Industry News

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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Zespri, the world’s largest kiwifruit marketer, has unveiled its latest Asia-Pacific campaign, Jam-Packed, aimed at educating consumers on the importance of nutrient density in fruit selection. The campaign features a concept film where vitamins are personified as guests at a vibrant party hosted by the Zespri KiwiBrothers, visually dramatising the idea of the fruit being “jam-packed” with nutrition.

As consumers increasingly opt for prepackaged meals due to busy lifestyles, Zespri’s campaign seeks to simplify food choices by focusing on nutrient density, which measures the number of essential nutrients relative to calorie content. The playful film invites audiences into a miniature world inside a kiwifruit, showcasing the nutrient-rich nature of Zespri Kiwifruit in an engaging manner.

Ng Kok Hwee, Global General Manager, Marketing, stated, “At Zespri, we believe that good nutrition starts with making good choices. Our ‘Jam-Packed’ campaign is about helping consumers understand how nutritionally dense Zespri Kiwifruit is in delivering vitamins and minerals.”

The campaign is supported by a range of digital and physical activations, including immersive retail experiences and engaging media content, designed to integrate the “jam-packed” concept into consumers’ daily lives. Through these efforts, Zespri aims to empower consumers to make healthier food choices and embrace a balanced lifestyle, one nutrient-dense bite at a time. The Jam-Packed campaign video is available for viewing online.
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Proofpoint, a leading cybersecurity and compliance company, has announced the opening of its new office in Singapore, marking a significant expansion of its operations in the Asia Pacific and Japan (APJ) region. This move comes as AI-driven cybersecurity threats, such as email fraud, are on the rise, particularly in countries like Japan and South Korea. The new office will serve as a hub for engineering, sales, marketing, HR, and a dedicated AI Research & Development team.

Singapore has been chosen as the regional headquarters due to its reputation as a global technology hub. The strategic investment aims to bolster AI capabilities at a time when 52% of Chief Information Security Officers (CISOs) in Singapore recognise generative AI as a security risk. Proofpoint’s CEO, Sumit Dhawan, highlighted the importance of AI in modern cybersecurity, stating, “AI is the core of modern cybersecurity. Proofpoint has been at the forefront of enabling protection with AI whilst keeping humans at the centre.”

The Singapore office will enable regional customers to adopt Proofpoint’s human-centric cybersecurity platform, addressing the growing challenges posed by AI-enabled threats. The AI Research & Development team, consisting of over 20 professionals, will focus on developing AI-powered defensive platforms to protect against human-targeted threats.

George Lee, Senior Vice President of Asia Pacific and Japan at Proofpoint, emphasised Singapore’s strategic position, saying, “By establishing these essential assets in Singapore, particularly the AI Research & Development team, we are ensuring faster response times, enhanced data sovereignty, and improved AI-driven human-centric protection for our customers.”

Proofpoint currently employs around 70 staff members in Singapore and protects over 13.6 million employees across the APJ region. The company is also an Advocate Partner for Singapore’s Cyber Security Agency’s ‘SG Cyber Safe’ programme, promoting cybersecurity awareness and best practices.
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Longbridge Securities, an AI-driven online brokerage, has launched a groundbreaking promotion offering zero-fee trading for new clients across US, Hong Kong, and Singapore markets. This initiative positions Longbridge as the only brokerage in Singapore providing commission-free access to these major markets, aiming to attract cost-conscious investors seeking affordable global market entry.

The promotion, which began in May, waives both transaction commissions and platform fees for new users who meet the promotion criteria. This move is part of Longbridge’s strategy to lower investment barriers and provide institutional-grade tools to retail investors. Xu Shengyu, CEO of Longbridge Securities Singapore, stated, “Our ‘0 Fees for US, HK and SG Stocks’ promotion reflects our commitment to lowering entry barriers and delivering better investing services.”

Longbridge’s platform is designed to simplify investing with AI tools like PortAI, which offers industry chain mapping, in-depth data analysis, and natural language-driven trade support. This technology empowers investors to make informed decisions quickly and efficiently. The brokerage also provides access to over 32,000 financial products, including stocks, REITs, and ETFs, catering to diverse investment needs.

As fintech continues to evolve, Longbridge is committed to leveraging technological innovation to enhance service quality and build user trust. The company aims to democratise access to global financial tools, ensuring that both novice and experienced investors can benefit from its advanced trading platform.
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NTT DATA and Booz Allen Hamilton have signed a Memorandum of Understanding (MoU) to enhance cybersecurity capabilities in Singapore and the Indo-Pacific region. This strategic partnership will focus on threat intelligence, zero-trust architectures, and AI-driven automated threat protection to tackle pressing digital threats.

The collaboration will see senior researchers from both firms co-leading initiatives in AI-in-cybersecurity and malware engineering. Key areas of focus include advanced threat detection and zero-trust frameworks, supported by knowledge-sharing initiatives and accelerated learning programmes to build regional cybersecurity talent.

The partnership aims to address the 30% capability gap identified by the Cyber Security Agency of Singapore’s first Health Report. This gap highlights the need for increased adoption of recommended cybersecurity measures among local organisations. By leveraging NTT DATA’s market presence and Booz Allen’s global resources, the alliance seeks to bridge this gap and enhance security resilience across the region.

Png Kim Meng, CEO of NTT DATA Singapore, remarked, “This MOU brings together NTT DATA’s cybersecurity expertise with Booz Allen’s exceptional tradecraft and resources to deliver innovative solutions tailored to the unique challenges faced by our customers.” Garrettson Blight, Vice President of Booz Allen, added, “Our collaboration with NTT DATA is an exciting opportunity to scale our services and solutions to address the most pressing current and emerging challenges facing our clients in Singapore and beyond.”

This partnership underscores a shared commitment to empowering businesses to navigate evolving digital risks with confidence, contributing to increased security and resilience in Singapore and the broader Indo-Pacific region.
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CBRE announces the sale of a freehold three-storey conservation shophouse at 235 East Coast Road, Singapore. The property, located in the bustling Katong precinct, is available through an Expression of Interest exercise closing on 16 July 2025 at 3pm.

The shophouse, with a land area of approximately 1,905 square feet and a total built-up area of around 4,700 square feet, is strategically positioned in one of Singapore’s most dynamic and historically rich neighbourhoods. Currently, the ground floor is leased to a minimart, the third floor to an office, whilst the second floor remains vacant. The property is zoned for commercial use with a Plot Ratio of 3.0, offering potential for addition and alteration works to increase its gross floor area to 5,716 square feet.

Clemence Lee, Executive Director of Capital Markets at CBRE, highlighted the property’s unique appeal: “Shophouses along East Coast Road, particularly in the Katong area, are highly coveted. They offer a rare blend of heritage charm and modern commercial vibrancy.”

The location is a major draw, known for its eclectic mix of eateries, cafés, boutiques, and essential services, alongside excellent connectivity via bus routes and the nearby Marine Parade MRT station. The guide price for the shophouse is $11.3m (S$15.5m), translating to approximately $2,400 (S$3,300) per square foot on its existing built-up area. Notably, the property is open to foreign and corporate buyers without additional stamp duties.

This sale presents a compelling proposition for those seeking a distinctive asset with strong potential for rental income and capital appreciation in one of Singapore’s most beloved districts.
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