Industry News

A recent survey by the Association of Chartered Certified Accountants (ACCA) has highlighted a significant shift in career ambitions among finance professionals in Singapore and the Asia Pacific region.

The 2025 Global Talent Trends survey found that 37% of Singaporean finance professionals and 52% across Asia Pacific are keen to become entrepreneurs. Additionally, 65% of Singapore respondents expect to change roles within the next two years, reflecting a dynamic shift in the workforce.

The survey, which is the largest of its kind in the finance sector, gathered responses from over 10,000 professionals worldwide. It revealed a growing interest in sustainability-related careers, with 61% of Singaporean respondents expressing a desire to focus on environmental issues within accountancy. This trend aligns with the increasing demand for purposeful work that addresses high-value challenges.

Despite the enthusiasm for new career paths, there is concern about skill development, particularly in artificial intelligence (AI). A significant 65% of Singaporean professionals worry they are not acquiring the necessary AI skills for future workplaces. This concern is compounded by the fact that only 27% of organisations currently offer AI-related learning opportunities.

Workplace wellbeing remains a critical issue, with 53% of Singapore respondents reporting that work pressures negatively impact their mental health. The survey also highlighted a preference for hybrid working models, although 41% of respondents still work full-time in the office, indicating a potential disconnect that could affect employee engagement.

Daniel Leung, ACCA Singapore’s Country Manager, emphasised the need for organisations to invest in their talent pool to ensure long-term resilience. He stated, “It is imperative for employers to challenge the status quo and invest in their talent pool to ensure long-term resilience for organisations.”

The findings underscore the evolving landscape of the finance profession in Singapore, driven by entrepreneurial ambitions and the pursuit of meaningful work. As the sector adapts to these changes, organisations are encouraged to support skill development and address workplace wellbeing to retain talent effectively.
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Tetra Pak has inaugurated its Customer Innovation Centre (CIC) in Bangkok, designed to assist food and beverage companies across the Asia-Pacific region, including Singapore, in bringing innovative packaging solutions to market more swiftly.

This initiative aligns with Singapore’s Budget 2025, which prioritises helping local businesses expand internationally amidst rising costs and resource constraints.

Located at Bhiraj Tower, EmQuartier, the CIC serves as a collaborative hub, enhancing product development efficiency and reducing time-to-market. The centre offers a comprehensive five-step model, including insight discovery, category immersion, innovation showcase, co-creation space, and prototyping. This model is intended to support brands from concept ideation to product launch.

Julia Luscher, Vice President Marketing, Market Operations at Tetra Pak, highlighted the importance of innovation in adapting to changing consumer preferences and global food system uncertainties. “Building long-term resilience has never been more critical,” she stated. “The launch of the CIC Bangkok underscores our commitment to helping the industry navigate change and explore new growth opportunities.”

The CIC Bangkok joins Tetra Pak’s global network of innovation centres, which includes locations in the US, Sweden, Italy, Dubai, and Brazil. Looking ahead, Tetra Pak plans to open a Product Development Centre in Rayong, Thailand, in 2026, further solidifying its role as a leader in food and beverage innovation.
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LussoCitta, a Singapore-based online platform known for selling branded and designer products, has announced a strategic partnership with KrisShop, the flagship omnichannel retailer. This collaboration, which began in October 2024, is part of LussoCitta’s broader strategy to make luxury items more accessible to a wider audience. The partnership allows LussoCitta’s range of designer bags to be available on KrisShop’s e-commerce site, KrisShop.com, offering KrisFlyer members special discounts and the option to redeem products using KrisFlyer miles.

The collaboration aims to expand customer engagement and market reach for both brands. By integrating its offerings into KrisShop’s retail ecosystem, LussoCitta seeks to increase its exposure among frequent travellers and KrisFlyer members. For KrisShop, the inclusion of LussoCitta’s luxury products introduces a new category to its existing catalogue, aligning with its strategy to offer merchandise across various price points.

LussoCitta plans to develop the partnership in phases, focusing initially on integrating new product lines and seasonal collections into KrisShop’s platform. Regular promotional activities, including targeted campaigns and member-exclusive offers, are expected to maintain customer engagement and drive sales. Further updates on new campaigns, brand partnerships, and expanded product offerings will be communicated through official channels as they are confirmed.

Established in 2009, LussoCitta emphasises product authenticity and customer service, providing a streamlined and secure shopping experience for luxury handbags. This partnership with KrisShop marks a significant step in LussoCitta’s efforts to expand its market presence whilst maintaining its focus on accessible luxury.
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The GrowHub, a Singapore-based company specialising in blockchain technology for product traceability, has announced a strategic partnership with Why Ventures to deploy agri-tech solutions in Vietnam’s Central Highlands. This collaboration aims to implement The GrowHub’s traceability system across cacao and coffee farms, enhancing yield quality and market access for local farmers.

