Industry News

TADA, Singapore’s pioneering zero-commission ride-hailing platform, has unveiled a S$1m pilot initiative named ‘Hotpot’ to counter high-commission models and rising commuter fares. With over 27,000 drivers committed, the initiative seeks to establish a fairer economic model by rewarding drivers transparently through blockchain technology.

The ‘Hotpot’ initiative addresses the prevalent issue of high commissions and opaque algorithms that diminish driver earnings and inflate commuter fares. By recording driver contributions and rewards on the MVL blockchain, TADA ensures a transparent and tamper-proof system that offers drivers a verifiable stake in the ecosystem. This approach contrasts with traditional loyalty schemes, which are often devalued by the platforms themselves.

Drivers participating in ‘Hotpot’ earn TADA Points for each trip, which determine their eligibility for Group Rewards. These rewards are enhanced when collective trip targets are met, offering a 2× multiplier on earnings. This system shifts the focus from individual bonuses to collective effort, ensuring that drivers share in the value they create.

Kay Woo, Founder of TADA and MVL, stated, “Drivers shouldn’t be paying away their earnings in commissions, and riders shouldn’t be accepting cost-climbing fares as ‘the norm’. This is an opportunity to make a stand to Say No to Commission and build a fairer system.”

The ‘Hotpot’ initiative is the first step in TADA’s long-term vision to empower drivers with a voice in future ride-hailing decisions and prepare them for next-generation services like autonomous vehicles. The next phase, set for early next year, will introduce community decision-making and expand the initiative regionally.

Foodpanda has announced a substantial double-digit increase in merchant sign-ups across Asia, reinforcing its position as a key growth partner for local businesses. This milestone reflects foodpanda’s dedication to enhancing merchant care and success throughout the Asia Pacific region.

To address the challenges of a competitive market, foodpanda has launched several initiatives aimed at supporting merchants. These initiatives focus on four main areas: personalised support, growth tools, financial access, and recognition. In Taiwan, foodpanda has collaborated with the Commerce Development Research Institute and Asia Marketing Transformation Alliance to establish the Restaurant Transformation Advisory Team, providing coaching and data analysis to help small and medium enterprises (SMEs) digitise and expand.

In Singapore, foodpanda’s AI-driven growth tools, such as Panda Ads and data insights dashboards, have enabled businesses like Jaggi’s café to increase monthly orders fivefold. Additionally, partnerships with platforms like Funding Societies and AEON Bank in Malaysia and Bangladesh offer financing programmes to aid small businesses in managing cash flow and expansion.

Foodpanda also celebrates its diverse merchant community through initiatives like Local Heroes campaigns and merchant awards. “Merchants are at the heart of foodpanda’s ecosystem,” said Giuseppe Randazzo, Chief International Officer at foodpanda APAC. “Our mission is to help them thrive with human-first support, smart technology, and partnerships.”

Looking forward, foodpanda plans to expand its merchant care programme across all 10 Asia-Pacific markets in 2026, aiming to create an ecosystem where businesses of all sizes can thrive.

Singapore’s external trade experienced a slowdown in November 2025, with non-oil domestic exports (NODX) rising by 11.6%, a decrease from October’s 21.7% surge. This growth was primarily driven by pharmaceuticals and electronic products, according to Enterprise Singapore. The total trade increased by 8.8% year-on-year, following a 23.1% expansion in the previous month.

NODX saw a notable boost from electronic products, which grew by 13.1% year-on-year. Integrated circuits (ICs), personal computers (PCs), and bare printed circuit boards (PCBs) were significant contributors, with increases of 22.9%, 48.0%, and 26.8%, respectively. Non-electronic NODX also rose by 11.1%, led by pharmaceuticals, pumps, and non-electric engines and motors, which saw substantial growth rates of 369.8%, 361.2%, and 123.2%.

The US, EU 27, and Taiwan were key markets for NODX, with exports to the US expanding by 106.0% due to pharmaceuticals, structures of ships and boats, and PCs. The EU 27 saw a 66.3% increase, driven by pharmaceuticals and non-electric engines, whilst Taiwan’s growth moderated to 15.7%.

Non-oil re-exports (NORX) rose by 14.5%, with electronics growing by 36.0%, thanks to PCs, ICs, and telecommunications equipment. However, non-electronic NORX declined by 8.6%, affected by decreases in non-monetary gold, petrochemicals, and electrical machinery.

Overall, Singapore’s trade performance in November indicates a continued reliance on pharmaceuticals and electronics, with future growth potentially influenced by these sectors’ volatility.

Artificial Intelligence (AI) is set to redefine human resources (HR) in Singapore by 2026, according to ADP’s latest HR Trends Guide. The report reveals that 51% of Singaporean organisations consider AI crucial for enhancing payroll productivity. AI is expected to automate onboarding, streamline validation, and reduce payroll errors, expanding HR’s role to include technology orchestration and AI-enabled decision support.

