Industry News

Hiap Seng Industries Limited has announced a fatal workplace accident involving an employee of its wholly-owned subsidiary, Hiap Seng Engineering Ltd, which occurred on 30 August at its workshop premises. The company has informed the relevant authorities, and investigations are currently underway. Hiap Seng is fully cooperating with all parties involved in the investigation.

The company expressed deep sorrow over the incident and extended heartfelt sympathies to the family of the deceased. Hiap Seng Engineering is in contact with the family to provide support during this challenging time.

Safety remains a top priority for Hiap Seng Industries, which upholds a comprehensive safety management system. This system includes regular training, scheduled audits, and strict adherence to established workplace safety protocols. The company emphasised that this incident underscores the critical importance of vigilance, discipline, and accountability in maintaining a safe working environment.

The company is committed to reinforcing its safety culture and will take all necessary measures to prevent similar incidents in the future. Further updates will be provided by the company should there be any significant developments.

CapAllianz Holdings Limited has reported a significant increase in its losses for the financial year 2025, with a loss before tax of $2.7m, compared to $855,000 in FY2024. The company’s net working interest production fell to 24,171 barrels, down from 32,928 barrels the previous year, whilst the average oil price decreased to $74.58 per barrel from $85.63.

The company’s revenue also saw a decline, dropping from $4.1m in FY2024 to $3.4m in FY2025. Gross profit plummeted to $298,000 from $1.6m. Despite these setbacks, CapAllianz Holdings managed to maintain a relatively stable EBITDAX (earnings before interest, taxation, depreciation, amortisation, and exploratory expenses) of $653,000, slightly up from $633,000 in the previous year.

The company’s loss per share increased to 0.019 US cents from 0.006 US cents, reflecting the challenging financial environment. The gearing ratio improved slightly to 6.81% from 8.6%, indicating a reduction in financial leverage. However, the net asset value per share decreased to 0.37 US cents from 0.41 US cents.

The announcement was reviewed by the company’s sponsor, ZICO Capital Pte. Ltd., but has not been examined or approved by the Singapore Exchange Securities Trading Limited. The company continues to navigate a challenging market environment, with future strategies likely focusing on stabilising production and improving financial performance.
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Money market funds have emerged as the dominant choice for investors in Singapore, capturing nearly 60% of the $6.3b fund inflows during the first half of 2025, according to the latest report by FundSingapore/Morningstar. The report, which covers the performance of unit trusts and investment-linked insurance products under the Central Provident Fund Investment Scheme (CPFIS), highlights a significant shift towards these funds amidst global market volatility.

In the second quarter of 2025, Singapore-focused equity and debt funds attracted investors seeking defensive, high-quality options. Arvind Subramanian, Senior Analyst at Morningstar, noted that many investors opted for the safety of money market funds, resulting in substantial inflows. The second quarter alone saw net inflows of $4.1 billion, an 86% increase from the previous quarter, with money market funds receiving $2.8b.

The CPFIS-included funds posted a return of 3.16% in Q2 2025, despite mixed performance from benchmark indices. Over a one-year period, CPFIS funds achieved a 6.07% gain, with investment-linked products and unit trusts showing solid growth.

Equity, fixed income, and allocation funds delivered strong returns across various time frames, with equity funds leading at 3.60% for the quarter. However, money market funds recorded modest gains of 0.62% over the same period.

The Singapore Fund Flow Report and the Performance & Risk Monitoring Report, both released quarterly, provide detailed insights into fund performance and investor trends. These reports are based on data from the Investment Management Association of Singapore, offering valuable information for investors navigating the current financial landscape.
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City Developments Limited (CDL) and IOI Properties Group Berhad (IOIPG) have announced a landmark transaction involving the South Beach development in Singapore. IOIPG will acquire CDL’s 50.1% stake in the mixed-use integrated development for $834.2m, based on a total property valuation of $2.75b. This acquisition, expected to complete by Q3, will give IOIPG full ownership of the commercial components of South Beach.

The South Beach development, a joint venture between CDL and IOIPG since 2011, is a prominent architectural landmark in Singapore. It includes Grade A office space, a JW Marriott Hotel, and luxury residences. The site, awarded through a Government Land Sales tender in 2007, has about 81 years remaining on its lease.

