Industry News

The International Energy Agency (IEA) Governing Board is convening in Singapore for the first time, marking a significant step in international energy cooperation. The meeting, held on 28 and 29 October 2025, coincides with the 18th Singapore International Energy Week (SIEW) and underscores the importance of regional energy interconnectivity and security. Singapore and the IEA are focusing on the ASEAN Power Grid’s role in creating a sustainable energy future for Southeast Asia.

The meeting will feature a Special Joint Session with senior energy policymakers from ASEAN and the IEA’s 32 member countries. Discussions will centre on key regional energy challenges, including the ASEAN Power Grid and Southeast Asia’s role in critical mineral supply chains. This collaboration aims to strengthen energy security and explore opportunities for regional cooperation.

Minister-in-charge of Energy and Science and Technology, Tan See Leng, highlighted the IEA’s longstanding partnership with Southeast Asia, emphasising the region’s pursuit of energy security, sustainability, and innovation. “Singapore is honoured to play host to the IEA Governing Board for its first-ever meeting outside Paris,” he stated.

The IEA Executive Director, Fatih Birol, noted Southeast Asia’s crucial role in global energy demand, which is projected to account for a quarter of the growth in global energy demand by 2050. He stressed the importance of regional coordination and international partnerships to address energy security and emissions concerns.

The meeting in Singapore sets the stage for continued cooperation ahead of the IEA Ministerial Meeting in Paris in February 2026, aiming to advance regional energy security and decarbonisation efforts.

Harneys Fiduciary, an Ascentium company, has announced the launch of its trust services in Singapore following the grant of a Trust Business Licence by the Monetary Authority of Singapore. This expansion positions Harneys Fiduciary among a select group of firms authorised to conduct trust business in the region, aiming to support high-net-worth and ultra-high-net-worth individuals, their families, and businesses with sophisticated cross-border wealth structuring solutions.

The Singapore Trust Services team will provide a comprehensive suite of trust solutions, focusing on asset protection and multigenerational succession planning. These services are tailored for families with global assets and interests, ensuring the safeguarding of their legacy. Keith Ng, Director and Head of Trust Services, will lead the team. Ng, who joined the firm earlier this year, brings over 20 years of experience in administering complex trust structures, particularly in cross-border trust solutions and contentious matters.

Ross Munro, CEO of Harneys Fiduciary, stated, “Singapore is a pivotal hub for private wealth in Asia, and we are really pleased to expand our trust capabilities there.” He emphasised the firm’s long-term vision to support clients in key financial centres globally. Ng added, “Launching trust services in Singapore allows us to serve clients with greater proximity and cultural alignment.”

This new offering complements Harneys Fiduciary’s established presence in the British Virgin Islands, Cayman Islands, Cyprus, and Hong Kong SAR, leveraging its global network and deep technical knowledge to deliver bespoke trust solutions.

Jobstreet by SEEK has launched a new feature within its SEEK Pass platform, allowing jobseekers in Singapore to pre-verify their educational qualifications. This update aims to enhance hiring confidence by enabling jobseekers to showcase their verified credentials alongside career history and professional documents. According to Jobstreet’s data from May to August 2025, verified applicants are 40% more likely to be shortlisted compared to those without verified credentials.

The introduction of verified education credentials comes as Singapore’s labour market increasingly values both academic qualifications and skills-based hiring. A recent SkillsFuture Jobs-Skills Insights Report highlighted that degree holders are significantly more likely to secure higher-skilled jobs, with their chances rising from 61% a decade ago to 74% today. This underscores the continued importance of education credentials even as the country moves towards a skills-first economy.

A survey conducted by Jobstreet in October 2024 revealed that 75% of employers believe access to pre-verified education credentials would streamline their recruitment process. Despite this, 31% of active jobseekers have not updated their education credentials since July 2024, missing an opportunity to stand out.

Xavier Russo, General Manager of SEEK Pass, stated, “Employers in Singapore are facing increasing pressure to hire faster, smarter, and with certainty. By pre-verifying education credentials, we remove one of the biggest friction points in recruitment — doubt. SEEK Pass gives employers assurance, whilst helping jobseekers stand out based on verified merit and proven capability.”

The SEEK Pass update aligns with Jobstreet’s ongoing Job Relevancy Campaign, which aims to improve job matching through data-driven insights and verified credentials, fostering a transparent and skills-first hiring ecosystem in Singapore.

MoneyHero Group has unveiled its latest innovation, the AI-powered Car Insurance SaverBot, on WhatsApp in Singapore. This launch is part of Project Odyssey, an AI initiative aimed at boosting the company’s growth through intelligent automation. The SaverBot, currently in its beta phase, allows users to compare and purchase car insurance policies in under three minutes via a natural chat interface, significantly reducing the complexity of traditional forms.

