Industry News

OxPay Financial Limited has announced a phased recovery plan aimed at revitalising its business operations, alongside the appointment of a new executive director and chief executive officer, Chin Mun Chung. With over 24 years of experience from AXS Pte. Ltd., Chin is set to lead the company’s expansion into the business-to-consumer (B2C) market, marking a strategic shift from its traditional business-to-business (B2B) focus.

The recovery plan, unveiled alongside the company’s third-quarter financial results for 2025, emphasises strengthening OxPay’s B2B product portfolio whilst venturing into the B2C sector for sustainable long-term growth. The company also plans to introduce an instant merchant sign-up function, enhancing its competitive edge in niche markets. This initiative is supported by a newly appointed chief risk and compliance officer, who will oversee the strengthened risk management framework.

The board’s decision to implement this recovery strategy and appoint new leadership reflects its commitment to steering OxPay back to a growth trajectory. “With continued support from shareholders, the Board is confident in achieving a business turnaround in the foreseeable future,” the company stated.

OxPay’s financial results for the third quarter of 2025 showed a revenue increase of 13% compared to the same period last year, although the company reported a loss of $515,000 (S$703,000). The board remains optimistic that the new strategic direction will lead to improved financial performance and shareholder value.

Singapore’s tourism industry is evolving as it adapts to new hospitality trends predicted for 2026. Despite welcoming over 12 million visitors by September, Singapore still trails behind regional competitors like Thailand and Vietnam in tourism recovery. The slower rebound highlights ongoing challenges such as rising operational costs and shifting consumer behaviours post-COVID-19.

However, optimism persists with events like the Formula 1 Grand Prix and major concerts showcasing Singapore’s potential as a premier destination for global entertainment. Bao Chen, Managing Director of EHL Campus Singapore, emphasises the importance of aligning with changing customer preferences to sustain growth. “The key to sustaining growth in this fluctuating landscape lies in meeting changing customer preferences,” Chen notes.

Emerging trends include “sportainment,” where events like Formula 1 and wellness runs at Fort Canning Park combine sports with cultural and culinary experiences. Additionally, Gen Z’s preference for alcohol-free socialising is driving the rise of sober and coffee clubbing, which takes place in informal venues such as rooftops and cafes. These settings offer flexible and personalised environments for socialising.

The demand for culturally immersive travel is also on the rise, with tourists seeking experiences that blend cultural exploration and local discovery. This shift towards experiential stays signals a move away from traditional travel offerings.

As Singapore’s hospitality industry pivots towards 2026, understanding and adapting to these trends will be crucial for the next phase of tourism recovery and the broader global hospitality landscape.

Genesys, a global leader in AI-powered experience orchestration, has announced the launch of its new full-service Genesys Cloud core region in Singapore. This strategic move is designed to support businesses across Asia in accelerating their customer experience transformation securely and responsibly. By connecting to the Amazon Web Services Asia Pacific (Singapore) Region, the new infrastructure will provide organisations with access to the latest AI innovations, enabling real-time experience intelligence.

The launch coincides with the release of the Future of Customer Experience 2025 (Asia) study, highlighting the growing importance of AI in customer service. According to the study, 80% of consumers in Asia value fast responses, whilst 75% appreciate friendly interactions. Despite 76% of consumers being comfortable with AI services, only 23% fully trust businesses to protect their personal data.

Olivier Jouve, chief product officer at Genesys Cloud, stated, “Agentic AI will continue to redefine how businesses operate and connect with their customers.” The new Singapore core region aims to meet the rising demand for advanced AI capabilities, providing a trusted foundation for delivering intelligent, efficient, and personalised experiences.

The investment is expected to bolster Genesys’ presence in Asia Pacific, where it already operates in cities like Tokyo, Sydney, and Mumbai. The Singapore expansion is anticipated to be operational by the end of November 2025, reinforcing the company’s commitment to regional growth and supporting Singapore’s AI-first digital leadership aspirations.

The Smart Port Challenge 2025, organised by the Maritime and Port Authority of Singapore (MPA) and NUS Enterprise, has received a record 288 proposals from 35 countries. The event, held at the PIER71 Great Circle 2025, featured the ninth Smart Port Challenge Grand Finals and a Maritime Technology Innovation Showcase.

The challenge, which called for innovative solutions to address key issues in the maritime industry, saw submissions covering digitalisation, smart ports, smart shipping, and maritime green technologies. Roadshows were conducted across 13 cities, including new locations in Boston and Los Angeles, to expand its reach.

