Industry News

True Global Ventures 4 Plus Pte. Ltd. (TGV) has been granted a capital markets services (CMS) licence by the Monetary Authority of Singapore (MAS), enabling the firm to conduct regulated fund management activities beyond venture capital. This development positions TGV as a Licensed Fund Management Company (LFMC) for accredited investors, allowing it to manage regulated investment funds from Singapore.

The CMS licence allows TGV to diversify its fund management activities and introduce new investment strategies. These include managing continuation funds, which provide additional growth capital to high-performing portfolio companies and offer investors the option to continue participating in later-stage pre-IPO companies. This flexibility was previously constrained by TGV’s Venture Capital Fund Management (VCFM) licence.

Additionally, TGV plans to manage fund of funds, which will diversify investor portfolios by allocating to top-tier venture capital managers across various regions and sectors. The firm also intends to invest in public companies that align with its core themes of artificial intelligence and blockchain, thus offering investors opportunities in both private and public markets.

“We are honoured to receive the CMS licence from MAS, which reflects our commitment to meeting the highest regulatory compliance and governance standards,” stated TGV. This licence not only strengthens TGV’s position as a global venture capital leader but also underscores its dedication to robust governance, compliance, and investor protection.

Oiltek International Limited’s subsidiary, Oiltek Global Pte Ltd, has entered into a non-binding memorandum of understanding with SK SAF Sdn. Bhd. to collaborate on a sustainable aviation fuel (SAF) biorefinery and integrated pretreatment unit (PTU) hub in Sarawak, Malaysia. This initiative aligns with Sarawak’s Green Economy Transition Policy, focusing on converting palm oil mill effluent and decanter cake into high-value renewable fuels.

The project distinguishes itself by separating the PTU from the core biorefinery, creating a standalone profit centre. This design ensures feedstock certainty, generates early revenue, and mitigates risk exposure. Oiltek will serve as the PTU technology provider and an associate trading partner for feedstock and product markets.

Currently, the project is in its preliminary stage, with no definitive agreements or formal plans finalised. Shareholders are advised to exercise caution and avoid speculative actions regarding their investments. Further announcements will be made as the project progresses.

Singapore has achieved an impressive seventh place in the 2025 IMD World Talent Ranking, showcasing its strong position in global talent competitiveness. The ranking, which evaluates 69 economies, highlights Singapore’s strengths in readiness, placing it second in that category. However, the city-state ranks ninth in appeal and 30th in investment and development, indicating areas for potential improvement.

The IMD World Talent Ranking assesses countries based on their ability to develop, attract, and retain talent. Singapore’s high ranking in readiness reflects its robust educational system and skilled labour force, which meet the needs of a competitive economy. The appeal category underscores Singapore’s ability to attract foreign highly skilled personnel, thanks to its favourable business environment and high quality of life.

The Institute for Management Development (IMD), an independent academic institute, compiles the World Talent Ranking. IMD aims to support leaders and policymakers in navigating complexity and change, with a focus on sustainability and social inclusion.

LHN Limited has announced that its subsidiary, Coliwoo Holdings, has received a conditional eligibility-to-list letter from the Singapore Exchange Securities Trading Limited (SGX-ST) for its proposed listing on the Mainboard. The approval, granted on 9 September 2025, is contingent upon Coliwoo Holdings meeting specific SGX-ST requirements, including pre-quotation disclosures and document submissions.

The eligibility-to-list is valid for three months, subject to changes in SGX-ST policies. The SGX-ST reserves the right to amend or withdraw the eligibility at its discretion. Coliwoo Holdings’ listing is part of a strategic spin-off from LHN Limited, aimed at enhancing its market presence and operational focus.

The company stated that it will provide updates on the listing process as developments occur. The initial public offering (IPO) and listing completion depend on market conditions and compliance with SGX-ST conditions.

Shareholders and potential investors are advised to exercise caution and seek professional advice when dealing with LHN Limited’s securities. The listing aims to bolster Coliwoo Holdings’ growth trajectory, although the timeline for the IPO remains uncertain.

