Industry News

Singapore’s early-stage emerging tech startups experienced a 14% increase in deal volume in 2024, despite an 8% decline in overall funding, according to SGInnovate’s latest report. The growth was driven by strong global demand for computing hardware innovation and decarbonisation solutions, particularly in the Advanced Manufacturing and Sustainability sectors.

The report, which examines developments in Singapore’s tech startup ecosystem, also introduced a new focus on Cybersecurity startups. This sector has gained prominence due to increasing cyber threats from technologies like generative AI and quantum computing. Between 2020 and 2024, 68 Cybersecurity startups were established in Singapore, with 42% successfully securing funding. In 2024, these startups raised $42.5m across 10 deals, although funding rounds still lag behind global averages.

The report further noted a 56% increase in intermediate funding rounds, such as Seed+ and Pre-A, as startups sought to extend their capital runways amidst uncertain market conditions. The number of new tech startups remained stable, with 27 incorporations in 2024 compared to 25 in 2023.

SGInnovate’s Executive Director of Investments, Tong Hsien-Hui, commented on the resilience of Singapore’s tech ecosystem, stating, “Given the sustained global discourse surrounding trade, technological sovereignty, energy security and climate change, it was expected that the Advanced Manufacturing and Sustainability sectors have attracted strong investor interest over the past year.”

Looking ahead, the report suggests that private markets may remain cautious due to geopolitical uncertainties, but this could spur innovation in areas like photonics and semiconductors. The demand for renewable energy solutions is also expected to rise, potentially boosting Singapore’s tech ecosystem further.

Global Asset Solutions is set to reopen its Singapore office following a strategic merger with Perceptions Hospitality, a local hotel asset management group. This move will significantly bolster the company’s presence in the region, adding expertise from nearly 60 luxury and upper-upscale hotels.

The merger sees Douglas Louden, previously a principal at Perceptions Hospitality, joining Global Asset Solutions as Managing Partner AP. He will be accompanied by analysts Irene Pham and Bui Truong Chien, and consultant Atul Bhalla. Alex Sogno, CEO of Global Asset Solutions, expressed enthusiasm about the merger, stating, “This merger represents an exciting milestone in our growth, and we are delighted to welcome Douglas and his team into the Global Asset Solutions family of experts.”

The reopening of the Singapore office is part of a broader strategy to deepen the company’s footprint in Asia, a region identified as central to growth and innovation in the luxury hotel sector. Global Asset Solutions has recently managed iconic assets such as The Peninsula Hong Kong and the Park Hyatt Melbourne, highlighting the increasing complexity and attractiveness of luxury hotels as an asset class.

The company reported a 35% year-on-year growth in EBITDA for FY2024 across its asset-managed portfolio, which includes prestigious hotels like the Rosewood Phnom Penh and the Four Seasons Madrid. This growth underscores the importance of specialist independent asset managers in enhancing hotel performance through effective collaboration.

Looking ahead, Global Asset Solutions plans to continue its expansion in Asia, with Louden stating, “I have a great respect for what they have achieved and look forward to working more closely with them as they grow.”
“`

Oxley Holdings Limited has announced the completion of its proposed sale of Phu Thinh Land Co., Ltd, a Vietnamese company in which it initially held an 80% stake, later reduced to 18%. The sale, finalised on 8 September 2025, marks Oxley’s exit from Phu Thinh, with the group set to receive approximately $9.5 million (VND240 billion) from the transaction.

The sale is part of Oxley Holdings’ ordinary course of business and is not anticipated to significantly affect the company’s net tangible assets per share or earnings per share for the financial year ending 30 June 2026. The transaction does not involve any direct or indirect interest from the company’s directors or controlling shareholders, except through their shareholdings in Oxley Holdings.

Executive Chairman and CEO, Ching Chiat Kwong, confirmed the completion of the sale, which follows previous announcements made by the company on 27 April 2022, 15 August 2022, and 14 February 2025. This strategic move aligns with Oxley Holdings’ ongoing efforts to streamline its portfolio and focus on core business areas.
“`

GS Holdings Limited has announced that its wholly-owned subsidiary, Octopus Distribution Networks Pte. Ltd. (ODN), has entered into an agreement to acquire the distribution business of LHA Food & Beverages Pte. Ltd. This acquisition, valued at approximately $2.2 million (S$3 million), grants ODN exclusive rights to distribute five prominent beer brands, including Corona and Budweiser, within Singapore.

