Industry News

Singapore has launched the Design Power Index (DPI), the world’s first framework to measure the economic and social impact of design. Unveiled at the World Design Business Forum, the index seeks to redefine design as a measurable driver of economic value, rather than just an aesthetic pursuit. This initiative is spearheaded by the Design Business Chamber Singapore (DBCS) and Consulus, a global creative change firm.

The DPI, anchored by companies such as UOB, Razer, and Carousell, aims to set a new global benchmark by demonstrating how design influences economies across business, technology, and society. The estimated market value of the companies on this inaugural index is $14.6b (S$20b). Chee Su Eing, Global Chairperson of the World Design Business Organisation, stated, “The DPI has been created to prove that design is not just decoration, but a driver of growth and long-term advantage.”

The forum, themed “Flourishing by Design,” gathered economists, business leaders, and policymakers to discuss design’s strategic role in a volatile global economy. Discussions highlighted the intersection of design with trade, artificial intelligence, and sustainability.

The DPI’s analysis focuses on four dimensions: Business of Design, Market of Design, Technology of Design, and Social Impact of Design. Companies like Kingsmen Creatives and Razer exemplify how design can transform industries and create new markets.

The DPI will be expanded over the next three years to include companies from Asia, Europe, and the US, establishing a shared basis for evaluating design’s economic impact worldwide.

Centurion Asset Management has announced the launch of an initial public offering (IPO) for Centurion Accommodation REIT, aiming to raise over S$771.1m. The REIT, which focuses on purpose-built worker and student accommodation, will be listed on the Singapore Exchange on 25 September 2025. The offering price is set at S$0.88 per unit, with projected distribution yields of 7.47% for 2026 and 8.11% for 2027.

The REIT’s portfolio includes 14 properties across Singapore, the UK, and Australia, valued at approximately S$1.8b. This will expand to 15 properties worth S$2.12b following the acquisition of a Sydney asset. The offering has attracted cornerstone commitments totalling S$540.4m from global and regional investors, reflecting confidence in the REIT’s diversified assets and growth potential.

The public offer opens on 18 September and closes on 23 September. The REIT’s listing is expected to provide investors with exposure to high-quality accommodation assets and long-term value growth.

UOB has entered into a strategic partnership with Hengfeng Bank and Shangao Holdings Group to enhance cross-border business growth between China and ASEAN. The tripartite Memorandum of Understanding (MOU) was signed during the 2025 Singapore-Shandong Week at Marina Bay Sands, focusing on green development and infrastructure.

The collaboration will provide comprehensive financial solutions to support the internationalisation of Chinese enterprises, particularly in sectors aligned with green transformation. This includes cross-border trade financing, investment banking, and advisory services tailored to the Belt and Road Initiative.

Shangao Holdings, a subsidiary of Shandong Hi-Speed Holdings Group, specialises in industrial investment in new energy and infrastructure. Hengfeng Bank, headquartered in Shandong, plays a significant role in transaction banking and cross-border initiatives, complementing UOB’s regional network.

UOB and Hengfeng Bank have a longstanding partnership, having first signed an MOU in 2020 and renewed it in 2024. Their joint efforts have facilitated significant cross-border business opportunities, with trade financing and transactions reaching S$574m from January to August this year, up from S$351m in the same period last year.

Eric Lian, Head of Group Commercial Banking at UOB, stated, “This tripartite partnership reflects our commitment to working with Chinese enterprises to capture ASEAN’s growth opportunities.” The signing was part of the China Shandong-Singapore Economic and Trade Cooperation Exchange Conference, attended by senior officials and business leaders from both regions.

The Singapore Maritime Foundation (SMF) has recently signed four Memoranda of Understanding (MOUs) with Jurong Port, Oza Family Foundation, Singapore Shipping Association, and Swire Shipping. These agreements aim to enhance access to scholarships, internships, and industry exposure for Singapore’s young talent, reinforcing SMF’s commitment to developing a future-ready workforce for Maritime Singapore.

Under the three-year MOU with Jurong Port, starting in 2025, four MaritimeONE scholarships and one internship will be awarded annually. This initiative provides tertiary students with structured programmes to deepen their industry knowledge and gain firsthand experience at one of the world’s leading multipurpose ports.

The Oza Family Foundation, led by Punit Oza, will contribute one MaritimeONE scholarship annually from 2025 to 2027. This partnership highlights the role of private philanthropy in nurturing talent and supporting students pursuing maritime studies and careers.

The Singapore Shipping Association (SSA) will offer three to four MaritimeONE scholarships each year from 2025 to 2027. SMF will manage the scholarship administration, leveraging SSA’s industry network to reach more youths and showcase diverse opportunities in shipping.

