Industry News

Soon Hock Enterprise, a specialised industrial real estate developer, has lodged its preliminary prospectus with the Monetary Authority of Singapore (MAS) as part of its plans for an initial public offering (IPO) on the Singapore Exchange Securities Trading Limited (SGX-ST) Mainboard. The prospectus, filed on 29 September 2025, outlines the company’s intention to offer ordinary shares to the public.

Maybank Securities Pte. Ltd. and United Overseas Bank Limited are acting as the Joint Issue Managers, Joint Global Coordinators, and Joint Bookrunners for the IPO. The prospectus will be available for public viewing on the MAS website once it is registered. Interested investors will be able to apply for shares as detailed in the prospectus.

The move marks a significant step for Soon Hock Enterprise as it seeks to expand its capital base and enhance its market presence. The company, along with its subsidiaries, aims to leverage the IPO to support its growth strategies and future business plans.

Prospective investors are advised to consult the registered prospectus for detailed information on the offering. Copies will be available for download from the MAS website or can be requested from Maybank Securities and United Overseas Bank during office hours, subject to availability.

The Ministry of Manpower (MOM) and the International Labour Organisation (ILO) have launched the first Global Dialogue on Digital Platform Work in Singapore. The event, which began on 29 September, gathers over 150 participants, including policymakers, statisticians, and platform operators from more than 20 countries. The dialogue seeks to address data gaps in the platform economy and develop harmonised international statistical frameworks to inform policies that protect workers and promote economic growth.

Digital platform work, despite its rapid expansion, remains underrepresented in labour force data due to the absence of standardised statistical definitions. This lack of data complicates the assessment of its impact on workers’ arrangements and incomes. The diverse nature of platform work, ranging from transport to professional services, further complicates measurement efforts.

Singapore has been proactive in this area, conducting annual national surveys on platform work since 2016. These efforts have informed the introduction of the Platform Workers Act, aimed at enhancing worker protection. The number of platform workers in Singapore who prefer this work as their main job has grown by an average of 7% annually from 2016 to 2024. Concurrently, challenges faced by these workers have decreased significantly.

Ng Chee Khern, Permanent Secretary of MOM, emphasised the need for international measurement standards to keep pace with the growth of digital platform employment. “By preparing early, as we did with delivery and ride-hailing workers a decade ago, we can ensure timely data and policies for this next wave of platform work,” he stated.

The dialogue will contribute to the development of international standards, with discussions set to continue leading up to the 22nd International Conference of Labour Statisticians in 2028.

Thunes, a global payments network, has launched its PaytoBanks solution, allowing banks to deliver faster cross-border payments through existing Swift connectivity. This innovation enables 11,000 banks within the Swift network to connect to Thunes’ Direct Global Network without additional integration, facilitating swift transfers to over 4 billion bank accounts in more than 130 countries.

The launch coincides with significant growth in the global B2B payments market, which reached $150t in 2024. Thunes has also expanded its PaytoWallets solution, enabling financial institutions to send global business payments via Swift. This builds on Thunes’ 2024 initiative, which allowed banks to make real-time payments to 3 billion mobile wallets across 120 brands.

Chloe Mayenobe, President and COO at Thunes, stated, “By extending the accessibility of our Direct Global Network via Swift, we are enabling banks to deliver faster, secure payments across both traditional financial systems and emerging payment methods.” Elie Bertha, Chief Product Officer at Thunes, added, “Now a person sending money to a loved one’s overseas bank account or a small business paying an international supplier can simply open their banking app and complete their transactions without delays.”

Thunes’ solutions leverage the SmartX Treasury System for advanced liquidity management and the Fortress Compliance platform for comprehensive risk controls, ensuring secure and compliant transactions. This development positions Thunes as a key player in the evolving landscape of cross-border payments, bridging fiat currencies, digital assets, and global wallets.

Singapore has solidified its status as the premier global destination for entrepreneurial wealth and relocation, according to HSBC’s Global Entrepreneurial Wealth Report 2025. The city-state has outpaced the UK and Switzerland, with 15% of entrepreneurs choosing to move their wealth to Singapore, compared to 11% for each of the other two countries. This trend is not limited to financial assets; entrepreneurs are also relocating themselves and their families to Singapore, highlighting its appeal as a trusted business hub.

