Industry News

His Excellency Maulen Ashimbayev, Chairman of the Senate of the Parliament of Kazakhstan, is visiting Singapore from 24 to 25 June 2025. The visit, at the invitation of Singapore’s Speaker of Parliament, Seah Kian Peng, aims to bolster inter-parliamentary relations between the two nations.

The visit reciprocates Speaker Seah’s official trip to Kazakhstan in April 2024. During their meeting, Speaker Seah and Chairman Ashimbayev discussed regional and global developments, focusing on collaboration opportunities amidst a complex geopolitical environment. Speaker Seah will also host a lunch for Chairman Ashimbayev and his delegation.

Before meeting Speaker Seah, Chairman Ashimbayev attended the International Conference on Cohesive Societies. His itinerary includes meetings with President Tharman Shanmugaratnam and visits to the Punggol Digital District and Marina Barrage. These visits are intended to provide insights into Singapore’s advancements in smart city technologies and water management practices.

The visit underscores the commitment of both countries to strengthen diplomatic ties and explore collaborative opportunities in various sectors. The exchange of ideas and experiences during this visit is expected to enhance mutual understanding and cooperation between Singapore and Kazakhstan.
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In a competitive labour market, work-life balance has emerged as the leading factor attracting talent in Singapore, according to Randstad’s 2025 Employer Brand Research report. The study, which surveyed 2,522 working adults in Singapore, highlights that work-life balance continues to surpass salary and benefits as the primary employee value proposition (EVP) for the third consecutive year.

The report reveals that 18% of respondents feel disengaged at work, with these individuals being 60% more likely to consider leaving their jobs than their engaged counterparts. A significant 41% of respondents attribute their disengagement to a lack of recognition or appreciation. David Blasco, Country Director at Randstad Singapore, noted, “With salary packages and benefits now highly competitive, work-life balance is emerging as a crucial differentiator for both attracting and keeping top talent.”

The research also indicates generational differences in priorities. Millennials are notably stepping back from using artificial intelligence (AI) at work, with only 36% reporting frequent usage—a 7-point decline from 2024. Meanwhile, Gen Z and Gen X have shown increased AI adoption.

The findings underscore the importance of work-life balance as a key motivator, with 40% of respondents citing it as their primary motivation. This is followed by opportunities for growth and development (37%) and a manageable workload (36%). The report suggests that employers focusing on these areas could enhance employee engagement and retention.

As Singapore’s workforce continues to evolve, the emphasis on work-life balance and equitable work environments remains a pivotal factor in talent attraction and retention strategies.
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Singapore Paincare, under the leadership of Founder and CEO Bernard Lee, has announced a significant rebranding initiative, unveiling a new logo and a refreshed focus on comprehensive, patient-first pain care. This move aims to integrate evidence-based Western medicine with Traditional Chinese Medicine (TCM) and expand its clinic network to better serve individuals living with pain.

The rebrand, themed “Our New Chapter: Pain-Free,” highlights Singapore Paincare’s commitment to accessible and holistic pain management. Key elements of this initiative include the treatment of over 20,000 patients using non-surgical, minimally invasive procedures, and the introduction of Singapore Paincare TCM Wellness, which combines TCM with Western medical practices.

Additionally, the expansion of DR+ Medical & Paincare clinics into heartland areas is set to increase accessibility for patients. The launch of the Ease the Pain Fund further underscores the Group’s dedication to community support, offering subsidised care for seniors and low-income families.

Bernard Lee expressed enthusiasm for the new direction, stating that the rebrand marks a pivotal moment in the Group’s mission to provide comprehensive pain management solutions. The integration of TCM with Western medicine is expected to enhance patient outcomes and broaden the scope of care available.

As Singapore Paincare embarks on this new chapter, the focus remains on delivering holistic and accessible pain management solutions, with future plans to continue expanding its reach and services across Singapore.
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UOB Asset Management (UOBAM) is urging investors to consider a shift towards Asian markets in the third quarter of 2025, as outlined in its upcoming Quarterly Investment Strategy. The firm highlights the nearly equal likelihood of three potential US economic outcomes: recession, continued growth, and stagflation. In light of these uncertainties, UOBAM recommends a neutral investment stance and regional diversification, particularly for those with portfolios heavily weighted in the US.

Anthony Raza, Head of UOBAM Multi-Asset Strategy, noted that the focus in Q2 was on President Trump’s unpredictable trade policies. However, in Q3, the attention is expected to pivot towards their impact on the US economy, with inflation and employment data being closely monitored for signs of recession. “So far, the data is inconclusive and could go either way in the coming months,” Raza stated.

