Industry News

The Bank of the Philippine Islands (BPI) has inaugurated BPI Wealth Singapore, a wholly owned subsidiary, in the bustling financial district of Marina Bay. This strategic move marks BPI’s ongoing expansion in Asia, aiming to offer Filipino and regional clients access to one of the world’s most dynamic financial centres.

The launch event was attended by notable figures from both the Philippines and Singapore, including Medardo Macaraig, the Philippine Ambassador to Singapore, and Phua Wee Ling, Executive Director at the Monetary Authority of Singapore. Key BPI executives such as Jaime Augusto Zobel de Ayala, Chairman of BPI, and Jose Teodoro “TG” Limcaoco, President and CEO of BPI, were also present.

Limcaoco emphasised the significance of the new office, stating, “This new office is a bridge—connecting the Philippines and Singapore, our clients to global markets, and our heritage to the future.” Zobel de Ayala added, “To serve our clients well, and to serve them for generations, we must be present in this ecosystem.”

The office design reflects BPI’s philosophy of legacy and heritage, incorporating Filipino craftsmanship with modern elements. It features a timber balustrade reminiscent of Philippine heritage homes and custom lighting that creates a contemporary yet grounded atmosphere. The centrepiece, 1851 Wealth, offers an exclusive space for personal client interactions.

Art from BPI’s collection, including works by Fernando Zóbel, Arturo Luz, and Pacita Abad, adorns the office, connecting Filipino culture with Singapore’s global art scene. Maria Theresa D. Marcial, Deputy Chairman of BPI Wealth Singapore, highlighted the cultural significance, saying, “True wealth carries history and meaning.”

As BPI nears its 175th anniversary in 2026, the opening of BPI Wealth Singapore underscores its commitment to bridging the Philippines with the world, fostering growth and enduring partnerships.

UOL Group Limited, Singapore Land Group Limited, and Kheng Leong have jointly submitted the highest bid for a site at Dorset Road, Singapore, under the Urban Redevelopment Authority’s (URA) sale. The consortium’s 60:20:20 joint venture seeks to develop the centrally located site, which is the only one within the fringe of the Core Central Region (CCR) from the Government Land Sales (GLS) Confirmed List for 2025.

The proposed development will feature two 27-storey towers with a total of 428 residential units. Shirley Ng, UOL’s Chief Investment and Asset Officer, highlighted the site’s strategic location, noting its proximity to Farrer Park MRT and renowned schools like St Joseph Institution Junior and Hong Wen School. Ng stated, “If awarded, it will be a very timely replenishment for our residential stock.”

The bid underscores the consortium’s commitment to expanding its residential offerings in prime locations. The site’s attributes, including its accessibility and educational institutions nearby, make it a desirable addition to their portfolio. The outcome of the tender will determine the consortium’s next steps in realising this significant development project.

BOSS Fragrances has unveiled its first-ever BOSS Bottled Beyond pop-up at Bugis Junction, Singapore, running from 14 to 19 October 2025. This event celebrates the launch of the new BOSS Bottled Beyond fragrance, with global ambassadors Bradley Cooper, Maluma, and Vinícius Júnior embodying the spirit of brotherhood and ambition. The pop-up offers immersive experiences and exclusive gifts for attendees.

Visitors to the pop-up can explore the new Ginger-Leather Eau de Parfum, designed for those who dare to go beyond. The event features interactive activities such as a photobooth where guests can contribute to the BOSS Wall of Legacy, a football juggling station inspired by Vinícius Júnior, and live bottle engraving sessions. Additionally, a live coffee bar will offer complimentary drinks to those who complete both the photobooth and juggling challenges.

Attendees who register online will receive complimentary samples of the fragrance. The pop-up also offers gifts with purchases, including pouches, card holders, and vouchers for those spending over $150 (£120) or $250 (£200).

The BOSS Bottled Beyond fragrance is available in 50ml and 100ml sizes at major retailers. It combines ginger and leather notes, using innovative extraction technology for a unique scent profile. The design features a black lacquered bottle with a leather-touch trim and a gradient finish, reflecting the fragrance’s duality.

