Industry News

August Global Partners, a leading independent healthcare and technology investor in Asia, has successfully closed its second fund, the AGP Healthcare Fund (AGPHC), at $150m. This achievement surpasses initial fundraising targets despite ongoing challenges in the global private equity and venture capital sectors. The firm, known for its role in shaping Singapore’s biomedical sector, has now expanded its assets under management to $350m.

The AGPHC fund has attracted commitments from a diverse range of financial, institutional, and strategic limited partners across Asia, Europe, and North America. This success builds on the performance of the AGP Continuation Growth Fund (AGPCG), which supports local champions in healthcare and deep technology sectors. AGPCG has consistently delivered strong returns, evidenced by meaningful Distribution to Paid-In Capital (DPI) to its investors.

AGP’s investment strategy is anchored by the theme “Living Better, Ageing Better,” targeting high-growth opportunities in healthtech, advanced manufacturing, digital health, and precision medicine. The fund has already deployed capital into a portfolio of high-impact growth companies, demonstrating early value creation for its investors.

Chair and Founding Partner Chu Swee Yeok highlighted AGP’s “deep sector expertise, trusted global networks, and commercial agility” as key differentiators. Founding Partner Basil Lui noted the convergence of medical technology, digital health, and AI as presenting unprecedented opportunities for innovation and growth, particularly in addressing the needs of ageing populations and chronic disease management.

AGP remains committed to partnering with visionary founders to drive breakthroughs in next-generation care delivery, from genomics and oncology to AI-powered wearables and medtech.

A recent survey conducted by UnaFinancial across Singapore, the Philippines, Vietnam, and Indonesia reveals that 84% of Southeast Asians trust fintech services, with Singapore leading at 92%. The survey highlights that the primary factors influencing trust include the security of financial data, transparent fees, and brand reputation.

In Singapore, 91.8% of respondents expressed trust in fintech platforms, with 69.1% somewhat trusting and 22.1% highly trusting these services. Key drivers of trust in Singapore include transparency of fees and terms (60.3%), security of financial data (58.8%), and brand reputation (57.4%). Recommendations from family and friends also play a role, influencing 35.3% of respondents.

The Philippines follows with 88.1% of respondents expressing trust, where brand reputation is particularly significant, affecting 73.8% of participants. In Vietnam, 37.2% of respondents report high trust, with data security being the most critical factor for 76.9% of them. Indonesia shows a more varied trust landscape, with 29.4% highly trusting and 22.4% remaining neutral, emphasising transparency and security.

UnaFinancial analysts note that regional trust is bolstered by growing digitalisation and market maturity. Singapore’s high trust levels are attributed to widespread smartphone and internet access, strong digital literacy, and familiarity with online services. As fintech continues to evolve, these factors are expected to further influence consumer trust across Southeast Asia.

Statrys, a prominent provider of integrated business and financial services for small and medium enterprises (SMEs), has expanded its operations in Singapore with the launch of its unified Company-Accounting-Business Account (CAB) platform. This development follows Statrys’ approval as a Major Payment Institution by the Monetary Authority of Singapore, marking a significant step in simplifying business processes for SMEs.

The CAB platform is designed to address the challenges SMEs face in managing multi-currency accounts, cross-border payments, and compliance. Bertrand Théaud, Founder and CEO of Statrys, stated, “Our mission has been clear from the start: to remove the complexities of global operations and empower businesses to grow faster with full confidence and control.” The platform consolidates company incorporation, accounting, and payment management into a single system, enhancing efficiency and compliance.

Statrys, established in 2020 in Hong Kong, serves over 5,000 clients across more than 70 countries, processing over US$5 billion in payment volume and US$2 billion in foreign exchange volume. The company is also a licensed Money Service Operator in Hong Kong and registered as a Small Payment Institution with the Financial Conduct Authority in the UK.

The CAB platform offers SMEs services such as company creation, comprehensive accounting, and multi-currency business accounts. It also includes competitive foreign exchange services and payment cards, all aimed at simplifying global financial operations. Statrys emphasises innovation and security, integrating artificial intelligence for enhanced customer experience and security measures.

Théaud added, “Our expansion in Asia is about setting a new standard for how fintechs can truly serve the needs of SMEs, entrepreneurs, and startups without ever compromising on compliance.” As SMEs continue to drive innovation and employment, Statrys’ expansion in Singapore positions it as a strategic hub for SME growth across Asia and Europe.

Aster has announced a strategic agreement with Hitachi Asia Ltd to acquire advanced compressor solutions, aiming to double its ethylene export capacity at the Bukom Island facility by January 2027. This significant investment is set to bolster Aster’s ability to meet the increasing regional and global demand for ethylene, a crucial component in products such as plastics, textiles, and speciality chemicals.

