Industry News

Franklin Templeton, one of the world’s largest asset managers, is celebrating its 35th anniversary in Singapore, underscoring its enduring dedication to providing world-class investment solutions in the region. Since establishing its presence in 1990 with an emerging markets research office, the firm has become a trusted partner for both retail and institutional investors in Singapore.

The company was among the first foreign fund managers to introduce overseas funds to Singapore’s investing public in 1996, launching the country’s first umbrella and feeder fund into the Franklin Templeton Luxembourg funds, as well as Singapore’s first emerging markets fund. The following year, it introduced Singapore’s first global equity fund. Franklin Templeton has also contributed significantly to financial literacy and investor education through its Franklin Templeton Academy.

Singapore now serves as a key regional office for Franklin Templeton in Asia Pacific, anchoring investment leadership across public and private markets. Manraj Sekhon, Chief Investment Officer of Templeton Global Investments, stated, “Franklin Templeton is proud to celebrate 35 years in Singapore, a journey that has mirrored the remarkable evolution of the nation’s financial landscape.”

Tariq Ahmad, Head of APAC at Franklin Templeton, reflected on the shared journey of growth and transformation alongside Singapore’s 60th year of independence. He highlighted the firm’s pioneering initiatives, such as launching the country’s first retail tokenised fund and expanding access to high-quality secondary private equity for investors.

Looking ahead, Franklin Templeton remains committed to innovation and delivering future-ready investment solutions to meet the evolving needs of clients in Asia Pacific. The firm continues to deepen its presence in the region, focusing on customised investment solutions for a broad spectrum of investor segments.
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Tiong Woon Corporation Holding has announced a 6% year-on-year increase in its profit after tax and minority interests (PATMI) for the financial year 2025, reaching S$19m. This growth aligns with expectations, driven by a 14% rise in revenue to S$164m, attributed to robust heavy lift and installation activities across regions including Singapore, Thailand, Malaysia, and the Middle East. Despite this, the company has downgraded its stock to a “hold” rating, citing the impact of a high capital expenditure cycle on near-term cash flow and gearing.

The company’s gross profit increased by 4% to S$61m, although gross margins narrowed by 3.6 percentage points to 37.6%, primarily due to cross-hiring and a less favourable project mix. Tiong Woon declared a higher final dividend of 1.75 Singapore cents per share, raising the payout ratio to 21%, reflecting management’s confidence in sustainable earnings.

Tiong Woon’s heavy lift and haulage segment saw a 15% rise in revenue to S$160m, with marine transportation also rebounding significantly. However, the trading segment recorded a small loss. The company’s position was reinforced by retaining its 15th spot on the IC100 Cranes 2025 Index, marking it as the highest-ranked Singapore-based crane-owning company.

Looking ahead, Tiong Woon anticipates resilient demand in its core markets, supported by activities in petrochemical, semiconductor, infrastructure, and construction sectors. The company aims to leverage its position as a one-stop heavy lift specialist to capture opportunities whilst managing costs and cash flow. Potential catalysts for future growth include successful deployment of new cranes and margin recovery as cross-hiring eases.
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KFC Singapore has unveiled its largest local brand campaign, ‘How Do You KFC?’, which celebrates the unique ways Singaporeans enjoy their fried chicken. The campaign invites fans to share their personal eating rituals on social media, with the opportunity for five standout entries to be transformed into limited-time menu items named after the winners. This initiative aims to highlight the individuality of KFC’s customers whilst showcasing the brand’s dedication to its Original Recipe chicken.

The campaign introduces two new menu items: the Original Recipe Tenders and the Original Recipe Burger. Both are crafted using 100% real chicken, hand-breaded with KFC’s signature 11 herbs and spices, and pressure-fried to perfection. Additionally, the beloved KFC Bucket makes a return, allowing customers to indulge in freshly fried chicken as it was originally intended.

The campaign is being rolled out across multiple platforms, including TV, YouTube, radio, and social media. A one-minute brand film, described as a sensory experience and ASMR chicken symphony, accompanies the launch. Fans are encouraged to participate by sharing their rituals under the hashtag #YouCanBeYou, with influencers joining in to showcase their quirks and challenge others.

Jaslyn Lam, Director of Marketing and Food Innovation at KFC Singapore, stated, “Everyone enjoys KFC their own way. This campaign is about celebrating that individuality, because when we let chicken be chicken, you can be you.” Creative Director Reagan Raj of R/GA added, “This campaign brings that truth to life, and lets customers see themselves in it.”

