Industry News

The SG60 WeCare Arts Exhibition, a month-long event celebrating Singapore’s 60 years of nation-building, has opened at the National Gallery Singapore. Supported by the National Arts Council and the National Gallery, the exhibition features over 780 community artists from Social Service Agencies (SSAs) and Self-Help Groups (SHGs), showcasing artworks that reflect the hopes and aspirations of underserved communities. The exhibition, running from 16 September to 12 October 2025, aligns with the National Arts Council’s Our SG Arts Plan 2023–2027, aiming to broaden access to the arts and deepen community engagement.

Curated by the National Gallery Singapore, the exhibition is themed “Our Community SG60 and Beyond” and features 30 artworks by beneficiaries aged seven to 95. These artworks are divided into three thematic sections: “Shared Stories, Our Memories,” “Many Hands, Our Collective Spirit,” and “Together, We Imagine the Future.” The exhibition highlights the importance of community voices in shaping Singapore’s cultural narrative.

Minister Edwin Tong, alongside the Mayors, officially opened the exhibition on 16 September 2025.

Since 2014, the WeCare Arts Fund has empowered over 24,700 beneficiaries, fostering social cohesion and inclusivity. A recent grant extension of $600,000 will enable the continuation of impactful arts programmes. This year’s SG60 edition marks the fourth WeCare Arts Exhibition, following previous events at Our Tampines Hub, Wisma Geylang Serai, and the National Museum Singapore.

At the official opening of the Singapore Institute of Technology’s (SIT) Punggol Campus on 16 September, Kwek Leng Beng, Executive Chairman of Hong Leong Group and City Developments Limited (CDL), along with CDL Group CEO Sherman Kwek, were recognised for their substantial contribution to the university. Their joint endowed gift of S$24m, one of the largest received by SIT, has been commemorated through the naming of the administrative building as the Kwek Leng Beng University Tower.

The donation is part of a broader initiative to support SIT’s development and underscores the role of corporate contributions in fostering innovation and leadership among Singapore’s future generations. The event was attended by notable figures including Prime Minister Lawrence Wong and Minister for Education Desmond Lee, who acknowledged the significance of such contributions in enhancing educational infrastructure.

The donation is expected to bolster SIT’s capabilities in providing cutting-edge education and research opportunities, aligning with the institution’s mission to nurture industry-ready graduates.

The recognition of Kwek and CDL’s contribution highlights the impactful role that corporations can play in shaping educational landscapes. As SIT continues to expand its facilities and programmes, such partnerships are crucial in driving the university’s vision forward.

HSBC Private Bank has unveiled Wealth Intelligence, a generative AI-powered ecosystem, designed to enhance the capabilities of its wealth management staff. This new platform, powered by OpenAI’s Large Language Model, aims to provide clients with high-quality market insights and personalised investment strategies by analysing and summarising over 10,000 data sources, including the bank’s research reports and external news feeds.

Wealth Intelligence offers swift access to a wide array of reports from HSBC’s Chief Investment Office. It also integrates third-party product information, expanding its knowledge base. In future developments, the platform will assist wealth management teams in identifying suitable investment products and asset allocation recommendations for clients.

Gabriel Castello, CEO of HSBC Global Private Banking a.i., highlighted the importance of client relationships, stating, “With the rapidly-evolving financial markets, we understand our clients have stronger expectations for timely, trustworthy and personalised investment advice than ever.” He emphasised that the AI capabilities will allow wealth management teams to focus more on clients’ unique investment objectives.

Initially launched in Hong Kong and Singapore, Wealth Intelligence is set to expand to more markets globally. Lavanya Chari, Head of Wealth and Premier Solutions at HSBC, noted, “AI adoption is one of our core strategic pillars for enhancing our client experience at scale.” She added that the platform will help clients make better data-driven decisions.

This development marks a significant step in HSBC’s strategy to leverage AI for improving client services and optimising investment advice.

Singapore has secured the 5th position in the 2025 Global Innovation Index (GII), marking its third consecutive year in the global top five. Released by the World Intellectual Property Organisation (WIPO), the index ranks 139 economies based on innovation inputs and outputs. Singapore’s rise to 9th place in innovation outputs represents its best performance in over a decade, driven by strengths in high-tech manufacturing, unicorn valuations, and cultural exports.

The city-state maintained its top position in innovation inputs for the 15th consecutive year, excelling in government effectiveness, policy stability, and foreign direct investments. Singapore also achieved 1st place in 10 out of 78 indicators, the highest number for the country to date. This reflects its leadership in various innovation sectors.

