Industry News

The National University Hospital (NUH) and Ruijin Hospital, Shanghai Jiao Tong University School of Medicine (RJH) have inaugurated the Singapore-Shanghai Medical Innovation Centre (SSMIC) to spearhead advancements in healthcare. Launched on 15 October during the 6th Singapore-Shanghai Comprehensive Cooperation Council meeting in Shanghai, the centre aims to foster collaboration in cell and gene therapy and orthopaedics.

The SSMIC is the first initiative stemming from a Memorandum of Understanding signed in 2024, aimed at establishing a framework for clinical cooperation. Co-chaired by Aymeric Lim, CEO of NUH, and Ning Guang, President of RJH, the centre will focus on developing proof-of-concept methodologies and conducting translational research.

Initial projects will include clinical trials for a novel Chimeric Antigen Receptor (CAR) T-cell therapy, which uses a patient’s immune system to target cancer cells. This personalised treatment aims to provide effective solutions for patients unresponsive to first-line treatments. In orthopaedics, the centre will explore 3D printing for musculoskeletal tumour resection and reconstruction, enhancing surgical outcomes and recovery.

The centre is designed to be a dynamic platform for ongoing collaboration. “In the face of ever-evolving health challenges, it is paramount that we continuously innovate,” said Aymeric Lim. Ning Guang added, “With support from Shanghai and Singapore, I have faith we will succeed.”

The SSMIC represents a significant step in advancing patient care, with plans to expand its scope and ensure a continuous pipeline of clinical breakthroughs.

COSCO SHIPPING International (Singapore) Co., Ltd has announced a renounceable, non-underwritten rights issue of 2.2 billion new ordinary shares. This significant move aims to bolster the company’s capital base and support its ongoing business operations. The announcement was made on 15 October 2025 and has been detailed on the company’s Investor Relations website.

The rights issue allows existing shareholders the opportunity to purchase additional shares, potentially increasing their stake in the company. This strategy is often employed by companies to raise funds without incurring debt, thereby strengthening their financial position. The proceeds from this rights issue will be utilised to further the company’s strategic initiatives and operational needs.

Investors are encouraged to visit the COSCO SHIPPING International Singapore Investor Relations website for more detailed information regarding the rights issue and its implications. The company has not provided specific details on the allocation or pricing of the new shares at this time.

This development is a crucial step for COSCO SHIPPING as it seeks to enhance its financial flexibility and support its growth objectives. The rights issue reflects the company’s commitment to maintaining a robust capital structure whilst providing value to its shareholders.

Six national payment networks from five ASEAN countries have signed a Memorandum of Understanding (MoU) to establish a common global standards body for non-card instant retail payments. The George Town Accord, signed on 9 October 2025 in Malaysia, aims to create seamless, secure, and interoperable cross-border transactions for over 538 million people.

The signatories include Payments Network Malaysia (PayNet), Network for Electronic Transfers (NETS) from Singapore, National Payment Corporation of Vietnam (NAPAS), BancNet from the Philippines, and Indonesia’s Artajasa and Rintis. This collaboration marks the launch of the Next50 Common Standards project, which seeks to harmonise QR payments, account-to-account transfers, e-wallets, and other mobile-based digital payment methods using technologies like Near Field Communication (NFC), biometrics, and artificial intelligence (AI).

Farhan Ahmad, Group CEO of PayNet, highlighted the importance of the initiative, stating, “Project Next50 is our answer. This represents domestic payment networks’ commitment to shared ownership, practical cooperation, and strategic alignment in a rapidly evolving payments industry.”

Lawrence Chan, Group CEO of NETS, remarked that the MoU is a significant step towards ASEAN’s seamless payment connectivity and interoperability, enhancing the region’s digital economy.

The Next50 project aims to link domestic payment networks globally whilst respecting each nation’s payment sovereignty. It invites payment networks worldwide to join in advancing interoperable and inclusive cross-border payments. The immediate focus will be on streamlining technical and operational standards, including dispute resolution and fraud prevention, to establish a safer global payment ecosystem.

Soon Hock Enterprise, a specialised industrial real estate developer, has received an overwhelming response to its initial public offering (IPO), with the Singapore Public Offer being oversubscribed by 16.9 times. The IPO, which includes 21.577 million offering shares priced at S$0.58 each, is set to commence trading on the Mainboard of the Singapore Exchange (SGX-ST) on 16 October 2025.

