Industry News

MoneyHero Group, a leading personal finance platform co-headquartered in Singapore, announced its financial results for the fourth quarter and full year of 2025, marking a significant milestone with its first-ever quarterly net profit of US$0.5m. The company also reported an adjusted EBITDA gain of US$0.7m, highlighting its financial turnaround since listing.

The group’s Q4 revenue surged by 27% year-on-year to US$20m, driven by strong performances in its core markets, Singapore and Hong Kong, which saw revenue increases of 56% and 27% respectively. This growth was accompanied by a strategic shift towards high-margin products, with insurance and wealth products accounting for 30% of total Q4 revenue.

Operational efficiencies played a crucial role in the company’s profitability. Total operating costs, excluding foreign exchange impacts, decreased by 15% year-on-year in Q4 and 27% for the full year. Notably, technology costs were reduced by 71% in Q4, and employee expenses fell by 33% over the year.

The integration of artificial intelligence (AI) into customer service has been a success, with AI handling 70% of queries and resolving 47% without human intervention by December 2025. This technological advancement has contributed to the company’s expanding user base, which grew by 30% year-on-year to 9.4 million members.

MoneyHero Group remains financially robust, ending the year debt-free with US$31.2m in cash and cash equivalents. The company continues to focus on sustainable growth and innovation in the digital finance sector across Southeast Asia.

iWOW has announced its strategic acquisition of The Gentle Group, a therapeutic nutrition provider for seniors, for S$11.2m. This move is set to accelerate iWOW’s expansion into the longevity economy, marking a significant shift from AgeTech to a comprehensive platform encompassing safety, social connection, and sustenance.

The Gentle Group has shown strong growth, with a 51% revenue compound annual growth rate (CAGR) projected from FY2022 to FY2025. The acquisition is expected to be earnings-accretive as the business scales, introducing a subscription-based revenue model that enhances customer engagement and cross-selling opportunities.

The integration of health, activity, and nutrition data will enable iWOW to offer proactive senior care insights, expanding its market reach in the rapidly growing eldercare sector. Dr. Shen Yiru, CEO of The Gentle Group, stated, “Food is one of the most powerful forms of care — yet it has remained one of the least transformed by technology. This partnership with iWOW changes that.”

Raymond Bo, CEO of iWOW, emphasised the importance of combining safety and nutrition, saying, “Safety earns trust in critical moments, but food builds trust every day. By bringing both together, we are creating a continuous relationship with families.”

This acquisition positions iWOW to redefine the ageing experience, leveraging technology to deliver high-quality, therapeutic food to seniors, thereby enhancing their quality of life. The move is expected to have lasting implications for the eldercare industry, setting a precedent for integrating technology with traditional care methods.

The Monetary Authority of Singapore (MAS) has announced enhancements to its regulatory framework to facilitate dual listings on the Singapore Exchange (SGX). The changes, revealed on 30 April 2026, follow a public consultation on amendments to the Securities and Futures Act 2001. These amendments support the Global Listing Board (GLB), a collaboration between SGX and Nasdaq, and aim to simplify the initial public offering (IPO) process for dual listings.

Respondents to the consultation expressed strong support for reducing friction in the IPO journey. Suggestions included harmonising regulatory requirements, particularly in investor outreach, prospectus registration timing, and post-listing activities. MAS has incorporated feasible suggestions into the new framework.

Under the updated rules, GLB issuers can prepare a single set of offering documents for simultaneous listing on SGX and Nasdaq. They are also permitted to conduct pre-marketing outreach with accredited and institutional investors in Singapore before lodging the preliminary prospectus. This early engagement allows issuers to assess market interest earlier in the IPO process.

The framework introduces safe harbours for GLB issuers, facilitating forward-looking statements, share repurchases, and pre-determined trades. These safe harbours serve as a defence against specified market misconduct provisions under the Securities and Futures Act for trading activities in both markets.

MAS will proceed with the proposed amendments, which apply to all offers made in conjunction with an SGX listing, including those on the GLB. Further details are available in MAS’ response paper, and SGX RegCo has also issued a response to its consultation paper on the GLB listing rules.

Grab has been awarded the first Cross-Border Ride-Hail Service Operator Licence by the Land Transport Authority, allowing it to launch a new cross-border taxi booking service. The Cross-Border SG-JB (Beta) pilot will enable passengers to book door-to-door rides from Singapore to various locations in Malaysia, including Johor Bahru, Iskandar Puteri, Forest City, Kulai, and Senai. Bookings can be made via the Grab app between 12 hours and seven days in advance.