Tan Kong Hwee, Chief Executive of the Intellectual Property Office of Singapore, highlighted the significance of these achievements. “Singapore’s performance in the Global Innovation Index reflects the collective commitment across government, businesses, and research communities to build a world-class innovation ecosystem,” he stated. The improved ranking in innovation outputs underscores Singapore’s ability to translate innovation into tangible economic benefits.

The GII serves as a benchmark for innovation performance worldwide, using 78 indicators from public and private sources. As Singapore plans for the next phase of its IP Strategy 2030, these results provide encouragement and affirmation of its innovation capabilities.

CIMB Singapore has introduced the CIMB Founders Card, a personal credit card specifically designed for sole proprietors and small and medium-sized enterprise (SME) owners. This initiative aims to provide these business owners with financial flexibility and instant cash access, addressing the unique challenges they face in securing traditional financing.

The card offers up to 114 days of zero interest on working capital loans and retail purchases, alongside zero foreign exchange fees for overseas transactions. This is particularly beneficial for SMEs, which constitute 99% of Singapore’s businesses and employ 70% of the workforce. Many of these businesses struggle with irregular income patterns and limited credit histories, making traditional loans difficult to obtain.

Merlyn Tsai, Head of Consumer Banking and Digital at CIMB Singapore, stated, “For sole proprietors and SME owners, what truly matters is financial flexibility and easy access to capital to support growth. CIMB Singapore is proud to be a partner in their entrepreneurial journey with inclusive and innovative solutions.”

In collaboration with Mastercard, the card also provides access to over 1,300 airport lounges worldwide and travel insurance coverage of up to $730,000 (S$1 million). Additional benefits include discounts on workplace productivity software and co-working spaces, enhancing both business and personal lifestyles for cardholders.

This launch aligns with the Singapore government’s call for more inclusive financing options for SMEs, especially amidst economic uncertainties. The CIMB Founders Card is set to empower entrepreneurs by offering practical financial solutions that support growth and resilience.

ABB has secured a contract to supply a comprehensive electric power and propulsion system for Singapore’s inaugural floating liquefied natural gas (LNG) terminal. This project, awarded by South Korean shipbuilder Hanwha Ocean, marks a significant step in the collaboration between the two companies, which have worked together on numerous LNG carrier projects.

The Floating Storage and Regasification Unit (FSRU) will feature ABB’s integrated electrical system, including a medium voltage generator, 6.6kV switchboards, and propulsion components. Additionally, the terminal will utilise ABB’s remote control and diagnostics system, condition monitoring solution, and enhanced power protection system.

Set to be delivered to Mitsui O.S.K. Lines in 2027, the FSRU will be moored at Jurong Port and connected to the gas network by 2030. It will have a capacity of 200,000 cubic metres of LNG and is expected to increase Singapore’s LNG importing capacity by 50%, compared to the existing landside terminal.

Rune Braastad, Global Business Line Manager at ABB, stated, “We are proud to continue our long-lasting collaboration with Hanwha Ocean by supplying an integrated electrical system for Singapore’s first FSRU.”

This development is a strategic investment in Singapore’s energy infrastructure, aligning with the city-state’s transition towards net-zero emissions. The facility will process five million tonnes of LNG annually, enhancing Singapore’s position as a key LNG hub in Asia.

Singapore’s medical device sector is poised for significant advancement with the introduction of the first regulatory reliance pilot, a collaborative effort between Singapore’s Health Science Authority (HSA) and Malaysia’s Medical Devices Authority (MDA). This initiative aims to accelerate access to advanced medical technologies in the region by reducing duplicate regulatory reviews and leveraging mutual approvals.

The six-month Medical Device Regulatory Reliance Programme, running from 1 September 2025 to 28 February 2026, targets Class B, C, and D medical devices. It reflects a broader trend in Asia towards regulatory convergence, aligning with global best practices and reducing compliance costs for manufacturers.

Nidhi Bharti, a Medical Devices Analyst at GlobalData, stated, “Operationalising regulatory reliance marks a decisive move towards greater regulatory sophistication in the region, building shared expertise, accelerating innovation pipelines, and positioning Southeast Asia as an influential driver in global medtech development.”

Under this programme, both agencies will utilise reliance pathways, drawing on each other’s regulatory assessments to fast-track device evaluations whilst maintaining high standards of patient safety and product quality. This approach is expected to reduce review times by up to 30% for manufacturers in Singapore, encouraging more cross-border filings and improving patient access to life-saving innovations.

