Industry News

In a landmark ruling, Singapore’s High Court has found Rajan Sunil Kumar, a former employee of Hayate Partners Pte Ltd, guilty of breaching both contractual and equitable obligations of confidentiality. The court’s decision, delivered in the case of Hayate Partners Pte Ltd v Rajan Sunil Kumar [2025] SGHC 41, underscores the importance of maintaining confidentiality regarding company documents even after employment has ended.

The case highlights the legal responsibilities employees have towards their employers concerning sensitive information. By retaining company documents after his departure, Kumar violated the trust placed in him by his former employer. This ruling serves as a critical reminder for employees to adhere strictly to confidentiality agreements and obligations.

Catherine Lee, a senior partner at Dentons Rodyk & Davidson LLP, commented on the case, emphasising its significance in reinforcing the legal framework surrounding confidentiality in employment. The court’s decision is expected to have far-reaching implications for employment practices in Singapore, particularly in sectors where data security and confidentiality are paramount.

The ruling not only reinforces the legal obligations of employees but also serves as a cautionary tale for companies to ensure that their confidentiality agreements are robust and clearly communicated to all employees. As businesses increasingly rely on sensitive data, the protection of such information remains a top priority.

This case may prompt organisations to review and tighten their confidentiality protocols, ensuring that employees are fully aware of their responsibilities both during and after their tenure.
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Singapore’s small and medium-sized enterprises (SMEs) are grappling with unprecedented borrowing costs and shrinking access to larger loans, according to a recent survey by Linkflow Capital. The survey, which analysed data from over 2,216 users on its SME loan comparison platform, found that average borrowing costs soared to 8.47% per annum in 2024, the highest in recent years. Additionally, loan approvals for amounts exceeding $500,000 have plummeted to zero.

The survey highlights a significant contraction in loan sizes, with approvals for loans above $300,000 constituting only 3% of approved loans in 2024, down from 10% in 2023. This tightening of credit conditions has led to a surge in business closures, reaching a 15-year high, as SMEs struggle to manage rising operational costs and limited financing options.

Benjamin Teo, spokesperson for Linkflow Capital, noted, “SMEs were caught in a difficult bind in 2024—needing capital to navigate rising operational costs but facing the highest borrowing rates we’ve seen in years and finding it much harder to secure larger loan amounts required for expansion.”

Whilst early signs of interest rate easing have emerged, with the 3-month SORA benchmark falling from 3.03% in January to 2.55% by April 2025, SME lending rates are expected to remain high until at least Q3 2025. The permanent increase of the SME Working Capital Loan cap to $500,000, announced in Budget 2024, offers some relief, but cash flow pressures continue to mount.

Teo emphasised the importance of preemptive financing planning and maintaining liquidity buffers, given Singapore’s heavy trade exposure and vulnerability to external shocks. The full survey findings are available on Linkflow Capital’s website.
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The United Nations Development Programme (UNDP) and Singapore-based Trigger Asset Management have announced a new partnership to bolster investment and support for startups and businesses aligned with the Sustainable Development Goals (SDGs). The initiative, named Origin, seeks to leverage UNDP’s global expertise and Trigger’s investment acumen to create a robust ecosystem for mission-driven ventures.

Origin will focus on several key areas, including the design and launch of investment opportunities for SDG-aligned startups, supported by structured acceleration and incubation pathways. Additionally, a next-generation digital platform powered by AI and Web3 technologies will be developed to facilitate connections between startups and investors, enhancing collaboration and efficiency.

The partnership will also establish a comprehensive database of startups nurtured by UNDP’s accelerator programmes, enabling smart matchmaking between ventures, donors, and investors. Tailored capacity-building programmes, including training in SDG impact management and innovative financing, will be offered to enhance business development and project design skills.

Robert Pasicko, Team Leader for UNDP’s Alternative Finance Lab, highlighted the potential of SDG-aligned startups, stating, “This partnership with Trigger is about bridging that gap—making it easier for impact investors to find and fund ventures solving real-world problems whilst giving those ventures the tools and networks they need to thrive.”

Goh Seh Harn, CEO of Trigger Asset Management, emphasised the transformative potential of the collaboration, noting, “We are building an ecosystem where capital not only scales businesses but also fuels systemic change for people and the planet.”

By combining their strengths, UNDP and Trigger aim to support a new generation of investment-ready startups capable of delivering sustainable social and environmental impact on a global scale.
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IHH Healthcare, a leading global healthcare provider, has secured a landmark S$300m sustainability-linked loan from UOB, marking the first such loan for both the company and the bank in the healthcare sector. This agreement underscores IHH’s commitment to sustainable practices, aiming to cap carbon growth by 2025 and achieve net-zero emissions by 2050.