The initiative, set to launch at Why Ventures’ pilot site, will serve as a testbed for The GrowHub’s digital solutions, ensuring transparency from bean-to-bar or bean-to-cup. This partnership is part of The GrowHub’s ongoing expansion following the establishment of its regional branch in 2024, focusing on software development and data analytics to promote tech-driven agricultural solutions in Vietnam.

Why Ventures will integrate The GrowHub’s platform into its entrepreneurship programmes, allowing participants to experience the impact of technology on sustainable agriculture. Christine Ng, founder of Why Ventures, emphasised the importance of digital tools for Vietnamese farmers, stating, “This partnership gives these farmers access to The GrowHub’s proprietary traceability solution that aims to help build trust with consumers, improve sustainability, and increase profits through better data and storytelling.”

Alec Ngo, COO of The GrowHub, expressed enthusiasm for the collaboration, highlighting the potential to cultivate a new generation of tech-savvy, environmentally conscious agrientrepreneurs. The partnership is expected to expand beyond cacao and coffee, offering scalable opportunities for other agricultural sectors in Vietnam in 2025 and beyond.
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Singapore EXPO, managed by Constellar, has achieved the prestigious Platinum Certification for MICE Sustainability, marking a significant milestone in the Meetings, Incentives, Conferences, and Exhibitions (MICE) industry. This certification, developed by the Singapore Association of Convention and Exhibition Organisers and Suppliers (SACEOS), aligns with the Global Sustainable Tourism Council’s (GSTC) MICE Criteria and is supported by the Singapore Tourism Board.

The Platinum Certification, introduced in November 2024, represents the highest level of recognition for sustainability in the MICE sector. It evaluates venues and organisers on their environmental, social, and governance practices. Singapore EXPO’s commitment to sustainability is evident in its transition to renewable energy, advanced waste management systems, and energy-efficient technologies. Notably, it boasts Singapore’s largest single-site solar rooftop installation, powering all MICE activities with clean energy.

Key achievements include a comprehensive waste management programme, energy-efficient lighting systems, and water conservation initiatives. The venue also engages with local organisations to drive skills training and community outreach. “Being a sustainable venue is a key differentiator for events,” said Chua Wee Phong, Group CEO of Constellar, highlighting the venue’s role in fostering sustainable growth.

Richard Ireland, President of SACEOS, commended Constellar’s achievement, stating, “This is the highest accolade that sets a new benchmark for the industry.” Looking ahead, Singapore EXPO plans to expand its renewable energy sources and enhance green infrastructure, contributing to Singapore’s Green Plan 2030.
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Lotus One Investment Pte Ltd has acquired the Duxton Reserve Singapore, a 49-key luxury boutique hotel, from the Garcha Group for $58m (S$80m). The transaction, facilitated by JLL Hotels & Hospitality Group, marks a strategic move for both parties, allowing the Garcha Group to focus on new development projects and expand its brand internationally.

The Duxton Reserve, part of Marriott International’s Autograph Collection, is renowned for its unique design by British designer Anouska Hempel and its location within conserved heritage shophouses in Tanjong Pagar. The Garcha Group, known for its heritage-rich luxury properties, will continue to manage the hotel to ensure a seamless transition.

Satinder Garcha and Harpreet Kaur Bedi, founders of the Garcha Group, expressed pride in the project, stating, “Duxton Reserve has been a defining project for us, and we’re incredibly proud of what we built. We are excited about the potential for long-term collaboration and the continued journey of Duxton Reserve.”

For Lotus One Investment, the acquisition aligns with its strategy of investing in culturally significant assets. Nirmal Singh, Director of Lotus One Investment, commented, “Duxton Reserve is an iconic and rare asset that embodies cultural richness and architectural distinction, values that align closely with our long-term philosophy.”

The sale attracted significant interest, highlighting the growing appeal of boutique heritage properties. JLL’s Ling Wei Tan noted the strong investor interest due to the asset’s quality and uniqueness. Lighthouse Canton, acting as portfolio adviser, supported Lotus One Investment in evaluating the opportunity as part of its broader strategy.
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HSBC Global Private Banking has announced the appointment of Kapil Khanna as Desk Head for Australia, Japan, and International, effective 14 July 2025. Based in Singapore, Khanna will spearhead the growth and client coverage strategy for these significant markets, reporting to Abhishek Mehrotra, Market Head, Southeast Asia International.

Khanna brings a wealth of experience in managing ultra-high-net-worth (UHNW) client relationships across the Asia-Pacific (APAC) and Europe, the Middle East, and Africa (EMEA) regions. Originally from Australia, he began his career in investment banking in Sydney, gaining substantial expertise in the Australian wealth management industry before expanding his reach across APAC and EMEA.

Prior to this role, Khanna served as Head of International Investment Counselling at HSBC and has held various leadership positions, including UHNW investment counsellor and cluster head, overseeing teams that service clients across the region.

Tommy Leung, Head of Global Private Banking, South Asia, commented on the appointment, highlighting the strategic importance of the Australia, Japan, and International markets. “With Kapil’s extensive experience across both institutional and private banking, including his deep understanding of the Australian market, he is well-positioned to lead our efforts to deepen client relationships and strengthen our foothold in these developed economies,” Leung stated.

