Industry News

Velox Networks, a leading cloud telephony provider based in Singapore, has announced its expansion into the Philippines, marking its third Southeast Asian market after Singapore and Malaysia. This strategic move follows the enactment of the Konektadong Pinoy Act, a landmark telecommunications law aimed at modernising the country’s voice and data infrastructure. The legislation creates favourable conditions for cloud-native communications providers, allowing them to offer enterprise-grade voice infrastructure without significant physical network investments.

Martin Nygate, Founder and CEO of Velox Networks, stated, “The Philippines is at an inflection point. New legislation is finally creating the regulatory framework for modern telecommunications infrastructure.”

Velox Networks is not entering the market remotely; it has established a 12-person team across Manila, Cebu, and other key cities. This local presence underscores the company’s commitment to providing the same level of service and support as in Singapore and Malaysia. The Philippines’ telecommunications challenges, such as the notorious “spaghetti wires,” are being addressed through recent government actions, including the Metro Manila Council’s resolution for cable management and Cebu City’s underground cabling ordinances.

Velox’s platform offers cloud-based business phone numbers, automatic call recording, CRM integrations, and enterprise-grade security, catering to over one million micro, small, and medium enterprises in the Philippines. As regulatory scrutiny around data privacy increases, Velox aims to bridge the gap between consumer-grade tools and enterprise requirements, enhancing productivity and operational resilience.

The Singapore Institute of Directors (SID) Board Academy, in collaboration with Ensign InfoSecurity, has introduced a pioneering Cyber Incident Management Simulation for Boards. This initiative, dubbed “Simulation-in-a-box,” is designed to immerse company boards in a 90-minute cyber wargaming exercise, simulating a ransomware attack. The programme covers critical aspects such as containment, disclosure, recovery, and stakeholder management.

The launch comes as Singapore’s Ministry of Digital Development and Information plans to mandate cybersecurity training for board members of Critical Information Infrastructure organisations from Q1 2026. This regulatory push underscores the growing need for boards to actively engage in cyber resilience and crisis leadership.

Lim Minhan, Executive Vice President of Consulting at Ensign InfoSecurity, emphasised the importance of the programme, stating, “Cyber incidents are increasingly placing boards at the centre of decision-making, requiring them to weigh security, operational continuity, financial impact, and legal exposure in real time.”

The SID and Ensign aim to train 3,500 directors across the Asia-Pacific region by 2030. The programme is already gaining traction, with 100 board members from Singapore and Thailand signing up during the pre-launch phase. The training will be extended to sectors such as energy, banking and finance, and healthcare, with the flexibility to tailor sessions to specific regulatory and business environments.

Emily Poon, CEO-Designate of SID, remarked, “With this ‘Simulation-in-a-box’ offered by the SID Board Academy, we count on Ensign’s support to prepare up to 3,500 directors by 2030 to confidently lead their organisations through cyber incidents.”

Singapore has been ranked third globally in the Global Atlas of Risk and Readiness 2026, released by Global Citizen Solutions. The city-state is the only Asian economy in the top tier, boasting the lowest risk score of any country in the dataset. The report evaluates 85 jurisdictions on structural risk and forward-looking readiness, highlighting readiness as the key driver of long-term competitiveness.

The report underscores Singapore’s strategic positioning, noting its exceptional digital infrastructure, AI capability, and human capital. Patricia Casaburi, CEO of Global Citizen Solutions, stated, “The performance of economies like Singapore proves that in a fragmented world, agility and governance depth matter far more than scale.”

Europe dominates the upper tier, with Switzerland and Germany taking the top two spots. However, Singapore’s low risk score sets it apart, even outperforming these European leaders. The Asia-Pacific region, described as a “dual-speed” area, shows significant internal divergence, with Singapore leading and Cambodia at the lower end.

The report categorises the Asia-Pacific into three tiers: a high-readiness core including Singapore, Australia, and Japan; a middle tier with countries like China and India; and a lower tier featuring Vietnam and the Philippines. The findings suggest that whilst growth is important, institutional coherence and strategic positioning are crucial for attracting and retaining capital.

The full Global Atlas of Risk and Readiness 2026 report is available on Global Citizen Solutions’ website.

The Urban Redevelopment Authority (URA) has opened tenders for two residential sites located at Peck Hay Road and River Valley Green (Parcel C) in Singapore’s Core Central Region (CCR). These sites are expected to collectively provide approximately 785 new private homes. Wong Siew Ying, Head of Research and Content at PropNex, anticipates strong interest from developers due to the robust demand for new homes in the CCR.

