Industry News

The Singtel Group has announced a renewed Memorandum of Understanding (MOU) with the Union of Telecoms Employees of Singapore (UTES) to enhance workforce transformation through AI readiness. This initiative, unveiled during Singtel’s BIG Learning Fiesta, seeks to equip employees with AI skills to drive business growth and improve customer experiences.

The MOU builds on previous efforts, including a S$45m investment in 2019 under the ACT initiative, aimed at deepening digital skills. The renewed focus will accelerate upskilling in AI, emerging technologies, and sustainability, empowering employees to create their own learning paths. Singtel has already trained 13,000 employees in foundational AI knowledge, with plans to expand this to all Singapore-based staff.

Singtel’s CEO, Yuen Kuan Moon, emphasised the importance of AI in transforming work and preparing employees for future roles. “AI is transforming the way we live and work, and even redefining what jobs will look like in the future,” he stated. The company aims to develop AI practitioners and specialists, aligning with Singapore’s National AI Strategy.

The strategy positions Singtel as an adopter, builder-provider, and enabler of AI, creating AI-related career paths within the organisation. This includes opportunities in data centres through its arm, Nxera, which recently hosted a Sustainable AI Data Centre Career Day. The initiative underscores Singtel’s commitment to innovation and sustainable growth.
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Prudential Singapore has launched two pioneering index-linked plans, PRUIndex Income Boost (PIIB) and PRUIndex Lifetime Income (PILI), designed to help Singaporeans enhance their wealth whilst safeguarding savings against market volatility. These plans, unveiled on 10 September, offer guaranteed monthly cash benefits from the first month, with potential for increased payouts linked to index growth from the 13th month.

PIIB is an endowment plan with a capital guarantee at maturity after 15 years, whilst PILI is a whole-life plan offering guaranteed lifetime monthly cash payouts, ideal for those planning generational wealth transfer. Customers can choose from three indices: UBS MASTR Index, S&P 500 FC Index, and Barclays Shiller Allocator Index.

Jason Lim, Head of Product Management at Prudential Singapore, highlighted the importance of these solutions, stating, “As Singaporeans are living longer, many are preparing for retirement and seeking secure ways to grow their wealth by investing more and building passive income streams.”

Both plans provide downside protection with a 0.0% floor rate, ensuring customers are shielded from market downturns. PIIB offers a capital guarantee at maturity, whilst PILI supports financial security across extended retirement years with its lifetime cash benefits.

These offerings reflect Prudential’s commitment to providing innovative financial solutions, enabling customers to plan effectively for their financial futures. As Singaporeans increasingly focus on retirement planning, these plans offer a blend of stability and growth potential, ensuring a lasting financial legacy.
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The International Union of Marine Insurance (IUMI) has highlighted a mixed outlook for the offshore energy insurance sector at its annual conference in Singapore. In 2024, global premiums for the sector decreased by 7.9%, totalling $4.34 billion. This decline was most notable in Europe, whilst Japan, Malaysia, and Egypt experienced stable-to-downward trends. Conversely, Norway reported a significant 27% increase in premiums.

The reduction in premiums is attributed to depressed oil prices, competitive pressures, and increased market capacity. Whilst 2024 saw few large losses and no catastrophic events, indicating improved operational safety, attritional losses remained high at an estimated $2 billion, challenging profitability.

Melanie Raven, Chair of IUMI’s Offshore Energy Committee, warned of the pressures on profitability due to reduced premium levels and increased market capacity. “We must remain mindful of our exposure should a significant event occur,” she stated. Raven also noted a shift towards commercial practices in underwriting, such as auto-buying and smart follow facilities, cautioning against losing technical expertise.

Despite these challenges, Raven expressed optimism about the sector’s future, citing growing investment in offshore renewables and the role of gas as a transitional energy source. She noted that traditional energy underwriters face low barriers to entering the green energy space, which is proving beneficial for many insurers.

Safety improvements continue to enhance confidence in the sector, with the absence of large losses underscoring the resilience of offshore operations.
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Dentons Rodyk, in collaboration with Singapore Management University (SMU), hosted the annual Dentons Rodyk Dialogue 2025 on 9 September, drawing nearly 400 attendees to the Yong Pung How School of Law. The event featured prominent speakers from SMU, the Singapore Exchange (SGX), and Dentons Rodyk, who shared insights on the evolving landscape of Singapore’s capital markets.

