Industry News

A recent study by Tricentis highlights the significant financial impact of poor software quality on Singaporean businesses, with 74% of organisations estimating losses between $500,000 (S$660,000) and $5m (S$6.6m) each year. The report, which surveyed 500 IT leaders in Singapore as part of a global study, underscores the urgent need for improved software quality across various sectors, including manufacturing, financial services, and the public sector.

The manufacturing industry is particularly affected, with 39% of companies incurring costs exceeding $1m annually due to software issues. Furthermore, 61% of Singaporean organisations are at significant risk of a software outage within the next year, with 7% having already experienced a major outage this year.

Despite the focus on improving software quality and speed, 47% of organisations admit to deploying untested code, driven by the pressure to expedite release cycles. The report also highlights the potential of AI in addressing these challenges, with 80% of organisations expressing enthusiasm for AI’s role in enhancing productivity and quality.

Kevin Thompson, CEO of Tricentis, emphasised the importance of balancing quality and speed, stating, “Recent software outages due to unchecked or untested code changes showcase just how critical high-quality software is to the wider organisational ecosystem.” Damien Wong, Senior Vice President for Asia Pacific at Tricentis, added that maintaining rigorous quality standards through AI testing is crucial for sustaining long-term innovation.

The findings suggest that as AI continues to evolve, organisations must redefine quality standards and invest in AI skills to mitigate risks and enhance software resilience.
“`

Singapore’s new home sales experienced a decline in April 2025, with only three new projects launched, primarily in city fringe and prime locations. According to the Urban Redevelopment Authority (URA), sales excluding executive condominiums (ECs) fell by 9.1% to 663 units from 729 units in March. Including ECs, sales plummeted by 49.7% to 759 units from 1,510 units in the previous month.

The limited launches included the 937-unit One Marina Gardens and the 358-unit Bloomsbury Residences, both in the city fringe, and the smaller 19-unit 21 Anderson. One Marina Gardens emerged as the top performer, selling 384 units at a median price of S$2,948 per square foot. Its strategic location near Marina South MRT station and proximity to amenities like Gardens by the Bay and Marina Bay Sands attracted investors keen on capitalising on future capital and rental appreciation.

Sales were predominantly from the Rest of Central Region (RCR), accounting for 83.1% of transactions, followed by the Outside Central Region (OCR) at 14.3%, and the Core Central Region (CCR) at 2.6%. The ultra-luxury market saw increased interest, with four non-landed private homes sold above S$10m, the highest monthly sales in a year.

Looking ahead, macroeconomic uncertainties persist, though Singapore’s private property market remains attractive to investors. Upcoming project launches, such as the 107-unit Arina East Residences, are expected to stimulate buying activity, particularly in the third quarter.
“`

Developers in Singapore sold 663 units in April 2025, marking a 9.1% decrease from the previous month but more than doubling the sales from a year ago, according to Huttons Asia. This surge in sales comes despite global tensions and uncertainties caused by recent tariff changes. The month saw the launch of 1,344 units, a 142.2% increase from March 2025 and a 383.5% rise compared to April 2024.

Three major projects—21 Anderson, Bloomsbury Residences, and One Marina Gardens—were launched in April. 21 Anderson, an ultra-luxury project, sold three units for over $60m, reflecting strong confidence in Singapore’s high-end market. Bloomsbury Residences in Queenstown attracted buyers with its lush surroundings, selling 107 units. One Marina Gardens, located opposite Gardens By The Bay, was the standout, selling 384 units, with 1-bedroom units proving particularly popular.

Huttons Data Analytics estimates that developers sold 4,038 units in the first four months of 2025, accounting for about half of their annual sales forecast. Singaporeans made up 85.5% of buyers, with permanent residents accounting for 12%. Units priced below $1.5m were in high demand, comprising over 30% of transactions.

Looking ahead, two new projects, Arina East Residences and W Residences Marina View, are expected to launch in May 2025. However, sales may dip due to the lack of large-scale launches. Despite this, the Singapore property market remains stable, with prices forecasted to grow between 4% and 7% in 2025.
“`

Franklin Templeton has received approval from the Monetary Authority of Singapore (MAS) to launch the Franklin OnChain U.S. Dollar Short-Term Money Market Fund, marking the first tokenised fund available to retail investors in Singapore. This innovative fund, structured under Franklin Templeton Investments Variable Capital Company, aims to broaden investor access with a low minimum investment threshold of $20.

The fund utilises Franklin Templeton’s blockchain-integrated transfer agency platform, enhancing transparency, security, and efficiency for investors. It mirrors the investment objectives of the Luxembourg-registered Franklin U.S. Dollar Short-Term Money Market Fund, which manages $1.76 billion in assets. The fund focuses on high-quality, short-term securities, primarily USD-denominated, to minimise currency exposure.

