Regional News

Singapore businesses are facing significant challenges from rising costs and supply chain disruptions, prompting a strategic overhaul, according to HSBC’s 2025 Global Trade Pulse Survey. The survey highlights that 85% of Singapore-based firms are re-evaluating their long-term business models in response to evolving trade policies, whilst 86% are exercising caution in expansion and investment plans. The anticipated revenue decline due to supply chain delays stands at an average of 22%.

Despite these hurdles, Singapore companies are capitalising on the nation’s robust trade connections to key growth regions such as India, the Middle East, and Europe. Gilbert Ng, Head of Banking – Singapore, Corporate and Institutional Banking at HSBC, noted, “Despite the challenges posed by the uncertain tariff and trade landscape, Singapore businesses are demonstrating resilience and adaptability in the way they operate.”

The survey also indicates that Singapore firms are slightly less optimistic about international trade growth compared to their global counterparts, with 83% expressing optimism versus 89% globally. Aditya Gahlaut, Regional Head of Global Trade Solutions, Asia, HSBC, commented on the strategic shift, stating, “Against a backdrop of trade uncertainty, many companies have taken a pause on their capital expenditure so that they can assess the new normal.”

As Singapore businesses navigate these complexities, the focus on leveraging regional trade ties and managing working capital remains crucial. This strategic adaptability is expected to help local firms mitigate the impact of global trade uncertainties and sustain growth in challenging times.
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Citi is hosting the Citi Singapore Macro and Pan Asia Investor Conference from 28 to 30 May, bringing together over 1,500 delegates, including clients, investors, corporates, family offices, and private bankers. The event features more than 20 panels and presentations, alongside nearly 7,000 meetings between corporates and experts, focusing on the latest geopolitical developments, economic outlook, and investment themes impacting the financial industry.

The conference will see participation from distinguished speakers such as Robert Lighthizer, Chair of the Centre for American Trade at AFPI and former United States Trade Representative, Loretta Mester, former President and CEO of the Federal Reserve Bank of Cleveland, and Dr Lawrence Summers, former United States Secretary of the Treasury. These experts will provide insights into the evolving landscape of trade policy and globalisation.

Sue Lee, Head of Markets for Asia South at Citi, highlighted the significance of the event, stating, “We are entering a new era of trade policy and globalisation, marking a deep structural shift in how markets move and how businesses operate. Citi’s leading Markets franchise with a wide global footprint uniquely positions us to support our clients as they navigate this new environment.”

Citi’s Markets business, which operates from trading floors in nearly 80 countries, serves corporates, institutional investors, and governments. Its robust capabilities in underwriting, sales, trading, and distribution across various asset classes enable it to meet diverse client needs effectively.

The conference underscores Citi’s commitment to facilitating critical discussions and fostering connections that address the challenges and opportunities in today’s financial landscape.
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The Singapore Business Federation (SBF) has released its National Business Survey 2025, revealing a significant shift in business sentiment. Conducted between 27 March and 21 April 2025, the survey gathered insights from 526 businesses, highlighting a cautious outlook amid global economic uncertainty. The Business Sentiment Index (BSI) stands at 56.5, reflecting this cautious sentiment, with 40% of businesses expecting the economy to worsen over the next 12 months—nearly double the 22% from Q4 2024.

The survey indicates that sectors such as Hotels, Restaurants & Accommodations, and Retail Trade are particularly pessimistic, with the former registering the lowest BSI score of 52.2. Rising cost pressures are a concern, with the Real Estate and Hotels sectors anticipating the highest cost increases.

Despite the gloomy outlook, the Banking & Insurance and Education sectors show optimism, with BSI scores of 61.2 and 60.5, respectively. These sectors also report the highest revenue and profitability expectations. The outlook for business expansion is moderate, with a score of 61.6, driven by optimism in the Education and Banking & Insurance sectors.

The Singapore Budget 2025 has been well-received, with 92% of businesses expressing satisfaction or neutrality. Key measures such as the 50% Corporate Income Tax Rebate and the SkillsFuture Workforce Development Grant are seen as beneficial. However, liquidity remains a concern, with 22% of businesses facing credit crunches.

SBF CEO Kok Ping Soon emphasised the importance of continued transformation and collaboration with the government to address financing challenges. “It is heartening to see that transformation momentum remains strong,” he stated, highlighting the need for larger financing lines and longer terms to mitigate the impact of US tariff measures.
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CBRE has announced the sale of a unique 4-storey freehold mixed-use development at 19 Jalan Masjid, Singapore. The sale will be conducted via an Expression of Interest exercise, closing on 2 July 2025. This property, occupying a prime site of approximately 3,383 sq ft, offers a built-up area of about 10,134 sq ft and is currently fully tenanted, providing stable rental income.

