Industry News

HSBC has announced the appointment of Ruby Ho as Head of Markets and Securities Services (MSS) for ASEAN, effective immediately. Based in Singapore, Ho will oversee the MSS business in Singapore and across the ASEAN region. With nearly 30 years of experience in financial markets, she joined HSBC in 2011 and has held various positions across different asset classes. Prior to this, she served as Head of MSS in HSBC Taiwan.

Wong Kee Joo, CEO of HSBC Singapore, highlighted the significance of this appointment, stating, “Singapore is a priority growth market for HSBC, and we have continued to build out our regional banking and advisory capabilities, supporting capital and investment needs of our clients in ASEAN. Ruby’s deep knowledge across asset classes and ability to build strong collaboration across our wealth and corporate banking businesses will help us deepen our market share in this region.”

This strategic appointment underscores HSBC’s commitment to strengthening its leadership team and enhancing its market presence in the ASEAN region. With Ho’s extensive experience and proven track record in cultivating client relationships, HSBC aims to further expand its influence and support its clients’ capital and investment needs across the region.

Xero, the global small business platform, has unveiled a new campaign titled “SG60: A Nation Built by Small Businesses” to honour the pivotal role of small and medium-sized enterprises (SMEs) in Singapore’s economy. The campaign features a video series that showcases local SMEs exemplifying values such as resilience, boldness, openness, and multiculturalism—key pillars of Singapore’s 60-year success story.

SMEs form the backbone of Singapore’s economy, accounting for 99% of all enterprises, employing 70% of the workforce, and contributing approximately half of the national GDP. Despite operating with limited resources and facing economic uncertainties, these businesses have consistently made significant impacts on their industries and communities.

Koren Wines, Managing Director of Xero Asia, stated, “In the short span of 60 years, Singapore has evolved into a global business hub and economic powerhouse, its transformation underpinned by grit, tenacity, innovation, and a celebration of diverse perspectives.”

The campaign features inspiring stories from Xero’s small business customers, including Foreword Coffee, a social enterprise promoting inclusivity; Nandina REM, a pioneer in producing aviation-grade circular carbon fibre; GOODSTUPH, an award-winning social marketing agency; and Oriental Remedies Group, which blends Traditional Chinese Medicine with advanced medical technology.

The first four videos are now available on the campaign microsite, with more content to be released in the coming months. This initiative aims to inspire other entrepreneurs by highlighting the remarkable achievements and resilience of Singapore’s small business community.

Singapore’s self-storage operators have been ranked first in Asia for their adoption of energy- and water-saving environmental features, according to the latest survey by JLL and the Self Storage Association Asia (SSAA). Released on 21 November 2025, the survey reveals key insights into consumer preferences and industry trends, highlighting Singapore’s leadership in sustainability within the sector.

The SSAA Annual Survey report for 2024 underscores the self-storage industry’s optimism for medium-term growth. “Self storage continues to provide immense and growing value for business customers, personal users, and investors,” said Helen Ng, Chairman of SSAA. The report indicates that Singapore’s self-storage market is heavily dominated by institutional-grade properties, with retailers and start-ups being the largest business users.

Key findings from the survey show that Singapore, alongside Hong Kong, has the highest proportion of self-storage facilities in industrial buildings. Climate-controlled storage is gaining popularity in Singapore, and occupancy rates remain robust at over 84%. The city-state also enjoys healthy rental growth at 5.3%, with expectations of further increases in the next three to five years.

Across the Asia-Pacific region, self-storage stock has grown to 16.3 million square feet, with significant new supply expected in 2025. The survey highlights strong rental growth in Vietnam, the Middle East, and the Philippines, whilst India faces some rental rate compression. The demand from household users is rising sharply in markets including China, South Korea, Singapore, and Thailand.

The survey also notes the increasing use of artificial intelligence in the industry, with many operators implementing AI for access control, electronic locks, and customer-facing applications. Despite challenges in finding suitable real estate, investment in the sector is picking up pace, although operators remain cautious about seeking external investment.

The comprehensive data provided by the survey is invaluable to self-storage companies, investors, and other stakeholders, offering insights into operational success and future prospects.

SATS Ltd has announced a net profit of S$78.9m for the second quarter of the financial year 2026, marking a 13.3% increase from the previous year. The company’s revenue surged by 8.4% to S$1.57b, attributed to robust cargo volume growth and steady contributions from ground handling and food services.

The company’s Gateway Services revenue increased by 10.7% year-on-year to S$1.22b, outperforming the International Air Transport Association’s (IATA) global growth benchmarks. Meanwhile, Food Solutions revenue saw a modest rise of 1.0% to S$356.5m, reflecting stable inflight meal demand amid expanding air travel in the Asia-Pacific region.

