Industry News

The Monetary Authority of Singapore (MAS) announced on 31 October 2025 that it is intensifying efforts to combat financial crime by collaborating with the Police through the Anti-Money Laundering Case Coordination and Collaboration Network (AC3N). This initiative follows the case involving Prince Holding Group, highlighting the need for robust measures against illicit activities.

Since 2022, financial institutions have been proactive in filing suspicious transaction reports, with several taking risk mitigation steps such as closing suspicious accounts. These actions have successfully prevented larger sums from being held within Singapore’s financial sector.

MAS is committed to maintaining close cooperation with the Police and will conduct supervisory reviews with financial institutions linked to the case. Assistant Managing Director of MAS, Loo Siew Yee, emphasised the importance of global and local partnerships in tackling financial crime. “Combatting financial crime requires global effort as illicit fund flows are often cross-border in nature. In addition to international cooperation, close public and private partnership is crucial,” she stated.

The AC3N, led by the Commercial Affairs Department of the Singapore Police Force and MAS, includes sector supervisors, law enforcement, and intelligence agencies dedicated to fighting money laundering in Singapore. This collaborative approach underscores the importance of vigilance and cooperation in safeguarding the financial system against illicit activities.

Researchers from Singapore General Hospital (SGH) and the National University of Singapore (NUS) have discovered that pulsed electromagnetic fields can stimulate muscle tissue to mimic exercise benefits for patients with type 2 diabetes and excess belly fat. This non-invasive treatment, known as magnetic mitohormesis, activates metabolic pathways similar to those triggered by endurance exercise, potentially improving glucose control without physical exertion.

The exploratory study, conducted at SGH from June 2023 to January 2024, involved 40 adults with poorly controlled type 2 diabetes. Participants underwent weekly 10-minute sessions where their leg muscles were stimulated by a gentle magnetic field. Notably, nearly 90% of patients with central obesity experienced improved blood glucose control, with their HbA1c levels dropping from 7.5% to 7.1% over three months.

Dr Tan Hong Chang, Senior Consultant at SGH, highlighted the significance of this treatment for patients unable to exercise due to age or health issues. “This treatment could give similar benefits to exercise without having to work out physically,” he stated.

The study, supported by the Agency for Science, Technology and Research (A*STAR) and QuantumTX Pte Ltd, was published in the Journal of Clinical Medicine in September 2025. Whilst promising, larger trials are necessary before widespread implementation. Future research will focus on optimal treatment duration and identifying patient profiles that benefit most. Professor Alfredo Franco-Obregón from NUS emphasised the potential of this therapy in various health applications, noting its ability to lower inflammation and improve health outcomes.

Enterprise Singapore has announced the launch of Stage One, a new campus located at One-North, designed to support both local and international startups. Officially unveiled on 30 October 2025, the campus is set to become a hub for innovation, providing startups with the resources and environment needed to thrive.

Stage One at One-North is strategically positioned to offer startups access to a vibrant ecosystem of industry leaders, researchers, and investors. The campus is equipped with state-of-the-art facilities, including co-working spaces, labs, and meeting rooms, all aimed at fostering collaboration and creativity. This initiative is part of Enterprise Singapore’s broader strategy to enhance Singapore’s position as a global innovation centre.

The launch of Stage One is expected to attract a diverse range of startups, from tech-driven enterprises to those in the creative industries. By providing a conducive environment for growth, the campus aims to accelerate the development of innovative solutions and business models.

Enterprise Singapore’s commitment to nurturing startups is underscored by its investment in infrastructure and support services. The organisation believes that by bringing together a community of like-minded entrepreneurs, Stage One will serve as a catalyst for groundbreaking ideas and partnerships.

As the campus begins operations, it will play a crucial role in Singapore’s economic landscape, driving innovation and creating new opportunities for startups to scale and succeed on a global stage.

A recent survey by Sun Life Asia has revealed that financial security is the top priority for legacy planning among families in the region, yet 60% worry their wealth may not extend beyond their children’s generation. The study, titled *Passing the torch: Building lasting legacies in Asia*, surveyed over 3,000 individuals across Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam.