Tariq Ahmad, Head of APAC at Franklin Templeton, expressed enthusiasm about the launch, stating, “We are proud and excited to bring this first-of-its-kind tokenised money market fund to retail investors in Singapore.” He highlighted the fund as a significant milestone in leveraging blockchain technology to lower investment barriers.

Franklin Templeton is actively involved in Project Guardian, a MAS initiative aimed at enhancing financial market liquidity through asset tokenisation. Roger Bayston, EVP and Head of Digital Assets at Franklin Templeton, noted, “We believe that blockchain technology is fundamentally reshaping the financial services industry.”

Since 2018, Franklin Templeton has been at the forefront of digital asset ecosystems, launching the world’s first U.S.-registered mutual fund using blockchain in 2021. The company continues to innovate, driven by insights from its dedicated research team and industry connections.
“`

Digital wallets have become a dominant force in Singapore’s payment landscape, according to Worldpay’s 10th annual Global Payments Report. The report reveals that digital wallets accounted for 39% of online transaction value in Singapore in 2024, a significant rise from 7% in 2014. At point of sale (POS), digital wallet usage surged from 1% to 29% over the same period.

Singapore’s e-commerce market is projected to grow from $16.7b (S$22.8b) in 2024 to $27.5b (S$37.5b) by 2030, with digital wallets expected to represent 65% of global e-commerce spend by then. Phil Pomford, General Manager of Global eCom, APAC at Worldpay, noted, “APAC consumers have long led the way globally with digital payment adoption. Singapore stands out as a regional leader due to its robust digital infrastructure and tech-savvy population.”

Despite the rise of digital wallets, credit cards remain a popular choice in Singapore, comprising 51% of POS spend and 50% of online transaction value in 2024. Notably, 70% of Singaporeans prefer funding their digital wallets with cards.

The report also highlights the growing trend of buy now pay later (BNPL) services, which accounted for 3% of Singapore’s e-commerce transaction value in 2024. Globally, BNPL is expected to grow at a 9% compound annual growth rate through 2030.

Worldpay’s findings underscore the rapid evolution of payment methods in Singapore, setting a benchmark for other markets in the Asia-Pacific region. As digital wallets continue to gain traction, they are poised to reshape the future of payments both locally and globally.
“`

Singapore is increasingly turning to international talent to bridge its widening tech skills gap, according to a new report by Deel, a global payroll and HR platform. As digital transformation and AI adoption accelerate, Software Engineer and Developer roles have become the most sought-after positions in the city-state. To meet this demand, Singaporean companies are expanding their talent searches beyond national borders.

Deel’s data reveals that Software Engineer and Developer roles are not only the top positions being filled in Singapore but are also among the fastest-growing locally. This underscores a critical need for specialised tech expertise. Additionally, roles in education and business development are gaining traction, reflecting broader shifts in Singapore’s knowledge economy. The top three globally sourced roles being brought into Singapore are Software Engineer/Developer, Business Development/Consultant, and Designer/Graphic Designer.

The report also highlights a significant increase in demand for AI-related roles. Between 2023 and 2024, there was a 585% surge in contracts for roles with ‘AI’ in the job title, with AI Engineer positions growing by 340%. Senior leadership roles in AI, such as Director or Head of AI, have tripled, indicating a strategic focus on building AI capabilities.

Whilst Singapore attracts global talent, it is also exporting its skilled professionals. Deel’s data shows a 31% year-on-year increase in Singapore-based professionals being hired by US companies, with a 9% rise in hires by British firms. Accountants, in particular, are in high demand, with Singapore ranking fifth globally as a source of international accounting hires.

Karen Ng, Regional Head of Expansion, Enterprise, North and South Asia at Deel, stated: “The trends we’re observing in Singapore reflect a global reality: companies can no longer afford to rely solely on domestic hiring. As AI and digital transformation continue to reshape industries, the demand for specialised talent is pushing businesses to look beyond borders.”

The report suggests that Singapore’s dual role in attracting and exporting talent positions it as a key player in the future of work.
“`

Rently, a Singapore-based proptech platform, has successfully raised $3m in a Pre-Series A funding round led by impact investor Orange Bloom. The investment aims to revolutionise the Asian rental market by offering deposit-free rentals and ensuring landlords receive timely payments. The funding round, which also saw participation from Hustle Fund, Woh Hup, Feedback Ventures, and 5i Ventures, values Rently at $43m.

Founded in 2022, Rently is expanding its footprint in the UAE and plans to enter Hong Kong this year. The company is addressing the $250b Asian long-term rental market, which still heavily relies on security deposits and manual processes. Rently’s platform offers innovative solutions such as “zero deposits, zero friction” for tenants and guaranteed income for landlords through Rently Pay.