The building, strategically located in Bedok, is zoned for “Residential with Commercial at the 1st-storey” under the Master Plan 2019. It has received in-principal approval to convert the upper floors into Serviced Apartment II (SA2), subject to certain conditions. The ground floor is leased to a commercial school, whilst the upper floors are occupied by a co-living operator.

The indicative guide price for the property is S$17m, translating to approximately $1,678 per square foot. Clemence Lee, Executive Director of Capital Markets at CBRE, highlighted the investment’s appeal, stating, “This offering represents a unique opportunity for investors to acquire a freehold mixed-use development with in-principal approval for SA2.”

The property’s location opposite Kembangan MRT Station and proximity to major expressways enhances its accessibility. The area is set to benefit from a new mixed-use project by HDB, which will include residential units and various amenities. With the scarcity of such assets and the attractive investment quantum, CBRE anticipates strong interest from a range of investors.
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Condo resale prices and sales volumes in Singapore experienced a slight increase in April 2025, according to the latest report from 99.co and SRX. The report indicates that prices rose by 1.9% month-on-month and 5.9% year-on-year, with 1,178 units resold, marking a 0.1% increase from March. This uptick is attributed to a quieter new launch calendar, which directed buyers towards the resale market.

The report highlights that the Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR) saw price increases of 1.3%, 2.4%, and 1.3% respectively. Despite the marginal rise in sales, volumes remained 3.5% lower than April 2024 but were 10.7% above the five-year average for the month. Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the stability in resale activity reflects sustained buyer interest despite external economic uncertainties, such as new US tariffs.

The highest resale price in April was recorded at St Hilltops for $9,500,000 (S$13,000,000), whilst the RCR and OCR saw top transactions at Reflections at Amber Residences and Breeze by the East, respectively. The overall median capital gain for resale condos increased by $33,600 (S$46,000) from March, reaching $293,000 (S$401,000). District 15 posted the highest median capital gain, whereas District 1 recorded the lowest.

Looking ahead, the report suggests that the condo resale market may continue to attract buyers seeking ready-to-move-in properties, especially if new project launches remain limited.
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Singapore has launched MERaLiON, a groundbreaking multilingual large language model (LLM) designed to understand Southeast Asia’s diverse languages and cultures. Announced on 28 May 2025 at the Asia Tech X Singapore Summit, MERaLiON is developed by the A*STAR Institute for Infocomm Research and aims to enhance AI applications with emotional intelligence and cultural awareness.

The MERaLiON model, part of Singapore’s National Multimodal Large Language Model Programme, has already seen significant global interest, with over 90,000 downloads since its initial release in December 2024. The latest version introduces expanded language coverage, code-switching capabilities, and improved emotional understanding, allowing for more intuitive AI applications tailored to Southeast Asia’s cultural nuances.

Singapore’s commitment to building a trusted AI ecosystem is evident through initiatives like the Digital Trust Centre, which supports research in AI explainability and robustness with a S$70m investment The Infocomm Media Development Authority (IMDA) also presented “The Singapore Consensus on Global AI Safety Research Priorities” to bridge AI research and policy-making.

The MERaLiON Consortium, launched alongside the model, aims to foster collaboration among industry leaders, end users, and researchers to accelerate AI adoption. This initiative supports the development of practical AI applications, from multilingual customer support to healthcare insights.

With projects like MERaLiON, Singapore is poised to maintain its distinct voice in the digital age, ensuring AI technologies are both culturally relevant and emotionally intelligent. The advancements in AI governance and innovation highlight Singapore’s role in shaping global AI norms and applications.
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Singapore must place human rights at the forefront of its sustainability initiatives, according to Astrid Puentes Riaño, the UN Special Rapporteur on the human right to a clean, healthy, and sustainable environment. During her recent visit, Puentes Riaño highlighted Singapore’s significant role in global climate action and urged the city-state to enhance its efforts in reducing energy, water, and resource demands amidst the triple crises of climate change, biodiversity loss, and pollution.

Puentes Riaño emphasised the importance of adopting an ecosystem and human rights-based approach, incorporating natural solutions and ancestral knowledge. She stated, “Access to information, public participation, and access to justice in decision-making processes are essential elements of the right to a clean, healthy, and sustainable environment.”

The UN expert called for Singapore to reduce its reliance on fossil fuels, particularly gas, which constitutes 95% of its energy grid. She also stressed the need for stringent monitoring of industries to mitigate environmental impacts. Despite Singapore’s minimal contribution to global emissions, Puentes Riaño noted its high per capita emissions, indicating room for improvement.