The collaboration will see Hitachi deliver two new compressor units from its Japanese factory, operated by Hitachi Industrial Products, Ltd. This will facilitate the installation of a parallel ethylene chiller system, expand outbound logistics, and enhance operational flexibility and efficiency. Additionally, the project will strengthen the synergy between Bukom and the Chandra Asri cracker facility in Cilegon, optimising the regional C2 derivatives value chain.

Mashhad Dohadwala, Aster’s Director for Projects & Technology, highlighted the project’s role in reinforcing Singapore’s status as a key petrochemical export hub. “With the installation of a parallel chiller to double ethylene export capacity, Aster is strengthening the regional supply network,” he stated. This initiative aligns with Aster’s ongoing focus on efficiency, reliable supply, and innovation.

Chew Huat Seng, General Manager of Industrial Products Business Unit at Hitachi Asia Ltd, expressed honour in participating in this expansion project, emphasising the long-standing partnership with Aster. “We remain focused on delivering meaningful goals and shaping a sustainable future together,” he added.

Aster, a joint venture led by Chandra Asri and Glencore, continues to expand its asset base, including a 1.1 million metric tonne naphtha cracker on Bukom Island, supporting its growth as a reliable partner in the energy and chemical sectors.

The recent government land sales (GLS) tender for the Bedok Rise site attracted ten bids, with the highest bid reaching S$464.8m or S$1,330 per square foot per plot ratio (psf ppr). This top bid, submitted by an undisclosed developer, surpassed expectations and marked a significant 43% increase compared to the S$930 psf ppr for the Tanah Merah Kechil Link site awarded in November 2020.

The competitive bidding reflects a growing interest from developers, as noted by Alice Tan, Head of Consultancy at Knight Frank Singapore. She highlighted that the premium mark-ups in land rates among top bidders have been increasing, with recent tenders showing a stronger willingness to push pricing boundaries. “The brisk take-up of more than 10,000 new sales in the 10 months of 2025 could have spurred developers to ratchet up efforts in dedicating more financial resources in acquiring land,” Tan stated.

The Bedok Rise site is expected to attract local homebuyers, particularly those looking to downgrade from landed properties in Bedok South and Simpang Bedok, as well as HDB upgraders from nearby estates. The site’s proximity to an MRT station and Bedok Town Centre’s retail amenities adds to its appeal.

As land prices rise, there is concern about the potential impact on future selling prices and the possibility of government cooling measures. Tan suggested that some restraint in GLS tenders could benefit the long-term health of the private home market, especially amidst global economic uncertainties.

Singaporean businesses are at the forefront of shadow AI usage, according to a new survey by ABBYY. The report, titled “State of Intelligent Automation: GenAI Confessions”, highlights the challenges faced by business leaders in implementing generative AI (GenAI) technology. The survey, conducted by Opinium Research, found that 40% of Singaporean business leaders encountered difficulties in training GenAI models and integrating them into business processes. Additionally, 30% cited cost concerns, 28% lacked proper governance, and 25% experienced issues with hallucinations—incorrect information provided by AI.

To address these challenges, many businesses have turned to complementary technologies. The survey revealed that 41% of leaders are using AI agents, 42% are employing process intelligence, 47% are utilising Document AI, and 34% have introduced retrieval augmented generation. These measures have reportedly led to improved trust, accuracy, and cost savings, with 99% of businesses noting better consistency and integration into workflows.

Maxime Vermeir, Senior Director of AI at ABBYY, emphasised the importance of evaluating current processes before adopting GenAI tools. “Businesses are spending money on GenAI tools that promise more than they can provide,” he stated. The survey also uncovered that 26% of Singaporean leaders reported shadow AI usage, where employees independently use AI tools for personal productivity, a figure higher than in the US, UK, and other countries.

The findings suggest a shift towards pragmatic investment in GenAI, with 99% of respondents planning to increase their budgets. This reflects a mature approach to GenAI adoption, focusing on secure and strategic implementation.

Singapore’s services industries, excluding Wholesale Trade, Retail Trade, Accommodation, and Food Services, experienced a 5.3% increase in business receipts in the third quarter of 2025 compared to the same period in 2024. This growth was primarily driven by the Recreation & Personal Services sector, which saw a significant 17.7% rise in revenue, largely due to the gaming segment.

The Information & Communications industry also contributed to the positive trend, registering a 12% increase in receipts. This was mainly attributed to growth in games publishing, data analytics processing, hosting and related activities, and internet search engines. In contrast, the Transportation & Storage industry faced a 7.5% decline in receipts, reflecting reduced earnings from shipping lines and freight transport arrangement services.

