Industry News

Central Singapore Community Development Council (CDC) and UOB have announced a pioneering partnership to enhance the financial wellbeing of residents through a district-wide initiative. Launched on 27 September, the collaboration combines the CDC’s community networks with UOB’s financial expertise to make financial literacy accessible and practical for everyday life.

The initiative introduces a unique approach to financial health, focusing on three main components: the UOB Financial Health Check, ongoing financial literacy content, and life-stage-based Financial Fitness Workshops starting in January 2026. The programme was unveiled at the Financial Fitness Festival at United Square shopping centre, where residents engaged in interactive zones covering savings, insurance, investing, and legacy planning.

Denise Phua, Mayor of Central Singapore District, emphasised the importance of financial wellness, stating, “Just as we invest in our physical health, we must proactively build our financial wellness.” Janet Young, UOB’s Group Head of Channels and Digitalisation, added, “This initiative is not just about managing money; it’s about empowering individuals with the knowledge and habits to secure their financial future.”

Residents can now access the UOB Financial Health Check online, which provides a personalised report based on savings, insurance, investing, and legacy planning. From January 2026, workshops tailored to different life stages will be offered at no cost, aiming to reach over 1,000 residents in 2026.

To support ongoing education, UOB will provide regular financial literacy articles through CS CDC’s outreach channels, offering practical tips on managing finances effectively. This partnership aims to instil financially healthy habits that benefit individuals and families long-term.

The Aramco STEM Racing World Finals 2025, supported by Formula 1, is set to take place at Resorts World Sentosa, Singapore, from 27 September to 2 October. This prestigious event will see 83 student teams from 34 countries compete for the coveted title of Aramco STEM Racing World Champions 2025. The competition, formerly known as F1 in Schools, is the largest and most ambitious edition to date, drawing over 1,000 participants, including students, educators, and industry experts.

Participants will showcase their skills by designing, engineering, and racing scale-model Formula 1 cars, powered by compressed air cylinders. Each team will undergo a rigorous scrutineering process, akin to a real Grand Prix, to ensure compliance with competition regulations. Andrew Denford, Founder and Chairman of STEM Racing, expressed excitement about the event, stating, “It’s our biggest field of teams and even at this early stage it’s evident that we are set for the most competitive event that we’ve ever held.”

This year’s finals introduce a new four-lane racing track, allowing four cars to race simultaneously, enhancing the competition’s intensity. Teams will also create pit displays, showcasing their engineering, branding, and innovation journeys, transforming the venue into a vibrant pit lane.

The event will culminate in an awards ceremony on 1 October, followed by a unique opportunity for participants to experience the Formula 1 Singapore Grand Prix 2025. The competition is supported by key partners, including Aramco, Denford, and the Singapore Tourism Board, among others.

Singapore has been successfully re-elected to the Council of the International Civil Aviation Organisation (ICAO) during the 42nd Session of the ICAO Assembly in Montréal, Canada, on 27 September. The Singapore delegation was led by Jeffrey Siow, Acting Minister for Transport and Senior Minister of State for Finance.

The ICAO Council is a governing body responsible for setting standards and regulations necessary for aviation safety, security, efficiency, and environmental protection. Singapore’s re-election ensures its continued participation in these critical discussions, reflecting its strategic importance in the aviation industry.

The Singapore delegation included key figures such as Lau Peet Meng, Permanent Secretary of the Ministry of Transport, and Han Kok Juan, Director-General of the Civil Aviation Authority of Singapore. Their presence highlights the nation’s commitment to maintaining its leadership role in global aviation.

Looking ahead, Singapore aims to leverage its position on the ICAO Council to further contribute to the development of international aviation standards and practices. This re-election marks a significant milestone in Singapore’s ongoing efforts to support and enhance the global aviation landscape.

SingAuto, a leading cold chain logistics technology firm based in Singapore, has successfully closed a funding round exceeding US$50m. This capital injection aims to accelerate the company’s global expansion, enhance localised assembly operations in international markets, and advance research and development for next-generation refrigerated electric vehicles (EVs).

Key investors in this funding round include GSR Vision Capital, Delu Capital, Bank of China Asset Management Singapore, and BBG Global. MVGX Tech and Startech Global Ventures are also participating as both investors and strategic partners, offering synergies to support SingAuto’s technological innovation and global reach. The milestone was celebrated with a Strategic Investment Signing Ceremony at the Fullerton Hotel in Singapore, attended by government representatives and financial institutions.

