Regional News

The National Research Foundation (NRF) and the Agency for Science, Technology and Research (A*STAR) have responded to the Auditor-General’s Office (AGO) findings on the management of Research, Innovation and Enterprise (RIE) 2025 Research and Development (R&D) grants for the financial year 2024/25. Whilst the audit confirmed that processes and controls were generally in place, it also highlighted areas needing improvement, which both organisations are addressing.

The AGO noted that NRF and A*STAR had established processes to ensure proper grant management, including approval alignment with RIE2025 objectives, clear guidance for grant calls, and proper segregation of duties. However, some projects lacked documented approvals for deviations from Indirect Research Costs (IRC) funding rates. Both NRF and A*STAR have since obtained necessary approvals and updated guidelines to prevent future discrepancies.

The audit also identified the need for improved documentation of Conflict of Interest (COI) declarations. NRF has retrospectively obtained COI declarations and is enhancing its grants management system to require these declarations before grant evaluations. Additionally, NRF has revised its COI Management Framework to exclude officers with ex officio board appointments from fund disbursement approvals.

Further, the audit found that some funding requisitions were endorsed by conflicted individuals. NRF and A*STAR have revised procedures to ensure non-conflicted endorsements and implemented monitoring dashboards to prevent future issues. A*STAR also addressed errors in manpower cost allocations and updated its iGrants system to improve verification processes.

NRF and A*STAR have committed to ongoing improvements in governance and management of public funds, ensuring rigorous oversight and accountability.
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Lulu Furniture, a Singapore-based online retailer, has unveiled its latest office chair collection, expanding its range of home and workplace solutions. This launch responds to the growing demand for ergonomic and space-efficient furniture, as more Singaporeans embrace remote and hybrid work arrangements. The new collection, designed for both home offices and corporate environments, offers a blend of comfort, design, and affordability.

The office chair line includes a variety of styles, from minimalist task chairs to high-back executive models, all featuring adjustable functions to support long working hours. A spokesperson for Lulu Furniture stated, “Our office chair line was developed to meet these changing needs, offering a balance between ergonomic support, durability, and modern aesthetics.”

By launching this collection, Lulu Furniture aims to provide an accessible alternative to pricier international brands, whilst maintaining a focus on quality and local relevance. The chairs are available exclusively online through the Lulu Furniture website, ensuring convenient browsing, transparent pricing, and island-wide delivery in Singapore.

Lulu Furniture, known for its contemporary and practical designs, continues to cater to Singaporean households and businesses with its diverse product offerings, including wardrobes, storage beds, and dining sets. This latest addition underscores the company’s commitment to enhancing comfortable and functional living and working spaces.
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Singapore Customs has apprehended a 29-year-old Indian national following a significant seizure of duty-unpaid cigarettes in an operation at Woodlands Terrace on 27 August 2025.

The operation led to the confiscation of 1,445 cartons and 16 packets of illegal cigarettes, along with two lorries used in the smuggling attempt. The total duty and Goods and Services Tax (GST) evaded amounted to approximately $156,693.

During the enforcement action, officers observed the suspect transferring a black rubbish bag between two Singapore-registered lorries.

Upon inspection, 122 cartons of duty-unpaid cigarettes were discovered in the first lorry, whilst the second lorry contained 1,323 cartons and 16 packets. Investigations suggest that the man was allegedly hired by an unknown individual to transfer part of the contraband for delivery. Court proceedings are currently underway.

A Singapore Customs spokesperson emphasised the agency’s commitment to combating tax evasion, stating, “Such firm actions by our officers on the ground underscore Singapore Customs’ continuous effort to detect and deter tax evasion, and the importance of vigilance and enforcement. We will continue to act decisively against those who choose to flout the law.”

Under the Customs Act and the GST Act, dealing with duty-unpaid goods is a serious offence, with penalties including fines up to 40 times the amount of duty and GST evaded, and/or imprisonment for up to six years. Vehicles involved in such offences are also subject to forfeiture.

Singapore Customs continues to enforce strict compliance with customs regulations and urges the public to report any suspicious activities related to smuggling or tax evasion.
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MetaOptics Ltd, a Singapore-based designer and manufacturer of meta-optics components, has successfully completed its initial public offering (IPO) on the Catalist Board of the Singapore Exchange.

The IPO, which involved the placement of 30 million shares at $0.15 (S$0.20) each, was fully subscribed, raising $44m (S$60m).

The company has attracted a diverse group of investors, including Economic Development Innovations Singapore Pte Ltd, Emplify Capital Partners Pte Ltd, and notable individuals such as Alex Chan, founder of Plover Bay Technologies, and Walter de Oude, CEO of Chocolate Finance.

