Industry News

In a surprising turn of events, Singapore’s Prime Minister and Finance Minister, Lawrence Wong, announced a fiscal surplus of 0.9% of GDP for the fiscal year 2025, maintaining the same level as in 2024. This announcement, made during the FY25 Budget speech, defied consensus expectations and Nomura’s forecast of a 0.3% deficit, largely due to the upcoming general elections. The unexpected surplus was attributed to higher corporate income tax revenues.

Despite the overall surplus, the basic balance, which excludes top-ups to endowment and trust funds, shifts to a deficit of 0.6% of GDP from a 0.1% surplus in FY24. This indicates an expansionary fiscal stance aimed at providing a buffer against external risks. The Ministry of Finance estimates the fiscal impulse to be at 0.9% of GDP, suggesting a more expansionary approach compared to FY24.

The Budget also introduced measures to address cost of living pressures, including an increase in Community Development Council vouchers to S$800 per household and doubling U-Save utilities rebates for eligible HDB households. Additionally, a new “SG60 package” was announced to commemorate Singapore’s 60th year of independence, offering SG60 vouchers and a 60% personal income tax rebate.

Further investments were earmarked for long-term priorities under the Forward SG agenda, including a S$3bn top-up to the National Productivity Fund and SGD5bn for the Changi Airport Development project. The Budget also supports worker upskilling through the SkillsFuture Level-Up Programme and a new SkillsFuture Workforce Development Grant.

Nomura revised its FY25 fiscal forecast to a surplus of 0.9% of GDP, reflecting the government’s long-term economic plans for sustainable and inclusive growth. The stronger-than-expected revenue collections in FY24, driven by corporate income tax, suggest a positive outlook for 2025, allowing for potential future fiscal support measures.
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Healthway Medical Group has launched the Nobel Obstetrics, Gynaecology and Minimally Invasive Surgery Centre in Singapore, aiming to revolutionise women’s healthcare with advanced minimally invasive surgery (MIS) techniques. Led by Dr. Michelle Lim Hui Ping, a consultant obstetrician and gynaecologist with over 15 years of experience, the clinic offers MIS as a first-line standard of care, focusing on fertility preservation, organ conservation, and anatomy restoration.

Lim, who has performed over 800 advanced MIS procedures, highlights the benefits of these techniques, which include reduced pain, shorter hospital stays, and quicker recovery times. “Increasingly, I see more women, regardless of age, request surgical options with the goal of fertility preservation,” she said. “Fortunately, medical advancements make this possible.”

The clinic aims to raise awareness about MIS options, which can prevent the need for open surgery or organ removal. For instance, new techniques allow fibroid tissues to be removed through keyhole surgery, and ovarian cysts can be treated with laparoscopic suturing, preserving fertility and organ function.

Healthway Medical Group, known for its commitment to adopting new technologies, hopes the clinic will empower women to make informed healthcare choices. The Nobel Medical Group, managing the specialist clinics, provides services across 13 clinics and nine medical specialities. The new centre is located at Mount Elizabeth Novena Specialist Centre, Singapore.
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StarHub has announced a 7.7% increase in net profit for the financial year ending 31 December 2024, reaching S$161.7m, up from S$150.2m in the previous year. The company also reported service revenue of S$2b and total revenue of S$2.4b, marking year-on-year growth of 3.9% and 1.4%, respectively.

The growth was largely driven by the Enterprise Business, which saw a 14.1% increase in revenue, totalling S$980.9m. This was bolstered by significant gains in Cybersecurity Services, up 26.2%, and Regional ICT Services, up 13.1%. Managed Services also contributed with a 16.5% rise, driven by modern digital infrastructure solutions.

In the consumer sector, StarHub’s Mobile business experienced strong growth in SIM Only subscriptions, particularly through its giga! and MVNOs, as part of its Multi-Brand, Multi-Segment strategy. Mobile revenue for the year was S$577m, with churn remaining low at 1.0% in the fourth quarter. The Broadband business also expanded, reporting S$250.1m in revenue, thanks to higher ARPU and increased subscriptions to higher-bandwidth plans.

