Industry News

HomesToLife Ltd, a prominent home furniture retailer in Singapore, has announced its acquisition of HTL Marketing Pte Ltd, a leading supplier of premium upholstered sofas and leather materials. The acquisition, formalised through a sale and purchase agreement with New Century International Homes Pte Ltd, is expected to significantly enhance HomesToLife’s market reach and financial performance.

The acquisition involves HomesToLife issuing 75 million ordinary shares to New Century, with a two-year lock-up period. HTL Marketing, which achieved sales of $330m in 2024, exports its products to 50 countries, including major markets in Europe, Asia-Pacific, and North America. The acquisition is anticipated to leverage HTL Marketing’s extensive international network, providing HomesToLife with substantial growth opportunities.

HomesToLife CEO, Phua Mei Ming, stated that the acquisition is a “significant milestone” for the company, projecting a revenue increase from $4m in 2024 to between $250m and $280m in 2025. The acquisition is also expected to bolster the company’s bottom line significantly. By 2026, HTL Marketing is projected to contribute $350m to $400m in revenue and $15m to $20m in profit after tax.

The acquisition, subject to customary closing conditions, is expected to be finalised in Q2 2025. HomesToLife’s board, following a recommendation from a special committee of independent directors, unanimously approved the deal, which was deemed financially fair by Kroll, LLC. This strategic move positions HomesToLife to capitalise on global market opportunities and mitigate risks from trade disruptions.
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Cuprina Holdings, a Singapore-based biomedical and biotechnology company, has announced the completion of its in-vitro fertilisation (IVF) media production facility in Singapore. The facility, built in collaboration with Ferti-Craft Pte Ltd, has received ISO 13485 certification and a dealer licence from the Singapore Health Sciences Authority. This marks a significant milestone for the company as it aims to produce 14 different IVF media products by the fourth quarter of 2026.

The ISO 13485 certification, issued by the United Kingdom Accreditation Service, confirms that the facility meets international standards for medical device manufacturing. The dealer licence allows Cuprina to legally operate in manufacturing, importing, or wholesaling medical devices. The facility will produce IVF media containing essential nutrients and materials to stimulate fertilisation in vitro.

Cuprina will work with Ferti-Craft to prepare regulatory dossiers for the Singapore Health Sciences Authority, aiming for commercial sale approval by late 2026. Ferti-Craft will handle documentation, testing certificates, and logistics for raw materials, leveraging its expertise in human assisted reproductive technology.

David Quek, Cuprina’s CEO, expressed enthusiasm for the collaboration, stating, “We are very excited to be collaborating with Ferti-Craft on this IVF media production facility, the first of its kind in Singapore to be established by a Singapore company.” Jai Thampi, co-founder of Ferti-Craft, added that Cuprina’s experience and flexibility were key factors in forming the strategic partnership.

The global market for assisted reproductive technology, valued at $34.7b in 2023, is projected to grow significantly, driven by rising infertility rates and increased acceptance of ART technology. Cuprina’s new facility positions the company to tap into this expanding market, with initial sales expected in Singapore and plans to expand into ASEAN countries, the Middle East, and beyond.
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UOB Kay Hian, one of Asia’s largest securities brokerage firms, has partnered with FNZ, a global leader in wealth management technology, to launch a next-generation digital platform designed to transform Unit Trust investing in Singapore. This innovative platform offers a direct-to-consumer (D2C) channel that simplifies the investment process, providing clients with an intuitive and seamless digital experience.

The platform includes a comprehensive suite of Unit Trust investment solutions such as customer servicing, an intuitive client portal, order management, cash management, Central Provident Fund (CPF) administration, and advanced reporting tools. By streamlining operations and enhancing client centricity, the platform empowers investors to grow their wealth more effectively.

Oh Whee Mian, Senior Executive Director at UOB Kay Hian, stated, “Partnering with FNZ has allowed us to develop a Unit Trust Platform that redefines the investment experience by combining innovative digital tools and intuitive investment solutions.”

FNZ’s commitment to the Asia-Pacific region is underscored by its recent appointment of Anthony Habis as Group Head of APAC. Habis commented, “This partnership is a testament to FNZ’s dedication to delivering world-class digital wealth management solutions.”

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Singapore’s retail sector is expected to face a slowdown in sales growth in the second half of 2025, according to RHB’s latest economic research.

