Industry News

AbbVie employees across Asia have marked the 10th anniversary of the company’s ‘Week of Possibilities’, a global volunteering initiative aimed at supporting local communities and advancing health equity. In June and July, 880 employees from Singapore, Malaysia, Thailand, the Philippines, India, Taiwan, and South Korea volunteered over 3,000 hours, benefiting more than 650 individuals through 24 initiatives in partnership with 17 community organisations.

The programme focused on aiding vulnerable groups, including children, seniors, and individuals with disabilities. In Thailand, volunteers rebuilt classrooms and provided essentials for students in rural areas. In the Philippines, efforts centred on food security, with volunteers preparing meals and raising awareness through the Kasama Ka programme. Meanwhile, in India, activities ranged from sports days for homeless children to art-based environmental workshops.

Peggy Wu, Vice President Asia at AbbVie, highlighted the importance of these initiatives, stating, “Our people power the change we want to see in the world. Every action brings us closer to a more equitable, healthier future.”

In Singapore, employees engaged in creative activities with seniors and vulnerable individuals, whilst also participating in environmental sustainability efforts through waterways clean-ups. The Taiwan region and Malaysia saw inclusive events that empowered individuals with disabilities, and in Korea, volunteers supported people with disabilities through community outings and eco-friendly installations.

Claire Chin, Area Head Regulatory Affairs at AbbVie, noted the significance of health equity, stating, “Before we consider advanced technologies and treatment options to support health, we have to first fulfil the basic human needs of hygiene, good health, and a good environment.”

Launched in 2014, AbbVie’s ‘Week of Possibilities’ has become a cornerstone of the company’s culture, engaging employees worldwide in meaningful community impact.
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Singapore is taking significant strides to bolster maritime safety, as highlighted during the opening plenary of International Safety@Sea Week 2025. Senior Minister of State for Law and Transport, Murali Pillai, emphasised the urgent need to address complex global challenges such as geopolitical tensions and climate change, which are impacting the maritime industry.

The theme for this year’s event, “The Future of Maritime Safety: Navigating the Next Frontier,” underscores the industry’s focus on digitalisation and decarbonisation. Pillai noted that whilst these advancements offer opportunities, they also introduce new safety risks. “It is imperative that we address safety risks in tandem with these developments,” he stated.

Singapore is actively supporting the upskilling of the global maritime workforce. The Maritime Energy Training Facility, launched last year, has already trained over 600 seafarers in handling alternative fuels and new technologies. The facility aims to train more than 10,000 seafarers by the 2030s. Additionally, Singapore is co-hosting a seminar with the International Maritime Organisation (IMO) to promote knowledge sharing among maritime administrations and industry bodies.

Collaboration is key to advancing maritime safety. The International Chamber of Shipping is establishing a regional office in Singapore, further strengthening the city-state’s position as a global hub for maritime safety. Partnerships, such as those with France’s Directorate General for Maritime Affairs and Bureau Veritas, are also enhancing safety through innovative digital and decarbonisation solutions.

Technological advancements are playing a crucial role in maritime safety. Singapore’s Maritime Digital Twin, launched in March, provides a real-time digital replica of the port, integrating live data to predict and respond to potential incidents swiftly.

These initiatives reflect Singapore’s commitment to ensuring maritime safety remains at the forefront as the industry navigates new challenges and opportunities.
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Europe’s football giants, Arsenal FC, AC Milan, and Newcastle United, are set to thrill fans at the Singapore Festival of Football (SFOF) this July. The event, returning after a two-year hiatus, will see Arsenal face AC Milan on 23 July and Newcastle United on 27 July at the National Stadium. Both matches kick off at 7.30pm Singapore time.

The festival, presented by Trident, will also feature an Open Training Session by Arsenal on 25 July, offering fans a chance to interact with their favourite players. Tickets for matches start at $108, whilst the training session is priced at $32. Arsenal legends Gilberto Silva and Bacary Sagna, Newcastle’s Shay Given and Shola Ameobi, and AC Milan’s Serginho and Alexandre Pato will engage with fans through various activities, including football clinics and meet-and-greets.

Trident’s CEO, Lim Soon Huat, expressed excitement about the event, stating, “We are thrilled to present the Tridentity Cup at the Singapore Festival of Football, where we proudly serve as the Premier and Digital Technology Partner.”

AC Milan will debut their new Away kit, featuring a devilish design, during the festival. Fans can also purchase exclusive experiences, such as private meals with club legends. Meanwhile, Newcastle will participate in a food drive and host a retail event on 26 July.

The SFOF is part of a five-year partnership between TEG Sport and the Singapore Tourism Board, promising regular European football fixtures in Singapore. This year’s festival marks Arsenal’s return since 2018 and Newcastle’s first visit in nearly 30 years.
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Jin Songzhe, a 51-year-old director of C&C Combine Singapore Co. Pte Ltd and Help & Love Internet Technology (Singapore) Pte Ltd, has been fined $450,000 by the State Courts for fraudulent evasion of Goods and Services Tax (GST) on imported goods. Jin pleaded guilty to evading GST amounting to $139,655.88 through 64 shipments between January and December 2022. Additional charges were considered during sentencing, including further GST evasion and incorrect declarations.