The agreement, finalised on 8 September 2025, allows ODN to distribute Corona and Budweiser, two of the top 11 global beer brands, alongside 11 Degree Premium Yanjing Beer and the trademarks for RÖSSL BIER and COMO BERE. This move is set to enhance ODN’s distribution capabilities, integrating upstream from wholesale to a broader customer base.

The acquisition includes not only the distribution rights but also existing customer databases, contracts, licences, permits, inventories, and relevant intellectual properties from LHA’s business. The final consideration will be adjusted based on the inventory value at the completion date.

This strategic acquisition aligns with ODN’s goal of developing proprietary brands, leveraging the RÖSSL BIER and COMO BERE trademarks. Currently, ODN manages over 1,500 products from 200 global brands. The transaction follows GS Holdings’ acquisition of ODN in May 2025 for $8.6 million (S$11.8 million), marking a significant step in expanding its distribution network across Singapore.

Loo Hee Guan, Executive Director and Acting CEO of GS Holdings, expressed enthusiasm about adding these leading beer brands to their portfolio, highlighting the company’s commitment to exploring further business opportunities and regional expansion.
“`

The Land Transport Authority (LTA) of Singapore has announced the extension of its Vehicle Emissions Scheme (VES) and Electric Vehicle Early Adoption Incentive (EEAI) until 31 December 2027. This move aims to further support the nation’s transition towards electric vehicles (EVs) by encouraging more environmentally friendly vehicle choices.

The VES, which categorises vehicles based on their emissions, will continue to offer rebates for cleaner vehicles whilst imposing surcharges on those with higher emissions. The EEAI provides a rebate of up to $20,000 for buyers of fully electric cars and taxis, making EVs more financially attractive. These incentives are part of Singapore’s broader strategy to reduce carbon emissions and promote sustainable transport solutions.

The LTA’s decision to extend these schemes underscores the government’s commitment to achieving its Green Plan 2030 targets, which include phasing out internal combustion engine vehicles and expanding the EV charging network. “The extension of these incentives is crucial in accelerating the adoption of electric vehicles in Singapore,” stated the LTA.

By maintaining these incentives, Singapore aims to increase the number of EVs on its roads, contributing to cleaner air and a reduction in the nation’s carbon footprint. The extension also provides certainty for consumers and manufacturers, encouraging further investment in EV technology and infrastructure.

As Singapore continues to push for a greener future, the extended VES and EEAI schemes are expected to play a significant role in shaping the country’s transport landscape over the coming years.
“`

Thakral Corporation Ltd has revealed plans for The Beauty Tech Group Limited, in which it holds a 9.32% stake, to pursue an initial public offering (IPO) on the London Stock Exchange. The announcement follows a previous clarification regarding a Sky News article and highlights the company’s strategic move to enhance its financial position through this potential listing.

The Beauty Tech Group, formerly known as CurrentBody.com Ltd, is a UK-based company under the parentage of Project Glow Topco Limited. Thakral’s investment in the firm is valued at $12.5 million (S$17.1 million), as per its latest audited financial statements for the year ending 31 December 2024. The IPO, if successful, is expected to positively impact Thakral’s financial standing by increasing the value of its pre-IPO interest in the company.

The board of Thakral Corporation has instructed its management to monitor the IPO’s progress and keep shareholders informed, adhering to legal and regulatory requirements in both Singapore and the UK. The company has cautioned shareholders and potential investors to exercise prudence when dealing with its securities, advising them to consult professional advisers if necessary.

Further updates will be provided as developments occur, ensuring compliance with any regulatory constraints. The announcement underscores Thakral’s commitment to transparency and strategic growth through its investment in The Beauty Tech Group.
“`

Singapore Exchange (SGX) Group has announced a notable increase in its derivatives trading activity, attributing the surge to heightened market volatility. The exchange reported that its derivatives daily average volume (DAV) rose by 14% year-on-year in August, reaching 1.2 million contracts. This growth was primarily driven by increased trading in equity index futures, particularly the FTSE China A50 Index Futures, which saw a 24% rise in volume.

The uptick in derivatives trading is significant as it reflects the growing demand for risk management tools amidst uncertain market conditions. SGX Group’s strong performance in this segment underscores its position as a leading derivatives marketplace in Asia. The exchange noted that its total derivatives open interest also increased by 9% to 4.3 million contracts, highlighting sustained investor interest.

Loh Boon Chye, CEO of SGX Group, commented on the results, stating, “Our derivatives business continues to demonstrate resilience and relevance, providing investors with essential tools to manage risk and capture opportunities in a volatile environment.”

