Industry News

Allianz Asia Pacific successfully concluded its second annual Allianz Asia Health Summit 2025 on 17 June at the Mandarin Oriental in Singapore. The event, themed “Resilience and Innovation”, brought together over 100 healthcare leaders from across the Asia Pacific region, including insurers and healthcare providers, to explore strategies for improving healthcare access whilst ensuring financial sustainability.

Anusha Thavarajah, Regional CEO of Allianz Asia Pacific, highlighted Allianz’s commitment to cross-sector collaboration. She stated, “Through the strength of our scale, the depth of our partnerships, and our ability to integrate health and wealth solutions across every life stage,” Allianz is well positioned to support the region’s evolving health and financial needs.

The summit featured panel discussions on tackling medical inflation, broadening access to care, inclusion in health insurance for chronic conditions, and innovative approaches to meet evolving customer expectations. These discussions aimed to address the pressing challenges faced by the healthcare sector in the region.

The event concluded with a renewed commitment among participants to collaborate across sectors and borders to build more resilient, inclusive, and sustainable healthcare systems in the Asia Pacific region. This commitment underscores the importance of collective efforts in addressing the complex healthcare challenges faced by the region today.
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Mitsui O.S.K. Lines, Ltd. (MOL) has announced its participation as an innovation partner in the PIER71 Smart Port Challenge 2025, a maritime innovation accelerator programme in Singapore. This marks the first time MOL’s Singapore Sub-Headquarters, MOL (Asia Oceania) Pte. Ltd. (MOLAO), will engage in this initiative, which aims to tackle pressing issues in the shipping industry through collaboration with startups.

The ten-week programme, commencing in September, will see MOLAO working alongside MOL PLUS Co., Ltd., which is participating for the fifth consecutive year. Together, they will provide expertise, business development support, and opportunities for proof of concept trials to startups. This collaboration aims to foster innovation and address industry challenges by leveraging MOL’s extensive network in the Asia-Oceania region.

MOL PLUS, acting as an investment partner, will focus on investing in startups and supporting their growth, particularly in the ocean shipping and logistics sectors. This initiative aligns with MOL Group’s “BLUE ACTION 2035” management plan, which seeks to enhance its relationship with the Singaporean government and accelerate global open innovation activities.

The PIER71 Smart Port Challenge, a core initiative of the Port Innovation Ecosystem Reimagined at BLOCK71, is jointly founded by the Maritime and Port Authority of Singapore and NUS Enterprise. It provides startups with opportunities to propose solutions in logistics efficiency, decarbonisation, and port digitisation.

By participating in SPC2025, MOL Group aims to deepen its collaboration with Singapore and drive innovation in the maritime industry, ultimately contributing to the transformation and advancement of shipping operations globally.
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Aleph, a global network of digital experts, has rebranded MediaDonuts to Aleph, marking a significant step in its digital transformation strategy across the Asia-Pacific (APAC) region. This move, announced on 19 June 2025, aims to enhance Aleph’s presence and capabilities in APAC by integrating global media platforms, local expertise, and advanced technology solutions.

The rebranding follows Aleph’s acquisition of Entravision’s digital advertising business in 2024, significantly bolstering its regional footprint. Pieter-Jan de Kroon, Managing Director of Aleph in APAC, stated, “Becoming one unique brand under Aleph represents a strategic outcome for our partners and clients, reflecting the significant potential that lies ahead under the broader umbrella of Aleph.”

The rebranding offers several advantages for APAC:

– **Stronger global access**: APAC’s inclusion in Aleph’s network allows advertisers and platforms to access a seamless ecosystem of media partners, payment solutions, and educational programmes.

– **Deeper local expertise**: Clients benefit from integrated support, including stronger publisher ties and data-driven tools, enhancing regional growth.

– **Expanding digital ecosystem**: Aleph continues to partner with major platforms and adopt new technologies to deliver optimal solutions.

Gastón Taratuta, CEO and Founder of Aleph Group, highlighted the strategic alignment achieved by consolidating APAC operations under the Aleph brand. “This unified identity is a unified vision serving clients and partners,” he said.

Aleph now operates in over 150 markets, supported by more than 60 exclusive partnerships and a client base of 26,000 advertisers. The rebranding extends to India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Thailand, and Vietnam. For more information, visit www.alephholding.com.
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Trust Bank Singapore has announced a significant upgrade to its Trust+ service, the nation’s first fully digital elevated banking experience. The enhancements include a complimentary metal card, increased interest rates on deposits up to S$1.2 million, and new partner privileges. These changes aim to provide more value and convenience to customers, as stated by Aditya Gupta, Chief Product Officer at Trust Bank.