Recent launches in the CCR have seen significant success, with projects like Newport Residences and River Modern achieving high sales rates. Newport Residences sold over 74% of its 246 units since January, whilst River Modern sold 90% of its 455 units during its launch weekend in March. This trend suggests that the new sites, with their proximity to MRT stations and amenities, will be attractive to potential buyers.

The River Valley Green (Parcel C) site, near River Valley Primary School and Great World MRT station, could yield 470 units. PropNex projects that this site may attract five to seven bids, with top bids ranging from $1,550 to $1,650 per square foot per plot ratio (psf ppr).

Meanwhile, the Peck Hay Road site, offering an estimated 315 homes, is strategically located near the Newton MRT interchange. It is part of a new “mixed-use urban village” envisioned under the URA Master Plan 2025. This site is expected to garner six to eight bids, with top bids potentially between $1,650 and $1,750 psf ppr.

These developments reflect the ongoing demand for prime residential properties in Singapore, with developers keen to capitalise on the limited supply and strategic locations of these new sites.

Aspire has announced a strategic partnership with J.P. Morgan Payments to enhance foreign exchange (FX) capabilities for businesses operating internationally. This collaboration allows Aspire customers to access institutional-grade FX pricing and infrastructure across major currencies, including USD, EUR, GBP, SGD, and HKD.

The partnership aims to address the challenges faced by startups and businesses in currency conversion, which often leads to delayed payments and unpredictable costs. J.P. Morgan Payments will serve as a key FX provider to Aspire, enhancing pricing, corridor access, and infrastructure resilience.

Aspire’s CEO and Co-Founder, Andrea Baronchelli, stated, “As Aspire scales, our focus remains clear: delivering powerful banking infrastructure and simplified finances for globally ambitious companies. This collaboration with J.P. Morgan Payments further strengthens our FX strategy.”

Christine Tan, APAC Head of FIG Sales at J.P. Morgan Payments, added, “Collaborating with Aspire reflects a shared commitment to delivering reliable, secure, and scalable financial infrastructure for businesses operating across borders.”

The initial phase of the agreement focuses on FX-to-wallet conversion across multiple currencies, enabling Aspire customers to convert and manage funds within their Aspire wallets. This development comes as Aspire expands its global infrastructure, having secured eight licences and registrations across Australia, Europe, and the United States over the past year.

Aspire, headquartered in Singapore, serves over 50,000 businesses across more than 30 markets. The company is backed by investors such as Peak XV, Lightspeed, Y Combinator, and PayPal.

Cushman & Wakefield has successfully brokered the sale of Swing By @ Thomson Plaza, a prime suburban retail asset, for $250m. This significant transaction highlights the continued demand for strategic retail properties in suburban areas.

Located in Singapore, Swing By @ Thomson Plaza is a well-established retail destination known for its diverse range of shops and services. The sale underscores the asset’s value and potential for future growth in a competitive market. The transaction was facilitated by Cushman & Wakefield, a leading global real estate services firm, known for its expertise in brokering high-value property deals.

The sale of Swing By @ Thomson Plaza is a testament to the robust interest in suburban retail assets, which continue to attract investors seeking stable returns. The property’s strategic location and established tenant mix make it a valuable addition to any investment portfolio.

Cushman & Wakefield’s involvement in this transaction further cements its reputation as a key player in the real estate market, capable of navigating complex deals and delivering results for its clients. The firm’s role in brokering this sale highlights its ability to connect buyers and sellers in the competitive retail property sector.

As the market for suburban retail assets remains strong, this transaction may signal further opportunities for investors looking to capitalise on the demand for well-located retail properties.

Nestlé and Nanyang Technological University, Singapore (NTU Singapore) have announced a multi-year research partnership to investigate how nutrition can support healthy ageing and women’s health. This collaboration combines Nestlé’s global research capabilities with NTU’s scientific expertise to explore the impact of diet and lifestyle on biological ageing processes.

The partnership will focus on identifying nutritional solutions to address health concerns such as metabolic health, mobility, sleep, and menopause. A joint research lab will be established in Singapore to facilitate data analysis and clinical studies. The research will leverage data from the Health for Life in Singapore (HELIOS) Study, a national population cohort led by NTU’s Lee Kong Chian School of Medicine in collaboration with NHG Health and Imperial College London.

Ryan Carvalho, Head of Nestlé Research, highlighted the importance of nutrition in maintaining long-term health, stating, “Through this partnership with NTU, we will be able to strengthen the growing body of scientific evidence on how nutrition can contribute to healthy longevity, particularly through midlife and beyond, including the menopausal transition.”

