Industry News

Singapore’s employee engagement levels remain concerningly low, with only 14% of employees engaged at work, according to a recent Gallup report.

This figure is significantly below the Southeast Asia regional average of 26% and the global average of 21%. Despite a slight increase of 1 percentage point over a three-year rolling average, the numbers highlight a persistent challenge for Singaporean workplaces.

Employee engagement is crucial as it reflects the involvement and enthusiasm of employees in their work and workplace. Gallup estimates that low engagement costs the global economy a staggering $9.6 trillion, equivalent to 9% of global GDP. This underscores the importance of addressing engagement issues to enhance productivity and economic performance.

Gallup’s report also highlights best practices from organisations with higher engagement rates. These organisations boast an impressive 76% engagement among managers and 67% among non-managers. Key strategies include prioritising manager hiring and development, integrating engagement throughout the employee life cycle, and promoting employee wellbeing at work.

The findings suggest that Singaporean companies may need to adopt similar strategies to improve engagement levels. As the global economy continues to grapple with the financial impact of low engagement, enhancing employee involvement could be a vital step towards boosting productivity and economic growth.
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FairPrice Group (FPG) is set to offer over $5m in savings to NTUC Union and Link members in celebration of May Day 2025 and SG60. This initiative, the largest of its kind by FPG, will run from 24 April to 31 May 2025, providing significant discounts on daily essentials and popular beverages at FPG supermarkets and selected Kopitiam outlets.

Starting 24 April, members will enjoy a 50% discount on a new essential item each Thursday for four weeks. The first offer includes the Milo Ready To Drink Tetra Packet Drink, available at $7.80, half off its usual price of $15.60. Subsequent deals will be announced on 1 May, 8 May, and 15 May. Members can access these discounts by presenting their Link Rewards or NTUC Union card at checkout or via the FPG app.

Additionally, FairPrice Foundation is partnering with Kopitiam to reintroduce the popular 50 cents hot kopi (coffee) or teh (tea) deal at 70 outlets islandwide from 1 to 31 May. Customers need to present their NTUC Union card or use an e-voucher through the FPG app to avail of this offer.

Vipul Chawla, Group CEO of FairPrice Group, emphasised the company’s commitment to supporting Singapore’s workers amidst global uncertainty. “Our discounts are a way of giving back, ensuring that all in Singapore can access daily essentials and lead healthier, more fulfilling lives,” he said.

Caryn Lim, Assistant Secretary-General of NTUC, highlighted the importance of these savings in helping members manage their daily expenses, encouraging them to take full advantage of the campaign.
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Singapore Exchange Main Board-listed Combine Will International Limited, a prominent Original Design Manufacturer and Original Equipment Manufacturer, has inaugurated its first group-level Research and Development (R&D) Centre in Heyuan, Guangdong Province, China. Officially launched in April 2025, this facility is set to enhance the company’s innovation capabilities and tap into the expanding global toy and corporate premiums market.

The R&D Centre, spanning 750 square metres, is equipped with state-of-the-art facilities, including a prototyping lab, testing zones, collaborative workspaces, and a digital design hub. It will serve as the central hub for the Group’s R&D activities, bridging ideation and industrial-scale execution to ensure products align with evolving market demands and technological trends. Simon Chiu, CEO of Combine Will, stated, “The commissioning of our new R&D Centre marks a new milestone in our innovation journey.”

The centre is staffed by over 30 professionals, including engineers, designers, and quality assurance specialists, fostering multi-disciplinary collaboration. It will focus on developing toys and consumer products using recycled materials, aligning with the Group’s commitment to sustainability. The initiative also includes strategic patent filings for new materials and processes to safeguard proprietary designs and technologies.

According to NPD Group, the global toy market is projected to reach $1,100 billion by 2029. Combine Will’s new R&D Centre positions the company to capture a growing share of this market, strengthening its market leadership and fostering partnerships with educational institutions and tech innovators.
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Singapore-headquartered LingoAce, a leader in online education for children, has announced a major upgrade to its AceMath programme, introducing two new tiers: AceMath Honours and AceMath Competition. These additions aim to cater to diverse learning needs, from foundational skills to competitive excellence, empowering students globally to excel in mathematics.

The newly expanded AceMath programme is designed to support learners at various stages. “Since the launch of AceMath, our focus has remained on learner growth and feedback,” said Dr Yuan Zhao, Head of Maths Curriculum at LingoAce. The programme now includes a personalised, level-based learning path informed by a refined placement assessment, ensuring each student meets specific learning goals.

