Industry News

Raffles Sentosa Singapore, the nation’s first all-villa resort, has officially opened its doors on Sentosa Island with a grand ribbon-cutting ceremony. The event, attended by leaders from Raffles Hotels & Resorts, Royal Group, and members of the diplomatic community, marked the resort’s debut as a new landmark destination. Since welcoming guests from 1 March 2025, the resort has hosted numerous distinguished visitors and significant events.

Situated just a 15-minute drive from Singapore’s Central Business District, the resort is nestled on a hilltop amidst the lush greenery of Sentosa Island. Designed by Yabu Pushelberg, it boasts 62 villas, each featuring a private pool and outdoor terrace. The design incorporates expansive floor-to-ceiling windows, offering sweeping views of the verdant landscape. The resort’s tranquil environment is further enhanced by its unique flora and fauna, including two heritage Ficus trees and a muster of resident peacocks. Guests can also enjoy the renowned Raffles Butler service, ensuring personalised and impeccable care.

To celebrate the grand opening, Raffles Sentosa Singapore is offering a Welcome Home experience, which includes private roundtrip transfers, daily breakfast for two at Empire Grill, and a complimentary Sentosa Sling. This offer is available for bookings made before 31 October 2025, for stays up to 30 November 2025, with rates starting from $1,020 (S$1,398) per villa per night, excluding service charge and taxes.

The opening ceremony was graced by key figures such as Omer Acar, CEO of Raffles Hotels & Resorts, and Asok Hiranandani, Chairman of Royal Group, highlighting the significance of this new addition to Singapore’s luxury hospitality landscape.
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A recent survey conducted by Reeracoen Singapore, in partnership with Rakuten Insight Global, has revealed that 35% of jobseekers in Singapore have fallen victim to job scams over the past year, with more than half experiencing multiple attempts.

This alarming statistic emerges amidst a broader rise in scam activities across the nation, with job scams alone costing victims over $14.6m (S$20m) in 2023, according to the Singapore Police Force.

Kenji Naito, Group CEO of Reeracoen Group, emphasised the growing challenge posed by digital fraud, stating, “As AI continues to evolve, it’s becoming harder to tell what’s real and what’s a scam — especially in digital hiring. This is no longer just a tech problem; it’s a human one.” The survey indicates a significant decline in trust among jobseekers, with 79% expressing high concern over scam risks and 40% reporting reduced confidence in recruitment platforms.

Fraudsters are increasingly exploiting legitimate-looking platforms and impersonating recruiters, targeting tech-savvy candidates. Common red flags include requests for upfront fees and offers of suspiciously high salaries with minimal job requirements. Shoichi Sunaga, Branch Manager of Reeracoen Singapore, noted, “Verified listings, stronger employer branding, and human-led screening are no longer optional – they’re essential.”

Jobseekers are calling for greater accountability from job platforms, demanding stricter screening, verified accounts, and real-time reporting systems. The report suggests deploying verification badge systems, implementing AI-powered screening tools, and enhancing collaboration with regulatory bodies to combat these scams effectively.

Reeracoen advocates for industry-wide collaboration to create a more secure and transparent digital hiring environment, ensuring jobseekers can navigate the market safely.
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Huawei Cloud Credence Forum Singapore 2025, held on 16 May, brought together over 30 global industry leaders and technology experts to discuss advancements in cloud resilience. The forum focused on enhancing enterprise quality and operational efficiency in the digital era. Maxi Wang, CEO of Huawei International, emphasised the need for continuous innovation to adapt to the evolving requirements of cloud infrastructure.

Huawei Cloud’s Director of the SRE Department, Alex An, highlighted the company’s success in achieving zero major incidents in 2024, showcasing its industry-leading quality standards. An explained that Huawei Cloud has developed a deterministic operations system that integrates quality culture, high-availability architectural design, and intelligent operations. This system allows cloud customers to achieve predictable business outcomes, utilising global networks and digital twin technologies to enhance customer experiences.

The forum also featured a panel discussion moderated by Evan Cheng, Senior Vice President of Huawei Cloud Continuous Operation & Delivery. Experts, including Jim Lim from the Cloud Security Alliance and Gan XingPing, CIO of NatSteel, discussed how cloud resilience strategies can enhance enterprise agility and operational efficiency. The panel underscored the importance of intelligent operations and maintenance in boosting system reliability.

Additionally, Huawei Cloud launched the Huawei Cloud Credence Club in Singapore, aiming to drive industry innovation and development. Gigi Hu, Managing Director of Huawei Cloud Singapore, stated that the club will focus on overcoming technological barriers and scaling intelligent operations. The initiative aims to transform operations and maintenance into a key enabler of an intelligent world, promoting collaboration and innovation across industries.
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Singapore-headquartered CrediLinq has announced the successful closure of an $85m Series A funding round, led by OMVC and MSAD Ventures. The funding will be used to accelerate CrediLinq’s expansion into the US, UK, and Australia, as well as to enhance its technology and hire senior talent. New investors include Citi North America and Rustem Family Office, whilst returning investors feature 500 Global and Epic Angels.

