Industry News

Cathay Cargo has launched the Air-Land Fresh Lane, a pioneering initiative that facilitates the seamless import of perishable goods into the Greater Bay Area (GBA) via the Hong Kong–Zhuhai–Macao Bridge. This new service, developed in collaboration with the governments of Guangdong and Hong Kong SAR, allows shipments of fruit, live, and chilled seafood to travel from overseas through Hong Kong International Airport to Zhuhai by temperature-controlled lorries under a single air waybill.

The initiative is supported by the Hong Kong Customs and Excise Department, which issues a “Certificate for Transshipment Confirmation” for live seafood and fruit shipments. This certificate streamlines the customs process, allowing goods to enter the Chinese Mainland via Hong Kong without the need for food importer registration, thus reducing costs and expediting the process.

A newly opened temperature-controlled inspection facility at the Zhuhai Port ensures that any necessary checks on fresh goods are conducted efficiently. The Air-Land Fresh Lane simplifies booking and offers cost savings compared to other lorry arrangements from Hong Kong into the GBA.

James Evans, General Manager Cargo Commercial at Cathay Cargo, stated, “The new Air-Land Fresh Lane is great news for shippers looking to send premium perishable products into the heart of the GBA.” He highlighted the consumer power of the GBA’s 86 million inhabitants and the potential for high-quality perishables to find a new market.

The first successful shipment under this initiative took place in mid-August, with live lobsters transported from Melbourne. This was followed by a shipment of live geoducks from Los Angeles, both transitioning smoothly to temperature-controlled lorries and crossing the border without delay.

Cathay Cargo’s Air-Land Fresh Lane complements its existing intermodal links across the GBA, including scheduled and chartered lorry services to six cities and a sea lane for bonded cargo. This development further strengthens Cathay Cargo’s position in the region, ensuring perishables arrive in peak condition for the GBA market.

Half of Singapore’s workforce is experiencing financial stress, with payroll teams under increasing operational pressure, according to Deel’s 2025 Singapore Payday Expectations Report. The report highlights that most employees feel their pay has not kept pace with inflation, leading to potential payroll errors and employee disengagement. This situation underscores the urgent need for businesses to modernise their pay systems to retain talent and trust.

Financial hardship is now a common issue for many working Singaporeans, with 50% of employees stating they are just getting by or struggling financially. This figure is notably higher than in Hong Kong, where 37% report similar struggles. Millennials are particularly affected, with only 8% reporting salary increases in line with inflation. Additionally, 42% of workers say they could sustain their lifestyle for less than three months without income.

The report also indicates a growing demand for flexible pay models. Traditional pay cycles are becoming less relevant, especially among younger workers who prefer immediate access to earnings. Earned wage access (EWA), allowing employees to access part of their wages before payday, is gaining traction, although only 25% of payroll teams currently invest in such solutions.

Payroll professionals are facing intensified workloads due to regulatory changes, such as increases to CPF monthly salary ceilings. Over three-quarters of payroll teams report added processes, with many organisations considering outsourcing payroll to manage the strain. Karen Ng, Regional Head of Expansion at Deel, emphasised the need for companies to modernise payroll systems to prevent burnout and maintain trust.

Ant International has announced its collaboration with Google as a launch partner for the Agent Payments Protocol (AP2), an innovative framework designed to facilitate transactions by AI agents with user authorisation. This partnership aims to address the evolving needs of agentic commerce, where AI agents increasingly conduct transactions on behalf of users.

AP2, developed by Google in collaboration with industry leaders, outlines the essential components of agentic payments, ensuring that user intent is verifiable, transactions are traceable, and accountability is maintained throughout the payment process. The protocol also enhances privacy and supports various payment methods.

Ant International, known for its expertise in alternative payment methods (APMs), is contributing to the development of an APM-based agent payments protocol for AP2. The company is leveraging its connections with 36 leading digital wallets to streamline the APM checkout process and utilise AI to prevent fraudulent transactions. Additionally, Ant International’s payment mandate model will provide insights into strengthening traceability and compliance.

The company is also exploring practical applications of AP2, such as enabling its AI travel agent, Alipay+ Voyager, to book rides and process payments through a multi-agent model. This capability will operate under the Agent2Agent protocol, ensuring compliance with AP2 standards.

Jiangming Yang, Chief Innovation Officer of Ant International, stated, “Ant International is excited to partner with Google to advance standards-setting in agentic payments, leveraging our expertise in APM payments and trusted AI innovations.”

This collaboration further strengthens Ant International’s partnership with Google Cloud, following the launch of its AI-as-a-Service platform, Alipay+ GenAI Cockpit, in June 2025. The platform aims to empower fintechs and super apps to develop AI-native financial services with enhanced efficiency and security.