With this campaign, KFC Singapore not only celebrates its customers’ diverse eating habits but also strengthens its connection with the local community.
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Jumio’s latest 2025 Online Identity Study highlights a significant shift in digital identity protection expectations among students worldwide. As digital platforms become more integral to education, students are increasingly aware of the risks posed by AI-generated scams. The study found that 70% of students globally, and 56% in Singapore, use AI to create or modify images, making them particularly vulnerable to fraud.

In Singapore, 66% of students are confident in identifying deepfakes, with 56% having encountered one in the past six months. This heightened awareness has led to a demand for stronger identity verification measures. Notably, 44% of Singaporean students feel safer using biometric verification over traditional passwords, surpassing other occupational groups.

The study suggests that educational institutions have a unique opportunity to lead in implementing privacy-first identity intelligence. Bala Kumar, Jumio’s chief product and technology officer, stated, “Students understand both the power and the risks of AI, which makes them far more open to new safeguards like biometric verification.”

Globally, students are setting new standards for digital trust, with 42% expressing greater trust in banks that use biometric verification. Additionally, 40% believe government agencies should be responsible for preventing AI-powered fraud, whilst 24% are concerned about organisations misusing identity data.

Joe Kaufmann, Jumio’s global head of privacy, emphasised the importance of adopting technologies that prioritise data protection, stating, “Enterprises that want to earn and keep the trust of students must adopt technologies that prioritise data protection by design.”

The study surveyed 8,001 adults across the US, UK, Singapore, and Mexico, providing valuable insights into the evolving landscape of digital identity protection.
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The Singapore Police Force has reported a 21.5% decrease in scam and cybercrime cases in the first half of 2025, with numbers dropping to 22,476 from 28,625 in the same period last year. Despite this decline, scams still accounted for a significant 87.5% of these cases, totalling 19,665 incidents.

The financial impact of scams also saw a reduction, with losses decreasing by 12.6% to approximately $456.4m , down from $522.4m in the first half of 2024. The Anti-Scam Command (ASCom) played a crucial role, recovering over $56.7m, including $39.7m in non-cryptocurrency and $17 million in cryptocurrency. Additionally, proactive measures helped avert potential losses of at least $179m.

However, the median loss per scam case rose by 36.4% to $1,500, and cases with losses exceeding $100,000 increased to 5.1% of total scam cases. The prevalence of scams involving self-effected transfers remains high, though public education efforts have contributed to a decrease in such incidents.

Phishing scams topped the list with 3,779 cases, whilst investment scams led in financial losses, amounting to $145.4m. Government officials impersonation scams saw a dramatic rise, with cases nearly tripling to 1,762, resulting in losses of $126.5m.

Social media and messaging platforms, particularly those from Meta, were frequently used by scammers, accounting for 37.3% of cases. The report highlights the need for continued vigilance and public awareness to combat these evolving threats.
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The Energy Market Authority (EMA) has appointed Mott MacDonald Singapore Pte Limited to conduct a study on the safety and technical feasibility of advanced nuclear energy technologies, including small modular reactors (SMR). Announced in December 2024, this initiative aims to evaluate the safety features, technology maturity, and commercial readiness of these advanced technologies.

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. This expertise will be crucial in assessing the potential of advanced nuclear energy technologies for Singapore.

Whilst Singapore has not yet decided to deploy nuclear energy, the study underscores the nation’s commitment to building capabilities and enhancing understanding of nuclear technologies. The EMA emphasises that any future decision to adopt nuclear energy will be carefully weighed against factors such as safety, reliability, affordability, and environmental sustainability.

The EMA, a statutory board under the Ministry of Trade and Industry, is dedicated to fostering a resilient, sustainable, and competitive energy future for Singapore. Through initiatives like this study, the EMA aims to ensure a reliable and secure energy supply whilst promoting effective competition and developing a dynamic energy sector.
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The Minister for Finance has announced the reappointment of four members and the appointment of five new members to the Board of the Inland Revenue Authority of Singapore (IRAS), effective from 1 September 2025. This reshuffle aims to bring fresh perspectives and maintain continuity in the board’s leadership.

The reappointed members include Chia Tai Tee, a Board Director at UOB; Fazli Mansor, Co-founder and Director of ISGN Ventures Pte Ltd; Lee Yan Hong, Managing Director and Head of Group Human Resources at DBS Bank Ltd; and Woo Li Fern, former National Head of Governance, Risk and Compliance Services at KPMG China.

