Industry News

Institutions have net bought S$481.3m in Singapore stocks during the first seven sessions of October, coinciding with gains in key indices. The Straits Times Index (STI) rose by 3.3%, whilst the FTSE ST Mid Cap & Small Cap Index and FTSE ST Fledgling Index increased by 1.9% and 3.1% respectively. This surge in institutional buying highlights a strong start to the month for the Singapore stock market.

Among the 250-plus Singapore-listed stocks with market capitalisations exceeding S$100 million, Marco Polo Marine, Frencken, InnoTek, Wee Hur, and SATS experienced the highest net institutional buying relative to their market cap. Notably, nearly half of the top 50 stocks by net institutional buying-to-current cap ratio were from the Technology and Industrials sectors.

The FTSE Asia Pacific Index also saw a gain of 2.6% in early October, although momentum has slowed due to a softer 2026 global trade outlook and renewed US inflation risks. Despite these challenges, the Singapore stock market has maintained a positive trajectory with significant institutional inflows.

Marco Polo Marine and Frencken Group emerged as standout performers, each representing the Industrials and Technology sectors, respectively. Marco Polo Marine reported stable profitability in its recent business update, whilst Frencken Group remains focused on sustainable expansion through strategic investments.

Overall, the Singapore stock market’s performance in early October reflects robust institutional interest, particularly in the Technology and Industrials sectors, setting a positive tone for the remainder of the month.

The Singapore FinTech Festival (SFF) 2025, marking its 10th anniversary, is set to take place from 12 to 14 November at the Singapore EXPO. Organised by the Monetary Authority of Singapore (MAS), Global Finance & Technology Network (GFTN), and Constellar, the event will delve into the theme “Technology Blueprint for the Next Decade of Finance”. The festival aims to explore how emerging technologies can enhance the global financial system’s security and efficiency.

This year’s programme will feature discussions on artificial intelligence, tokenisation, and quantum computing, with insights from both established pioneers and emerging changemakers in the financial technology sector. The event promises to provide a platform for high-impact discussions among regulators, policymakers, and industry leaders.

Ahead of the festival, the Insights ForumTM will be held on 10 and 11 November at the Sands Expo & Convention Centre. This prelude event will gather key stakeholders for in-depth discussions on the future of finance.

Singaporean companies are increasingly looking beyond their borders to fill talent gaps, according to Remote’s Global Workforce Report 2025. The report, which surveyed over 3,600 business leaders across 10 countries, highlights that 76% of HR leaders in Singapore anticipate that more than half of their new hires by 2026 will be based overseas. This trend is driven by the difficulty in finding qualified local talent.

In the past six months, international roles have constituted nearly half (49%) of new hires in Singapore-based companies. The average company now employs talent in three or more countries, a figure expected to rise sharply. However, this global expansion brings challenges. HR teams, often consisting of five or fewer members, face increased responsibilities, including managing compliance and maintaining a consistent employee experience across borders.

The report also notes that 66% of HR leaders have encountered compliance issues when hiring abroad, with each incident costing over $36,200 (US$36,200). Additionally, 29% of companies have been unable to enter new markets due to compliance challenges. To address these issues, HR teams are increasingly turning to integrated platforms that streamline global payroll and compliance processes.

Job van der Voort, CEO and co-founder of Remote, stated, “The first wave of technology in HR made it possible to hire globally. The next wave is transforming how those teams are managed.” As international hiring accelerates, technology will play a crucial role in helping HR teams manage their expanding global workforces efficiently.

Bank of Singapore has introduced an AI-powered tool, Source of Wealth Assistant (SOWA), to automate the creation of Source of Wealth (SoW) reports, significantly reducing the time required from 10 days to just one hour. This innovation aims to enhance the Know-Your-Customer due diligence process by ensuring the legitimacy of clients’ wealth and transactions whilst maintaining regulatory compliance.

Previously, relationship managers manually sifted through extensive documentation, including financial statements and tax notices, to compile these reports. SOWA now automates this process, generating comprehensive and standardised reports, thereby minimising human errors and inconsistencies. The tool leverages the extensive databases of Bank of Singapore and its parent company, OCBC, to validate client information against benchmarks like salary and company revenue.

Relationship managers still play a crucial role by reviewing and refining the AI-generated drafts before they undergo further assessment by internal review teams. This ensures that the bank’s anti-money laundering and counter-terrorism financing controls remain robust. The information processed by SOWA is securely hosted on the bank’s private cloud.

