Industry News

The Institute of Singapore Chartered Accountants (ISCA) has announced a new AI Fluency Programme aimed at equipping Singapore’s 120,000-strong accountancy sector with essential AI skills. Supported by a $1 million investment from ISCA’s $2m Artificial Intelligence for Accountancy Industry (AI for AI) initiative, the programme is designed to help non-tech professionals in accounting and corporate finance become proficient AI users, thereby transforming workflows and focusing on higher-value tasks.

Unveiled at the ISCA Conference by Indranee Rajah, Minister in the Prime Minister’s Office and Second Minister for Finance and National Development, the programme is set to roll out in 2026. It forms part of ISCA’s broader AI for AI initiative, which is built on three pillars: Learn AI, Govern AI, and Apply AI. This holistic approach aims to help the accountancy sector understand, adopt, and apply AI responsibly.

The AI Fluency Programme will be delivered online through engaging, bite-sized modules, with over 50% of the content focused on practical applications in accounting, auditing, and finance. Participants will earn Continuing Professional Education hours and an ISCA digital badge upon completion. Teo Ser Luck, President of ISCA, emphasised the importance of the initiative, stating, “By equipping them to learn, govern and apply AI responsibly, we are preparing the profession to thrive in an era where human judgement and digital intelligence work hand in hand.”

The initiative also includes the development of a Responsible Artificial Intelligence Framework in Accountancy, in collaboration with Nanyang Technological University, to ensure ethical AI use. Additionally, ISCA will establish an AI Nexus to facilitate collaboration and innovation among accountants, technology providers, and educators.

The AI for AI initiative underscores ISCA’s commitment to building an AI-enabled profession, ensuring accountants remain trusted, relevant, and ready for the future.

Mastercard and Thunes have announced a strategic collaboration at the Singapore FinTech Festival to facilitate near real-time payouts to stablecoin wallets. This partnership aims to bridge the gap between traditional and digital finance by integrating Thunes’ Direct Global Network with Mastercard Move, allowing banks, payment service providers, and end-users to send and receive funds with greater flexibility.

The collaboration introduces several key benefits, including 24/7 availability for near real-time payouts to stablecoin wallets, expanding the options for banks and payment providers. This move is expected to unlock new business models and corridors, whilst also promoting financial inclusion by reducing currency friction in underserved markets.

Pratik Khowala, Global Head of Transfer Solutions at Mastercard, stated, “As digital currencies become a bigger part of global money movement, this collaboration with Thunes reinforces our role as a trusted bridge between traditional and digital finance.” Mastercard Move, which already supports transfers in 150 currencies to over 10 billion endpoints, will now include stablecoin wallets, providing end-users with more choices.

Chloe Mayenobe, President and Chief Operating Officer at Thunes, added, “Collaborating with Mastercard Move to enable stablecoin payouts is another step forward in our mission to enable the next billion end users to take part in the global economy.”

This initiative marks a significant milestone in Mastercard Move’s commitment to facilitating stablecoin flows globally, addressing the growing demand for instant, stable digital currency payouts. The integration of Thunes’ Pay-to-Stablecoin-Wallets solution into Mastercard’s network is expected to enhance payment options for individuals and businesses worldwide.

ASEAN’s Financial Technology (FinTech) sector is navigating a challenging landscape in 2025, with funding hitting its lowest since 2016. Despite this, mature FinTechs are securing larger deals, according to the “FinTech in ASEAN 2025: Navigating the New Realities” report by UOB, PwC Singapore, and the Singapore FinTech Association. The report highlights a 36% drop in total funding to approximately $835m and a 60% decrease in the number of deals to 53 in the first nine months of 2025 compared to the previous year.

Singapore remains the region’s FinTech powerhouse, attracting 87% of total funding, amounting to over $725m. This is a significant increase from 57% in the same period last year. The city-state accounted for more than half of ASEAN’s 53 deals, primarily in blockchain and investment technology. Janet Young from UOB noted, “The rise in average deal size and strong performance of late-stage companies underscore investor confidence in the region’s long-term potential.”

The report also reveals a shift in investor focus towards late-stage FinTechs, which captured 67% of ASEAN’s total funding, a 24 percentage point increase year-on-year. The average funding per late-stage deal rose by 40% to around $112m, driven by three mega deals totalling nearly $450m. Wong Wanyi of PwC Singapore stated, “Despite slower funding and lower valuations, investor confidence persists, fuelled by sophisticated FinTechs that have successfully adapted to market shifts.”

Outside Singapore, other ASEAN markets faced tougher conditions. Indonesia’s funding share fell from 20% to 4%, whilst the Philippines tied with Indonesia for second place with five deals. Malaysia, Thailand, and Vietnam collectively accounted for less than 10% of total funding. Despite these challenges, the sector’s focus on operational excellence and sustainable growth is seen as a foundation for a more mature ecosystem.

