Industry News

Singtel, one of Singapore’s leading telecommunications companies, is projected to see its core value rise by 180% over the next few years, according to a recent DBS Group Research report. The anticipated growth is attributed to a 10% compound annual growth rate (CAGR) in earnings from the financial year 2025 to 2028, with significant contributions from Optus, NCS, and data centre operations.

Despite a 62% increase in Singtel’s associate value since 2017, the company’s stock has remained flat due to an 80% decline in its core value in Singapore and Australia. However, analysts are optimistic about a turnaround, expecting a price-to-earnings re-rating from 6.6 times to 18.5 times.

The report recommends a “BUY” rating for Singtel, with a target price of $3.35 (S$4.58). It suggests that the market is likely to reward Singtel for its efforts to enhance its core business. Potential catalysts for this growth include increased investment in core operations and possible consolidation within Singapore.

Singtel’s strategic focus on strengthening its core sectors is seen as a pivotal move to regain investor confidence and drive future growth. The company’s ability to leverage its key business areas is expected to play a crucial role in achieving the projected increase in core value.
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Asian travellers are capitalising on long weekends by choosing regional destinations, according to digital travel platform Singapore-based Agoda. The company reported an 80% month-on-month increase in accommodation searches from Malaysia, Indonesia, and Singapore ahead of the Eid long weekend, with popular destinations including Japan, Thailand, China, South Korea, and Taiwan. This trend highlights a significant opportunity for hoteliers to capture the rising demand for short stays within the Asia Pacific (APAC) region.

Agoda’s data also revealed similar patterns during other regional holidays, such as the Songkran festival in Thailand, where Hong Kong, Osaka, Shanghai, and Seoul were top choices. In Vietnam, during the Liberation Day and Labour Day long weekend, Bangkok, Singapore, Tokyo, and Seoul were the most searched destinations. Andrew Smith, Senior Vice President of Supply at Agoda, emphasised the importance for hotels to use data to target consumers effectively and tailor services to regional tastes.

To maximise revenue, hotels are encouraged to offer packages catering to long weekend stays and micro-vacations. Strategies include content marketing, launching long weekend packages, and promoting ancillary items like late checkouts and complimentary breakfasts. Additionally, with Asia’s wellness tourism market projected to reach $156.85 billion this year, hoteliers can attract high-value guests by offering wellness and immersive local packages.

Agoda, headquartered in Singapore, offers a wide range of travel options, including over 5 million holiday properties and more than 130,000 flight routes, providing endless possibilities for travellers seeking memorable experiences.
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Skechers has celebrated the grand reopening of its flagship store at Bugis Junction, Singapore, on 18 June 2025. The store, now over 4,112 square feet, more than doubles its original size and showcases a sleek design with deep navy and bold fuchsia accents. The event was highlighted by the presence of K-pop icon MINNIE from i-dle, who joined Cedrick Tan, President of Skechers Southeast Asia, Hong Kong, and South Korea, for the official unveiling.

The reopening event featured several key highlights, including a private walkthrough with MINNIE, where she explored Skechers’ latest product innovations and retail concept. A vibrant fashion showcase at the Bugis Square Outdoor Atrium displayed Skechers’ footwear and apparel range. Additionally, an engaging Q&A session with MINNIE, hosted by Hazelle Teo, provided fans with exclusive insights.

The new flagship store offers Skechers’ latest collections, such as Court Classics, Skechers Street Shadow Collection, Pickleball, and Performance Technical Running. A standout feature is the SafeSize technology, which provides personalised footwear recommendations, enhancing the shopping experience.

Located at #02-11 Bugis Junction, the store joins Skechers’ Jewel Changi Airport location as a key retail destination in Singapore. The event also included interactive activities like a Skechers charms bar for sneaker personalisation and a themed photo booth experience, offering fans and contest winners exclusive experiences with MINNIE.
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OMS Energy Technologies Inc., a manufacturer of surface wellhead systems and oil country tubular goods, has announced significant operational achievements following its Nasdaq debut in May 2025. The company has secured new contracts in Angola and renewed agreements in Thailand, marking Southeast Asia as a key region for customer acquisition. CEO How Meng Hock highlighted the company’s robust operational foundation and commitment to innovation and financial management.

The company has expanded its presence in West Africa by entering the Angolan market, securing a contract with Grupo Simples Oil. In Indonesia, OMS’s marketing efforts have attracted new customers, including PT Seleraya Belida and Pertamina Hulu Sanga Sanga. A new three-year agreement with PTTEP in Thailand further stabilises OMS’s revenue base, whilst a 10-year supply agreement with Saudi Aramco is expected to generate $120m to $200m annually.