Adidas has launched its latest flagship store at Jewel Changi Airport, offering a distinctive shopping experience that merges global innovation with Singapore’s local charm. The two-level store, inspired by the city’s Peranakan heritage, features modern treatments of intricate tile motifs, creating a seamless blend of sport, culture, and design.

The store’s highlights include the integration of Jewel’s iconic Rain Vortex, providing a striking backdrop that celebrates Singapore’s architectural marvel. Additionally, the ‘Made for You’ Zone allows customers to personalise their adidas gear, enhancing the shopping experience with customisation options. For fashion-forward visitors, the Y-3 Premium Corner showcases the exclusive adidas × Yohji Yamamoto collaboration.

This new flagship store exemplifies adidas’s commitment to evolving the retail experience by combining performance and lifestyle elements. It aims to reflect how today’s consumers live, train, and express themselves, making it a destination within a destination at Jewel Changi Airport.

The recent Government Land Sales (GLS) tender for the Dorset Road site attracted nine bidders, with UOL Group Limited submitting the highest bid of $1,338 per square foot per plot ratio (psf ppr). This competitive bidding underscores developers’ urgency to replenish their land banks, driven by strong sales in recent project launches. UOL’s projects, UPPERHOUSE at Orchard Boulevard and PARKTOWN Residence, have seen significant sales, with the latter more than 90% sold.

The scarcity of available land parcels in the Farrer Park area has intensified competition. The last site sold in the vicinity was on Northumberland Road in May 2021, fetching $1,129 psf ppr. Earlier, in January 2017, a site on Perumal Road was sold for $1,007 psf ppr. The robust participation in the Dorset Road tender may also be attributed to the anticipated low supply of projects in the Rest of Central Region (RCR) in 2026.

In 2025, approximately 12 projects with 4,786 units are expected to launch in the RCR, dropping to just three projects with 2,015 units in 2026, including the Dorset Road site. This limited supply could support RCR home prices in the future.

The top three bids for the Dorset Road site were within a narrow range of less than 2%, indicating developers’ cautious approach to maintaining affordability and mitigating risks of potential government intervention. The site is strategically located near the Central Expressway (CTE) and Farrer Park MRT station, with educational institutions and shopping centres nearby, enhancing its appeal.

MOGOX, in collaboration with MKX Technologies and BYD Singapore, has been awarded a contract by Singapore’s Land Transport Authority (LTA) to pilot the country’s first Level 4 (L4) autonomous public bus service. Scheduled to commence in the second half of 2026, the pilot will operate on Service 191 in one-north and Service 400 along Marina Bay and Shenton Way, linking major locations such as Marina Bay Cruise Centre and Gardens by the Bay.

This initiative marks the first integration of autonomous buses into a public transport system for daily use outside of China. The project will run for an initial period of three years, following a Request for Proposal issued by LTA in January. MOGOX was selected for its advanced L4 full-stack autonomous driving technology and proven deployment experience. The company will provide integrated hardware and software solutions, including lidar, millimetre-wave radar, and cameras, alongside fleet management and remote operation systems.

Bin Lv, Vice President of MOGOX, highlighted the importance of collaboration with partners MKX and BYD, stating, “In the next phase, we will maintain our joint efforts to implement and advance the autonomous driving project in Singapore.”

MOGOX has a strong track record in China, with its autonomous buses having covered over 2 million kilometres and served more than 200,000 passengers. The company aims to extend its expertise to Singapore, contributing to the development of a safe, smart, and sustainable public transport system. This project is set to position autonomous driving as a showcase of Chinese technological innovation on the global stage.

Institutions have net bought S$481.3m in Singapore stocks during the first seven sessions of October, coinciding with gains in key indices. The Straits Times Index (STI) rose by 3.3%, whilst the FTSE ST Mid Cap & Small Cap Index and FTSE ST Fledgling Index increased by 1.9% and 3.1% respectively. This surge in institutional buying highlights a strong start to the month for the Singapore stock market.

Among the 250-plus Singapore-listed stocks with market capitalisations exceeding S$100 million, Marco Polo Marine, Frencken, InnoTek, Wee Hur, and SATS experienced the highest net institutional buying relative to their market cap. Notably, nearly half of the top 50 stocks by net institutional buying-to-current cap ratio were from the Technology and Industrials sectors.