Joining them are five new appointees: Vincent Chong Sy Feng, Group President and CEO of ST Engineering Ltd; Goh Chear Wah Lawrence, Head of Group Technology and Operations at UOB; Hing Shan Shan, Blossom, Senior Counsel and Director of Dispute Resolution at Drew & Napier LLC; Lee Chee Koon, Group CEO of CapitaLand Investment Limited; and Puah Kok Keong, Chief Executive of the Energy Market Authority.

The Ministry of Finance and the IRAS Board have expressed their gratitude to the outgoing members—Darren Tan Siew Peng, Seah Chin Siong, Sarjit Singh Gill, Wong Kim Yin, and Ngiam Shih Chun—for their valuable contributions, as their terms conclude on 31 August 2025. The new appointments are expected to enhance the board’s strategic direction and governance.
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Samudera Shipping Line Ltd. has announced the acquisition of a second-hand container vessel with a capacity of 2,684 twenty-foot equivalent units (TEUs) from an unrelated third party. The purchase, valued at approximately $50.36m, will be financed through a mix of internal resources and bank borrowings. The vessel is slated for delivery in the fourth quarter of 2025.

The acquisition is part of Samudera’s ordinary business operations and does not qualify as a “transaction” under Chapter 10 of the Singapore Exchange (SGX) Listing Manual. Consequently, it is not expected to significantly impact the company’s net tangible assets or earnings per share for the current financial year.

Bani Maulana Mulia, Executive Director and Group CEO, confirmed that none of the company’s directors or controlling shareholders have any direct or indirect interest in the acquisition. The move aligns with Samudera’s strategic objectives to enhance its fleet capabilities.
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Karin Technology Holdings Limited, listed on the Singapore Exchange, has reported a net attributable profit of HK$19.2m for the financial year ending 30 June 2025, despite a 12.4% decline in revenue to HK$1,929.5m. The company faced reduced sales across its IT Infrastructure, Components Distribution, and Consumer Electronics Products segments, attributed to weaker demand and economic sentiment in key markets.

The IT Infrastructure segment, Karin’s largest revenue contributor, saw an 11.9% drop in sales, whilst the Components Distribution segment fell 11.1% due to geopolitical tensions affecting the Chinese market. The Consumer Electronics Products segment experienced a 19.4% decline, reflecting weak consumer sentiment in Hong Kong.

Despite these challenges, Karin’s gross profit margin improved from 8.5% to 9.2%, thanks to higher-margin sales and cost control measures. CEO Michael Ng noted, “Although revenue from our IT segment declined in FY2025, its profitability had improved due to higher margins on some deals.”

Karin’s financial position remains robust, with cash reserves of HK$144.0m and a reduced gearing ratio of 0.14 times. The company has proposed a final dividend of 3.88 Hong Kong cents per share, bringing the total dividend for FY2025 to 8.78 Hong Kong cents per share.

Looking ahead, Karin plans to focus on AI solutions within its IT segment to drive growth, whilst maintaining financial prudence amidst ongoing economic challenges.
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GuocoLand Limited has announced a revenue of S$1.92b for the financial year ending 30 June 2025, marking a 5% increase from the previous year. This growth was primarily driven by the company’s robust performance in property development and investment, with Singapore being a key contributor. The group’s property development revenue rose by 3% to S$1.56b , whilst property investment revenue saw a significant 22% increase, reaching S$281m.

The company’s operating profit, however, declined by 7% to S$299m, attributed to allowances for foreseeable losses in China due to ongoing challenges in the real estate sector. Despite these headwinds, GuocoLand’s Singapore operations reported a 15% increase in operating profit, highlighting the resilience of its local market.

GuocoLand’s CEO, Cheng Hsing Yao, emphasised the strength of their dual focus on property development and investment in Singapore, stating, “Both our twin engines of Property Development and Property Investment in Singapore have contributed to our strong performance for FY2025, despite pervasive macroeconomic uncertainties.”

The group maintains a healthy balance sheet with total assets of S$12.38 billion and a debt-to-assets ratio of 0.44. In a move to return value to shareholders, the board has proposed a final dividend of 7 Singapore cents per share, pending approval at the upcoming annual general meeting.

Looking ahead, GuocoLand plans to continue its strategic focus on property development and investment, with several new projects in the pipeline, including a high-end waterfront development at River Valley Green and a mixed-use project at Tengah Garden Avenue.
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