Regional News

Singapore’s construction sector is poised for significant growth, driven by major infrastructure projects such as Changi Airport Terminal 5 (T5), Tuas Mega Port, and the Marina Bay Sands expansion. These developments, coupled with falling material and labour costs, are expected to enhance profitability for contractors, according to a recent sector update.

Changi Airport Group has awarded contracts worth $4.2 billion (S$5.75 billion) for T5, marking a key milestone in Singapore’s infrastructure development. The contracts include a $728 million (S$999 million) deal with a Penta-Ocean-Koh Brothers joint venture for underground tunnels, a $2.8 billion (S$3.8 billion) substructure package with a China Communications Construction Company-Obayashi joint venture, and a $693 million (S$950 million) airside infrastructure package with Hwa Seng Builder.

The ongoing investment in large-scale projects provides a steady stream of opportunities for Singaporean companies. The T5 expansion alone accounts for $3.5 billion (S$4.75 billion) of the estimated $9.1 billion (S$12.5 billion) in awarded contracts. Additionally, the Tuas Mega Port and Marina Bay Sands expansion represent investments of $14.6 billion (S$20 billion) and $7.6 billion (S$10.4 billion), respectively.

Sustainability is also a key focus, with the Singapore government promoting initiatives like the Green Mark Certification Scheme and the Singapore Green Plan 2030. These initiatives encourage innovation and sustainability, offering companies a competitive edge and access to funding.

Material costs are forecast to decline by 1-13% year-on-year in Q2 2025, easing margin pressures for construction firms. Labour inflation has also decreased to 1.5% in 2024 from 9% in 2023, further supporting the sector’s positive outlook.

The construction sector’s growth is underpinned by stronger infrastructure spending and supportive green policies, maintaining an “OVERWEIGHT” rating. Key beneficiaries include companies like Hong Leong Asia and Tiong Woon Corporation Holdings, which are well-positioned to capitalise on the sector’s momentum.
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The Association of Chartered Certified Accountants (ACCA) has announced a major redesign of its flagship ACCA Qualification, set to launch in mid-2027. This overhaul aims to equip accountants with the skills needed to navigate a rapidly changing landscape, focusing on areas such as AI-driven innovation, sustainability, and business strategy. The redesign aligns with Singapore’s national priorities, including SkillsFuture’s Digital Workplace 2.0 and the Accountancy Workforce Review’s emphasis on tech-enabled roles.

The revamped qualification will feature AI-enhanced learning journeys and a new Data Science Professional exam, addressing the growing demand for AI and analytics literacy in finance roles. Helen Brand, ACCA’s chief executive, highlighted the evolving role of accountants as “key drivers of sustainable business” and “promoters of social value.” The changes are designed to prepare accountants for a world of shifting opportunities and challenges.

In Singapore, the redesign supports the integration of environmental, social, and governance (ESG) factors into business strategy, driven by new sustainability reporting rules from the Singapore Exchange (SGX). Reza Ali, ACCA’s director of innovation in learning and assessment, noted that the qualification remains “rigorous, relevant, and future-focused,” with a strong emphasis on employability.

The new qualification will include Employability Modules at each level, offering simulated work experiences in digital technology, ethics, and business management. Enhanced awards and designations will recognise student achievements, allowing them to demonstrate their skills to employers. ACCA continues to collaborate with local partners to ensure a smooth transition for current and new students, maintaining its commitment to inclusion and opportunity.
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Neal’s Yard Remedies has launched a new certified vegan version of its Wild Rose Beauty Balm in Singapore, marking the 20th anniversary of this iconic skincare product. Known for its multi-use versatility, the balm now features an upgraded formula that includes seven certified organic plant oils, butters, and waxes, offering enhanced sustainability and skincare benefits.

The Wild Rose Beauty Balm, a product sold every three minutes globally, is designed to cleanse, hydrate, and soften all skin types whilst supporting the skin’s natural barrier. The new vegan formula includes ingredients such as pumpkin seed oil for elasticity, rosehip seed oil for hydration, and borage oil for soothing dry skin. Shea nut butter, candelilla wax, sumac berry wax, and jojoba seed oil further enhance the balm’s nourishing properties.

Priced at $88 for a 50g jar, the balm is available online and at the Neal’s Yard Remedies store in Takashimaya Shopping Centre. The product’s packaging aligns with the brand’s commitment to sustainability, featuring a fully recyclable glass jar and a cap designed for efficient recycling.

Founded over 44 years ago in London, Neal’s Yard Remedies continues to blend science with aromatherapy and apothecary traditions, ensuring its products are both potent and sustainable. The launch of the vegan Wild Rose Beauty Balm reinforces the brand’s dedication to using nature’s finest ingredients for skincare.
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MoneyMax Financial Services, a prominent player in the pawnbroking and luxury goods market, has reported a record profit after tax of $30.4m (S$41.6m) for the financial year 2024, marking a 65.4% increase from the previous year. This significant growth is attributed to the company’s core business segments, which include pawnbroking, retail and trading of gold and luxury items, and secured lending for automotive and property financing in Singapore.

