Regional News

Bank of Singapore has introduced an AI-powered tool, Source of Wealth Assistant (SOWA), to automate the creation of Source of Wealth (SoW) reports, significantly reducing the time required from 10 days to just one hour. This innovation aims to enhance the Know-Your-Customer due diligence process by ensuring the legitimacy of clients’ wealth and transactions whilst maintaining regulatory compliance.

Previously, relationship managers manually sifted through extensive documentation, including financial statements and tax notices, to compile these reports. SOWA now automates this process, generating comprehensive and standardised reports, thereby minimising human errors and inconsistencies. The tool leverages the extensive databases of Bank of Singapore and its parent company, OCBC, to validate client information against benchmarks like salary and company revenue.

Relationship managers still play a crucial role by reviewing and refining the AI-generated drafts before they undergo further assessment by internal review teams. This ensures that the bank’s anti-money laundering and counter-terrorism financing controls remain robust. The information processed by SOWA is securely hosted on the bank’s private cloud.

Kam Chin Wong, Global Head of Financial Crime Compliance at Bank of Singapore, highlighted the tool’s impact: “Agentic AI pushes the envelope further by enhancing efficiency, accuracy and consistency in decision-making.” Ruth Yeo, a relationship manager, noted the intuitive nature of SOWA, stating that it allows her to focus more on client engagement rather than manual documentation.

This deployment marks a significant step in Bank of Singapore’s ongoing investment in AI technologies, aiming to improve productivity and client service across its operations.

The recent Government Land Sales (GLS) tender for the residential site at Dorset Road has concluded with nine bids, the highest reaching S$1,338 per square foot per plot ratio (psf ppr). This top bid, submitted by an undisclosed developer, reflects a significant 18.4% increase compared to the land rate of the nearby Northumberland Road site awarded over four years ago. Leonard Tay, Head of Research at Knight Frank Singapore, noted that this demonstrates developers’ confidence in the strong homebuyer momentum and the site’s city-fringe location, despite economic uncertainties and rising development costs.

The Dorset Road site is expected to benefit from its proximity to Farrer Park MRT station and nearby amenities such as City Square Mall and Mustafa Centre. The anticipated selling price for residential units is projected to start from S$2,700 psf, potentially averaging above S$2,800 psf. Tay highlighted that the robust interest in the site is driven by Singapore’s resilient residential market, supported by low unemployment and healthy household balance sheets.

The top bid of S$524.3m or S$1,338 psf ppr, was 19.2% higher than the lowest bid of S$440 million, or S$1,123 psf ppr, indicating varying risk appetites among developers regarding future homebuyer demand. The project is expected to be launch-ready in about a year, with developers keen to capitalise on the sustained demand for well-located neighbourhoods with modern amenities.

The recent tender for the Dorset Road residential site has garnered significant attention, with nine bids submitted, surpassing expectations. The top bid, valued at S$524.3m (S$1,338 psf ppr), was made by a consortium of UOL, Singapore Land Group, and Kheng Leong Co. This bid narrowly outpaced the second-highest offer by 1.0%, highlighting the site’s appeal due to its strategic location and potential for development.
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The Dorset Road site, which can accommodate 425 units, is the most contested Rest of Central Region (RCR) plot this year, following less enthusiastic responses to other tenders. Tricia Song, CBRE Head of Research, Southeast Asia, noted the site’s appeal due to its proximity to the city centre, MRT access, and nearby amenities, making it attractive to developers and potential upgraders from surrounding HDB estates.

The competitive bidding mirrors the interest seen in similar sites, such as the Northumberland Road plot, which received 10 bids in 2021. The Dorset Road site’s connectivity and location near Farrer Park MRT, as well as its proximity to schools and retail centres, are key attractions. However, developers must consider additional costs due to existing buildings and potential asbestos issues.

With the last major launch in the area, Piccadilly Grand, fully sold three years ago, there is an anticipated demand for new developments. The successful consortium may launch units at an estimated price of S$2,700-2,800 psf, reflecting the site’s premium location and market demand.

Ecolab Inc, a global leader in sustainability solutions, has introduced its 3D TRASAR Technology for Direct-to-Chip Liquid Cooling in Southeast Asia, with Singapore as the launch site. This innovation, unveiled at Data Centre World Asia 2025, is designed to improve the cooling efficiency of high-performance computing systems and data centres by monitoring coolant health indicators like temperature, pH, and flow rates in real time.

