Industry News

Zenika Singapore has announced the appointment of Seet Teck Kiang as its new Head of Business. Seet, a graduate of the National University of Singapore, will lead the company’s growth strategy and strengthen its regional presence. With over 20 years of experience in digital transformation across Asia’s enterprise and public sectors, Seet has held senior roles at ThoughtWorks, EPAM Systems, and Zühlke Group.

At EPAM Systems, Seet led large multi-country delivery teams, driving significant digital transformation portfolios and contributing to exponential business growth. His leadership was pivotal in delivering an award-winning innovation project recognised across the industry. During his tenure at ThoughtWorks, he spearheaded national-scale digital initiatives that modernised citizen services and financial systems, employing agile delivery and design thinking to achieve measurable outcomes. At Zühlke Group, he enhanced enterprise strategy and consulting capabilities across the region.

Seet expressed his enthusiasm for joining Zenika, stating, “I’m really proud to be part of Zenika. What convinced me is its ethos of elite engineering—the mix of expertise, people-first culture, and its French roots. I’m looking forward to helping Zenika take on new challenges and expand our footprint in Asia.”

Timothée Dufresne, Managing Director of Zenika Singapore, welcomed Seet, noting his deep industry expertise and proven track record in driving transformation. “His leadership will be instrumental in accelerating growth initiatives as we strengthen our presence across Asia,” Dufresne said.

Founded in 2006, Zenika is a digital services boutique specialising in business transformation, IT modernisation, and innovation, with 530 employees across 14 offices worldwide.

The Maritime and Port Authority of Singapore (MPA) and DNV have renewed their Memorandum of Understanding (MoU) to enhance collaboration in maritime sustainability, digitalisation, innovation, and talent development. The agreement was signed during the Singapore Norway Innovation Conference 2025 by Chin Yi Zhuan, Deputy Chief Executive of MPA, and Cristina Saenz de Santa Maria, Chief Operating Officer of DNV Maritime.

Building on partnerships from 2019 and 2022, the MoU focuses on accelerating the adoption of zero and near-zero-emission fuels, promoting decarbonisation technologies, and advancing smart-ship systems. The collaboration will drive research and development, innovation, and test-bedding projects, including joint industry collaborations for remote vessel operations with local maritime communities and research institutions.

The partnership also aims to nurture Singapore’s next generation of maritime professionals through initiatives like the Maritime Innovation Committee, PIER71, and the Smart Port Challenge. MPA Chief Executive Ang Wee Keong stated, “The renewal of this MoU underscores the shared commitment of MPA and DNV to co-create solutions that will shape the future of shipping.”

Knut Ørbeck-Nilssen, CEO Maritime at DNV, commented on the collaboration’s potential to position Singapore as a centre of excellence for maritime research and innovation. The joint efforts are expected to strengthen Singapore’s status as a leader in maritime advancements, supported by MPA’s strategic vision and DNV’s technical expertise.

Savills has appointed Neil Brookes as Executive Managing Director of Asia Pacific Capital Markets, aiming to bolster its regional leadership from its Singapore headquarters. Brookes, with over 20 years of experience and a track record of brokering more than $15b in cross-border transactions, will connect Savills’ regional capabilities with its global network. This move comes as institutional investors increasingly target Asia Pacific for its transparency and sectoral diversity.

Martin Fidden, CEO of Savills Asia Pacific (Ex-Greater China), highlighted the region’s pivotal phase, noting, “Investors are seeking cross-border strategies that combine local intelligence with global execution.” Under Brookes’ leadership, Savills aims to unite its strengths into a cohesive platform, enabling clients to leverage regional depth and global reach.

This appointment is part of a series of strategic hires, including Paul Roberts as CEO of Savills Australia and Ben Schubert as National Head of Capital Transactions & Advisory for Australia and New Zealand. The team will focus on leveraging data-driven insights and connecting international capital with opportunities in high-growth sectors like Living and Data Centres.

Brookes expressed enthusiasm about joining Savills, stating, “Savills has the global brand, regional depth, and data-driven capabilities to lead in this space.” Jeremy Lake, Managing Director of Investment Sales & Capital Markets at Savills Singapore, added that Brookes’ connections with investors across Asia Pacific and the Middle East will align with existing investor relationships.

This strategic move reaffirms Singapore’s role as Savills’ Asia Pacific base, facilitating cross-border capital opportunities across the region.