The offering comprised two parts: an International Offer of 18.777 million shares, which attracted interest amounting to $69.4m (S$95.1m), or 8.7 times the available shares, and a Singapore Public Offer of 2.8 million shares. The total deal size, including cornerstone investors, amounts to $35.1m (S$48.1m). Key cornerstone investors include Amova Asset Management Asia Limited and Maybank Asset Management Singapore Pte. Ltd., contributing $25.9m (S$35.6m).

Tan Min Loon, Executive Director and CEO of Soon Hock Enterprise, expressed gratitude for the investor support, stating, “It is a strong vote of confidence that not only recognises Soon Hock Enterprise’s positive track record, but also our ability to leverage market opportunities to execute our growth plans.”

The funds raised will be used to acquire new land sites and buildings for development and redevelopment, as well as to finance existing projects. Upcoming projects include Stellar@Tampines and Skye@Tuas, expected to achieve partial completion in late 2025 and 2026, respectively.

Soon Hock Enterprise plans to recommend and distribute dividends of at least 25% of its net profit after tax from the listing date to the end of 2026, subject to cash management and capital expenditure requirements.

Food Innovators Holdings Limited (FIH), a company specialising in Japanese cuisines across Asia, has announced a net profit of S$0.2m for the first half of 2026, marking a return to profitability. This turnaround is attributed to a 10.5% year-on-year increase in revenue, reaching S$23.8m, primarily driven by the expansion of its sublease business in Japan and restaurant operations in Malaysia.

The company’s sublease business in Japan saw a 17.8% rise in revenue, whilst the restaurant business in Malaysia grew by 15.5%. Despite a slight decline in gross profit margin by 0.8 percentage points due to initial costs from opening five new restaurants, gross profit increased by 4.7% to S$3.8m.

FIH continues to benefit from rising tourism in its key markets, expanding its sublease property portfolio in Japan’s vibrant food and beverage sector, and scaling its restaurant business in Southeast Asia. The company has introduced a new chain-store expansion strategy, sharing investment costs and profits with employees to facilitate regional growth. This model has been implemented with the opening of a new KANBE Ramen restaurant in Kuala Lumpur.

Looking forward, FIH plans to leverage its strong network and brand credibility to expand its sublease property portfolio and introduce innovative dining concepts. CEO Kubota Yasuaki stated, “We remain committed to curating quality Japanese brands across Asia, bringing authentic Japanese cuisine and dining culture to a wider audience.”

Huntington Advisory, a strategic advisory firm based in Singapore, has announced a partnership with MGT Partners, a French financial services group, to expand their cross-border (re)insurance advisory services in Europe. This collaboration aims to leverage Huntington’s expertise in the Asian insurance market and MGT’s established presence in France to offer a comprehensive advisory platform for mergers and acquisitions (M&A), capital solutions, and strategic transactions.

The partnership is set to address the fragmented nature of the French insurance broking market, which presents significant opportunities for consolidation and strategic investment. Gerard L. Pennefather, Founder and Managing Partner of Huntington Advisory, stated, “Through our partnership with MGT, we aim to connect investors and strategic partners with high-quality European platforms poised for long-term growth.”

Corinne Previtali, Partner at MGT Partners, expressed enthusiasm for the collaboration, noting that it aligns with MGT’s values and enhances their ability to serve clients with access to international capital and strategic investors. “Together, we can deliver tailored solutions and broaden access to international capital for our European clients,” Previtali added.

The partnership will act as a conduit for international investors seeking to engage with Europe’s dynamic (re)insurance market, characterised by numerous independent players and increasing interest from financial sponsors and strategic acquirers. This strategic move is expected to facilitate significant growth and investment opportunities within the sector.

Corporate treasurers are set to undergo significant transformations in their roles as global volatility pushes companies to seek new growth avenues, according to the EY 2025 DNA of the Treasurer report. The survey, which included over 1,200 treasurers and senior finance leaders worldwide, highlights that 89% of Singapore treasurers expect their roles to evolve dramatically by 2030, with a focus on value creation and business growth.

The report reveals that treasurers are increasingly adopting technology, with 82% of Singapore respondents using artificial intelligence (AI) for financial forecasting and cash management. However, many treasurers face obstacles such as operational responsibilities and limited time for skill enhancement, hindering their potential to create value.

Lee Wei Hock, Singapore Head of Assurance at Ernst & Young LLP, noted, “As Singapore is an international hub for many global organisations, corporate treasurers here tend to have a greater geographical remit compared to their global peers.” This underscores the need for treasurers to continuously reinvent their roles amidst a fast-changing business landscape.