The new metal card, available to Trust+ customers, offers the same benefits as the existing Link card, such as accelerated Linkpoints earnings and fee-free foreign exchange transactions. The card is available without any annual or subscription fees, simplifying the banking experience for users.

In addition to the metal card, Trust+ customers can now enjoy 1-for-1 privileges from popular partners like Edge, Golden Village Gold Class, Paradise Group, Mandai Wildlife Reserve, and Starbucks. These benefits are expected to save customers over S$200 monthly. Furthermore, Trust+ members receive a complimentary Just Wine Club membership, offering an 8% discount on wine purchases at FairPrice outlets and exclusive event invitations.

The bank has also increased the deposit cap for earning higher interest rates from S$800,000 to S$1.2 million, allowing customers to grow their savings more effectively. From July, balances in TrustInvest accounts will count towards Trust+ qualification, requiring a minimum of S$100,000 in eligible balances across savings and investment accounts.

These enhancements reflect Trust Bank’s commitment to delivering a simple, transparent, and rewarding banking experience. As Gupta noted, the level-up combines exclusive services and partner benefits to enhance customer satisfaction and savings growth.
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KPMG International has released its Global Economic Outlook for June 2025, forecasting a significant slowdown in global GDP growth from 3.2% in 2024 to 2.7% in 2025. This deceleration is attributed to heightened geopolitical uncertainty and de-globalisation trends, which are prompting executives worldwide to adopt a ‘pause and prepare’ strategy.

The report, which draws insights from KPMG’s first-ever Global Economic Outlook webinar attended by nearly 2,000 executives, highlights that 34% of executives view macroeconomic volatility as their primary concern, whilst 30% are worried about geopolitical instability. Regina Mayor, Global Head of Clients & Markets at KPMG International, noted that “uncertainty consistently ranks as their foremost concern” among CEOs.

KPMG’s Global Geopolitics team describes the current international scenario as a ‘Critical Recession’, marking a shift from a US-dominated globalisation era to a more multipolar world. This transition is expected to impact regions like Southeast Asia significantly, with countries such as Singapore and Hong Kong potentially facing recessions due to changes in US trade policies.

In the Americas, economic growth is projected to slow to 2.7% in 2025, the weakest since the 2008/9 financial crisis. Diane Swonk, Americas Chief Economist at KPMG International, highlighted the impact of rising tariffs, which are expected to exceed 20% by year-end, contributing to a surge in the US trade deficit.

In Europe, GDP growth is anticipated to be modest, with the Eurozone expected to grow by 0.9% in 2025. Yael Selfin, European Chief Economist at KPMG International, pointed out that Europe remains vulnerable to tariff escalations, particularly in the pharmaceutical sector.

As businesses navigate these challenges, KPMG advises leaders to view geopolitical risks as strategic assets and to remain agile in adapting to the evolving global landscape.
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Businesses in Singapore and Southeast Asia are facing critical cloud security vulnerabilities, according to the 2025 Cloud Security Risk Report released by Tenable. The report highlights alarming gaps in cloud environments, revealing that 9% of cloud storage resources contain sensitive data, whilst 54% of organisations have secrets embedded in workloads. These misconfigurations could lead to data breaches, financial losses, and regulatory repercussions.

The report’s findings are particularly concerning for organisations in regulated sectors or those managing cross-border data flows. In Singapore, frameworks such as the Cybersecurity Act and Personal Data Protection Act (PDPA) impose stringent data protection requirements. Similar regulations exist across the region, including Indonesia’s Personal Data Protection Law and Malaysia’s PDPA, underscoring the need for robust cloud governance.

Tenable’s research found that nearly one in ten publicly accessible storage locations holds sensitive data due to common misconfigurations and weak access controls. Additionally, 54% of organisations using AWS ECS task definitions have secrets embedded, exposing them to potential cloud environment takeovers. Furthermore, 3.5% of AWS EC2 instances contain credentials in user data, providing attackers with pathways to escalate privileges.

Ari Eitan, Director of Cloud Security Research at Tenable, emphasised the importance of securing secrets within cloud infrastructures. “Secrets are the keys to the kingdom, yet many organisations are unknowingly leaving them unguarded,” he stated. Eitan urged organisations to prioritise security hygiene to prevent potential breaches.

As Singapore continues to expand cloud adoption, supported by initiatives like IMDA’s Cloud Outage Incident Response framework, the report stresses the need for a proactive, risk-driven security strategy. Understanding data access and implementing strong controls must become a priority at the board level to mitigate these risks.
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The National Basketball Association (NBA) has announced that eight marketing and promotional partners will support the first-ever NBA Rising Stars Invitational, a regional high-school basketball tournament. Scheduled from 25 to 29 June at the Kallang Tennis Hub in Singapore, the event will showcase boys’ and girls’ teams from 11 countries across the Asia-Pacific region. The tournament is part of a broader basketball and entertainment festival supported by Sport Singapore and the Singapore Tourism Board.