Nineteen start-ups were selected for the 10-week SPC Accelerate programme, receiving mentorship and support. These start-ups secured over 30 Letters of Intent with local maritime companies for proof-of-concept or pilot trials. Selected participants can qualify for grants up to $182,000 (S$250,000) under MPA’s Maritime Innovation and Technology Fund.

Cyntegra and Onecare Group were recognised as the top start-up and scale-up winners, respectively, each receiving $10,900 (S$15,000). Thematic prizes of $7,300 (S$10,000) were awarded to OneCare Group, Beecharge Innovation Group, and Fathom Science for their contributions to digitalisation, maritime green technologies, and smart shipping.

Since its inception, PIER71 has nurtured nearly 170 start-ups, raising over $94,800,000 (S$130m) in venture capital funding. This year, it launched a MarineTech Directory to connect maritime companies with promising start-ups, reinforcing its role as a catalyst for maritime innovation.

The shophouse market in Singapore experienced a notable uptick in activity during the third quarter of 2025, as reported by Huttons Asia. A total of 28 transactions were recorded, surpassing the 20 transactions in the previous quarter and the 18 from the same period last year. This increase is attributed to lower interest rates and heightened interest from funds and institutional investors.

The total value of shophouse transactions reached $292.5 million in Q3 2025, marking a 25.6% rise from the second quarter. Key players in the market included Asia Success Management and affiliates of Clifton Partners and KB One Pte Ltd, who were involved in significant deals exceeding $15m.

Districts 8 and 15 emerged as popular choices among investors, accounting for nearly half of the total transaction volume. Most transactions in these districts were below $10m, appealing to ultra-high net worth individuals (UHNWIs) seeking attractive entry prices. Notably, 85.7% of the shophouses sold were on land with a 999-year or freehold tenure.

Looking ahead, Huttons Asia anticipates continued resilience in the shophouse market for the fourth quarter of 2025. The combination of lower interest rates and strong global equity markets is expected to sustain demand. Additionally, the rarity of shophouses, with no new supply, is likely to attract investors seeking robust capital returns. Transaction volumes and values are projected to remain stable in the coming months.

The Singapore Business Federation (SBF) has announced the signing of 16 Memoranda of Understanding (MOUs) at the Singapore-China Trade and Investment Forum in Shanghai. Held alongside the 8th China International Import Expo, these agreements, valued at approximately S$17m, aim to bolster partnerships in cross-border trade, healthcare innovation, education, and sustainable consumer products.

The MOUs include 15 business-to-business agreements and a strategic partnership between SBF and the Bank of China Singapore Branch. This collaboration seeks to support Singapore-based companies in expanding into overseas markets, particularly China. SBF Chairman S.S. Teo highlighted Singapore’s strategic location and bicultural strengths as key factors in facilitating these partnerships, stating, “As our economic ties deepen, we can expect to see more high-quality opportunities emerging in new industries and future-oriented sectors.”

Among the notable agreements, Kensetsu International will work with Chinese partners to develop intelligent exterior coatings with air purification technology, aligning with China’s “dual carbon” targets and Singapore’s Green Plan 2030. Additionally, Slasify’s MOUs will enhance digital platforms for deploying skilled professionals across China and ASEAN, leveraging Singapore’s regulatory strengths and digital infrastructure.

The forum also featured a high-level panel discussion on investment opportunities and scalable business models, underscoring Singapore’s pivotal role in connecting China with ASEAN markets. Supported by Enterprise Singapore and the Bank of China Singapore Branch, the event attracted a distinguished audience, reinforcing its importance in Sino-Singapore economic diplomacy.

The Ritz-Carlton, Millenia Singapore has announced a groundbreaking partnership with EPICUTIS®, a science-driven skincare brand developed by Signum Biosciences. This collaboration marks the debut of EPICUTIS® in Southeast Asia, with The Ritz-Carlton Spa Singapore becoming the brand’s flagship property in the region. The partnership aims to redefine luxury wellness by integrating advanced molecular science with indulgent spa rituals.

The introduction of EPICUTIS® at The Ritz-Carlton Spa positions it as the first luxury spa in Southeast Asia to offer this cutting-edge skincare line. The collaboration reflects a growing trend in the luxury hospitality sector towards integrative health and holistic wellness. The spa’s exclusive menu now includes facials and advanced treatments that promise not only refined comfort but also clinically-proven therapeutic efficacy.

“The Ritz-Carlton Spa’s latest offerings seamlessly blend indulgent spa rituals with advanced molecular science,” the press release stated. This move underscores the hotel’s commitment to providing a balanced and refined lifestyle rooted in holistic well-being.

