Industry News

A recent survey by Sun Life reveals that a significant number of High-Net-Worth (HNW) individuals in Singapore are concerned about the longevity of their wealth, with 67% fearing it may not extend beyond their children’s generation. This underscores the importance of financial literacy and open discussions about money within families.

The survey, titled “Passing the torch: Building lasting legacies in Asia,” involved over 3,000 respondents across several Asian countries, including Singapore. It highlights the attitudes and aspirations surrounding legacy planning in the region. As Singapore is poised for a major intergenerational wealth transfer, effective legacy planning is becoming increasingly crucial, not just for financial assets but also for preserving family values and opportunities.

Key findings indicate that only 50% of HNW respondents are confident their children will uphold their wishes and preserve family assets. Furthermore, less than half (43%) feel fully prepared with their legacy arrangements. Despite recognising the importance of legacy planning, many have yet to take action, with only 25% having completed and communicated their plans.

Christopher Albrecht, CEO of Sun Life Singapore, noted a shift in how affluent families define legacy, moving from wealth alone to a combination of financial security and purposeful living. He emphasised the need for proactive planning and professional guidance to ensure enduring legacies.

The survey also found that financial literacy is increasingly seen as part of a legacy, with many families engaging in financial discussions and education to strengthen their heirs’ financial confidence. This approach aims to ensure that legacies remain resilient and meaningful across generations.

SIG Global is intensifying its support for Singapore’s small and medium-sized enterprises (SMEs) amidst escalating compliance demands and operational pressures. The firm is broadening its advisory services to assist businesses in navigating the increasingly stringent regulatory environment. SIG Global offers a comprehensive range of services, including corporate tax filing, GST bookkeeping, payroll, and company incorporation, leveraging its expertise with the Inland Revenue Authority of Singapore (IRAS) and the Accounting and Corporate Regulatory Authority (ACRA) guidelines.

Sheena Guan, COO at SIG Global, noted, “In the past year, we’ve seen more business owners asking for clearer guidance on compliance deadlines, tax reporting accuracy, and recordkeeping. Our goal is to take these pressures off their shoulders so they can focus on running and growing their business.”

Beyond routine filings, SIG Global provides personalised advisory services, such as early tax planning, GST risk checks, incorporation structuring, and accounting reviews. These services aim to help SMEs understand their financial position and make informed decisions, addressing areas where smaller businesses often need additional support.

As Singapore continues to enhance its business environment with stricter compliance standards, SIG Global plans to expand its capabilities to further support the SME community in the coming year. The firm remains committed to helping entrepreneurs and SMEs meet statutory requirements and build stronger financial foundations.

The Monetary Authority of Singapore (MAS) has announced the completion of the Equities Market Review Group’s assessment, unveiling several initiatives to bolster Singapore’s equities market. Key measures include a dual listing bridge between the Singapore Exchange (SGX) and Nasdaq, a S$30m “Value Unlock” package, and the appointment of a second batch of asset managers under the Equity Market Development Programme (EQDP).

The dual listing bridge aims to provide a streamlined pathway for companies to access capital across North America and Asia, targeting firms with a market capitalisation of S$2b and above. This initiative is expected to attract high-growth companies with global ambitions. The bridge’s regulatory framework is under consultation, with plans to launch by mid-2026.

The “Value Unlock” programme, backed by S$30m from the Financial Sector Development Fund, seeks to enhance investor engagement and shareholder value. It includes grants to improve corporate strategy and investor relations, alongside initiatives to boost communication and community collaboration.

MAS has also allocated S$2.85b to six asset managers, including BlackRock and Lion Global Investors, under the EQDP. This move aims to develop the local fund management industry and increase investor participation in Singapore equities.

Additional enhancements include modernising post-trade custody, reducing board lot sizes, and strengthening market-making capabilities. These efforts are designed to improve trading efficiency and broaden investor access.

With these initiatives, MAS aims to sustain momentum in Singapore’s equities market, which saw a 16% increase in average daily turnover in Q3 2025. The measures are part of a broader strategy to enhance the market’s attractiveness and support high-quality companies and startups.

CloudMile, a prominent AI company in Asia, has been appointed by Digital Industry Singapore (DISG) as a strategic partner under the Enterprise Compute Initiative (ECI), part of Singapore’s Budget 2025. This collaboration aims to bolster AI adoption and innovation across Singapore’s enterprise landscape, supported by up to S$150m in government funding.

The ECI, overseen by DISG, is a collaborative effort involving the Economic Development Board, Enterprise Singapore, and the Infocomm Media Development Authority. It focuses on accelerating AI and cloud technology use among local businesses, enhancing digital competitiveness, talent development, and scalability.