The revaluation of Asian markets is already underway, with the region experiencing a more than 10% increase this year, compared to the US’s S&P 500 index’s 2% rise. Despite concerns over tariffs affecting China, UOBAM’s Group CIO, Chong Jiun Yeh, expressed optimism about the resilience of Chinese companies. Yeh highlighted Asia’s self-sustaining nature, robust domestic consumption, and the benefits of a weakening US dollar, which is currently at a three-year low.

UOBAM, a subsidiary of United Overseas Bank Limited, manages $376 billion in client assets and has a significant presence across Asia. The firm continues to be recognised for its digital innovation and sustainable investing initiatives.
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SIGEP Asia, the prominent trade show for the gelato, pastry, bakery, coffee, tea, pizza, chocolate, foodservice, and nightlife sectors, is set to return to Singapore’s Sands Expo & Convention Centre from 16 to 18 July 2025. The event will feature over 12,000 trade visitors and more than 350 brands from over 30 countries, offering a platform for industry professionals to engage in curated experiences and strategic networking.

Organised by IEG Asia, SIGEP Asia will be co-located with Speciality Food & Drinks Asia, Speciality Coffee & Tea Asia, and Restaurant Asia. This year’s edition promises an expanded line-up of immersive zones, live showcases, and networking opportunities. Highlights include an edible art installation by Singaporean chocolatier Janice Wong, live culinary demonstrations, and the Singapore National Coffee Championship 2025.

Janice Wong’s 9-metre chocolate art installation, created in collaboration with Valrhona, will be a focal point at the Chocolate Pavilion. “To bring this vision to life through a chocolate wall art installation viewed by thousands is truly a dream,” Wong stated. The installation will feature handcrafted bonbons, offering an interactive experience for attendees.

The Tech & Innovation Pavilion will showcase cutting-edge foodtech innovations, including robotics, AI, and IoT solutions. Visitors can explore hands-on applications of these technologies, enhancing their understanding of the latest advancements in the industry.

The event will also host the first-ever Asian Selections of the Panettone World Cup, with top competitors advancing to the 2026 finals in Milan. Additionally, the Singapore National Coffee Championship will spotlight local talent, with winners representing Singapore at the World Coffee Championships 2026.

SIGEP Asia 2025 aims to elevate Southeast Asia’s culinary scene, fostering strategic alliances and showcasing the latest industry trends and innovations.
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Singapore’s construction sector is poised for significant growth, driven by major infrastructure projects such as Changi Airport Terminal 5 (T5), Tuas Mega Port, and the Marina Bay Sands expansion. These developments, coupled with falling material and labour costs, are expected to enhance profitability for contractors, according to a recent sector update.

Changi Airport Group has awarded contracts worth $4.2 billion (S$5.75 billion) for T5, marking a key milestone in Singapore’s infrastructure development. The contracts include a $728 million (S$999 million) deal with a Penta-Ocean-Koh Brothers joint venture for underground tunnels, a $2.8 billion (S$3.8 billion) substructure package with a China Communications Construction Company-Obayashi joint venture, and a $693 million (S$950 million) airside infrastructure package with Hwa Seng Builder.

The ongoing investment in large-scale projects provides a steady stream of opportunities for Singaporean companies. The T5 expansion alone accounts for $3.5 billion (S$4.75 billion) of the estimated $9.1 billion (S$12.5 billion) in awarded contracts. Additionally, the Tuas Mega Port and Marina Bay Sands expansion represent investments of $14.6 billion (S$20 billion) and $7.6 billion (S$10.4 billion), respectively.

Sustainability is also a key focus, with the Singapore government promoting initiatives like the Green Mark Certification Scheme and the Singapore Green Plan 2030. These initiatives encourage innovation and sustainability, offering companies a competitive edge and access to funding.

Material costs are forecast to decline by 1-13% year-on-year in Q2 2025, easing margin pressures for construction firms. Labour inflation has also decreased to 1.5% in 2024 from 9% in 2023, further supporting the sector’s positive outlook.

The construction sector’s growth is underpinned by stronger infrastructure spending and supportive green policies, maintaining an “OVERWEIGHT” rating. Key beneficiaries include companies like Hong Leong Asia and Tiong Woon Corporation Holdings, which are well-positioned to capitalise on the sector’s momentum.
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The Association of Chartered Certified Accountants (ACCA) has announced a major redesign of its flagship ACCA Qualification, set to launch in mid-2027. This overhaul aims to equip accountants with the skills needed to navigate a rapidly changing landscape, focusing on areas such as AI-driven innovation, sustainability, and business strategy. The redesign aligns with Singapore’s national priorities, including SkillsFuture’s Digital Workplace 2.0 and the Accountancy Workforce Review’s emphasis on tech-enabled roles.

