Industry News

The National Volunteer and Philanthropy Centre (NVPC) has released its inaugural National Corporate Purpose & Impact Study 2025, revealing that nearly 8 in 10 companies in Singapore believe they have a moral duty to support broader societal goals. The study, which surveyed 1,100 companies across nine industries, highlights a strong engagement in Corporate Purpose initiatives, particularly in the “People” impact area, with 94% participation.

The study indicates that all surveyed companies are involved in at least one of the five impact areas: People, Society, Governance, Environment, and Economic. Notably, 21% of companies are actively engaged across all five areas. The “Society” impact area, focusing on corporate volunteering and donations, presents growth opportunities, with 30% of companies currently participating.

A significant finding is the rise in median employee volunteer participation, which increased from 50% in 2021 to 70% in 2025. Additionally, the median value of donations grew to $10,000 in 2025, reflecting a deepening commitment to social causes.

The study underscores the importance of supportive leadership in fostering corporate impact. It found that whilst financial constraints are often cited as barriers, leadership commitment is the decisive factor in adopting Corporate Purpose initiatives. David Gomulya, an adviser for the study, noted, “The real barrier isn’t ‘can we afford this?’ but rather ‘do our leaders believe this matters?'”

NVPC’s CEO, Tony Soh, emphasised the growing recognition that a company’s long-term success is linked to its contributions to society and the environment. The study’s findings suggest that Singaporean companies are increasingly aligning their operations with broader social and environmental objectives, laying a foundation for enhanced corporate citizenship.

Venterra, the offshore wind services group, has bolstered its presence in the Asia Pacific region by opening an enhanced Oceanscan facility in Singapore. This expansion marks a significant investment aimed at supporting the offshore energy sector, reflecting growing client demand and Venterra’s commitment to the region.

The new facility, which mirrors the capabilities of Oceanscan’s Aberdeen headquarters, offers expanded office, storage, testing, and mobilisation space. Acquired by Venterra in 2024, Oceanscan provides subsea and non-destructive testing (NDT) equipment, geotechnical services, and specialist personnel. The Singapore site establishes a permanent regional base, supported by a team of 14 specialists, enhancing operational flexibility and reducing lead times for offshore projects.

Oceanscan has experienced strong growth, with a 54% increase in subsea rental revenue in 2025. The Asia Pacific region, including Singapore, saw a 33% growth, highlighting the strategic importance of local infrastructure. Derek Donaldson, CEO of Oceanscan, stated, “Holding a greater proportion of our rental fleet closer to where it’s needed improves availability and reduces mobilisation time.”

The facility’s opening was celebrated with a traditional Lion Dance ceremony, attended by clients, supply-chain partners, and representatives from the British Embassy in Singapore. Satish Kumar, Regional Director of Oceanscan, emphasised the importance of the new facility in supporting clients with enhanced capabilities.

Steve Coates, COO at Venterra, noted that the Singapore hub strengthens Oceanscan’s delivery capability and supports Venterra’s long-term commitment to the region. From Singapore, Oceanscan will continue to support offshore campaigns across Asia Pacific, complementing Venterra’s operations in countries such as Thailand, Japan, South Korea, and Taiwan.

FOMO Pay, a Singapore-based payment institution, has announced a strategic partnership with BNY, a global financial services company, to enhance its cross-border payment and collection capabilities. This collaboration will see FOMO Pay utilising BNY’s Virtual Reference Number solution, enabling corporate clients to conduct payments directly within the US domestic banking system. By leveraging BNY’s infrastructure, FOMO Pay aims to provide advanced corporate treasury solutions, offering a significant operational advantage over traditional cross-border USD transfers, which typically take two to three days to settle.

The integration with BNY allows eligible USD payments into the US to be settled on the same day, subject to network availability and cutoff times. Clients will also benefit from the ability to receive and make payments in their own name through the Collections-on-Behalf-Of (COBO) and Payments-on-Behalf-Of (POBO) services, enhancing transparency and operational control. Louis Liu, CEO of FOMO Pay, stated, “By offering virtual accounts with access to domestic clearing rails, we are enabling our clients to operate within the US banking system with greater control and confidence.”

Fabian Khoshbakht, Head of Asia Pacific Global Payments and Trade at BNY, highlighted the importance of robust infrastructure for maintaining a competitive edge in the rapidly evolving payment landscape. The partnership aims to empower clients with greater flexibility and control over global cash positions, supporting sophisticated treasury structures and long-term cross-border growth.

Founded in 2015, FOMO Pay is a licensed payment institution in Singapore, Hong Kong, and the United Arab Emirates, offering digital payment, banking, and asset solutions. BNY, with over 240 years of experience, serves a vast array of global clients, including 90% of Fortune 100 companies.

