Industry News

Aster and Lubrizol have signed a Memorandum of Understanding (MoU) to explore strategic collaboration opportunities in Singapore and the wider region. This partnership combines Aster’s integrated refinery and petrochemical operations with Lubrizol’s innovation-driven capabilities to advance diversified energy pathways, develop high-performance lubricants and speciality chemical solutions, and support Singapore’s low-carbon transition.

The MoU sets a framework for joint studies and initiatives aimed at driving product innovation and strengthening value chains. By leveraging Aster’s operational experience and Jurong Island’s strategic position, the collaboration seeks to create new growth opportunities for sustainable chemical development in Asia.

Chan Win Sim, Aster’s Commercial Director, expressed optimism about the partnership, stating, “We continue to invest in growth and innovation, strengthening strategic resilience across our portfolio to power growth, connect industries and uplift communities.” Henry Liu, Lubrizol’s Asia Pacific Vice President, added, “This MoU represents a strategic move to strengthen supply chain resilience to deliver high-performance, next-generation products.”

The collaboration is expected to address the evolving lubricant landscape, shaped by technological advancements, tightening environmental regulations, and increased digitalisation. Both companies aim to support the region’s transition towards a sustainable future, enhancing Singapore’s role as a hub for advanced chemical technologies.

As Singapore pushes towards an AI-driven economy, a new study by General Assembly reveals significant challenges in AI skills and leadership readiness. Despite growing confidence in AI, many organisations in Singapore have yet to move beyond superficial AI implementation. The research indicates that whilst 62% of leaders attended AI training in 2025, only 47% of companies offer tailored AI programmes for leadership teams.

The study underscores the importance of leadership-driven AI integration to maintain competitiveness. Sima Saadat, Singapore Country Manager at General Assembly, stated, “AI is fundamentally changing how organisations operate – and leadership readiness is now the key differentiator.” The findings suggest that Singapore’s next leap in AI depends on executive-level clarity and sector-specific upskilling.

Key insights from the research include a rising demand for hands-on AI experience, yet the local talent pool remains limited. Entry-level positions are declining as companies seek candidates with proven skills or supplement their teams with AI tools. Additionally, 36% of leaders believe AI could replace their roles, although most encourage AI adoption at work.

General Assembly emphasises that success in AI requires robust learning frameworks beyond technical staff. Daniele Grassi, CEO of General Assembly, noted, “Leadership championship and continuous learning are critical to maximising AI’s impact.” The report calls for a shift from technical training to a culture of continuous learning, starting at the top, to secure Singapore’s place in the AI revolution.

StraitsX, a leader in stablecoin-native settlement, has announced plans to expand its payment network to support real-time, FX-transparent cross-border settlements between Singapore, Thailand, Taiwan, and Japan. This expansion, set to go live in Q2 2026, will integrate with Thailand’s KBank via its Q Wallet and establish regional settlement frameworks in Taiwan and Japan, linking consumer and institutional payment ecosystems.

The initiative aims to create a unified payment corridor across Southeast and Northeast Asia, allowing users to transact with real-time settlement and transparent FX. Key partnerships include KBank and ORBIX Technology, enabling real-time QR interoperability between Thailand and Singapore using XSGD for instant cross-border settlements. This will allow travellers to use familiar applications like Q Wallet or GrabPay, with merchants receiving local currency instantly.

The expansion will also enhance network connectivity with regional wallets in Taiwan and Japan, broadening the reach of stablecoin rails. Tianwei Liu, CEO and Co-Founder of StraitsX, stated, “By embedding XSGD into established consumer rails like GrabPay and Q Wallet by KBank, we’re showing how trusted digital assets can deliver real-time settlement, transparent FX conversion, and interoperability at scale.”

This development marks a significant step in transforming traditional payment corridors into seamless, borderless value exchange networks. The expanded network will support cross-border transactions in XSGD, maintaining compliance with local regulations whilst preserving familiar payment experiences. As Asia leads the charge in stablecoin-powered payments, StraitsX is poised to play a pivotal role in this evolving landscape.

The Singapore Tourism Board (STB) has awarded Therme Group Singapore the tender to develop a wellness attraction at Marina South Coast, aligning with STB’s Tourism 2040 vision. The project, set to open by 2030, will span 4 hectares and is expected to draw 2 million visitors annually, with nearly half being international tourists. This development will be Singapore’s first dedicated wellness attraction, enhancing the Marina Bay precinct’s appeal.