The loan is structured under UOB’s Sustainability-Linked Financing Framework, which provides clients with pre-approved and externally validated key performance indicators and sustainability performance targets. This framework is designed to integrate sustainability into business strategies effectively.

IHH, with over 140 healthcare facilities in 10 countries, including more than 80 hospitals, is dedicated to operating in an environmentally responsible manner. The company’s recent inclusion in the FTSE4Good Index highlights its commitment to embedding environmental, social, and governance principles across its operations.

Dilip Kadambi, IHH’s Group Chief Financial Officer, stated, “We see sustainability as an opportunity to create lasting impact. We are proud to advance sustainable financing through this loan.”

UOB, recognised as the Best Bank for Sustainable Finance in Singapore by Global Finance, has provided S$16.6b in sustainability-linked loans across various sectors as of 31 December 2024. Ang Moh Chuan, Managing Director of Group Corporate Banking at UOB, emphasised the bank’s commitment to supporting businesses in their transition to a low-carbon economy.

This partnership between IHH and UOB exemplifies how sustainable finance can drive meaningful change, setting a precedent for future collaborations in the healthcare sector.
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Developers have shown a marked reluctance to bid on a residential site near Singapore’s One North, highlighting increasing concerns over market stability. The site, which was expected to attract significant interest due to its prime location, has instead seen developers hesitate, citing uncertainties in the real estate market as a primary reason for their caution.

The reluctance comes amidst a backdrop of fluctuating property prices and regulatory changes that have left developers wary of committing to new projects. The site, located in a region known for its proximity to tech and research hubs, was anticipated to be a hotbed for development. However, the current economic climate has prompted a more cautious approach.

Industry experts suggest that the hesitation is indicative of broader market trends, where developers are increasingly prioritising risk management over expansion. “The current environment demands a more strategic approach to investments,” noted a real estate analyst. “Developers are weighing the potential returns against the risks more carefully than ever before.”

This development is part of a larger pattern of cautious investment strategies being adopted across Asia’s real estate markets. As developers navigate these uncertain times, the focus is likely to remain on stability and long-term planning rather than immediate growth.

The implications of this trend could see a slowdown in new residential projects, potentially impacting housing supply in the region. As the market continues to evolve, stakeholders will be closely monitoring these developments to adapt their strategies accordingly.
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AIA Singapore has unveiled a series of initiatives to commemorate Singapore’s 60th anniversary, focusing on holistic wellbeing for citizens of all ages. Announced on 30 April, these initiatives aim to empower individuals and families to improve their physical, financial, and mental health, whilst also fostering community engagement and environmental conservation.

Amongst the highlights is the launch of the “Live Better with AIA Monopoly” game, a customised version of the classic board game that encourages players to make informed decisions about health, wellness, and financial planning. The game features Singapore-specific elements, such as local slang and cultural experiences, to engage players in a journey of self-growth and community involvement.

AIA Singapore is also rolling out a family-centric campaign offering up to 20% off eligible plans and a free family adventure pass to Mandai Wildlife Reserve. This initiative, running from 6 May to 31 July, aligns with the National Family Festival and aims to help families build a strong financial foundation.

In collaboration with Rainforest Wild ASIA at Mandai Wildlife Reserve, AIA Singapore is promoting wildlife conservation and healthier lifestyles. This partnership is part of the AIA One Billion initiative, which seeks to empower one billion people to live healthier lives by 2030.

For high-net-worth clients, AIA Singapore is offering bespoke experiences through its AIA Altitude programme, including exclusive events and a specially designed silk scarf by local designer Mike Tay. These initiatives reflect AIA’s commitment to holistic wellness, transcending mere financial wellbeing.

As part of its corporate social responsibility efforts, AIA Singapore is enhancing community bonds through volunteer programmes and fundraising activities, with proceeds supporting the AIA Better Lives Fund. These efforts underscore AIA’s dedication to making a positive social impact as Singapore celebrates its milestone anniversary.
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Singapore’s labour market has shown signs of weakening, with the unemployment rate rising to 2.1% in the first quarter of 2025, up from 1.9% in the previous quarter, according to the Ministry of Manpower’s Labour Market Advance Release. This marks the first increase in four quarters, driven by a rise in citizen unemployment to 3.1% and resident unemployment to 2.9%.

The slowdown in job creation, particularly in outward-oriented sectors such as professional services, manufacturing, and information and communications, is attributed to rising global trade tensions and economic uncertainty. Job gains fell significantly to 1,300 in Q1 from 6,700 in Q4, whilst the hiring outlook of firms weakened, with only 40.5% of firms planning to hire, down from 46.3% in the previous quarter.