The report, released on 5 May, highlights that whilst retail sales are projected to remain robust through the first half of the year, economic challenges could dampen momentum in the latter half.

Retail sales in Singapore saw a 1.1% year-on-year increase in March, recovering from a 3.5% decline in February. However, on a month-on-month basis, sales fell by 2.8% in March, following a 3.0% growth in February. Barnabas Gan, RHB’s Group Chief Economist and Head of Market Research, noted that the retail climate is currently buoyed by government support measures outlined in Budget FY2025, upcoming retail events, and strong online sales.

Despite these positive indicators, Gan cautioned that “economic headwinds expected for the year ahead” could lead to a slowdown in retail sales growth in the second half of 2025. The report suggests that whilst the first half of the year will benefit from supportive factors, the latter half may not sustain the same level of growth.

The anticipated slowdown in retail sales is significant as it reflects broader economic trends and challenges that Singapore may face in the coming months. As the year progresses, stakeholders in the retail sector will need to navigate these potential headwinds to maintain stability and growth.
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Symbio Holdings Limited, part of the Aussie Broadband Group, has unveiled a new API stack in Singapore, enhancing its digital experience offerings for communication service providers across the Asia-Pacific (APAC) region. This development builds on the January launch of Symbio’s Connect Portal, a self-service platform that facilitates seamless number management.

The new API stack, integrated with Symbio’s Tier 1 voice network, allows service providers to efficiently manage number provisioning through automated tools. It supports real-time bulk number ordering and reservation, offering greater control and transparency. This innovation enables providers to lease and assign numbers to SIP trunks in a single workflow, significantly reducing errors and delays.

Symbio’s latest offerings mark a significant milestone in its mission to provide scalable digital solutions. The company’s infrastructure supports high-volume number portability and emergency services, addressing the evolving needs of service providers. Dylan Brown, CEO of Symbio’s Connect Division, stated, “By combining Tier 1 infrastructure with flexible tools set to scale with the industry, Symbio delivers the first consistent number management experience across Australia, New Zealand, and Singapore.”

This initiative is part of Symbio’s broader strategy to strengthen its position as a leading provider in the region. With a focus on innovation, Symbio continues to set new benchmarks for automation, transparency, and regulatory-ready number provisioning, ensuring service providers can scale communications with ease.
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CapitaLand Integrated Commercial Trust (CICT) and its joint venture partners have announced the divestment of CapitaSpring’s serviced residence component to unrelated third parties for S$280m. CICT, which holds a 45% interest in the property, expects to complete the transaction by the second quarter of 2025, generating estimated net proceeds of S$37.8m and an exit yield of approximately 3.6%.

The divestment is part of CICT’s strategy to reconstitute its portfolio by shedding non-core assets and reinvesting in more distribution per unit (DPU)-accretive opportunities. Tan Choon Siang, CEO of the manager of CICT, stated, “We have divested the serviced residence, a non-core asset, at a premium to its last valuation. This reflects our disciplined approach to portfolio reconstitution, enabling us to redeploy capital into more DPU-accretive opportunities and strengthen CICT’s leadership position as the proxy for Singapore commercial real estate.”

Located at Raffles Place, Singapore, the serviced residence’s sale underscores CICT’s commitment to enhancing the resilience and quality of its portfolio, aiming to create sustainable value for its unitholders. This move is expected to bolster CICT’s standing in the competitive Singapore commercial real estate market.

As CICT continues to seek opportunities for portfolio enhancement, the divestment of CapitaSpring’s serviced residence marks a significant step in optimising returns and maintaining its leadership in the sector. The completion of this transaction will further solidify CICT’s strategic objectives and financial health.
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Singapore-headquartered digital travel platform Agoda has unveiled its top family travel destinations in Asia for 2025, based on search data from January to March. The list is led by Tokyo, Osaka, and Bangkok, followed by Kuala Lumpur, Seoul, Singapore, Bali, Taipei, Okinawa, and Hong Kong. This comes as Agoda’s 2025 Trend Survey indicates a rise in family travel, with 34% of travellers planning to explore with their loved ones this year.