Operating profit for the quarter rose by 23.7% to S$157.4m, with the operating profit margin expanding to 10.0% from 8.8% in the previous year. This improvement was driven by favourable operating leverage from volume growth and continued operational efficiency gains.

Despite these positive results, the share of earnings from associates and joint ventures decreased by 7.3% to S$60.6m y-o-y, primarily due to ramp-up costs associated with new customer onboarding in a joint venture.

SATS has declared an interim dividend of 2 Singapore cents per share, payable on 5 December 2025. Looking ahead, the company remains focused on adapting its operations to manage volume shifts whilst maintaining operational discipline.

The Singapore FinTech Festival 2025, held from 12 to 14 November, marked a significant milestone with the launch of the Global Open Source AI Hub. This initiative aims to position Singapore as a leader in open-source artificial intelligence (AI) innovation within the financial services sector. The event, co-organised by the Global Finance Technology Network (GFTN), TiDB, and Yincubator, highlighted the role of open-source technology in fostering scalable, regulation-aware AI adoption.

The Global Open Source AI Hub was officially launched by Tan Kiat How, Senior Minister of State, Ministry of Digital Development and Information, on 14 November. He emphasised Singapore’s commitment to enhancing the global open-source ecosystem, leveraging its strengths in neutrality, trust, and interoperability. The hub is designed to be a strategic platform where policy, technology, and community converge to develop transparent and inclusive AI systems.

The hub focuses on three main areas: talent, community, and commercialisation. It aims to partner with academia and industry to create learning and reskilling programmes, foster collaboration among regulators and developers, and turn open-source innovations into practical applications.

Yincubator introduced the Born Global Package, a framework to accelerate AI-native and open-source start-ups from Singapore. This initiative offers incorporation, intellectual property domiciling, and access to global talent and markets.

A report by TiDB, developed in collaboration with industry partners, was also unveiled. It explores how open-source technologies can facilitate scalable and regulation-aware AI adoption amidst global policy challenges.

The festival concluded with live demonstrations from over 70,000 attendees, reaffirming Singapore’s leadership in global collaboration on digital transformation and sustainable finance.

Singapore’s Ministry of Trade and Industry (MTI) has revised the country’s GDP growth forecast for 2025 to approximately 4.0%, up from the previous estimate of 1.5% to 2.5%. This adjustment follows a robust performance in the third quarter of 2025, where the economy grew by 4.2% year-on-year. The growth was primarily driven by the manufacturing, wholesale trade, and finance and insurance sectors, with significant contributions from the electronics and biomedical manufacturing clusters.

The electronics cluster saw a 6.1% increase, largely due to heightened demand for AI-related semiconductors and server products. Meanwhile, the biomedical manufacturing sector expanded by 8.9%, buoyed by the production of high-value pharmaceutical ingredients. The wholesale trade sector benefited from strong global demand for AI-related electronics, whilst the finance and insurance sector was bolstered by improved business and investor sentiment.

Looking ahead to 2026, MTI projects GDP growth to range between 1.0% and 3.0%. This forecast considers potential challenges such as the impact of US tariffs, which could affect key trading partners like China and the Eurozone. Despite these challenges, sectors such as electronics and transport engineering are expected to continue supporting Singapore’s economic growth.

The revised forecast reflects Singapore’s resilience amidst global economic uncertainties, with the AI boom and easing trade tensions contributing to the positive outlook. However, MTI cautions that global economic risks remain, which could influence future growth trajectories.

The Fund for Energy Efficiency Technologies (FEET), the world’s first fund for vessel retrofits employing a pay-as-you-save repayment mechanism, has successfully closed total commitments of up to US$35m. This pioneering initiative aims to facilitate the retrofitting of vessels with green technology, enabling shipowners to upgrade their fleets without upfront costs. The fund’s innovative approach allows repayments to be made from the savings generated by the enhanced fuel efficiency of the retrofitted vessels.

The fund’s closure marks a significant milestone in the maritime industry’s shift towards sustainability. By reducing the financial burden on shipowners, the fund encourages the adoption of environmentally friendly technologies, which are crucial in reducing the carbon footprint of the shipping sector. The initiative aligns with global efforts to combat climate change by promoting cleaner and more efficient maritime operations.

The successful closure of the fund is expected to inspire similar initiatives across the maritime industry, potentially leading to widespread adoption of sustainable practices. As the shipping sector continues to face pressure to reduce emissions, the fund’s model could serve as a blueprint for future projects aiming to balance economic and environmental objectives.