Therme Group Singapore’s proposal was selected for its innovative wellness concept, which includes thermal pools, saunas, steam baths, and water slides, catering to diverse demographics. The attraction will be situated alongside notable landmarks such as Gardens by the Bay and Marina Barrage, further enriching the area’s offerings. Additionally, a public park will be developed, linking Marina Barrage to the wellness site.

The global wellness tourism market is projected to grow by 10.2% to US$1.35t by 2028, highlighting the sector’s potential. Jean Ng, Assistant Chief Executive of STB, stated, “Our vision is to establish Singapore as a leading urban wellness haven through a world-class facility that offers transformative wellness experiences for visitors and locals alike.” This initiative supports Singapore’s goal of achieving $47b to $50b in tourism receipts by 2040.

Lendlease has announced the opening of Moomoo Singapore’s first physical stores in its malls, including 313@somerset, Jem, and Parkway Parade. This move marks a significant milestone as Moomoo, a leading online trading platform, transitions into brick-and-mortar retail, reflecting the growing trend of fintech brands expanding their presence beyond digital platforms.

The new stores, set to launch this year, will occupy 939 square feet at 313@somerset and 739 square feet at Jem. These locations will offer an immersive experience for customers, combining Moomoo’s digital investment platform with in-person customer service. Erika Chiang, Chief Marketing Officer for Southeast Asia at Moomoo, stated, “By combining the scale and innovation of digital with the personal touch of in-store engagement, we are creating spaces where investing becomes tangible, interactive, and inspiring.”

Additionally, Lendlease is facilitating a pop-up concept at Parkway Parade, expected to open later this year. This initiative allows Moomoo to refine its retail strategy and enhance its customer engagement during the launch phase. Jenny Khoo, Head of Retail and Workspace Management at Lendlease, expressed enthusiasm about the partnership, highlighting its alignment with Lendlease’s commitment to offering innovative retail experiences.

This collaboration underscores Lendlease’s strategic role in supporting experience-led retail concepts and diversifying its tenant mix to meet evolving consumer needs. As Moomoo ventures into physical retail, it aims to redefine how people experience investing in Singapore, bridging the gap between digital and physical interactions.

Watsons, Singapore’s leading health and beauty retailer, has unveiled the nation’s first retail pharmacy eConsultation service, a digital platform aimed at enhancing healthcare accessibility. Available via the Watsons website and mobile app, this service allows users to consult with certified pharmacists for free on various health issues, including minor ailments and medication guidance.

The eConsultation service offers personalised advice, complete with price transparency and product recommendations, which can be ordered online for home delivery. Irene Lau, Managing Director of Watsons Singapore & New Markets, stated, “We’re bringing the trusted expertise and personalised care of our pharmacists directly to you.”

The service addresses common health concerns such as coughs, fevers, digestive disorders, and skin conditions. Consultations are secure, confidential, and encrypted, ensuring customer privacy. The process involves visiting the Watsons platform, registering, and speaking with a pharmacist. Customers can then purchase recommended products online.

Watsons offers three delivery options: express within three hours, same-day evening delivery, and next business day. The service operates Monday to Friday, 12:00 PM to 5:30 PM, excluding public holidays, and requires a valid photo ID for pharmacy-only medications. This initiative marks a significant step in making healthcare more accessible and convenient for Singaporeans.

Affiliate marketing is becoming a crucial growth strategy for brands in Singapore, as revealed by a new report from impact.com. The Global State of Affiliate Marketing Report 2025 highlights that 75% of brands in Singapore have boosted their affiliate marketing investment over the past year, seeking cost-effective and measurable growth solutions amidst rising marketing costs.

The report, which surveyed over 1,500 marketers, creators, and publishers across eight markets, including Singapore, shows a significant shift towards affiliate marketing. In Singapore, 61% of brands now attribute more than 21% of their total revenue to affiliate marketing. Additionally, 65% of brands reported stronger returns on ad spend, and 70% experienced revenue growth in the past 12 months.

A notable trend is the increasing focus on creator partnerships, with nearly half of the brands planning to allocate 25–50% of their affiliate budgets to creators next year. Influencer-led affiliate growth is expected to rise by 37 percentage points, the highest among the surveyed markets. Sarah Ann Lim, Global Partnership Manager at Castlery, noted, “As customer acquisition costs keep rising, creators have become one of our most effective performance channels.”

The report also indicates a shift in partnership models, with brands moving from flat fees to hybrid reward structures that combine commissions with performance-based incentives. Despite challenges such as budget constraints and data privacy concerns, Singaporean marketers are building sophisticated ecosystems that connect brands with creators and media publishers.