Swire Shipping’s collaboration with SMF will provide one MaritimeONE Scholarship and two internships annually from 2025 to 2027, reflecting the company’s commitment to investing in Singapore’s maritime talent and equipping young people with global perspectives.

These MOUs are part of a broader strategy by SMF to build a sustained talent pipeline, lowering barriers of entry and broadening access to opportunities in the maritime sector. Hor Weng Yew, Chairman of SMF, expressed gratitude to the sponsors, stating, “Their commitment underscores the collective will of Maritime Singapore to invest in talent, enabling the industry to remain resilient and innovative as we navigate the future.”

SingHealth Community Hospitals (SCH) has launched Dexie, a social humanoid robot, to support cognitive stimulation and meaningful engagement for patients with dementia. This initiative, marking World Alzheimer’s Month, makes SCH the first public healthcare institution in Singapore to integrate such technology into its inpatient dementia care programme. Developed with Dex-Lab and Goshen Consultancy Services, the programme began earlier this year and has demonstrated promising results in patient wellbeing and care efficiency.

Dexie, a multilingual robot, leads exercises, facilitates cognitive games, and conducts musical activities in English, Mandarin, Malay, and various Chinese dialects. Dr Bryan Han, Director of Dementia and Cognitive Care Service at SCH, highlighted the importance of consistent cognitive stimulation in maintaining neural connections and potentially slowing cognitive decline. “Dexie fills this gap by delivering evidence-based interventions,” he said.

The pilot programme showed a 32% increase in positive patient engagement and 46% of participants exhibited cognitive improvements. Additionally, operational efficiency improved, with two man-hours reallocated per session to higher-value tasks, and productivity increased by 25%.

Since the pilot, Dexie has engaged over 1,400 patients across SCH, with plans to expand further. As Singapore’s dementia prevalence is expected to nearly double by 2030, innovative solutions like Dexie offer sustainable therapeutic engagement, allowing healthcare professionals to focus on complex care needs. SCH is also developing a playbook to guide broader adoption of humanoid-enabled therapy in community hospitals.

Singapore’s trade outlook remains bleak as RHB Bank’s latest report highlights a persistent slowdown in non-oil domestic exports (NODX) for the rest of the year. The report, attributed to Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, notes that NODX slumped 11.3% year-on-year in August, following a revised 4.7% decline in July, falling short of market expectations for a 0.8% growth.

The report identifies several risks contributing to the declining momentum in NODX. These include uncertain global tariff developments, the diminishing impact of previously front-loaded trade, and Singapore’s structural reliance on semiconductor and pharmaceutical exports. These factors are expected to continue exerting pressure on the country’s export performance.

Gan emphasised the challenges ahead, stating, “We remain cautious on Singapore’s trade outlook, as the slowdown in NODX momentum is expected to persist through the remainder of the year.” The report suggests that the rapid fading of earlier trade boosts and ongoing global economic uncertainties could further exacerbate the situation.

As Singapore navigates these challenges, the report serves as a reminder of the vulnerabilities in its export-dependent economy. The continued weakness in NODX could have broader implications for the nation’s economic growth and trade strategies in the coming months.

StarCruises has announced the return of its cruise ship, Star Voyager, to Southeast Asia for the winter season, commencing on 20 November 2025. The ship will offer a variety of short-getaway options, perfectly timed for the festive season and school holidays in Singapore and Malaysia. Departures will be available from Singapore and Kuala Lumpur via Port Klang, providing passengers with flexible and convenient travel options.

The itineraries include 3-night weekend getaways to Penang and Kuala Lumpur, as well as 4-night sailings to Phuket, Penang, and Pulau Bintan. Michael Goh, President of StarDream Cruises, stated, “This deployment gives cruise passengers from Singapore and Malaysia more choices, flexibility and convenience, with 3 and 4 Night getaways from both Singapore and Kuala Lumpur (Port Klang), sailing between the two cities and calling at the ever-popular destinations of Phuket, Penang and Pulau Bintan.”

Guests can embark at the Singapore Cruise Centre, conveniently located near VivoCity Mall and the HarbourFront MRT station, or from Kuala Lumpur via the Port Klang Cruise Terminal. The itineraries highlight Southeast Asia’s popular holiday destinations, including Penang’s UNESCO-listed George Town and Phuket’s beaches.

Additionally, Star Voyager will offer two special one-way repositioning cruises. The first, a 4-night journey from Hong Kong to Singapore, departs on 16 November 2025. The second, a 5-night voyage from Singapore to Hong Kong, departs on 8 February 2026, allowing guests to celebrate the Lunar New Year at sea.

Bookings for these cruises will open on 3 October 2025.