CrediLinq operates in the embedded finance sector, providing B2B platforms with AI-powered credit solutions. Its technology integrates into online platforms via APIs, leveraging real-time data to offer seamless credit to small and medium-sized enterprises (SMEs).

The funds will support market expansion, strategic acquisitions, and partnerships, particularly in Singapore, where CrediLinq plans to strengthen its local presence.

Deep Singh, founder and CEO of CrediLinq, stated, “Today marks a pivotal moment for CrediLinq as we accelerate the growth of embedded finance globally, helping platforms empower digital native SMEs with flexible, transparent, and more seamless access to capital.”

The company plans to enhance its AI-led credit algorithms to reduce non-performing loans and improve efficiency. Vikram Kotibhaskar, co-founder of CrediLinq, highlighted the benefits of their Credit-as-a-Service stack, which offers quick decision-making and easy checkout within partner ecosystems, resulting in a frictionless customer experience.

CrediLinq’s solutions are applicable across various sectors, including e-commerce, supply chain, and banking. The company’s integration with major marketplaces like Amazon and TikTok Shop exemplifies its reach. Mark Munoz, managing partner at OMVC, praised CrediLinq’s innovative use of AI, noting the positive revenue outcomes for clients.

With this funding, CrediLinq is poised to make a significant impact on the global financial landscape, empowering SMEs with enhanced access to capital.
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CSE Global, a systems integration and information technology solutions provider, is poised for a stronger second half of 2025, according to recent analyst reports from CGS International, Maybank, and UOB Kay Hian. The company expects a substantial increase in order wins and earnings, driven by project timings and strategic market positioning, particularly in the US.

In the first quarter of 2025, CSE Global’s order wins fell by 11% year-on-year to S$155m, attributed to delays caused by trade tariffs. However, the company secured a significant $15m (US Dollars) order from a major data centre hyperscaler, highlighting strong momentum in the data centre sector. The management’s decision to raise the dividend payout ratio to a minimum of 50% reflects confidence in the company’s earnings resilience and cash flow stability.

Maybank maintains a “Buy” rating on CSE Global, with a target price of S$0.58, noting that the company is reserving capacity for data centre and utilities market projects in the US. The bank also highlights CSE’s potential as a key beneficiary of the Monetary Authority of Singapore’s SGD5 billion programme.

UOB Kay Hian also retains a “Buy” rating, with a target price of S$0.61, despite a slight earnings revision due to the Singapore dollar’s strength against the US dollar. The company’s first-quarter revenue of S$206m, a 4% increase year-on-year, was driven by strong performances in the communications and automation segments.

Looking ahead, CSE Global’s acquisition of Chicago Communications is expected to bolster its communications network in the Americas, contributing approximately S$1.2m in net profit from May 2025. The company’s healthy orderbook of S$616m, supported by recent order wins, positions it well for future growth.

Moody’s Ratings has downgraded Yanlord Land Group Limited’s corporate family rating to B2 from B1 and its senior unsecured rating to B3 from B2. The downgrade, announced on 16 May 2025, is attributed to Yanlord’s declining operating scale and ongoing contracted sales declines, which are expected to weaken its performance and credit metrics over the next 12 to 18 months.

Yanlord, a real estate developer in China and Singapore, has seen its gross contracted sales fall to RMB22.2 billion in 2024, continuing a downward trend from 2023. This decline is driven by sector challenges and a slowdown in land replenishment. Moody’s Assistant Vice President and Analyst, Daniel Zhou, noted, “The stable outlook reflects our expectation that Yanlord will maintain adequate liquidity to meet all funding needs over the next 12 to 18 months.”

Despite the downgrade, Yanlord’s B2 rating considers its established brand, high-quality products, and adequate liquidity. The company benefits from solid recurring rental income from its investment properties in China and Singapore. However, its ratings are constrained by reduced operating scale, declining sales, and significant exposure to joint ventures.

Moody’s projects Yanlord’s debt leverage to increase to around 7.0x over the next 12 to 18 months, with adjusted EBIT/interest coverage declining to approximately 2.0x. The company’s liquidity remains adequate, supported by a cash balance of RMB10.2 billion and operating cash flow sufficient to cover debt maturities, including a $500m bond due in May 2026.

