Industry News

ST Engineering has been chosen by FADA, a division of EDGE Group, to supply a synthetic aperture radar (SAR) satellite for the UAE’s National SAR Constellation Programme, Sirb. This initiative aims to boost the UAE’s Earth observation capabilities by providing high-resolution radar images for disaster response, environmental monitoring, and national security. The project includes the design and delivery of both the satellite and its mission control infrastructure.

The satellite will feature advanced imaging technology with sub-metre resolution and a high-speed downlink. ST Engineering will also develop the necessary infrastructure for its operation, ensuring reliable day-and-night, all-weather imaging. This aligns with FADA’s roadmap to enhance the UAE’s space-based capabilities for both governmental and commercial applications.

Low Jin Phang, President of ST Engineering’s Digital Systems business, stated, “FADA’s selection of ST Engineering for this strategic project underscores our proven leadership in space technology and our ability to design and produce commercial Earth observation satellites. We are committed to delivering end-to-end solutions that meet the UAE’s strategic needs and contribute to its vision of building a resilient, self-sustaining space ecosystem.”

Following the completion of the SAR system design review, the project will advance to the assembly and integration phase, accompanied by rigorous operational testing. This collaboration is expected to further solidify the UAE’s status as a global leader in space technology.

Linklaters has partnered with the Monetary Authority of Singapore (MAS) to tackle legal challenges and uncertainties surrounding the tokenisation of financial assets in Singapore. This collaboration aims to support MAS’s ongoing efforts to promote responsible innovation and the development of tokenised capital market products.

Utilising its expertise in financial regulation and capital markets, particularly in the fintech sector, Linklaters worked closely with MAS to scrutinise Singapore’s legal framework, including common law and national legislation. The project also addressed practical challenges faced by market participants, contributing to MAS’s updated Guide on the Tokenisation of Capital Market Products. This update further cements Singapore’s status as a leading fintech and digital asset hub.

Linklaters leveraged its global expertise, referencing regulatory approaches from the European Union, United Kingdom, Germany, Luxembourg, Japan, and Hong Kong SAR. The project was led by Peiying Chua, with key contributions from partners Evan Lam and Jonathan Horan, among others. Chua remarked, “Our collaboration with the Monetary Authority of Singapore exemplifies Linklaters’ collaborative approach, bringing together expertise from across practices and jurisdictions to serve client needs.”

The firm’s multi-disciplinary team also recently advised on the launch of the GL1 MI Toolkit, aimed at advancing global financial infrastructure for tokenised assets. This initiative underscores Linklaters’ commitment to driving innovation in digital finance and supporting capital markets worldwide.

Lum Chang Creations Group has announced the acquisition of two significant contracts, collectively valued at S$63.4m, which are set to enhance the company’s order book and revenue outlook through to 2028. The contracts include a redevelopment project for the Ministry of Social and Family Development (MSF) worth approximately S$31.9m and a renovation project for the Orchard Road Presbyterian Church valued at around S$31.5m.

The Managing Director of Lum Chang Creations, Lim Thiam Hooi, expressed that these contracts underscore the trust clients have in the company’s capabilities and standards. He stated, “These two high-value contracts reflect the confidence our clients have in our capabilities and project delivery standards. The S$63.4m in new contracts strengthens our order book considerably, maintains our balanced exposure across government and institutional clients, and provides clear revenue visibility extending into 2028.”

The dual contract wins not only bolster the company’s financial stability but also reinforce its strategic positioning in both government and institutional sectors. With these projects, Lum Chang Creations continues to demonstrate its proficiency in managing large-scale developments, ensuring a steady stream of revenue in the coming years. As the company looks forward to these projects, it remains committed to delivering high-quality results that meet client expectations and industry standards.

Cleanverse International has unveiled new insights from a survey conducted at the Singapore FinTech Festival 2025, highlighting significant barriers to the widespread adoption of Web3 technology. The survey, which gathered responses from over 1,500 participants, found that a substantial 75.4% of respondents are hesitant to use Web3 wallets, citing concerns about fraud, inconsistent verification standards, and counterparty risk.

The data underscores a growing demand for institutional-grade safeguards, with 40.5% of respondents expressing a preference for accessing Web3 services through their banks. This trend suggests that financial institutions could become the primary gateway for consumers entering the Web3 space.

Ceridwen Choo, CEO of Cleanverse, noted, “Respondents consistently told us that they want consumer protections built into the infrastructure itself—just like how they are used to, in existing banking services.” This sentiment reflects a broader expectation for Web3 to mirror the trust and compliance standards of traditional finance.

