Industry News

Carro has raised US$60 million in a funding round led by Cool Japan Fund, Japan’s sovereign wealth fund. The investment aims to bolster the demand for Japanese cars across the Asia Pacific region, where Carro operates. Aaron Tan, cofounder and CEO of Carro, highlighted the reliability and advanced technologies of Japanese cars, including fuel cell innovations and superior safety features, as key factors in their market appeal.

The capital injection will be used to showcase Japan’s advanced automotive technologies and increase the market share of Japanese Plug-in Hybrid Electric Vehicles (PHEVs). The demand for both used cars and new PHEVs is expected to grow, particularly in Southeast Asia, driven by economic expansion, a rising middle-income population, and government subsidies for electric vehicles in countries like Indonesia and Thailand.

Kenichi Kawasaki, president, CEO, and COO of Cool Japan Fund, stated that the investment aims to reinforce the value of Japanese cars by highlighting their advanced technologies. Cool Japan Fund, established in 2013, focuses on expanding overseas demand for Japanese products and services, contributing to Japan’s economic growth.

Founded in 2015, Carro has become Asia Pacific’s largest online used car marketplace, transforming car buying and selling with proprietary pricing algorithms and AI-enabled solutions. The company, headquartered in Singapore, transacts over 100,000 vehicles annually across seven markets and offers a range of services, including auto fintech, digital insurance brokerage, and aftersales service.

OCBC has announced its ambitious plan to accelerate the growth of 10,000 women-owned small and medium enterprises (SMEs) across its core markets by 2030. The initiative will provide social loans through dedicated SME programmes in Singapore, Malaysia, Hong Kong, and Indonesia. As of June 2025, OCBC has already supported over 2,000 women-owned SMEs with loan commitments totalling nearly $600 million.

The bank’s programmes, including the OCBC Women Unlimited Programme and the Women Warriors Programme, aim to enhance the socioeconomic advancement of women and strengthen the resilience of their businesses. Women-owned SMEs in Singapore, for instance, can secure financing of up to $100,000 within their first two years, with waived processing fees.

OCBC’s data reveals that women-owned SMEs in Singapore typically experience 30% lower sales turnover growth in their initial years compared to male-owned SMEs. However, those securing financing have managed to bridge this gap. The bank’s efforts have resulted in a more than 20% increase in loan commitments to women-owned SMEs in Singapore within a year of the programme’s launch.

Notable beneficiaries include The Powder Shampoo and The Plattering Co., which have expanded significantly with OCBC’s support. Iris Ng, Head of Emerging Business at OCBC, emphasised the bank’s commitment to supporting women entrepreneurs, stating, “It’s been incredibly rewarding to partner with and journey alongside our women entrepreneurs.”

OCBC plans to facilitate regional events and business-matching trips to support the cross-border growth of women-owned SMEs, reflecting a 51% increase in such businesses expanding beyond Singapore from 2018 to 2023.

Cigna Singapore has partnered with iXchange, the Third-Party Administrator arm of IHH Healthcare Singapore, to introduce a groundbreaking value-based healthcare contract. This collaboration marks a shift from traditional volume-based metrics to value-driven outcomes, addressing the challenges of rising healthcare costs and increased service utilisation in Singapore.

The new contract will see IHH SG hospitals, alongside IXPL and Cigna, focusing on delivering value-based outcomes for patients. Key services will include Guarantee of Payment provision, cost control for episodes of care, and panel management, all designed to prioritise quality and efficiency over sheer volume.

Raymond Ng, CEO of Cigna Singapore, highlighted the importance of this partnership in managing inflationary pressures and rising utilisation that have been driving up insurance premiums. “By aligning our goals with healthcare providers, we aim to deliver more sustainable outcomes for our policyholders,” he stated.

Cigna members will benefit from enhanced access to a comprehensive network of trusted medical providers through iXchange. The collaboration will also streamline inpatient admissions and claims processing, ensuring fairness and transparency in billing.

The initiative will integrate hospitals, independent specialists, and payors through data-driven platforms, fostering continuous improvement and equitable outcomes. Loh Chek Chai, CEO of iXchange, emphasised the partnership’s role in creating a transparent and sustainable healthcare ecosystem, stating, “This strategic partnership with Cigna Singapore exemplifies how engagement, mutual understanding, and active collaboration can benefit all stakeholders.”

This collaboration is expected to set a precedent for future healthcare contracts, focusing on sustainable financing and high-quality care.

Singapore is emerging as a leader in the energy transition, with a significant portion of its businesses committing to renewable energy and digital innovation, according to the Asia Pacific Energy Transition Readiness Index 2025 by ABB’s Energy Industries division. The research indicates that 68% of Singaporean companies plan to allocate over 10% of their capital expenditure (CAPEX) to energy transition initiatives in the next five years.

The survey, which included over 4,000 business leaders across 10 industries and 12 markets, highlights that 30% of Singaporean firms already source more than half of their energy from renewable sources, surpassing the regional average of 25%. Furthermore, 82% of respondents expect to increase their renewable energy use by over 20% in the next five years.

Digital technologies are seen as crucial enablers of this transition, with 78% of Singaporean respondents identifying artificial intelligence (AI) and automation as key factors. Abhinav Harikumar, VP of ABB’s Energy Industries division, Southeast Asia, stated, “Accelerating progress from Singapore to the wider region requires aligning investments with transition priorities and harnessing technology as a catalyst.”