Small and medium enterprises (SMEs) in Singapore are struggling to embark on sustainability initiatives, according to the inaugural 2025 SME Sustainability Barometer by Gprnt and PwC Singapore. The study, supported by the Singapore Business Federation (SBF) and the Sustainability Alliance (SA), surveyed over 560 SMEs across 19 sectors. It found that three in four SMEs have yet to start their sustainability journeys, citing financial constraints, lack of skills, and time as major barriers.

The report highlights that over 70% of SMEs have not accessed available government assistance, indicating a gap in awareness and perceived relevance of these schemes. Ravi Menon, Singapore’s Ambassador for Climate Action, emphasised the importance of viewing sustainability as a strategic business move rather than a cost, noting that “environmental sustainability will become an increasingly important driver of competitiveness.”

The Barometer proposes several recommendations to support SMEs, including creating a central case bank to showcase successful sustainability initiatives and encouraging SMEs to appoint a sustainability champion within their organisations. Additionally, it suggests flagship programmes like the Queen Bee initiatives, where larger corporations engage SMEs to build green capabilities.

Lionel Wong, CEO of Gprnt, stated, “When SMEs go green, they lift the networks around them.” The study calls for stronger public-private collaboration to make sustainability viable and valuable for SMEs. Lee Bing Yi from PwC Singapore added that closing the support gap is crucial for SMEs to start and sustain their green journey.

Moving forward, Gprnt, SBF, and SA plan to engage with partners to implement these recommendations, aiming to translate insights into tangible outcomes for SMEs and the broader economy.

HR departments in Singapore are increasingly turning to artificial intelligence (AI) and automation, with 65% of HR leaders expecting two-thirds of routine tasks to be automated by the end of 2026. This insight comes from Remote’s Global Workforce Report 2025, which surveyed over 3,600 business leaders across 10 countries, including 250 in Singapore.

The report highlights a significant shift in HR operations as international hiring surges. Singaporean HR teams are tasked with managing payroll, hiring, and compliance for large, dispersed workforces. Many are adopting AI to handle these responsibilities, although the transition is not uniform. Whilst 31% of HR leaders have ceased using certain AI tools due to concerns over fairness and compliance, 28% have embraced new AI solutions.

The findings also reveal that 28% of HR leaders suspect candidates of using AI in interviews, and 24% have observed employees using AI tools without guidance. Additionally, 23% have seen employees automate parts of their jobs independently, and 20% have faced employee concerns over AI’s privacy and fairness.

Job van der Voort, CEO and co-founder of Remote, stated, “Lean HR teams are becoming a norm in today’s workforce, but AI can be a force multiplier for such teams and businesses when done right.”

As HR teams shrink in size but expand in responsibility, the report underscores the importance of integrated tools and responsible AI adoption. With 51% of HR leaders seeking a single platform for global payroll and compliance, the future of HR in Singapore appears set for a tech-driven transformation.

Family businesses in Singapore are poised for significant growth, with 54% expecting a revenue increase of more than 10% in 2025, according to Deloitte Private’s inaugural Family Business Insights Series report. This optimistic outlook comes despite challenges such as cyber threats, economic uncertainty, and tariffs.

The report, based on a survey of 1,587 family businesses across 36 countries, including 116 in Singapore, reveals that family businesses are navigating complex market conditions through innovation and strategic expansion. Wolfe Tone, Deloitte Private leader, noted, “Family businesses are a driving force of the economy—and Deloitte Global’s research shows they are scaling innovation, expanding across borders, and rethinking ownership to stay ahead of accelerating change.”

Globally, family businesses with revenues of at least $100m now constitute 22% of all businesses, with their numbers expected to grow by 22% from 2020 to 2030. In Singapore, family businesses are focusing on expanding their domestic market share and improving cost efficiency. Additionally, 27% are looking to diversify by expanding internationally, primarily within Asia Pacific.

The report also highlights a shift in ownership due to the ‘great wealth transfer’, with 28% of Singaporean family businesses planning to seek outside investment or private equity. Adrian Batty, Deloitte Private Global Family Enterprise leader, emphasised the importance of innovation and next-generation leadership in securing long-term success.

As family businesses continue to adapt and innovate, they remain vital pillars of both national and regional economies, reinforcing their resilience amid global challenges.

Boehringer Ingelheim has announced that its thrombolytic medication, MetalyseR (tenecteplase), has received approval from Singapore’s Health Sciences Authority (HSA) for the treatment of acute ischaemic stroke (AIS) in adults. This approval allows the drug to be administered within 4.5 hours from the last known well time, a critical window for effective stroke intervention.