The exchange’s robust performance in derivatives is complemented by its efforts to expand its product offerings and enhance market access. SGX Group’s strategic initiatives aim to cater to the evolving needs of global investors, ensuring that it remains a key player in the international financial markets.

Looking ahead, SGX Group plans to further diversify its derivatives portfolio and strengthen its market infrastructure, positioning itself for continued growth in the dynamic trading landscape.
“`

mm2 Asia Ltd. has announced the termination of its agreement to sell 97,553,226 ordinary shares in Vividthree Holdings Ltd., representing approximately 21.02% of Vividthree’s share capital, to Hildrics Asia Growth Fund VCC. The decision, made on 8 September 2025, was reached mutually by both parties due to recent market volatility and the current circumstances of mm2 Asia.

The termination of the share purchase agreement (SPA) was formalised through a deed of termination, releasing both parties from their obligations without any claims or rights against each other. Despite incurring professional fees and other expenses related to the proposed disposal, mm2 Asia stated that the termination is not expected to materially impact its financial performance for the year ending 31 March 2026.

The Board of mm2 Asia, led by Executive Chairman Melvin Ang Wee Chye, emphasised that the mutual termination aligns with the best interests of both parties involved. Shareholders and potential investors are advised to exercise caution and seek professional advice when dealing with shares in the company.
“`

The Asia Pacific Enterprise Awards (APEA) 2025 Regional Edition, held on 5 September at the Sands Expo and Convention Centre in Singapore, recognised Asia’s most innovative and sustainable enterprises. Organised by Enterprise Asia, the event celebrated leaders and businesses that have successfully navigated technological and economic disruptions. The awards ceremony was attended by notable figures, including Ismail Mohamad Bkri, Deputy High Commissioner of Malaysia to Singapore, and Thomas Ardian Siregar, Deputy Chief of Mission of the Embassy of the Republic of Indonesia in Singapore.

The APEA 2025, themed “Showcasing Future-Ready Enterprises,” highlighted the resilience and strategic agility of businesses across Asia. Winners were selected from over 100 nominees, evaluated on operational excellence, leadership, business performance, and long-term impact. Categories included Master Entrepreneur, Inspirational Brand, Fast Enterprise, and Corporate Excellence.

Richard Tsang, President of Enterprise Asia, emphasised the importance of challenging conventions and leveraging transformative technologies. He stated, “Today’s most visionary organisations recognise the deep links between economies, societies, and the environment.”

Awardees included Ma Ya Fen, CEO of KOI Cafe Group, and Tan Soo Phor, Managing Director of Sydney Cake House, under the Master Entrepreneur category. The Fast Enterprise Award went to rising stars like Indonesia’s Evowaste Technology and Singapore’s Witthal International. The Corporate Excellence category celebrated industry giants such as Thailand’s Central Retail Corporation and Hong Kong’s Swiss-Belhotel International.

Earlier that day, the Asia Economic Forum 2025 convened over 300 leaders to discuss sustainable growth strategies. Tan Sri Dr Fong Chan Onn, Chairman of Enterprise Asia, urged businesses to adapt to technological disruptions whilst prioritising inclusivity and sustainability. The forum featured speakers like Eleonore Dachicourt of BNP Paribas Wealth Management, who shared insights on building agile and innovative enterprises.
“`

Singaporeans are eager to adopt artificial intelligence (AI) for its efficiency, but they insist on maintaining trust and human interaction, according to a new report by Sinch. The State of Customer Communications report, which surveyed over 600 consumers in Singapore, India, and Australia, highlights the delicate balance businesses must strike between AI-driven convenience and the need for human connection.

The report reveals that 45% of Singaporean consumers are willing to use AI-powered customer support if it is backed by reliable brand information. However, only 4% would choose AI or chatbots as their first option for customer support, indicating a preference for human interaction in complex situations. In healthcare, whilst 57% are comfortable using AI for basic tasks like appointment scheduling, nearly 70% prefer human engagement for sensitive issues.

Security remains a top priority, with 64% of respondents trusting Rich Communication Services (RCS) verification messages for financial transactions over basic SMS. This trust-first approach is crucial in sectors like financial services, where only 38% of consumers are open to AI-powered advice.

Wendy Johnstone, EVP APAC at Sinch, emphasised the importance of blending digital efficiency with human touch, stating, “The businesses that will win are those that blend digital efficiency with the human touch, giving customers control and choice at every step.”

The findings underscore the need for businesses to build trust and offer personalised experiences whilst ensuring security, as Singaporeans remain cautious about data privacy and AI’s role in their lives.
“`