The fraudulent scheme involved Jin’s companies and a Guangzhou-based freight forwarder. Singapore buyers would place orders with China-based agents, who issued invoices reflecting the actual value of goods and collected the corresponding GST. However, falsified invoices with lower values were sent to the freight forwarder, who then forwarded them to C&C Combine. Jin’s staff created further altered invoices, which were used to apply for the Cargo Clearance Permit, declaring Jin’s companies as importers and paying GST on the under-declared values.

Jin’s direct involvement included managing operations and authorising the submission of altered invoices. The scheme allowed China agents and the freight forwarder to keep the difference between the actual and underpaid GST, maintaining business ties with Jin’s companies.

A Singapore Customs spokesperson stated, “Fraudulent evasion of import GST undermines fair trade and deprives the country of legitimate tax revenue.” Offenders face fines up to 20 times the evaded GST and/or imprisonment. The public is encouraged to report smuggling or GST evasion activities to Customs.
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The Asia Pacific Summit for Aviation Safety (AP-SAS) convened in Singapore on 15 July, bringing together aviation leaders to address the challenges posed by increasing air traffic and recent global incidents. The summit, co-organised by Singapore and the Flight Safety Foundation, emphasised the importance of reinforcing safety fundamentals as air traffic volumes recover and surpass pre-pandemic levels.

Since its inception in 2023, AP-SAS has facilitated significant milestones, including the establishment of a regional safety data-sharing initiative among five ASEAN states. This initiative has seen the sharing of 7,000 occurrence reports, enhancing the collective ability to identify and address safety hazards.

The summit’s theme, “Future-Proofing Aviation Safety: Adapt, Innovate, Excel,” reflects the anticipated growth in the Asia-Pacific region, driven by a burgeoning middle class. Countries like Australia, Vietnam, and the Philippines are expanding airport infrastructure to meet this demand, which brings increased complexity to air traffic and airport operations.

Senior Minister of State for Transport, Sun Xueling, highlighted the need for proactive measures to reinforce safety systems and resilience. She stressed the importance of robust safety regimes, positive safety cultures, and strong leadership to maintain public trust in aviation.

The summit also underscored the role of technological innovations, such as System Wide Information Management and Trajectory Based Operations, in enhancing safety and efficiency. However, these advancements require rigorous testing and workforce training to ensure safe integration.

As the aviation industry faces geopolitical and supply chain challenges, collaborative efforts across governments, industry, and international organisations are deemed essential. The summit serves as a platform for timely discussions and cross-sharing of emerging safety issues, aiming to navigate new complexities and support growth in the sector.
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Singaporean coffee brand Alchemist has expanded internationally for the first time, launching two new stores in Tokyo’s Aoyama and Asakusa neighbourhoods. The openings in late June 2025 mark a significant step for the brand, known for its minimalist aesthetic and quality-driven coffee experience. Founder Will Leow expressed excitement about the expansion, stating, “Expanding into Tokyo felt like a natural step forward for us, and we’re humbled by the warm reception from the local community.”

The Aoyama store, located in the COERU Shibuya Building, offers a seating capacity of 30 and operates from 8:00 AM to 7:00 PM. Meanwhile, the Asakusa store, situated in the A*G ASAKUSA Building, accommodates 70 patrons and opens from 9:00 AM to 7:00 PM. Both locations feature a menu with over 10 types of coffee, priced between $4.00 (¥600) and $8.00 (¥1,200).

Alchemist, established in 2016, has grown to 11 locations in Singapore and is renowned for its precise roasting techniques and commitment to quality. The brand plans to open 10 more stores across Tokyo by the end of 2028, aiming to become a staple in Japan’s coffee scene. The company remains dedicated to barista training and career development, ensuring that its core values are upheld in every cup served.
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HashKey OTC Global, a leading over-the-counter trading platform under HashKey Group, has announced remarkable growth in the first half of 2025. The platform reported a 140% increase in transaction volume and a 246% rise in revenue compared to the same period last year. Additionally, the number of users on the platform has doubled, highlighting its expanding market presence.

The platform, which specialises in digital asset spot trading services for professional and institutional investors, operates at the intersection of traditional finance and Web3. It offers a secure and efficient on-off ramp solution for both crypto and fiat transactions. HashKey OTC Global caters to a diverse clientele, including hedge funds, family offices, and cross-border trading companies, providing them with deep liquidity, competitive pricing, and seamless settlement.

The platform’s highest single-week volume reached nearly $200m, reflecting strong market demand and its ability to support high-value institutional transactions. It facilitates multicurrency settlements, including major fiat currencies and stablecoins, ensuring fast and cost-effective conversions for global clients.

