Industry News

Singlife has announced a strategic partnership with GXS Bank to integrate insurance coverage into the bank’s inaugural investment product on the GXS Invest platform. This collaboration aims to provide customers with a seamless way to invest and protect their wealth through a single product.

GXS Invest, accessible via GXS Bank’s digital app, is launching with the Fullerton SGD Cash Fund (Class G), a money market fund designed for low-risk investing. As part of this initiative, eligible investors will automatically receive complimentary group personal accident insurance, underwritten by Singlife. This insurance covers accidental death and total permanent disability, offering protection up to three times the investment amount, capped at S$100,000.

Varun Mittal, Head of Innovation & Ecosystem at Singlife, highlighted the significance of this partnership, stating, “Protection isn’t an afterthought – it’s the foundation that enables customers to invest with confidence. More than just bundling products, this partnership represents a fundamental shift in how insurance and investment can work together.”

This collaboration marks a significant step in bridging the gap between traditional investment and insurance products in Singapore, making financial protection more accessible and relevant. It aligns with Singlife’s ongoing efforts to embed insurance into digital experiences, such as healthcare subscriptions and employee wellness programmes.

The partnership not only enhances customer convenience but also reflects a broader trend of integrating financial services to meet diverse consumer needs in a digital-first world.
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Knight Frank Singapore’s latest Retail Report for Q2 2025 highlights the challenges faced by the retail sector amidst rising costs and a saturated market. Despite a dip in international visitor arrivals to 2.8 million in April and May from 3 million in the first two months of the year, the Singapore Tourism Board remains optimistic about achieving its full-year target of 17 to 18.5 million arrivals.

Prime retail rents in Singapore have seen moderate growth, with island-wide rents increasing by 1.2% quarter-on-quarter to S$28.20 per square foot per month. The Marina Centre, City Hall, and Bugis micromarket experienced the highest growth at 1.9%, reaching S$26.90 per square foot per month. Ethan Hsu, Head of Retail at Knight Frank Singapore, emphasised the importance of placemaking in the face of rising costs and shrinking margins, stating, “In an increasingly saturated F&B market, rising costs and shrinking margins underscore the need for sustained placemaking efforts to ensure retail spaces offer unique identities and experiences.”

Retail sales, excluding motor vehicles, rose from S$3.3b in April to S$3.6b in May, with department stores and apparel categories showing strong performance. However, the F&B sector faces significant challenges, with operating costs reaching a record S$12.3b in 2023, an 8.8% increase from the previous year.

Looking ahead, the retail outlook remains challenging due to global uncertainties and rising operating costs. Retailers are expected to adopt cautious expansion strategies as they navigate these turbulent times.
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Rently, a Singapore-based finance and property tech platform, has launched a free home contents insurance plan for its Rently Care users residing in non-landed homes. Officially rolled out on 4 April 2025, the plan includes protection for home contents and up to three emergency repair services per coverage period, each valued at up to $110 (S$150). This initiative aims to enhance tenant security and convenience, aligning with Rently’s mission to simplify the rental process.

The insurance coverage, provided in collaboration with global insurtech company discovermarket, offers comprehensive protection against incidents such as fire and burst water pipes. It also covers valuables like jewellery and furs up to $730 (S$1,000), temporary accommodation costs if the residence becomes uninhabitable, and a multi-appliance extended warranty under the highest plan tier, covering up to $290 (S$400) for repairs or replacements.

Travis Chan, Product Manager at Rently, highlighted the importance of this offering, stating, “This move allows us to address a longstanding gap in the rental ecosystem by ensuring renters feel secure both financially and emotionally. We’re redefining what peace of mind looks like in the rental space.”

With over 13,000 rental scam cases reported in 2025, the need for enhanced rental security has become increasingly apparent. Rently’s new insurance plan provides a vital safety net for tenants and landlords navigating the complex rental market, further solidifying its commitment to making renting more transparent, safe, and efficient.
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Moomoo Singapore has achieved a significant milestone, surpassing 1.5 million users, as announced by its CEO at the recent MooFest 2025. The event, held on 12 July at Suntec Convention Centre, drew nearly 4,000 attendees, including investors and partners, to explore the future of wealth management. This achievement marks a 50% increase in users within just 15 months, highlighting Moomoo’s growing impact on Singapore’s retail investing landscape.