CDL’s Executive Chairman, Kwek Leng Beng, highlighted the strategic divestment as a means to realise exceptional value, whilst IOIPG’s Group CEO, Lee Yeow Seng, noted the acquisition’s significance in enhancing IOIPG’s asset portfolio in Singapore. The transaction aligns with CDL’s capital recycling strategy and IOIPG’s focus on acquiring high-quality assets for stable income.

Following the divestment, CDL retains a substantial commercial and retail portfolio in Singapore, whilst IOIPG’s total net lettable area in Singapore will increase to 1.8 million sq ft. The acquisition is part of IOIPG’s broader strategy to strengthen its presence in mature markets like Singapore.
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Singapore Technologies Engineering Ltd has announced the divestment of its entire 46.5% equity interest in CityCab Pte Ltd to ComfortDelGro Corporation Limited. The transaction, completed on 1 September 2025, sees ComfortDelGro, which already owned 53.5% of CityCab, becoming the sole owner of the taxi operator.

The sale was valued at $116.3m, fully paid in cash, and was determined on a willing seller, willing buyer basis. Deloitte & Touche Financial Advisory Services Pte Ltd was jointly appointed by both parties to assess the value of the shares, which was estimated at $98.9m as of 1 June. The divestment aligns with ComfortDelGro’s focus on its core point-to-point transport business in Singapore.

CityCab, established in 1995, has been a significant player in Singapore’s taxi industry. The divestment will result in ST Engineering receiving cash proceeds of $116.3m, translating to an Enterprise Value/EBITDA multiple of 5.5 times based on CityCab’s last 12 months unaudited EBITDA.

Financially, the divestment is expected to yield a one-off gain of approximately $77.2m for ST Engineering in the current financial year. Additionally, the proceeds will be used to reduce the company’s debt, leading to an estimated annual interest expense saving of $4m. Despite the gain, the transaction is not anticipated to significantly impact the Group’s net tangible assets per share or earnings per share for the year.
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City Developments Limited (CDL) has announced the completion of its proposed disposal of shares in Scottsdale Properties Pte. Ltd. The transaction, finalised on 1 September, involved the sale of 115,230,000 ordinary shares and 84,911,865 preference shares, representing 50.1% of Scottsdale’s share capital, to IOI Consolidated (Singapore) Pte. Ltd. for a total of $835.29m.

The sale was conducted through CDL’s wholly-owned subsidiary, Ascent View Holdings Pte. Ltd. With this transaction, CDL has divested its entire shareholding in Scottsdale Properties, which will no longer be a joint venture of the company. The payment includes a previously paid deposit of $41.25m, with the final sale consideration subject to adjustments based on the final completion statement.

The completion of this transaction marks a significant shift in CDL’s investment portfolio, as the company continues to refine its strategic focus. The final completion statement, which will determine any adjustments to the sale consideration, will be prepared in accordance with the agreed terms of the disposal and based on financial information available from the completion date.
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KPay Group, a prominent financial management and business operations platform, has launched its enhanced Terminal Pro, a cutting-edge solution designed to empower small and medium-sized enterprises (SMEs) in Singapore and across the Asia-Pacific region. This launch is accompanied by 24/7 dedicated customer support, reinforcing KPay’s commitment to being a trusted partner for SMEs. The company is celebrating the acquisition of 10,000 merchants in Singapore and 72,000 globally.

The company’s growth is bolstered by significant achievements, including securing US$55m in Series A funding in December 2024, marking the largest Series A investment in the payments sector for that year. KPay was also named PayTech of the Year at the Asia FinTech Awards 2025 and featured in Forbes Asia’s 100 Companies to Watch 2025 list. These accolades highlight KPay’s adaptability across various industries, making it a preferred payment partner.

Davis Chan, co-founder and CEO of KPay, emphasised the importance of SMEs in Singapore’s economy, noting their contribution to nearly 70% of the local workforce and close to half of the nation’s GDP. Chan stated, “KPay aims to be the first choice for SMEs that value technology by offering a multi-tiered support network.”