The report underscores Singapore’s international reach, with nearly two-thirds (63%) of its entrepreneurs living across multiple markets, surpassing the global average of 56%. This global connectivity is complemented by a strong sense of optimism among Singaporean entrepreneurs, with 97% expressing a positive outlook for their business prospects. Artificial intelligence is identified as a significant growth driver, further enhancing Singapore’s attractiveness as a business centre.

The findings of the report suggest that Singapore’s robust infrastructure, business-friendly environment, and strategic location continue to draw entrepreneurial talent and wealth from around the world.

As Singapore continues to lead in this arena, the implications for its economy and global business influence are significant, potentially setting the stage for further growth and innovation in the coming years.

Singapore-based wellness tech startup MEURAKI is set to debut its innovative app at the Genesis Village Festival 2025, taking place from 11 to 12 October at Gardens by the Bay. The app, designed to gamify wellness, aims to engage users through digital quests and community activities, offering rewards and progress tracking to make wellness an interactive experience.

The launch comes in response to a survey by the Ministry of Manpower, which revealed that one in three workers in Singapore reported stress or burnout in 2024. With rising youth mental health challenges, MEURAKI seeks to provide accessible wellness solutions by integrating gamification, community, and marketplace features. Founder Michelle Ngiam stated, “Wellness shouldn’t feel like a chore; it should be something people want to engage with daily.”

The festival, located at Silver Garden near the Flower Dome, will offer free admission, with some workshops requiring paid passes. MEURAKI’s app, available on iOS and Android, extends the festival experience into a daily digital companion, supporting habit-building and community engagement.

Looking ahead, MEURAKI plans to launch a marketplace in Q1 2026, connecting users with wellness practitioners and products, thereby creating new channels for small and medium-sized enterprises in the wellness sector. The Genesis Village Festival marks a significant step in MEURAKI’s mission to become a comprehensive wellness ecosystem platform.

Withers has announced that Ceri Vokes will become its new Chief Executive Officer effective on 1 July 2026. Vokes, a private client and tax lawyer, has been with the firm since 2006 and specialises in tax and trust advice for entrepreneurs, founders, and large multi-generational family offices. She will succeed Margaret Robertson, who has led the firm for nearly 25 years, and will continue practising as a tax lawyer alongside her new role.

Vokes expressed her enthusiasm for the appointment, stating, “I am thrilled to have been elected as CEO and am grateful to the firm’s partnership for placing their trust in me.” She acknowledged Robertson’s leadership, noting, “Her clear vision has steered the firm with purpose and helped define the firm we are today.”

Withers, an international law firm, is renowned for its expertise in private client services, advising families, founders, and financial institutions. The firm operates 15 offices worldwide, including in London, New York, and Singapore, and has advised a significant portion of the top individuals on various Forbes Rich Lists.

The transition marks a significant leadership change for Withers, as the firm navigates a dynamic legal sector influenced by technological and geopolitical factors.

CapitaLand Investment Limited (CLI) has successfully listed CapitaLand Commercial C-REIT (CLCR) on the Shanghai Stock Exchange, marking it as China’s first international-sponsored retail C-REIT. Trading commenced at RMB6.84 per unit, a 19.6% increase from its initial public offering (IPO) price of RMB5.718. This milestone strengthens CLI’s position as Asia Pacific’s largest REIT manager by market capitalisation and expands its platform into China.

CLCR’s IPO raised RMB2.29b by issuing 400 million units, surpassing initial estimates by 7%. The forecast distribution yield is 4.40% for FY 2025 and 4.53% for FY 2026. The listing is part of CLI’s broader strategy to recycle capital and focus on asset-light business models, with CEO Puah Tze Shyang highlighting the significance of this achievement for CLI and the C-REIT market.

The IPO saw strong demand, with a record-breaking offline institutional subscription rate, primarily from insurance companies and strategic investors. CLI, CapitaLand China Trust (CLCT), and CapitaLand Development (CLD) hold a 20% interest in the IPO units. CLCT and CLD have contributed CapitaMall SKY+ in Guangzhou and CapitaMall Yuhuating in Changsha as seed assets.