The surge in users is attributed to Moomoo’s blend of intuitive technology, accessible financial education, and a thriving in-app community. “Reaching 1.5 million users is more than just a milestone; it’s a reflection of how deeply Moomoo Singapore is woven into the fabric of our nation’s financial and social ecosystem,” said Gavin Chia, CEO of Moomoo Singapore.

MooFest 2025 also showcased the launch of Moomoo AI, an advanced investment assistant designed to help users analyse stocks and track market trends through a conversational interface. This tool aims to empower investors with real-time insights, combining financial data and technical indicators.

Additionally, Moomoo Singapore is expanding its digital asset offerings, remaining the only online broker licenced to offer crypto trading in Singapore. With nearly 8% of investors planning to increase their cryptocurrency exposure, Moomoo is set to introduce new crypto products and enhanced analytics.

Looking ahead, Moomoo Singapore plans to deepen its market presence with initiatives like CDP linkage for seamless stock access and the launch of boutique physical stores. These efforts aim to provide a holistic investing experience, blending digital convenience with personalised support.
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Weichai Power has officially launched the President 100, Singapore’s first harbour ship powered entirely by 100% biodiesel (B100). This 16-metre vessel, equipped with two Weichai WP13C45018BF marine engines and two CCFJ20JW5BF generator sets, represents a significant step towards sustainable maritime operations. The ship was developed in collaboration with the China Classification Society, Nanyang Technological University’s Marine Energy and Sustainable Development Centre (MESD), and Pinnacle Marine.

The President 100 will undergo a 1,000-hour continuous trial in Singapore’s port waters to evaluate the long-term performance, emissions, and reliability of B100 fuel. This trial is crucial for gathering data that will inform future standards for refuelling, storage, and operations of biodiesel-powered vessels.

B100 biodiesel is seen as a key solution for reducing emissions in the maritime industry, offering an immediate pathway to net-zero operations. Weichai’s high-efficiency marine power systems, optimised for B100, aim to set a benchmark for the global shipping industry’s green transformation. The project is expected to serve as a reference model for Singapore’s maritime energy transition and contribute to establishing industry-wide standards for biodiesel-powered vessels.

This initiative underscores the potential of alternative energies in achieving sustainable maritime operations, positioning Singapore as a leader in green technology within the shipping sector.
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Singapore’s non-oil domestic exports (NODX) experienced a robust growth of 13% in June 2025 compared to the same month last year, according to the latest data released by the Department of Statistics Singapore. This marks a significant recovery from the 3.9% decline observed in May, highlighting a positive shift in the country’s trade performance.

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Bunjang, South Korea’s leading re-commerce platform, is intensifying its efforts in Singapore, marking the second anniversary of its international platform, Global Bunjang. With a staggering 452% increase in local users over the past six months, Singapore has become one of Bunjang’s fastest-growing markets outside Korea, ranking third globally in sales. This expansion is part of Bunjang’s strategy to tap into the burgeoning K-culture enthusiasm and sustainable consumption trends in Singapore.

The platform, launched in July 2023, offers a wide array of Korean secondhand goods, including K-pop merchandise and fashion items, facilitated by advanced AI technology. “Singapore represents the perfect intersection of digital savviness, sustainability values, and a deep affinity for Korean culture,” said Jaewha Choi, CEO of Bunjang. The re-commerce market in Singapore is projected to reach $2.37 billion this year, with a 14.5% annual growth rate driven by sustainability-conscious consumers.

Bunjang’s strategic focus on Singapore is underscored by its plans to increase marketing initiatives and community engagement, aiming to attract K-culture fans and value-conscious shoppers. The platform’s success in Singapore is evident, with a repeat purchase rate exceeding 50% and high demand for K-style re-commerce items such as K-pop photocards and rare apparel.

Looking ahead, Bunjang plans to expand its regional offerings, including partnerships with local platforms and enhanced buyer protection across Asia. The company is also preparing targeted strategies for Hong Kong and Taiwan, further cementing Singapore’s role as a launchpad for its cross-border re-commerce model in the Asia Pacific region.
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Mooreast Holdings Ltd., a specialist in mooring solutions, has announced a strategic partnership with Norway-based GeoProvider AS to bolster its offshore data analysis capabilities. This collaboration aims to enhance Mooreast’s offerings in the floating offshore renewable energy sector by leveraging GeoProvider’s extensive geotechnical and geophysical database. The partnership will focus on accelerating data analysis and supporting larger, more complex projects, particularly as the floating renewable market moves towards commercialisation.