The technology is part of Ecolab’s comprehensive cooling management portfolio, which aims to optimise Water Use Efficiency (WUE) and Power Usage Effectiveness (PUE), aligning with Singapore’s Green Plan 2030 and Smart Nation initiatives. Gregory Lukasik, CEO and Senior Vice President of Ecolab Southeast Asia, highlighted the importance of building systems that reuse water and energy at scale, especially as artificial intelligence (AI) drives unprecedented growth in data demand.

Asia Pacific, accounting for over 40% of new global data centre capacity, is experiencing rapid growth, with demand expected to double by 2030. In Singapore, data centres already consume 7% of national electricity, with cooling accounting for up to 40% of this usage. Ecolab’s new solution aims to address these challenges by enhancing operational efficiency and sustainability.

Ecolab has been present in Singapore since the 1970s, supporting various industries through its expertise in water and process management. The company is also collaborating with the Institute of Technical Education to develop future-ready talent for the data centre industry. Kelly Lai, Vice President for Materials and Chemicals at the Economic Development Board of Singapore, praised Ecolab’s role in driving sustainable growth through AI-enabled and resource-efficient solutions.

Meta has announced the launch of Candle, a new submarine cable system set to become the largest-capacity cable in the Asia-Pacific (APAC) region. Scheduled to go live in 2028, Candle will span 8,000 kilometres and provide 570 terabits per second (Tbps) of capacity, connecting over 580 million people in Japan, Taiwan, the Philippines, Indonesia, Malaysia, and Singapore.

Candle is part of Meta’s broader investment in subsea cable infrastructure in APAC, which includes the Echo, Bifrost, and Apricot cables. These projects aim to deliver Meta’s products, services, and artificial intelligence (AI) capabilities to billions of users in the region. “Our investments will enhance the scale and reliability of the global telecommunications network,” Meta stated.

The Bifrost cable, now operational, connects Singapore, Indonesia, the Philippines, and the United States, with a future extension to Mexico expected by 2026. Echo, another key project, currently offers 260 Tbps of capacity between Guam and California. Meanwhile, the Apricot cable links Japan, Taiwan, and Guam, with plans to extend to the Philippines, Indonesia, and Singapore.

These initiatives are part of Meta’s commitment to improving digital infrastructure and connectivity worldwide. The company also highlighted its involvement in other global projects, such as 2Africa and Project Waterworth, to further enhance global connectivity.

Heart Media Group has announced the acquisition of NOBLE 名人 Media, a prominent Chinese-language luxury lifestyle publication in Malaysia. Founded in 2021, NOBLE 名人 is known for its bimonthly magazine that collaborates with major Chinese business associations, such as the Malaysia Social Entrepreneurs Foundation and the Malaysia-China Friendship Association, reaching over 2,000 key members of the Chinese business community.

NOBLE 名人 has established itself as a trusted source for luxury content, appealing to high-net-worth individuals (HNWI) and affluent consumers in Malaysia. The magazine’s expansion into broadcasting, through its partnership with Hong Kong’s Television Broadcasts Limited (TVB), has further strengthened its media presence.

Jane Wong, the Founding Editor of NOBLE 名人 Media, expressed enthusiasm about the acquisition, stating, “Heart Media Group, as a fully integrated media group, is reshaping the media landscape through its diverse platforms in English, Malay and Chinese. With this merger, we are poised to establish a new benchmark in the media industry.”

Wilson Lim, Managing Director of Heart Media Group, highlighted the strategic benefits of the acquisition, noting that it will enhance geographical distribution and offer integrated solutions for clients in the Chinese-language market. The introduction of the RedNote platform is expected to amplify NOBLE 名人’s reach.

NOBLE 名人 also organises exclusive monthly events, providing a premium networking platform for its partners and readers. This acquisition marks the first integration of a Chinese-language media into Heart Media’s portfolio, further solidifying its influence across Asia’s luxury media landscape.

Hilton Singapore Orchard has appointed Michael Janssen as its new general manager, effective 15 September 2025. With over 28 years of international experience in the hospitality industry, Janssen will oversee the 1,080-room flagship property, focusing on enhancing guest experiences and promoting sustainable growth. His appointment coincides with a period of significant growth in Singapore’s tourism sector, with visitor numbers expected to reach 18.5 million in 2025.

Janssen’s career includes leadership roles across Asia, Japan, China, the Middle East, and Europe. Before joining Hilton Singapore Orchard, he was the general manager of ANA InterContinental Tokyo and held senior positions with InterContinental Hotels Group in Thailand, China, and Indonesia. His strategic and people-first approach has earned him a reputation as a transformative leader.

The appointment comes as Singapore’s tourism industry is poised for dynamic growth, with tourism receipts projected to hit $21.8b (S$29.8b). Hilton Singapore Orchard, located on Orchard Road, is well-positioned to meet the increasing demand for experience-led stays. Janssen will leverage his global expertise to enhance the hotel’s appeal to both business and leisure travellers.