The company, which operates over 100 stores across Singapore and Malaysia, is considering further expansion in these markets. MoneyMax differentiates itself from competitors by focusing on the pawnbroking and pre-owned luxury goods sectors, offering unique services that cater to a diverse clientele.

The “10 in 10” series by MoneyMax provides insights into the company’s strategies and objectives through a series of Q&As with management. This initiative aims to shed light on the company’s business objectives, key revenue drivers, and the broader industry landscape, offering a comprehensive view beyond traditional financial metrics.

As MoneyMax continues to expand its footprint, the company remains committed to modernising its operations and enhancing customer experience. The future looks promising for MoneyMax as it leverages its strengths in the pawnbroking and luxury goods markets to drive further growth.
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Emerging Travel Group, a global travel tech company, has appointed Astrid Kastberg as the new Managing Director of RateHawk, its B2B booking system for travel professionals. Based in Dubai, Kastberg will lead the expansion of RateHawk’s business strategy, managing a global team to support over 110,000 retail partners and more than 1,100 API partners across 120 countries.

Emerging Travel Group, which employs over 3,600 people globally, achieved a gross transaction value of $3.7 billion in 2024, with RateHawk as a major growth driver. The company operates in 80 countries, with offices in key cities including Dubai, Singapore, and London. RateHawk offers a comprehensive range of travel services, including hotel bookings, flight tickets, and car rentals, supported by a user-friendly API and 24/7 customer service.

Kastberg brings decades of experience in travel management and technology, having previously served as General Manager at Yalago, where she spearheaded international expansion efforts. Her appointment comes as RateHawk continues to experience significant growth, with its net booking value increasing by 1.8 times and a 67% rise in global bookings compared to the previous year.

Ilya Kravtsov, Chief Commercial Officer of Emerging Travel Group, remarked, “This newly introduced senior role marks a significant step in RateHawk’s continued global expansion and organisational development. Astrid is uniquely equipped to build on the momentum the team has already created and take it to the next level.”

Kastberg expressed her enthusiasm, stating, “I’m thrilled to join the ambitious team at Emerging Travel Group at such a pivotal moment. Together with the talented RateHawk team, we share a strong commitment to innovation and customer value.”

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The Singapore International Jewellery Expo (SIJE) 2025 is set to celebrate its 20th anniversary from 10 to 13 July at the Sands Expo & Convention Centre, Marina Bay Sands. This milestone event will be the largest in its history, featuring over 320 brands from more than 25 countries, spread across three expansive halls. The exhibition will cover over 10,000 square metres, showcasing a diverse range of jewellery from rare heritage pieces to contemporary designs.

SIJE 2025 will officially open on 10 July with a ceremony that includes the Singapore Jewellery Design Awards (SJDA) presentation, a fashion runway showcase, and a programme designed for approximately 15,000 trade buyers and jewellery enthusiasts. The event will feature seven distinct Communities, offering curated experiences for all jewellery lovers.

Highlights include the Brilliante Jewellery Design Competition, celebrating Singapore’s 60th year of independence, and the Italian Pavilion, which will display exceptional Italian craftsmanship. Additionally, the Trendvision Jewellery + Forecasting Roadshow, led by Paola De Luca, will provide insights into future luxury and jewellery trends.

Visitors can participate in the 20th Anniversary Draw for a chance to win a Colombian Emerald Ring worth $19,000 (S$25,999), alongside other luxury prizes. The event also offers exclusive shopping rewards and lifestyle perks, including hotel and dining discounts for registered attendees.

Admission to SIJE 2025 is complimentary, with pre-registration available online. As Southeast Asia’s jewellery market continues to grow, with projected revenues surpassing $9.4 billion in 2025, SIJE remains a pivotal platform for industry innovation and cultural exchange.
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Cat Paradise Singapore has announced the launch of a new cat sitting service, offering in-home care by trained professionals for cat owners across the city. This service aims to support pet owners who require assistance whilst away from home, enhancing the centre’s comprehensive feline care offerings.

The launch coincides with a significant milestone for Cat Paradise, which has successfully facilitated the adoption of over 150 rescued cats through its cageless adoption centre. This unique adoption model allows potential adopters to interact with cats in a homely, cage-free environment, reducing the likelihood of mismatches and returned adoptions.

The centre’s adoption process is thorough, ensuring that each cat is placed in a stable and caring environment. Prospective adopters are guided through responsible pet ownership, screened for home readiness, and required to sign adoption contracts. Adoption donations contribute to covering medical and upkeep costs, supporting the centre’s ongoing rescue efforts.