Bettr, a prominent provider of embedded financing under Ant International, has unveiled an AI-driven accounts receivable financing solution aimed at empowering small and medium-sized enterprises (SMEs) on global e-commerce platforms. As the year-end shopping season approaches, this solution offers vendors rapid and secure access to working capital, addressing the urgent need for flexible funding to manage increased inventory, marketing, and operational costs.

The innovative solution leverages advanced AI and machine learning to streamline the financing process. By analysing real-time business data such as invoices, sales history, and customer ratings, the AI system generates precise credit risk assessments. This allows Bettr to offer tailored loan solutions at competitive market rates, ensuring a seamless application experience for vendors.

Quan Yu, General Manager of Credit Services at Ant International, highlighted the transformative potential of this solution: “By integrating our alternative data-powered credit assessment and risk management directly into the e-commerce ecosystem, we can quickly approve and disburse funds. This is a game-changer for small and medium-sized businesses looking to scale quickly and meet demand.”

The platform also prioritises security, employing continuous risk management to monitor transactions in real time and prevent fraudulent activities. This dual focus on speed and security enables vendors to expand their businesses confidently, whilst Bettr mitigates potential risks.

Bettr’s initiative not only aims to enhance financial agility for SMEs but also seeks to advance financial inclusion globally by harnessing technology and collaborating with partners across sectors.

The Maritime and Port Authority of Singapore (MPA) has announced a series of corrective measures following the Auditor-General’s Office (AGO) report for the financial year 2024/25. The report highlighted issues in tender evaluation, payment verification, and the legal basis for certain fees and concessions. MPA is actively working to address these concerns to ensure compliance and prevent future occurrences.

The AGO identified a discrepancy in a tender evaluation where scores were influenced by documentation from a tenderer’s subsidiary, which was not specified in the submission. In response, MPA has revised its evaluation protocols to include capabilities of entities within a tenderer’s group, provided these are clearly declared in the tender documents.

Additionally, the AGO noted that payments for six operational service contracts were made without adequate verification of service delivery. MPA has since reviewed these contracts and confirmed service delivery through logs and supporting records. Measures have been implemented to ensure thorough checks and verification of documentation before future payments are approved.

The report also revealed that MPA has been collecting fees for marine dumping and monitoring services without formal legislative backing. These fees, which support the management of dumping activities, have been in place since MPA’s establishment in 1996. MPA is now taking steps to amend legislation to address this issue and legitimise past fees collected.

Furthermore, MPA has implemented port dues concessions without formal legislative prescription. These concessions aim to support Singapore’s maritime competitiveness and cater to public sector and community-related users. MPA is reviewing these schemes and will formalise them in law if they continue.

MPA reaffirms its commitment to good financial governance, fiscal accountability, and prudent management of public funds. The authority is dedicated to strengthening internal controls to uphold public trust and operational excellence.
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Internationally acclaimed artist Liu Bolin has unveiled three new artworks in Singapore as part of the Canvas of Hope initiative, a collaboration with the Rare Disorders Society Singapore (RDSS). Known for his “Invisible Man” performances, Bolin’s works aim to highlight the struggles of individuals living with rare disorders. The artworks will be showcased at The Rare Gallery, opening on 14 September 2025 at the Glass Dome, PlayPan Far East Square.

Bolin’s new pieces include “Grounded Journeys” at Jewel Changi Airport, “Dreams of Play” at Toa Payoh Dragon Playground, and “Magazine Rack – Singapore Chapter,” which marks both the 20th anniversary of his Invisible Man series and Singapore’s 60th year of independence. The exhibition will feature 13 pieces from his “Hiding in the City” series, alongside behind-the-scenes footage of the new works.

The initiative is designed to raise awareness and support for families affected by rare disorders. Bolin expressed his commitment to using art as a medium for healing and advocacy, stating, “Art has the power to heal, to lend a voice, and to connect.” Phua Wee Seng, Executive Director of RDSS, highlighted the shared belief in the power of love and support.