Despite challenges, treasurers are leading in technology adoption, with 82% using data analytics and visualisation tools. Yet, only 42% of Singapore treasurers feel confident that their financial risk management strategies are enhancing decision-making. The report suggests that treasurers should focus on leveraging technology and nurturing talent to fulfil their potential as value creators.

As the role of treasurers evolves, CFOs are encouraged to empower them as strategic partners in the finance function, enabling them to drive innovation and unlock greater organisational value.

IOI Properties Singapore has announced the launch of W Residences Marina View, the city-state’s first integrated hotel-home branded residence. The public sale begins on 25 October 2025, following a Special VVIP Preview Phase. Situated at Marina Bay’s gateway, the development offers 100 units from levels 16 to 20, with prices starting at $3,230 per square foot. Residents will enjoy the same service level as guests of the W Singapore – Marina View Hotel, located below the residences.

The launch includes 85 one-, two-, and three-bedroom units designed for professionals, families, and those seeking a vibrant lifestyle. Additionally, 15 homes in the Signature Collection offer expansive four- and five-bedroom layouts with panoramic views, catering to multi-generational living or grand entertaining.

Designed by architects61 and interior designer Fady Hachem, the residences aim to attract urban connoisseurs seeking a private sanctuary within a bustling global address. Lorraine Shiow, CEO of IOI Properties Singapore, stated, “W Residences Marina View – Singapore is not just a place to live; it is where service, design, and address converge into one tower block.”

Residents will benefit from hotel-grade operations, including a 24/7 concierge service, valet parking, and curated lifestyle amenities. The development also offers exclusive access to ONVIA, providing privileges akin to Marriott Bonvoy Platinum Elite status. In partnership with Raffles Medical Group, a Medi-Concierge service will ensure round-the-clock healthcare support.

Marina Bay is evolving into a dynamic live-work-play district, and W Residences Marina View positions itself as a long-term asset of enduring value amidst this transformation.

Shopline subsidiary, Instage Technology Pte Ltd., has secured in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) licence. This development enables Shopline to process payments directly for its extensive network of over 600,000 merchants, eliminating the need for third-party providers. The approval marks a significant step in Shopline’s expansion into regulated payments infrastructure, offering merchants lower fees, faster settlements, and the convenience of managing storefronts and payments on a single platform.

The MPI licence will allow Shopline to provide five regulated payment services, including Account Issuance Service, Domestic Money Transfer Service, Cross-Border Money Transfer Service, Merchant Acquisition Service, and E-Money Issuance Service. Raymond Hsu, Co-President of Shopline, stated, “This MPI licence is a key milestone in our global strategy. It highlights our commitment to meeting the highest regulatory standards whilst delivering secure, efficient, and borderless payment experiences for merchants.”

This move aligns with the ongoing trend of commerce platforms integrating licensed payments capabilities, further solidifying Singapore’s status as a regional fintech hub. By leveraging Singapore’s position, Shopline aims to empower merchants with seamless end-to-end payment solutions, facilitating international connections and accelerating cross-border growth.

Founded in 2013, Shopline is a leading Software-as-a-Service (SaaS) provider, offering a fully integrated platform for ecommerce, POS, social commerce, and more. With headquarters in Singapore and over 2,000 employees globally, Shopline continues to expand its regulatory presence in Asia and Australia, enhancing its offerings in the Asia-Pacific region.

Singapore Airlines (SIA) Group reported a 3.7% increase in passenger traffic for September 2025 compared to the previous year, outpacing a 2.5% rise in passenger capacity. This led to a 1.0 percentage point increase in the Group’s passenger load factor, reaching 87.1%. SIA and its low-cost subsidiary, Scoot, achieved monthly passenger load factors of 86.2% and 90.1%, respectively, with a combined total of 3.4 million passengers carried, marking an 8.0% increase from last year.

The Group’s cargo operations faced challenges due to Typhoon Ragasa, which affected routes to and from East Asia. Cargo capacity decreased by 0.8% year-on-year, largely due to reduced freighter aircraft activity. As a result, overall cargo loads fell by 3.8%, and the cargo load factor dropped by 1.8 percentage points to 56.2%.

By the end of September 2025, the SIA Group’s passenger network spanned 129 destinations across 37 countries and territories. SIA served 78 destinations, whilst Scoot covered 73. The cargo network included 133 destinations in 38 countries and territories.