Industry News

Singapore has ascended three places to 9th in the Savills Tech Cities Index 2025, marking its debut in the top 10. The city-state’s rise is attributed to its political and regulatory stability, world-class infrastructure, and robust business environment. Seoul also made significant strides, climbing four places to secure the 10th spot, driven by increased city wealth, net migration, and government support for AI, semiconductors, quantum computing, and biotech.

San Francisco leads the index, benefiting from its status as the epicentre of AI development and a strong tech ecosystem. New York follows, leveraging a diverse tech sector and a rich talent pool. London, now third, boasts the highest number of top-ranked universities, fostering innovation in Fintech, CleanTech, DeepTech, and AI.

Paul Tostevin, Head of Savills World Research, noted, “The tech industry is undergoing major transformation due to AI. Despite the potential monumental advances being made, however, human capital remains tech’s most important asset, so city attractiveness matters to companies trying to recruit the best talent.”

In Asia, Shanghai and Beijing lead the region, ranking 5th and 6th respectively, supported by a vast domestic market and mature ecosystems. Meanwhile, Dubai has surged 20 places to 43rd, propelled by AI strategies and rapid growth.

The Savills Tech Cities Index, part of the Impacts thought leadership programme, evaluates 100 cities worldwide, focusing on business and tech environments, talent pools, and tech sub-sectors. The index highlights cities that are hotspots for venture capital and tech innovation.

Singapore’s job market continues to experience a decline in job postings, with a 3.1% drop in October marking the eighth consecutive monthly decrease, according to Indeed’s latest Hiring Lab report. Despite this downturn, the job market remains robust, with postings still 32% above pre-pandemic levels, maintaining a low unemployment rate.

The report highlights that 86% of occupations have job postings above pre-pandemic levels, with 8% more than doubling those figures. The sectors showing the highest demand include pharmacy, with a 181% increase, sport at 122%, and hospitality and tourism at 119%. Over the past three months, retail, hospitality and tourism, and healthcare have shown significant growth, with retail postings up by 17%.

Conversely, some sectors have seen notable declines. Childcare postings fell by 30%, driving by 24.9%, and sports by 18.6%. The report also notes a rise in remote work mentions, now at 8.2% of postings, particularly in IT infrastructure and support, insurance, and sales.

Callam Pickering, APAC Senior Economist at Indeed, notes that despite the decline in job postings, the Singapore labour market remains tight, with a low unemployment rate of 2.0% and ongoing skill shortages. The trend suggests that whilst job postings may continue to fall in the near term, the demand in key sectors remains strong.
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Singlife, in collaboration with Lion Global Investors (LGI), has introduced the LionGlobal Singapore Physical Gold Fund, marking the first insured physical gold fund in Singapore. This innovative fund allows retail investors to gain exposure to physical gold without the need to purchase, store, or insure gold bars themselves. The gold bars, meeting the “Good Delivery” standards of the London Bullion Market Association, are securely stored and insured in Singapore.

The fund aims to track the LBMA Gold Price AM benchmark, providing a transparent performance measure. Singlife will offer access to the fund through its Investment-Linked Policies (ILPs) and digital platforms, GROW with Singlife and dollarDEX, expanding the range of alternative assets available to its customers. Additionally, Singlife plans to allocate a portion of its participating fund assets to this gold fund, enhancing its diversified portfolio strategy.

Allen Kuo, Chief Investment Officer at Singlife, emphasised the fund’s role in providing stability amid global volatility, stating, “Gold has shown renewed strength and has been proven to be a source of stability amid uncertainty.”

The fund will be available through Singlife’s key distribution channels, with an initial public offering running until 28 November 2025. It will be accessible on the GROW platform from 1 December 2025 and on dollarDEX from December 2025, with minimum investment amounts set at S$200 and S$100, respectively.

This launch coincides with Singapore’s 60th anniversary, leveraging the nation’s strengths as a global financial hub and emerging centre for gold custody and trading.

MetaOptics Ltd, a leading semiconductor optics company, has announced a strategic share placement to raise S$485m. The funds will be generated through the issuance of 6,685,028 new ordinary shares at S$0.7255 each. This move is designed to bolster the company’s financial standing and support its expanding global customer base. The capital will enhance MetaOptics’ working capital, improve supply chain readiness, and accelerate the scaling of its glass-based metalens solutions, which are increasingly in demand across consumer, automotive, and industrial sectors.

