Industry News

Thunes, a Singaporean B2B fintech firm, has successfully raised $150 million in its Series D funding round, led by Apis Partners and Vitruvian Partners. This marks the largest funding round in Thunes’ history, achieved amidst challenging capital market conditions. The company plans to use the funds to accelerate its expansion in the United States, having recently acquired licences across 50 states, pending regulatory approval.

The funding will also bolster Thunes’ Direct Global Network, which currently spans 130 countries, 80 currencies, and 550 direct integrations, facilitating real-time payments in complex markets. As the cross-border payments market grows towards a $150 trillion opportunity, Thunes is well-positioned to capture a significant share. CEO Floris de Kort stated, “Thunes’ latest funding round is a clear validation of our strategy and our commitment to sustainable growth.”

Apis Partners’ Matteo Stefanel praised Thunes for revolutionising global cross-border payments through robust technology and financial strategy. “Thunes’ impressive growth record and positive EBITDA performance even in these unprecedented times clearly underpin the trust of its Members and their ability to scale effectively,” he said.

Vitruvian Partners’ Tassilo Arnhold expressed pride in partnering with Thunes, highlighting the company’s strategic vision and commitment to innovation. “We are delighted to support Thunes in their mission to continuously set and exceed industry benchmarks,” Arnhold commented.

With this new capital, Thunes aims to redefine global cross-border payment standards, driving growth and innovation in the fintech landscape.
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Microsoft’s 2025 Work Trend Index has revealed a significant shift in Singapore’s business landscape, driven by the integration of AI agents. The report, based on a survey of 31,000 people across 31 countries, highlights the emergence of ‘Frontier Firms’—organisations that leverage AI to redefine traditional structures and enhance productivity. This transformation is crucial as 81% of Singapore’s workforce reports lacking sufficient time or energy to complete their tasks.

The data indicates a growing confidence among Singaporean leaders, with 82% planning to use AI agents to expand workforce capacity within the next 12–18 months. Andrea Della Mattea, President of Microsoft ASEAN, noted, “AI is fundamentally changing the way we work across Asia, making organisations smarter, faster, and more impactful.”

AI’s rise is reshaping organisational charts into more dynamic ‘Work Charts’, where teams are outcome-focused rather than function-based. Over half of Singapore’s leaders are already utilising AI to automate workflows, surpassing the global average. Employees are increasingly viewing AI as a thought partner, with 47% treating it as such, whilst 51% still see it as a command-based tool.

The report also predicts that within two to five years, every organisation will begin transitioning towards becoming a Frontier Firm. Singaporean leaders are prioritising digital labour expansion and upskilling, with 80% considering new AI-focused roles. This proactive approach positions Singapore at the forefront of AI-driven transformation in the region.

As AI continues to democratise expertise, Singapore’s businesses are poised to outperform traditional competitors in innovation and efficiency. The findings suggest that early adoption of AI agents in the Asia Pacific region could offer significant competitive advantages over the next decade.
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The Monetary Authority of Singapore (MAS) has forecasted a significant slowdown in Singapore’s economic growth for 2025, projecting a range of 0.0% to 2.0%.

This comes as part of the April 2025 Macroeconomic Review, which also anticipates a global GDP growth reduction to 2.0-2.5%, down from 3.2% in 2024. The slowdown is attributed to the impact of higher US import tariffs affecting both domestic and international markets.

The review highlights a slight increase in global headline inflation, now estimated at 2.3% for 2025, up from 2.1% in 2024. This adjustment is largely due to tariff-induced inflation in the US, although offset by deflationary pressures elsewhere, particularly in China. The average Brent crude oil price forecast has been revised down to $68 per barrel, aligning with current market prices.

MAS maintains its forecast for core and headline inflation in Singapore to average between 0.5% and 1.5% in 2025, with a tendency towards the lower end of this range. Core inflation is expected to average around 0.8% for the year, whilst headline inflation is projected to be slightly higher at 1.0%.

A UOB Macro Note suggests that the economic outlook for Singapore is more negative compared to previous assessments, with the output gap expected to turn negative at -0.5% of potential GDP. This has led to speculation that MAS may adjust its monetary policy stance to a zero percent appreciation, potentially flattening the Singapore dollar nominal effective exchange rate (S$NEER) slope in the upcoming July 2025 Monetary Policy Statement.

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International Workplace Group (IWG), the world’s largest hybrid workspace platform, has announced a significant expansion in 2024, signing 899 new locations and opening 624 new centres globally. This expansion includes 115 new locations in the Asia Pacific region, highlighting the growing demand for flexible workspaces in this dynamic area.