The introduction of SaverBot follows MoneyHero’s impressive financial performance, with over 20% revenue growth in Q2 2025. The company, which operates in Singapore, Hong Kong, Taiwan, and the Philippines, is on track to achieve positive Adjusted EBITDA by the end of the year. With a member base of approximately 8.6 million, MoneyHero is poised to lead the region’s shift towards conversational, AI-driven finance.

Rohith Murthy, CEO of MoneyHero Group, stated, “Project Odyssey applies AI pragmatically to remove customer friction and lift conversion across our higher-margin verticals. The Car Insurance SaverBot Beta converts a multi-step form into a single conversation, making it easier for our 8.6 million members to navigate complex financial decisions.”

The SaverBot is designed to comply with the Monetary Authority of Singapore’s guidelines, ensuring responsible AI deployment with human oversight. It is set for a public rollout in November 2025, with plans for regional expansion through 2026. This initiative marks a significant step in MoneyHero’s strategy to embed AI across its operations, enhancing customer experience and driving sustainable profitability.

Aster has announced the establishment of Aster Power Pte Ltd (APPL), a new energy business dedicated to expanding renewable energy solutions and promoting industrial decarbonisation across Singapore and Southeast Asia. This initiative coincides with the start of Singapore International Energy Week, highlighting Aster’s commitment to sustainable energy innovation.

APPL has secured a partnership with Sembcorp Solar Singapore to install approximately 16 megawatt-peak (MWp) of solar capacity on Aster’s infrastructure at Bukom and Jurong Island by the end of 2026. This project is expected to reduce carbon emissions by around 169,000 tonnes over its lifetime, equivalent to removing approximately 16,580 cars from the road for a year.

In addition to solar energy systems, APPL plans to explore new energy infrastructure, including nearshore floating solar systems and electric ferry charging stations. These efforts aim to support Singapore’s transition to a low-carbon future and enhance the country’s industrial sustainability.

Erwin Ciputra, Group CEO of Aster, stated, “The establishment of APPL marks a pivotal step in expanding our renewable energy footprint. Whilst scaling solar capacity at our sites, we are driving pioneering projects for Singapore such as nearshore floating solar solutions, and electrification of vessels and charging infrastructure.”

Jen Tan, CEO of Sembcorp Solar Singapore, expressed support for the collaboration, saying, “Sembcorp is pleased to support Aster Power in their renewable energy initiatives through the deployment of our solar solutions.”

Aster’s move to establish APPL underscores its strategic focus on capturing green growth opportunities in a rapidly evolving energy landscape, positioning itself as a leader in renewable energy and decarbonisation in the region.

Collinson International and Sompo have announced the expansion of their strategic partnership to launch Sompo Smart Delay in Singapore, mainland China, and Malaysia. This initiative allows policyholders of selected Sompo travel insurance plans to access over 1,800 airport lounges and travel experiences during flight delays, enhancing the travel experience by transforming disruptions into more comfortable situations.

Eligible policyholders must register their flights at least two hours in advance in Singapore, or three hours in Malaysia and mainland China, to benefit from the service. In the event of a delay, they receive a digital access voucher for immediate use, granting access to airport lounges or alternative experiences such as spa sessions or restaurant discounts, without needing to file a claim.

The expansion comes amid rising flight disruptions, with 54 million travellers in the Asia Pacific (APAC) affected by delays over one hour in the first half of 2025. According to Collinson International’s report, “Tomorrow’s Journey: Smarter, Faster, Connected,” 80% of APAC travellers have visited a lounge at least once, highlighting the importance of premium services in airports.

Todd Handcock, Chief Commercial Officer at Collinson International, stated, “As lounge access and premium services become increasingly important to travellers, particularly in the event of a flight delay, this expansion underscores our shared commitment to elevating the travel experience across APAC.”

Bill Zhang, President of Consumer Lines at Sompo, added, “Leveraging Collinson International’s extensive portfolio of airport lounges and travel network, this new feature will enhance the travel experience and reinforce our commitment to meeting the evolving needs of our customers.”

The 2025 Consumer Survey by Superbrands Singapore reveals significant changes in Singaporeans’ purchasing habits, driven by rising living costs, artificial intelligence (AI), and influencers. Released on 27 October, the survey shows that 44% of consumers are considering switching brands due to higher costs, whilst AI tools and influencers play a growing role in shaping decisions.

Conducted in September 2025 with 1,500 participants aged 16 to 64, the survey highlights evolving consumer mindsets. “We are at a pivotal moment where consumers feel positive about getting influenced by recommendations they trust,” said Mark Pointer, CEO of Superbrands Singapore. The findings indicate that brand loyalty is increasingly shaped by technology, value perception, and authenticity.

