Industry News

Singapore has been ranked as the fourth-best city for night tourism in 2025, according to a new study by Travelbag. The study analysed over 100 global cities, focusing on Instagram hashtag volumes, light and noise pollution, safety for walking alone at night, and the number of late-night venues. Singapore’s high ranking is attributed to its 443 late-night venues and a commendable nighttime safety score of 77 out of 100.

The study highlights the growing trend of noctourism, with a 164% increase in Google searches for night festivals and a 33% rise in interest in stargazing tourism. This trend underscores a global shift towards exploring cities after dark. New York topped the list, boasting over 2,300 late-night venues and more than 40,800 Instagram posts tagged with #NewYorkatnight. Tokyo and Dubai followed, ranking second and third, respectively.

Danny Hugill, Destination Executive for the Middle East and Indian Ocean at Travelbag, noted the unique appeal of Dubai after sunset, stating, “Once the sun sets in Dubai, the city transforms. You can head to the Al Fahidi Historical Neighbourhood for an atmospheric evening walk, then catch the Dubai Fountain show before ending your night with drinks at Cé La Vi or a rooftop dinner at Paros.”

The study also identified Abu Dhabi as the safest city for nocturnal exploration, with a safety score of 87 out of 100. As noctourism continues to rise, cities like Singapore are well-positioned to attract travellers seeking vibrant and safe nighttime experiences.
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Singapore’s Ministry of Manpower has released its Labour Market Report for the first quarter of 2025, revealing a 1.2% increase in employment, largely fuelled by growth in the services sector. The report highlights a continued recovery in the job market, with total employment reaching 3.7 million. This growth is attributed to a surge in demand for services, particularly in the information and communications, finance and insurance, and professional services industries.

The report also indicates a decline in unemployment rates, which fell to 2.5% from 2.7% in the previous quarter. This improvement reflects the government’s ongoing efforts to bolster the economy and create more job opportunities for Singaporeans. The Ministry of Manpower noted that the positive trend is expected to continue as the global economy stabilises and local businesses adapt to post-pandemic conditions.

However, the report cautions about potential challenges ahead, including the need for workforce upskilling to meet the demands of an evolving job market. “As we move forward, it is crucial for both employers and employees to focus on skills development to remain competitive,” the ministry stated.

Looking ahead, the Ministry of Manpower plans to introduce initiatives aimed at enhancing workforce capabilities and supporting sectors with high growth potential. These efforts are part of a broader strategy to ensure sustainable economic growth and resilience in Singapore’s labour market.
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Alcon, a global leader in eye care, has officially opened its expanded manufacturing and logistics facility in Tuas Biomedical Park, Singapore, marking 20 years of operations in the country. The expansion, celebrated on 27 June, underscores Alcon’s commitment to innovation and precision manufacturing, with over $600m invested to date. The facility is set to create high-value jobs in production, quality control, and distribution, reinforcing Singapore’s role as a strategic hub for Alcon’s operations in Asia.

The state-of-the-art Tuas facility is equipped with advanced automation and smart manufacturing systems, designed to meet the growing global demand for Alcon’s contact lenses, including the flagship PRECISION1 lenses featuring SMARTSURFACE Technology. Patrick Collier, Senior Vice President of Global Manufacturing and Technical Operations at Alcon, stated, “The expanded Tuas facility will not only enhance our ability to serve patients’ ocular health needs globally but also advance our mission to help people see brilliantly.”

The expansion aligns with Singapore’s ambition to grow its MedTech workforce, which includes over 400 companies and employs more than 16,000 people. Alcon’s partnerships with local educational institutions and workforce development programmes aim to nurture capabilities in precision engineering and AI-driven automation.

The facility’s design focuses on sustainability, achieving zero waste to landfill and offering scalable production capabilities. Goh Wan Yee, Senior Vice President of Healthcare for the Singapore Economic Development Board, remarked on the milestone, highlighting Alcon’s role in enhancing advanced manufacturing capabilities and driving sustainable practices in Singapore’s MedTech sector.
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Agoda’s 20th Birthday Sale campaign has resulted in a remarkable surge in bookings, with participating partners experiencing an increase of over 70% on the first day alone. The campaign, which ran from 7 to 21 May 2025, offered travellers exclusive deals of up to 70% on accommodations, flights, and activities, whilst also providing enhanced visibility and marketing support to partners.

The initiative generated more than 470 million impressions across global marketing channels, including social media, digital advertisements, and influencer engagement. Nearly 35,000 partners, including airlines, accommodation providers, and strategic partners, participated in the campaign. Andrew Smith, Senior Vice President of Supply at Agoda, noted, “On just the first day, participating partners saw promotion bookings increasing by over 70%, and that strong momentum carried through the entire 15 days.”