The guide emphasises the importance of AI governance and HR-IT collaboration. Singapore’s Model AI Governance Framework, which prioritises transparency and fairness, is influencing workplace AI practices globally. Organisations are focusing on secure data, human review, and auditability, with HR leaders working closely with IT to manage system integration and assess workforce impacts.

Despite these advancements, only 23% of Singaporean workers feel prepared for an AI-driven future. Employers are addressing this by mapping workforce capabilities, redesigning job roles, and adopting skill-based approaches. Skills confidence is becoming a key factor for employee retention and mobility.

Payroll transparency is also gaining attention, with 35% of Singaporean companies planning improvements in the next two to three years. Employers face growing pressure to demonstrate fair compensation structures, with clear job scopes and published pay ranges.

The rise of cross-border teams in Asia adds complexity to compliance, affecting payroll, data, and record-keeping. Organisations are developing standardised practices whilst adapting to local laws to maintain consistency.

Jessica Zhang, senior vice president of APAC at ADP, stated, “The workplace of 2026 will be intelligent, interconnected, and human-centric. Technologies such as AI are becoming integral to daily operations and will continue to shape how work is done across Singapore.”

Fraser and Neave, Limited (F&N) has announced plans to acquire an additional 4.6% stake in Vietnam Dairy Products Joint Stock Company (Vinamilk), increasing its total shareholding to 24.99%. This strategic move underscores F&N’s commitment to strengthening its position in Southeast Asia’s burgeoning dairy sector. The acquisition, facilitated through F&N’s wholly-owned subsidiary F&N Dairy Investments Pte Ltd, is expected to be completed within 35 days via the Ho Chi Minh Stock Exchange.

Vinamilk, a leading dairy company in Asia, is renowned for its robust brand portfolio and extensive distribution network. F&N’s increased investment reflects confidence in Vinamilk’s growth potential and operational strengths. The transaction aims to leverage synergies in dairy farming, manufacturing, and distribution, enhancing F&N’s regional strategy.

The purchase price for the shares is set at approximately S$3.07 each, totalling around S$295m. This valuation was determined through arm’s length negotiations, considering Vinamilk’s financial performance and market analysis. The acquisition will be funded through a mix of internal resources and external borrowings.

F&N’s decision to expand its stake in Vinamilk aligns with its long-term growth strategy in Vietnam’s dynamic dairy market. The company believes that Vinamilk’s established business and strong cash flow generation provide a solid foundation for future growth. With this acquisition, F&N aims to further capitalise on the opportunities within the region’s dairy industry.

Skylink Holdings has announced the acquisition of Chuang Li Partners, a specialist in bodywork customisation for commercial vehicles, as part of its strategic growth initiatives. This acquisition aims to expand Skylink’s engineering capabilities, talent pool, and customer base, whilst also capturing cost synergies across its leasing and engineering business segments.

Chuang Li Partners, established in 2017, is renowned for its design, manufacture, installation, and customisation of upper body structures for commercial vehicles. The company operates from a 4,400 square feet workshop in Toh Guan, which will be consolidated with Skylink’s newly leased 15,000 square feet industrial property at Jurong Port Road. This consolidation will increase Skylink’s total specialist workshop area to approximately 37,700 square feet, enabling the company to offer a broader range of services, including maintenance, repair, and overhaul (MRO) services, vehicle body fabrication, and spray painting.

Wesley Shen, Executive Director and CEO of Skylink Holdings, stated, “This strategic acquisition will further strengthen our engineering capabilities, broaden our customer base, and optimise our capacity for the recently expanded specialist workshop area at Jurong Port Road.” The acquisition is also expected to improve cost efficiencies for bodywork customisation across Skylink’s expanding fleet and third-party customers.

The acquisition involves a base and profit-target deferred consideration payment structure and includes the formation of a strategic joint venture with Chuang Li Partners’ key management team. This move aligns commercial interests and adds depth to Skylink’s talent pool, reinforcing its competitiveness and value creation in the market.

The Institute of Singapore Chartered Accountants (ISCA) has launched a comprehensive strategy paper designed to bolster the future of Singapore’s Small and Medium-Sized Accounting Practices (SMPs). With SMPs making up 98% of the 761 accounting entities in Singapore, the initiative seeks to address the challenges these firms face, including competition, talent acquisition, and technological advancements.

The strategy, developed by ISCA’s Strengthening SMP Taskforce, outlines five key recommendations to ensure the sector’s growth and sustainability. These include encouraging collaboration among firms to share resources, introducing a digital badge system to enhance visibility, piloting new technology solutions, expanding into global markets, and launching talent development programmes with universities.

