Industry News

Asia Pacific cities have demonstrated remarkable resilience in Kearney’s 2025 Global Cities Report, maintaining strong positions on the Global Cities Index (GCI) amidst global volatility. Tokyo, Singapore, Beijing, Hong Kong, and Shanghai remain in the top 10, showcasing their adaptability in digital infrastructure and institutional agility.

Tokyo held its fourth-place position for the eleventh year, excelling in human capital and cultural experience. Singapore secured the fifth spot, reflecting gains in political engagement and human capital, despite slight declines in cultural experience and business activity. Hong Kong rose to seventh place, driven by an increase in international travellers and cultural offerings.

The Global Cities Index evaluates cities across five dimensions: business activity, human capital, information exchange, cultural experience, and political engagement. This year, the Index highlighted the enduring relevance of Asian hubs, with Shigeru Sekinada, Kearney’s Region Chair of Asia Pacific, noting their ability to navigate global dynamics through digital infrastructure and climate resilience.

The Global Cities Outlook (GCO), which assesses future potential, saw significant shifts. Singapore leapt from 20th to third place, driven by infrastructure, GDP per capita, and foreign investment. Seoul climbed to second place, bolstered by innovation and governance improvements.

Emerging hubs like Taipei and Jakarta are also gaining momentum, indicating a redistribution of global opportunity. Kearney’s report concludes that cities’ long-term competitiveness will depend on expanding energy capacity, embedding resilience, and developing AI-ready talent, positioning them to shape the next era of global leadership.

Bizcap, in collaboration with its US affiliate NewCo Capital Group, has announced the acquisition of 8fig, a fintech company known for its AI CFO tool that aids small businesses in planning and scaling. Founded in 2020, 8fig has provided over $500m in funding to online sellers. This acquisition marks a significant step in Bizcap’s global expansion, enhancing its leadership in technology-led business funding.

8fig will maintain its brand and leadership whilst benefiting from Bizcap’s capital strength and global reach. Albert Gahfi, Co-Founder and Co-CEO of Bizcap Global, stated, “8fig’s vision for ecommerce innovation aligns with Bizcap’s mission to empower small businesses with tools and capital for growth.” The partnership will enable Bizcap to integrate 8fig’s AI-driven systems, facilitating the development of more affordable, long-term funding products.

Bizcap, which operates in regions including Australia, New Zealand, Singapore, the US, and Europe, has delivered over $3b in funding to SMEs. The acquisition will bolster Bizcap’s offerings in automated underwriting and intelligent business tools, providing SMEs with smarter solutions for cash flow and growth planning.

Yaron Shapira, CEO of 8fig, expressed enthusiasm about the partnership, noting it will accelerate growth by expanding technology and entering new markets. With Bizcap’s support, 8fig aims to continue empowering SMEs and ecommerce businesses globally. This strategic move positions Bizcap at the forefront of small business lending, combining commercial funding with financial intelligence.

Singapore’s small and medium enterprises (SMEs) continue to prioritise cost savings over sustainability when selecting electricity retailers, according to a recent survey by Flo Energy, the nation’s largest independent renewable electricity retailer. Despite Singapore’s commitment to the Green Plan 2030, the survey highlights that 62% of SMEs consider price the most crucial factor when choosing an energy provider, compared to a mere 15% who prioritise sustainability.

Flo’s SME Renewable Energy Insights Survey further reveals that whilst over half of the respondents acknowledge the importance of sustainability in broader business decisions, only 13% of those who switched electricity retailers did so for sustainability reasons. The majority were motivated by price, reliability of supply, and service quality.

SMEs, which constitute over 99% of Singapore’s businesses, play a pivotal role in the country’s sustainability efforts. However, the survey underscores a significant gap between national environmental goals and the operational priorities of these enterprises. As Singapore pushes towards its net zero targets, the challenge remains to align economic incentives with sustainable practices for SMEs.

The findings suggest a need for policies that balance cost efficiency with environmental responsibility, ensuring that SMEs can contribute effectively to Singapore’s green ambitions. As the nation progresses towards its sustainability objectives, the role of SMEs will be crucial in achieving a harmonious blend of economic and environmental goals.

NSG Bio has announced the opening of its latest facility, NSG BioSuites, at the new Geneo development in Singapore Science Park. This marks the company’s fourth and largest site in Singapore, aimed at providing innovative and accessible solutions for the biotech community. The facility offers small to large private lab suites, designed to support both biology and chemistry labs, and is BSL-2 certified.

NSG BioSuites is equipped with shared resources such as a Tissue Culture Room, Bacteria Room, and access to over 150 shared pieces of equipment at Geneo alone, contributing to a total of 450 across all NSG Bio sites. This infrastructure is intended to lower the barriers for biotech companies of all sizes to access world-class laboratory facilities.