The initiative is supported by the Singapore Economic Development Board, emphasising its significance for the region’s ageing population. Melissa Guan, Vice President and Head of Consumer at EDB, remarked, “This partnership reflects Singapore’s research and innovation capabilities whilst providing good opportunities for Singaporeans to be involved in shaping healthy ageing initiatives.”

With the global population ageing rapidly, particularly in Asia, this research aims to close the health span gap, ensuring that people not only live longer but also maintain a high quality of life.

Thakral Corporation Ltd has announced that ICH Synergrowth Fund and Lion Global Investors have acquired a S$4.26m stake the company. The acquisition, made through the sale of 2,367,500 treasury shares at S$1.80 per share, represents a 1.89% shareholding in Thakral. This transaction introduces institutional investors to Thakral’s shareholder base, marking a significant milestone in the Group’s capital markets journey.

The investment reflects institutional confidence in Thakral’s long-term growth strategy across its Lifestyle and Investment segments. Lion Global Investors, an MAS-appointed fund manager under the Equity Market Development Programme, and ICH Synergrowth Fund have shown their support for Thakral’s strategic direction. The proceeds from this transaction will be used for working capital purposes, advancing growth initiatives in Thakral’s key business areas.

Vincent Toe, Partner at ICH, highlighted the potential in Singapore’s small and mid-cap segment, stating, “Thakral has built a strong operating track record and continues to execute on its growth strategy across its key businesses.” Inderbethal Singh Thakral, CEO of Thakral, expressed optimism about the new partnership, saying, “Their confidence reinforces the strength of our fundamentals and the opportunities ahead.”

Thakral Corporation, listed on the SGX Mainboard since 1995, has a diverse investment portfolio spanning Australia, Japan, and Singapore. The Group is involved in lifestyle resorts, commercial buildings, and the distribution of leading brands and technology products across Asia.

FairPrice Group (FPG) has announced a price freeze on 100 essential items from 9 April to 31 May 2026, in response to global energy disruptions and supply chain issues. The initiative aims to support Singaporeans during these uncertain times by keeping daily necessities affordable.

The frozen prices cover a range of staples, including rice, oil, eggs, fresh and frozen chicken, and milk. Additionally, FPG will double the discounts for Community Health Assist Scheme (CHAS) Blue and Orange cardholders from three to six per cent during the same period. This support will be funded by the FairPrice Foundation.

Group CEO Vipul Chawla emphasised the importance of these measures, stating, “Food and groceries make up over 20 per cent of the average household budget; and even more for lower-income families. Through our price freeze and doubled weekly CHAS discounts, we are stepping up to help Singaporean households navigate these uncertain times.”

The initiative is part of FPG’s broader commitment to assist vulnerable communities. Secretary-General of NTUC, Ng Chee Meng, highlighted the social mission, saying, “No worker or family should face rising cost pressures alone.”

In addition to the price freeze, FPG has rolled out several initiatives in 2026, including discounts on housebrand essentials and the distribution of care packs and refreshments during festive seasons. These efforts are part of FPG’s ongoing strategy to alleviate financial pressures on Singaporeans amidst inflation risks.

Bank of Singapore has announced the appointment of Vi Sun Yang as Head of Private Banking, ASEAN, effective 29 June 2026. Yang, an industry veteran with over 30 years of experience, will lead the strategic growth of the bank’s largest market, reporting to CEO Jason Moo. Her role aligns with OCBC’s corporate strategy, The Next Frontier, which focuses on capturing rising Asian wealth flows.

Yang’s extensive background includes leadership roles at Julius Baer and UBS Singapore, where she managed high-net-worth and ultra-high-net-worth teams across Southeast Asia. Her appointment is part of a series of strategic hires by Bank of Singapore, which recently surpassed its 2023 target of $145b in assets under management, growing its global AUM by over 20% in 2025.

Jason Moo expressed confidence in Yang’s ability to drive the bank’s growth in ASEAN, stating, “Our continued ability to attract top talent like her underscores the strong appeal of our franchise.” Yang’s appointment follows recent leadership additions, including Eng Chien Chan as Market Group Head for Greater China and Bernard Heng as Head of Customised Solutions.

Yang holds a Bachelor of Business Administration from the National University of Singapore and advanced degrees in wealth management and finance from the University of Rochester and the University of Bern, respectively. Her leadership is expected to further enhance Bank of Singapore’s capabilities in serving the wealth management needs of clients across the ASEAN region.