Industry News

SmartLend, a fully digital alternative financing platform, has launched in Singapore, offering small and medium-sized enterprises (SMEs) a streamlined way to secure funding. By eliminating third-party brokers and unnecessary costs, SmartLend simplifies the financing process, allowing businesses to compare and obtain loans efficiently without hidden fees. This innovation addresses the challenges SMEs face with traditional banks’ stringent credit requirements and complex application procedures.

The platform integrates with Singpass and Credit Bureau Singapore (CBS), enabling real-time financial data retrieval and significantly reducing application time. What once took days of paperwork can now be completed in minutes. By connecting SMEs directly with a network of trusted lenders, SmartLend ensures a transparent and cost-effective borrowing experience, benefiting both businesses and lenders.

Unlike traditional loan aggregators, SmartLend’s intelligent matching engine prioritises the most cost-effective bank financing first, only recommending alternative lenders when necessary. This ensures businesses receive the best possible financing terms. Danny Phua, CEO of SmartLend, highlighted that the platform builds upon the success of Smart Towkay, which has helped over 5,000 SMEs secure more than $73 million (S$100 million) in funding.

SmartLend is also expanding its offerings to include property equity term loans, allowing SMEs to unlock capital using their assets. Future features will include an instant property valuation tool and a document vault for managing loans across multiple lenders. Phua emphasised the platform’s goal to empower SMEs by providing full control over their financing journey without unnecessary delays or consultancy costs.

With its innovative approach, SmartLend aims to transform how businesses in Singapore access funding, making alternative financing more transparent, accessible, and cost-effective.
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China Construction Bank (CCB) has announced the establishment of the CCB SG Vision Foundation in collaboration with TT Foundation Advisors, marking the first time a Chinese financial institution has partnered with TT Foundation Advisors in Singapore. The announcement was made at the 2025 LandSea Economic Forum during the China-Singapore Financial Summit. The Foundation aims to support projects in education, healthcare, and environmental protection, promoting a more inclusive and sustainable society.

The Foundation’s inaugural donation will support the Youth Intern Exchange Scheme (YES), a bilateral internship initiative between Singapore and China. This programme, launched in 2019, is managed by Business China in Singapore and the National Talent Mobility Centre in China. It aims to foster cultural exchange and develop global perspectives among young interns. Sun Nianbei, General Manager of CCB Singapore, highlighted Singapore’s robust philanthropic framework and expressed confidence in the partnership with TT Foundation Advisors.

TT Foundation Advisors will provide strategic planning, project management, and impact evaluation services to the Foundation. Dickson Lim, Head of TT Foundation Advisors, stated, “We are honoured to partner with China Construction Bank on their first overseas charitable DAF foundation.” The Foundation plans to collaborate with platforms like CoAxis to connect with global philanthropic resources, enabling cross-sector synergies.

As Singapore celebrates its 60th anniversary and 35 years of diplomatic relations with China, the launch of the CCB SG Vision Foundation signifies a commitment to enhancing philanthropic efforts and fostering mutual understanding between the two nations.
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Peak Energy, a pan-Asian renewable energy developer and Independent Power Producer (IPP), has announced the acquisition of 11 MW of ready-to-build high-voltage solar projects across Japan. These projects, located in Chubu, Chugoku, Hokkaido, and Kansai, are set to be operational by 2027. They are expected to generate over 13 GWh of clean electricity annually, reducing CO₂ emissions by nearly 6,000 tonnes each year—equivalent to removing approximately 2,000 cars from the road.

The electricity generated will be sold to corporates through long-term power purchase agreements (PPAs) at fixed prices, enabling immediate savings on electricity bills and protection against tariff fluctuations for 20 years. This acquisition marks a significant step in Peak Energy’s expansion in Japan, where the company already co-owns a 28 MW plant in Kyushu.

Gavin Adda, CEO of Peak Energy, stated, “This acquisition reinforces our long-term commitment to Japan. Combined with our broader pipeline of high-voltage assets, it will support our mission to deliver clean, affordable, and reliable energy solutions to businesses nationwide.” Eiji Sato, Country President of Peak Energy in Japan, added, “Given how slowly new supply of large-scale solar capacity is coming on stream in our country, we are excited that we will be able to provide our corporate customers with clean energy within the next couple of years.”

Headquartered in Singapore, Peak Energy is expanding its activities across the Asia-Pacific region, owning over 200 MW of solar projects and 298 MWh of battery energy storage capacity in operation or under construction.
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A recent survey by MDRT reveals that a significant 81% of Singaporeans are utilising artificial intelligence (AI) tools for managing personal finances, including budgeting, robo-advisors, and personalised advice. Despite this widespread adoption, there is a strong demand for transparency and regulation, with 88% of respondents wanting to be informed when AI is used in financial services and 84% supporting regulatory measures.

