Industry News

Singapore has emerged as the top global destination for tourism spending growth in 2025, driven by a surge in digital payments, according to Alipay+, Ant International’s global wallet gateway. The use of SGQR, Singapore’s unified payment QR code, has increased by more than 1.7 times year-on-year, now accounting for one-third of all cross-border transactions. This trend is significantly benefiting local small and medium-sized enterprises (SMEs) as inbound tourism rises.

During the recent Golden Week holiday, Chinese travellers flocked to Singapore, leading to a 3.5-fold increase in SGQR transactions compared to the previous year. Douglas Feagin, President of Ant International, stated, “Travel has a significant impact on local economies, and we believe that mobile wallets can be a catalyst for growth, connecting travellers and businesses in more ways than ever.”

Alipay+ has identified key trends shaping tourism, including a preference for short-haul, value-conscious travel and a demand for authentic local experiences. To meet these needs, Alipay+ has expanded its ecosystem, now supporting over 100 markets and 1.8 billion users through 40 international payment partners.

The Singapore Tourism Board has collaborated with Alipay+ to enhance the visitor experience, promoting seamless payment options and supporting local businesses. Oliver Chong, Assistant Chief Executive of the International Group, remarked on Singapore’s success in driving tourism growth through innovative products and experiences.

As mobile payments become the norm, the expansion of Alipay+ is set to further empower global merchants and the tourism industry, fostering inclusive growth and connectivity.

Ibraco Berhad, a Sarawak-based property developer, has signed a Memorandum of Agreement with Health Management International (HMI Medical) to establish a new private specialist hospital in Kuching, Sarawak. The Regency Hospital Kuching, set to open in 2029, will be a 300-bed facility located within The NorthBank township, designed to address the increasing demand for advanced healthcare services in the region.

HMI Medical, a Singapore-headquartered healthcare provider with a strong presence in Malaysia, Singapore, Indonesia, and Vietnam, will fully own and operate the hospital. The project is part of HMI Medical’s commitment to enhancing healthcare access and quality in Southeast Asia. “With the strong growth of Sarawak, its increasing international connectivity and growing demand for advanced healthcare services, we are excited to establish the Regency Hospital Kuching,” said Chin Wei Jia, Group CEO of HMI Medical.

To facilitate the hospital’s development, Ibraco has agreed to sell its 100% equity interest in NorthBank Specialist Hospital Sdn. Bhd. to Kuching Health Holdings, a subsidiary of HMI Medical, for $190,000 (RM900,000). This transaction is expected to conclude within six months, after which the hospital will acquire 4.2 acres of land for construction.

The new hospital is anticipated to create over a thousand jobs and offer cross-training opportunities for clinical professionals. Datuk Chew Chiaw Han, Ibraco’s Group Managing Director, expressed pride in contributing to Sarawak’s healthcare sector and broader economic progress. The announcement was made during the Sarawak Mega Fair 2025 in Singapore, marking a significant step in the region’s healthcare development.

Charles Monat Associates (CMA) has announced a strategic minority equity investment led by Apollo-managed funds to boost its global growth. The transaction, expected to close in the first quarter of 2026, is subject to regulatory approvals. This investment underscores CMA’s long-term strategy and market potential, with no changes to its control, governance, or branding.

Gaurav Pant, a partner at Apollo, highlighted CMA’s position as a leading brokerage for bespoke life insurance solutions for high-net-worth individuals. “We believe the company is well positioned to capture what we believe are significant tailwinds in the industry,” he stated. The investment aims to support CMA’s growth through advanced technologies and automation.

Yves Guélat, CMA’s Group CEO, remarked, “This marks a significant milestone for Charles Monat Associates’ continuous growth journey as the global leading life insurance brokerage firm.” The partnership is set to enhance CMA’s geographic expansion and elevate its client-service standards.

Celia Yan, Apollo’s Head of Hybrid for Asia Pacific, noted the synergy between Apollo’s global reach and CMA’s regional presence. “This investment demonstrates how Apollo’s hybrid strategies can provide businesses and sponsors with customised solutions tailored to their needs and objectives,” she said.

The transaction was facilitated by Rothschild & Co as financial adviser and Baker McKenzie Wong & Leow as legal adviser to CMA, with Sidley Austin LLP serving as legal counsel to the Apollo Funds.