The Urban Redevelopment Authority (URA) has announced the launch of a residential site at Bedok Rise for sale by tender under the Confirmed List of the government land sales (GLS) programme for the second half of 2025. This site, which can yield an estimated 380 new units, is strategically located near the Tanah Merah MRT station, enhancing its appeal to homebuyers and developers alike.

The Bedok Rise site offers convenient access to commercial amenities, including the nearby Seneca Square mall, and is just one MRT stop away from Bedok town centre. The area is also home to several educational institutions, such as Bedok Green Primary School and the Singapore University of Technology and Design, making it particularly attractive to families.

The future development’s appeal is further boosted by the planned conversion of the Tanah Merah MRT station into an interchange station, linking it to the Thomson-East Coast Line (TEL). This extension will connect the station to key locations such as Changi Airport and Changi Terminal 5, enhancing transport connectivity.

The last GLS site in the area, Tanah Merah Kechil Link, saw high demand with 15 bids and was awarded at $930 psf ppr in November 2020. The Sceneca Residence, located on this site, sold about 60% of its units upon launch in January 2023, with transactions averaging $2,100 psf.

Wong Siew Ying, Head of Research and Content at PropNex, projects that the Bedok Rise plot may attract five to seven bidders, with a top bid price estimated between $1,200 and $1,300 psf ppr. This anticipated interest underscores the site’s potential as a prime residential development opportunity.

iBoozee, an ASEAN award-winning innovator in food and beverage technology, has launched Asia’s first Smart Robotic Mixed Fruit Juice and Apple Machines in Singapore. This initiative marks a significant milestone in iBoozee’s expansion, offering fresh, on-demand juice options through cutting-edge technology. The machines feature Dual Fruit Dispensing Technology, allowing customers to enjoy pure apple or orange juice, or a customised mix, all freshly pressed without added sugar, water, or preservatives.

The vending machines are equipped with advanced features such as robotic processing technology, which washes, cuts, squeezes, and serves fruits in real time. Customers can watch the transparent process, ensuring freshness and hygiene. Additionally, the machines utilise Smart IoT Monitoring, providing operators with live data on sales, inventory, and performance, ensuring consistent quality and uptime. Cashless transactions are facilitated through integration with PayNow, NETS cards, and e-wallets, offering a seamless and hygienic experience.

Deric Yeo, Group Chief Operating Officer of iBoozee, stated, “We believe that true wellness shouldn’t be complicated or costly. In the midst of a hectic day, a healthy choice should be the easiest one to make.” The company plans to deploy 500 units across Singapore by the end of 2027, targeting high-traffic locations such as commercial buildings, public transportation hubs, and neighbourhoods like the Central Business District.

iBoozee is also offering licensing opportunities for entrepreneurs, supported by real-time data analytics to optimise machine placement and performance. The company will showcase its latest machines at the Franchise & Licensing Asia Expo at Marina Bay Sands from 18 to 20 September 2025, inviting franchise partners and investors to join its vision of making healthier choices available 24/7 across Singapore.

Singapore is grappling with an alarming increase in cyberattacks, with Kaspersky’s latest research revealing that its solutions intercepted 6.49 million attacks from various online sources in 2024. The report highlights a significant rise in exploit-based attacks, password stealers, and backdoor intrusions, with figures continuing to escalate into 2025.

Across the Asia-Pacific (APAC) region, incident response requests more than doubled, rising from 3.6% to 7.3%. Kaspersky blocked over 62 million attacks, including 16.6 million backdoor attacks and 219,000 involving banking malware. Notably, the region accounted for over 8 million ransomware attacks, representing 55% of the global total.

The sophistication of cyberthreats is increasing, driven by technological advancements. In 2024, 467,000 new malicious samples were detected daily, a stark contrast to one new threat per second in 2011. The rise of Artificial Intelligence (AI) has facilitated cybercrime, enabling attackers to craft convincing phishing attacks and automate malicious activities. AI-powered ransomware groups, such as FunkSec, have emerged, targeting sectors like government, technology, finance, and education.

Igor Kuznetsov, Director of the Global Research and Analysis Team at Kaspersky, stated, “We’re witnessing persistent increases in the volume of cyberattacks both in Singapore and regionally. These attacks are getting stealthier and less predictable, as cybercriminals leverage AI to enhance and invent new ways of executing their malicious campaigns.”

To combat these threats, Kaspersky recommends limiting the sharing of sensitive information online, verifying unsolicited communications, scrutinising for deepfakes, installing apps from official stores, downloading reliable security solutions, and enabling safe browsing features. As cyberthreats continue to evolve, individuals and organisations must bolster their cybersecurity defences to prevent significant data and financial losses.