The survey also revealed a strong interest in embedded compliance and shareable Know Your Customer (KYC) protocols, with 59.5% of participants indicating that such measures would enhance their Web3 experience. Furthermore, 87% of respondents expressed confidence in Web3 services operating on compliance-certified platforms.

As the industry moves forward, the findings suggest that the future of Web3 will be built on trust and compliance. Cleanverse aims to address these challenges by integrating verified identity and real-time compliance into its platform, bridging the gap between traditional finance and decentralised finance.

EdenX Group, a fintech company based in Melbourne and Singapore, has announced a US$5m funding round to enhance its platform for private capital raising and business exits in the Asia-Pacific region. Supported by SC Ventures, the innovation arm of Standard Chartered Bank, the funding will help EdenX expand its regulated capital markets infrastructure and develop a comprehensive platform for business transactions.

The company, which integrates business sales, franchise development, media, and capital raising, has already onboarded over 250 brands, including notable names like Red Rooster, Pizza Hut, and Donut King. EdenX is licensed in both Australia and Singapore and plans to introduce tokenised capital issuance tools for small and medium-sized enterprises (SMEs) by 2026.

EdenX’s strategic expansion into Southeast Asia is driven by the “grey tsunami” of ageing business owners seeking succession solutions, alongside rising SME formation and demand for franchise systems. The company has secured a Capital Markets Services licence from the Monetary Authority of Singapore (MAS) and is gaining traction in Singapore, Malaysia, and the Philippines.

The capital raise follows a successful year, with EdenX’s FY24 revenue exceeding US$1.3m and projections to reach US$16.1m by FY28. CEO Dhanush Ganglani stated, “This raise gives us the firepower we need to take a major step forward in delivering the capital markets infrastructure that SMEs have long lacked.”

EdenX’s platform offers a complete ecosystem, including business sales, capital raising, franchise strategy, and media services. Founder Raghu Rajakumar highlighted the company’s success-based model, noting that one franchise client generated over US$150,000 in annual revenue through EdenX’s services. With the funding round now open, EdenX is engaging investors interested in the future of digital private markets and franchise growth in Asia-Pacific.

Alibaba Cloud has announced the release of Qwen-SEA-LION-v4, a new large language model developed in collaboration with AI Singapore (AISG), aimed at improving multilingual performance across Southeast Asia. Built on Alibaba’s Qwen3-32B foundation model, this latest version addresses the linguistic and cultural needs of a region with over 1,200 languages, offering significant improvements in multilingual accuracy and cultural understanding.

Qwen-SEA-LION-v4 ranks first on the Southeast Asian Holistic Evaluation of Language Models (SEA-HELM) leaderboard for open-source models under 200 billion parameters. It is designed to run efficiently on consumer-grade laptops with 32GB of RAM, making it accessible for developers and enterprises. The model has been enhanced with over 100 billion Southeast Asian language tokens, improving its ability to interpret local expressions and conversational nuances.

Dr Leslie Teo, Senior Director of AI Products at AISG, stated, “Our collaboration with Alibaba on Qwen-SEA-LION-v4 is an important milestone in advancing AI inclusivity and to make it more representative of Southeast Asia.” Hon Keat Choong, General Manager of Singapore at Alibaba Cloud Intelligence, added, “We look forward to enabling more developers, enterprises, and public-sector partners to build applications that truly understand the languages and cultures of this region.”

The model introduces byte-pair encoding for efficient multilingual text processing and is available in 4-bit and 8-bit quantised versions, facilitating cost-effective deployment. Qwen-SEA-LION-v4 can be downloaded for free via the AISG website and Hugging Face, marking a significant step in making advanced AI more inclusive and locally relevant in Southeast Asia.

GDS Global Limited, a specialist in commercial and industrial door and shutter solutions, has announced a remarkable 70.6% increase in revenue, reaching S$22.79m for the financial year ending 30 September 2025. This growth, driven by increased sales from completed projects and export sales, marks a return to profitability for the company. The group’s gross profit also rose by 69.9% to S$7.52m, whilst net cash from operating activities turned positive at S$0.67m.

The company, headquartered in Singapore, attributes its financial recovery to strategic business development, cost management, and productivity enhancements. Non-Executive Non-Independent Chairman Tang Hee Sung commented, “We are pleased to have achieved a turnaround in our full year financial performance, marking an important milestone for the Group.”