OMS’s geographic footprint spans the Asia Pacific and MENA regions, with 11 manufacturing facilities across six countries. The company is enhancing its talent pool by hiring locally and participating in government tenders, boosting its competitive edge. OMS’s $11m investment in additive manufacturing research aims to advance its product development, particularly in high-pressure, high-temperature gate valves.

Safety and environmental management remain priorities, with OMS maintaining ISO certifications across its sites. The company is also exploring growth through acquisitions and strategic alliances, aiming for sustainable long-term development. OMS’s collaboration with Singapore‘s Agency for Science, Technology and Research underscores its commitment to environmental sustainability and innovation.
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TDCX Group, a leader in digital customer experience and growth services, has announced the acquisition of SUPA, a cutting-edge data labelling and annotation platform. SUPA will be integrated into Chemin, TDCX’s AI enablement subsidiary, to address the increasing complexity of AI development and meet the global demand for high-level data services.

The acquisition comes as artificial intelligence systems evolve, requiring more specialised and cognitively demanding data-related work. This shift has moved from simple tagging to intricate data interpretation, synthetic data validation, and multimodal reasoning tasks, often performed by highly trained individuals such as PhDs and engineers.

Laurent Junique, CEO and Founder of TDCX Group, stated, “The future of customer experience is AI-powered, and AI itself runs on increasingly complex curated data. SUPA brings us the right capabilities and talent frameworks to fuel that future.” Mark Koh, CEO and co-founder of SUPA, added, “TDCX Group gives us the global platform to scale our model of precision and agility whilst keeping quality uncompromised.”

Chemin, launched earlier this year, serves as a next-generation platform for AI enablement, offering services such as data collection, annotation, and model evaluation. With SUPA’s technology and talent now integrated, Chemin is well-positioned to support clients developing foundational models and safety-critical systems.

This strategic acquisition places TDCX Group at the forefront of the AI enablement sector, which is projected to become a multibillion-dollar global market. As AI adoption accelerates, Chemin aims to be a critical enabler of safe, scalable, and sophisticated AI solutions.
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AIA Singapore has unveiled the inaugural AIA Ultimate FitnessFest (AUFF), a pioneering hybrid fitness event supported by HYROX, aimed at promoting healthier lifestyles and financial protection. The event, running throughout August with a finale on 27 September 2025, features two editions: the University Edition and the Open Edition, catering to various fitness levels.

The AUFF is part of AIA’s ongoing partnership with HYROX and aligns with the “Rethink Healthy” campaign, which challenges traditional health stereotypes in Asia. With only 44% of Gen Zs in Singapore having personal accident protection, AIA is launching the AIA #GenFit PA plan, an affordable personal accident plan designed to cover medical bills and active lifestyles. “With rising healthcare costs in Singapore and a growing protection gap among Gen Zs, we are taking proactive steps to address this challenge,” stated Wong Sze Keed, CEO of AIA Singapore.

The University Edition invites students from local universities to compete in fitness challenges, with top teams advancing to a HYROX-inspired final. Participants will engage in activities like rowing and synchronised lunges, with the top teams earning a spot in the AIA HYROX Singapore race in November. The Open Edition offers a “lite” HYROX experience for all ages and fitness levels.

The AUFF aims to encourage healthier living and raise awareness of financial protection, with opportunities for participants to engage in community activities and earn bonus points. For more information, visit AIA’s website.
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Allspring Global Investments, a global asset management firm with $600b (US$600b) in assets under advisement, has teamed up with Nomura’s International Wealth Management to distribute the Allspring Global Income Fund to private banking clients in Singapore and Hong Kong. Launched in October 2024, the fund aims to provide attractive total returns through high current income and long-term capital appreciation by investing in a diversified, multi-sector fixed income universe.

The Allspring Global Income Fund, actively managed by Allspring’s Plus Fixed Income team, targets investors seeking consistent income generation and long-term capital growth. The fund’s dynamic approach to asset allocation across global fixed income markets is designed to adapt to varying market conditions. The Plus Fixed Income team, which manages $39b (US$39b) in assets, brings significant expertise to the table.

Nomura’s decision to offer this fund addresses the increasing demand for quality income solutions in Asia. Connie Sin, Head of Funds and Alternatives at Nomura, expressed enthusiasm about the partnership, stating, “We are delighted to partner with Allspring to bring a high-conviction, income-focused strategy to our clients.”

Priscilla Phoon, head of Financial Institutions (Asia ex Japan) at Allspring, highlighted the fund’s potential, noting, “This flagship offering has a long-term track record of compelling risk-adjusted returns meeting the needs of investors looking for attractive income and diversification across the fixed income sectors.”