The dialogue, titled “The Future of Capital Markets: Navigating Change in Singapore and Beyond,” included a panel of distinguished figures such as Piyush Gupta, Chairman of SMU and former CEO of DBS, and Pol de Win, Senior Managing Director of SGX Group. Gupta emphasised the transformative potential of technology, stating, “Protections, governance, and compliance can now be embedded directly into financial instruments.”

Gerald Singham, Dentons’ Global Vice Chair and ASEAN CEO, highlighted the challenges of market volatility and regulatory pressures, noting that private markets are gaining traction as companies seek alternatives to public listings. He remarked, “New rules and opportunities are reshaping the landscape of corporate finance.”

The event also addressed Singapore’s strategic initiatives, such as the Monetary Authority of Singapore’s S$5 billion ($___) Equity Market Development Programme, aimed at revitalising the equities market. Pol de Win expressed confidence in Singapore’s ability to attract liquidity and strengthen its capital markets, stating, “Singapore’s unique position, trusted by both East and West, gives us the platform to build the next chapter of global capital markets.”

The dialogue underscored the importance of innovation and global positioning in maintaining Singapore’s status as a competitive, investor-friendly hub.
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Singapore’s Housing Development Board (HDB) has unveiled plans to transform Mount Pleasant into a unique housing estate, blending modern homes with conserved heritage sites. The 33-hectare area, previously home to the Old Police Academy, will offer approximately 6,000 new flats, an increase from the initially planned 5,000, to meet rising housing demands.

The first Build-To-Order (BTO) project, Mount Pleasant Crest, is set to launch in October 2025, featuring 1,350 units ranging from 2-room Flexi to 4-room flats, alongside 270 public rental units. This development aims to cater to diverse housing needs, including those of young families wishing to reside near their parents.

Significant efforts have been made to preserve the site’s historical value. Six buildings, including Blocks 1, 2, 27, and 28, will be repurposed for community use, such as a Neighbourhood Police Post and a heritage gallery. The former parade square will be retained as a public space, and elements from the Old Police Academy will be incorporated into the estate’s design.

The estate will feature a car-lite environment with seamless transport connectivity, including the new Mount Pleasant MRT station. Roads will pay homage to the area’s history, with names like “Old Police Academy Road.” Residents will benefit from extensive green spaces, cycling paths, and pedestrian walkways, promoting a sustainable and pleasant living environment.

As Mount Pleasant develops, it promises a blend of modern living with rich historical and natural elements, offering residents a unique and vibrant community.
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The Energy Market Authority (EMA) of Singapore has appointed Mott MacDonald Singapore Pte Limited to conduct a comprehensive study on the safety and technical feasibility of advanced nuclear energy technologies. The study, initiated through a tender in December 2024, will focus on evaluating small modular reactors (SMR) based on their safety features, technology maturity, and commercial readiness.

Mott MacDonald, with over 60 years of experience in the nuclear energy sector, will lead the study. The firm has a strong track record in providing technical, regulatory, and policy advisory services to both technology developers and government agencies, particularly in the areas of advanced nuclear energy technologies and nuclear safety analysis.

Despite no current plans to deploy nuclear energy, Singapore is keen to enhance its understanding of advanced nuclear technologies. The EMA emphasises the importance of building capabilities and collaborating with experts to assess nuclear energy’s potential role in Singapore’s energy landscape. Any future decision to adopt nuclear energy will be carefully evaluated against criteria such as safety, reliability, affordability, and environmental sustainability.

The EMA, a statutory board under the Ministry of Trade and Industry, is committed to fostering a clean, resilient, and competitive energy future for Singapore. Through initiatives like this study, the EMA aims to ensure a reliable energy supply, promote competition in the energy market, and develop a dynamic energy sector.
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Travelex has introduced its Same Rate Guarantee at Singapore’s Changi Airport, allowing customers to sell back unused travel money at the same exchange rate they initially purchased it. This service, available for a fee of $7.30 (S$10), covers all major currencies and is valid for 21 days from the original transaction date.

The initiative addresses the issue of unspent foreign currency, with research indicating that billions of dollars remain unused in households worldwide. In the UK, for example, households hold over $3.41 billion (S$4.67 billion) in leftover currency. The Same Rate Guarantee, already available in the UK, aims to encourage travellers to return unused currency to circulation and offers peace of mind against market volatility.

Batu Dölay, Managing Director of Travelex Middle East, Türkiye, and South-East Asia, stated, “Holidaymakers often put off selling their unused travel money due to variable exchange rates. With our Same Rate Guarantee, Travelex is offering customers the peace of mind to travel and spend as they wish, knowing they can sell back their original currency at the same rates.”