The campaign’s success was further amplified by the involvement of over 30 airline partners, more than 34,700 accommodation partners, and over 100 activity providers. Strategic partners included eCommerce platforms like ShopBack, digital payment platforms such as Visa, and financial institutions like HSBC. Anon Khongsirikhunt, General Manager of Grande Centre Point Hotel Ratchadamri, praised the campaign, stating, “This campaign really drove strong demand and visibility for us.”

Pinyot Pibulsonggram, Vice President of Sales at Thai Vietjet, also highlighted the campaign’s impact, saying, “Agoda’s ability to create integrated cross-vertical promotions helped us expand our reach and connect with high-intent travellers.” Joel Leong, Co-Founder of ShopBack, added, “This collaboration is a testament to the power of strategic partnerships in creating win-win outcomes for both our customers and our brands.”

Agoda’s campaign not only demonstrated its ability to connect partner offerings with traveller demand but also underscored the effectiveness of strategic partnerships in driving success.
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Info-Tech Systems Ltd., a prominent HRMS and accounting software provider, has announced its initial public offering (IPO) on the Singapore Exchange Mainboard, marking a significant milestone as the first pure-play SaaS HRMS company to do so. The IPO comprises 24,856,000 shares priced at $0.64 (S$0.87) each, with the company expecting to raise approximately $17.1 million (S$23.4 million) in net proceeds. These funds will be directed towards research and development, enhancing sales and marketing, and exploring new market opportunities.

The company, which operates in Singapore, Malaysia, Hong Kong, and India, serves over 850,000 active users across 23,000 HRMS customers and more than 1,000 accounting software clients. Info-Tech’s strategic focus on SMEs has allowed it to build long-term trust and deliver consistent value, resulting in high customer retention rates and recurring revenue.

Chief Executive Officer and Co-founder Babu Dilip highlighted the company’s readiness to leverage the growing demand for digitalisation among SMEs. “Info-Tech is well-positioned to capitalise on the push for digitalisation that has driven the increasing adoption of cloud-based solutions particularly among SMEs,” he stated.

The IPO, managed by Oversea-Chinese Banking Corporation Limited and CGS International Securities Singapore Pte. Ltd., is set to close on 2 July 2025, with trading expected to commence on 4 July 2025. Info-Tech’s future plans include expanding its product portfolio and geographical presence, as well as exploring potential acquisitions to enhance market share and technological capabilities.
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AVPN, Asia’s largest network of social investors, has launched ImpactCollab, a platform designed to simplify and secure philanthropic efforts. Supported by the Monetary Authority of Singapore (MAS) and the Gates Foundation, ImpactCollab allows AVPN members, grantmakers, and wealth advisers to connect with a curated selection of verified impact organisations. This initiative addresses the challenge of accessing reliable data on credible organisations, a significant barrier for wealth managers and private banks in Singapore.

ImpactCollab is set to empower advisers by providing tools for data-driven decision-making, thus making philanthropy more transparent and accessible. Kevin Teo, Head of ImpactCollab, stated, “The platform enables more reliable, data-driven giving by reducing the barriers to identifying verified and reputable organisations.”

With Asia projected to host over 230,000 ultra-high-net-worth individuals by 2027, the potential for philanthropic capital is vast. However, many funders face obstacles such as high due diligence costs and limited access to verified organisations. ImpactCollab aims to overcome these challenges by offering a trusted starting point for early-stage philanthropists and mitigating reputational risks for institutions.

The platform features a Governance Maturity Framework, co-developed with the Lien Centre for Social Innovation at Singapore Management University, to assess organisations on leadership, transparency, and accountability. Steve Loh, Executive Director of the Lien Centre, emphasised the importance of governance in driving real impact.

Looking forward, AVPN plans to evolve ImpactCollab to support outcomes-based funding through an Outcomes Marketplace, enabling grantmakers to purchase verified social outcomes and scale results-based funding in Asia.
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Singapore-based Mobvista, a prominent global marketing and advertising technology firm, has made its debut on the Fortune 500 Southeast Asia list, ranking at 208. The company’s inclusion is attributed to its significant financial growth in 2024, driven by investments in AI-powered technologies and the global expansion of its programme advertising platform, Mintegral.

Mobvista reported impressive financial results for the year ending 31 December 2024, with revenue reaching US$1.51 billion, marking a 430% year-on-year increase. Gross profit rose by 456% to US$316.3 million, whilst adjusted EBITDA climbed 313% to US$138.3 million. Mintegral, the company’s core growth engine, generated $1.44 billion in revenue, a 472% increase from the previous year, with smart bidding products contributing over 70% of the total revenue.

Clement Cao, co-founder and CEO of Mobvista, expressed pride in the company’s achievement, stating, “Being included in the Fortune Southeast Asia 500 list is a meaningful milestone that reflects our evolving role as the growth hub for global developers. This recognition validates our strategy of investing in intelligent performance-driven solutions.”