Looking ahead to FY2025, StarHub plans to continue expanding its market share whilst optimising costs across all segments. The company expects stable EBITDA and aims to scale its Enterprise Business further in the ASEAN region. A final dividend of 3.2 cents per share has been declared, bringing the total FY2024 dividend to 6.2 cents per share, exceeding expectations.
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The Southeast Asia InsurTech market experienced a dramatic 61% decline in funding in 2024, according to the Tracxn Geo Annual Report. Funding plummeted from $495m in 2023 to $193m in 2024, reflecting a global trend of reduced investment due to macroeconomic uncertainties, higher inflation, and increased interest rates.

The report highlights that Singapore led the region in funding, securing $135m, whilst Jakarta and Kuala Lumpur followed with $50.5m and $1.2m, respectively. Insurance IT, Internet-First Insurance Platforms, and Employer Insurance were the top-funded segments, though all saw significant reductions compared to previous years.

Despite the downturn, the second half of 2024 (H2) showed a 35% increase in funding compared to the first half, raising $111m. This period accounted for nearly half of the year’s total funding, indicating potential recovery. Notably, Bolttech’s $100m Series C funding round was the largest of the year.

Acquisition activity also slowed, with only one acquisition in 2024 compared to five in 2023. Roojai’s acquisition of Lifepal was the sole transaction. The absence of new unicorns mirrored the previous year’s trend.

Key investors such as Wavemaker Partners, East Ventures, and Openspace Ventures remained active, with Y Combinator, Bee Next, and Appworks leading seed-stage investments. Despite challenges, Southeast Asia’s resilience and government support offer optimism for future growth in the InsurTech sector.
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Far East Hospitality Trust (FEHT) has announced its expansion into Japan with the acquisition of the Four Points by Sheraton Nagoya, Chubu International Airport. This strategic move marks FEHT’s first foray into the Japanese market, aligning with its long-term strategy to diversify income sources whilst maintaining a focus on Singapore.

The newly acquired property is an upscale hotel featuring 319 rooms, located conveniently near Chubu International Airport in Aichi. Opened in November 2018, the hotel boasts an average room size of 26 square metres and is managed by Marriott International. The acquisition was completed for an initial purchase price of JPY 6.0 billion (approximately $52.8 million), with a potential additional payment of up to JPY 1.75 billion ($15.4 million) contingent on the hotel’s performance over the next three years.

FEHT’s decision to invest in Japan is driven by the country’s burgeoning tourism market and the hotel’s strategic location, which offers excellent accessibility to key transport hubs. The property is a freehold asset with further development potential, enhancing its attractiveness as an investment.

This acquisition represents a significant step in FEHT’s growth strategy, allowing it to leverage Central Japan’s growth opportunities. By diversifying its portfolio, FEHT aims to build resilience and ensure sustainable growth in the competitive hospitality sector.
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The Singapore Airlines (SIA) Group reported a 3.3% increase in its operating profit for the third quarter of FY2024/25, reaching S$629m. This growth was driven by record passenger numbers, with SIA and its low-cost subsidiary, Scoot, carrying 10.2 million passengers, marking a 7.2% increase from the previous year. Despite this, passenger yields fell by 4.5% due to heightened competition.

The Group’s revenue hit a record S$5.2b, a 2.7% rise from the same period last year, bolstered by strong demand for air travel. Cargo revenue also saw a significant boost, increasing by 9.7% due to robust e-commerce activity and increased freighter charters.

Expenditure rose by 2.6% to S$4.59b, with non-fuel costs up by 8.6%. However, net fuel costs decreased by 9.8%, aided by a 20.9% drop in fuel prices. The Group’s net profit soared by 146.7% to S$1.63b, largely due to a S$1.1b non-cash accounting gain from the merger of Air India and Vistara.

SIA continues to expand its network, launching new routes and increasing flight frequencies. The Group’s fleet now includes 207 aircraft, with plans to introduce new cabin products across its Airbus A350-900 fleet. The merger with Air India, completed in November 2024, has also strengthened SIA’s presence in the Indian market.
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Ken Cheung, the founder of Singapore-based QQ Music and a veteran in the tech, media, and entertainment sectors, has been appointed as the Chairman, Asia Pacific, and General Partner of Creative Capital Ventures (CCV).

Cheung brings over 30 years of experience from his roles at Tencent, Warner Music Group, BBC, Facebook, and Instagram. His leadership is expected to drive CCV’s expansion and investment strategy across Asia Pacific, North America, and Europe.

CCV, an innovation group focused on cultural and lifestyle sectors, recently launched a €50m fund (S$69.86m) to support early-stage tech companies and intellectual property acquisitions. The appointment of Cheung is seen as a strategic move to leverage his extensive experience and network to capitalise on emerging opportunities in the region.