The findings highlight the importance of structured planning and financial literacy as Asia undergoes a significant intergenerational wealth transfer. Seven in 10 respondents emphasised the need for protection to ensure their family’s financial security, whilst 59% expressed a desire for their wealth to be invested in long-term growth through financial assets, life insurance, or family businesses.

Concerns about wealth preservation are prevalent, with 55% of respondents doubting their heirs’ financial readiness to manage inherited assets. Only 31% are confident their children will uphold their wishes regarding wealth transfer and asset growth. The affluent are particularly worried, with 28% describing themselves as “very concerned” about the longevity of their wealth.

David Broom, Chief Client & Distribution Officer at Sun Life, noted, “We are seeing a clear shift in how families define legacy – from wealth alone to a combination of financial security, education and purposeful living for future generations.” This shift underscores the need for open family discussions about money and the importance of financial education to ensure lasting legacies.

ROLO Robotics, a Singapore-based food robotics company, has successfully raised US$3.45m in an oversubscribed seed funding round. The investment, led by BEENEXT and supported by Blueprint Ventures, TIS Japan, Seedstars, A2D Ventures, SUTD Ventures, Antler, and Lotus One Investment, will be used to scale the company’s autonomous micro-kitchen solutions. Strategic angels Valentin Schillo and Gilbert Rodrigues also participated in the round.

The funding comes at a time when labour shortages and rising costs are challenging food operators worldwide. In Singapore, food and beverage wages have increased by 40–50% over the past five years, with turnover rates exceeding 100% annually. ROLO Robotics’ micro-kitchen solutions aim to alleviate these pressures by offering unmanned cooking and service through robotics, automation, and artificial intelligence (AI). These systems can operate 24/7, reducing labour costs by up to 80% whilst enhancing food quality and safety.

Ravi Nahappan, Co-Founder and CEO of ROLO Robotics, stated, “At ROLO, we believe the future of food service is human-robot collaboration — food that’s affordable, customisable and always fresh.” The company’s flagship product, MAYA 3.0, is the world’s first autonomous fast-food kiosk, capable of cooking, packaging, and serving meals with full customisation options.

Jeremy Soh, Vice President at BEENEXT, commented on the investment, saying, “ROLO isn’t just prototyping — it’s deploying real systems that solve real labour and cost challenges.” The company plans to deploy its technology across Singapore in collaboration with food operators, universities, hospitals, and transport hubs, with pilot sites in Australia to follow.

GNC has been granted the rights to assume leases of its former stores from LAC, following a ruling by a Singapore court. This decision, announced on 31 October 2025, is set to bolster GNC’s growth strategy in Singapore, allowing the company to expand its footprint and enhance its partnership with Watsons to deliver top-tier wellness solutions.

The court’s decision is a significant development for GNC, a leading global health and wellness brand, as it clears the path for the company to reclaim its retail presence in Singapore. The ruling is expected to reduce market confusion and reinforce GNC’s leadership in science-backed wellness products.

GNC’s collaboration with Watsons, a prominent health and beauty retailer, is poised to accelerate as a result of this ruling. The partnership aims to provide consumers with best-in-class wellness solutions, leveraging GNC’s expertise and Watsons’ extensive retail network.

The court’s confirmation of GNC’s rights to the leases marks a pivotal moment for the company, as it seeks to strengthen its market position and continue its growth trajectory in the region. This strategic move is anticipated to enhance consumer access to GNC’s products and support the company’s long-term objectives in the competitive wellness market.

Five climate tech startups have been selected to join the Breakthrough Energy Fellows programme in Southeast Asia, as announced by Enterprise Singapore on 29 October 2025. This initiative aims to support innovative solutions addressing climate change challenges in the region. The startups will receive funding, mentorship, and networking opportunities to accelerate their development and impact.

The inclusion of these startups in the programme underscores the growing emphasis on sustainable technology in Southeast Asia. The Breakthrough Energy Fellows programme, backed by prominent investors, provides a platform for startups to scale their solutions and contribute to global sustainability goals.

The selected startups are set to benefit from a comprehensive support system designed to enhance their technological capabilities and market reach. This initiative is part of a broader effort to foster innovation in climate technology, crucial for addressing pressing environmental issues.

Enterprise Singapore’s involvement highlights the country’s commitment to nurturing a vibrant ecosystem for climate tech innovation. By supporting these startups, the programme aims to catalyse significant advancements in sustainable technology, potentially leading to impactful environmental solutions.