Kam Chin Wong, Global Head of Financial Crime Compliance at Bank of Singapore, highlighted the tool’s impact: “Agentic AI pushes the envelope further by enhancing efficiency, accuracy and consistency in decision-making.” Ruth Yeo, a relationship manager, noted the intuitive nature of SOWA, stating that it allows her to focus more on client engagement rather than manual documentation.

This deployment marks a significant step in Bank of Singapore’s ongoing investment in AI technologies, aiming to improve productivity and client service across its operations.

The recent Government Land Sales (GLS) tender for the residential site at Dorset Road has concluded with nine bids, the highest reaching S$1,338 per square foot per plot ratio (psf ppr). This top bid, submitted by an undisclosed developer, reflects a significant 18.4% increase compared to the land rate of the nearby Northumberland Road site awarded over four years ago. Leonard Tay, Head of Research at Knight Frank Singapore, noted that this demonstrates developers’ confidence in the strong homebuyer momentum and the site’s city-fringe location, despite economic uncertainties and rising development costs.

The Dorset Road site is expected to benefit from its proximity to Farrer Park MRT station and nearby amenities such as City Square Mall and Mustafa Centre. The anticipated selling price for residential units is projected to start from S$2,700 psf, potentially averaging above S$2,800 psf. Tay highlighted that the robust interest in the site is driven by Singapore’s resilient residential market, supported by low unemployment and healthy household balance sheets.

The top bid of S$524.3m or S$1,338 psf ppr, was 19.2% higher than the lowest bid of S$440 million, or S$1,123 psf ppr, indicating varying risk appetites among developers regarding future homebuyer demand. The project is expected to be launch-ready in about a year, with developers keen to capitalise on the sustained demand for well-located neighbourhoods with modern amenities.

The recent tender for the Dorset Road residential site has garnered significant attention, with nine bids submitted, surpassing expectations. The top bid, valued at S$524.3m (S$1,338 psf ppr), was made by a consortium of UOL, Singapore Land Group, and Kheng Leong Co. This bid narrowly outpaced the second-highest offer by 1.0%, highlighting the site’s appeal due to its strategic location and potential for development.
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The Dorset Road site, which can accommodate 425 units, is the most contested Rest of Central Region (RCR) plot this year, following less enthusiastic responses to other tenders. Tricia Song, CBRE Head of Research, Southeast Asia, noted the site’s appeal due to its proximity to the city centre, MRT access, and nearby amenities, making it attractive to developers and potential upgraders from surrounding HDB estates.

The competitive bidding mirrors the interest seen in similar sites, such as the Northumberland Road plot, which received 10 bids in 2021. The Dorset Road site’s connectivity and location near Farrer Park MRT, as well as its proximity to schools and retail centres, are key attractions. However, developers must consider additional costs due to existing buildings and potential asbestos issues.

With the last major launch in the area, Piccadilly Grand, fully sold three years ago, there is an anticipated demand for new developments. The successful consortium may launch units at an estimated price of S$2,700-2,800 psf, reflecting the site’s premium location and market demand.

Ecolab Inc, a global leader in sustainability solutions, has introduced its 3D TRASAR Technology for Direct-to-Chip Liquid Cooling in Southeast Asia, with Singapore as the launch site. This innovation, unveiled at Data Centre World Asia 2025, is designed to improve the cooling efficiency of high-performance computing systems and data centres by monitoring coolant health indicators like temperature, pH, and flow rates in real time.

The technology is part of Ecolab’s comprehensive cooling management portfolio, which aims to optimise Water Use Efficiency (WUE) and Power Usage Effectiveness (PUE), aligning with Singapore’s Green Plan 2030 and Smart Nation initiatives. Gregory Lukasik, CEO and Senior Vice President of Ecolab Southeast Asia, highlighted the importance of building systems that reuse water and energy at scale, especially as artificial intelligence (AI) drives unprecedented growth in data demand.

Asia Pacific, accounting for over 40% of new global data centre capacity, is experiencing rapid growth, with demand expected to double by 2030. In Singapore, data centres already consume 7% of national electricity, with cooling accounting for up to 40% of this usage. Ecolab’s new solution aims to address these challenges by enhancing operational efficiency and sustainability.

Ecolab has been present in Singapore since the 1970s, supporting various industries through its expertise in water and process management. The company is also collaborating with the Institute of Technical Education to develop future-ready talent for the data centre industry. Kelly Lai, Vice President for Materials and Chemicals at the Economic Development Board of Singapore, praised Ecolab’s role in driving sustainable growth through AI-enabled and resource-efficient solutions.