A Singapore-led initiative is set to revolutionise heart failure treatment in Indonesia by introducing a groundbreaking artificial heart assist device. Indonesia.md, a subsidiary of Borderless Healthcare Group, has obtained exclusive rights to launch this next-generation device, developed in Shenzhen, in Southeast Asia’s largest healthcare market. The device is notably the smallest and lightest of its kind, designed for long-term support for patients with severe heart failure.

With over 10 million heart-failure patients in Indonesia and a mortality rate exceeding 34%, the need for advanced medical solutions is critical. The country’s limited heart-transplant programme and low organ donation rates further exacerbate the situation. The new device, which is more than 50% smaller than existing US models, is tailored to fit Asian thoracic anatomy and aims to reduce post-operative complications. Its lightweight design and longer-lasting battery enhance patient mobility and independence.

This initiative aligns with Singapore’s ambition to serve as a gateway for Shenzhen’s medtech innovations into Southeast Asia. It leverages Singapore’s digital-health capabilities and Indonesia’s clinical needs, creating a robust platform for medtech deployment. Indonesia.md will operate its Borderless Medical Cloud from Singapore, facilitating cross-border specialist input, patient evaluation, and remote treatment collaboration.

Dr Lim Chong Hee, a key figure in the initiative, highlights the collaborative efforts across Singapore, China, and Indonesia. The project not only strengthens Singapore’s position as a medtech hub but also provides a scalable model for accelerating medtech adoption across Southeast Asia.

Farm Price Holdings Berhad, a Johor-based wholesaler and distributor, has reported a notable increase in its revenue contribution from Singapore, surpassing 30% for the nine months ending 30 September 2025. This growth is attributed to the acquisition of assets from Hong Yun Vegetables & Fruits Sdn Bhd, which bolstered the company’s market reach and distribution capabilities.

In the third quarter of FY25, Farm Price’s revenue rose to RM32.9m, marking a 7.4% year-on-year increase. Sales to Singapore surged by 42.9% to RM12.2m, reflecting the company’s expanding export momentum. Despite a dip in net profit to RM1.6m due to higher administrative expenses, the company’s gross profit improved by 24.1% year-on-year, reaching RM8.1m.

For the nine-month period, Farm Price achieved a revenue of RM93.3m, up from RM91.9m in the same period last year. The wholesale segment was the primary revenue driver, contributing 94% of total revenue. Managing Director Lawrence Tiong Lee Chian expressed optimism about the company’s growth trajectory, stating, “We are encouraged by the growing export sales to Singapore, where revenue contribution is past the 30%-mark.”

The company is also on track to complete the expansion of its Centralised Distribution Centre in Senai by the end of 2025. This facility will enhance Farm Price’s capacity for pre-packed and fresh-cut vegetables, catering to the rising demand from Singapore. Additionally, the Sabah distribution centre, operational since February 2025, is performing well with a utilisation rate exceeding 80%.

Farm Price remains financially robust, with a net cash position and positive net operating cash flow of RM10.9m for the nine-month period. The company continues to explore opportunities for geographical expansion and collaborations to improve distribution efficiency.

Rental activity in Singapore experienced a downturn for the third consecutive month in October 2025, with both condominium and HDB rental volumes declining, according to the latest report by 99.co and SRX. Despite this, rental prices have remained stable, reflecting a resilient market amidst fluctuating demand.

In the condominium sector, rental prices saw a slight regional variation. The Core Central Region (CCR) and Outside Central Region (OCR) experienced minor decreases of 0.2% and 0.6%, respectively, whilst the Rest of Central Region (RCR) saw a 0.5% increase compared to September 2025. Year-on-year, overall condo rental prices rose by 2.5%.

Rental volumes for condos dropped by 9.7% month-on-month, with 5,819 units rented in October, down from 6,447 in September. However, this figure was still 1.9% higher than the previous year. The distribution of rental activity showed 33.5% in OCR, 34.3% in RCR, and 32.2% in CCR.

The HDB rental market mirrored this trend, with prices decreasing by 0.5% from the previous month. Mature and Non-Mature towns saw declines of 0.4% and 0.5%, respectively. Notably, Executive flats bucked the trend with a 2.8% price increase. Year-on-year, HDB rental prices rose by 1.8%.

HDB rental volumes fell by 5.8% month-on-month, with 2,471 flats rented in October. Despite the monthly decline, this represented a 5.2% increase compared to October 2024. The breakdown by room type showed 32.5% of rentals were 3-room flats, 36.7% were 4-room, 24.9% were 5-room, and 5.8% were Executive flats.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, commented on the stability of rental prices despite the decline in activity, suggesting a balanced market as demand adjusts. The report indicates that whilst rental volumes have decreased, the overall market remains robust, with stable pricing providing a buffer against fluctuating demand.