Industry News

Singaporeans are among the most cyber-aware globally, yet they face significant phishing risks, according to Yubico’s Global State of Authentication Survey 2025. Conducted with 18,000 employed adults across nine countries, including 2,000 respondents from Singapore, the survey reveals that whilst 89% of Singaporean workers express concern about artificial intelligence’s impact on account security, phishing exposure remains a persistent issue.

The survey highlights that 78% of Singaporeans now use multi-factor authentication (MFA) for personal accounts, marking one of the highest adoption rates in the Asia-Pacific region. However, 44% of respondents reported interacting with phishing messages in the past year, a figure unchanged from 2024 and double the rate observed in Japan. This paradox underscores the ongoing challenges in cybersecurity despite increased awareness and protective measures.

Social media breaches in Singapore have decreased significantly, falling to 26% from 49% in 2024. This reduction indicates progress in certain areas of cybersecurity, yet phishing remains a formidable challenge. The survey’s findings suggest that whilst Singaporeans are adopting advanced security measures, the threat landscape continues to evolve, necessitating ongoing vigilance and education.

As cybersecurity threats become more sophisticated, the survey underscores the importance of continuous education and adaptation to new technologies to mitigate risks effectively. The findings serve as a reminder that awareness alone is insufficient to combat the ever-evolving tactics of cybercriminals.

Cleanverse International has officially launched in Singapore, unveiling a pioneering compliance-native trust layer for on-chain finance. The launch, which took place on 30 September 2025, has garnered support from key industry players such as dtcpay, FOMO Group, DigiFT, and KUN, marking a significant step in embedding trust and compliance into blockchain transactions.

Cleanverse aims to address the challenges of blockchain’s anonymity by integrating verified identity with regulated assets, ensuring real-time compliance with the Travel Rule. This initiative is designed to provide the same level of security and trust found in traditional financial systems like SWIFT, but within the blockchain environment. Charles Huang, Founder of Cleanverse International, stated, “Cleanverse builds on Web2’s proven compliance logic and uses blockchain to create a more efficient compliance network on Web3.”

The platform introduces several innovations, including APASS, a non-transferable identity credential, and A-tokens, which mirror regulated stablecoins for traceable transactions. This multi-layer compliance architecture is expected to facilitate the adoption of blockchain by financial institutions, offering a secure and standardised framework for on-chain finance.

The launch event featured panel discussions on the importance of compliance in accelerating institutional adoption and the role of AI in finance. Cleanverse is now inviting more industry players to join its consortium, aiming to establish global standards for on-chain finance and governance. CEO Ceridwen Choo emphasised, “Compliance is not a hurdle; it is the gateway to participation in on-chain finance.”

With the backing of its founding members, Cleanverse is poised to transform the landscape of digital finance, bridging the gap between traditional and decentralised financial systems.

The ASEAN Foundation, in collaboration with AVPN and supported by Google.org and the Asian Development Bank, has announced the launch of the AI for MSME Advancement in ASEAN (AIM ASEAN) programme. This initiative aims to provide practical AI training to 100,000 Micro, Small, and Medium Enterprises (MSMEs) across Southeast Asia, helping them enhance operations and expand markets.

Nine local organisations have been selected to implement the programme, including Universiti Teknologi PETRONAS-ASEAN Student Association in Malaysia, Project Asia Data in Singapore, Big BWN Project in Brunei Darussalam, Kenan Foundation Asia in Thailand, Viet Nam, and Cambodia, and others across the region. These partners will develop and adapt learning materials tailored to the specific challenges faced by business owners, focusing on practical AI applications such as improving online sales and financial management.

AIM ASEAN is a two-year initiative designed to foster a resilient and inclusive digital economy, aligning with ASEAN Vision 2045. The programme also aims to create a supportive ecosystem by bringing together policymakers and experts through national and regional convenings.

Dr. Piti Srisangnam, Executive Director of the ASEAN Foundation, emphasised the importance of the initiative, stating, “The AIM ASEAN programme represents a critical step towards equipping MSMEs with the tools and knowledge they need to thrive in the digital era.”

The programme has received official endorsement from the ASEAN Coordinating Committee on MSMEs, marking it as an official ASEAN initiative. Naina Subberwal Batra, CEO at AVPN, highlighted the necessity of an AI-ready workforce, stating that it is a shared social mandate for governments, businesses, and impact organisations.

Training will be delivered through a hybrid approach, combining in-person workshops and online platforms, focusing on real-world AI applications in sectors such as retail, agriculture, and services.