The company’s post-placement market capitalisation stands at $346m (S$471.9m). MetaOptics Ltd is the first pure-play metalens company to go public in Singapore, highlighting its pioneering role in the next-generation metalens supply chain.

The company utilises advanced technologies such as semiconductor processes and direct laser writing to produce glass-based colour metalenses, which are integrated into a variety of applications, including smartphones, augmented reality devices, and autonomous vehicles.

Executive Chairman and CEO Thng Chong Kim stated, “Our listing on SGXST marks a significant milestone for MetaOptics as we continue to accelerate our growth in the dynamic optics sector.”

The company plans to expand its product range and fabrication capacities, focusing on miniaturising devices and integrating metalenses into more applications.

MetaOptics Ltd has benefitted from the support of Singapore government agencies, particularly the Agency for Science, Technology and Research (A*STAR), which has been instrumental in the company’s research and development efforts. The company aims to leverage its proprietary technologies and enhanced visibility from the listing to expand into new markets and unlock strategic opportunities.“`

Tineco, a leader in smart cleaning technology, has unveiled its latest product, the S9 Artist Breeze, alongside a storewide promotion offering discounts of up to 75% until 14 September. Customers can purchase Tineco’s innovative cleaning appliances at reduced prices starting from just $99 through its official website, Lazada, Shopee, and various mass retailers.

The S9 Artist Breeze is the newest addition to Tineco’s high-performing S9 range, designed to deliver exceptional cleaning performance. It features a powerful 22kPa suction, DualBlock Anti-Tangle Design, and iLoop Smart Sensor technology, which automatically adjusts suction and water flow for optimal cleaning. With a runtime of 50 minutes, the device can clean homes up to 300 square metres on a single charge, making it ideal for Singaporean households.

Promotional prices apply to a range of Tineco products, including the S9 Artist Steam, now available from $900, and the S6 Stretch Pro, starting at $400. These offers include free accessories, such as cleaning solutions and HEPA filters, enhancing the value for customers.

Tineco, founded in 1998 and a subsidiary of ECOVACS Group, continues to innovate in the smart home cleaning sector. The launch of the S9 Artist Breeze underscores the company’s commitment to providing efficient and user-friendly cleaning solutions.
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The World Green Building Council (WorldGBC) and OCBC have released a pioneering report, “Unlocking Capital: Aligning Asia Pacific’s Green Building Rating Tools to the ASEAN Taxonomy for Sustainable Finance,” which analyses the alignment of green building certification systems with sustainable finance principles and the ASEAN Taxonomy’s environmental objectives. This comprehensive report, launched on 9 September 2025, offers a detailed credit-by-credit analysis of 32 rating tools across 16 schemes, covering the Asia Pacific region and beyond.

Developed by WorldGBC’s Asia Pacific Regional Network and OCBC, the report addresses the gap between technical building performance and investor expectations. Cristina Gamboa, CEO of WorldGBC, emphasised the importance of aligning green buildings with sustainable finance to accelerate the necessary transition. Mike Ng, Group Chief Sustainability Officer at OCBC, highlighted the collaboration’s role in bridging knowledge gaps and fostering alignment between green building rating tools and sustainable financing principles.

Key findings indicate strong alignment of rating tools with climate mitigation objectives, particularly regarding energy performance. However, gaps remain in areas such as climate adaptation and circular economy, which are being addressed as rating tools update their criteria. Notably, Australia’s Green Star Buildings and Singapore’s Green Mark 2021 schemes demonstrated the strongest alignment with the ASEAN Taxonomy.

The report calls for enhanced transparency, integration of adaptation and resilience criteria, and the development of clear performance roadmaps aligned with national climate goals. This initiative aims to empower stakeholders to make informed, climate-aligned investment decisions, thereby scaling impact across the Asia Pacific region.
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The Singtel Group has announced a renewed Memorandum of Understanding (MOU) with the Union of Telecoms Employees of Singapore (UTES) to enhance workforce transformation through AI readiness. This initiative, unveiled during Singtel’s BIG Learning Fiesta, seeks to equip employees with AI skills to drive business growth and improve customer experiences.

The MOU builds on previous efforts, including a S$45m investment in 2019 under the ACT initiative, aimed at deepening digital skills. The renewed focus will accelerate upskilling in AI, emerging technologies, and sustainability, empowering employees to create their own learning paths. Singtel has already trained 13,000 employees in foundational AI knowledge, with plans to expand this to all Singapore-based staff.

Singtel’s CEO, Yuen Kuan Moon, emphasised the importance of AI in transforming work and preparing employees for future roles. “AI is transforming the way we live and work, and even redefining what jobs will look like in the future,” he stated. The company aims to develop AI practitioners and specialists, aligning with Singapore’s National AI Strategy.