The FTSE Asia Pacific Index also saw a gain of 2.6% in early October, although momentum has slowed due to a softer 2026 global trade outlook and renewed US inflation risks. Despite these challenges, the Singapore stock market has maintained a positive trajectory with significant institutional inflows.

Marco Polo Marine and Frencken Group emerged as standout performers, each representing the Industrials and Technology sectors, respectively. Marco Polo Marine reported stable profitability in its recent business update, whilst Frencken Group remains focused on sustainable expansion through strategic investments.

Overall, the Singapore stock market’s performance in early October reflects robust institutional interest, particularly in the Technology and Industrials sectors, setting a positive tone for the remainder of the month.

The Singapore FinTech Festival (SFF) 2025, marking its 10th anniversary, is set to take place from 12 to 14 November at the Singapore EXPO. Organised by the Monetary Authority of Singapore (MAS), Global Finance & Technology Network (GFTN), and Constellar, the event will delve into the theme “Technology Blueprint for the Next Decade of Finance”. The festival aims to explore how emerging technologies can enhance the global financial system’s security and efficiency.

This year’s programme will feature discussions on artificial intelligence, tokenisation, and quantum computing, with insights from both established pioneers and emerging changemakers in the financial technology sector. The event promises to provide a platform for high-impact discussions among regulators, policymakers, and industry leaders.

Ahead of the festival, the Insights ForumTM will be held on 10 and 11 November at the Sands Expo & Convention Centre. This prelude event will gather key stakeholders for in-depth discussions on the future of finance.

Singaporean companies are increasingly looking beyond their borders to fill talent gaps, according to Remote’s Global Workforce Report 2025. The report, which surveyed over 3,600 business leaders across 10 countries, highlights that 76% of HR leaders in Singapore anticipate that more than half of their new hires by 2026 will be based overseas. This trend is driven by the difficulty in finding qualified local talent.

In the past six months, international roles have constituted nearly half (49%) of new hires in Singapore-based companies. The average company now employs talent in three or more countries, a figure expected to rise sharply. However, this global expansion brings challenges. HR teams, often consisting of five or fewer members, face increased responsibilities, including managing compliance and maintaining a consistent employee experience across borders.

The report also notes that 66% of HR leaders have encountered compliance issues when hiring abroad, with each incident costing over $36,200 (US$36,200). Additionally, 29% of companies have been unable to enter new markets due to compliance challenges. To address these issues, HR teams are increasingly turning to integrated platforms that streamline global payroll and compliance processes.

Job van der Voort, CEO and co-founder of Remote, stated, “The first wave of technology in HR made it possible to hire globally. The next wave is transforming how those teams are managed.” As international hiring accelerates, technology will play a crucial role in helping HR teams manage their expanding global workforces efficiently.

Bank of Singapore has introduced an AI-powered tool, Source of Wealth Assistant (SOWA), to automate the creation of Source of Wealth (SoW) reports, significantly reducing the time required from 10 days to just one hour. This innovation aims to enhance the Know-Your-Customer due diligence process by ensuring the legitimacy of clients’ wealth and transactions whilst maintaining regulatory compliance.

Previously, relationship managers manually sifted through extensive documentation, including financial statements and tax notices, to compile these reports. SOWA now automates this process, generating comprehensive and standardised reports, thereby minimising human errors and inconsistencies. The tool leverages the extensive databases of Bank of Singapore and its parent company, OCBC, to validate client information against benchmarks like salary and company revenue.

Relationship managers still play a crucial role by reviewing and refining the AI-generated drafts before they undergo further assessment by internal review teams. This ensures that the bank’s anti-money laundering and counter-terrorism financing controls remain robust. The information processed by SOWA is securely hosted on the bank’s private cloud.

Kam Chin Wong, Global Head of Financial Crime Compliance at Bank of Singapore, highlighted the tool’s impact: “Agentic AI pushes the envelope further by enhancing efficiency, accuracy and consistency in decision-making.” Ruth Yeo, a relationship manager, noted the intuitive nature of SOWA, stating that it allows her to focus more on client engagement rather than manual documentation.

This deployment marks a significant step in Bank of Singapore’s ongoing investment in AI technologies, aiming to improve productivity and client service across its operations.