Yanlord’s ability to raise secured loans by pledging its investment properties can support liquidity, though increased reliance on secured borrowings may reduce financial flexibility. The B3 senior unsecured debt rating reflects structural subordination risk, with most claims at operating subsidiaries having priority over senior unsecured claims in a bankruptcy scenario.
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Singapore-based technology company FingerMotion has announced its expansion into the Indonesian market through a strategic partnership with PT Mach Wireless Teknologi. The collaboration aims to deploy FingerMotion’s AI-powered insurance risk rating platform, tailored specifically for the Indonesian market, to enhance underwriting processes for motor, health, and life insurance.

The platform, developed by Finger Motion Financial, a subsidiary of FingerMotion, leverages advanced machine learning models and data processing engines to integrate seamlessly into Indonesia’s telco-insurance ecosystem. This initiative is designed to empower telecom operators and insurers to deliver more accessible and personalised digital insurance products.

Martin Shen, CEO of FingerMotion, highlighted the significance of this expansion, stating, “Our entry into Indonesia represents a key milestone in FingerMotion’s strategic expansion across Southeast Asia. This platform aims to establish a strong telco-insurance ecosystem through collaboration between telecom operators and insurers.”

The partnership with Mach Wireless is also expected to facilitate connections with local solution providers, including insurance companies and telematics services, to strengthen the ecosystem further. Additionally, FingerMotion is finalising an agreement with a major telecommunications provider in Indonesia, which is anticipated to accelerate the platform’s adoption and scalability.

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RHB Singapore has launched the 15th edition of its RHB Top 20 Small Cap Jewels 2025 report, offering investors insights into promising small-cap companies in Singapore. Released on 14 May, the report identifies high-potential stocks with strong fundamentals and long-term growth prospects, particularly in the construction, consumer, and industrial sectors.

The 2025 edition arrives as global market dynamics continue to evolve, providing institutional investors and fund managers with research-driven insights into resilient investment opportunities beyond large-cap stocks. Alfie Yeo, Senior Research Analyst at RHB Singapore, noted, “This year’s edition reflects a sharper focus on resilient, regionally and domestically exposed sectors that are well-positioned to navigate global headwinds.”

Over 60% of the stock picks in this edition are new, highlighting businesses with compelling growth stories and strong balance sheets. Yeo added, “These are fundamentally strong businesses with compelling growth stories, strong balance sheets, or catalysts that could unlock significant value for investors.”

The Top 20 Small Cap Jewels report is part of RHB’s broader Regional Small Cap Compendium, reinforcing the group’s reputation as a leading research house in ASEAN. The publication is a valuable resource for institutional investors tracking emerging opportunities across the region.

The report aims to identify undervalued stocks and provide early visibility into companies with the potential to become future mid- or large-cap leaders. This initiative underscores RHB’s commitment to uncovering quality small-cap opportunities for long-term investors.
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RHB Bank has announced that it will keep its full-year Non-Oil Domestic Exports (NODX) growth projection at 0.0%, alongside maintaining a Gross Domestic Product (GDP) forecast of 2.0% for Singapore, despite recent developments in US tariff policies. This decision comes as NODX experienced a significant surge of 12.4% year-on-year in April, exceeding market expectations of a 4.3% increase and marking a sharp acceleration from March’s 5.4% rise.

The report, attributed to Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, highlights a cautious stance towards Singapore’s export-oriented sectors, including chemicals, machinery and transport, and manufacturing. These sectors are expected to face broader fallout due to uncertainties surrounding tariff policies.

Gan’s analysis underscores the resilience of Singapore’s export performance in April, despite the looming challenges posed by tariff discussions. The month-on-month seasonally adjusted growth also showed a robust 10.4% increase, further indicating the strength of the export sector.

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Morgan Stanley Research has released a report detailing the anticipated impact of Singapore Exchange Regulation’s (SGX RegCo) proposed regulatory changes, which aim to transition towards a more disclosure-based regime. The ongoing implementation of these reforms, first announced in February 2025, and a second set expected in the second half of 2025, are seen as significant positive drivers for the market.

SGX RegCo’s proposed reforms include streamlining Mainboard admission criteria by focusing on disclosure rather than prescriptive measures, and removing the financial watch-list, although issuers must still announce three consecutive years of losses. The reforms also propose refining post-listing queries to focus on material price-sensitive disclosures and enabling shareholder-requisitioned meetings.

Morgan Stanley’s report suggests that these reforms, alongside strong recent trading volumes, should support the Singapore Exchange’s (SGX) Overweight rating. The changes are part of a broader effort to adopt a more pro-enterprise stance, which is expected to enhance the attractiveness of Singapore’s equity market.

The report also notes that the continuous implementation of these market reform measures is crucial for maintaining momentum. “We see ongoing implementation of the first set of measures announced in February 2025, and the upcoming second set in the second half of 2025, as key positive drivers for the market,” the report states.

As Singapore continues to refine its regulatory framework, the market is poised for potential growth, with these reforms likely to attract more investors and issuers to the SGX.
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