As a key technology partner, CloudMile will assist organisations in designing AI blueprints, identifying impactful use cases, and co-developing prototypes. The company will also offer post-prototype support, including change management and talent upskilling. CloudMile’s Generative AI Foundation Framework will guide enterprises through their AI journey, from opportunity assessment to deployment.

CloudMile has launched two AI acceleration programmes under the ECI: AI-DIVE, a discovery session to assess readiness, and AI-STRAT, a rapid prototyping track. Over the next year, CloudMile plans to engage with over 50 Singapore-based companies through workshops and consultations.

Jeremy Heng, Managing Director of Southeast Asia at CloudMile, stated, “We are honoured to work alongside DISG to help Singaporean companies embrace AI. Our Generative AI Foundation Framework is designed to put AI into practice, whilst having the agility to adapt to changing landscape.”

CloudMile invites Singaporean enterprises to join the ECI programme, offering end-to-end support across AI strategy and implementation, with consulting fees up to $110,000 (S$150,000), subsidised by up to 70%.

Amperesand, a leader in power infrastructure for AI data centres, has announced the successful closure of an $80m Series A funding round, co-led by Walden Catalyst Ventures and Temasek. This funding, the largest ever for a Solid State Transformer (SST) company, will enable Amperesand to focus on deploying 30MW of commercial systems by 2026, targeting hyperscale AI customers with critical power needs.

The investment round also saw participation from new investors such as Industry Ventures, Acclimate Ventures, and SG Growth Capital, alongside existing backers like Xora Innovation and TDK Ventures. Amperesand’s Medium Voltage Solid-State Transformer (MV SST) platform promises significant advancements in power density, efficiency, and scalability, crucial for AI data centres and other high-demand applications.

Young Sohn, Founding Managing Partner at Walden Catalyst Ventures, stated, “AI is redefining the limits of computing. But without a revolution in power infrastructure, this growth simply can’t scale. Amperesand is tackling one of the biggest bottlenecks in data centre power delivery.”

Amperesand plans to expand its engineering and manufacturing operations in the US and Singapore to meet the growing global demand for its critical power solutions. The company, which was incubated by Xora Innovation and spun out of Singapore’s Nanyang Technological University in 2023, has already secured multiple commercial pilots for 2026.

Phil Inagaki, Managing Partner at Xora, noted, “With $80m in fresh funds and an aggressive deployment schedule in 2026 across multiple customers, we expect Amperesand will extend its lead as the SST category leader.”

New home sales in Singapore soared to a record high in October 2025, with 2,424 private homes sold, marking a significant rebound from the 255 units sold in September. This surge, nearly 10 times the previous month’s figures, also surpasses the year’s previous high of 2,142 units in August. The increase is attributed to attractive new launches, low interest rates, and a resilient economy boosting homebuying interest.

October’s performance brings the year-to-date total to 10,299 units, a 59.2% increase over the entire 2024 sales volume of 6,469 units. This marks the highest sales tally since 2021, when 13,027 units were sold. The top-selling projects in October included Skye at Holland, Zyon Grand, and Penrith, all of which saw robust demand due to their prime locations and appealing pricing.

Skye at Holland led the sales with 662 units sold at a median price of $2,949 per square foot (psf), achieving a 99% sales rate. Zyon Grand followed with 595 units sold at $3,038 psf, whilst Penrith moved 446 units at $2,791 psf. Faber Residence also performed well, selling 348 units at $2,149 psf.

The Rest of Central Region (RCR) dominated sales, accounting for 50.5% of October’s transactions, driven by the success of Zyon Grand and Penrith. The Core Central Region (CCR) also saw significant activity, with 724 units sold, largely due to Skye at Holland’s success.

Looking ahead, CBRE Research forecasts that 2025 could see total new home sales reach between 10,500 and 11,000 units. Private home prices, which have risen 2.7% in the first nine months of 2025, are expected to continue their upward trend, potentially matching or exceeding the 3.9% growth seen in 2024.

Singapore’s workplace environment is undergoing significant changes as artificial intelligence (AI) and monitoring technologies become more prevalent, according to ADP’s People at Work 2025 Report. The report highlights that 41% of Singaporean employees feel constantly monitored, placing the country fifth globally in this regard. This figure is 9% above the global average, indicating a growing concern over productivity expectations and workplace practices.

The report also reveals that uncertainty surrounding AI is on the rise, with 19% of workers in Singapore unsure about how AI will impact their roles. This uncertainty is particularly pronounced among knowledge workers, such as programmers and academics, who report twice the anxiety compared to skilled task workers. Additionally, Gen Z employees, aged 18 to 26, express the highest levels of anxiety, with 23% worried about AI’s effect on their future careers.

Jessica Zhang, Senior Vice President at ADP APAC, emphasised the importance of balancing technological advancements with employee well-being. “Technology and talent are evolving in tandem, and the rise of AI and hybrid work is redefining how employees experience trust, purpose, and productivity,” she stated. Zhang advocates for responsible deployment of AI and workplace tools to support rather than strain the workforce.

