Industry News

Eaton, an intelligent power management company, has announced a partnership with Fengsheng Electric to distribute its single-phase Uninterruptible Power Supply (UPS) solutions in Singapore. This strategic move aims to bolster Eaton’s distribution network and expand its reach into residential, commercial, and industrial sectors, complementing its existing IT market presence.

The partnership comes as Singapore continues its push towards becoming a smart nation, necessitating reliable power infrastructure. Brian Neo, Country Manager, Singapore, Eaton’s Electrical Sector, highlighted the importance of this collaboration: “Through our collaboration with Fengsheng Electric, we’re enabling more businesses in Singapore to future-proof their power systems and operate with confidence without the worry of costly downtime.”

Fengsheng Electric’s Managing Director, Richard Lim, expressed enthusiasm about the partnership, stating, “We are thrilled to partner with Eaton, a recognised leader in power management solutions. Eaton’s industry-leading UPS solutions are a strong addition to our existing portfolio.”

Eaton has also launched its next-generation 9PX Gen2 UPS, designed to meet modern business and IT power protection demands. With up to 97% efficiency, the 9PX Gen2 aims to reduce operating costs and provide reliable power protection, particularly in the rapidly expanding edge computing and small data centre landscapes across Asia. Choo Chee Kiang, General Manager for Eaton’s Electrical Sector in Singapore, Indonesia, and Malaysia, noted, “The enhanced 9PX Gen2 delivers improved performance and efficiency, ensuring peace of mind for always-on uninterrupted operations.”

The single-phase UPS market in the Asia-Oceania region is projected to reach $100 million by 2025, with an annual growth rate of 10%. This partnership and product launch position Eaton to capitalise on the growing demand for efficient power solutions in the region.
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Novo Holdings has reported significant progress in its Asian investments throughout 2024, focusing on healthcare, life sciences, and planetary health. The company, which manages the assets of the Novo Nordisk Foundation, has expanded its presence in key markets, including Singapore, Shanghai, and soon Mumbai. This expansion is part of Novo Holdings’ strategy to foster long-term partnerships that yield both financial returns and societal benefits.

Key achievements in 2024 include Novo Holdings’ largest-ever investment in Asia with India’s Manipal Hospitals, a leader in affordable healthcare. Additionally, the company made its first planetary health investment in Asia by supporting AgNext Technologies in India, which uses artificial intelligence (AI) to improve food quality and safety. The opening of an expanded office in Shanghai further underscores Novo Holdings’ commitment to the region.

The company’s Year in Review also highlights milestones such as FDA clearance for Qureai’s lung nodule detection tool and strategic acquisitions by Manipal Hospitals and Medi Assist. Amit Kakar, Managing Partner and Head of Asia at Novo Holdings, stated, “In 2024, we advanced our mission of investing in innovation that improves lives through strengthening healthcare systems, advancing AI in diagnostics, and enabling more sustainable food production.”

Looking forward, Novo Holdings aims to continue expanding its regional platform and deepening partnerships to drive impactful solutions at the intersection of health science and sustainability. The full review is available on Novo Holdings’ website.
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The International Conference on Cohesive Societies (ICCS) is set to return for its third edition from 24 to 26 June 2025 in Singapore, followed by the Young Leaders Programme (YLP) from 26 to 28 June. Organised by the S Rajaratnam School of International Studies (RSIS) and supported by the Ministry of Culture, Community and Youth (MCCY), the event will bring together over 1,000 thought leaders, policymakers, and young leaders from more than 50 countries to discuss fostering cohesive and resilient multicultural societies.

Themed “Cohesive Societies, Resilient Futures,” the conference will feature plenaries, workshops, and breakout sessions focusing on social cohesion through three pillars: Unpacking Multiculturalism, Navigating Uncertainty, and Forging Societal Resilience. Discussions will cover topics such as conflict mediation, navigating polarisation, and building societal resilience. Preliminary findings from the Southeast Asian Social Cohesion Radar 2025 edition will also be presented.

President of Singapore, Tharman Shanmugaratnam, will deliver the opening address, with Malaysia’s Sultan of Perak, Sultan Nazrin Muizzuddin Shah, and Singapore’s Minister for Law, Edwin Tong, providing keynote speeches on subsequent days. More than 60 global thought leaders, including Indonesia’s Minister of Religious Affairs, Prof Dr Nasaruddin Umar, and former Mayor of Rotterdam, Ahmed Aboutaleb, will speak at the event.

The YLP will engage over 100 emerging leaders in initiatives addressing real-world issues like unconscious bias and AI ethics in faith communities, whilst honing skills in critical thinking and mediation.
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Prudential Singapore has announced a substantial $880,000 community investment to commemorate Singapore’s 60th birthday and its relocation to Labrador Tower. This initiative aims to uplift local communities by providing household essentials to over 1,100 ComLink families, contributing to the Prudential Longevity Pledge, and establishing community edible gardens.