GDS is now poised to explore new project opportunities both locally and internationally, leveraging its premium fire-insulated and blast-mitigating roller shutter solutions. With a healthy cash position of S$6.59m and no borrowings as of 30 September 2025, the company is well-positioned for sustainable growth.

Founded in 1982, GDS operates one of the largest manufacturing facilities in the industry and is known for its innovative solutions, including the world’s first blast-mitigating roller shutter door. As the company builds on its current momentum, it anticipates further growth in both local and overseas markets.

OrangeTee, a member of the Realion Group, has released its Private Residential & HDB Rental Market Outlook for 2026, predicting stable rental prices despite challenges from increased housing stock and a cautious hiring environment. The report anticipates private rental prices to hold steady with a 2% to 3% increase, whilst HDB rents are expected to grow modestly by 1% to 3%.

The private rental market is set to face competition due to a rise in condo completions, with 7,006 units expected to obtain their Temporary Occupation Period (TOP) in 2026, up from 5,249 in 2025. This increase is projected to continue, reaching 10,195 units by 2028. The Rest of Central Region (RCR) is expected to see the highest number of completions, followed by the Outside Central Region (OCR) and the Core Central Region (CCR).

In the HDB sector, the number of resale flats reaching their five-year minimum occupation period (MOP) is projected to more than double in 2026, potentially increasing the supply of flats available for lease. This could exert downward pressure on rents, although demand is expected to be bolstered by a rise in foreign employment in Singapore. The Ministry of Manpower reports a steady increase in employment pass holders, which is likely to support rental demand.

Overall, the report suggests that whilst the rental market will face challenges from increased supply, the demand from a growing non-resident population and foreign workers will help stabilise rental prices. OrangeTee’s outlook provides a comprehensive view of the factors influencing Singapore’s rental market in the coming years.

The Singapore Indian Chamber of Commerce & Industry (SICCI) and the Singapore Manufacturing Federation (SMF) marked a significant milestone on 21 November 2025 by co-hosting the SG60 Deepavali Celebration at Suntec Singapore Convention Centre. The event, themed “Unity in Diversity, Strength in Business,” celebrated 60 years of partnership, bringing together over 500 business leaders and government representatives to discuss the future of Singapore’s economy.

The evening featured a fireside chat titled “Perspectives on Singapore’s Economy in the Next Era,” with Heng Swee Keat, Chairman of the National Research Foundation, as the special guest. The discussion focused on how innovation and collaboration will shape Singapore’s economic growth. President Tharman Shanmugaratnam officiated the launch of a commemorative publication that chronicles the evolution of Singapore’s business landscape.

Neil Parekh, SICCI Chairman, emphasised the importance of alliances in shaping Singapore’s enterprise landscape, stating, “For six decades, inclusivity and partnership have been the cornerstones of our nation’s progress.” Lennon Tan, SMF President, highlighted the collaboration’s role in harnessing national diversity, saying, “This partnership goes beyond our organisations. It is about leveraging our collective power to create opportunities for businesses.”

The event concluded with a gala dinner, celebrating Singapore’s multicultural harmony and providing a platform for cross-cultural dialogue and networking. The SG60 Deepavali Celebration underscored the enduring success of collaboration, diversity, and enterprise in Singapore’s economic narrative.

Foodpanda, a leading food and grocery delivery platform in Asia Pacific, has announced new partnerships with ride-hailing providers TADA, Bolt, and LINE GO. This collaboration aims to enhance the value of its pandapro membership by offering subscribers in Singapore, Malaysia, and Taiwan exclusive ride discounts and cross-platform perks. The initiative is part of a broader regional rollout, with more markets expected to follow.

The partnerships are designed to simplify and enrich everyday life for customers by integrating food and transportation services into a single membership. Giuseppe Randazzo, Chief International Officer of Foodpanda APAC, stated, “Pandapro is no longer just about food delivery; it’s about delivering convenience and maximising value wherever our customers go.”

Key benefits for pandapro members include exclusive ride discounts and up to six months of complimentary subscriptions for new users in select markets. The collaboration also aims to boost growth opportunities for Foodpanda’s merchant partners by increasing visibility and cross-platform reach. In Taiwan, pandapro merchants have already experienced a fourfold increase in orders, with membership engagement reaching record highs.

Foodpanda operates across 10 markets in Asia Pacific, including Singapore, Hong Kong SAR, and the Philippines. As a subsidiary of Delivery Hero, Foodpanda continues to spearhead the growth of quick commerce in the region. The new partnerships are expected to redefine convenience for millions of customers, whilst also supporting sustainable growth for local businesses.