The official launch will include an artist walkthrough and the completion of the “Magazine Rack” piece. Proceeds from a charity gala on 28 March 2026 will support RDSS programmes, including therapy subsidies and caregiver assistance. Bolin will also deliver a guest lecture at NTU’s School of Art, Design and Media on 11 September 2025, discussing art’s role in society and its therapeutic potential.
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The National Research Foundation (NRF) and the Agency for Science, Technology and Research (A*STAR) have responded to the Auditor-General’s Office (AGO) findings on the management of Research, Innovation and Enterprise (RIE) 2025 Research and Development (R&D) grants for the financial year 2024/25. Whilst the audit confirmed that processes and controls were generally in place, it also highlighted areas needing improvement, which both organisations are addressing.

The AGO noted that NRF and A*STAR had established processes to ensure proper grant management, including approval alignment with RIE2025 objectives, clear guidance for grant calls, and proper segregation of duties. However, some projects lacked documented approvals for deviations from Indirect Research Costs (IRC) funding rates. Both NRF and A*STAR have since obtained necessary approvals and updated guidelines to prevent future discrepancies.

The audit also identified the need for improved documentation of Conflict of Interest (COI) declarations. NRF has retrospectively obtained COI declarations and is enhancing its grants management system to require these declarations before grant evaluations. Additionally, NRF has revised its COI Management Framework to exclude officers with ex officio board appointments from fund disbursement approvals.

Further, the audit found that some funding requisitions were endorsed by conflicted individuals. NRF and A*STAR have revised procedures to ensure non-conflicted endorsements and implemented monitoring dashboards to prevent future issues. A*STAR also addressed errors in manpower cost allocations and updated its iGrants system to improve verification processes.

NRF and A*STAR have committed to ongoing improvements in governance and management of public funds, ensuring rigorous oversight and accountability.
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Lulu Furniture, a Singapore-based online retailer, has unveiled its latest office chair collection, expanding its range of home and workplace solutions. This launch responds to the growing demand for ergonomic and space-efficient furniture, as more Singaporeans embrace remote and hybrid work arrangements. The new collection, designed for both home offices and corporate environments, offers a blend of comfort, design, and affordability.

The office chair line includes a variety of styles, from minimalist task chairs to high-back executive models, all featuring adjustable functions to support long working hours. A spokesperson for Lulu Furniture stated, “Our office chair line was developed to meet these changing needs, offering a balance between ergonomic support, durability, and modern aesthetics.”

By launching this collection, Lulu Furniture aims to provide an accessible alternative to pricier international brands, whilst maintaining a focus on quality and local relevance. The chairs are available exclusively online through the Lulu Furniture website, ensuring convenient browsing, transparent pricing, and island-wide delivery in Singapore.

Lulu Furniture, known for its contemporary and practical designs, continues to cater to Singaporean households and businesses with its diverse product offerings, including wardrobes, storage beds, and dining sets. This latest addition underscores the company’s commitment to enhancing comfortable and functional living and working spaces.
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Singapore Customs has apprehended a 29-year-old Indian national following a significant seizure of duty-unpaid cigarettes in an operation at Woodlands Terrace on 27 August 2025.

The operation led to the confiscation of 1,445 cartons and 16 packets of illegal cigarettes, along with two lorries used in the smuggling attempt. The total duty and Goods and Services Tax (GST) evaded amounted to approximately $156,693.

During the enforcement action, officers observed the suspect transferring a black rubbish bag between two Singapore-registered lorries.

Upon inspection, 122 cartons of duty-unpaid cigarettes were discovered in the first lorry, whilst the second lorry contained 1,323 cartons and 16 packets. Investigations suggest that the man was allegedly hired by an unknown individual to transfer part of the contraband for delivery. Court proceedings are currently underway.

A Singapore Customs spokesperson emphasised the agency’s commitment to combating tax evasion, stating, “Such firm actions by our officers on the ground underscore Singapore Customs’ continuous effort to detect and deter tax evasion, and the importance of vigilance and enforcement. We will continue to act decisively against those who choose to flout the law.”

Under the Customs Act and the GST Act, dealing with duty-unpaid goods is a serious offence, with penalties including fines up to 40 times the amount of duty and GST evaded, and/or imprisonment for up to six years. Vehicles involved in such offences are also subject to forfeiture.

Singapore Customs continues to enforce strict compliance with customs regulations and urges the public to report any suspicious activities related to smuggling or tax evasion.
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