Singapore has emerged as a leading global wealth centre, attracting high-net-worth individuals (HNW) with its robust financial infrastructure and strategic advantages. According to the World’s Wealthiest Cities Report 2025, released by Henley & Partners and New World Wealth, Singapore is home to 242,400 affluent individuals with investable assets exceeding US$1m. This places the city-state fourth globally, showcasing a growth of over 60% since 2015, outpacing traditional financial hubs like New York and London.

The city’s appeal lies in its stability and comprehensive regulatory framework, making it a preferred destination for sophisticated wealth management and multinational asset allocation. Noah ARK, a prominent financial services firm, recognised this potential early on, establishing a presence in Singapore in 2018. By 2025, the firm had upgraded Singapore to its global headquarters, underscoring the city’s strategic importance.

Noah ARK plans to leverage Singapore’s mature financial ecosystem to offer customised, full life-cycle wealth management solutions. These services are tailored to meet the diverse needs of global Chinese investors, focusing on asset allocation, risk hedging, and family succession.

The transformation of Singapore into a premier wealth management hub is not only a testament to its strategic foresight but also highlights its growing influence in the global financial landscape. As the city continues to attract international attention, its role as a key player in global wealth management is set to expand further.

Singapore’s Permanent Secretary for Defence, Chan Heng Kee, and US Under Secretary of War for Policy, Elbridge Colby, co-chaired the 15th Singapore-US Strategic Security Policy Dialogue (SSPD) at the Pentagon on 7 November. This annual dialogue, established in 2006, is the highest-level institutionalised policy platform between the two nations, setting the strategic direction for their defence relationship.

During the meeting, both parties reaffirmed the robust and longstanding defence partnership between Singapore and the US. Chan expressed gratitude for the US’s strong support in meeting the Singapore Armed Forces’ training and defence technology needs. Discussions included opportunities to enhance bilateral defence cooperation under the 1990 Memorandum of Understanding regarding US use of facilities in Singapore, as well as in defence technology and industrial base cooperation.

The dialogue also covered geopolitical developments, with both sides emphasising the importance of continued US engagement in the region, particularly through the ASEAN Defence Ministers’ Meeting-Plus framework. Beyond high-level dialogues like the SSPD, Singapore and the US maintain regular interactions through bilateral and multilateral training exercises, such as Exercise Pacific Griffin, Exercise Tiger Balm, Exercise Valiant Mark, and Exercise Cope Tiger.

Chan’s visit to Washington DC, from 5 to 7 November, also included meetings with Secretary of the Army Daniel Driscoll and Under Secretary of State for Arms Control and International Security Thomas DiNanno. These engagements highlight the ongoing commitment to strengthening defence ties between Singapore and the US.

Thakral Corporation has announced a significant financial performance for the third quarter of 2025, with revenue soaring 52% year-on-year to S$115.9m. The net profit attributable to shareholders reached S$19.5m, largely propelled by robust growth in its lifestyle and investment segments.

The lifestyle segment saw a 33% increase in revenue, totalling S$97.7m, thanks to strong demand in Greater China and South Asia. This growth was bolstered by an expanded brand portfolio, including Miu Miu Fragrances and Yuesai skincare products. Thakral’s exclusive distributorship with DJI also contributed, with plans to open 20-30 DJI stores across India and South Asia in the coming years.

In the investment segment, Thakral recognised a S$22.6m fair value gain from its 16.8% stake in GemLife, following its appreciation on the Australian Securities Exchange. Additionally, the divestment of the Yotsubashi Nakano Building in Osaka, Japan, resulted in a net gain of S$2m.

Inderbethal Singh Thakral, Group CEO and Executive Director, stated, “Our strong results this quarter underscore the continued momentum across both our Lifestyle and Investment segments.” He highlighted the strategic value unlocked by GemLife’s revaluation and the successful listing of The Beauty Tech Group on the London Stock Exchange.

Looking ahead, Thakral aims to deepen its presence in fast-growing markets like India, focusing on strategic partnerships and disciplined capital recycling to sustain growth and enhance shareholder returns. The financial uplift from The Beauty Tech Group’s IPO is expected to reflect in Thakral’s Q4 2025 results.

UMS Integration Limited, listed on the SGX Mainboard, has reported a 4% increase in net attributable profit, reaching S$30.5m for the first nine months of FY2025. This growth comes despite geopolitical tensions and US trade tariffs impacting the market. The Group’s revenue rose by 5% to S$184.3m during the same period, driven by improved sales and profitability.