As organisations navigate this evolving landscape, the focus on transparency, empathy, and clear communication becomes crucial. Aligning digital transformation with employee well-being can foster trust, engagement, and sustainable performance, ensuring that technology serves as a tool for empowerment rather than a source of anxiety.

Bain & Company has announced the launch of an AI Innovation Hub in Singapore, supported by the Singapore Economic Development Board, to drive AI transformation across Southeast Asia. This initiative is part of a broader strategy outlined in Bain’s new report, “The Southeast Asia CEO’s Guide to AI Transformation,” which emphasises the need for CEOs to approach AI as a business transformation rather than just a technological upgrade.

The report highlights that whilst AI is reshaping global competition, its impact in Southeast Asia is still unclear due to the region’s unique characteristics, such as fragmented markets and low labour costs. Aadarsh Baijal, senior partner at Bain & Company, stated, “CEOs need to recognise that a successful AI strategy goes beyond deploying tools. Leaders should understand how AI will disrupt their market and anchor adoption in concrete business outcomes.”

The AI Innovation Hub will focus on developing AI solutions for sectors including advanced manufacturing, energy, financial services, healthcare, and retail. It aims to help companies transition from experimentation to enterprise-wide transformation by delivering proofs of concept and minimum viable products.

Mohan Jayaraman, another senior partner at Bain, noted the importance of leveraging existing talent within organisations for successful AI scaling. “From our work with clients across the region, we’ve seen that lasting impact comes when existing teams lead the change,” he said.

With over a thousand AI start-ups in Singapore and significant economic benefits projected by 2030, the hub is poised to contribute significantly to the region’s AI ecosystem. Junie Fo, Vice President of Professional Services at EDB, remarked, “Bain’s new AI Innovation hub is an exciting addition to Singapore’s vibrant and growing AI ecosystem.”

Clifford Capital, based in Singapore, has announced the successful pricing of its largest infrastructure asset-backed securities issuance, Bayfront VII, valued at US$705.5m. This issuance includes a diverse portfolio of 46 project finance and infrastructure loans and bonds, covering 44 projects across 17 countries and 13 industry sub-sectors.

Bayfront VII is notable for being Clifford Capital’s first issuance in the Rule 144A/Reg S format, allowing access to US qualified institutional buyers and purchasers. The issuance includes five classes of Senior Notes, with the Class X and Class A Notes receiving top credit ratings of Aaa (sf) and AAA sf from Moody’s and Fitch, respectively. The Class B and Class C Notes are rated Aa3 (sf) and Baa3 (sf) by Moody’s, whilst the Class D Notes remain unrated.

The securities will be listed on the Singapore Exchange, adhering to UK, EU, and US Risk Retention Rules. BNP Paribas, J.P. Morgan Securities plc, and Société Générale served as Joint Global Coordinators, Bookrunners, and Lead Managers, with MUFG Securities Asia Limited and Standard Chartered Bank (Singapore) Limited also participating.

Investor interest was diverse, with banks accounting for 39%, asset managers 29%, and insurance and pension funds 23%. Geographically, 52% of the investment came from Asia, 37% from North America, and 11% from EMEA.

Clifford Capital, established in 2012, continues to leverage its infrastructure credit platform to provide innovative financing solutions globally.

Tencent Cloud has expanded its strategic partnership with Ryde Group Ltd by launching a Weixin Mini Programme in Singapore. This initiative, announced on 18 November, aims to improve the tourism and mobility experience for Chinese visitors by allowing them to book Ryde rides directly through the Weixin (known internationally as WeChat) platform. This eliminates the need for additional app downloads, offering a seamless experience with fare displays in RMB and payments via Weixin Pay.

The collaboration builds on the previous integration of Tencent Cloud’s Real-Time Communication technology within the Ryde platform, enhancing in-app communications. Kenneth Siow, Regional Director for Southeast Asia and General Manager for Singapore and Malaysia at Tencent Cloud International, stated, “This expanded partnership underscores our firm commitment to deepening digital integration within the Weixin ecosystem.”

The Weixin Mini Programme is designed to cater to over 3 million Chinese tourists visiting Singapore annually, providing a familiar and localised booking experience. Nitin Dolli, CTO at Ryde Group, highlighted the importance of this partnership, saying, “The new Mini Programme enhances accessibility for over 3 million Chinese visitors each year, offering a familiar and localised booking experience.”

This development not only strengthens Ryde’s position as a leading mobility platform but also supports Singapore’s vibrant inbound tourism from China. The partnership exemplifies Tencent’s dedication to extending its digital solutions beyond China, delivering tangible benefits to overseas markets. As both companies continue to explore new opportunities, they aim to create smarter, more seamless experiences for users.