Koh Wee Kwang, Co-Chair of the Taskforce, emphasised the importance of collaboration, stating, “This roadmap is about helping SMPs move from survival to strength through scale, collaboration, and a shared vision for the future.” Helmi Bin Ali Bin Talib, also Co-Chair, added, “Transformation starts with a change in mindset. Consolidation and collaboration are pathways to relevance.”

The paper also suggests revisiting firm ownership rules and leveraging shared services to maintain quality whilst expanding capabilities. Tan Fang Yi from the Accounting and Corporate Regulatory Authority (ACRA) expressed support, noting, “Our shared goal is a sector underpinned by good audit quality and a skilled workforce.”

Looking forward, ISCA aims to create high-quality jobs and foster a robust talent pipeline, ensuring SMPs remain integral to Singapore’s professional services sector. The full strategy paper is available for download on ISCA’s website.

PropNex Research has released its 2026 Property Market Outlook, highlighting a projected 3-4% growth in both private residential and HDB resale flat prices. The report, published today, outlines the performance of various property segments in 2025 and anticipates key market drivers for the coming year.

The report notes that despite macroeconomic uncertainties, Singapore’s residential property market demonstrated remarkable resilience in 2025, with strong home sales and measured price growth. The Core Central Region (CCR) saw a significant recovery in new home sales, with developers selling over 10,600 units by 30 November 2025, marking the first time in nearly four years that sales exceeded 10,000 units.

In the HDB resale segment, prices rose at a slower pace compared to the previous year’s 9.7% increase, indicating greater market stability and affordability. However, certain areas still experienced strong demand, pushing the number of million-dollar flat resales to a record high in 2025.

Looking ahead, PropNex anticipates that favourable interest rates, resilient housing demand, and attractive new projects will support moderate price increases in 2026. However, potential risks include slowing global growth and geopolitical tensions, with PropNex remaining cautious about further cooling measures.

Executive Chairman of PropNex, Ismail Gafoor, stated, “The impressive rebound in home sales in 2025 has been underpinned by solid fundamentals—resilient demand, more accommodative interest rates, and a tight labour market.”

The report also highlights opportunities for homebuyers and investors, including new mixed-use developments and projects near MRT stations. However, challenges such as tighter launch supply and mismatched price expectations between buyers and sellers may persist.

MyRepublic has officially launched Card Arena, a new community hub for trading card game (TCG) enthusiasts in Singapore. Located at Suntec City, Card Arena aims to unite local card shops, distributors, community groups, and new TCG creators under one roof, providing a neutral space for showcasing products, hosting events, and fostering community growth.

Card Arena is designed as a collaborative platform, featuring retail play spaces, consignment events, and community-driven activities. It offers a shared venue for established retailers and emerging creators to reach more players and introduce new experiences. The hub includes casual and competitive play areas, livestream-ready kiosks, a card scanner for instant price cheques, and consignment cabinets for rent.

Terry Williams, VP Consumer at MyRepublic, stated, “Card Arena was created to give the TCG community a reliable, neutral space to play, run events, and connect.” He emphasised that the goal is to support the ecosystem rather than compete with existing shops.

The grand opening on 20 December 2025 will feature a special event from 12:00 PM to 5:00 PM, allowing visitors to explore the venue and receive a limited-edition goodie bag. The day will conclude with a Pokémon tournament from 6:00 PM to 10:00 PM, where participants can compete for prizes.

Card Arena aligns with MyRepublic’s expansion into lifestyle and gaming initiatives, complementing its broadband services. It reinforces the company’s commitment to supporting Singapore’s TCG landscape by establishing a permanent venue for players, organisers, and businesses. Card Arena operates daily from 11:00 AM to 10:00 PM.

UOL and CapitaLand have successfully secured the Government Land Sales (GLS) site at Hougang Avenue 10/Hougang Central with a top bid of $1,179 per square foot per plot ratio. This marks their second joint venture following the successful launch of PARKTOWN Residence. The site, which will feature a fully integrated transport hub (ITH), attracted only three bidders due to its large gross floor area of over 1 million square feet and a development cost exceeding $1 billion.

The Hougang site is set to become the first major mall serving the large Hougang town, which is the third largest along the Northeast Line (NEL) after Sengkang and Punggol. With nearly 60,000 dwelling units, the area presents a significant pool of potential HDB upgraders. The development will also benefit from proximity to amenities such as Hougang Stadium, Hougang Sports Centre, and several primary schools.

Mark Yip, CEO of Huttons Asia, noted the strong bid reflects developers’ confidence in the appeal of ITHs, which are highly sought after for their convenience, rarity, and potential for capital appreciation. He highlighted the success of PARKTOWN Residence, which sold over 87% of its units during its launch weekend in February 2025.

The Hougang site will join the ranks of 12 ITHs in Singapore, contributing to a total of 8,790 residential units. As the fifth ITH along the NEL, it underscores the growing trend of integrated developments in the city-state.