Sumitomo Life Insurance Company has successfully issued US$1.2b in subordinated notes, marking a significant financial manoeuvre for the Japanese insurer. The 5.875% step-up callable notes, due in 2055, have been listed on the Singapore Stock Exchange. Skadden, Arps, Slate, Meagher & Flom LLP, a prominent law firm, advised the underwriters on this substantial offering.

The issuance of these notes is a strategic move by Sumitomo Life, a private life insurance company in Japan, known for its comprehensive range of individual and group life insurance products, annuities, and other insurance offerings. The funds raised are expected to bolster the company’s financial flexibility and support its long-term growth objectives.

The legal team from Skadden’s Tokyo office played a pivotal role in this transaction. The Tokyo-based corporate team was led by partner and head of Skadden’s Tokyo office Kenji Taneda and included counsel Ken Kiyota, Asia Pacific counsel Yuko Ozaki and associate Spencer Rauner. Their expertise ensured the smooth execution of the offering, which is a testament to Skadden’s strong presence in the Asia Pacific region.

This financial development not only highlights Sumitomo Life’s robust market position but also underscores the growing importance of the Singapore Stock Exchange as a hub for significant financial transactions. The successful issuance of these notes is likely to enhance Sumitomo Life’s capital structure and support its future endeavours in the insurance sector.

A coalition of 14 countries, including Singapore, Brunei, and New Zealand, has launched the Future of Investment and Trade (FIT) Partnership to support open and fair trade. Announced during a virtual Ministerial Meeting, the initiative aims to address emerging trade challenges and opportunities by fostering cooperation between public and private sectors. The World Trade Organisation Director-General, Ngozi Okonjo-Iweala, attended the launch, with Singapore represented by Deputy Prime Minister Gan Kim Yong.

The FIT Partnership is a response to recent global trade developments that threaten to fragment markets and hinder growth, particularly affecting small and medium-sized countries reliant on a rules-based trading system. The partnership will focus on supply chain resilience, investment facilitation, and reducing non-tariff barriers, with trade technology as a horizontal enabler.

Gan Kim Yong stated, “The FIT Partnership reflects our countries’ collective purpose to support the rules-based multilateral trading system and address the challenges of today and tomorrow.” The initiative is designed to be agile and informal, promoting dialogue and innovation that can be scaled to the multilateral level.

Singapore will host the inaugural FIT Partnership Ministerial Meeting during the Bloomberg New Economy Forum from 19-21 November 2025, where ministers plan to endorse concrete initiatives. The partnership aims to be inclusive and adaptable, inviting other countries to join in upholding its principles and ensuring economic security and job opportunities globally.

Family offices in the Asia Pacific (APAC) region are prioritising next-generation education and demonstrating proactive responses to market volatility, according to the Citi Wealth 2025 Global Family Office Report. Released on 16 September, the report reveals that APAC family offices are leading in second-generation wealth control, with 43% of wealth under their management, and are actively preparing for wealth transfers.

The survey, conducted by Citi Wealth’s Global Family Office Group, involved 346 family office respondents from 45 countries, including 29% from APAC. It highlights that 83% of APAC family offices expect portfolio returns above 5% this year, showcasing strong optimism despite geopolitical tensions and trade policy uncertainties.

Key concerns for APAC family offices include trade disputes and US-China relations, with 61% and 53% of respondents citing these as primary concerns, respectively. In response, APAC offices are making strategic investment shifts, leading global counterparts in allocating to defensive asset classes, geographies, and sectors.

The report also notes a significant gap in technology adoption, with 44% of respondents lacking cybersecurity offerings. Bernard Wai, Asia Pacific Head of Citi Wealth’s Global Family Office Group, remarked, “This region is truly setting the pace for wealth management evolution.”

Globally, the survey indicates a strong commitment to direct investments and a growing interest in deploying artificial intelligence for operational tasks and investment analytics. Family offices are also considering outsourcing services to manage responsibilities efficiently whilst maintaining decision-making authority in-house.

The findings underscore the evolving landscape of family offices, with a focus on resilience, internationalisation, and next-generation stewardship.

The Asia New Vision Forum (ANVF) 2025 commenced on 16 September in Singapore, marking its third consecutive year. Organised by Caixin Global and supported by the Singapore Tourism Board, the forum brings together over 600 investors, entrepreneurs, and high-level government officials from more than 12 countries. Under the theme “Charting the Future Amid Uncertainty,” the event aims to address critical global economic and business issues.

Singapore’s Deputy Prime Minister and Minister for Trade and Industry, Gan Kim Yong, delivered the opening keynote, focusing on Asia’s role in a fragmented world.

The opening panel featured Hu Shuli, Chairwoman of Caixin Global, and Lawrence Summers, former US Treasury Secretary. They discussed pressing issues such as US tariffs, artificial intelligence, and China-US relations. Summers highlighted the potential of AI to boost economic growth, whilst cautioning against a winner-takes-all mindset between China and the US.

Spanning three days, ANVF 2025 includes over 30 sessions, covering topics like geopolitics, financial markets, and the future of advanced manufacturing. The forum also launched the inaugural Caixin CG Capital Forum, focusing on AI and automation.