John Darling, Founding Partner of CCV, emphasised the importance of Cheung’s role, stating, “Ken’s appointment marks a transformative moment for CCV as we expand our footprint in Asia Pacific. His unparalleled experience and proven track record in building and scaling businesses across multiple regions align perfectly with our mission to accelerate cultural and lifestyle innovation globally.”

Cheung expressed his enthusiasm for the new role, highlighting the immense opportunities in Asia Pacific, which accounts for over 60% of the world’s population and includes rapidly growing economies like China, Japan, India, and Indonesia. He aims to connect opportunities across Asia and beyond, working closely with CCV’s team of General and Venture Partners.

This strategic appointment signals a new phase of growth for CCV, as it strengthens its leadership team and enhances its role in high-impact investments.
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Singapore’s wholesale trade sector experienced a mixed performance in the fourth quarter of 2024, according to the latest figures from the Singapore Department of Statistics.

Domestic wholesale sales saw a decline of 4.4% compared to the same period in 2023. However, when petroleum was excluded, the drop was less severe at 0.7%.

Foreign wholesale sales also faced a downturn, decreasing by 2.9% year-on-year. Yet, excluding petroleum, foreign sales actually grew by 2.1%.
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DKSH Consumer Goods Singapore has announced a strategic partnership with Malaysian beverage company Vida World Sdn. Bhd. to bring Vida Water, a line of premium hydration solutions, to the Singapore market. This collaboration aims to expand DKSH’s beverage portfolio and cater to the increasing demand for high-quality hydration products.

The partnership will leverage DKSH’s extensive distribution network to enhance the reach and visibility of Vida Water across Singapore. By connecting Vida World’s premium beverages with DKSH’s established relationships in retail, general trade, and food service outlets, the collaboration seeks to ensure swift market penetration.

Vida World, known for its diverse range of beverages including juices, smoothies, and functional drinks, has established itself as a premium brand globally. Chan Meng Yang, CEO of Vida World, expressed enthusiasm about the partnership, stating, “Our joint efforts will ensure that this exceptional product reaches those who prioritise health and wellness, whilst contributing to the growth and innovation of the hydration category.”

Adrian Kang, Vice President of Fast Moving Consumer Goods at DKSH Singapore, highlighted the alignment of the partnership with DKSH’s mission of delivering high-quality consumer goods. “With 160 years of experience in the Asian market and a commitment to excellence, we are confident that Vida Water will quickly become a go-to choice for health-conscious consumers in Singapore,” Kang said.

This partnership not only diversifies DKSH’s product offerings but also creates cross-selling opportunities across its consumer goods portfolio, aiming for long-term growth and success for both companies.
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The Formula 1 Singapore Airlines Singapore Grand Prix 2025 is set to feature iconic performances by Elton John and G-DRAGON at the Padang Stage, enhancing the excitement of the night race from 3rd to 5th October. In addition to the star-studded line-up, new ticket options have been released, including a brand-new Marina Bay Grandstand and single-day walkabout tickets.

G-DRAGON, the South Korean superstar, will make his long-awaited return to Singapore on 3rd October, marking his first performance in the city-state in seven years. Known for his influence in the music industry since his debut with BIGBANG, G-DRAGON will perform at the Padang Stage in Zone 4. His upcoming album, ‘Übermensch’, is set for release on 25 February.

Elton John will close the race weekend on 5th October, performing after the Formula 1 race. The British pop legend, renowned for hits like “Rocket Man” and “Tiny Dancer”, will return to the stage following his record-breaking ‘Farewell Yellow Brick Road’ tour.

The 2025 Formula 1 season promises thrilling action with Lewis Hamilton debuting for Scuderia Ferrari and the introduction of five new drivers at the Marina Bay Street Circuit. The event will also feature the Porsche Carrera Cup Asia and the F1 Academy, with expanded grids and new teams.

Due to high demand, additional tickets have been made available, including the new Marina Bay Grandstand, offering prime views and access to all performance stages. Single-day walkabout tickets start at $108 (S$148), whilst hospitality packages are nearly sold out.

Singapore GP Pte Ltd recently won the ‘Fan Experience’ award at the Formula 1 Promoter Awards, recognising their exceptional fan engagement and entertainment offerings. Tickets are available through the Singapore GP website and authorised partners.
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