Despite the rise in unemployment, redundancies remained stable at 3,300, close to the pre-pandemic average. The Ministry of Manpower noted that business reorganisation or restructuring was the primary reason for redundancies, indicating that job losses have been contained so far.

Nomura has adjusted its unemployment rate forecasts, raising the 2025 prediction to 2.4% and the 2026 forecast to 2.9%, reflecting the unexpected uptick in Q1 and a weaker hiring outlook. The firm anticipates further moderation in labour demand, particularly in externally oriented sectors, as the impact of US tariffs becomes more pronounced in the second half of the year.

The subdued labour market conditions are expected to support Nomura’s core inflation forecast of 0.9% for 2025, below the consensus forecast of 1.5% but within the Monetary Authority of Singapore’s range. This aligns with expectations of easing wage growth and continued subdued inflation pressures.
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Allianz Insurance Singapore has unveiled a pioneering initiative, Recycle My Tyres, offering free tyre recycling to all drivers in Singapore. This programme, launched in collaboration with Global Enviro Technology, allows drivers to drop off used tyres at participating workshops, where they will be transformed into valuable materials such as recycled carbon black, syngas, and steel using advanced RF plasma pyrolysis technology.

The initiative aims to address the growing pressure on landfills by providing a sustainable disposal option for tyres, aligning with Singapore’s broader environmental goals. Ong Bi Ying, Chief Operating Officer of Allianz Insurance Singapore, stated, “As an insurer, we see first-hand the impact mobility has on our environment. That’s why we’re taking this step, not just for our customers, but also for the wider community of drivers who care about making more sustainable choices.”

Global Enviro Technology, a leader in sustainable waste management, will partner with Allianz to track the number of tyres collected and estimate the carbon savings achieved through recycling. This data will help raise awareness about the environmental benefits of the programme.

The Recycle My Tyres initiative is open to the general public, allowing any driver to participate by visiting participating Allianz-authorised workshops. This effort marks the first insurer-led tyre recycling initiative in Singapore, setting a precedent for sustainable automotive waste management. For more details and to locate a participating workshop, interested individuals can visit Allianz’s dedicated microsite.

ISDN Holdings, a company listed on the Singapore Exchange (SGX), is positioning itself for long-term growth through strategic expansion and diversification. The company has seen its renewable energy segment’s revenue more than double in the first half of 2024, whilst other segments have remained stable. This growth is part of ISDN’s broader strategy to ensure continued expansion across its various business operations.

The company has faced challenges with declining revenue and profitability between the financial years 2021 and 2023. In response, ISDN Holdings is actively working to improve its financial performance. The management has outlined plans to address these issues, focusing on enhancing revenue streams and operational efficiency.

ISDN Holdings operates in four main business segments, with renewable energy showing significant growth. The company is exploring strategies to maintain momentum across all segments, ensuring balanced growth. This approach includes leveraging existing strengths and exploring new opportunities within the industry landscape.

The company does not currently have a fixed dividend policy, which allows it flexibility in reinvesting profits to support its growth initiatives. This strategic decision aligns with ISDN’s focus on long-term sustainability and expansion.

In summary, ISDN Holdings is committed to strengthening its market position through strategic diversification and expansion. The company’s focus on renewable energy and operational improvements is expected to drive future growth, positioning it well for the evolving market demands.
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CapitaLand Ascendas REIT (CLAR) has announced its business updates for the first quarter of 2025, highlighting significant investments totalling $458.2 million across the US and Singapore. These strategic moves are aimed at generating new income streams and enhancing portfolio value. Notably, CLAR completed the acquisition of the DHL Indianapolis Logistics Centre for $153.4 million, a modern Class A logistics property with an 11-year lease term, ensuring income stability. Additionally, the redevelopment of 1, 1A, and 1B Science Park Drive in Singapore was finalised for $300.2 million, achieving a 95% leasing milestone.

The REIT’s operational performance remains stable, with a healthy portfolio occupancy of 91.5% as of 31 March 2025. The average portfolio rental reversion for leases renewed in Q1 2025 stood at +11.0%, with expectations for a positive mid-single digit range for the full year. The portfolio’s weighted average lease expiry by gross revenue is stable at 3.8 years, providing further income stability.

CLAR’s disciplined capital management is evident with a healthy aggregate leverage of 38.9% and a stable weighted average all-in cost of debt at 3.6%. The REIT maintains a strong financial position, supported by an A3 credit rating, which facilitates access to a wide range of funding options at competitive rates.

With a well-diversified portfolio of approximately 1,780 tenants across more than 20 industries, CLAR is committed to prudent capital management and closely monitoring the global economic environment. The REIT’s proactive asset management and strategic investments position it well to navigate upcoming challenges.
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