Industry News

The Singapore Department of Statistics has reported a marginal decline of 0.1% in the Consumer Price Index (CPI) for March 2025 compared to the previous month.

Despite this monthly dip, the CPI has risen by 0.9% compared to March 2024, indicating a modest annual increase.

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The Global Pulse Confederation (GPC) is set to host Pulses 25, a major event for the pulse industry, at the Fairmont Hotel in Singapore from 20 to 22 May 2025. This gathering will bring together over 700 key players from around the world to exchange insights, explore emerging trends, and unlock strategic business opportunities in the rapidly evolving global pulse trade.

As the leading body for the global pulses industry, GPC is committed to promoting sustainable production, consumption, and trade of pulses. With members in over 50 countries, GPC collaborates with international organisations such as the Food and Agriculture Organisation and the World Health Organisation to advocate for pulses as essential to food security and climate-resilient food systems. Pulses 25 will provide delegates with access to a global network spanning major pulse-producing nations, including Australia, Brazil, Canada, and India.

The event will feature panels led by global experts on topics such as price trends, supply dynamics, and demand forecasts. These sessions aim to equip participants with the market intelligence needed for informed decision-making. Additionally, the conference will highlight innovations in plant-based foods and the role of pulses in sustainable agriculture.

Notable speakers include Murad Al Katib, President and CEO of AGT Food and Ingredients Inc., and Anuj Maheshwari, Managing Director of Temasek. Vijay Iyengar, President of GPC, stated, “Pulses 25 is a convergence of ideas, innovation, and opportunity. We aim to not only unlock new trade pathways but also champion the vital role of pulses in building a resilient and inclusive global food system.”

Pulses 25 promises to be more than just a conference, offering strategic business opportunities for all stakeholders in the pulse value chain. The event will run from 09:00 to 21:00 on 20 May, 10:00 to 16:45 on 21 May, and 10:00 to 19:40 on 22 May.
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Singapore is taking significant strides in the cybersecurity sector, with three local companies—cloudsineAI, Cyber Sierra, and pQCee—leading the charge against emerging global threats. As cybercrime costs are projected to soar to $105t by 2025, these firms are developing advanced solutions to address vulnerabilities that traditional cybersecurity measures struggle to cover.

cloudsineAI has introduced a GenAI firewall designed to protect against threats specific to generative AI applications. This firewall employs a unique ShieldPrompt multilayered defence, scanning both user inputs and AI-generated outputs to prevent harmful content. Cyber Sierra, meanwhile, offers an AI-driven platform that integrates Cyber Governance, Risk Management, and Compliance (GRC) with Continuous Controls Monitoring (CCM), enhancing organisational compliance and risk management. pQCee’s SafeQuard tool provides quantum-safe encryption, safeguarding sensitive data against future quantum decryption threats.

These innovations are supported by the CyberSG Talent Innovation and Growth Collaboration Centre, a $15m initiative by the National University of Singapore (NUS) and the Cyber Security Agency of Singapore (CSA). The Centre aims to bolster Singapore’s position as a cybersecurity hub and will showcase these solutions at the RSA Conference 2025 in San Francisco.

Associate Professor Benjamin Tee of NUS Enterprise highlighted the Centre’s role in driving global cybersecurity innovation, stating, “We support companies developing advanced digital infrastructure protection, strengthening our nation’s defences whilst empowering collaborative global efforts against a rising tide of cyberattacks.”

As Singapore positions itself as a strategic gateway to Asia’s digital economy, these pioneering efforts underscore its commitment to addressing the evolving landscape of cybersecurity threats.
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Singlife has unveiled two innovative personal accident insurance plans, Singlife Family Accident Care and Singlife Accident Care, aimed at providing comprehensive protection for families and individuals. Singlife Family Accident Care is the market’s first personal accident plan offering a shared coverage limit for families, making it more affordable than individual policies. Families can benefit from coverage options of S$500,000 or S$1m for accidental death and dismemberment, with up to six family members covered. Additionally, a premium discount of up to 50% is available for children added to the policy.

For individuals, Singlife Accident Care offers coverage limits of up to S$3m for accidental death and dismemberment, addressing the financial burdens and income replacement needs that may arise from severe accidents. This plan also provides coverage up to the age of 99, one of the longest periods available in the market.

Both plans include unique benefits such as the Life Stage Event Benefit, which provides an additional lump sum payout for accidental death or total and permanent disability occurring 12 months after a significant life event. The Annual Leave Compensation Benefit offers a cash benefit of S$100 per day if the insured is hospitalised for four days or more, and a family member takes annual leave to provide care. Coverage extends to conditions like food poisoning, 21 infectious diseases, and injuries from recreational sports.