Acute ischaemic stroke is a leading cause of death and long-term disability worldwide, and in Singapore, it accounts for 5.8% of deaths. The approval of MetalyseR is based on evidence from the AcT trial, which demonstrated that tenecteplase, at a dosage of 0.25 mg/kg, improves the likelihood of patients living independently post-stroke.

The European Stroke Organisation has recommended tenecteplase as an alternative to the current standard treatment, alteplase, due to its ease of administration. Unlike alteplase, which requires a one-hour infusion, tenecteplase is delivered as a single injection over 5 to 10 seconds. This efficiency could enhance hospital operations and conserve healthcare resources.

Tenecteplase is anticipated to become a new standard of care for AIS, supported by its inclusion in global stroke care guidelines. The approval marks a significant advancement in stroke treatment options available in Singapore, potentially improving outcomes for patients and reducing the burden on healthcare systems.

Singapore Technologies Engineering Ltd (ST Engineering) has reported a significant non-cash impairment of $667m for its iDirect group, citing a rapidly evolving satellite industry and slower-than-expected customer adoption of its Intuition platform. The impairment, assessed as of 30 September 2025, reflects the group’s revised Value in Use (VIU) for iDirect, now valued at $170m compared to its previous carrying amount of $837m.

The satellite communications sector has seen a shift with Non-geostationary Satellite Orbit (NGSO) operators like Starlink and Kuiper deploying thousands of satellites, overshadowing Geostationary Earth Orbit (GEO) operators. This shift has impacted iDirect, which traditionally supplied ground segment equipment to GEO operators. The NGSO operators’ move towards proprietary systems has further reduced demand for iDirect’s offerings.

Despite the challenges, ST Engineering remains optimistic about the long-term prospects of the satellite communications industry. The group is actively exploring strategic options to mitigate risks and enhance iDirect’s customer support capabilities. However, no definitive agreements have been reached, and the outcome of these discussions remains uncertain.

The impairment will be partially offset by recent divestment gains of $258m, contributing to a total cash inflow of $594m. ST Engineering anticipates a positive net profit for the full year 2025, with further updates on the impact of the impairment expected in due course.

Visa has unveiled a groundbreaking pilot programme at the Singapore Fintech Festival, enabling businesses to send payouts directly to stablecoin wallets. This initiative allows creators and gig workers to receive funds in USD-backed stablecoins like USDC, significantly speeding up access to their earnings. The pilot aims to provide a stable store of value and faster access to funds, especially in regions with currency volatility or limited banking infrastructure.

Chris Newkirk, President of Commercial and Money Movement Solutions at Visa, stated, “Launching stablecoin payouts is about enabling truly universal access to money in minutes—not days—for anyone, anywhere in the world.” This development is part of Visa’s ongoing innovation in stablecoin-powered payments, following a similar pilot announced in September that allowed businesses to prefund payouts using stablecoins.

Initially launching with select partners, Visa plans a broader rollout in the second half of 2026 as client demand and regulatory frameworks evolve. This initiative is particularly beneficial for international businesses, marketplaces, and gig economy platforms, offering a new level of financial flexibility and transparency.

Visa continues to bridge blockchain technology with its global payments network, aiming to enhance digital payment solutions worldwide.

Antom, a division of Ant International, has unveiled EPOS360, an AI-powered application designed to streamline finance and business operations for micro, small, and medium-sized enterprises (MSMEs). The app, supported by ANEXT Bank, aims to simplify operations by integrating point-of-sale (POS) systems, payments, banking, lending, and growth support into a single platform.

EPOS360 is set to transform how MSMEs manage their businesses by offering a comprehensive suite of services, including AI-driven insights and marketing support. The app allows merchants to establish online stores, manage inventory, and access financing without collateral, all within minutes. This innovation is expected to address common challenges faced by MSMEs, such as navigating fragmented digital ecosystems and accessing timely market insights.

The app will initially serve MSMEs in Singapore, particularly in the retail and food and beverage sectors, with plans to expand to Malaysia and other markets in 2026. Available in multiple languages, EPOS360 features the Antom Copilot, which assists merchants in creating online stores, boosting sales, and monitoring cash flow. It also provides competitive financing options through ANEXT Bank, including instant loan approvals and revenue-based financing.

Ian Cheong, CEO of EPOS, highlighted the app’s potential to empower MSMEs, stating, “We are packaging a wide range of merchant services into one AI-powered app that removes complexity and transforms everyday operations into new opportunities for growth.” The app is part of Antom’s broader strategy to support over 6,000 merchants in Singapore and expand its reach across the region.