Clementi, a mature residential hub in Singapore’s West Region, is gaining attention for its unique housing landscape. With a population of 102,960 residents as of June 2024, the area offers a mix of public HDB flats, private apartments, and landed estates. The latter, although only 3.9% of the total dwellings, presents a valuable asset class due to its scarcity and potential for capital appreciation.

Between Q2 2020 and Q2 2025, Clementi’s landed housing stock grew by a mere 1.0%, whilst non-landed private homes surged by 43.5%. This trend reflects a broader island-wide pattern, highlighting the rarity and value of landed properties. Despite a cooling in transaction volumes since a 2021 peak, prices for landed homes have consistently risen over the past decade, underscoring their resilience and appeal as long-term investments.

Clementi’s strategic location near top educational institutions and its connectivity via the upcoming Cross Island Line and Jurong Region Line further enhance its attractiveness. The area’s proximity to the Jurong Innovation District and Tuas port expansion positions it as a key player in Singapore’s growth corridor.

For buyers, Clementi offers a rare opportunity to invest in landed homes that are more affordable than those in central Singapore, with the potential for significant returns. As the western corridor transforms, Clementi’s landed properties are poised to remain a sought-after choice for multigenerational households and professionals seeking both exclusivity and connectivity.

MSIG Singapore has been recognised as a leader in the insurance industry, clinching two prestigious awards at the inaugural Asia Consumer Insurance Awards 2025. The company was named Personal Lines Insurer of the Year and received the Underwriting Excellence award, highlighting its commitment to strong business performance and customer-focused innovation.

The awards, organised by Rein Asia, celebrate companies that are redefining excellence and innovation in Asia’s insurance sector. In 2024, MSIG Singapore achieved an underwriting profit of $187m and increased its profit after tax by 51%. The company continues to lead in the personal lines segment, which now accounts for nearly 40% of its total revenue, through innovative retail offerings and strategic partnerships.

Steven Leong, Head of Retail Distribution, stated, “Winning the award is a powerful endorsement to our personal lines strategy. It affirms our commitment to putting customers at the heart of everything we do.” Jeremy Lian, Head of Technical Services, added, “This is a proud moment for our underwriting team whose technical expertise, dedication, and innovative mindset have contributed to the company’s success.”

MSIG’s digital transformation strategy, incorporating Generative AI and automation, has streamlined its insurance value chain, enhancing customer service and operational efficiency. The judges praised MSIG for its data-rich submission, demonstrating tangible customer benefits and measurable impact.

With over 100 years of local presence, MSIG Singapore continues to deliver innovative and customer-centric solutions, maintaining an A-Stable financial rating by Standard & Poor’s. As a subsidiary of Mitsui Sumitomo Insurance Co. Ltd, MSIG is part of one of the largest general insurance groups globally, with a significant presence in the Asia Pacific region.
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JTC has awarded the tender for an industrial site at Sengkang West to Soilbuild Group Holdings Ltd. The successful bid, amounting to S$156m, was part of a competitive tender process that closed on 19 August 2025, following its launch on 24 June 2025. The site attracted four bids in total.

The awarded land parcel is designated under the Business 2 zoning, which typically accommodates heavier industrial uses. It spans an area of 23,196.6 square metres and comes with a tenure of 33 years. The site has a gross plot ratio of 2.5, allowing for significant development potential. Soilbuild Group is expected to complete the project within 84 months.

This development is significant as it highlights the ongoing demand for industrial spaces in Singapore, particularly in strategic locations like Sengkang West. The successful tender by Soilbuild Group underscores their commitment to expanding their industrial portfolio and contributing to Singapore’s industrial landscape.

The award of this tender is part of JTC’s broader strategy to optimise industrial land use in Singapore, ensuring that it meets the evolving needs of businesses. The development of this site is anticipated to bolster economic activity in the region, providing new opportunities for businesses and contributing to the local economy.

Embed Financial Group Holdings (EFGH) has announced the appointment of veteran media strategist Woon Tai Ho to its Board of Advisors. This strategic move aims to bolster EFGH’s commitment to trust and clarity as it continues its expansion across Asia and Africa. Woon, renowned for his role in launching Channel NewsAsia, brings over three decades of experience in reputation management and crisis communications to the table.