The revamped qualification will feature AI-enhanced learning journeys and a new Data Science Professional exam, addressing the growing demand for AI and analytics literacy in finance roles. Helen Brand, ACCA’s chief executive, highlighted the evolving role of accountants as “key drivers of sustainable business” and “promoters of social value.” The changes are designed to prepare accountants for a world of shifting opportunities and challenges.

In Singapore, the redesign supports the integration of environmental, social, and governance (ESG) factors into business strategy, driven by new sustainability reporting rules from the Singapore Exchange (SGX). Reza Ali, ACCA’s director of innovation in learning and assessment, noted that the qualification remains “rigorous, relevant, and future-focused,” with a strong emphasis on employability.

The new qualification will include Employability Modules at each level, offering simulated work experiences in digital technology, ethics, and business management. Enhanced awards and designations will recognise student achievements, allowing them to demonstrate their skills to employers. ACCA continues to collaborate with local partners to ensure a smooth transition for current and new students, maintaining its commitment to inclusion and opportunity.
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Neal’s Yard Remedies has launched a new certified vegan version of its Wild Rose Beauty Balm in Singapore, marking the 20th anniversary of this iconic skincare product. Known for its multi-use versatility, the balm now features an upgraded formula that includes seven certified organic plant oils, butters, and waxes, offering enhanced sustainability and skincare benefits.

The Wild Rose Beauty Balm, a product sold every three minutes globally, is designed to cleanse, hydrate, and soften all skin types whilst supporting the skin’s natural barrier. The new vegan formula includes ingredients such as pumpkin seed oil for elasticity, rosehip seed oil for hydration, and borage oil for soothing dry skin. Shea nut butter, candelilla wax, sumac berry wax, and jojoba seed oil further enhance the balm’s nourishing properties.

Priced at $88 for a 50g jar, the balm is available online and at the Neal’s Yard Remedies store in Takashimaya Shopping Centre. The product’s packaging aligns with the brand’s commitment to sustainability, featuring a fully recyclable glass jar and a cap designed for efficient recycling.

Founded over 44 years ago in London, Neal’s Yard Remedies continues to blend science with aromatherapy and apothecary traditions, ensuring its products are both potent and sustainable. The launch of the vegan Wild Rose Beauty Balm reinforces the brand’s dedication to using nature’s finest ingredients for skincare.
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MoneyMax Financial Services, a prominent player in the pawnbroking and luxury goods market, has reported a record profit after tax of $30.4m (S$41.6m) for the financial year 2024, marking a 65.4% increase from the previous year. This significant growth is attributed to the company’s core business segments, which include pawnbroking, retail and trading of gold and luxury items, and secured lending for automotive and property financing in Singapore.

The company, which operates over 100 stores across Singapore and Malaysia, is considering further expansion in these markets. MoneyMax differentiates itself from competitors by focusing on the pawnbroking and pre-owned luxury goods sectors, offering unique services that cater to a diverse clientele.

The “10 in 10” series by MoneyMax provides insights into the company’s strategies and objectives through a series of Q&As with management. This initiative aims to shed light on the company’s business objectives, key revenue drivers, and the broader industry landscape, offering a comprehensive view beyond traditional financial metrics.

As MoneyMax continues to expand its footprint, the company remains committed to modernising its operations and enhancing customer experience. The future looks promising for MoneyMax as it leverages its strengths in the pawnbroking and luxury goods markets to drive further growth.
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Emerging Travel Group, a global travel tech company, has appointed Astrid Kastberg as the new Managing Director of RateHawk, its B2B booking system for travel professionals. Based in Dubai, Kastberg will lead the expansion of RateHawk’s business strategy, managing a global team to support over 110,000 retail partners and more than 1,100 API partners across 120 countries.

Emerging Travel Group, which employs over 3,600 people globally, achieved a gross transaction value of $3.7 billion in 2024, with RateHawk as a major growth driver. The company operates in 80 countries, with offices in key cities including Dubai, Singapore, and London. RateHawk offers a comprehensive range of travel services, including hotel bookings, flight tickets, and car rentals, supported by a user-friendly API and 24/7 customer service.

Kastberg brings decades of experience in travel management and technology, having previously served as General Manager at Yalago, where she spearheaded international expansion efforts. Her appointment comes as RateHawk continues to experience significant growth, with its net booking value increasing by 1.8 times and a 67% rise in global bookings compared to the previous year.

Ilya Kravtsov, Chief Commercial Officer of Emerging Travel Group, remarked, “This newly introduced senior role marks a significant step in RateHawk’s continued global expansion and organisational development. Astrid is uniquely equipped to build on the momentum the team has already created and take it to the next level.”

Kastberg expressed her enthusiasm, stating, “I’m thrilled to join the ambitious team at Emerging Travel Group at such a pivotal moment. Together with the talented RateHawk team, we share a strong commitment to innovation and customer value.”

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