Beyond the physical infrastructure, NSG BioSuites aims to foster a collaborative ecosystem. Companies based at the facility can benefit from strategic partnerships, mentorship opportunities, and community-driven initiatives. Daphne Teo, Chairwoman of the Board and Founder of NSG Bio, stated, “Our mission has always been to make high-quality biotech space more accessible, whilst empowering companies with the tools, networks, and collaborations needed to thrive.”

The launch of NSG BioSuites at Geneo underscores NSG Bio’s commitment to advancing Singapore’s life sciences ecosystem by combining private suites with shared facilities and a robust support network. This initiative is set to drive innovation and accessibility in the biotech sector, offering companies a platform to spearhead research and breakthroughs.

Singapore Management University (SMU) has announced a significant expansion of its credit exemption policy for Polytechnic post-diploma graduates and introduced a new graduate pathway for Institute of Technical Education (ITE) diploma holders. This development was formalised through a Memorandum of Understanding (MOU) signed on 21 October 2025 during the inaugural SMU Academy Day.

The MOU, witnessed by SkillsFuture Singapore’s Deputy Chief Executive Tan Wee Beng and SMU President Lily Kong, marks the first collaboration of its kind. It recognises prior learning and professional experience, allowing Polytechnic advanced and specialist diploma holders to receive credit exemptions towards SMU Academy’s Industry Graduate Diploma (IGD) and Industry Practice Master of Digital Economy (IPMDE) programmes. ITE diploma graduates now have a direct progression pathway into these graduate-level programmes.

Eligible Polytechnic post-diploma graduates can receive up to six module credits, with additional credits for relevant work experience. This initiative expands SMU Academy’s previous admission criteria, which required a Polytechnic diploma and 10 years of work experience, by offering clear progression routes for ITE diploma graduates.

Professor Lily Kong highlighted the MOU’s impact, stating, “The new pathway provides tangible opportunities for Singaporeans to keep moving forward and realise their aspirations.” Jack Lim, Executive Director of SMU Academy, described the MOU as a “game changer in adult education,” noting its potential to benefit the strong pipeline of adult learners from ITE and Polytechnics.

This partnership aims to enhance Singapore’s lifelong learning ecosystem by reducing duplication and accelerating the attainment of recognised qualifications.

Science Centre Singapore, in collaboration with the Lee Kong Chian Natural History Museum, has launched its largest dinosaur exhibition to date, titled “DINOSAURS: EXTINCTIONS & US”. This expansive showcase, spanning 3,000 square metres, features over 90 artefacts, including 33 rare fossils and 60 full-scale models. The exhibition, which opened on 21 October 2025, aims to explore 400 million years of Earth’s history and the challenges life has faced.

Visitors can marvel at the Patagotitan mayorum, a 40-metre-long dinosaur unearthed in Argentina, and Scotty, the largest Tyrannosaurus rex specimen ever discovered. The exhibition also highlights Singapore’s biodiversity challenges, featuring the great slaty woodpecker, once native to the region but now locally extinct.

Interactive elements include the “Test Your Strength” challenge and “Digital Fossil Dig”, offering hands-on experiences for all ages. Tham Mun See, Chief Executive of the Science Centre Board, emphasised the exhibition’s role in encouraging action against modern biodiversity issues. “Through stunning fossils and immersive experiences, we strive to kindle fascination and encourage decisive action in response to our modern biodiversity emergency,” she stated.

Associate Professor Darren Yeo from the Lee Kong Chian Natural History Museum highlighted the exhibition’s educational impact, saying, “This partnership allows us to amplify the Museum’s education and outreach, making the science of extinction and conservation more relatable and urgent for all Singaporeans.”

Tickets for the exhibition are available, with special pricing for Singaporeans and permanent residents.

NorthStandard has announced the appointment of Michael Hustler as the new Head of Asia Pacific, effective 27 October. Hustler, who has 16 years of experience in claims and underwriting with NorthStandard, will be based in Singapore. He succeeds David Roberts, who will depart in February 2026. Hustler’s role will involve overseeing day-to-day operations and aligning regional initiatives with the company’s global priorities.

Hustler’s appointment is part of NorthStandard’s strategy to enhance its presence and diversify services in the Asia Pacific region. Ed Davies, NorthStandard’s Chief Strategy Officer, praised Hustler’s contributions, stating, “Mike’s risk management expertise and understanding of member needs have been making a vital contribution to growing our Asia Pacific presence and relationships.”