The Fortune Southeast Asia 500 list highlights the economic dynamism of the region, with Mobvista’s performance underscoring the critical role of adtech in driving growth. The company’s multivertical strategy saw gaming revenue rise 370% to $1.04 billion, whilst the non-gaming segment soared 820% to $403.3 million in 2024.

As Mobvista continues to innovate and expand, its inclusion in the Fortune 500 Southeast Asia list marks a significant milestone in its journey to empower global developers with cutting-edge advertising solutions.
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Univers, a Singapore-based leader in energy innovation, has announced a global partnership with Microsoft to advance energy efficiency in data centres through AI and cloud solutions. The collaboration, unveiled during London Climate Action Week, will integrate Univers’ EnOS™ Ark platform with Microsoft’s AI capabilities to help organisations manage and reduce energy consumption and carbon emissions.

The partnership focuses on enhancing data centre efficiency by leveraging Microsoft’s AI Cloud capabilities, which will bolster Univers’ sustainability solutions. The integration of Univers’ EnOS™ Ark platform with Microsoft’s data and AI services aims to optimise energy use and carbon footprints, improving cooling efficiency and renewable energy integration.

Michael Ding, Global Executive Director of Univers, stated, “This agreement reflects our belief in AI for Energy and Energy for AI. Together with Microsoft, we’re demonstrating that digital innovation and climate responsibility go hand in hand.” Lewis Richards, Chief Sustainability Officer at Microsoft UK, added, “Univers and Microsoft will deliver effective and efficient use of data and AI that drives positive change.”

This collaboration signifies a significant step towards sustainable energy solutions, with the potential to impact data centres worldwide. By combining their expertise, Univers and Microsoft aim to set a new standard for energy management in the tech industry, paving the way for future innovations in energy efficiency.
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Nissin Foods Holdings, a global leader in the food industry, has implemented Qlik’s data integration and analytics platform to revolutionise its decision-making processes. By integrating real-time data from its enterprise resource planning (ERP) system with Snowflake, the company aims to enhance its operational efficiency and data-driven management.

Before adopting Qlik, Nissin Foods faced challenges with fragmented data across multiple platforms, relying on manual updates that hindered timely decision-making. The new system allows for real-time data access, eliminating manual downloads and significantly improving data utilisation. This advancement is particularly beneficial for the logistics and sales departments, where AI-powered automation now tracks critical data such as shipments and sales, alerting staff to anomalies in real time.

Toshihiro Narita, Executive Officer and CIO of Nissin Foods Holdings, emphasised the company’s commitment to a data-driven culture, stating, “Our goal is to make Nissin Foods Group a company that thinks, communicates and makes decisions based on data. Integrating our ERP system into a single data platform is essential, and Qlik is at the core and the game-changer for us.”

Maurizio Garavello, Senior Vice President of Asia Pacific and Japan at Qlik, highlighted the importance of data quality in business decisions, expressing excitement about supporting Nissin Foods’ digital transformation.

This strategic move positions Nissin Foods to leverage its employees’ knowledge as AI-ready data, with plans to expand Qlik’s technology across the organisation, further enhancing its supply chain management and overall business decisions.
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Condo resale prices in Singapore remained largely stable in May 2025, despite a notable 17.5% drop in sales volume from the previous month, according to the latest 99-SRX Media Flash Report. The decline in transactions is attributed to buyers exercising caution amid global uncertainties, including rising geopolitical tensions and the potential economic impact of resumed US tariffs.

The report highlights that whilst overall prices saw a slight month-on-month decrease, they have increased by 5.3% year-on-year. Specifically, prices in the Core Central Region (CCR) and Outside Central Region (OCR) rose by 0.2% and 0.3%, respectively, whereas the Rest of Central Region (RCR) experienced a 0.5% decline.

Chief Data & Analytics Officer at 99.co, Luqman Hakim, noted that the market could see shifts in the coming months with new developments like The Robertson Opus and The Sen offering more options for buyers. “Whether that translates into softer condo resale prices remains to be seen,” he commented.

In May, an estimated 968 units were resold, marking a 20.3% decrease compared to May 2024 and 3.4% below the five-year average for the month. The highest resale price was recorded at Wing on Life Garden for $6,600,000 S$9,000,888.

The report also revealed that the overall median capital gain for resale condos was S$365,000, a decrease of S$35,000 from April. District 22 posted the highest median capital gain at S$861,000, whilst District 4 recorded the lowest at S$100,000. The median unlevered return stood at 30.6%, with District 22 achieving the highest return of 112.9%.

As the market navigates these fluctuations, the introduction of new projects may provide a wider range of choices for potential buyers, potentially influencing future resale dynamics.
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