The investment aligns with the SG60 theme of “Building Our Singapore Together,” focusing on creating a resilient and inclusive society. The household essentials hampers, which include items like hand soap and dishwashing liquid, will be distributed to families near Prudential’s new office. Additionally, the cash donation to the Prudential Longevity Pledge will support KidSTART Singapore’s programme, which promotes healthy eating habits among young children.

Prudential’s CEO, Chan San San, emphasised the company’s longstanding connection with Singapore, stating, “As Singapore marks its 60th year of independence and Prudential moves to its new office at Labrador Tower, we want to celebrate by investing in the wellbeing of our community.”

The move to Labrador Tower consolidates Prudential’s corporate and agency teams, fostering collaboration among its 1,200 corporate employees and 5,400 financial representatives. The new office supports hybrid work with various spaces designed for different work requirements, enhancing teamwork and customer service.

Prudential’s commitment to sustainability is further demonstrated by the upcoming launch of the “Healthy Harvest” initiative, which will establish community edible gardens to promote environmental responsibility and healthy eating. More details on this initiative will be shared later this year.
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T’way Air, South Korea’s leading low-cost carrier, has announced the addition of a new Singapore-Jeju route to its network, complementing its existing Singapore-Incheon service. Starting 16 August 2025, the airline will operate five weekly flights on the Boeing 737 Max 8, increasing to daily service from 2 September to 26 October 2025.

The new service aims to cater to the growing demand for travel between Singapore and Jeju, a popular tourist destination known for its scenic landscapes. The flight will depart Singapore at 2:15 am, arriving in Jeju at 9:20 am. The return flight will leave Jeju at 7:50 pm, landing in Singapore at 12:45 am the following day.

To celebrate the launch, T’way Air is offering promotional fares starting at $142 (SGD 195) for travel between 16 August and 25 October 2025. Additionally, passengers can avail themselves of limited-time vouchers, including a $36 (SGD 50) Early Bird Voucher for bookings over $292 (SGD 400) and a $14 (SGD 20) Off Voucher for bookings over $146 (SGD 200). These offers are available until 30 June 2025.

T’way Air, established in 2010 and headquartered in Daegu, South Korea, currently serves 50 destinations worldwide. The airline continues to expand its global network, providing affordable and reliable air travel across East Asia, Southeast Asia, Central Asia, Oceania, and Europe. For more details on flight schedules and booking, visit twayair.com.
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MSD has announced the commencement of the MOBILISE-1 Phase 3 clinical trial in Singapore to assess the safety, immunogenicity, and efficacy of V181, a single-dose investigational vaccine for dengue. This trial marks a significant step in MSD’s clinical development programme, targeting all four dengue virus serotypes, irrespective of prior exposure. Recruitment has begun, with the first participants enrolling in Singapore.

The trial is crucial as dengue poses a serious public health threat, affecting nearly half of the world’s population. Dr. Paula Annunziato, senior vice president of infectious diseases and vaccines at MSD Research Laboratories, highlighted the importance of this milestone, stating, “If successful, V181 could provide an important single-dose option for at-risk populations.”

The study will involve approximately 12,000 healthy individuals aged 2 to 17 across more than 30 sites in dengue-endemic regions, including Southeast Asian countries like Indonesia, Malaysia, and Thailand. The primary focus is on the vaccine’s safety and efficacy in preventing symptomatic virologically confirmed dengue.

Dr. Abdullahi Sheriff, Managing Director of MSD in Singapore, Malaysia, and Brunei, expressed gratitude towards Singapore’s scientific community for their partnership. He emphasised the trial’s significance in addressing the unmet healthcare needs in dengue-prone areas.

The trial’s progress is promising, with Singapore’s robust clinical research infrastructure providing an ideal environment for such pivotal studies. Dr. Zhong Youjia from the National University Hospital noted that V181 could significantly enhance dengue prevention, especially among children.

MSD’s commitment to combating dengue extends globally, with plans for further trials in regions where the disease is prevalent. The outcome of this trial could potentially transform dengue prevention strategies worldwide.
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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 recent Nasdaq listing. The company has secured a new order in Angola and renewed a contract in Thailand, marking Southeast Asia as a pivotal region for customer acquisition.

The company is expanding its business footprint and talent pool, with 11 manufacturing facilities across six countries, including Singapore, Malaysia, and Saudi Arabia. This strategic positioning allows OMS to participate in government tenders and contracts, enhancing its competitive edge.

OMS is also investing in research and development, with a $1.1 million investment in Additive Manufacturing research. This initiative aims to develop a metallic seal for high-pressure-high temperature gate valves, promising innovation and improved supply chain efficiency. Collaborations with institutions like the Singapore Institute of Manufacturing and Technology further bolster its R&D efforts.

Safety and environmental management remain priorities, with OMS maintaining ISO certifications across its sites. The company is committed to sustainable growth, exploring acquisitions and strategic alliances to diversify revenue streams.

