s financial operations and act as the Presenting Partner for the club’s 2025/26 pre-season tour in Singapore and Hong Kong.

The partnership allows Airwallex to utilise Arsenal’s Men’s and Women’s first team branding and deliver exclusive content for fans at Emirates Stadium during Premier League and Women’s Super League fixtures. Juliet Slot, Arsenal’s Chief Commercial Officer, expressed enthusiasm about the partnership, stating, “We’re delighted to welcome Airwallex as our new partner, and we’re excited to introduce them to our global family of Gooners on our Men’s tour to Singapore and Hong Kong.”

Jack Zhang, Co-Founder and CEO of Airwallex, highlighted the significance of the partnership, noting, “Partnering with Arsenal is a proud moment for Airwallex. We are building the future of global banking, and that means working with brands and businesses that are committed to global reach, excellence, and innovation.”

This agreement marks Airwallex’s second major sports partnership, following its successful collaboration with Formula One’s McLaren Racing. The partnership comes shortly after Airwallex’s valuation at $6.2 billion (£4.8 billion) in a Series F fundraising round, further solidifying its presence in global elite sports.
“`

Ajinomoto, a leading Japanese food manufacturer, has unveiled its Solein-powered Flowering Ice Cream at the World Aquatics Championships in Singapore, running from 18 July to 3 August 2025. This innovative product is part of Ajinomoto’s conscious brand, Atlr72, which aims to meet the growing consumer demand for healthful and environmentally friendly food options.

The Solein-powered ice cream, available in three flavours, is being offered at the event’s food lorries, providing both athletes and visitors with a nutritious and sustainable treat. Solein, developed by Solar Foods, is a versatile protein created through a unique fermentation process using air and electricity, offering a minimal environmental impact. Juan Benitez Garcia, Chief Sales Officer of Solar Foods, expressed excitement about the collaboration, stating, “Solein delivers a protein boost to the indulgent products, adding outstanding nutrition with a minimal environmental impact.”

Ajinomoto’s Atlr72 brand, which previously launched limited-edition Solein-powered Flowering Mooncakes and Ice Cream Sandwiches in September 2024, plans to expand its offerings beyond sweets to include daily food options. This initiative aligns with the brand’s vision of promoting a sustainable food lifestyle and contributing to a better future for people and the planet.

The strategic partnership between Solar Foods and Ajinomoto, established in 2023, underscores a shared commitment to innovation in food production. Ajinomoto’s global reach, with offices in 34 countries and sales in over 130 regions, positions it well to influence sustainable eating habits worldwide.
“`

Huawei Cloud has unveiled its ambitious plans to propel Singaporean enterprises from basic cloud adoption to full-scale intelligence at the Huawei Cloud Singapore Summit 2025. The event, themed “Accelerate Intelligence, Ignite Smarter Future,” gathered over 500 representatives from government, business, and technology sectors to discuss strategies for enhancing enterprise productivity amidst a complex global landscape.

Maxi Wang, CEO of Huawei International, emphasised Singapore’s commitment to practical innovation, stating, “In the era of intelligence, Singapore has always valued practical innovation, the kind that lifts productivity, streamlines operations, and empowers every individual to grow.” Huawei aims to equip the local workforce with globally competitive skills by collaborating with industry and higher education partners.

Sunny Shang, President of Huawei Cloud Asia Pacific, highlighted Singapore’s role as a global innovation hub, noting the country’s unique five local Available Zones (AZ) deployment. This infrastructure supports service continuity and acts as a bridge for innovative solutions between Singapore and the world.

Huawei Cloud’s Director of Marketing, Aka Dai, introduced the company’s full-stack innovation for the intelligent era. This includes one-stop service capabilities that enable customers to leverage data and intelligence effectively. The integration of data and intelligence across business functions aims to transform innovative ideas into tangible results.

Gigi Hu, Managing Director of Huawei Cloud Singapore, outlined plans to invest in consulting, planning, and R&D support for key industries. Huawei Cloud will assist 10 major enterprises in implementing multi-cloud strategies and support over 50 Singaporean companies in upgrading to intelligent transformation.

The summit showcased industry practices and innovations, with partners like Grab and Minimax discussing cloud-native innovations. Huawei Cloud’s commitment to integrating technological innovation in everyday life was also highlighted, with initiatives like Tech4City promoting digital talent and public good.
“`

Starhub has maintained its position as the leader in Singapore’s mobile internet market for the second consecutive year, according to the 2025 Mobile Internet Performance Report by nPerf. The report, which analysed data from Q3 2024 to Q2 2025, awarded Starhub a score of 111,283 nPoints. The operator delivered a download speed of 224.9 Mbps, an upload speed of 28.7 Mbps, and a latency of 22.6 ms, with 85.7% of video streams playing without interruption.

SingTel secured the second spot with 101,596 nPoints, boasting the highest download speed at 236.8 Mbps—a 41.8% increase from the previous period. SingTel also led in upload speed at 29.9 Mbps and browsing performance, with 69.9% of pages loading properly. MobileOne ranked third, showing improvements with a download speed of 162.5 Mbps and an upload speed of 23.0 Mbps.

SIMBA, in fourth place, recorded a download speed of 30.1 Mbps and an upload speed of 6.0 Mbps. The report was based on 16,361 tests conducted via the nPerf application on Android and iOS devices.

Sébastien de Rosbo, CEO of nPerf, noted, “The Singaporean mobile market has shown substantial technical progress this year, with download speeds increasing by up to 41.8% for SingTel and all major operators demonstrating significant performance improvements.”

In the 5G category, Starhub also achieved the highest score in Singapore for the second consecutive year. The report highlights the ongoing advancements in mobile internet performance, offering valuable insights for consumers and operators alike.
“`

Singapore’s real estate investment trusts (REITs) are expected to see improved distribution per unit (DPU) in the second quarter of 2025, driven by lower interest rates and strong fundamentals. This comes as the demand for yields intensifies, with risk-free returns continuing to decline. The report suggests that Singapore REITs are reaching an inflection point, potentially leading to sequential improvements in DPU.

The report highlights that Singapore banks may face pressure on their net interest margins (NIMs). However, the wealth management sector is expected to provide a buffer, supporting overall income. Despite these challenges, the report indicates that REITs are likely to continue outperforming banks, particularly in the retail, industrial, and office sectors.

The analysis underscores the importance of focusing on banks with higher and growing yields, as they are expected to maintain their course amidst these market conditions. The ongoing demand for yields is becoming increasingly tangible, with investors seeking alternatives as traditional risk-free returns diminish.

As the financial landscape evolves, the report suggests that Singapore REITs are well-positioned to capitalise on the current economic environment. The potential for improved DPU, coupled with robust fundamentals, positions them favourably against banks in the near term. This trend is anticipated to persist, offering attractive opportunities for investors seeking yield in a low-interest-rate environment.
“`