Industry News

The S3 Conference 2025 in Singapore marked the launch of the first healthcare simulation certification programmes tailored for Southeast Asian professionals. The Certified Educator in Healthcare Simulation (CEHS) and Certified Technologist in Healthcare Simulation (CTHS) programmes were introduced to provide specialised training for doctors, nurses, and technical specialists in the region. The event was attended by Tan Kiat How, Senior Minister of State, Ministry of Digital Development and Information & Ministry of Health.

Existing international certifications, primarily based on American contexts, have resulted in low pass rates for Southeast Asian participants, with figures standing at 14.6% and 15% for the Certified Healthcare Simulation Educator and Certified Healthcare Simulation Operations Specialist programmes, respectively. The new CEHS and CTHS programmes aim to bridge these gaps by offering content that reflects Southeast Asian healthcare settings and scheduling that suits regional time zones.

The programmes are set to commence by the end of 2026, initially training 50 participants in the first year. Plans are in place to expand the intake over five years to address the increasing demand for healthcare simulation professionals in the region. Key benefits of these certifications include contextualised examination content and training scheduled for Southeast Asian time zones, making them more accessible and relevant to local healthcare professionals.

Singapore has emerged as the second most expensive market globally for data centre construction, according to the 2025 Data Centre Construction Cost Report by Turner & Townsend. The report reveals that construction costs in Singapore have reached US$14.53 per watt, marking a 5% increase from the previous year. This surge is attributed to the growing demand for AI-powered infrastructure and the integration of advanced cooling technologies.

The report, which analyses data centre construction costs across 52 global markets, highlights a significant rise in capital expenditures driven by AI demand. These expenditures have increased by 20-40% due to the need for upgraded electrical infrastructure and advanced cooling systems. Additionally, the report notes persistent challenges in power access and procurement, with lead times for critical equipment such as switchgear extending from nine to 18 months, thereby delaying project timelines.

Despite these rising costs, Singapore remains an attractive hub for AI-powered digital infrastructure investments. The city-state’s policy stability, regulatory maturity, and alignment with environmental, social, and governance (ESG) principles contribute to its resilience in the sector. Alex Quek, Project Director at Turner & Townsend, emphasises Singapore’s position as Asia’s leading hub for AI-powered data centres, noting its infrastructure and policy stability as key factors attracting investment.

The report underscores the importance of sustainability in shaping the future of data centre development in Singapore, with innovative approaches needed to overcome challenges in cooling technology and supply chain management. As the demand for AI workloads grows, Singapore continues to adapt to the increasing power demands, maintaining its status as a pivotal player in the global data centre landscape.

Kallang Alive Sport Management (KASM) has announced a significant upgrade to the Singapore Sports Hub’s digital infrastructure by introducing Wi-Fi 7, in collaboration with M1 and Cisco. This next-generation network aims to provide seamless, high-density, and low-latency connectivity, enhancing fan experiences during major sports, entertainment, and lifestyle events. The phased implementation is expected to be completed by the first half of 2026.

The introduction of Wi-Fi 7 is set to transform the Singapore Sports Hub into a digitally empowered venue, offering patrons robust and high-performance wireless internet access. This upgrade is crucial as Singapore continues to attract international events and visitors. Quek Swee Kuan, CEO of KASM, stated, “This new Wi-Fi network is an important infrastructure investment that will lay a strong foundation for our digital transformation at the Singapore Sports Hub.”

M1, as the network system integrator, will lead the deployment, ensuring an agile and future-ready infrastructure. The network will feature lightning-fast, low-latency connectivity and next-generation firewalls for security. M1 and KASM will also explore AI analytics to further enhance operational efficiency and visitor experiences.

Cisco’s Wi-Fi 7 technology, featuring the industry’s first enterprise-grade, high-density access point, will support this transformation. Tay Bee Kheng, President of Cisco ASEAN, remarked, “With Cisco’s Wi-Fi 7 technology, we are setting a new benchmark for secure, high-performance networks that power immersive fan experiences.”

The project underscores Singapore’s commitment to becoming a global leader in redefining live event experiences through cutting-edge technology.

Singapore’s National Quantum Office (NQO) has entered a strategic partnership with Quantinuum, a leading quantum computing company, to accelerate quantum computing advancements in Singapore. Announced on 6 November 2025, the agreement will see Singapore become the first country outside the US to host Quantinuum’s Helios quantum computer by 2026.