AceMath Advanced adapts Singapore Maths for North America, fostering critical thinking and real-world applications through small group lessons. AceMath Honours, in partnership with Art of Problem Solving, challenges students with advanced concepts and competitive problem-solving skills. AceMath Competition prepares students for international contests like the American Mathematical Competitions, focusing on essential topics and strategies.

To further enhance learning, LingoAce is launching intensive 8-week summer programmes across all levels, offering focused instruction on key concepts. Hugh Yao, Founder and CEO of LingoAce, emphasised the importance of these upgrades, stating, “We are empowering students to become critical thinkers, effective problem-solvers, and successful contributors in an interconnected world.”

Founded in 2017 and headquartered in Singapore, LingoAce continues to redefine global maths education, supported by top investors and a roster of over 5,000 certified teachers. The company remains committed to refining its curriculum and guiding learners towards exceptional academic achievements.
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Surfin Meta Digital Technologies, a Singapore-based fintech firm, has successfully completed a $265m funding round, with significant contributions from Woori Venture Partners, Washington University in St. Louis, and Phillip Private Equity. This latest round, announced on 23 April 2025, follows an initial $125m investment led by Insignia Ventures Partners in October 2024. The funds will bolster Surfin Meta’s mission to enhance financial inclusion for the unbanked and underbanked in emerging markets.

The company plans to utilise the new capital to expand its market reach and enhance its research and development efforts, aiming to create a comprehensive suite of intelligent financial products. Surfin Meta’s CEO and Founder, Yanan Wu, expressed enthusiasm about the strong investor interest, stating, “We are very excited to work with Insignia, Woori, Washington University in St. Louis, and Phillips and believe they will provide us with additional guidance and resources with which to take on this challenge.”

Alan Ang, Director of Woori Venture Partners, highlighted Surfin Meta’s progress, noting its ecosystem of technology-powered financial services across countries like Indonesia, the Philippines, India, and Mexico. Grace Tang, CEO of Phillip Private Equity, praised the company’s sustainable business model and commitment to financial inclusion.

The funding round was advised by Haitong International Securities Singapore, whose CEO, Deng Luming, remarked on the clarity of Surfin Meta’s mission and the strength of its leadership. With this financial boost, Surfin Meta is poised to continue its growth trajectory and impact in the fintech sector.
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QuikBot Technologies, a leader in autonomous final-mile logistics, has partnered with the Dubai Integrated Economic Zones Authority (DIEZ) to introduce its Autonomous Final-Mile Delivery Platform-as-a-Service (AFMD PaaS) at Dubai Silicon Oasis.

Announced at GITEX Asia 2025 in Singapore, this collaboration marks QuikBot’s entry into the Middle East market, enhancing Singapore’s reputation as a global smart urban technology exporter.

The pilot phase will see QuikBot’s delivery robots deployed in Dubai Digital Park, a mixed-use commercial zone within Dubai Silicon Oasis. The robots, designed for seamless indoor and outdoor navigation, will operate across eight four-storey buildings, including business, hospitality, and retail facilities. Future expansions will cover residential towers, a private hospital, and a university, with the Dubai Silicon Oasis Headquarters as a key testing site for enterprise-grade logistics.

Badr Buhannad, Deputy Director General of Dubai Silicon Oasis, expressed enthusiasm for the partnership, stating, “We are delighted to welcome QuikBot Technologies to Dubai Silicon Oasis and inaugurate their MENA headquarters as part of our commitment to fostering innovation and enabling future-ready technologies.”

The project aims to improve delivery efficiency, reduce operational costs, and promote sustainability, offering a scalable model for other districts. Alan Ng, Founder and CEO of QuikBot Technologies, highlighted the global impact, saying, “This collaboration demonstrates how a Singapore-designed solution can address real urban challenges on a global stage.”

QuikBot’s AFMD PaaS, featuring electric, AI-powered robots, addresses urban logistics challenges by reducing emissions and congestion. The system’s real-time route optimisation and dynamic scheduling make it a scalable solution for dense urban environments. This initiative builds on QuikBot’s successful deployments in Singapore and positions the company to expand its platform globally.
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Singaporean enterprises are eager to integrate artificial intelligence (AI) into their financial processes, yet high implementation costs and a shortage of skilled tech professionals are proving to be substantial obstacles.

This is the key finding from a recent study by financial technology leader FIS and Oxford Economics. The research highlights that 80% of businesses in Singapore struggle with the financial burden of AI adoption, whilst 70% cite a lack of in-house expertise as a major barrier.