CLCR’s portfolio, valued at approximately RMB2.6b, includes two retail assets with a 96% occupancy rate. CLI plans to leverage its operational expertise to enhance these assets’ value. Additionally, CLI’s RMB Master Fund has closed its first sub-fund and plans to launch another focused on retail assets later this year, continuing its capital recycling strategy.

Global CEOs, including those in Singapore, are increasingly confident in navigating economic volatility, according to the latest EY-Parthenon CEO Outlook survey. The survey, which includes responses from 40 Singaporean CEOs, highlights a shift towards strategic transactions and localisation as leaders adapt to ongoing geopolitical and economic challenges.

Forty-seven per cent of Singapore CEOs anticipate that current uncertainties will persist beyond this year, with 22% expecting them to last three years or more. Despite this, the CEO Confidence Index for Singapore rose to 81.5, up from 63 in May, reflecting a growing resilience among leaders. Purandar Rao, EY-Parthenon Asia East, Asean and Singapore Strategy and Transactions Leader, noted that CEOs are using market volatility as an opportunity to transform their businesses.

The survey also indicates a strong inclination towards mergers and acquisitions (M&A), with 48% of Singaporean CEOs planning to pursue such deals this year. Additionally, 70% are considering joint ventures and strategic alliances. Singapore is viewed as the top destination for M&A activity among local CEOs, aligning with a broader trend towards localisation. Joongshik Wang, EY-Parthenon Asean and Singapore Strategy and Execution Leader, highlighted Singapore’s focus on localisation due to its role as a hub for Southeast Asian markets.

Inflation and tariffs remain key operational challenges, with 51% and 48% of Singaporean CEOs, respectively, identifying them as concerns. Technology also presents both opportunities and hurdles, with 38% citing cybersecurity threats as a barrier to innovation. Geophin George, EY-Parthenon Asean Transactions and Corporate Finance Leader, emphasised the focus on growth and innovation to future-proof businesses.

As CEOs continue to adapt to a volatile environment, the emphasis on strategic transactions and localisation is expected to shape their long-term strategies.

Singapore’s workforce is facing a pressing need for upskilling as the nation intensifies efforts to prepare for an AI-driven future. Despite initiatives like SkillsFuture and the Graduate Industry Traineeships scheme, many professionals feel they are lagging behind. A recent study reveals that 54% of professionals worry about missing opportunities due to inadequate skills, whilst 70% believe lifelong learning is crucial for adapting to technological changes. Furthermore, 61% seek guidance on relevant skills, yet nearly half lack clarity on current demands.

In response, LinkedIn has introduced Career Hub, a personalised career development platform aimed at helping organisations connect skill-building with career advancement. The platform is designed to address the gap in career development, as only 43% of companies in Southeast Asia are considered “career development champions” with effective programmes linking skills to business outcomes. Despite 95% of companies recognising the importance of learning and rewards for retention, many struggle with time and resource constraints.

Career Hub aims to enhance retention by fostering internal mobility, which has shown to improve retention rates by up to 72% in the Asia-Pacific region. This initiative promises to strengthen workforce continuity and institutional knowledge. Early adopters like Tripadvisor and Netsmart have already seen positive results in reducing attrition and boosting internal mobility.

Skyline II Pte. Ltd. has announced its intention to acquire all issued shares of Spindex Industries Limited through a scheme of arrangement, as per the Companies Act of Singapore. The acquisition, detailed in an implementation agreement signed on 26 September, will see Skyline II offer S$1.43 per share to Spindex shareholders.

Spindex Industries, incorporated in Singapore in 1987 and listed on the Singapore Exchange since 2001, specialises in precision-machined components and assemblies. It operates in Singapore, Malaysia, China, and Vietnam, serving sectors such as imaging, printing, and automotive systems.

Skyline II, a special purpose vehicle created for this acquisition, is owned by Hong Wei Holdings and Skyline I Pte. Ltd. Hong Wei, an investment firm from the British Virgin Islands, already holds a significant stake in Spindex, owning approximately 74.95% of its shares. The acquisition aims to consolidate this ownership under Skyline II.

The scheme will require approval from Spindex shareholders and regulatory bodies. If a competing offer arises, Skyline II retains the right to switch to a direct offer, ensuring terms are equal to or better than the current proposal. The acquisition is expected to streamline operations and enhance value for stakeholders.