The Singapore Exchange (SGX) Catalist-listed Mooreast, known for its expertise in geotechnical and geophysical studies, will work alongside GeoProvider on offshore wind projects. GeoProvider, headquartered in Stavanger, Norway, is renowned for its geophysical data and geotechnical services, catering to global clients in offshore wind, energy exploration, and carbon capture.

Mooreast’s CEO, Eirik Ellingsen, highlighted the significance of the partnership, stating, “The agreement with GeoProvider reflects our strategy to build strong partnerships that add value to our clients and increase our capability to take on larger and more complex projects.”

In addition to this partnership, Mooreast has signed a Memorandum of Understanding (MoU) with Korea Ocean Engineering & Consultants Co., Ltd. (KOCECO). This MoU aims to foster joint business and technology collaboration in offshore mooring and seabed anchoring solutions, particularly in the rapidly developing floating offshore wind market in North Asia.

Ellingsen further commented, “The two agreements will significantly strengthen Mooreast’s global position and our commitment to our transformation to serve the renewable energy sector.”

These strategic collaborations position Mooreast to address local supply chain gaps and deliver comprehensive solutions in the offshore sector, reinforcing its role in the global renewable energy landscape.
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PropNex, Singapore’s leading real estate agency, is forecasting a promising outlook for 2025, buoyed by strong private resale and new launch volumes. The company’s CEO, Ismail Gafoor, highlighted the resilience of the market despite recent changes to the Sellers’ Stamp Duty (SSD) rates. With approximately 13,600 agents, PropNex is well-positioned to capitalise on the stable transaction volumes in both public and private residential markets, UOB Kay Hian reported.

In the private resale sector, over 2,900 homes were sold in the second quarter of 2025, adding to the 3,565 sold in the first quarter. This positions the market to potentially exceed the 14,053 homes sold in 2024. New launch sales are also on the rise, with nearly 5,430 units launched so far and an additional 7,670 units expected by the end of the year. PropNex estimates that 8,000 to 9,000 new launch units will be sold in 2025, marking a 24-39% increase year-on-year.

The company remains optimistic that the revised SSD rates will not significantly impact prices or transaction volumes. Historically, sales remained robust after similar SSD revisions, only affected by the introduction of the Total Debt Servicing Ratio in 2013.

PropNex’s financial health is strong, with a net cash position of $82m (S$112m) at the end of 2024. The company anticipates reporting a 45% year-on-year increase in revenue for the first half of 2025, driven by Singapore’s vibrant property market.

Looking ahead, PropNex expects continued strong sell-through of new property launches, which could positively impact earnings in the second half of 2025. The company maintains a “BUY” rating with a target price of $0.99 (S$1.35), reflecting confidence in its asset-light business model and potential for shareholder rewards.
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ONERHT Foundation is set to host the 8th edition of the Greening ASEAN Initiatives and Leadership (GAIL) Forum on 22 July 2025 at Suntec Singapore Convention & Exhibition Centre. The event will bring together business leaders, policymakers, and sustainability experts to discuss industry, business, and regulatory perspectives on climate change mitigation and adaptation in the ASEAN region. The forum will feature a keynote address by Low Yen Ling, Senior Minister of State for the Ministry of Culture, Community and Youth, and the Ministry of Trade and Industry.

The theme for this year’s forum is “Industry, Business, and Regulatory Perspectives on Climate Change Mitigation and Adaptation.” Attendees can expect a half-day programme filled with keynotes and discussions that address the challenges and opportunities presented by sustainability imperatives, climate regulations, and evolving business models. The event aims to foster collaboration across sectors and build capacity for lasting environmental impact.

Chng LiLing, Director of RHT GRACE Institute, emphasised the importance of sustainability in business strategy, stating, “Sustainability has moved to the centre of business strategy. It now underpins long-term value creation and corporate resilience.” Kaylee Kwok, Chairman of ONERHT Foundation, highlighted the forum’s role in equipping leaders with tools to navigate a rapidly evolving landscape.

Key highlights include a fireside chat on “The Future of Green Leadership in ASEAN,” a presentation on “Navigating ASEAN’s Green Transition: Legal and Policy Pathways,” and discussions on developing and investing in carbon markets in Asia. These sessions will feature distinguished leaders and speakers in sustainability and governance.

Since its inception in 2018, the GAIL Forum has become a pivotal platform for advancing climate resilience and sustainable business practices across ASEAN. By convening industry leaders and policymakers, the forum equips businesses with the knowledge and strategies to embed sustainability at the core of their operations.
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