In addition to adoption services, Cat Paradise offers cat boarding facilities, with many adopted cats returning to board, reflecting the strong relationships between adopters and the centre. The organisation has also partnered with online pet retailer ExpressPetSupplies.sg, which donates a portion of its proceeds to fund care for more cats.

The new cat sitting service complements Cat Paradise’s existing offerings, aligning with its mission to provide consistent, long-term support for feline welfare. For more information on their services, visit their website.
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London Corporate Partner Damian Adams has been awarded a Member of the Most Excellent Order of the British Empire (MBE) in the King’s Birthday 2025 Honours List. This accolade recognises his significant contributions to the British Chamber of Commerce in Singapore, where he has served for more than two decades.

Adams has held numerous key roles within the Chamber, including Chair of BritPack, Chair of the Energy & Utilities Business Group, and Vice-President. His leadership was pivotal during his presidency from 2022 to mid-2024. At Watson Farley & Williams (WFW), Adams specialises in corporate transactions in maritime, energy, and infrastructure sectors. He joined WFW in 1997 and spent over 24 years in Singapore before returning to London in 2024.

The British Chamber of Commerce in Singapore, established in 1954, supports UK business interests in the region. Since his return to London, Adams has continued to serve as a Board member and acts as the Chamber’s UK representative, aiding businesses expanding into Singapore and Southeast Asia.

WFW Managing Partner Lindsey Keeble expressed delight at Adams’ recognition, stating, “His commitment to Anglo-Singapore relations, corporate and commercial expertise and effective leadership are evident in all his endeavours.” Adams himself remarked, “I am deeply honoured to receive an MBE. I extend my heartfelt thanks to everyone I have worked with in the Chamber.”

The King’s Birthday Honours List celebrates individuals who have rendered exceptional service to the UK globally, acknowledging their dedication and contributions to British communities and interests worldwide.
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SC Ventures has announced the merger of its incubated venture, PointSource, with FourTwoThree, a smart action platform, to enhance climate action capabilities. The merger, pending regulatory approval, aims to leverage PointSource’s climate data platform to support enterprise organisations and small and medium-sized enterprises (SMEs) in their climate transition efforts.

PointSource, developed by SC Ventures, specialises in making climate data usable by mapping across various data sources, environmental, social, and governance (ESG) frameworks, and monitoring tools. This integration will enable FourTwoThree to transform climate disclosures into actionable outcomes, addressing the challenges faced by institutions in achieving net-zero goals. Harald Eltvedt of SC Ventures expressed pride in the venture’s progress, stating, “I’m proud of what the team has built, and even prouder to see it find a new home with FourTwoThree.”

Backed by NatWest Group, National Australia Bank, and SC Ventures, FourTwoThree will empower SMEs to assess their carbon emissions, identify reduction strategies, and access necessary financing. The platform was launched during London Climate Action Week, highlighting the urgent need for investment in SME decarbonisation, as reported by Cambridge University, which estimates a $50t (£50t) requirement.

This strategic merger underscores the commitment to bridging the gap between climate ambition and action, providing a robust framework for financial institutions and corporates to navigate transition finance confidently.
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Tanoto Foundation has announced funding for two significant medical research projects in Singapore, focusing on diseases that disproportionately affect Asian populations, including aggressive cancers and young-onset Type 2 diabetes. These multi-year initiatives are designed to generate data-driven insights to accelerate diagnosis, improve patient outcomes, and inform public health policy.

The projects, conducted by the National Cancer Centre Singapore and Singapore General Hospital, aim to address the rising rates of cancer and diabetes in Asia, which remain under-researched due to a lack of region-specific data. Imelda Tanoto, a member of the Board of Trustees at Tanoto Foundation, highlighted Singapore’s strong research institutions and diverse population as key factors in its leadership in medical science.

The cancer research, led by Dr Jason Chan, will investigate four types of cancers prevalent in Asia: breast cancer in Asian women, T/NK-cell lymphomas, bile duct cancer, and rare Asian cancers. Dr Chan emphasised the importance of understanding these cancers’ molecular and genomic landscapes to uncover new diagnostic and therapeutic opportunities.

In parallel, Dr Daphne Gardner’s project at Singapore General Hospital will develop a next-generation risk prediction tool for Type 2 diabetes in young adults. This tool will incorporate non-traditional indicators such as body fat distribution and continuous glucose monitoring, aiming to identify new risk signals and tailor tools to Singapore’s population.

These initiatives underscore Singapore’s growing role in advancing precision medicine for Asian populations, supported by its robust clinical infrastructure and genomic capabilities. Tanoto Foundation’s commitment to these projects marks a significant step in improving healthcare quality and health standards across the region.
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