This collaboration marks a significant step in providing Asian investors with access to reliable income solutions, leveraging Allspring’s expertise in multi-sector fixed income.
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HSBC has announced the appointment of Ishan Sarkar as the new Head of Wealth and Premier Solutions for Singapore, effective 1 July 2025. Sarkar, who joined HSBC six years ago, will report to Ashmita Acharya, Head of International Wealth and Premier Banking, HSBC Singapore, and Stefan Lecher, Head of Wealth and Premier Solutions Asia.

Sarkar brings two decades of experience in investments and sales from leading global financial institutions. Most recently, he led Capital Markets for HSBC Global Private Banking and Wealth in Southeast Asia. In his new role, he will focus on developing and managing a comprehensive suite of wealth products and platforms for clients ranging from Premier to Ultra-High Net Worth (UHNW).

Ashmita Acharya expressed confidence in Sarkar’s capabilities, stating, “We aspire to be Singapore’s leading international wealth bank, providing differentiated solutions for our globally mobile clients’ wealth preservation and growth needs. I’m confident that Ishan’s expertise and leadership will bring the best of our diverse wealth solutions to clients across segments to help them reach their ambitions.”

Stefan Lecher highlighted the growing demand for innovative wealth management solutions in Singapore, noting, “In his new role, Ishan will steer the team in Singapore to leverage our global network and deliver our investment and advisory solutions at pace for our clients to manage, grow and preserve their wealth for generations to come.”

HSBC, which opened its first branch in Singapore in 1877, continues to expand its services in the region, aiming to strengthen its position as a leading international wealth bank.
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The National Heart Centre Singapore (NHCS) and Mayo Clinic have signed a Memorandum of Understanding (MOU) to enhance cardiovascular care and research worldwide. This collaboration, announced on 20 June 2025, follows a two-day scientific meeting supported by the Tanoto Foundation. It aims to leverage Mayo Clinic’s expertise and NHCS’s understanding of Asian cardiovascular health to develop innovative treatment paradigms.

The partnership focuses on three key areas: cardio-oncology, innovative healthcare solutions, and ageing and frailty. Cardio-oncology is crucial as cancer therapies can impact heart health, and both institutions aim to integrate cardiology and oncology expertise for optimal patient care. Mayo Clinic’s established cardio-oncology clinics and NHCS’s integrated care strategies will facilitate knowledge exchange and potential collaborations in education, research, and clinical care.

In healthcare innovation, the collaboration will explore AI-enabled digital biomarkers and cardiac imaging. NHCS will contribute its extensive cardiovascular database, including findings from the SingHEART study, to enhance AI-ECG algorithms’ performance across Asian populations.

Addressing the health of the ageing population, the partnership will focus on early identification of cardiovascular ageing using bio and digital markers, advanced imaging, and novel therapies.

Looking forward, NHCS and Mayo Clinic plan to co-develop intellectual property, clinical protocols, and guidelines to serve both Western and Asian populations. This strategic alignment aims to accelerate cardiac care innovation and empower healthcare professionals globally. Professor Yeo Khung Keong, CEO of NHCS, emphasised the importance of addressing cardiovascular disease in Asia, whilst Mayo Clinic’s Professor Amir Lerman expressed enthusiasm for the collaboration’s potential to improve global cardiovascular health.
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Minister of State for Defence Desmond Choo recently visited the Republic of Singapore Air Force’s (RSAF) Advanced Jet Training Detachment at Cazaux Air Base, France, to commemorate the 60th anniversary of Singapore-France defence relations. The event, attended by Philippe Paul, Vice-President of the Senate Committee on Foreign Affairs, Defence, and the Armed Forces, featured the unveiling of a special anniversary logo on RSAF’s M346 aircraft and the French Air and Space Force’s (FASF) Alpha Jet, followed by a combined flypast.

Choo emphasised the importance of the RSAF’s presence at Cazaux Air Base, highlighting France’s role in recognising Singapore’s independence in 1965 and the subsequent development of a robust partnership. “Since 1998, when the first RSAF Super Skyhawk flew over French skies, Cazaux has been our home away from home,” he stated. The base has been pivotal for RSAF, transitioning to the M346 Advanced Jet Trainer in 2012, and has since trained over 330 fighter pilots and Weapon Systems Officers, accumulating more than 31,000 flight hours.

The Cazaux Air Base hosts RSAF’s 150 Squadron, comprising instructor pilots, engineers, trainees, and support staff. This overseas training facility helps the RSAF address Singapore’s land and airspace limitations. Regular interactions between RSAF and FASF through visits and professional exchanges have significantly bolstered defence relations and camaraderie between the two nations’ air forces. The ongoing collaboration underscores the enduring and multifaceted partnership between Singapore and France.
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