The partnership, facilitated through the National Quantum Computing Hub (NQCH), aims to strengthen Singapore’s position as a global hub for quantum computing. It will focus on advancing quantum hardware, software, and talent development. Researchers in Singapore will gain immediate cloud access to Helios, fostering deeper research collaboration and innovation.

Quantinuum will also establish a Research and Development (R&D) and Operations Centre in Singapore. This centre will collaborate with local researchers and industry partners to develop middleware and applications that integrate classical and quantum systems. The initiative aims to translate quantum technologies into commercially viable solutions, enhancing Singapore’s long-term R&D capabilities.

The partnership will further bolster Singapore’s quantum ecosystem through industry programmes and talent development initiatives, including internships and workshops. These efforts will target areas such as computational biology, financial modelling, and advanced materials, aiming to nurture a community of quantum specialists.

Ling Keok Tong, Executive Director of NQO, stated, “This partnership marks an important step in building Singapore as a leading quantum computing hub.” Quantinuum’s CEO, Rajeeb Hazra, added, “Together, we’re strengthening a hub that will accelerate the commercialisation of quantum computing.”

This collaboration builds on previous agreements with Singapore’s quantum ecosystem, setting the stage for future advancements in the field.

DBS, the largest bank in Southeast Asia by assets, has successfully implemented the Multifonds Fund Accounting Platform in Singapore, Hong Kong SAR, and Indonesia. This move, completed in 15 months by a joint team from DBS and Multifonds, aims to streamline the bank’s operations and enhance service quality in the region’s dynamic markets.

The Multifonds platform supports both traditional and alternative funds, integrating asset servicing, position keeping, valuation, and accounting functions. This comprehensive solution allows DBS to achieve high rates of straight-through processing (STP), improving operational efficiency. Notably, DBS is the first client in Asia to adopt the latest version of this platform, which includes the Workflow and Exception Manager (WEM) and integration of Fund Accounting and Transfer Agency systems to streamline the Net Asset Value (NAV) process.

DBS selected Multifonds after a rigorous evaluation process, recognising its capability to handle market-specific requirements with multi-asset coverage, including complex derivatives. The platform supports a wide range of fund structures, such as advanced profit and loss allocation per share class. Additionally, Multifonds is collaborating with DBS to develop regulatory reports tailored to the Indonesian market, ensuring compliance with evolving regulations.

Oded Weiss, CEO of Multifonds, expressed enthusiasm about the partnership, stating, “We are delighted to be chosen as the fund accounting platform for such a prestigious and world-leading bank.” The collaboration is expected to strengthen DBS’s technology capabilities and expand functionalities to meet the needs of other Asian markets.

A recent study by Blackbox Research has revealed that every young investor in Singapore now utilises artificial intelligence (AI) to guide their investment decisions. This comprehensive adoption signifies a major shift in how investment advice is accessed, posing a significant challenge to traditional financial institutions and human advisers. The study, titled “Algorithms and Ambitions,” highlights that 56% of young investors consider AI their top source of investment information, surpassing licensed advisers.

David Black, CEO of Blackbox Research, noted the inevitability of AI’s integration into daily life but expressed surprise at its universal adoption in investment decision-making. “Financial institutions will need to adapt fast — or risk being left behind,” he stated. Despite AI’s popularity, nearly half of the respondents reported negative experiences, primarily due to outdated data or inaccurate predictions.

The report urges financial institutions to move beyond superficial AI integration and develop specialised, high-trust AI solutions. High-value investors are already leveraging AI for complex tasks such as tax analysis, indicating a market gap for more sophisticated AI offerings. Investors are also demanding privacy, explainability, and human oversight in future AI iterations.

The study surveyed 276 Singapore Citizens and Permanent Residents aged 25 to 39, who have made at least one non-residential investment in the past two years. The findings offer a data-driven blueprint for financial service providers and technology developers navigating the evolving investment landscape.

Coliwoo, a leading player in Singapore’s co-living sector, has commenced trading on the Singapore Exchange (SGX) Mainboard under the stock code “W8W”. The initial public offering (IPO) saw significant demand, with the public offer of 5.3 million shares being oversubscribed by approximately 20.7 times. Additionally, the placement of 75,004,000 shares was oversubscribed by 7.3 times, attracting interest from both international and local investors.