The study, which surveyed C-suite executives across the US, UK, and Singapore, reveals that despite these challenges, over half of Singaporean firms are scaling or fully implementing AI technologies. Andrew Murray, Head of International Banking & Payments at FIS, emphasised the necessity of AI adoption, stating, “Enterprise-wide AI adoption is no longer a choice but a necessity for businesses looking to stay competitive in Singapore.”

Additional findings indicate that Singapore businesses are losing an average of $95.7m annually due to cyber threats, fraud, and regulatory inefficiencies. Cyber threats and fraud are particularly pressing, with 27% of leaders encountering cyber threats daily. To combat these issues, 40% of businesses have adopted AI tools for fraud prevention, and 58% are investing in advanced fraud detection technologies.

Bianca Fisher, Research Manager at Oxford Economics, noted the study’s significance, saying, “This unique analysis has allowed us to identify the cost of financial disharmony and how it can hinder organisational growth and innovation.” The full survey results are expected to be released at FIS’s annual Emerald conference in May, providing further insights into the challenges and opportunities of AI adoption in Singapore.
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Multipolitan has launched its Crypto Report 2025, introducing the first-ever Crypto-Friendly Cities Index. The report highlights global hotspots attracting crypto wealth, innovation, and talent, with Ljubljana, Hong Kong, Zurich, Singapore, and Abu Dhabi leading the list. The report underscores a significant generational shift, with Millennials and Gen Z allocating up to 17% of their portfolios to cryptocurrencies—three times more than Baby Boomers.

The report, titled “The Future is On-Chain,” explores how geopolitical shifts and regulatory changes are reshaping digital wealth creation and management. Nirbhay Handa, CEO of Multipolitan, remarked, “We’re moving from birthrights to choices—where individuals pick the jurisdictions, currencies, and communities that serve them best.”

Key findings include the rise of crypto whales relocating to tax-neutral jurisdictions such as the UAE, Portugal, and Oman, and the pioneering efforts of countries like Estonia, South Korea, and Palau in blockchain-based governance. The tokenisation market is projected to exceed $2 trillion by 2030, transforming asset management practices.

The report also highlights how blockchain is enabling borderless entrepreneurship and decentralised governance, with countries like El Salvador and Estonia adopting innovative digital strategies. As the digital finance landscape evolves, Multipolitan aims to assist high-net-worth individuals in navigating international mobility complexities. The full report is available for download, offering insights into the future of global finance and governance.
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The Direct-to-Consumer (D2C) sector in Southeast Asia (SEA) has experienced a remarkable surge in funding, reaching $32.5m in 2024—a threefold increase from the previous year. This growth comes amidst a global decline in D2C funding, which fell by 25% to $3.9b in 2024. The SEA region’s resilience is highlighted by its ability to attract investment despite a broader 55% drop in the overall tech ecosystem funding.

Singapore emerged as the seventh highest-funded country globally in the D2C sector, raising $19.5m in 2024. The US topped the list with $2.53b, followed by India and Finland. AC Ventures, Jungle Ventures, and Accel were identified as the top investors in the region, with a focus on small-ticket rounds.

The report, released by Tracxn Technologies, reveals that seed-stage funding in SEA skyrocketed by 300% to $3m, whilst late-stage funding reached $19.5m, marking a significant recovery from 2023, which saw no late-stage investments. Beauty and fashion startups have been particularly attractive to investors, with Singapore and Indonesia leading the charge.

The Ayurveda Experience, an online platform for Ayurvedic beauty products, secured the largest single investment in the region with a $15m Series C round. Despite the funding growth, the sector did not see any new unicorns or acquisitions in 2024, and the IPO landscape remained inactive.

Southeast Asia’s D2C sector continues to benefit from rising manufacturing investments and favourable policies, positioning the region as a promising hub for digitally native brands.

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Singapore’s property market is poised for a significant test as concerns about a potential economic slowdown loom. The market, closely linked to the country’s GDP and employment rates, is expected to face challenges, according to a
DBS Group Research report.

Analysts suggest that shifts in unemployment rates and housing affordability will be key indicators to watch, with relative value anticipated in the Core Central Region (CCR), private resale, and landed property segments.

The report revises property price growth expectations to 0-1%, down from an earlier forecast of 1-2%.

Despite this, transaction volumes are expected to remain in line with estimates. Property agencies with diversified income streams and developers with substantial pre-sold inventory are predicted to show greater resilience in the face of these challenges.

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