Families from South Korea, Taiwan, Japan, Malaysia, and Thailand are among the most enthusiastic travellers, seeking diverse experiences across Asia. For those who enjoy city life, Tokyo, Kuala Lumpur, and Singapore offer a mix of culture, entertainment, and child-friendly attractions. Beach enthusiasts can head to Bali or Okinawa, whilst adventure-seekers might prefer the vibrant streets of Bangkok or the lush landscapes around Taipei. Culinary explorers will find Osaka, Seoul, and Hong Kong particularly appealing.

Hiroto Ooka, Associate Vice President North Asia at Agoda, stated, “Family travel is all about creating memories that last a lifetime, and Agoda is here to make that as seamless and affordable as possible.” Agoda offers over 5 million holiday properties, 130,000 flight routes, and 300,000 activities, making family holiday planning straightforward. The Agoda mobile app further simplifies finding the best deals, ensuring families can easily book everything from a villa in Bali to theme park tickets in Tokyo.
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The Singapore Department of Statistics has reported a 1.1% increase in retail sales for March 2025 compared to the same month last year.

When excluding motor vehicles, the rise in retail sales was slightly lower at 0.7%.

However, the food and beverage services sector experienced a decline, with sales dropping by 2.8% over the same period.

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AVPN, Asia’s largest network of social investors, has announced the selection of 49 organisations to receive funding from its AI Opportunity Fund Asia Pacific, a $15m initiative supported by Google.org and the Asian Development Bank.

These organisations will train workers across the Asia Pacific region in artificial intelligence (AI) skills, addressing the challenges posed by the evolving job market. The initiative aims to prepare workers for an AI-driven future, with a focus on inclusivity and accessibility.

The AI Opportunity Fund is part of a broader effort to address the AI skilling awareness gap identified in AVPN’s report, “AI for All: Building an AI-Ready Workforce in Asia Pacific.” The report highlights that only 15% of surveyed individuals have engaged in AI skilling programmes, whilst 57% remain unaware of such resources. The fund will also focus on micro, small, and medium enterprises (MSMEs), which make up 96% of Asia Pacific’s companies but face barriers in AI skill development.

The initiative will see strategic partners, including Seoul National University and AI Singapore, train selected organisations.

These organisations will then reach out to diverse groups, such as migrant workers, women, and persons with disabilities. Among the funded organisations are JAIS India, BAOBAB Inc Japan, and TagTeam Singapore, each addressing unique community needs.

Naina Subberwal Batra, CEO of AVPN, emphasised the importance of bridging critical skills gaps, stating, “Our funded organisations are at the heart of this important component of the AI Work Transition.” Sanjay Gupta, President of Asia Pacific at Google, added, “AI has the potential to transform economies and unlock new opportunities, but its benefits must be accessible to everyone.”

With an additional $10m from Google.org, the initiative will expand its efforts, introducing a dedicated track for MSMEs in Southeast Asia. The programme aims to train 720,000 workers and 100,000 MSMEs across the region, fostering a more equitable future in an AI-powered economy.
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Singapore’s banks are increasingly adopting artificial intelligence (AI) to transform customer experiences, according to SS&C Blue Prism. The move aims to meet rising consumer expectations for seamless, personalised, and cost-effective services. James Lucas, Vice President of Sales at SS&C Blue Prism for the ASEAN and Greater China Region, highlighted the growing demand for real-time solutions and meaningful engagement, particularly among younger generations accustomed to digital-first experiences.

A study by Forrester Consulting, commissioned by SS&C Blue Prism, revealed a 5.4% compound annual growth rate (CAGR) in incremental profit over three years for companies implementing automation solutions. This marks a shift from 2017, where 92% of automation value was realised through cost savings. Now, 73% of the value is captured as incremental profit, indicating that intelligent automation is not just a cost-saver but a growth driver.

AI technologies such as generative AI, machine learning, and advanced analytics are enhancing customer experiences by improving efficiency and adding a personal touch. Lucas noted that self-service AI solutions allow trained advisers to focus on complex interactions, thereby increasing customer satisfaction through speed and accuracy.

UOB serves as a prime example, having implemented digital banking initiatives that process mortgage applications 30% faster. Similarly, Spanish bank ABANCA achieved a 60% faster response time for customer enquiries using SS&C Blue Prism’s tools.

Lucas emphasised the need for finance leaders to embrace AI-driven automation to reclaim market share from FinTech companies. “Organisations delaying AI adoption risk being outpaced in customer satisfaction and operational efficiency,” he concluded.
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