The survey highlights that younger generations, such as Gen Z and millennials, are leading the charge in AI adoption, with 87% and 86% usage rates respectively. In contrast, only 37% of baby boomers are using AI, indicating a more cautious approach. Gregory Fok, a 19-year MDRT member, noted, “The government’s efforts to strengthen AI capabilities have boosted public confidence in AI use within the financial sector.”

Whilst 72% of Singaporeans agree that financial advisers should be allowed to use AI, and 67% trust those who do, there remains a preference for human expertise in core advisory roles. AI is seen as a tool for supporting functions like communication and automation rather than making key financial decisions.

Jaslyn Ng, an eight-year MDRT member, emphasised the importance of a balanced approach: “Financial decision-making is never a one-size-fits-all process. Embracing a hybrid approach that includes AI can help explore different strategies.”

The survey, conducted by Opinium, involved 2,000 Singaporean adults and underscores the critical role of financial advisers in ensuring responsible AI integration. As AI continues to play a complementary role, the demand for ethical and transparent use remains a priority for Singaporeans.
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Singapore has emerged as a leader in Artificial Intelligence (AI) preparedness and financial resilience in the Asia-Pacific region, according to Kroll’s 2025 Global Business Sentiment Survey. The survey reveals that 64% of Singaporean business leaders are confident in integrating AI into their operations, significantly higher than the regional average of 34%. Additionally, 52% of businesses in Singapore feel well-prepared to manage debt service and financial risks, reinforcing the city-state’s status as a financial hub.

The rapid adoption of AI in Singapore is reshaping corporate strategies, with a focus on automation, cybersecurity, and operational efficiency. Despite these advancements, the city faces challenges from AI-driven financial crimes. Maurice Burke, Managing Director at Kroll, highlighted the sophistication of digital deception techniques, noting that “the bad actors and their toolkits continue to grow in sophistication.”

Cybersecurity remains a top concern, with half of the business leaders citing risks from malware and breaches. AI-powered threats, such as deepfakes, are also on the rise, with 42% of respondents acknowledging these risks, well above the regional average.

Financially, Singapore stands out with 44% of leaders confident in addressing budget constraints. Strategic mergers are also on the rise, with 26% of firms considering acquisitions to drive growth. Annabelle Cai, Managing Director at Kroll, emphasised the importance of financial agility, stating, “Companies that embrace financial agility… will be best positioned for long-term success.”

As Singapore navigates technological and financial challenges, its dual strength in AI and financial resilience positions it as a leading market in the region.
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Fraud in Asia Pacific’s (APAC) healthtech and fintech sectors has surged dramatically, according to new data from global verification provider Sumsub. The report, covering the first quarter of 2025, reveals a staggering 723% increase in healthtech fraud and a 116% rise in fintech fraud compared to the same period last year. This alarming trend underscores the growing sophistication of AI-driven fraud tactics targeting rapidly expanding digital services.

The report highlights that the use of synthetic identity documents and deepfakes is on the rise, exploiting gaps in security systems. Synthetic identity fraud cases have jumped 233% across APAC, significantly outpacing the global increase of 195%.

Singapore and Hong Kong have seen particularly sharp rises in deepfake-related fraud, with increases of 1,500% and 1,900% respectively.

Penny Chai, Vice President of APAC at Sumsub, noted, “The scale of fraud in healthtech signals a worrying new frontier. As more healthcare services go digital, the sector’s vulnerabilities are being exploited at pace, putting trust in the digital health system at serious risk.”

The report suggests that traditional Know Your Customer (KYC) systems are being tested by these sophisticated fraud methods. In response, Sumsub advocates for businesses to adopt multi-layered, adaptive defences to stay ahead of fraudsters.

To address these challenges, Sumsub will host its inaugural What The Fraud Summit in Singapore from 19 to 20 November 2025. The event aims to bring together industry leaders, regulators, and fraud experts to discuss strategies for combating the global rise in fraud.
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HomesToLife Ltd, a Singapore-based home furniture company, has reported a remarkable 405% increase in revenue for the first quarter of 2025, reaching $5.2m. This surge is attributed to a significant $4.4m contribution from HTL Far East, the company’s Asia sales subsidiary launched in November 2024. Despite this growth, the company’s overall gross margin fell to 26% from 68% in the same period last year, primarily due to HTL Far East’s lower margin of 17%.

The company’s Singapore retail business, HomesToLife Pte. Ltd., saw a 19% decline in revenue to $840,000, although it improved its gross margin to 73% from 68% in Q1 2024. Net income for the quarter was $125,000, a turnaround from a net loss of $74,000 in the previous year. Operating expenses increased by $394,000, partly due to Nasdaq listing-related costs.

CEO Phua Mei Ming highlighted the success of HTL Far East in expanding the company’s reach and customer base. The recent acquisition of HTL Marketing, a B2B supplier, positions HomesToLife for global expansion. “By building a strong upstream export and sourcing platform, HomesToLife is evolving into a multi-market B2B furniture leader,” she stated.