Helen Shen, Group Head of Products at Singlife, stated, “Singlife Family Accident Care, with its unique shared coverage limit and discount for children, offers an affordable yet robust solution to safeguard the entire family.”

These new offerings highlight Singlife’s commitment to providing accessible and comprehensive protection across various life stages.
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SC Ventures, the innovation arm of Standard Chartered, has completed two significant projects with Singapore’s Agency for Science, Technology, and Research (A*STAR) to advance AI applications in regulatory compliance. These initiatives, under a Memorandum of Understanding with A*STAR’s Institute of High Performance Computing, aim to create innovative intellectual property and explore the practical use of Large Language Models (LLMs).

The first project focused on automating the mapping of regulatory obligations to enterprises using AI and Generative AI (GenAI). This effort addressed the complexities of regulatory changes in the financial sector by employing A*STAR IHPC’s expertise in GenAI, enhancing response quality and accuracy whilst reducing biases. The project utilised LLM and Retrieval Augmented Generation capabilities to analyse regulatory changes and their business implications.

The second project investigated ‘Fairness in AI’, establishing metrics to ensure AI systems remain impartial and equitable. This research is crucial as data and societal values evolve, ensuring AI solutions are trusted and transparent. Dr Mohammed Rahim, Group Chief Data Officer at Standard Chartered, emphasised the importance of addressing biases to foster innovation and trust in AI systems.

Thorsten Neumann, Venture Technology Lead at SC Ventures, expressed enthusiasm for exploring complex AI challenges, stating, “We are truly excited about this opportunity to go deeper into the complex problems of RAG accuracy, processing on unstructured data, evaluating novel algorithms and learning about data pipelines, and their fairness in AI and GenAI solutions.”

The collaboration signifies a commitment to leveraging scientific research for commercial success, with both organisations planning to further investigate GenAI’s potential in financial services. Dr Rick Goh, Department Director of Computing & Intelligence at A*STAR IHPC, highlighted the partnership’s potential to tackle real-world challenges, stating, “This milestone with SC Ventures exemplifies how research institutions and financial innovators can effectively tackle complex real-world challenges together.”
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A new report from Rubrik, a data security firm, has highlighted a concerning rise in cyberattacks targeting Singapore’s IT and security sectors. The Zero Labs report reveals that 91% of Singaporean IT and security executives experienced cyberattacks in 2024, with a significant 95% of organisations succumbing to ransom demands. This trend underscores the vulnerabilities within multi-cloud and hybrid environments, which are increasingly being exploited by cybercriminals.

The report, which surveyed over 1,600 IT and security leaders globally, including those in Singapore, found that nearly one-fifth of organisations faced more than 25 cyberattacks in the past year. Key challenges identified include securing data across diverse ecosystems (42%), data compliance and privacy issues (36%), and a lack of centralised management (34%).

Sheena Chin, Managing Director for ASEAN at Rubrik, emphasised the complexity of securing data in the cloud era. She noted, “The data sprawl in the cloud era translates to complexity in securing data.” The report also highlights that 91% of Singaporean organisations utilise between two and five cloud and SaaS platforms, making them susceptible to identity and access management weaknesses.

The findings suggest that as businesses continue to adopt multi-cloud strategies, the need for robust data protection and backup policies becomes crucial. With cyber threats evolving, organisations must prioritise system awareness and recovery plans to safeguard sensitive data. The report calls for companies to adopt a proactive approach, thinking like threat actors to anticipate and mitigate risks effectively.
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The latest data from Savills Research reveals a notable shift in Singapore’s office market, with the Central Business District (CBD) Grade A office vacancy rate in Tanjong Pagar decreasing to 9.7% in the first quarter of 2025, down from 10.3% in the previous quarter. Conversely, City Hall experienced an increase in vacancy rates, rising by 0.3 percentage points to 3.9%.

The report highlights that whilst most micro-markets saw a decline in vacancy rates, Orchard Road remained unchanged at 1.5%. Raffles Place, Marina Bay, Shenton Way, and Beach Road/Middle Road all recorded declines ranging from 0.3 to 0.5 percentage points.

Despite the fluctuations in vacancy rates, office rents have shown resilience. The average monthly rent for CBD Grade A offices rose by 0.4% quarter-on-quarter to $9.83 per square foot. Notably, Grade AAA office rents saw a significant increase of 1.1% to $13.05 per square foot, marking the largest quarterly rise since Q2 2023.

Ashley Swan, Executive Director of Commercial & Industrial at Savills Singapore, commented on the market dynamics, stating, “After seeing an increase in leasing activity levels to begin the year, some uncertainty has crept into the market, further fuelled by the tariff announcement.”