This appointment underscores HSBC’s commitment to delivering bespoke wealth solutions to clients in developed economies, leveraging the bank’s global reach and local expertise. The move aligns with HSBC’s long-term growth strategy, as the global high-net-worth individual (HNWI) population is projected to grow by 28.1% from 2023 to 2028.
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Singapore’s non-oil domestic exports (NODX) experienced a significant rise of 12.4% year-on-year in April, according to UOB Global Economics and Markets Research. This increase, which far exceeded Bloomberg’s consensus of 4.3% and UOB’s own estimate of 5.8%, was primarily driven by a surge in electronics exports, which grew by 23.5% year-on-year. The data suggests that exporters are accelerating shipments ahead of the 9 July expiry of a 90-day pause on reciprocal tariffs, amidst concerns about potential Section 232 tariffs on pharmaceuticals and semiconductors.

The electronics sector’s robust performance was bolstered by integrated circuits and personal computers, the latter seeing an over 100% year-on-year increase. Non-electronics NODX also improved, rising by 9.3% year-on-year, with significant contributions from non-monetary gold, structures of ships and boats, and specialised machinery.

The recent easing of US-China trade tensions, which included the cancellation of retaliatory tariffs and a temporary pause on reciprocal tariffs, has opened a window for continued export and production activities. This development has been particularly beneficial for the electronics sectors in South Korea and Taiwan, which have seen renewed strength due to front-loading.

UOB has revised its full-year 2025 NODX forecast to a growth range of 2.0-4.0%, up from a previous estimate of -4.0%. However, the bank cautions that the situation remains fluid, and there may be payback effects from front-loading, potentially leading to a downturn in trade activity in 2026.
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The Mastercard Economics Institute has identified Asia-Pacific as the leading region for trending summer travel destinations in 2025, with Tokyo and Osaka topping the list. The annual report, which analyses consumer spending in the travel economy, highlights that eight of the world’s top 15 summer destinations are in Asia-Pacific. The report underscores the influence of currency fluctuations and geopolitical factors on travel choices, whilst passions and purpose-driven motivations remain significant.

Japan’s capital, Tokyo, and Osaka have seen the largest increases in tourism demand, with Tokyo climbing from second place in 2023 to lead global travel demand. Vietnam’s Nha Trang has made a notable debut, attracting tourists with its beaches and vibrant nightlife.

Meanwhile, China and India continue to dominate as Asia’s travel powerhouses, with Chinese travellers favouring value and visa-friendly destinations like Japan, Malaysia, and Singapore.

The report also notes a shift towards experiences over traditional itineraries, with travellers prioritising dining, nature, and wellness. Destinations such as Gianyar in Bali and Queenstown in New Zealand are gaining popularity for their culinary offerings. Thailand is highlighted for its wellness experiences, whilst New Zealand’s rising Wellness Trend Index score indicates a growing interest in relaxation and self-care.

David Mann, chief economist for Asia-Pacific at Mastercard, stated, “The Asia-Pacific region continues to set the pace for global travel, with buzzing destinations like Tokyo, Shanghai, Seoul, and Singapore capturing the imagination of travellers around the world.” The report also points out the impact of exchange rates on travel decisions, with a weaker yen boosting Japan’s inbound tourism.

The Mastercard Economics Institute aims to provide insights into evolving consumer behaviours and support the travel ecosystem in making informed decisions. The full Travel Trends 2025 report offers further insights into these dynamics.
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Singapore Airlines (SIA) Group has announced a record net profit of $2.8b for the financial year ending 31 March 2025, driven by a one-off non-cash accounting gain of $1.1b from the Air India-Vistara merger. Despite facing heightened competition, the Group achieved an operating profit of $1.7b, supported by record passenger carriage.

The Group’s total revenue rose by 2.8% to $19.54b, attributed to strong demand for air travel and cargo services. SIA and its low-cost subsidiary, Scoot, carried a record 39.4m passengers, marking an 8.1% increase. However, passenger yields fell by 5.5% due to intensified competition, resulting in a passenger flown revenue of $15.85b.

Cargo revenue also saw an improvement, increasing by 4.4% to $94m, driven by robust demand for e-commerce and perishables. The Group’s expenditure increased by 9.5% to $17.83b, with non-fuel costs rising by 11% due to capacity growth and cost pressures. Fuel costs rose by 6.1%, although this was partially offset by a reduction in fuel prices and favourable exchange rates.

SIA Group’s strategic initiatives include a $1.1b investment in new long-haul cabin products and a $45m transformation of its lounges at Singapore Changi Airport. The Group also plans to enhance its network connectivity through a partnership with All Nippon Airways, offering revenue-sharing flights between Japan and Singapore from September 2025.

Looking ahead, SIA Group remains well-positioned to navigate global uncertainties, supported by its strong financial foundations and strategic investments. The proposed final dividend for FY2024/25 is 30 cents per share, bringing the total dividend for the year to 40 cents per share.

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