Nearly half of Singaporeans are open to switching to cheaper brands, provided quality remains consistent. Only 9% remain loyal to their current brands regardless of price, underscoring the importance of value perception.

AI’s influence is notable, with 31% of respondents having purchased products based on AI suggestions. An additional 37% expect AI to influence future purchases, though 25% would ignore AI recommendations, highlighting the ongoing importance of human trust.

Influencers also impact purchasing decisions, with 42% of consumers influenced by social media personalities, particularly those seen as experts or relatable. However, 29% report no influence from influencers, emphasising the importance of credibility and authenticity.

These insights will be celebrated at the Superbrands Awards Ceremony on 11 November 2025, recognising Singapore’s most respected brands.

Kingspan, a leader in high-performance insulation and building solutions, has signed a Memorandum of Understanding (MoU) with Meranti Green Steel, a Singapore-based company, to procure green steel in the Asia Pacific (APAC) region. This partnership aims to support Kingspan’s Planet Passionate programme, which focuses on reducing carbon emissions and enhancing the environmental performance of its products.

Meranti Green Steel will supply Kingspan with green steel from its upcoming plant in Thailand, set to commence construction at the end of 2026 and be operational by the end of 2029. This plant will be Southeast Asia’s first major green steel facility, using scrap and hot briquetted iron (HBI) produced with green hydrogen and natural gas, processed in electric arc furnaces.

The collaboration is expected to accelerate the availability of green steel in the APAC region, where demand is projected to grow rapidly from 2024 to 2034. Meranti Green Steel plans to deliver seven to eight million tonnes of green steel annually through strategic hubs in Thailand, Oman, and potentially Indonesia and Western Australia.

Mark Broderick, Kingspan’s Procurement Director, emphasised the importance of global collaboration for decarbonisation, stating, “Decarbonisation cannot happen in isolation – it requires a global approach and meaningful collaboration with industry partners.” Harold Quek, VP of Business Development at Meranti Green Steel, highlighted the shared commitment to lower carbon building materials, saying, “This collaboration with Kingspan reflects the shared urgency to accelerate the transition towards lower carbon building materials in the Asia Pacific.”

Kingspan’s Phu My facility in Vietnam, which supplies insulated panels across Asia, recently received LEED Platinum certification, underscoring the company’s commitment to sustainability.

The Civil Aviation Authority of Singapore (CAAS) will enforce a new regulation from 1 December 2025, requiring all unmanned aircraft (UA) over 250 grams to be equipped with Broadcast Remote Identification (B-RID) technology. This mandate excludes drones operated indoors or in enclosed environments and those with an Operator Permit using the FlyItSafe app. The B-RID system, described as a “digital licence plate,” uses Wi-Fi and Bluetooth to transmit data such as the drone’s position and operator details.

Announced in November 2024, the regulation provided over a year for compliance. CAAS offered to cover the cost of B-RID modules and installation for applications submitted between 1 January and 31 March 2025. As of 15 October 2025, 17,300 drones were registered without in-built B-RID, and CAAS has distributed 6,300 free modules. Some operators have installed their own modules, whilst others may choose not to fly unequipped drones.

CAAS emphasises the importance of this requirement due to the risks posed by unlawful drone operations to public safety and security. Non-compliance or broadcasting false identification information could result in fines up to $10,000, imprisonment for up to six months, or both. Tan Kah Han, Senior Director of the Unmanned Systems Group at CAAS, stated, “The new requirement will be crucial in light of the current security landscape around the world where unlawful use of drones can pose a serious threat to aviation and public safety and security.”

The initiative underscores CAAS’s commitment to maintaining safe skies whilst supporting unmanned aircraft operations.

AIA Singapore’s latest Corporate Wellness Study has uncovered significant gaps in workplace wellness programmes, particularly in mental and financial wellness offerings. The study, released today, highlights a misalignment between what employees value and what employers provide, with mental wellness programmes being underutilised despite their availability in 83% of organisations.

The study reveals that whilst mental wellness is highly valued, only 67% of employees utilise these programmes, compared to higher engagement in physical, social, and financial wellness initiatives. This underutilisation is concerning, as poor mental health can lead to productivity losses of up to 40%. Kenneth Tan, Chief Corporate Solutions Officer at AIA Singapore, emphasised the need for employers to address barriers such as time constraints and poor accessibility to improve participation.

Financial wellness programmes are also underprovided, with only 51% of employers offering them despite strong employee demand. This gap presents an opportunity for businesses to better support their workforce, especially in an uncertain economic climate.

As companies plan to expand wellness offerings, awareness remains a challenge, with less than 30% of employees aware of existing programmes. Improved communication and customised solutions could enhance engagement, reflecting a growing recognition of the importance of tailored wellness initiatives. AIA Singapore’s WorkWell programme aims to address these needs by supporting employees’ physical, mental, financial, and social health.