Singapore Energy Interconnections, SP Group, and Tenaga Nasional Berhad (TNB) have signed a Joint Development Agreement to conduct a feasibility study for a second electricity interconnection between Singapore and Malaysia. Announced at the 43rd ASEAN Ministers on Energy Meeting in Kuala Lumpur, the project aims to enhance energy cooperation and increase cross-border electricity trade capacity to 2,000 megawatts by 2030.

The agreement was signed by TNB’s President and CEO, Datuk Ir. Megat Jalaluddin Bin Megat Hassan, SP PowerGrid’s CEO, Jimmy Khoo, and SGEI’s CEO, Ong Teng Koon. The ceremony was witnessed by Malaysia’s Deputy Prime Minister, YAB Datuk Amar Haji Fadillah bin Haji Yusof, and Singapore’s Minister-in-charge of Energy, Dr Tan See Leng.

This study follows a successful pre-feasibility study completed in May 2025, which found no technical barriers to the project. Datuk Ir. Megat Jalaluddin Bin Megat Hassan stated, “The upcoming feasibility study for the second Malaysia–Singapore interconnection is a crucial step towards expanding cross-border electricity trade.”

SP Group’s Group CEO, Stanley Huang, emphasised the importance of regional grid connectivity, saying, “This study will be the conduit for closer collaboration with Malaysia to enhance energy security through diversified low carbon energy sources.”

The first interconnection, established in 1983 and upgraded in 2022, currently supports two cross-border electricity trade projects. The second interconnection is expected to further the ASEAN Power Grid vision, strengthening regional grid connectivity and electricity trade.

Asia Pacific is increasingly pivotal in global trade resilience, according to the DHL Global Connectedness Tracker, a report by DHL and New York University’s Stern School of Business. Released on 17 October 2025, the report highlights how the region is adapting to policy changes under President Trump’s second term, with international trade growing at its fastest rate since 2010, excluding the pandemic rebound.

The report reveals that six of the 10 fastest-growing trade lanes originate from Asia, underscoring the region’s significant role in global trade. Hong Kong SAR, Thailand, Malaysia, and Vietnam are among the top 10 markets showing rapid trade value growth, reflecting Asia Pacific’s increasing influence and resilience in supply chain networks.

Intra-Asia trade is also on the rise, with East Asia & Pacific’s intra-regional trade share increasing from 55% to 56%. This shift is evident in the reduced trade distances for countries like Thailand, China, Singapore, and Hong Kong SAR, indicating a pivot towards regional partners.

ASEAN has emerged as a key destination for Chinese exports, offsetting a 15% drop in exports to the US with a 15% increase to ASEAN. Vietnam, Thailand, and India have seen the largest increases in their share of China’s exports.

Prof. Steven A. Altman of NYU Stern notes that despite policy threats, globalisation remains robust, with companies managing risks and opportunities in a connected world. The DHL Global Connectedness Tracker, which analyses over 20 million data points, provides insights into these trends, supporting businesses in navigating global trade dynamics.

Singapore’s non-oil domestic exports (NODX) experienced a significant rebound in September, growing by 6.9% year-on-year, according to a report by Nomura Global Economics. This marks a sharp recovery from the 11.5% decline recorded in August, with electronics exports leading the surge. The growth in electronics, particularly integrated circuits, reflects robust underlying demand in the tech sector.

The report highlights that whilst NODX to the US continued to contract, the pace has slowed, indicating ongoing impacts from US tariffs. Conversely, re-export growth surged, especially to China and Hong Kong, suggesting positive spillover effects into trade-related services. This is evidenced by a notable increase in container throughput growth.

Despite the mixed performance outside electronics, with petrochemical and pharmaceutical exports remaining weak, the overall export landscape shows resilience. Non-monetary gold exports saw a dramatic swing to 82.7% growth, largely due to base effects.

Nomura maintains its 2025 GDP growth forecast for Singapore at 3.6%, recently revised from 2.6%, citing continued resilience against external challenges. The Ministry of Trade and Industry is expected to adjust its GDP growth forecast range to approximately 3.5% in November, up from the previous 1.5-2.5% range. This outlook suggests that Singapore’s economy is poised to withstand global economic pressures, driven by strong performance in both manufacturing and services sectors.

Professor Jason Cheah, the Chief Executive Officer (CEO) of Woodlands Health (WH), will step down from his role on 31 January 2026, after more than a decade of service. He will be succeeded by Joe Hau, who will take over as CEO-Designate on 1 January 2026 and officially assume the CEO position on 1 February 2026. Hau will leave his current role as Chief Operating Officer (COO) of Khoo Teck Puat Hospital and Yishun Community Hospital on 31 December 2025.