The Professional Services industry recorded a 10.4% increase in receipts, with notable growth in advertising and market research, research and development, and architectural and engineering services. Meanwhile, the Health & Social Services industry saw a 4.6% rise in turnover, driven by increased earnings from hospitals.

Despite the overall positive performance, the Administrative & Support Services industry experienced a 1.6% contraction, mainly due to a slowdown in the rental and leasing segment. Quarter-on-quarter, the overall business receipts rose by 0.7%, although some industries, including Information & Communications and Recreation & Personal Services, saw declines.

The Business Receipts Index provides valuable insights into the short-term performance of Singapore’s services industries, guiding business decisions and policy choices.

Singapore-based Precious Medical Group has announced the launch of the Tunku Laksamana Johor Cancer Centre and Hospital in Johor Bahru, a significant $106m (RM500m) investment aimed at enhancing cancer care in Malaysia. The facility, set to open on 5 December 2025, will feature state-of-the-art diagnostic and treatment technologies, including a PET-CT and radiotherapy centre.

The centre will house Malaysia’s first cyclotron outside the Klang Valley, enabling local production of medical radioisotopes for cancer imaging and therapy. This advancement is expected to improve early detection and treatment availability whilst reducing reliance on distant supply chains. The project is strategically located at Larkin Sentral within the Johor–Singapore Special Economic Zone (JS-SEZ), facilitating cross-border medical collaboration and talent mobility.

The development is projected to create approximately 1,000 direct and indirect jobs, contributing to the economic goals of the JS-SEZ. Following the cancer centre’s inauguration, Precious Medical Group plans to develop a 200-bed hospital on the same site, offering comprehensive inpatient oncology and integrated support services.

Named after the late Tunku Abdul Jalil, the fourth child of His Majesty Sultan Ibrahim of Johor, the hospital aims to strengthen Malaysia’s healthcare system, which already attracts over 1.5 million medical tourists annually. This initiative is poised to bolster the international reputation of Malaysia’s healthcare sector, enhancing its capacity and resilience.

BuzzFeed Asia has teamed up with Taboola to launch DeeperDive, a pioneering AI answer engine, across its platforms in Singapore, Malaysia, and the Philippines. This innovative tool aims to transform the reader experience by providing instant, conversational answers sourced from BuzzFeed’s content and Taboola’s real-time insights.

DeeperDive is designed to increase user engagement by offering smarter, trend-aware responses and encouraging deeper exploration of content. It also opens new revenue streams through contextually relevant advertising embedded within AI-powered results. Unlike traditional AI engines, DeeperDive utilises insights from 600 million daily active users and 9,000 publisher partners, ensuring timely and relevant answers.

Scott Mackenzie, CEO of BuzzFeed Japan & Asia, expressed enthusiasm about the partnership, stating, “We’re thrilled to expand BuzzFeed’s on-site functionality for our readers, grow user engagement, and open up new revenue opportunities.” Adam Singolda, CEO and Founder of Taboola, highlighted the innovation, saying, “BuzzFeed Asia is offering content to readers in a completely new, appealing, and innovative way.”

The introduction of DeeperDive is expected to significantly increase readership and engagement by providing clear, intuitive answers and links to relevant articles. This initiative marks a step forward in leveraging AI technology to enhance the digital content landscape, offering publishers a new avenue for growth and monetisation.

Singapore has bolstered its molecular imaging and translational research capabilities with the launch of the Molecular Imaging and Theranostics Centre. This initiative, a collaboration between the National University Hospital and the Yong Loo Lin School of Medicine at the National University of Singapore, aims to cement Singapore’s leadership in precision medicine across Asia, according to GlobalData.

A standout feature of the centre is Singapore’s first total-body PET/CT system, developed with Siemens Healthineers. This advanced scanner allows for full-body imaging in a single position, offering higher detection sensitivity, shorter scan times, and reduced radiation exposure compared to traditional systems. “Total-body PET/CT provides simultaneous coverage of all major organ systems,” said Nidhi Bharti, a Medical Devices Analyst at GlobalData. This capability is particularly beneficial in oncology and chronic inflammatory conditions, where diseases often affect multiple organs.

The centre’s integrated approach, combining clinical services with research, expands opportunities for studying tracer kinetics and evaluating new radiopharmaceuticals. This setup allows researchers to analyse imaging data under routine clinical conditions, enhancing the understanding of real-world performance. Bharti noted, “Access to longitudinal imaging data from whole-body scans allows researchers to detect subtle physiological variations.”

This development aligns with Singapore’s broader precision medicine strategy, complementing national initiatives like the National Precision Medicine Programme. By fostering collaboration between clinicians and researchers, the centre aims to generate robust datasets and contribute to standardised imaging methodologies across Asia.