Precision for Medicine, a leader in biomarker-driven clinical research, has announced the opening of a new office in Singapore, marking a significant expansion in the Asia-Pacific (APAC) region. This strategic move aims to enhance client support and accelerate regional growth by leveraging Singapore’s central location and advanced infrastructure.

Jing Ping Yeo, Vice President of Clinical Operations, highlighted the importance of this expansion, stating, “This expansion, particularly with our new Singapore hub, signifies a major step in deepening our operational capabilities and localised expertise across APAC.” The new office will support trial oversight and delivery, accelerating site activation and ensuring efficient execution of complex clinical programmes.

The Singapore office is part of Precision’s broader APAC strategy, which includes locations in Mainland China, Hong Kong, India, South Korea, Taiwan, and Australia. With over 500 employees in the region, Precision aims to navigate the complexities of regional drug development and commercialisation more effectively.

For global partners, this expansion positions Precision as a unified contract research organisation (CRO), reducing the complexity of managing multiple partners. For regional clients, it provides the capability to bring innovative therapies to global markets, including the US and Europe.

James Cheong, Senior Vice President of APAC, described the new office as “a strategic pillar in our mission to be the unified partner for precision medicine development, both globally and within the dynamic APAC landscape.” This development underscores Precision’s commitment to integrating global expertise with local insights.

The Ascott Limited, a wholly owned lodging business unit of CapitaLand Investment, has achieved a record-breaking year by signing 19,000 units across 102 properties in 2025, reflecting a 27% increase in new signings compared to the previous year. This expansion is part of Ascott’s asset-light strategy, focusing on high-fee segments such as resorts and leveraging franchise and conversion activities.

Ascott’s strategic growth includes entering over 10 new cities across Asia Pacific and Europe, notably launching its flagship brand in Taipei and introducing lyf in Wellington. The company now operates and has under development more than 1,000 properties with over 176,000 units globally. Kevin Goh, CEO of Ascott, highlighted the milestone, stating, “2025 marked a key milestone for Ascott as we accelerated asset-light signings and strengthened revenue visibility.”

The company has also expanded its resort portfolio to over 50 properties in prime locations such as Phuket and Bali, driven by strong leisure travel demand. Notable additions include the 693-unit HARRIS Resort Cam Ranh in Vietnam and new branded residences in Phuket and Shenzhen. Serena Lim, Chief Growth Officer, noted the importance of flexibility and choice for consumers, saying, “As travel evolves into a lifestyle, consumers are seeking greater flexibility and choice in how they live, work and explore.”

Franchise agreements accounted for over a quarter of the new units, with significant growth in East Asia and Australia. Conversions also played a crucial role, with over 38% of units signed in 2025 being conversions, demonstrating Ascott’s ability to swiftly reposition assets and generate revenue for owners.

As Ascott continues to expand its global footprint, the company is well-positioned to exceed its S$500m fee revenue target as its pipeline becomes operational.

Industrial assets with shorter remaining land tenures have outperformed their longer-tenure counterparts, according to SAVILLS Singapore’s latest research. In 2025, prices for 30-year leasehold industrial properties increased by 5.1% year-on-year, a notable rise from the 4.1% growth recorded in 2024. In contrast, freehold properties saw a more modest price increase of 2.4%, whilst 60-year leaseholds rose by 3.9%.

This trend reflects a shift in investor and occupier strategies amidst global uncertainty, rising costs, and evolving supply chain needs. Despite these challenges, leasing activity for factory and warehouse space rose slightly by 1.4% year-on-year, reaching 12,208 transactions, driven by strong warehouse demand. However, total industrial sales transactions fell by 8.2% to 1,611 deals, indicating cautious investment sentiment.

Warehouse leasing volumes reached a record high since 2000, with a 6.9% year-on-year increase to 2,021 transactions, supported by demand for cold storage and modern logistics facilities. Meanwhile, factory leasing remained subdued, with multiple-user factory vacancies rising to 10.1% in the fourth quarter of 2025.

Ashley Swan, Executive Director of Commercial & Industrial at SAVILLS Singapore, noted, “The numbers reflect the overall caution in the market where continued economic uncertainty and rising cost mean that most investors and occupiers take longer and are increasingly prudent when making decisions.”

Looking forward, SAVILLS anticipates that the industrial market will remain resilient, though rental growth is expected to moderate in 2026. Demand is likely to focus on high-specification facilities that enhance operational efficiency.

The Agency for Science, Technology and Research (A*STAR), Singapore Airlines (SIA), and SIA Engineering Company (SIAEC) have announced the launch of two joint lab agreements at the Singapore Airshow 2026. These initiatives aim to advance smart and sustainable manufacturing of aircraft cabin components and develop AI-driven solutions to improve operational reliability and maintenance efficiency across the airline industry.

Building on previous collaborations from 2019 to 2024, the new labs will focus on scaling advanced manufacturing capabilities and integrating AI technologies. The first phase of the partnership successfully led to the local development of over 100,000 aircraft cabin components, reducing parts lead time by 30–50% and creating opportunities for 28 local small and medium enterprises (SMEs).