The event will continue to explore key issues such as biotechnology and green energy, featuring insights from former political leaders, UN representatives, and industry experts. ANVF will return to Singapore for its 2027 and 2029 editions, solidifying its status as a premier platform for international exchange.

The Singapore Institute of Technology (SIT) has officially opened its Punggol Campus, a significant step in promoting applied learning and skills-based hiring in Singapore. Officiated by Prime Minister Lawrence Wong, the campus is situated within JTC’s Punggol Digital District (PDD), designed to be a hub for collaboration between academia, industry, and the community.

The Punggol Campus is set to become a precinct-scale test-bed, allowing companies to develop and scale solutions in areas such as smart city infrastructure, robotics, and sustainability. Jacqueline Poh, CEO of JTC, highlighted the unique integration of a business park and university, stating, “Companies in PDD get direct access to young talent, whilst students can test what they learn in the real world.”

SIT’s new Innovation-as-a-Service (IaaS) platform will support this initiative by providing resources and infrastructure for companies, particularly SMEs and start-ups, to innovate and bring solutions to market. The platform aims to overcome challenges like limited resources and expertise, accelerating the delivery of market-ready solutions.

In addition, SIT has forged global partnerships with Shanghai Jiao Tong University and SLAMTEC to enhance applied research and talent development. These collaborations will offer SIT students opportunities for international exposure and participation in real-world projects.

SIT is also partnering with SkillsFuture Singapore to advance skills assessment and validation, supporting skills-based hiring and workforce development. From October 2025, SIT will introduce online skills assessments for AI-related skills and other competencies, ensuring that both employers and employees can effectively identify and develop necessary skills.

The Punggol Campus represents a forward-looking approach to education and industry collaboration, positioning Singapore as a leader in innovation and skills-based workforce development.

Porsche Asia Pacific has commenced construction on the Porsche Experience Centre Singapore, marking the brand’s first regional facility of its kind. Scheduled to open in 2027, the centre will be located on a 14-hectare site near Changi Airport and will include a two-kilometre handling circuit, drift circle, and themed exhibitions. This development aims to offer unique experiences for both families and driving enthusiasts.

The centre will be the 11th Porsche Experience Centre globally and will feature several world-firsts, including a fully integrated Aftersales facility. Sustainability is a key focus, with plans for an electric vehicle fleet and eco-friendly infrastructure, aligning with Singapore’s Green Plan 2030.

The groundbreaking ceremony was attended by key figures such as Hannes Ruoff, CEO of Porsche Asia Pacific, and Jean Ng, Assistant Chief Executive of the Singapore Tourism Board. Matthias Becker, Member of the Executive Board for Sales and Marketing at Porsche AG, highlighted the centre as a “signal of our long-term commitment to Southeast Asia.”

A Memorandum of Understanding was also signed with Changi Airport Group, integrating the centre into the broader Changi aviation and tourism precinct. This partnership aims to innovate visitor experiences and promote sustainable development. Jayson Goh, Executive Vice President of Airport Management at Changi Airport Group, remarked, “This partnership reflects our shared commitment to innovation, sustainability, and creating world-class experiences.”

The Porsche Experience Centre Singapore is expected to enhance Singapore’s lifestyle offerings and contribute to the vibrancy of the Changi precinct.

GlobalFoundries (GF) has been recognised by the World Economic Forum (WEF) as a member of the Global Lighthouse Network (GLN), with its 300mm fab in Singapore being designated as a leading site for advanced manufacturing. This accolade highlights GF’s commitment to deploying over 60 Industry 4.0 solutions, including artificial intelligence (AI), machine learning, and the Internet of Things (IoT), to enhance productivity, quality, and time-to-market across its global operations.

The GLN, co-founded by the WEF and McKinsey, acknowledges manufacturing leaders worldwide who set benchmarks in applying Fourth Industrial Revolution (4IR) technologies. GF’s inclusion in this network underscores its role in driving digital transformation across its facilities in the US, Europe, and Asia. The company has made significant strides in cost, quality, and productivity improvements by leveraging smart manufacturing solutions since 2020.

GF’s strategic partnerships with academia, solution providers, and government agencies are pivotal in building a robust digital talent pipeline and co-developing innovative solutions. “Our digital transformation is instrumental in accelerating GF’s ability to deliver differentiated, essential chips that power AI growth and adoption,” stated Niels Anderskouv, GF’s president and chief operating officer.

Yew Kong Tan, senior vice president and general manager of APAC Manufacturing and Singapore Site at GF, emphasised the significance of this milestone, stating, “GF champions Singapore’s leadership in advanced manufacturing, reinforcing its position as a key global semiconductor manufacturing site.”

As part of the GLN, GF will continue to collaborate with other Lighthouse sites to advance smart manufacturing practices globally, ensuring scalable growth and long-term value for stakeholders.