Travelex has been operating at Changi Airport since 2016 and currently has 15 locations across arrivals, departures, and the transit area. Changi Airport, a major transport hub in Southeast Asia, welcomed 67.7 million passengers in 2024, marking a 15% increase from the previous year. This new service is expected to enhance the travel experience for passengers by providing a convenient financial solution.
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Swiss sportswear brand On and Emmy-winning actress Zendaya have unveiled a new campaign, “Be Every You,” which celebrates the duality of identity and the freedom to express every facet of oneself. The Zendaya Edition is now available at On Store Singapore, Jewel Changi, and online at on-running.com/sg.

The campaign, launched on 9 September 2025, features Zendaya as both muse and creative collaborator, aligning with On’s mission to empower individuals through movement.

Zendaya expressed the personal significance of the campaign, stating, “Movement has always been a part of how I connect with myself, and movement looks different for everyone. This story felt personal—a reminder that we are all multifaceted beings, with so many brilliant pieces that ultimately make up who we are.”

A standout feature of the campaign is the Cloudzone Moon, Zendaya’s first co-created trainer with On. The trainer combines a breathable mesh upper and supportive heel with CloudTec® cushioning for all-day comfort. The accompanying apparel collection includes versatile pieces such as structured bomber jackets, sleek bodysuits, and coordinating track sets, designed to transition seamlessly from studio to street.

This collaboration marks a significant step for On, a brand founded in the Swiss Alps in 2010, known for its innovative approach to premium footwear and apparel. With a presence in over 80 countries, On continues to inspire a global audience to explore and embrace movement in all its forms.
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The Singapore Business Federation (SBF) has announced a groundbreaking partnership with six major organisations to launch the world’s first generative AI tool dedicated to global trade advisory. The announcement was made during a seminar titled ‘Navigating US Tariff: Adapt and Advance’ held at the Orchard Hotel Singapore, attended by nearly 600 business leaders, policymakers, and trade experts.

The Centre for the Future of Trade and Investment (CFOTI), established by SBF in 2024, has partnered with DBS Bank Ltd, DHL Express (Singapore), Pacific International Lines, PwC Singapore, Rajah & Tann Singapore LLP, and Temasek Foundation. This collaboration aims to enhance regional trade connectivity and develop practical solutions for businesses facing the complexities of the current global trade environment.

A key highlight of the seminar was the introduction of the Trade AI Adviser (TAIA), a generative AI tool designed to simplify complex trade regulations. TAIA provides clear guidance on free trade agreements, tariffs, and compliance requirements, leveraging SBF’s extensive database. This tool is expected to help businesses unlock opportunities and maintain competitiveness.

Deputy Prime Minister Gan Kim Yong, who graced the event, emphasised Singapore’s commitment to strengthening enterprise resilience amidst global tariff shifts. He highlighted ASEAN’s role as a robust hub for production and trade, urging businesses to adapt supply chains and seize regional opportunities.

The seminar also featured a business panel discussion moderated by Chen Ze Ling from DBS Bank, focusing on strategic responses to tariff challenges. The event underscored the importance of collaboration between government and industry to navigate complex trade environments and seize regional opportunities.

SBF Chairman S. S. Teo remarked, “With CFOTI, we are creating an ecosystem where businesses, policymakers, and thought leaders can experiment, exchange ideas, and co-develop solutions.” The initiative aims to position companies for long-term success in the dynamic global trade landscape.
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The Singapore bunker fuel market is set to expand substantially, with projections indicating it will reach $24.5b by 2030, according to Allied Market Research. This growth is largely attributed to the rising demand for maritime trade and the strategic importance of Singapore as a global shipping hub. The market’s expansion is expected to be driven by the increasing number of vessels requiring refuelling services in the region.

Singapore’s position as a leading port city makes it a critical player in the global shipping industry. The anticipated growth in the bunker fuel market underscores the country’s pivotal role in facilitating international trade. As the demand for shipping services continues to rise, the need for efficient and reliable fuel supply chains becomes increasingly crucial.

The market’s growth is also influenced by advancements in fuel technology and the push towards more sustainable and environmentally friendly fuel options. This shift is expected to drive innovation within the industry, as companies strive to meet new regulatory standards and reduce their environmental impact.

In conclusion, the Singapore bunker fuel market’s projected growth to $24.5 billion by 2030 highlights the country’s strategic importance in global maritime trade. As the industry evolves, Singapore is poised to maintain its leadership position, adapting to new challenges and opportunities in the ever-changing shipping landscape.
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