Looking ahead, Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted that the lack of new supply has been crucial in maintaining rent levels. He added, “As the global trade landscape is being re-defined, this could mean that for the next two quarters, tenants are likely to sit it out and adopt a conservative approach regarding space expansion, relocation or lease renewal plans.”

Overall, the office market in Singapore remains stable, with expectations that Grade A CBD office rents will remain flat throughout 2025, despite global uncertainties.
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In a remarkable culinary collaboration, Executive Chef Jake Kowalewski of LeVeL33 and Executive Chef Lamley Chua of Kaarla Wood-Fire Grill will present a special four-hands dinner series. The first event is scheduled for 29 May at LeVeL33, with a reciprocal dinner at Kaarla in July. This partnership marks LeVeL33’s 15th anniversary and 1-Group’s 20th anniversary, highlighting their shared commitment to sustainable dining.

The exclusive event will feature a five-course menu that combines LeVeL33’s ContemBrewery cuisine, known for its innovative use of spent grain and beer infusions, with Kaarla’s Australian-Japanese farm-to-table approach. Chef Jake, who has led LeVeL33’s kitchen since 2021, expressed that the collaboration represents their commitment to sustainability and the evolution of their culinary philosophy.

Guests can expect a memorable dining experience with dishes such as Yellowfin Tuna Tostada and Otoro Zushi, paired with LeVeL33’s signature Brut Beer. The event is priced at $130 (S$178)++ per person, or $187 (S$256)++ with beverage pairing. Reservations are open until 22 May.

Chef Lamley, known for his expertise in modern Asian cuisine, brings his passion for sustainability to the event. His work at 1-Arden, home to Singapore’s highest urban farm, reflects his dedication to eco-conscious cooking.

This collaboration not only celebrates the anniversaries of both establishments but also underscores their commitment to supporting sustainable food systems.
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Abercrombie & Kent (A&K), renowned for its luxury travel offerings, is set to launch a new retreat in Moab, Utah, marking its first venture into the American West. Scheduled to open in 2027, the retreat will be located near Arches and Canyonlands National Parks, providing guests with a unique blend of adventure and luxury amidst Utah’s iconic redrock canyons.
The retreat will accommodate 40 guests in a mix of one-bedroom and two-bedroom standalone suites, designed to offer generous space and an intuitive indoor-outdoor flow. Guests can enjoy a curated programme of activities, including hiking, biking, and rafting, alongside expert-led tours and cultural encounters. A dedicated wellness offering, featuring a spa and spaces for reflection, will complement the natural surroundings.

Cristina Levis, CEO of A&K Travel Group, highlighted the retreat’s potential to offer a deeper engagement with Moab’s dramatic landscapes. “What we are creating is something that complements that energy, a new kind of retreat that invites travellers to engage with this setting in a deeper, more soulful way,” she said.

The Moab retreat is part of A&K Sanctuary’s broader expansion, which includes developments in Africa, South America, and Mexico. With luxury lodging limited in the American West, A&K aims to meet growing demand by providing discerning travellers with access, connection, and meaning. Rebecca Osman, Chief Destination Officer, emphasised the retreat’s philosophy: “It will offer the space, stillness, and sense of place that today’s travellers are seeking.”

Further details about the Moab project will be announced in the coming months.
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Maybank and Perbadanan Usahawan Johor Sdn. Bhd. (PUJB) have signed a Memorandum of Understanding (MOU) to bolster support for Johor’s micro, small, and medium enterprises (MSMEs) and the Halal industry. This collaboration, formalised at the Johor-Singapore Special Economic Zone (JS-SEZ) Joint Business and Investment Forum, seeks to provide tailored banking solutions and strategic advisory services to local entrepreneurs.

The partnership will address key gaps by offering Halal Facilitation services, supply chain financing, and capacity-building programmes. Dato’ Khairussaleh Ramli, President and Group CEO of Maybank, highlighted the bank’s commitment to supporting local businesses and advancing the JS-SEZ’s economic focus. “This partnership will play a catalytic role in advancing business growth and investments in the JS-SEZ,” he stated.

Maybank’s extensive presence in Johor and Singapore, with 71 touchpoints in Johor and 23 branches in Singapore, positions it as a significant player in the region. The bank has also established a dedicated JS-SEZ Desk to provide comprehensive advisory and banking solutions.

The collaboration is timely, given the anticipated growth of Malaysia’s Halal industry, expected to reach $113.2 billion by 2030. Maybank Islamic has already assisted 360 MSMEs in obtaining Halal certification, and this initiative will now extend to foreign investors in various sectors.

Haji Mohd Radzi Mohd Amin, CEO of PUJB, emphasised the importance of empowering diverse communities through training and infrastructure support. The partnership aims to position JS-SEZ as a leading regional and global Halal hub, leveraging Maybank’s global Islamic banking expertise.
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