The pilot, set to begin on 4 May 2026, aims to improve travel across one of the world’s busiest land borders. Alex Hungate, President and COO of Grab, stated, “Our passengers and business customers in both Singapore and Malaysia are eagerly awaiting door-to-door cross-border taxi services.” He emphasised the growing demand for transport options, particularly for group travel.

Key features of the service include fixed upfront fares, a choice of 4-seater and 6-seater vehicles, and comprehensive safety measures. Grab will offer an introductory discount of up to 20% to encourage users to try the service. Additionally, the service will expand as more licensed taxis are onboarded, with feedback from users helping to refine operations.

The initiative is part of a broader effort by the Singaporean and Malaysian governments to enhance cross-border connectivity, with 300 licences to be issued to taxi drivers in each country this year. This development is expected to streamline processes for drivers and expand earning opportunities.

The Singapore Department of Statistics has revealed that the services sector is bracing for a less favourable business environment from April to September 2026. The Business Expectations Survey indicates that 13% of firms are optimistic, whilst 17% foresee deteriorating conditions, resulting in a net weighted balance of 4% expecting a downturn.

The survey, conducted from March to April 2026, highlights the impact of geopolitical tensions, including the US-Israel-Iran conflict, on business sentiment. The Food and Beverage Services industry anticipates a challenging period due to fewer festive events and rising prices, which are expected to kerb consumer spending. Similarly, the Transport and Storage industry is concerned about overcapacity and lower freight rates, further exacerbated by geopolitical issues.

Retail Trade also predicts a tough six months, with concerns over reduced tourism and consumer spending due to ongoing Middle East tensions. Conversely, the Wholesale Trade industry remains optimistic, driven by sustained demand for AI-related products. The Recreation, Community and Personal Services industry also expects growth, particularly in healthcare and childcare services.

Operating revenue for the sector is expected to decline slightly in the second quarter of 2026, with a net weighted balance of 1% predicting a downturn. Employment levels are anticipated to remain stable, with no net change expected. The survey results are crucial for informing government policy and business planning in Singapore.

Singapore’s labour market is experiencing a shift from expansion to selection, according to Jobstreet by SEEK, following the Ministry of Manpower’s (MOM) Labour Market Advance Release for Q1 2026. The data reveals a more competitive job environment, with fewer new roles compared to a year ago and an increase in candidates vying for each position.

Jobstreet by SEEK’s platform data indicates a slight rise in job postings by 1.9% quarter-on-quarter, yet these remain below last year’s levels. Meanwhile, job applications have surged by 14.8%, intensifying competition among jobseekers. This has led to what Jobstreet describes as a “talent paradox,” where there is a mismatch between the skills employers seek and the qualifications of available candidates.

The commentary notes that whilst applications are concentrated in areas like accounting and logistics, demand is growing in specialised sectors such as semiconductors, manufacturing, and government-related functions. This discrepancy means that despite a higher volume of applications, employers struggle to find candidates with the necessary skills.

Jobseekers are reportedly becoming more selective, prioritising roles that offer flexibility, stability, or purpose, even if it means accepting lower titles or pay. This trend is contributing to the rise in applications, as candidates test the market whilst being cautious about job changes.

For employers, success hinges on clearly defining role expectations and aligning them with candidate priorities. Jobseekers, on the other hand, are advised to adopt a strategic approach, focusing on transferable skills and viewing any “trade down” as a step towards long-term career growth.

Lenovo has announced the launch of its xIQ platform in Singapore, marking a significant step in the company’s efforts to provide enterprises with a comprehensive AI solution. Unveiled at the Milipol TechX 2026 summit, the platform integrates AI agents, digital workplace tools, and hybrid cloud operations into a single framework designed to address the growing need for secure and scalable AI deployment.

The xIQ platform is part of Lenovo’s Hybrid AI Advantage™, which combines the Hybrid AI Factory, Lenovo AI Services, and the AI Library. This suite is designed to help organisations in Singapore deploy, govern, and scale AI with confidence. The platform’s infrastructure is built to ensure security, sovereignty, and scalability, addressing the critical need for data privacy and compliance as highlighted by the Lenovo CIO Playbook 2026.

Fan Ho, Vice President and General Manager of Lenovo Asia Pacific’s Solutions and Services Group, stated, “Enterprises across the region are looking for AI that delivers results responsibly, securely, and at speed, without added complexity.”