Chris Chen, co-founder of SingAuto, expressed confidence in the company’s vision, stating, “The success of our latest financing round—which exceeded US$50 million—is a powerful testament to the potential of our vision and our team.” He emphasised the company’s strong position to execute its global market strategy, including establishing localised assembly operations and accelerating R&D for next-generation vehicles.

A spokesperson from GSR Vision Capital highlighted the importance of cold chain logistics in ensuring food safety and pharmaceutical integrity. “SingAuto’s innovative model combining advanced EV technology with scalable cold chain solutions positions it strongly to capture growth opportunities in Asia and beyond,” they said.

During the ceremony, a roundtable discussion explored themes such as the role of finance in scaling cold chain innovation, the importance of strategic capital, and the integration of sustainable practices in decarbonising logistics. This funding round marks a significant step for SingAuto as it aims to become the world’s leading cold chain technology company.

Singapore and the European Free Trade Association (EFTA) have signed the European Free Trade Association Digital Economy Agreement, marking a significant step in enhancing economic and digital connectivity. The agreement, announced on 26 September, seeks to bolster trade and investment opportunities between Singapore and EFTA member countries, which include Iceland, Liechtenstein, Norway, and Switzerland.

The agreement is designed to facilitate seamless digital trade and promote collaboration in areas such as e-commerce, data protection, and cybersecurity. By establishing a framework for cooperation, the agreement aims to create a conducive environment for businesses to thrive in the digital economy.

Singapore’s Minister for Trade and Industry highlighted the importance of this agreement in fostering stronger economic ties and supporting the growth of digital industries. “This agreement underscores our commitment to building a robust digital economy and enhancing our connectivity with key global partners,” the minister stated.

The EFTA Digital Economy Agreement is expected to provide businesses with greater access to digital markets and streamline regulatory processes, thereby reducing barriers to trade. This move aligns with Singapore’s broader strategy to position itself as a leading digital hub in the region.

Looking ahead, the agreement is anticipated to pave the way for further collaboration in digital innovation and technology development, benefiting businesses and consumers alike. As Singapore continues to expand its digital footprint, this partnership with EFTA is poised to play a crucial role in driving economic growth and digital transformation.
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The Competition and Consumer Commission of Singapore (CCCS) has introduced enhanced guidelines for the e-commerce sector, aiming to bolster consumer trust and promote a competitive market. These guidelines, announced on 26 September, are designed to address the evolving landscape of online shopping and ensure fair practices amongst businesses.

The updated guidelines focus on transparency, requiring e-commerce platforms to clearly display prices, terms, and conditions to consumers. This move is expected to reduce misleading practices and empower consumers to make informed decisions. The CCCS emphasised the importance of these measures in maintaining a level playing field for businesses and protecting consumer interests.

In a statement, the CCCS highlighted that the guidelines will also address issues related to data protection and privacy, ensuring that consumer data is handled responsibly by e-commerce platforms. This is particularly significant given the increasing concerns over data breaches and misuse of personal information in the digital age.

The introduction of these guidelines is a proactive step by the CCCS to adapt to the rapid growth of e-commerce in Singapore. By fostering a trustworthy environment, the guidelines aim to encourage more consumers to engage in online shopping, thereby supporting the growth of the digital economy.

As the e-commerce sector continues to expand, these guidelines are expected to play a crucial role in shaping the future of online retail in Singapore, ensuring that both consumers and businesses benefit from a fair and transparent marketplace.

Hengdian Group, a leader in electrical and electronics, pharmaceuticals, and modern services, has inaugurated its Southeast Asia headquarters in Singapore. The new hub, located at IOI Central Boulevard Towers, marks the company’s first major base in the region and is set to spearhead a $300m investment plan over the next five years. This initiative is expected to generate up to 3,000 new jobs across Southeast Asia, supplementing the 1,000 positions already supported by Hengdian’s subsidiaries.

The Singapore headquarters will drive business development and market strategy, focusing on clean energy advancements in Thailand and Vietnam, strengthening supply chains in Indonesia and Malaysia, and expanding financial services through Singapore. Hengdian’s presence in Singapore underscores the city-state’s role as a strategic base for regional expansion, bolstered by its talent pool, connectivity, and innovation ecosystem.

Hengdian Group has a strong foothold in Southeast Asia, with operations in energy-efficient lighting manufacturing in Vietnam and a water-reuse system in Thailand. The company also plans to expand its pharmaceutical partnerships in Malaysia, reinforcing the region’s healthcare supply chains.