CEO How Meng Hock stated, “We’re excited to begin our journey as a public company with a healthy operational foundation, underscored by thriving customer relationships and partnerships, an expanding brand presence and cutting-edge R&D and manufacturing capabilities.”

OMS’s strategic initiatives position it well for future growth, with a focus on delivering innovative solutions to a global customer base.
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Southeast Asia is increasingly feeling the effects of climate change, prompting countries like Singapore and Indonesia to adopt community-based agricultural practices to enhance resilience. Singapore, heavily reliant on food imports, is focusing on climate-resilient farming as part of its Singapore Green Plan 2030, aiming for net-zero emissions by 2050. Meanwhile, in Indonesia, smallholder farmers are supported by local alliances and civil society groups to implement sustainable farming practices.

In the Mentawai Islands, a collaboration between Aliansi Kolibri and Yayasan Citra Mandiri Mentawai (YCMM) is empowering local communities with adaptive farming techniques. Since 1995, YCMM has protected over 237,000 hectares of forest, promoting agroforestry and climate-resilient crops. Yohanes, a 44-year-old farmer from Madobak Village, exemplifies this initiative by cultivating Songer bananas and areca nuts on his one-hectare plot. He emphasises the importance of protecting customary forests as both a livelihood and cultural heritage.

Yohanes encourages his community to participate in “goro,” a tradition where villagers plant trees and organise group harvests, fostering solidarity and environmental stewardship. “Through goro, we plant trees together and protect our village ecosystem. This collective spirit gives us strength to face everyday challenges,” Yohanes shared.

YCMM’s efforts highlight the importance of indigenous rights and forest sustainability in environmental protection. By promoting community-driven solutions, these initiatives aim to strengthen agricultural resilience across Southeast Asia, offering a model for other regions facing similar challenges.
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Puma and Adyen have showcased their strategic partnership at NRF 2025: Retail’s Big Show APAC, highlighting how they are revolutionising retail operations and customer experiences across Asia Pacific. Since 2020, Puma has utilised Adyen’s unified commerce platform to streamline its payment systems, previously fragmented across multiple providers, leading to issues such as fraud and reconciliation delays.

The collaboration has enabled Puma to consolidate its payment processes into a single ecosystem, enhancing both online and in-store transactions. This shift has not only improved backend operations and reporting accuracy but also accelerated store and event rollouts in regions including Singapore, Hong Kong, Malaysia, Australia, New Zealand, the UK, and Europe.

Puma’s adoption of Adyen’s platform is part of a broader trend among global retailers to unify fragmented payment systems, thereby enhancing the customer journey across all channels. In Australia, Puma successfully deployed Adyen’s point-of-sale terminals across 26 stores in under a month, demonstrating the platform’s capability for rapid, remote rollouts.

The partnership also supports Puma’s omnichannel innovation, allowing customers to seamlessly complete transactions whether buying online or in-store. Additionally, Puma can quickly adapt to local payment preferences, such as credit cards, e-wallets, or Buy Now, Pay Later options, via Adyen’s platform.

At high-volume events like Formula 1, Puma leverages Adyen’s scalable solution to efficiently process thousands of transactions, ensuring smooth customer experiences. Ben Wong, General Manager for Southeast Asia and Hong Kong at Adyen, stated, “Retail today is about agility, speed, and personalisation…our partnership with Puma is a clear example of how unified commerce can empower retailers to operate smarter, move faster, and adapt to rapidly changing market conditions.”
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Asian markets are bracing for a surge in restructuring activities in 2025, according to the latest survey by AlixPartners. The survey highlights that 92% of restructuring professionals in Asia anticipate geopolitical disruptions, such as elections and conflicts, will lead to increased distressed situations. This is expected to result in a rise in out-of-court restructurings and distressed mergers and acquisitions (M&A) as companies seek alternatives to formal insolvency proceedings.

The survey identifies Greater China as the region most likely to experience financial restructuring in the next 12 months, with 33% of respondents expecting significant activity. Singapore and Japan follow closely, each with 22%. Commercial Real Estate and Financial Services sectors are predicted to face the most distress, with 39% and 35% of professionals, respectively, highlighting these areas.

Despite these challenges, 81% of respondents foresee economic growth in Asia over the next year. This optimism is bolstered by expectations of increased capital availability, with 60% predicting a rise compared to the previous year. Private credit is anticipated to play a significant role, with 64% of respondents expecting its growth as companies seek diverse financing options amidst rising interest rates.

Lian Hoon Lim, Partner & Managing Director at AlixPartners Singapore, noted the impact of US geopolitical dynamics on Asia, stating, “The persistent volatility emanating from the United States… has clouded the global economic outlook, putting organisations in limbo.”

The survey underscores the need for Asian companies to navigate liquidity challenges, debt management, and technological investments to emerge stronger from current uncertainties.
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