Adam Furness, Managing Director APJ at impact.com, stated, “Brands in Singapore are reallocating budgets based on what is driving measurable, cost-effective growth.” As affiliate marketing continues to demonstrate its value, it is poised to become a central pillar in the digital strategies of Singaporean brands.

Financial wellbeing has emerged as the leading life priority for 57% of Asia Pacific consumers, surpassing health and wellbeing (49%) and family and relationships (48%), according to a new report by Personetics. The company, a global leader in Cognitive Banking services, has expanded its reach to 25 million users in the region.

The survey, which included 2,000 consumers with a quarter from Asia Pacific countries such as Australia, Japan, the Philippines, Singapore, and Vietnam, highlights the growing importance of financial wellbeing. Notably, Gen Z respondents in the region, aged 17-27, show a higher prioritisation of financial wellbeing at 65%, with 85% expressing strong interest in related services.

A significant 80% of Asia Pacific consumers indicated they would switch banks to receive more timely financial advice, with Gen Z leading this trend. This underscores the need for banks to offer personalised, AI-driven insights to retain and attract customers, particularly younger demographics.

Udi Ziv, CEO of Personetics, stated, “This survey is further evidence of what forward-looking banks in the region already understand: that they cannot afford to be complacent about consumer loyalty and that AI-driven personalisation is critical to customer satisfaction and business growth.”

Despite a lower trust level in financial advice from banks compared to Europe and North America, Asia Pacific consumers are increasingly embracing AI-driven financial insights, with many seeking features like double-billing alerts and savings nudges. Personetics continues to innovate with products like PrimacyEdge, aimed at enhancing customer loyalty and financial engagement.

Grab Holdings Limited has announced its financial results for the third quarter of 2025, revealing a 22% year-over-year revenue growth to $873m. The company also achieved its 15th consecutive quarter of EBITDA growth, with adjusted EBITDA rising by 51% to $136m. User numbers reached a record high of 48 million monthly transacting users (MTUs).

The on-demand gross merchandise value (GMV) saw a 24% year-over-year increase, reaching $5.8b. This growth was driven by a 16% rise in on-demand MTUs and a 27% increase in the total number of on-demand transactions. Grab’s profit for the quarter was $17m, marking a $2m improvement from the previous year.

Anthony Tan, Group CEO and Co-Founder of Grab, highlighted the company’s focus on building a resilient, technology-driven platform. “Grab’s growth engine continues to gain momentum,” he stated, emphasising the company’s commitment to innovation and profitable growth in its core on-demand business.

Looking ahead, Grab plans to continue investing in financial services and exploring opportunities in autonomous vehicles and remote driving. The company has also upgraded its full-year revenue guidance to $3.38b to $3.40b, with adjusted EBITDA expected to reach between $490m and $500m.

These results underscore Grab’s robust performance and strategic focus on expanding its business whilst maintaining financial discipline.

Chick-fil-A, the third largest quick-service restaurant company in the US, is set to open its first Asian outlet at Bugis+ in Singapore on 11 December 2025. This move signifies the beginning of a 10-year, $75m investment in the region. The restaurant will operate from Monday to Saturday, 10:00 a.m. to 10:00 p.m., and will be closed on Sundays, adhering to the company’s tradition.

The new Chick-fil-A Bugis+ will offer a menu featuring its iconic Chicken Sandwich, Waffle Potato Fries, and a variety of milkshakes. A new Spicy Chilli Sauce, exclusive to Singapore, will also be available. The restaurant aims to provide a remarkable dining experience with quality ingredients and warm hospitality.

In a bid to support the local community, Chick-fil-A has donated S$25,000 to The Food Bank Singapore. The company has pledged to donate the same amount for each new restaurant opened in Singapore. Hugh Park, Head of Asia Pacific Operations at Chick-fil-A, stated, “As we begin this next chapter in Singapore, we are honoured to partner with The Food Bank Singapore to help strengthen food support for those who need it most.”

The restaurant will also participate in the Chick-fil-A Shared Table programme, redirecting surplus food to local non-profit partners. This initiative has globally contributed to over 42 million meals.

Chyn Koh, the local Owner-Operator, will lead the Singapore outlet. Koh, with over two decades of experience in the food and beverage industry, emphasised the importance of creating a welcoming environment for both guests and team members. The restaurant is expected to create 60 to 80 job opportunities, fostering growth and development for its team members.