The group emphasises local employment, with over 90% of its workforce hired locally and more than 300 employees trained at its global headquarters. Hengdian’s expansion reflects its commitment to sustainable growth through localisation and co-development, aiming to enhance regional resilience and industry standards.

The National University Hospital (NUH) has introduced Singapore’s first dedicated service for women diagnosed with gestational diabetes mellitus (GDM), a condition affecting one in five pregnant women in the country. This innovative programme, launched in October 2023, seeks to provide comprehensive care from diagnosis through postpartum, addressing a significant gap in diabetes prevention.

Unlike traditional models where care often ends after childbirth, this multidisciplinary service integrates obstetrics, endocrinology, and community care. It aims to break the intergenerational cycle of metabolic disease by ensuring continuous support for mothers. “GDM doesn’t end at delivery,” said Dr Eng Pei Chia, who leads the service. “Our women-centred pathway focuses on postpartum follow-up, cardiometabolic screening, and practical support.”

The programme has already seen close to 400 women, with findings indicating that about 40% continued to experience poor blood sugar control post-delivery. Studies show that women with GDM have a 70% increased lifetime risk of developing type 2 diabetes, with half progressing to the condition within 10 years after delivery.

The NUH service offers a seamless pathway of care, co-managed by obstetrics and endocrinology teams, extending support beyond the sixth week post-delivery. Women identified as low-risk are referred to National University Polyclinics for community follow-up, whilst high-risk patients receive specialist care at NUH for up to five years.

This initiative not only empowers women with knowledge and confidence to manage their health but also aims to protect future generations from diabetes. Adjunct Associate Professor Khoo Chin Meng emphasised the importance of sustainable lifestyle changes, stating, “This isn’t just about the mothers, but also about protecting their families and future generations.”

The Visa Cash App Racing Bulls pop-up experience, Inside The Garage, has launched at ION Orchard, running from 25 September to 5 October 2025. This collaboration between Visa, HUGO, and TUDOR offers visitors interactive installations, exclusive rewards, and a chance to see the VCARB Showcar. A highlight of the event is a meet-and-greet with rising VCARB driver Isack Hadjar on 1 October.

The pop-up, located at ION Orchard’s B4 ION Station, features activities such as HUGO’s reaction speed challenge and TUDOR’s racing simulator. Visitors can participate in daily redemptions and limited-time draws, including a chance to win $730 (S$1,000) HUGO store credit from 30 September to 5 October. Additional rewards include VCARB LEGO sets and collectible driver cards.

Adeline Kim, Visa Country Manager for Singapore & Brunei, expressed excitement about the collaboration, stating, “This event is a testament to the power of collaboration and the shared vision of our brands to connect with people in meaningful ways.” The event also introduces the Spend & Get campaign, allowing Visa cardholders to redeem exclusive gifts at ION Orchard.

Singapore’s manufacturing sector experienced a significant downturn in August 2025, with output decreasing by 7.8% compared to the same month last year. This decline was primarily driven by a sharp contraction in the biomedical manufacturing sector. Excluding this sector, the overall manufacturing output saw a smaller decrease of 2.9%. On a month-on-month basis, the seasonally adjusted figures showed a 9.7% decline, with a 3.5% drop when excluding biomedical manufacturing.

The transport engineering sector emerged as a bright spot, recording an 18.9% increase in output year-on-year. This growth was largely attributed to the aerospace segment, which surged by 36% due to higher production of aircraft parts and ongoing maintenance, repair, and overhaul activities for commercial airlines. However, the land segment within transport engineering saw a 24.5% decline.

In contrast, the chemicals sector posted a modest 3.5% increase in output, driven by a 12.4% rise in the petroleum segment and a 10.9% increase in other chemicals, including fragrances. Despite these gains, the petrochemicals segment faced an 18% decline due to plant maintenance shutdowns.

The electronics sector experienced a 4.8% decrease in output, with significant contractions in semiconductors and other electronic components. However, the infocomms and consumer electronics segment expanded by 42.4%, buoyed by increased production of server-related products.

General manufacturing output fell by 13.9%, impacted by declines in the printing, miscellaneous industries, and food, beverages, and tobacco segments. The biomedical manufacturing sector saw a dramatic 37.3% contraction, primarily due to a 59.3% drop in the pharmaceuticals segment.