Chao Deng, CEO of HashKey OTC Global, emphasised the platform’s commitment to redefining institutional crypto services by combining traditional finance reliability with Web3 innovation. The company holds licences from leading authorities such as the Monetary Authority of Singapore, Japan’s Financial Services Agency, and Dubai’s Virtual Assets Regulatory Authority, ensuring a secure trading environment.

By partnering with top-tier banks and compliance firms like Moody’s and Chainalysis, HashKey OTC Global maintains robust KYC and KYT measures, reinforcing trust and transparency in every transaction. The platform’s growth underscores the increasing trust in regulated OTC platforms as institutions seek alternatives to fragmented liquidity sources.
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Prime US REIT has announced a significant milestone with the signing of a large anchor tenant lease, reflecting continued demand for US office space despite recent tariff announcements. This development has prompted RHB to maintain its “Buy” recommendation, raising the target price to $0.23 from $0.18, indicating a potential 39% upside. The REIT is expected to secure another major lease by the end of the third quarter of 2025, which could further enhance its portfolio occupancy and asset valuations year-on-year.

The recent lease signing is a positive indicator for Prime US REIT, suggesting resilience in the US office market. However, the volatile interest rate environment remains a challenge, with a dovish shift potentially acting as a catalyst for further growth. Currently, the stock is trading at a discount of over 70% to its book value, presenting an attractive opportunity for investors.

Analyst Vijay Natarajan highlighted the importance of this lease in boosting the REIT’s asset valuations and overall portfolio occupancy. “The demand for office space remains resilient,” he noted, despite the broader economic uncertainties.

Looking ahead, Prime US REIT’s strategic focus on securing large leases and navigating interest rate fluctuations will be crucial in maintaining its growth trajectory. The anticipated lease signing by the end of Q3 2025 could further solidify its market position, offering investors a promising outlook amidst the current economic landscape.
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JLL has announced the sale of an industrial property at 11 Wan Lee Road, Singapore, with an indicative price of $9.1m (S$12.5m). The site, classified as “Business 2” under the Urban Redevelopment Authority’s Draft Masterplan 2025, offers substantial development potential with an underutilised plot ratio. The current gross floor area (GFA) of 41,994 square feet can potentially be increased to 106,000 square feet, pending approval from authorities.

The property, currently operating as a pharmaceutical facility, is located within a designated JTC food zone, making it ideal for conversion to food manufacturing. With approximately 25 years remaining on its land lease, the site provides ample opportunity for redevelopment. Pamela Siow, Head of Logistics and Industrial, Capital Markets at JLL Singapore, highlighted the property’s unique value, stating, “Its position within a JTC food zone, despite current authorisation for pharmaceutical manufacturing, makes it exceptionally valuable.”

Strategically positioned within the Chin Bee food and beverage manufacturing cluster, the site offers excellent connectivity via the Ayer Rajah Expressway and is less than 10 kilometres from Tuas Cheque Point. The upcoming Tuas Mega Port and Enterprise MRT Station will further enhance accessibility, making the property attractive for intensive food processing operations.

The property is available for sale via private treaty, presenting a significant opportunity for investors looking to capitalise on Singapore’s ’30 by 30′ food security initiatives and the site’s strategic location.
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The OCBC SME Index has shown an improvement in the second quarter (Q2) of 2025, reaching 50.5, up from 49.9 in the previous quarter. This marks a shift into the expansion range, indicating that Singapore’s small and medium enterprises (SMEs) are holding up well against challenging economic conditions and a volatile geopolitical landscape. The index’s rise is supported by broad-based improvements across various industries, with overall collections growing by 5.8% year-on-year and payments increasing by 4.5%.

The GDP growth Nowcast based on the OCBC SME Index for Q2 2025 is approximately 4.5%, aligning closely with the Ministry of Trade and Industry’s advance estimates of 4.3%. This growth is driven by both domestic and externally oriented industries, although improvements remain narrow. Externally, sectors such as Wholesale Trade, Manufacturing, and Resources have shown expansion, whilst domestic industries like Food & Beverage (F&B), Business Services, and Building & Construction have also contributed to growth.

However, not all sectors are thriving. Transport & Logistics, Education, and Information and Communications Technology (ICT) continue to face contraction. The ongoing US tariff negotiations pose additional challenges, with 57% of 1,600 SME business owners surveyed expecting the outlook for the rest of the year to worsen or remain unchanged.

Linus Goh, OCBC’s Head of Global Commercial Banking, noted, “SMEs turned in a resilient performance in Q2 2025, holding up surprisingly well against challenging economic conditions with broad-based improvements across both external and domestic industries.” He added that US tariffs and potential disruptions to global trade remain significant concerns for SMEs, and the index is expected to ease in the second half of 2025.

As SMEs navigate these complexities, the OCBC SME Index will continue to provide valuable insights into their performance and the broader economic conditions they face.
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