The event will be headlined by notable figures such as three-time NBA All-Star Domantas Sabonis and two-time WNBA champion Lauren Jackson. NBA Legend Yao Ming will also make special appearances, including attending the opening ceremony. The festival will offer fans interactive experiences, including player meet-and-greets, open court sessions, and photo opportunities with NBA memorabilia.

Key partners include SoftBank, which will provide in-venue branding and livestream the tournament in Japan, and the Karim Family Foundation, which will host community clinics. The Singapore Sports Hub will serve as the Official Venue Partner, hosting various events. Other partners like 2K, New Era, and Wilson will contribute through gaming booths, merchandise, and official game balls.

The NBA Rising Stars Invitational will be livestreamed on its YouTube channel, with updates available on the event’s Instagram page. Fans can visit the NBA’s website for ticketing information.
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ShawKwei & Partners, an Asian private equity industrial investor, has successfully completed the $165m acquisition and delisting of PEC Ltd from the Singapore Exchange. The acquisition was executed through Liberty Energy Solutions, an investment platform under ShawKwei’s control. PEC, founded in 1982 and headquartered in Singapore, is a prominent provider of maintenance and engineering procurement and construction services for the oil, gas, and petrochemical industries.

The acquisition marks a significant step for Liberty Energy, which aims to enhance its global platform with top-tier energy services. Liberty Energy, which already owns CR3 Group and ZymeFlow LLC, plans to integrate PEC’s operational capabilities to establish a leading provider of comprehensive energy solutions. Kyle Shaw, Founder and Managing Partner of ShawKwei and Chairman of Liberty Energy, stated, “This addition of PEC’s operational expertise to Liberty Energy strengthens CR3’s engineering and manufacturing capabilities, broadens the group’s geographic spread of customers, and creates more opportunities for ZymeFlow’s proprietary decontamination technology.”

PEC will continue to operate under the leadership of Chair Edna Ko and CEO Robert Dompeling, who will now work within Liberty Energy to address global energy service demands. ShawKwei & Partners, established in 1998, focuses on investing in industrial and service companies across Asia, Europe, and the US, aiming to improve business performance through strategic partnerships.

The acquisition is expected to accelerate Liberty Energy’s strategic development, positioning it to better serve global clients with world-class products and services in the evolving energy industry.
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Singapore Exchange Ltd (SGX) shares closed at 1,403 on the Singapore Exchange, maintaining the same level as the previous close. Despite a high trading volume of 1,300,300 shares, the stock showed minimal movement, with a slight change of 0.16. The day’s trading saw a high of 1,412 and a low of 1,400.

The steady performance of SGX shares comes amidst a backdrop of fluctuating market conditions. Investors are closely monitoring the stock, which has shown resilience despite broader market volatility. The unchanged closing price suggests a balanced sentiment among traders, with neither significant buying nor selling pressure evident.

SGX’s consistent performance is noteworthy given the current economic climate, where many stocks experience significant swings. The high trading volume indicates continued interest and confidence in the stock, even as it remains stable. This stability may appeal to investors seeking less volatile investment options.

Looking ahead, market analysts will be watching for any shifts in trading patterns or external factors that could influence SGX’s stock price. The company’s ability to maintain its position amidst market fluctuations will be crucial for investor confidence.
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The Council for Estate Agencies (CEA) has reported a significant 15-percentage point increase in consumer satisfaction with property agents over the past year, as revealed in their 2024 Public Perception Survey of the Real Estate Agency Industry. This rise indicates that consumers feel more supported and informed when engaging with property agents, according to Eugene Lim, Key Executive Officer of ERA Singapore.

Lim noted that whilst the increase in satisfaction is a positive sign, there remains work to be done. Consumers expect agents to maintain professionalism and stay updated on property transaction regulations. They value agents who can deliver speed, accuracy, and negotiation expertise, guiding them through complex procedures with confidence.

The survey highlights the growing importance of digital platforms in the property journey, with online ratings and reviews becoming a new trust currency. This trend is pushing the industry towards greater consistency and consumer focus, as agents are held accountable for their digital footprints.

Despite the rise of digital touchpoints, the human connection remains crucial. Agents are expected to guide clients through high-stakes decisions, necessitating a blend of technology, data, and soft skills. Lim praised the leadership of the CEA and the Ministry of National Development for setting clear standards and fostering a consumer-centric property ecosystem. He expressed a commitment to continue working with authorities to further elevate industry standards.
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