The share placement has attracted both new investors and existing shareholders, reflecting a growing global interest in metalens technology. These optical systems are valued for being thinner, lighter, and more power-efficient, and can be produced at scale. Thng Chong Kim, Executive Chairman and CEO of MetaOptics, expressed confidence in the company’s future, stating, “We are very encouraged by the confidence shown by existing and new investors who recognise the scale of the opportunity ahead of us.”

MetaOptics is gaining traction in various applications, from compact mobile imaging modules to advanced automotive optics. The company’s technology platforms, including the 4-inch Direct Laser Writer and 12-inch Deep Ultraviolet lithography, enable precise and consistent production from prototyping to high-volume manufacturing. MetaOptics remains committed to its commercial rollout and supporting customers with high-performance metalens solutions. Further updates on the share placement will be provided as necessary.

Up to 3,000 micro, small, and medium enterprises (MSMEs) in Singapore are set to benefit from free AI advancement training under the AI for MSME Advancement in ASEAN (AIM ASEAN) Programme. This initiative, led by the ASEAN Foundation in collaboration with AVPN and supported by Google.org and the Asian Development Bank, aims to equip MSMEs with practical AI skills to enhance their operations and competitiveness.

The Singapore edition of the programme, implemented by Project Asia Data, was launched at AIMX Singapore 2025. It offers a hybrid learning format, combining online self-learning, live sessions, and in-person workshops. The training is designed to help non-technical business owners apply AI in real-world contexts, such as improving marketing efficiency and customer engagement.

Jeslin Bay, co-founder of Project Asia Data, emphasised the programme’s focus on people: “Digital transformation doesn’t start with technology—it starts with people. Through this programme, we aim to equip small business owners with the practical knowledge and tools to integrate AI into their daily operations.”

The AIM ASEAN Programme is a two-year initiative endorsed by the ASEAN Coordinating Committee on MSMEs. It aligns with ASEAN Vision 2045, which envisions a resilient, inclusive, and digitally connected regional economy. The programme aims to empower 100,000 MSMEs across all ten ASEAN Member States.

Registration for the Singapore edition is now open to all eligible MSMEs, offering a significant opportunity for local businesses to harness AI for growth and resilience in the digital age.

StarHub and NeutraDC, the data centre arm of Telkom Indonesia, have signed a Memorandum of Understanding (MOU) to advance Quantum-Safe connectivity solutions across Southeast Asia. This collaboration integrates StarHub’s Low-Latency Data Centre Connect solution with NeutraDC’s carrier-neutral ecosystem, aiming to provide faster and more secure cross-border data exchange for enterprises in Singapore and Indonesia.

The partnership will see StarHub establish a Point of Presence at NeutraDC SNG-3 in Singapore, enhancing ultra-low-latency interconnectivity and cloud-ready access. This move supports Singapore’s role as a regional digital hub, facilitating seamless and secure access to data resources across the region.

In the current digital economy, enterprises require high-performance data exchange capabilities. StarHub’s solution offers a sub-1 millisecond path to cable landing stations, ensuring seamless regional connectivity. The collaboration also focuses on quantum security, which is increasingly replacing current encryption standards to counter future security threats.

Customers will benefit from direct connectivity, software-defined networking, quantum-safe encryption, and service orchestration. Tan Kit Yong, Chief of Regional Enterprise at StarHub, stated, “Through this collaboration with NeutraDC, we’re making it simpler for businesses to move, protect, and scale their data, helping them unlock real performance advantages.”

Sendang Praptomo, CEO of NeutraDC Singapore, added, “Quantum secure connectivity represents the new frontier of security, overcoming the limitations of current encryption standards.”

This partnership extends StarHub’s network of alliances with leading data centre operators, furthering its strategy to expand its Low-Latency Data Centre Connect footprint across Southeast Asia.

OCBC is set to become the first Singapore bank to allow its customers to scan and pay all merchant QR codes in Mainland China using its mobile banking app. This new capability, expected to launch in Q1 2026, is made possible through an expanded partnership with UnionPay International, leveraging NETS infrastructure to support payments to merchants accepting Weixin Pay (WeChat Pay). This enhancement complements the app’s existing Alipay+ and UnionPay QR payment capabilities.

The new feature will benefit OCBC Singapore customers travelling to China, where QR-based cashless payments are prevalent. Customers can make payments by simply scanning any Weixin Pay, Alipay+, or UnionPay merchant QR code, with transactions debited directly from their OCBC accounts. This eliminates the need for third-party apps or currency exchange, offering competitive, real-time exchange rates without additional fees.

OCBC’s Scan & Pay feature has already seen significant adoption, with payment volumes increasing by 11% year-on-year and active users rising by 67%. Mainland China remains the top destination for these QR payments, coinciding with a surge in travel demand. According to Oxford Economics, arrivals from Singapore more than doubled in 2024, reaching an estimated 535,000.