The Group’s gross profit margins have continued to improve quarter-on-quarter, contributing to a stronger bottom line. UMS has proposed a 1-for-4 bonus issue and a third interim dividend of 1.0 cent per share to reward its shareholders. The company’s financial health remains robust, with positive net cash from operating activities, although free cash flow was negative due to increased inventories and investments in a new plant in Penang.

UMS’s CEO, Andy Luong, highlighted the Group’s resilience, stating, “Our performance in the first nine months of the year is another testimony of the Group’s resilience and strength in the face of mounting challenges in the global economy.” The Group is well-positioned to benefit from the AI-driven global chip sector rebound and the sustained aviation boom.

The Group’s successful secondary listing on Bursa Malaysia has also boosted its share price and market capitalisation, now exceeding S$1b. Looking ahead, UMS anticipates continued growth, supported by the global semiconductor industry’s recovery and increasing demand for advanced semiconductors.

Singapore’s residential property market experienced a remarkable recovery in the third quarter of 2025, with new home sales soaring nearly threefold from 1,212 units in Q2 to 3,288 units in Q3, according to Savills’ latest report. This surge follows a previous slump and represents a 183.4% year-on-year increase.

The Rest of Central Region (RCR) and Core Central Region (CCR) accounted for 33.2% and 27.5% of new sales, respectively, whilst the Outside Central Region (OCR) led with 39.4%. The top five best-selling projects, including Lyndenwoods and Springleaf Residence, were all new launches, appealing to local buyers for personal use or leasing to foreign professionals.

Secondary market sales also rose for the second consecutive quarter, increasing by 5.1% to 4,116 units, the highest since Q2 2024. The CCR saw the most significant growth in secondary sales, up 12.5% to 737 units.

Non-landed home purchases by Singaporeans reached a five-year high, increasing 52.9% to 5,661 units. Foreigners and permanent residents also showed increased interest, with sales rising 70.9% and 13.9%, respectively. The stable economic environment and lower interest rates are believed to have influenced these trends.

Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted, “Whilst demand may moderate, the liquidity from the baby boomer generation and stock market gains could still lift prices by about 3% in 2026.” The momentum in new project sales is expected to remain strong, driven by high liquidity and rising HDB resale prices.

The Singapore International Commercial Court (SICC) has taken a significant step in international commercial dispute resolution with the launch of the Bahrain International Commercial Court (BICC) in Manama on 5 November 2025. This initiative is part of a collaborative framework between the SICC and BICC to establish Bahrain as a hub for resolving transnational commercial disputes.

The BICC, modelled on the SICC, aims to provide a trusted and neutral forum for international commercial disputes. This development underscores the effectiveness of the SICC model in driving legal convergence and enhancing certainty in cross-border commerce. The collaboration is expected to bolster Bahrain’s position as a key player in international dispute resolution.

Chief Justice Sundaresh Menon delivered speeches at the launch events, highlighting the importance of this partnership in fostering trust and neutrality in the resolution of international commercial disputes. The establishment of the BICC is seen as a pivotal move in the broader development of Bahrain’s legal landscape.

The launch of the BICC is anticipated to have far-reaching implications for the region, potentially attracting more international businesses to resolve their disputes in Bahrain. This move not only strengthens Bahrain’s legal infrastructure but also reinforces the SICC’s role in shaping global dispute resolution practices.

XTransfer, a leading B2B cross-border trade payment platform, and OCBC, Southeast Asia’s second-largest financial services group, have signed a strategic cooperation agreement in Shanghai. The agreement, announced at the 6th Meeting of the Singapore-Shanghai Comprehensive Cooperation Council, aims to provide comprehensive financial services to cross-border trading companies, particularly small and medium-sized enterprises (SMEs).

The collaboration will leverage the strengths of both organisations to offer a suite of corporate banking services, including trade finance, foreign exchange, and corporate internet banking. This partnership is expected to enhance the customer experience and operational efficiency for corporate clients in Greater China and ASEAN markets.

Jason Sun, co-founder and CFO of XTransfer, highlighted the significance of the agreement, stating, “This signing marks a key step forward in deep collaboration within the cross-border B2B landscape.” He emphasised the potential for the partnership to build a secure and efficient financial service system that will help foreign trade enterprises reduce costs and improve capital turnover.

Seth Tan, Managing Director and Head of Corporate Banking of OCBC China, noted that OCBC will support XTransfer by integrating resources across markets and providing tailored financial solutions. The partnership is set to drive product innovation and explore new service areas, further promoting regional trade and investment.

The agreement comes as bilateral trade between Shanghai and Singapore has seen a 54% increase in the first half of the year, underscoring the strong economic ties between the two regions.