Looking ahead, HTL Far East is expected to maintain its revenue momentum, with HTL Marketing projected to contribute between $250m and $280m in revenue for the full year. Total revenue for 2025 is anticipated to be between $260m and $290m. The company remains in a strong cash position, with cash and cash equivalents rising to $3.9m as of 31 March 2025.

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The Monetary Authority of Singapore’s (MAS) Equity Market Development Plan is set to significantly impact the Singapore Exchange (SGX) by potentially deploying $3.7bn (S$5bn) into small and mid-cap stocks (SMIDs). This move is expected to boost valuations and attract institutional mandates, according to a report by Thilan Wickramasinghe, Head of Research at Maybank Securities Singapore.

The plan aims to enhance the attractiveness of companies with strong corporate governance (CG) credentials, which are likely to receive a larger share of the investments. This strategic focus on CG is anticipated to drive more sustainable growth and investor confidence in the market.

Eighteen companies have been identified as potential beneficiaries of this initiative. These include AEM, NANO, CENT, UMSH, CSE, FRKN, CD, FR, SPOST, GGR, SSG, SATS, IFAST, YZJFH, SIE, FEH, STH, and RSTON. These firms are expected to see a valuation uplift as a result of increased investment flows.

The MAS initiative is part of a broader effort to revitalise the Singapore equity market, making it more competitive and appealing to global investors. By focusing on SMIDs, the plan seeks to diversify investment opportunities and stimulate economic growth.

In conclusion, the MAS Equity Market Development Plan is poised to transform the landscape of the Singapore equity market by injecting substantial capital into SMIDs, thereby enhancing their valuations and attracting more institutional investors. This move underscores Singapore’s commitment to fostering a robust and dynamic financial market.
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Singapore’s export growth is set to decelerate in the second half of 2025, according to the ICAEW Southeast Asia Economic Insight: Q2 2025 Report. Despite facing the lowest US tariffs in ASEAN, Singapore remains highly exposed to US demand fluctuations, with over 6% of its GDP linked to exports to the US. The report, produced with Asia Decoded, suggests that the initial surge in exports to the US, described as a ‘sugar rush’, is fading, impacting the nation’s economic outlook.

Exports constitute 124% of Singapore’s GDP, and the anticipated slowdown in global exports is expected to affect the local economy. Early signs of this impact are visible in the Q1 labour data, showing a decline in employment growth in export-driven sectors like manufacturing and professional services.

However, Singapore’s fiscal and monetary strategies are poised to support economic growth. Initiatives such as CDC vouchers and LifeSG credits from Budget 2025 aim to mitigate domestic consumption costs. Additionally, favourable inflation trends, with both headline and core inflation projected to remain below 1%, could allow the Monetary Authority of Singapore to ease the S$NEER slope further.

The report also notes a reduced risk of recession, bolstered by a significant rise in goods exports in April and strategic rerouting of shipments to the US. Overall, Singapore’s GDP growth is forecast to slow to 1.8% in 2025 from 4.4% in 2024, reflecting the broader economic challenges and opportunities highlighted in the report.
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Porsche is set to compete in the 93rd edition of the 24 Hours of Le Mans, aiming to secure its 20th overall victory. The German manufacturer will field four Porsche 963 cars and three Porsche 911 GT3 R vehicles in the prestigious endurance race. Known for its rich history at Le Mans, Porsche has already claimed 19 overall and 111 class victories. This year, the team is determined to build on its legacy, with Vice President of Porsche Motorsport, Thomas Laudenbach, stating, “We’ll give it everything to secure the 20th overall win for Porsche.”

The 24 Hours of Le Mans, part of the FIA World Endurance Championship, is a highlight of the motorsport calendar, attracting over 325,000 fans annually. The race, which starts on 14 June, offers double championship points due to its extended distance. The Circuit des 24 Heures, a mix of public roads and dedicated track, presents unique challenges, including the famous Mulsanne Straight and Porsche Curves.

Porsche Penske Motorsport will have ten factory drivers, including reigning WEC champions and IMSA points leaders. The team has prepared all three Porsche 963 cars at its Mannheim facility for the first time, with Managing Director Jonathan Diuguid expressing confidence in their readiness. “We’re better prepared than ever before. The Porsche 963 is extremely reliable, the team is in perfect sync, and our driver line-up is world-class,” he said.

In addition to the Hypercar entries, Porsche’s customer team, Proton Competition, will field a fourth Porsche 963. Meanwhile, defending LMGT3 class champions Manthey will enter three Porsche 911 GT3 R cars, including a special livery for the Iron Dames team.

Porsche will also donate €500 for every lap completed by its factory-entered 963 cars, benefiting charities supporting critically ill children. The initiative has raised €1,811,000 over the past two years. As the race approaches, Porsche remains focused on strategy and flawless execution to achieve success at Le Mans.
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