Meta has announced the launch of Candle, a new submarine cable system set to become the largest-capacity cable in the Asia-Pacific (APAC) region. Scheduled to go live in 2028, Candle will span 8,000 kilometres and provide 570 terabits per second (Tbps) of capacity, connecting over 580 million people in Japan, Taiwan, the Philippines, Indonesia, Malaysia, and Singapore.

Candle is part of Meta’s broader investment in subsea cable infrastructure in APAC, which includes the Echo, Bifrost, and Apricot cables. These projects aim to deliver Meta’s products, services, and artificial intelligence (AI) capabilities to billions of users in the region. “Our investments will enhance the scale and reliability of the global telecommunications network,” Meta stated.

The Bifrost cable, now operational, connects Singapore, Indonesia, the Philippines, and the United States, with a future extension to Mexico expected by 2026. Echo, another key project, currently offers 260 Tbps of capacity between Guam and California. Meanwhile, the Apricot cable links Japan, Taiwan, and Guam, with plans to extend to the Philippines, Indonesia, and Singapore.

These initiatives are part of Meta’s commitment to improving digital infrastructure and connectivity worldwide. The company also highlighted its involvement in other global projects, such as 2Africa and Project Waterworth, to further enhance global connectivity.

Hilton Singapore Orchard has appointed Michael Janssen as its new general manager, effective 15 September 2025. With over 28 years of international experience in the hospitality industry, Janssen will oversee the 1,080-room flagship property, focusing on enhancing guest experiences and promoting sustainable growth. His appointment coincides with a period of significant growth in Singapore’s tourism sector, with visitor numbers expected to reach 18.5 million in 2025.

Janssen’s career includes leadership roles across Asia, Japan, China, the Middle East, and Europe. Before joining Hilton Singapore Orchard, he was the general manager of ANA InterContinental Tokyo and held senior positions with InterContinental Hotels Group in Thailand, China, and Indonesia. His strategic and people-first approach has earned him a reputation as a transformative leader.

The appointment comes as Singapore’s tourism industry is poised for dynamic growth, with tourism receipts projected to hit $21.8b (S$29.8b). Hilton Singapore Orchard, located on Orchard Road, is well-positioned to meet the increasing demand for experience-led stays. Janssen will leverage his global expertise to enhance the hotel’s appeal to both business and leisure travellers.

“It is a privilege to lead Hilton Singapore Orchard at such an exciting time for Singapore’s hospitality industry,” Janssen stated. He aims to strengthen the hotel’s position as the preferred choice for travellers and contribute positively to the community.

Under Janssen’s leadership, Hilton Singapore Orchard, featuring five dining concepts and extensive meeting spaces, is set to shape the future of hospitality in the region.

Singapore travellers are at the forefront of adopting digital technology in travel, with 79% expressing willingness to use biometric gateways at airports, according to a new study by Amadeus. This figure significantly surpasses the global average of 69%, highlighting Singapore’s tech-forward traveller profile. The study, titled “Connected Journeys: How Technology Will Transform Travel in the Next Decade,” explores the evolving needs of travellers who are increasingly integrating technology into their journeys whilst maintaining high expectations for reliability.

The research reveals that Singaporeans are not only keen on biometric gateways but also interested in other digital solutions. For instance, 36% are open to using biometric security to expedite queuing times, whilst 33% seek real-time updates on traffic and arrivals. Additionally, 62% prefer to check their luggage from home rather than at the airport.

Beyond biometrics, the demand for integrated travel solutions is growing. About 32% of respondents favour a single ‘super app’ to manage all travel-related information, from flight updates to hotel bookings. Business travellers share similar preferences, with 34% desiring a consolidated travel application and 32% valuing smart luggage tracking.

Generative AI is also gaining traction, with its usage for trip planning nearly doubling from 11% in 2024 to 20% this year. Despite the enthusiasm for digital innovation, the study underscores the importance of reliability, with 76% of travellers willing to rebook with providers who manage disruptions efficiently.

Javier Laforgue, Executive Vice President of Amadeus, noted, “The rapid adoption of new technology among Singapore travellers shows a real appetite for smarter, more personalised and seamless journeys.” However, he emphasised that blending technology with reliable support is crucial for building lasting confidence and loyalty among travellers.