Bharti concluded, “By embracing regulatory reliance and deepening cross-border collaboration, Singapore is not only accelerating access to vital medical devices but also reinforcing its standing as a hub for regulatory excellence and global medtech innovation.” If successful, the pilot could serve as a model for broader ASEAN cooperation, boosting investor confidence and stimulating growth in the region’s medical devices industry.

Saison Capital, the venture arm of Japan’s Credit Saison, has announced the launch of Onigiri Capital, a $50m blockchain investment fund. The fund, which has already secured $35m, is designed to connect global innovation with Asia’s established blockchain and financial networks, focusing on start-ups in sectors such as stablecoins, payments, tokenised assets, decentralised finance (DeFi), and financial markets infrastructure.

The launch of Onigiri Capital comes at a time when blockchain venture capital funding is experiencing a resurgence, reaching its highest levels since 2022. The fund aims to capitalise on the growing trend of real-world asset tokenisation, which is projected to reach a market value of $10 trillion by 2030. Major institutions like BlackRock, Goldman Sachs, MUFG, and Bank of China are already integrating blockchain into their traditional finance systems.

Co-led by managing partners Qin En Looi and Hans de Back, Onigiri Capital leverages the extensive network of Credit Saison Group and other financial institutions across Asia, including Japan, Korea, Singapore, Malaysia, Indonesia, and the Philippines. This provides portfolio companies with access to major distribution channels, regulatory expertise, and established credibility.

Qin En Looi highlighted the fund’s role in addressing a critical gap in the US market, stating, “Our institutional background and deep roots in the region instantly provide a launchpad for US founders and developers to drive real progress at scale and speed.”

Onigiri Capital aims to support blockchain innovation by offering a blend of Silicon Valley’s creativity and Asia’s institutional validation, ensuring high-quality solutions that meet global finance standards.

CBRE’s latest report on Asia Pacific Hotels & Hospitality Performance & Outlook reveals a robust growth trajectory for the region’s hotel sector, with investment volumes expected to approach the record high of $16.3b set in 2024. As of August 2025, investments have already reached $12.1b, with Japan, Australia, and Korea leading the charge.

The report identifies several trends shaping the future of tourism and hospitality in Asia Pacific. Tourism is on the rise, influenced by macroeconomic factors and social media trends, which are reshaping travel planning and foreign exchange rates. This growth positions the region as a future global tourism hub.

Investment in co-living spaces is also accelerating, particularly in Korea, Singapore, Australia, and Hong Kong SAR. This trend reflects a demand for flexible living solutions in increasingly tight residential markets.

Despite the positive outlook, the report notes that hotel performance improvements require innovative revenue management strategies. Hoteliers are encouraged to adopt demand-based pricing, hyper-personalisation, and expand loyalty programmes to enhance profitability. However, the sector faces challenges with constrained supply due to rising construction costs, though opportunities exist in conversion and rebranding.

CBRE’s report underscores the dynamic nature of the Asia Pacific hospitality market, highlighting both opportunities and challenges as the region continues to evolve as a key player in global tourism.

The rapid expansion of artificial intelligence (AI) is driving a significant increase in demand for neocloud services, according to JLL. The global neocloud segment is expected to grow at an 82% compound annual growth rate through 2025, as traditional data centres struggle to meet the rising demand for AI infrastructure. Neoclouds, which offer specialised access to graphics processing units (GPUs), are emerging as a crucial alternative to hyperscalers, providing faster deployment and flexible pricing for AI workloads.

Neoclouds, also known as GPU-as-a-service (GPUaaS), cater specifically to AI, blockchain, gaming, and scientific workloads. They offer tailored solutions and lower costs than traditional hyperscalers by partnering directly with hardware providers. Andrew Batson, Head of Data Centre Research, Americas, JLL, stated, “Demand for AI infrastructure is growing at an exceptional pace, and the global data centre market has become capacity constrained. Neoclouds have developed an advantage over traditional cloud providers by moving faster and pricing lower with flexible terms.”

Despite the advantages, neoclouds present higher investment risks due to their capital-intensive nature and shorter lease terms. However, they attract investors with rental premiums compared to traditional data centre tenants. Mohd Syafiq, Director of Data Centre Research, Asia Pacific, JLL, noted, “Funding will be a major factor to translate the potential of neoclouds into a reality capable of handling the AI load.”

Whilst neoclouds are gaining traction, JLL does not foresee them replacing hyperscalers. Instead, they are expected to complement the diverse computing services offered by hyperscalers, ensuring that global enterprises have access to a wide range of solutions. As AI continues to grow, the demand for specialised infrastructure like neoclouds is set to rise, presenting both opportunities and challenges for investors and service providers.