As the flagship property for EPICUTIS® in Southeast Asia, The Ritz-Carlton Spa Singapore is set to lead the way in luxury wellness, offering guests an unparalleled experience that combines the best of science and relaxation. This partnership is expected to enhance the spa’s reputation as a leader in luxury and innovation.

The Maritime and Port Authority of Singapore (MPA) and RINA, a multinational engineering consultancy, have signed a Memorandum of Understanding (MoU) to establish a technology demonstration centre in Singapore. Signed on 5 November 2025, the agreement aims to advance maritime innovation, digitalisation, decarbonisation, and talent development.

The centre will be part of RINA’s Open Innovation Hub and will serve as a collaborative platform to co-create and trial innovative solutions. It will focus on developing remote and smart maritime systems and provide integrated platforms to validate and accelerate the deployment of new technologies in real-world operations.

This partnership will also enhance collaboration with Singapore’s research ecosystem, promoting the adoption of technologies such as smart ships, low-carbon marine fuels, battery systems, and digital ports. These efforts are designed to bolster Singapore’s maritime innovation ecosystem and support the sector’s transition towards smarter and more sustainable operations.

In addition to technological advancements, RINA will collaborate with MPA to support workforce development in Singapore. This will include participation in industry manpower programmes and offering education, training, internship, and scholarship opportunities to prepare future maritime professionals for the digital and low-carbon transition.

Ang Wee Keong, Chief Executive of MPA, stated, “The MoU with RINA marks an important step in strengthening Singapore’s maritime innovation ecosystem.” Carlo Luzzatto, CEO of RINA, added, “By embracing an open approach with Singapore’s ecosystem, we aim to create value for its maritime sector and beyond.”

This initiative is expected to significantly contribute to the maritime sector’s evolution, making it more efficient and environmentally friendly.

Apptio, an IBM company, has introduced next-generation FinOps solutions through IBM Cloudability and IBM Kubecost, designed to enhance visibility and optimise cloud costs in AI-driven environments. As AI adoption in Singapore surges to over 60%, businesses face escalating cloud expenses. Apptio’s solutions aim to address these challenges by providing real-time visibility and financial accountability.

The launch includes Cloudability Governance, which integrates with HashiCorp Cloud Platform and Terraform to automate cost compliance and provide near real-time cloud spend visibility. This tool helps organisations maintain cost control and compliance in fast-scaling AI environments. “Our customers want accurate, real-time visibility into the cost implications of the infrastructure they manage,” said Armon Dadgar, CTO and co-founder of HashiCorp.

Kubecost 3.0, another key component, offers a unified view of Kubernetes environments, enhancing resource efficiency and security. It provides advanced savings recommendations and tools for managing resource allocation across clusters.

Eugene Khvostov, Chief Product Officer at Apptio, highlighted the importance of these solutions: “Generative AI is not only pushing the limits of cloud infrastructure; it’s challenging the ability of technology and business leaders to make informed decisions.”

With enterprise AI infrastructure investments projected to reach $571b globally by 2026, Apptio’s FinOps solutions are positioned to help organisations harness AI’s potential whilst managing costs effectively. The new tools are available now, with demonstrations planned at upcoming industry conferences.

CBD Grade A office rents in Singapore have increased for the sixth consecutive quarter, reaching S$9.93 per square foot (psf) in Q3 2025, according to Savills’ latest report. This marks the highest level since Q1 2020, when rents were S$10 psf. The rise is attributed to strong office occupancies and a limited supply of new buildings, leading to higher rental expectations from landlords.

The report highlights a 0.8% quarter-on-quarter (QoQ) increase in rents, with a year-on-year (YoY) growth of 2.1%, the fastest since Q4 2022. Grade AAA office rents saw the most significant rise, increasing by 1.0% QoQ to S$13.19 psf, the highest since Q1 2015. Meanwhile, Marina Bay’s office rents surged by 1.1% QoQ to S$13.17 psf, also the highest since Q1 2015.

Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted, “Owing to the lack of new supply for Grade A CBD offices from now to end-2027, we believe that office rents for Grade A offices should continue to rise at rates about 2-3% per annum for the next two years.”

Despite uncertain business prospects, the limited supply of Grade A office space is expected to sustain rental growth. Companies may attempt to downsize or lease out excess space, but the tight supply is likely to keep vacancy rates low. Savills anticipates that this trend will persist until significant new stock becomes available.