The xIQ platform includes three AI-native platforms: the xIQ Agent Platform for rapid AI agent deployment, the xIQ Digital Workplace Platform for enhancing employee productivity, and the xIQ Hybrid Cloud Platform for optimising hybrid and multi-cloud environments. These tools aim to streamline operations and accelerate innovation, helping organisations achieve measurable business outcomes.

Lenovo’s collaboration with Yili Group, a leading dairy producer, exemplifies the platform’s potential. By implementing Lenovo’s AI services, Yili enhanced customer engagement and supply chain visibility, showcasing the practical benefits of Lenovo’s AI solutions. As Lenovo continues to expand its AI offerings, the xIQ platform is set to play a pivotal role in advancing AI adoption in Singapore.

Visa has unveiled its Agentic Ready programme in Singapore, collaborating with 13 banks and fintech partners to enhance the payments ecosystem in the era of agentic commerce. This initiative aims to support issuer readiness by providing a structured path for testing and validating agent-initiated transactions within a controlled environment.

The programme, powered by Visa’s trust layer—which includes tokens, identity, risk, and controls—will initially focus on issuer readiness. Participating partners include Bank of China Singapore, CIMB Singapore, DBS Bank, DCS, GXS Bank, HSBC Singapore, Maybank Singapore, OCBC, Standard Chartered, StraitsX, Trust Bank, UQPay, and UOB. Additional partners are expected to join as the programme expands.

Adeline Kim, Visa’s Country Manager for Singapore and Brunei, highlighted Singapore’s role as an innovation hub, stating, “Singapore is an innovation hub where ideas move quickly from concept to real-world impact, making it the ideal market to progress agentic commerce.” A Visa-commissioned study revealed that 77% of Singapore residents already use generative AI tools, with eight in 10 relying on AI assistance for online shopping.

The Agentic Ready programme builds on Visa Intelligent Commerce, aiming to enable trusted AI-driven commerce experiences at scale. Visa is also working with merchants and ecosystem partners to identify consumer-relevant use cases. As the programme progresses, Visa plans to ensure trust and control are embedded across the payments ecosystem to facilitate secure and transparent commerce experiences.

This initiative marks a significant step in advancing digital payments, with Visa and its partners poised to explore the potential of agent-initiated transactions in a secure and scalable manner.

New research from PlanRadar indicates that artificial intelligence (AI) could play a crucial role in retaining talent within Singapore’s construction sector, which is currently grappling with manpower shortages. The study, involving 1,728 construction professionals, found that 58% believe AI can alleviate significant challenges such as project delays and managing changes. More than half of the respondents expressed a higher likelihood of staying with their employer if there was increased investment in AI tools.

The survey highlights that nearly half of the professionals spend over 11 hours weekly on tasks they believe AI could streamline. Those already utilising AI report saving at least two hours per project each week. Despite these benefits, adoption remains slow, with nearly half of the respondents indicating no current plans to invest in AI-enabled tools.

Trust and cost are the primary barriers to AI adoption in Singapore, with cost concerns ranking higher than the global average. This suggests that firms are carefully evaluating the return on investment before committing to new technologies. “Construction professionals are not resistant to AI. They are asking for tools they can trust,” said Sander van de Rijdt, Co-Founder and CEO of PlanRadar.

The findings come as the sector prioritises productivity and digitalisation under initiatives like the Built Environment Industry Transformation Map. With the Project Management Institute estimating a need for nearly 2.5 million additional project professionals by 2035, AI investment could serve as a vital retention strategy.

Landmark Real Estate Investment Trust (REIT) has announced a strong performance for the first quarter of 2026, with gross revenue rising by 4.6% to S$52.2m compared to the same period last year. This growth is attributed to increased rental revenue and a significant rise in carpark income, which jumped by 29.1% following a change in management arrangements.

The REIT’s net property income also saw a boost, climbing 5.7% to S$30.8m. In Indonesian Rupiah terms, gross revenue and net property income grew by 14.3% and 15.6%, respectively. The increase in carpark income, from IDR28.6b to IDR40.4b, was a notable contributor, now recognised on a gross basis rather than net of operating expenses.

The portfolio’s occupancy rate remains robust at 87.5%, surpassing the industry average of 78.4%, according to data from Cushman & Wakefield. This high occupancy rate underscores the REIT’s resilience and strategic enhancements in its portfolio management.

Looking ahead, Landmark REIT continues to focus on maintaining its strong market position amidst a slightly softening Indonesian economy. The World Bank and OECD have adjusted their growth projections for Indonesia, but the REIT remains confident in its strategic direction and operational resilience.