Sunny Quek, Head of Global Consumer Financial Services at OCBC, stated, “QR payments are the norm in Mainland China. Our goal is to enable customers to pay like a local.” Beyond China, the Scan & Pay feature connects to QR payment networks in 48 countries, providing comprehensive coverage for OCBC app users. Additionally, the app supports peer-to-peer transfers to digital wallets across Southeast Asia and direct money transfers to Mainland China via Weixin Pay and Alipay+.

Cushman & Wakefield has announced the sale of two 999-year strata retail units at Peninsula Plaza, strategically located in Singapore’s Downtown Core. These units, featuring prominent facade display windows and prime escalator frontage, are available through an Expression of Interest (EOI) exercise, closing on 15 January 2026.

Situated opposite the City Hall MRT Interchange, the retail units benefit from high footfall, surrounded by major institutions like the Supreme Court and National Gallery Singapore. The combined strata area of the units is approximately 330 sq m, with the option to purchase them individually or collectively. The larger unit, measuring 228 sq m, boasts six display windows along Peninsula Plaza’s main facade, offering significant branding opportunities.

Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, highlighted the units’ prime location and visibility, stating they are ideal for retail or lifestyle concepts seeking maximum exposure. The area’s proximity to major office towers and cultural landmarks ensures a steady catchment of office workers, tourists, and regular patrons.

The sale presents a rare opportunity for investors and owner-occupiers, with no Additional Buyer’s Stamp Duty payable, and eligibility extended to both foreigners and companies. The units’ accessibility, being near multiple MRT stations, further enhances their investment appeal.

ShopBack, a leading shopping and rewards platform in the Asia-Pacific, has partnered with the Singapore Tourism Board (STB) to offer Malaysian travellers enhanced rewards when visiting Singapore. The collaboration, under the campaign tagline “Syok Jalan, Syok Lagi Cashback”, provides exclusive Cashback, perks, and giveaways for travel bookings made through ShopBack. This initiative, running from 28 November 2025 to March 2026, aims to boost cross-border tourism by offering upsized Cashback of up to 12% on accommodations and activities.

The partnership includes key travel platforms such as Klook, Traveloka, IHG Hotels & Resorts, Expedia, and Booking.com. Travellers can earn 9.5% Cashback on Klook for attractions like the Singapore Zoo and 9% on Traveloka for visits to Gardens by the Bay. This initiative combines STB’s tourism leadership with ShopBack’s rewards expertise to highlight Singapore’s diverse attractions and engage high-intent travellers from Malaysia.

Vincent Wong, General Manager of ShopBack Singapore and Malaysia, stated, “Teaming up with the Singapore Tourism Board allows us to reward our Malaysian users in new, meaningful ways.” Terrence Voon, Executive Director, Southeast Asia of STB, added, “We hope to showcase the diverse range of experiences in Singapore, helping Malaysian visitors get the most value out of each visit.”

This collaboration underscores ShopBack’s role in connecting governments, merchants, and consumers through innovative partnerships. It also aligns with ShopBack’s expansion into a broader suite of shopping tools, enhancing the shopping experience for its users.

Ripple, a prominent financial technology firm known for its crypto solutions, has received approval from the Monetary Authority of Singapore (MAS) to expand the scope of its payment activities under the Major Payment Institution (MPI) licence held by Ripple Markets APAC Pte. Ltd. This development allows Ripple to enhance its regulated payment services, offering greater value to customers in Singapore through its Ripple Payments platform.

Ripple’s expanded licence enables the company to deliver fully licensed end-to-end payment services in the region, leveraging blockchain technology to facilitate fast, transparent, and reliable cross-border payments. The company’s Vice President and Managing Director for Asia Pacific, Fiona Murray, highlighted the significance of this expansion, stating, “With this expanded scope of payment activities, we can better support the institutions driving that growth by offering a broad suite of regulated payment services, bringing faster, more efficient payments to our customers.”

The Asia Pacific region, particularly Singapore, is at the forefront of digital asset usage, with on-chain activity increasing by approximately 70% year-over-year. Ripple’s President, Monica Long, praised Singapore’s regulatory clarity, noting, “Ripple has always taken a regulation-first approach and Singapore is proof that innovation thrives when rules are clear.”

Ripple Payments offers a comprehensive solution that includes digital payment tokens and a global payout network, simplifying digital asset access for banks, crypto companies, and fintechs. This strategic move underscores Ripple’s commitment to compliance and innovation, reinforcing its position as a leader in the digital payments landscape.