Professor Cheah will continue his contributions to NHG Health as Deputy Group Chief Executive Officer for Strategy, Planning and Resourcing. Since 2014, he has been pivotal in transforming WH into a fully integrated healthcare facility, including the establishment of the first Women’s Health & Specialist Centre and Children’s Clinic in Northern Singapore. His leadership has been recognised with awards such as the Public Administration Medal (Silver) (Bar) in 2025.

Joe Hau brings over two decades of leadership experience in healthcare management, having previously led institutions like Ren Ci Hospital. His tenure has been marked by significant improvements in patient care and operational efficiency. Hau has also been honoured with the Public Administration Medal (Bronze) in 2022.

Professor Joe Sim, Group CEO of NHG Health, expressed gratitude for Cheah’s leadership and confidence in Hau’s ability to continue WH’s mission. As Hau steps into his new role, he is expected to further strengthen WH’s position as a trusted healthcare partner in Northern Singapore.

Singapore’s non-oil domestic exports experienced a significant rebound in September 2025, growing by 6.9% year-on-year. This recovery follows an 11.5% contraction in August, highlighting a positive shift in the nation’s trade performance.

The latest figures, released by the Department of Statistics Singapore, indicate a promising turnaround for the country’s external trade sector. The growth in September suggests a recovery in demand for Singapore’s exports, which had been under pressure in the previous month.

This development is crucial for Singapore’s economy, as exports play a vital role in its overall economic health. The increase in non-oil domestic exports could signal a stabilisation in the global demand for Singaporean goods, potentially boosting economic confidence.

As Singapore continues to navigate the complexities of global trade, the September figures offer a glimmer of hope for sustained economic growth. The recovery in exports could have broader implications for the country’s economic outlook in the coming months.

Cushman & Wakefield has announced the availability of a freehold ground floor unit with newly approved food and beverage (F&B) use at Jalan Besar, Singapore. This unique property, strategically located on a prominent corner plot, is being offered through an Expression of Interest (EOI) exercise closing on 21 November 2025.

The property, situated within the Jalan Besar Conservation Area, spans approximately 4,876 square feet and features a dual road frontage along Jalan Besar and Plumer Road. It offers an efficient layout suitable for various commercial uses, including medical suites, education centres, and restaurants. The unit’s design allows for potential sub-division and leasing to multiple tenants, enhancing its appeal to investors and business owners.

Sophia Lim, Director of Capital Markets at Cushman & Wakefield, highlighted the property’s strong visibility and flexible layout, stating it is “well-positioned to capture strong demand from both investors and occupiers.” The area is known for its eclectic mix of cultural, commercial, and residential spaces, drawing visitors with its diverse culinary offerings.

The property benefits from excellent connectivity, with three nearby MRT stations and access to major expressways. Recent transactions in the area reflect stable pricing and market confidence, with the guide price set at $14.8m. The property is open to both foreign and local investors, with no additional buyer’s or seller’s stamp duty applicable.

Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, noted the area’s ongoing rejuvenation and potential for capital growth, making it a promising investment corridor.

In the second half of 2025, Advanced Holdings emerged as the leader in net institutional buying as a percentage of market capitalisation on the Singapore Exchange. The Catalist-listed company saw $4.8m (S$6.6m) in net institutional buying, representing 54% of its $8.7m (S$12m) market cap. This surge followed Blair Road Capital’s Asia Agri and Renewables Fund acquiring a 16.78% stake from the company’s Managing Director, Wong Kar King, on 26 August.

LHT Holdings also experienced significant institutional interest, with $6.9m (S$9.5m) in net buying, equating to 19% of its $36.3m (S$50m) market cap. This was driven by DH Wealth Management’s DH Cornerstone Fund acquiring an 18.45% interest in the company, which manufactures wooden pallets, boxes, and crates.

Despite overall net selling of $0.53b (S$0.74b) by institutions in Singapore stocks during 2H25, excluding the trio of STI Banks, there was a net institutional buying of $0.13b (S$0.18b). This trend highlights a shift in focus towards smaller-cap stocks, particularly in the Industrials and Technology sectors, which have been leading global and ASEAN markets since the first half of 2025.

The data underscores the growing interest in smaller companies, as investors seek opportunities beyond large-cap stocks amidst global market volatility. The Materials and Resources, and Technology sectors have been particularly attractive, reflecting broader global trends and strategic shifts in investment focus.