NorthStandard operates from nine locations across the region, including Singapore, Tokyo, and Hong Kong. The company, formed from the merger of North P&I Club and the Standard Club in 2023, is a leading provider of marine insurance products and services. It boasts premium revenues exceeding $886m and free reserves of $800m.

Jeremy Grose, Managing Director of NorthStandard, highlighted the importance of matching the ambitions of Asia Pacific economies. “Mike’s appointment reflects our commitment to drive forward with our strategy to grow and serve these dynamic and diversified needs,” Grose said.

Hustler expressed enthusiasm for his new role, stating, “I am thrilled to take on this role at such a crucial time in the development of NorthStandard’s services in the Asia Pacific region.” His leadership is expected to further strengthen NorthStandard’s market-leading services and member engagement in the region.

Malaysia and Singapore have announced plans for two new interconnections to facilitate cross-border electricity trade, underscoring their commitment to energy security and decarbonisation. This development was revealed during the 43rd ASEAN Ministers on Energy Meeting in Kuala Lumpur on 17 October 2025.

Singapore Energy Interconnections, SP Group, and Tenaga Nasional Berhad have signed a Joint Development Agreement to conduct detailed feasibility studies for a second electricity interconnection between Singapore and Peninsular Malaysia. This proposed interconnector, building on a pre-feasibility study completed in May 2025, could support up to 2 gigawatts (GW) of capacity by 2030, enhancing the existing link that allows up to 1 GW of bi-directional electricity flows. The agreement was witnessed by key officials, including Malaysia’s Deputy Prime Minister, Datuk Amar Haji Fadillah bin Haji Yusof, and Singapore’s Minister-in-charge of Energy, Dr Tan See Leng.

In a parallel initiative, Singapore’s Energy Market Authority has granted Conditional Approval to Sembcorp Utilities, in partnership with Sarawak Energy Berhad, to import approximately 1 GW of low-carbon electricity from Sarawak, Malaysia. This project, primarily powered by hydropower, is expected to commence operations around 2035, pending final approvals and subsea cable installation. The announcement was made at ceremonies attended by high-ranking officials from both countries.

These interconnections are poised to significantly bolster regional energy cooperation, contributing to the broader goals of energy security and sustainable growth.

Resorts World Sentosa (RWS) has announced the appointment of Si Chen as its new Chief Operating Officer (COO), effective 1 December 2025. This strategic move is part of RWS’s ongoing leadership renewal and operational enhancement under its RWS 2.0 transformation initiative. Chen will work closely with CEO Lee Shi Ruh to manage and develop the resort’s core businesses, focusing on improving day-to-day operations and guest experiences.

Chen brings nearly 20 years of international experience in the gaming and hospitality sector, having held senior leadership roles in integrated resorts across the region. His expertise in operations, marketing, and strategic initiatives is expected to contribute significantly to RWS’s growth and transformation journey.

RWS, located on Singapore’s Sentosa Island, is renowned for its world-class attractions, including Universal Studios Singapore and Adventure Cove Waterpark. The resort spans 49 hectares and features luxury hotels, a casino, and a convention centre, making it a premier tourism destination in Asia. Owned by Genting Singapore, RWS has been recognised as the “Best Integrated Resort” for 10 consecutive years at the TTG Travel Awards and was inducted into the TTG Travel Hall of Fame in 2023.

The appointment of Chen is anticipated to reinforce RWS’s position as a leading integrated resort and enhance its reputation as a top-tier tourism destination in Asia.

Jardine Matheson Holdings Limited has announced a recommended cash acquisition of Mandarin Oriental International Limited, aiming to acquire the remaining 11.96% of shares it does not already own. The acquisition, valued at approximately $4.2b, will be executed through a scheme of arrangement under the Bermuda Companies Act. Concurrently, Mandarin Oriental has agreed to sell the top thirteen floors of One Causeway Bay in Hong Kong to Alibaba Group and Ant Group for $925m.

The acquisition offers Mandarin Oriental shareholders $3.35 per share, including a special dividend of $0.60. This represents a significant premium over recent share prices, with a 52.3% increase over the closing price on 29 September 2025. The acquisition’s financial terms are final, with Jardine Matheson reserving the right to adjust the scheme value if Mandarin Oriental increases its dividend.

The Mandarin Oriental Transaction Committee, advised by Morgan Stanley Asia Limited, deems the acquisition terms fair and reasonable. The committee recommends that independent shareholders approve the acquisition. The acquisition’s completion is contingent upon the sale of One Causeway Bay, expected by 31 December 2025, with the scheme anticipated to become effective by 28 February 2026.

Jardine Matheson plans to finance the acquisition using cash reserves and committed facilities. Shareholder meetings to approve the scheme are scheduled for December 2025, with a circular detailing the acquisition to be published shortly.