Singapore’s ambition to become a “City in Nature” was acknowledged, with efforts to expand green spaces and enhance water and energy systems. Puentes Riaño warned of the human rights implications of climate impacts, such as rising temperatures and extreme weather, urging complementary actions focusing on air quality and public health.

The Special Rapporteur will present a comprehensive report on her findings to the UN Human Rights Council in March 2026.
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Singapore’s pursuit of artificial intelligence (AI) leadership faces significant hurdles as a new survey by Deel, an all-in-one payroll and HR platform, highlights the impact of global tariffs and talent shortages on the city-state’s digital transformation.

Conducted by Milieu Insight in April 2025, the survey gathered insights from 350 business leaders across Singapore, revealing that 81% of companies are negatively affected by global tariffs, with over half experiencing increased operational costs.

These economic challenges are prompting tough workforce decisions, including wage freezes (60%), reduced hiring (48%), and job cuts (43%). Despite these pressures, nearly a third of Singaporean businesses are accelerating their AI and automation efforts to navigate global disruptions. However, the survey indicates that 68% of businesses remain in the early stages of AI adoption, with enterprises progressing faster than small and medium-sized enterprises (SMEs).

Nick Catino, Global Head of Policy at Deel, noted, “Singapore’s businesses are being squeezed from both sides – by rising costs due to global economic uncertainty and the need to invest in innovation to stay ahead.” He emphasised that whilst AI can enhance productivity and cost savings, it is not a cure-all for macroeconomic challenges.

Talent scarcity further complicates AI ambitions, with 47% of respondents citing an insufficient local AI talent pool. High salary expectations and skills mismatches are major recruitment hurdles. To address this, 62% of businesses are open to hiring international talent, though only 20% have dedicated budgets for reskilling local workers.

Government support is deemed crucial by 92% of respondents, yet engagement with initiatives like Singapore’s National AI Strategy remains limited. As Singapore navigates economic headwinds, aligning policy, talent, and technology is essential to sustaining its digital leadership.
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GCL Global Holdings Ltd, a prominent player in the games and entertainment sector, has announced that its offer to acquire Ban Leong Technologies Limited has become unconditional. As of 27 May 2025, GCL, through its subsidiary Epicsoft Asia Pte Ltd, has secured approximately 50.90% of Ban Leong’s shares. This development follows the acceptance of the offer by shareholders, in accordance with Rule 15 of the Singapore Code on Takeovers and Mergers.

The acquisition, if it reaches 90% ownership, will allow GCL to compulsorily acquire the remaining shares under Section 215(1) of the Companies Act 1967 of Singapore. The offer price stands at $0.44 (S$0.6029) per share. Should this threshold be met, GCL intends to delist Ban Leong from the Singapore Exchange if the minimum free float requirement is not satisfied.

Shareholders who have not yet accepted the offer have until 5:30 pm Singapore time on 2 July 2025 to submit their acceptance forms. The offer document, dated 21 May 2025, provides further details on the acceptance procedures.

Ban Leong Technologies, established in 1993 and listed on the Singapore Stock Exchange since 2005, specialises in the distribution of computer peripherals and multimedia products. The acquisition aligns with GCL’s strategy to expand its footprint in the Asian gaming market, leveraging Ban Leong’s established distribution network.

The move signifies GCL’s commitment to broadening its reach in the digital and physical content sectors, aiming to introduce Asian-developed intellectual property to a global audience.
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Gemini’s 2025 Global State of Crypto report reveals that nearly one in four people globally now own cryptocurrency, marking an increase from 21% in 2024 to 24% in 2025.

The report, which surveyed over 7,000 consumers across the US, UK, France, Italy, Singapore, and Australia, highlights Singapore as having the highest ownership rate at 28%.

The report attributes part of this growth to the pro-crypto policies of the Trump Administration in the US, which have sparked increased confidence in digital assets. President Donald Trump has established a Strategic Bitcoin Reserve and reshaped the Securities and Exchange Commission to support innovation, leading to a rise in interest among non-owners.

In the US, 31% of investors who own both memecoins and traditional cryptocurrencies report that they purchased their memecoins first, followed by 30% in Australia, 28% in the UK, 23% in Singapore, 22% in Italy, and 19% in France.

The report also notes a growing interest in crypto exchange-traded funds (ETFs), with 39% of US crypto owners investing in them, up from 37% in 2024. This trend is also seen in Italy, the UK, and Singapore.

Marshall Beard, Chief Operating Officer at Gemini, stated, “The United States has proven itself as a global leader in web3 and blockchain technology with the addition of Trump’s pro-crypto policies.” The report suggests that these developments position the crypto industry for significant growth globally.
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