As these startups embark on their journey with the Breakthrough Energy Fellows, they are poised to make substantial contributions to the fight against climate change. The programme’s support is expected to accelerate their growth and amplify their impact, paving the way for a more sustainable future in Southeast Asia and beyond.

Denodo, a leader in data management, has signed a strategic Memorandum of Understanding (MOU) with ST Engineering Mission Software Systems to jointly advance data science and artificial intelligence (DSAI) technologies. The agreement was formalised during the InnoTech Conference 2025, held on 4 September. Richard Jones, Denodo’s Vice President and General Manager of APAC, and Percival Goh, Executive Vice President of ST Engineering Mission Software Systems, were the signatories.

The collaboration aims to enhance value delivery to customers in both government and commercial sectors through knowledge sharing, technical collaboration, and the joint development of services. Denodo will focus on integrating DSAI capabilities and developing prototypes, whilst ST Engineering Mission Software Systems will support the operationalisation of these efforts and participate in early-stage pilot projects.

Richard Jones highlighted the importance of data management in AI-driven decision-making, stating, “By combining ST Engineering’s deep domain knowledge with Denodo’s data management intelligence, we create a foundation that empowers timely, high-impact decisions for accelerated operational excellence.”

Percival Goh added, “This collaboration reinforces our commitment to delivering solutions that make a tangible difference in mission-critical operations.”

This partnership underscores a shared vision to accelerate AI adoption and operational intelligence, providing greater efficiency and agility to customers in rapidly evolving digital landscapes.

Singapore’s energy sector is poised for substantial growth, with the workforce in clean energy companies expected to increase by 60% over the next decade, according to the Energy Market Authority (EMA). This expansion, driven by advancements in solar, energy storage systems, and low-carbon electricity imports, highlights the sector’s transformation and the need for a skilled workforce to support this transition.

The EMA’s biennial Energy Sector Manpower Survey, conducted in 2024, reveals that the traditional power and gas workforce is also set to grow by 13% by 2034. This growth will be supported by developments in electricity transmission, distribution, power generation, and gas sub-sectors. The survey underscores the demand for engineers skilled in solar photovoltaic systems and professionals capable of managing low-carbon electricity imports.

To address these needs, EMA is collaborating with Institutes of Higher Learning and industry partners to develop training programmes. New educational initiatives include a Technical Engineer Diploma in Electrical Engineering (Clean Energy) and continuing education courses at Singapore Polytechnic and the Singapore Institute of Technology.

Chief Executive of EMA, Puah Kok Keong, emphasised the importance of workforce transformation in achieving Singapore’s net-zero goals, stating, “Singapore’s journey to net-zero is not just a technological shift but also a driver for workforce transformation and expansion.”

The EMA’s efforts are complemented by industry leaders like Keppel and Sembcorp Solar Singapore, who are investing in workforce development through training and innovative projects. As Singapore continues to decarbonise its energy sector, these initiatives will ensure a robust manpower pipeline to support the country’s energy transition.

Levanta Renewables has announced the acquisition of a 91 MWp operating solar power project in Thailand, marking a significant expansion of its renewable energy footprint in the region. The project, which is ground-mounted, is spread across ten sites in the Suphanburi and Kanchanaburi provinces. It generates approximately 155 GWh of renewable electricity annually, which is supplied to the Provincial Electricity Authority under long-term Power Purchase Agreements.

The acquisition underscores Levanta Renewables’ commitment to enhancing its renewable energy capabilities and contributing to sustainable energy solutions in Southeast Asia. By securing this portfolio, the company aims to bolster its position in the renewable energy sector and support Thailand’s energy transition goals.

This strategic move not only enhances Levanta’s operational capacity but also aligns with global efforts to increase the share of renewable energy in power generation. The project is expected to play a crucial role in reducing carbon emissions and promoting sustainable energy practices in the region.

Levanta Renewables, a Singapore-based company, continues to seek opportunities to expand its renewable energy projects across Asia, reinforcing its dedication to environmental sustainability and energy innovation. The acquisition of this solar portfolio is a testament to the company’s strategic vision and its role in driving the renewable energy agenda forward.