The strategy positions Singtel as an adopter, builder-provider, and enabler of AI, creating AI-related career paths within the organisation. This includes opportunities in data centres through its arm, Nxera, which recently hosted a Sustainable AI Data Centre Career Day. The initiative underscores Singtel’s commitment to innovation and sustainable growth.
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Prudential Singapore has launched two pioneering index-linked plans, PRUIndex Income Boost (PIIB) and PRUIndex Lifetime Income (PILI), designed to help Singaporeans enhance their wealth whilst safeguarding savings against market volatility. These plans, unveiled on 10 September, offer guaranteed monthly cash benefits from the first month, with potential for increased payouts linked to index growth from the 13th month.

PIIB is an endowment plan with a capital guarantee at maturity after 15 years, whilst PILI is a whole-life plan offering guaranteed lifetime monthly cash payouts, ideal for those planning generational wealth transfer. Customers can choose from three indices: UBS MASTR Index, S&P 500 FC Index, and Barclays Shiller Allocator Index.

Jason Lim, Head of Product Management at Prudential Singapore, highlighted the importance of these solutions, stating, “As Singaporeans are living longer, many are preparing for retirement and seeking secure ways to grow their wealth by investing more and building passive income streams.”

Both plans provide downside protection with a 0.0% floor rate, ensuring customers are shielded from market downturns. PIIB offers a capital guarantee at maturity, whilst PILI supports financial security across extended retirement years with its lifetime cash benefits.

These offerings reflect Prudential’s commitment to providing innovative financial solutions, enabling customers to plan effectively for their financial futures. As Singaporeans increasingly focus on retirement planning, these plans offer a blend of stability and growth potential, ensuring a lasting financial legacy.
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The International Union of Marine Insurance (IUMI) has highlighted a mixed outlook for the offshore energy insurance sector at its annual conference in Singapore. In 2024, global premiums for the sector decreased by 7.9%, totalling $4.34 billion. This decline was most notable in Europe, whilst Japan, Malaysia, and Egypt experienced stable-to-downward trends. Conversely, Norway reported a significant 27% increase in premiums.

The reduction in premiums is attributed to depressed oil prices, competitive pressures, and increased market capacity. Whilst 2024 saw few large losses and no catastrophic events, indicating improved operational safety, attritional losses remained high at an estimated $2 billion, challenging profitability.

Melanie Raven, Chair of IUMI’s Offshore Energy Committee, warned of the pressures on profitability due to reduced premium levels and increased market capacity. “We must remain mindful of our exposure should a significant event occur,” she stated. Raven also noted a shift towards commercial practices in underwriting, such as auto-buying and smart follow facilities, cautioning against losing technical expertise.

Despite these challenges, Raven expressed optimism about the sector’s future, citing growing investment in offshore renewables and the role of gas as a transitional energy source. She noted that traditional energy underwriters face low barriers to entering the green energy space, which is proving beneficial for many insurers.

Safety improvements continue to enhance confidence in the sector, with the absence of large losses underscoring the resilience of offshore operations.
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Dentons Rodyk, in collaboration with Singapore Management University (SMU), hosted the annual Dentons Rodyk Dialogue 2025 on 9 September, drawing nearly 400 attendees to the Yong Pung How School of Law. The event featured prominent speakers from SMU, the Singapore Exchange (SGX), and Dentons Rodyk, who shared insights on the evolving landscape of Singapore’s capital markets.

The dialogue, titled “The Future of Capital Markets: Navigating Change in Singapore and Beyond,” included a panel of distinguished figures such as Piyush Gupta, Chairman of SMU and former CEO of DBS, and Pol de Win, Senior Managing Director of SGX Group. Gupta emphasised the transformative potential of technology, stating, “Protections, governance, and compliance can now be embedded directly into financial instruments.”

Gerald Singham, Dentons’ Global Vice Chair and ASEAN CEO, highlighted the challenges of market volatility and regulatory pressures, noting that private markets are gaining traction as companies seek alternatives to public listings. He remarked, “New rules and opportunities are reshaping the landscape of corporate finance.”

The event also addressed Singapore’s strategic initiatives, such as the Monetary Authority of Singapore’s S$5 billion ($___) Equity Market Development Programme, aimed at revitalising the equities market. Pol de Win expressed confidence in Singapore’s ability to attract liquidity and strengthen its capital markets, stating, “Singapore’s unique position, trusted by both East and West, gives us the platform to build the next chapter of global capital markets.”

The dialogue underscored the importance of innovation and global positioning in maintaining Singapore’s status as a competitive, investor-friendly hub.
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