“It is a privilege to lead Hilton Singapore Orchard at such an exciting time for Singapore’s hospitality industry,” Janssen stated. He aims to strengthen the hotel’s position as the preferred choice for travellers and contribute positively to the community.

Under Janssen’s leadership, Hilton Singapore Orchard, featuring five dining concepts and extensive meeting spaces, is set to shape the future of hospitality in the region.

Singapore travellers are at the forefront of adopting digital technology in travel, with 79% expressing willingness to use biometric gateways at airports, according to a new study by Amadeus. This figure significantly surpasses the global average of 69%, highlighting Singapore’s tech-forward traveller profile. The study, titled “Connected Journeys: How Technology Will Transform Travel in the Next Decade,” explores the evolving needs of travellers who are increasingly integrating technology into their journeys whilst maintaining high expectations for reliability.

The research reveals that Singaporeans are not only keen on biometric gateways but also interested in other digital solutions. For instance, 36% are open to using biometric security to expedite queuing times, whilst 33% seek real-time updates on traffic and arrivals. Additionally, 62% prefer to check their luggage from home rather than at the airport.

Beyond biometrics, the demand for integrated travel solutions is growing. About 32% of respondents favour a single ‘super app’ to manage all travel-related information, from flight updates to hotel bookings. Business travellers share similar preferences, with 34% desiring a consolidated travel application and 32% valuing smart luggage tracking.

Generative AI is also gaining traction, with its usage for trip planning nearly doubling from 11% in 2024 to 20% this year. Despite the enthusiasm for digital innovation, the study underscores the importance of reliability, with 76% of travellers willing to rebook with providers who manage disruptions efficiently.

Javier Laforgue, Executive Vice President of Amadeus, noted, “The rapid adoption of new technology among Singapore travellers shows a real appetite for smarter, more personalised and seamless journeys.” However, he emphasised that blending technology with reliable support is crucial for building lasting confidence and loyalty among travellers.

DBS has been recognised as the “Safest Bank in Asia” for the 17th consecutive year by Global Finance, reaffirming its status as a leading financial institution in the region. The bank also maintained its rank as the second safest commercial bank globally. This accolade highlights DBS’ robust financial performance, strong risk management, and governance.

The Global Finance rankings, a trusted benchmark for over 30 years, evaluate the safety of banks worldwide based on long-term foreign currency ratings from Fitch, Moody’s, and Standard & Poor’s. The rankings consider the 500 largest banks globally, emphasising the importance of stability in the financial sector.

Joseph Giarraputo, Founder & Editorial Director of Global Finance, noted the resilience of the world’s safest banks amidst challenges such as tariff uncertainties and technological disruptions. “Their resilience and innovation continue to underpin trust in the financial system and support global commerce,” he stated.

Chng Sok Hui, Chief Financial Officer of DBS, expressed gratitude for the recognition, stating, “We’re honoured to be named Global Finance’s Safest Bank in Asia for the 17th consecutive year. In times of turbulence, customers turn to institutions they trust.”

DBS has also been acknowledged by other prestigious publications, receiving titles such as “World’s Best Bank” and “World’s Best Digital Bank.” With a presence in 19 markets, DBS continues to leverage digital technology to shape the future of banking, whilst maintaining a strong commitment to customer trust and community support.

DCS, a non-bank financial institution regulated by the Monetary Authority of Singapore, has announced the successful closing of its largest asset-backed securitisation facility to date, valued at S$450m. The senior notes have been awarded a rare AAA(sf) rating by Fitch, a testament to the high quality of DCS’s receivables, which are characterised by low charge-offs and strong repayment behaviour.

The AAA rating is a significant achievement in the credit card industry and underscores DCS’s robust governance and strengthened capital base of S$75m. Over the past three years, DCS has expanded its customer base across various segments, including first-jobbers, telecommuters, and high-net-worth individuals, whilst also increasing its merchant acquiring footprint. This expansion has been supported by processing large transaction volumes at major events and innovating Web3 card issuing beyond Singapore.

Karen Low, CEO of DCS, stated, “This milestone of AAA ratings on our senior notes demonstrates the strength and resilience of our receivables. The strong execution and enthusiastic response to this securitisation reflect the expansion of our investor base and growing demand for our card portfolio.”

The transaction saw full placement across all tranches, with participation from local and global investors such as Manulife, DBS, and Santander CIB. DBS also served as the arranger for this securitisation. The successful completion of this programme provides DCS with ample liquidity to fuel continued innovation and strategic growth in both traditional finance and the Web3 space.