The first lab, launched in September 2025 and running until 2030, will focus on manufacturing larger and more complex cabin components, such as business class seat parts and aerospace-grade laminate sheets. It will also enhance Maintenance, Repair, and Overhaul (MRO) operations through automation and digitalisation, including intelligent wheel bearing inspection and robotic brake cleaning.

The second lab, operational since October 2025 and continuing until 2028, will leverage Generative AI (GenAI) to transform airline operations and maintenance planning. This includes using advanced analytics to detect potential disruptions early and optimising workflows to enhance operational resilience.

Prof Lim Keng Hui, Assistant Chief Executive of A*STAR’s Science and Engineering Research Council, stated, “Our collaboration with SIA and SIAEC is the perfect example of how co-innovation in smart and sustainable advanced manufacturing and AI is future-proofing Singapore’s aerospace ecosystem.”

Visa has teamed up with Singapore-based Travelgoogoo to offer an enhanced travel experience for cardholders across 23 Asia Pacific countries. This collaboration introduces the Travelgoogoo eSIM Travel Club, providing users with 365-day unlimited global messaging across 123 countries and exclusive rates for high-speed data boosts, all through a single eSIM.

Travelgoogoo’s CEO, Richard Bok, highlighted the importance of seamless connectivity for travellers, stating, “We are so used to staying connected over messaging apps with friends, family, and colleagues. Yet, the moment we travel, we are often left stranded, hunting for SIM cards or paying too much just to stay online.” The partnership aims to eliminate these challenges, offering ease, reliability, and freedom to explore.

The eSIM service allows instant activation and reliable coverage, enabling users to access unlimited messaging, data voice calls, and photo sharing on popular apps without a data plan. High-speed 4G/5G data can be purchased as needed, providing flexibility and control for travellers.

Visa cardholders benefit from exclusive offers, including a complimentary Travelgoogoo365 Annual Plan for Visa Infinite and Signature members, and a 50% discount for Visa Platinum members. Additional perks include extra high-speed data and discounts on data boosts.

This partnership reflects growing confidence in Travelgoogoo’s ability to deliver reliable travel connectivity. Bok added, “Together, we are unlocking a new kind of travel freedom, where access and connection follow wherever you go.”

PaxOcean, a prominent shipyard group under the Kuok Maritime Group, has inaugurated a new shipyard at 5 Jalan Samulun in Singapore. The S$200m investment underscores the group’s commitment to enhancing Singapore’s status as a global leader in maritime engineering, innovation, and sustainability.

The newly opened facility, known as 5JS, represents a significant milestone for PaxOcean and the broader maritime industry in Singapore. This development is expected to contribute to the country’s maritime sector by providing advanced engineering solutions and promoting sustainable practices.

5JS replaces PaxOcean’s previous location at 33 Tuas Crescent. The new yard occupies a significantly larger footprint, giving PaxOcean the ability to handle more complex projects with faster turnaround.

PaxOcean has also committed more than S$3.5m in R&D investments over the next three years, supported by EDB’s Research and Innovation Scheme for Companies. A key investment will be PaxOcean’s new Centre of Excellence (COE) in Engineering R&D.

The opening of 5JS not only marks a significant investment but also reinforces Singapore’s reputation as a hub for maritime excellence. As the industry evolves, such initiatives are vital in maintaining the country’s competitive edge and fostering sustainable growth in the maritime sector.

Standard Chartered has launched SC Shop and Earn, a pioneering integrated shopping cashback programme for its credit and debit cardholders in Singapore. This initiative, available through the SC Mobile app, is the first of its kind by a bank in Singapore, consolidating over 250 online merchants and cashback opportunities into one digital platform. The programme aims to simplify the rewards process, allowing clients to browse merchants, shop online, and track rewards effortlessly.

Grace Chan, Managing Director of Personal Banking & Credit Cards and Personal Loans at Standard Chartered, highlighted the programme’s development, stating, “Our insights showed that one in two clients value simplicity in reward programmes, whilst nearly 70% prefer cashback over vouchers, reward points, or airline miles.” This feedback led to the creation of SC Shop and Earn, which integrates shopping and cashback into a single ecosystem, offering a streamlined experience.

The programme features a tiered loyalty structure, enabling Priority Private and Priority Banking clients to earn up to 6.9% cashback on travel sites like Agoda and Expedia. This supports the bank’s strategy to reward clients who deepen their relationship with the institution. Cashback is automatically credited to clients’ accounts, adding convenience to the process.

SC Shop and Earn also includes seasonal upsized offers and requires no minimum spend per transaction. The platform’s merchants are curated based on affluent consumer preferences, with a focus on travel-related partners. Cashback is typically credited within 30 to 120 days, depending on merchant-specific terms.