Nikesh Kshirsagar, co-founder of Orange Bloom, praised Rently’s approach, stating, “Rently isn’t just another tech startup; it has a deep understanding of future lifestyle trends.” The investment will help Rently scale its operations, particularly Rently Pay, and support its entry into new markets. Dominic Schacher, co-founder of Rently, expressed enthusiasm for the partnership, noting that Orange Bloom’s expertise will be crucial for their growth.

Existing investor 5i Ventures also reaffirmed its support, with general partner Dieter Schlosser highlighting the oversubscription of the funding round as evidence of Rently’s promising trajectory. The collaboration with Orange Bloom underscores the potential of impact-driven investments to drive systemic change in traditional sectors, aligning with Orange Bloom’s commitment to sustainable business models.
“`

The three major banks in the Straits Times Index (STI)—DBS Group Holdings, Oversea-Chinese Banking Corp, and United Overseas Bank—have reported a robust financial performance for the first quarter of 2025. Despite initial tariff concerns in April causing a 13.7% decline in total returns, the banks rebounded with a 12.3% average total return by mid-May. Retail investors responded by net buying S$1.47b in shares, although this slowed to S$65m in the following month.

The banks collectively reported a net interest income (NII) of S$8.4b and a non-interest income (NOII) of S$4.8b, culminating in a total income of S$13.2b for Q1 2025. This marks the tenth consecutive quarter where the combined NII exceeded S$8.0b. The banks have been able to maintain stable NII by securing fixed-rate loan portfolios, mitigating the impact of interest rate cuts.

Capital management initiatives are also underway, with DBS, UOB, and OCBC engaging in significant share buyback programmes and special dividends. Over the first four months of 2025, the banks led the local market in share buybacks, with a combined consideration of S$550m. DBS alone executed a S$3b share buyback programme, whilst UOB and OCBC announced capital returns of S$3b and S$2.5b, respectively, through dividends and buybacks.

The banks’ strong financial performance and strategic capital management initiatives underscore their resilience and adaptability in a challenging economic environment. Looking ahead, these initiatives are expected to continue bolstering investor confidence and shareholder value.

“`

FalconX, a leading digital asset prime broker, has announced a strategic partnership with Standard Chartered, a prominent international banking group. This collaboration aims to provide FalconX with a comprehensive suite of banking services, enhancing its offerings for institutional clients worldwide. Initially, FalconX will integrate Standard Chartered’s banking infrastructure, allowing access to a wide range of currency pairs and improving the speed, scale, and reliability of cross-border settlements.

The partnership marks a significant step in FalconX’s mission to bridge the gap between traditional finance and digital assets. Matt Long, General Manager for APAC and the Middle East at FalconX, expressed enthusiasm about the collaboration, stating, “We are pleased to partner with Standard Chartered, one of the most forward-thinking global banks in digital asset adoption.”

As the demand for digital assets continues to grow, the partnership is expected to evolve beyond banking services, potentially including new products and services tailored to the needs of institutional clients such as asset managers, hedge funds, token issuers, and payment platforms. Luke Boland, Head of Fintech for ASEAN, South Asia, and GCNA at Standard Chartered, highlighted the bank’s commitment to advancing the digital asset ecosystem, saying, “Our collaboration with FalconX underscores our commitment to advancing the digital asset ecosystem.”

This partnership not only strengthens FalconX’s global footprint but also positions both companies to better serve the evolving needs of their institutional clients in the rapidly growing digital asset market.
“`

PayPal has introduced its Complete Payments solution for businesses in Singapore, offering a comprehensive payments system designed to facilitate global commerce. This new service allows businesses to accept payments from over 200 markets, optimise cash flow with rapid settlements, and manage multi-currency balances, all whilst enhancing fraud protection.

The Complete Payments solution supports a wide range of payment methods, including PayPal, Apple Pay, Google Pay, Visa, Mastercard, and local alternatives like Alipay and iDEAL. Businesses using this service have reported a 4.7 percentage point increase in card authorisation rates globally, and the combination of PayPal Wallet and Apple Pay can boost checkout conversion by up to 17%.

Nadia Syed, Senior Vice President, International Cross Border Trade and General Manager Asia Pacific at PayPal, stated, “PayPal Complete Payments will give businesses here access to an extensive suite of new tools which will help them sell more effectively to global customers, in just one integration.”

The launch comes at a time when cross-border commerce is crucial for Singapore businesses amid a challenging global trade environment. The solution aims to simplify cross-border transactions and reduce foreign exchange exposure, providing businesses with the flexibility needed to thrive in international markets.

G2G, a leader in digital gaming goods, has already benefited from the solution. Ken Chee, G2G’s Group CEO and Co-Founder, noted that the service’s transparent fees and advanced fraud protection have been instrumental in their global expansion.

With e-commerce fraud rates in Singapore rising, PayPal’s enhanced security features, including Fraud Protection and Seller Protection, are designed to safeguard businesses against increasing threats. The integration with platforms like Adobe Commerce and WooCommerce further simplifies the adoption of these solutions for businesses.
“`