IWG’s growth strategy is largely driven by managed partnership agreements, allowing the company to convert various buildings into successful commercial operations. This approach aligns with the increasing demand for hybrid working solutions, as property owners seek to fill vacant spaces due to declining demand for traditional office real estate. IWG’s extensive brand portfolio, including Regus, Spaces, HQ, and Signature, supports this expansion.

In Singapore, IWG is capitalising on the trend of workers seeking shorter commutes by expanding its presence in the heartlands. Research indicates that 95% of Singaporeans prioritise commute time when considering job opportunities, with 53% preferring to work close to home. Currently, IWG operates eight flexible workspaces in Singapore’s heartlands, including areas like Tampines and Novena.

IWG’s CEO, Mark Dixon, noted, “2024 was a landmark year, reaching record revenue and experiencing our strongest network expansion to date.” The company plans to continue investing in its platform and expanding its network through capital-light methods such as management agreements and franchising.

With over 4,000 locations in more than 120 countries, IWG is poised for further growth, tapping into a market of over 1.2 billion white-collar workers globally. The flexible workspace sector is projected to grow by 600% by 2030, underscoring the potential for continued expansion.
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Juniper Networks has announced the successful deployment of its AI-Native Networking Platform at St Luke’s ElderCare (SLEC) in Singapore, aiming to transform elderly care through improved security and seamless operations. The implementation, set to be completed by the end of 2025, unifies SLEC’s network infrastructure across its nursing homes, active ageing centres, and senior care centres. This initiative supports SLEC’s expansion and enables innovative services such as virtual reality experiences and advanced robotics for rehabilitation.

With Singapore’s rapidly ageing population, SLEC has grown from four to over 30 locations in the past 25 years. To support this growth, SLEC required a secure, scalable network. Juniper’s AI-driven solutions, powered by Mist AI, have centralised IT operations, allowing SLEC’s lean IT team to manage the expanding network efficiently, reducing downtime and maintenance costs.

The transformation has resulted in enhanced operational efficiency and strengthened cybersecurity, ensuring a resilient network. “St Luke’s ElderCare’s goal is to provide holistic, high-quality care experiences,” said Dr Alan Wong, Chief Operating Officer of SLEC. “By modernising our network with Juniper’s AI-Native Networking Platform, we have transformed how we deliver care.”

Perry Sui, Area Vice President at Juniper Networks, added, “We are proud to partner with St Luke’s ElderCare on its journey of transformation and innovation.”

The successful implementation of Juniper’s solutions has empowered SLEC to adopt emerging innovations confidently, reinforcing its commitment to enhancing the quality of life for Singapore’s elderly population.
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Semperis, a leader in AI-powered identity security, has unveiled Ready1, a pioneering cyber crisis command platform aimed at enhancing organisational response to large-scale cyber incidents. This launch coincides with a global study revealing significant gaps in cyber readiness, particularly in Singapore, which ranks second globally in preparedness but still faces frequent high-impact cyber events.

The study, conducted across 1,000 organisations worldwide, shows that whilst 96% of companies have a cyber crisis response plan, 71% experienced at least one major cyber incident last year. In Singapore, 87% of organisations have integrated response plans, yet 53% still suffer multiple high-impact events, indicating a disconnect between planning and execution.

Key blockers to effective cyber response include cross-team communication gaps, outdated response plans, and tool sprawl. Despite frequent testing, many organisations remain unprepared due to these disjointed processes. “Cyberattacks don’t check your calendar — they hit when you’re at your weakest,” said Marty Momdjian, EVP of Ready1 at Semperis.

Ready1 aims to address these issues by consolidating crisis management, communication, and response efforts into a single platform. It offers a secure command centre with live dashboards, real-time coordination, and integrated tools for communication and task tracking. This platform is designed to ensure seamless crisis response, even when traditional infrastructure fails.

As cyber threats continue to evolve, the ability to respond swiftly and effectively is crucial. Ready1 seeks to provide organisations with the necessary tools and coordination to turn chaos into control, reducing downtime and mitigating the impact of cyber incidents.
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Singaporean lithium-ion battery manufacturer, Durapower Technology, is actively pursuing plans to establish a manufacturing facility in the US as part of its global expansion strategy. The company is currently seeking collaboration partners and aims to initiate discussions at the Advanced Clean Transportation Expo (ACT Expo) in Anaheim, California, from 28 April to 1 May 2025. This event will also serve as a platform for Durapower to showcase its battery solutions tailored for the North American market.

Durapower’s CEO, Kelvin Lim, highlighted the significance of the US market, stating, “With our strong expertise in battery technology and rich portfolio of products and services, we believe that now is the right time to start planning our foray into the US market. The US market is an important market that may present abundant opportunities for our future growth plan.”