Woon’s illustrious career includes advising ministries, regional governments, and multinational corporations. In 2024, he was inducted into the Singapore Media Industry Hall of Fame, acknowledging his significant contributions to the media landscape. His works, such as the “George Yeo: Musings” series and “Soul of Ink: Lim Tze Peng at 100,” have been widely acclaimed, with the latter winning the inaugural Dr Alan HJ Chan Spirit of Singapore Book Prize in 2024.

Dennis Ng, Executive Chairman of EFGH, stated, “Tai Ho has spent his career building public trust through clear, credible communication. EFGH is building systems that people can rely on, and that mission depends on trust.”

Founded in 2024 and headquartered in Singapore, EFGH is a Finternet company focused on embedding financial services such as protection, credit, payments, and remittances into everyday systems. This appointment is expected to strengthen EFGH’s leadership as it builds the financial internet of protection and advances financial literacy for underinsured and underserved communities.

The European Chamber of Commerce (EuroCham) Singapore has announced that Nele Cornelis, its Executive Director, will depart after nearly nine years to assume a regional role at Airbus from 1 November. Cornelis has been instrumental in transforming EuroCham into a more dynamic organisation, launching initiatives such as the Sustainability Awards and the AI and Sustainability Programmes.

Under Cornelis’s leadership, EuroCham expanded its influence across business, government, and diplomatic circles in Singapore and beyond. She played a pivotal role in the release of key publications, including Whitebooks and CEO Reports, and represented EuroCham in EU-supported advisory groups. The Board expressed gratitude for her contributions and wished her success in her new role.

Eva Vincetic, currently Head of Committees and Advocacy Manager at EuroCham, will succeed Cornelis. Vincetic has been with EuroCham for two and a half years and is recognised for her outstanding performance. The Board congratulates Vincetic on her new appointment, effective 1 November, and anticipates her continued success in leading the organisation.

Nearly half of travellers in the Asia Pacific region are planning their trips around major sporting and music events, according to new research by Hilton. The survey, which included 5,000 respondents from China, India, Japan, Australia, and Singapore, highlights the growing trend of event-driven travel. In Singapore, 40% of travellers intend to plan international trips around such events, with 61% having already done so domestically or internationally.

The survey underscores the appeal of sports and music as the primary motivators for travel among Singaporeans. A significant 67% of respondents expressed eagerness to attend music concerts and festivals, whilst 64% are willing to cross borders for sporting events like the F1 Grand Prix. When choosing accommodation, Singaporean travellers prioritise price, proximity to the event, and the quality of hospitality, with 72%, 69%, and 69% respectively considering these factors crucial.

Social aspects also play a role in travel decisions, with 53% of Singaporeans attending sporting events with friends and 52% with partners. This trend reflects a broader pattern across the Asia Pacific, where travel for events like Formula 1 is often a social activity.

The research also coincides with the 20-year anniversary of the Hilton Honours and McLaren Racing partnership, which has provided exclusive experiences to members. Hilton’s focus on lifestyle partnerships aims to enhance connections with members beyond the traditional hotel experience.

As event-driven travel continues to gain momentum, the hospitality industry is poised to adapt to the evolving preferences of travellers, offering tailored experiences that cater to their interests and social inclinations.

The private wealth management industry in Asia is expected to grow by at least 6% annually over the next five years, according to a new survey by Bloomberg Intelligence. The survey, which gathered insights from 100 senior private wealth management practitioners in Hong Kong and Singapore, highlights the region’s rising affluence and increasing diversification needs as key growth drivers.

Hong Kong and Singapore are projected to become the world’s fastest-growing cross-border wealth hubs, potentially surpassing Switzerland. Bloomberg Intelligence estimates that Hong Kong could manage $2.9t in cross-border wealth by the end of 2025. The survey also indicates that the cross-border wealth managed in these cities is expected to grow by an average of 12% annually, outpacing the global growth rate of 10%.

Mainland China is anticipated to be a significant source of new clients, with 30% of new clients expected to come from there in the next three to five years. The Middle East is also emerging as an important market, as wealthy individuals seek to diversify their investments in Asia.

The survey reveals a growing risk appetite among private banking clients, with increased interest in equities, private equity, and digital assets. Technology is identified as a crucial driver for attracting new money, with 72% of respondents ranking it among the top three most important factors.

Sharnie Wong, Senior Industry Analyst at Bloomberg Intelligence, noted, “Our survey shows industry leaders are decidedly optimistic about the next five years, with sustained inflows and a rising risk appetite coming through.” The full survey is available to Bloomberg Terminal subscribers.