The IPO raised gross proceeds of approximately $73.5m (S$101m), bolstered by the participation of nine cornerstone investors who subscribed to 88 million shares valued at $38.4m (S$52.8m). Executive Chairman and CEO Kelvin Lim expressed his gratitude for the robust investor support, stating that it reflects confidence in Coliwoo’s market-leading position and its track record in delivering quality living solutions.

Lim highlighted that the IPO marks a pivotal step in Coliwoo’s growth strategy, aiming to expand its portfolio to nearly 4,000 rooms by the end of 2026. The funds raised will be directed towards strategic priorities, including the development of pipeline properties and the pursuit of asset-light strategies through master lease arrangements and management contracts. With a 19.5% share of Singapore’s co-living market, Coliwoo is poised to leverage favourable sector dynamics to deliver sustainable value to stakeholders.

DBS Group has reported a record profit before tax of S$3.48b for the third quarter of 2025, marking a 1% increase from the previous year. The bank’s total income also hit a new high of S$5.93b, bolstered by robust deposit momentum and strategic hedging against lower interest rates. Despite a 2% decline in net profit to S$2.95b due to the global minimum tax, the return on equity stood at an impressive 17.1%.

The bank’s performance was underpinned by record highs in fee income and treasury customer sales, particularly in wealth management, alongside increased markets trading income. The cost-income ratio was maintained at 40%. Compared to the previous quarter, total income and net profit grew by 3% and 5%, respectively.

For the first nine months of the year, DBS saw a 5% rise in total income to SGD 17.6 billion and a 3% increase in profit before tax to S$10.3 billion. However, net profit was slightly down by 1% due to increased tax expenses.

DBS CEO Tan Su Shan commented, “We delivered a strong set of results for the third quarter with record pre-tax profit and ROE above 17%. Total income reached a new high as we sustained the strong momentum in wealth management and deposit growth whilst mitigating external rate pressures through proactive balance sheet hedging.”

As DBS looks ahead, it plans to continue navigating the challenges of declining interest rates with agile balance sheet management and capitalising on opportunities in wealth management and institutional banking.

Singapore’s retail sales experienced a decline of 1.4% month-on-month in September, according to a report by UOB Global Economics and Markets Research. This downturn follows a robust performance in July and August, where sales grew by 3.9% and 0.7% respectively. The contraction was observed across 10 out of 14 retail subcategories, with significant drops in sales of computers and telecommunications equipment, petrol service stations, and supermarkets.

The report highlights that the moderation in retail sales aligns with a slowdown in tourist arrivals, which reached 86% of 2019 levels in September, down from 93% in August. Additionally, there was an increase in outbound air departures by Singapore residents, suggesting a shift in spending abroad. The initial boost from the SG60 vouchers, distributed in July, appears to be waning, as categories like supermarkets and convenience stores saw consecutive monthly declines.

Despite the September dip, retail sales for the third quarter of 2025 showed a year-on-year increase of 4.2%, a significant improvement from the 1.2% rise in the second quarter. Looking ahead, UOB anticipates a potential boost in October retail sales due to events like the Formula 1 Singapore Grand Prix and increased Chinese tourist arrivals during China’s October Golden Week holiday. However, the report cautions that wage growth may moderate, potentially leading to more restrained consumer spending.

Ascend Asia Asset Management, the asset management division of Ascend Asia Financial Services Group, has launched a new credit-focused investment strategy aimed at accredited investors. This initiative, announced on 6 November, provides access to funds managed by leading investment firms, including KKR, and marks a significant shift in offering institutional-grade credit investing to a broader client base.

The strategy is designed to tap into high-quality, income-generating opportunities across Asia’s corporate credit markets. Tomas Urbanec, CEO of Ascend Asia, highlighted the significance of this collaboration with KKR, stating, “We are proud to offer, for the first time, institutional-grade credit investing, traditionally available only to private banking clients, to AI clients of our member firms.”

Faith Chen, CEO of Ascend Asia Asset Management, emphasised the strategy’s potential to enhance the offerings available to financial consultants and their clients. “Through this new credit strategy, we are equipping member firms’ financial consultants with an institutional-grade product that offers greater choice and sophistication to their AI clients,” she said.

The launch comes at a time when demand for sophisticated investment solutions is on the rise. Ascend Asia aims to leverage its extensive network to bring more exclusive opportunities to its member firms, empowering financial consultants to better serve their clients. Established by KKR, Ascend Asia is committed to elevating the standards of financial advisory services in Singapore and beyond, providing a comprehensive range of solutions through its open-architecture model.