Looking towards 2026, KPay plans to expand its platform with innovations such as self-service kiosks and tap-to-pay solutions for offline businesses, alongside online payment collection options. The upcoming KPay Business Account will offer global remittance and automated expense control. KPay’s long-term ambition is to serve at least 20% of Singapore’s SMEs, reflecting its commitment to innovation and value delivery.
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INSEAD and SC Ventures, the innovation arm of Standard Chartered, have unveiled Lexarius, an AI-powered educational technology venture designed to transform corporate learning and development. The platform, launched on 2 September, combines advanced avatars and agentic AI to create dynamic role-play scenarios, offering real-time personalised coaching and feedback to accelerate skill acquisition.

Lexarius leverages the strengths of INSEAD’s expertise in executive education and SC Ventures’ infrastructure, aiming to address the growing demand for reskilling and upskilling in the corporate sector. The platform supports scalable deployment across various industries and regions, with content available in over 20 languages.

Francisco Veloso, Dean of INSEAD, highlighted the venture’s commitment to human-centred AI, stating, “This partnership represents a model for how INSEAD shapes the future of business education through strategic partnerships, academic expertise and entrepreneurial action.” Alex Manson, CEO of SC Ventures, added, “Lexarius fills a critical gap in corporate training with a scalable solution that enhances behavioural change.”

Peter Zemsky, CEO and Founder of Lexarius, emphasised the platform’s mission to empower organisations and individuals by closing the knowing–doing gap, focusing on skills from active listening to crisis decision-making. Lexarius is now available to enterprise clients in Asia-Pacific, Europe, and the Middle East, with an office established in Abu Dhabi’s ADGM.
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The Global Anti-Scam Summit (GASS) Asia 2025, held at Suntec City Convention Centre, has unveiled a series of initiatives to combat the rising threat of online scams in Southeast Asia. Announced by Tan Kiat How, Senior Minister of State for the Ministry of Digital Development and Information, these efforts aim to address the $23.6b lost to scams in the region over the past year.

GovTech Singapore has become the first government agency globally to join the Global Signal Exchange, a platform co-founded by Oxford Information Labs Research, Google, and the Global Anti-Scam Alliance (GASA), to share scam signals for disruption. This move is part of a broader strategy to enhance public-private partnerships against online scams.

Google.org has committed $5m to The ASEAN Foundation to expand online scam prevention resources to 3 million people across Southeast Asia. This includes the educational game “Be Scam Ready,” which will launch in Singapore in October and expand to other Asia Pacific markets in 2026.

A new report by the Tech for Good Institute, in partnership with Bamboo Builders, highlights the need for a “whole-of-society” approach to combat scams. Bamboo Builders also announced the “ScamWISE Squad” web-game, aimed at equipping 100,000 Singaporeans with skills to defend against scams by 2026.

GASA has expanded its network with new chapters in Indonesia and the Philippines, enhancing regional collaboration. Jorij Abraham, Managing Director of GASA, emphasised the importance of united efforts to build a stronger defence against scams. Rajat Maheshwari, chairman of the GASA Singapore Chapter, stressed the need for public and private sector alignment to ensure a trusted digital environment.
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Venturi Partners has announced the first close of its second fund at $150m, marking a significant step towards its target of $225m by June 2026. The fund will focus on high-growth consumer brands in India and Southeast Asia, leveraging rising consumer spending and favourable demographics in these regions.

Building on the success of its debut fund, which closed at $180m in June 2022, Fund II will invest $15-40 million in 10 companies across high-growth consumer sectors. Investors will also have the opportunity to co-invest on a 1-1 ratio. Venturi Partners’ strategy involves close collaboration with founders and active board participation, drawing on the team’s deep sector expertise.

Nicholas Cator, Founder and Managing Partner, expressed gratitude for the trust of existing investors and welcomed new partners, stating, “This strong response validates our investment thesis and the strength of our unique team that we have built over the last five years.” Rishika Chandan, Managing Partner, highlighted India’s emergence as a strong growth market amidst global volatility, aligning well with Venturi’s strategy.

Venturi Partners, founded in 2020, is a consumer-focused growth equity platform investing in Series B-D stage companies. Its first fund’s portfolio includes brands like Livspace, Country Delight, and Believe, with an eighth investment forthcoming. The firm combines strategic capital with operational excellence to help brands scale sustainably.
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