The company, which has a presence in 25 countries across Europe and Asia, is known for its high-quality battery solutions used in automotive, energy storage systems (ESS), and marine industries. Durapower’s products have been deployed in numerous vehicles and energy systems worldwide, boasting a strong safety record with over 1 billion electric kilometres driven.

In addition to its participation in the ACT Expo, Durapower’s Group Director, Sanjay Bakshi, will attend the Select USA Investment Summit in Washington, D.C., from 11 to 14 May 2025, further exploring potential partnerships.

Durapower’s expansion into the US is expected to enhance its global manufacturing footprint and product presence, contributing to the company’s mission of supporting the circular economy and advancing towards a carbon-neutral future.
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RateHawk, a B2B booking platform, has announced a remarkable fourfold increase in its net booking value in Asia for 2024. This growth is attributed to the establishment of a new headquarters in Singapore and the localisation of services in languages such as Japanese, Vietnamese, and Thai. The company’s global net booking value rose by 1.8 times compared to 2023, with a 67% increase in the number of bookings worldwide.

The parent company, Emerging Travel Group, based in the UAE, achieved a gross transaction value milestone of $3.7b in 2024, with RateHawk as a significant contributor. The platform expanded its inventory by connecting with over 70 new global accommodation suppliers and establishing direct contracts with more than 34,000 accommodations, totalling 2.6 million options.

The demand for RateHawk’s transportation services, including flights and transfers, doubled in 2024. The introduction of train travel services across Europe was particularly well-received, with over 25% of frequent users adopting the new service within three months. Felix Shpilman, CEO of Emerging Travel Group, highlighted the company’s commitment to supporting partners during this period of growth, noting the doubling of API integration contracts with over 500 new entities, including Ctrip.

In Asia, RateHawk tripled its connected travel agents to over 13,000, with popular outbound destinations including the UAE, France, and the USA. The company plans to focus on API development in East and South Asia in 2025, optimising technology and support through its tech hub.
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In a pioneering move, MyRepublic has unveiled Singapore’s first insurance policy specifically designed for geeks and collectors. This innovative offering, launched on 28 April, aims to provide comprehensive coverage for high-value items such as gaming equipment, collectibles, and tech gadgets, addressing a niche market often overlooked by traditional insurance providers.

The insurance plan, developed in collaboration with a leading insurance company, offers protection against accidental damage, theft, and loss. MyRepublic’s Managing Director, Lawrence Chan, stated, “We recognise the passion and investment that geeks and collectors put into their hobbies. Our new insurance product is tailored to safeguard their prized possessions.”

This initiative is significant as it taps into a growing community of tech enthusiasts and collectors in Singapore, providing them with peace of mind and financial security. The policy covers a wide range of items, including gaming consoles, rare collectibles, and high-end tech gadgets, ensuring that enthusiasts can protect their investments.

MyRepublic’s entry into the insurance market marks a strategic expansion of its services, aligning with its mission to cater to the digital lifestyle needs of its customers. By offering this specialised insurance, the company aims to strengthen its position as a leader in digital solutions and customer-centric services.

Looking ahead, MyRepublic plans to explore further opportunities to expand its insurance offerings, potentially introducing similar products in other markets. This move could set a precedent for other companies to develop niche insurance products tailored to specific consumer needs.
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CapitaLand Development (CLD) has achieved a remarkable 98% booking rate during the exclusive preview of Orchard Heights on 27 April. This success follows the impressive performance of the first two phases of the Sycamore project in Vietnam, where 99% of Orchard Hill units and nearly 90% of The Orchard units were booked. The duplex units in this latest phase have proven particularly popular, appealing to homebuyers seeking luxury and privacy.

The CEO of CLD Vietnam and International, Tan Wee Hsien, highlighted Binh Duong’s growing appeal as a prime destination for quality living and investment. He noted the area’s dynamic urbanisation, strategic location, and upcoming infrastructure developments, including the anticipated merger with Ho Chi Minh City and Ba Ria – Vung Tau, which are set to transform Binh Duong into a vibrant economic and residential hub.

Orchard Heights, developed in collaboration with United Overseas Australia Group, is part of the 18.9-hectare Sycamore master project. The development is strategically located along Hung Vuong Boulevard in Binh Duong New City, adjacent to a 75-hectare central public park. The project features a mix of low-, mid-, and high-rise buildings, setting a new standard for urban living in the region.

The third phase includes 436 units, offering a variety of layouts from two-bedroom flats to spacious three-bedroom options, duplexes, and penthouses. The development is scheduled for handover in Q2 2027, with the entire Sycamore project expected to be completed by 2028.
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