Solar energy is currently the primary renewable source for 75% of Singaporean respondents, with solar, green hydrogen, and wind identified as the top ‘game changers’ for the next five years. The findings align with Singapore’s national energy strategies, which include ambitious targets for solar capacity and low-carbon electricity imports.

The research underscores the need for coordinated action and investment to maintain Singapore’s leadership in the energy transition, with a focus on technology, infrastructure, and talent development.

The Monetary Authority of Singapore (MAS) and the Hong Kong Monetary Authority (HKMA) have signed a Memorandum of Understanding (MoU) to bolster their cooperation in banking supervision. The agreement aims to facilitate the exchange of information and mutual assistance between the two authorities, enhancing the oversight of banks operating across both jurisdictions.

The MoU marks a significant step in the longstanding collaboration between MAS and HKMA. With both Singapore and Hong Kong hosting a substantial number of banks from each other’s territories, the enhanced cooperation is expected to improve the supervision of cross-border banking operations. This development is crucial given the prominent roles both cities play as international financial centres.

Chia Der Jiun, Managing Director of MAS, highlighted the importance of the MoU, stating, “This MOU reaffirms the strong partnership between MAS and the HKMA and paves the way for deeper collaboration, fostering supervisory cooperation, exchange of information and sharing of best practices in key areas of mutual interest between the authorities.”

Eddie Yue, Chief Executive of the HKMA, echoed these sentiments, noting that the agreement reinforces the close ties between the two authorities and enhances their ability to manage cross-border banking matters effectively.

The strengthened cooperation is expected to lead to more robust supervision of banks, ensuring stability and resilience in the financial sectors of both Singapore and Hong Kong. This initiative underscores the commitment of both authorities to maintaining high standards of banking oversight in the region.
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Chronic pain is increasingly affecting Singaporeans, with a notable rise in musculoskeletal discomfort among both younger working adults and seniors. This trend is attributed to sedentary work habits, prolonged screen time, and an ageing population, according to Singapore Paincare’s internal data from 2020 to 2024.

Lower back pain has surged by over a third among those aged 21 to 40, whilst neck pain has increased nearly 50%, often linked to poor home-office ergonomics. Additionally, headaches and migraines have doubled over the past five years. These issues highlight the importance of early attention to musculoskeletal health to support mobility and independence across all age groups.

The implications of these trends are significant for public health, as they affect productivity, daily functioning, and quality of life. Singapore Paincare emphasises the need for lifestyle awareness and early intervention to mitigate these effects. “Musculoskeletal discomfort affects all ages, including seniors, highlighting the importance of early attention and lifestyle awareness,” it states.

As Singapore grapples with these health challenges, the focus on improving ergonomics and promoting active lifestyles becomes crucial. Addressing these issues early can help maintain daily functioning and quality of life for individuals across generations.

Singapore’s co-living sector has emerged as a mature and institutionally recognised asset class, drawing over $1.02b (S$1.4b) in transaction volume since 2022, according to a recent report by JLL. The sector has maintained high occupancy rates of 85-95% despite a broader market normalisation, reflecting its resilience and growing investor confidence.

The report notes a strategic shift in investor sentiment towards stable, core-focused strategies, moving away from high-risk plays. This shift indicates confidence in the sector’s long-term viability and its integration into Singapore’s mainstream residential landscape. “The co-living sector has proven its resilience and is now a structural component of our residential landscape,” said Chia Siew Chuin, Head of Residential Research at JLL Singapore.

A significant growth driver for the sector is the demand from international students, who now make up 25 to 40% of residents for some operators. This trend is supported by projections of 6.7% annual growth in Singapore’s higher education market through 2031. Additionally, government involvement has facilitated the sector’s growth, with state-owned properties being tendered for co-living use, targeting specific demographics like students and healthcare workers.

Major operators are now focusing on acquiring and managing entire buildings for operational efficiency, whilst also offering comprehensive amenities to enhance resident experience. Investor sentiment reflects this evolution, with a notable decline in high-risk investments and a preference for core or core-plus approaches. This maturation is further evidenced by compressed return expectations, with 65% of investors targeting an Internal Rate of Return below 15%.

As the sector continues to mature, it is expected to further embed itself into Singapore’s residential landscape, driven by strategic demographic targeting and operational innovations.

DBS has launched its new alternate site, DBS Asia Gateway, at Jurong Hub, aiming to bolster operational resilience and encourage sustainable business practices among small and medium-sized enterprises (SMEs) in Singapore. The announcement was made during the second edition of the DBS Regenerative Festival, which attracted over 300 business owners and industry partners.

The event featured a fireside chat with Senior Minister of State for Education, and Sustainability and the Environment, Janil Puthucheary, and DBS CEO Tan Su Shan, discussing Singapore’s sustainability goals and the benefits of regenerative practices for SMEs. Derrick Goh, Group Chief Operating Officer at DBS, highlighted the bank’s commitment to sustainability, stating, “Being in Jurong allows us to better serve our customers in the western part of Singapore and further our sustainability objectives.”

The festival showcased over 20 exhibitors, including DBS-supported companies like MYCL and AlterPacks, which offer innovative regenerative products. The event is part of DBS’s broader initiative to integrate sustainability into business models, including the ESG Ready Programme and a decarbonisation playbook for manufacturers.

DBS Asia Gateway, located at Perennial Business City, exemplifies regenerative practices with features like reclaimed materials and energy-efficient cooling systems. The site aims to serve as a model for sustainable office design, housing around 1,000 employees from DBS’s Operations Group. The bank’s efforts underscore its commitment to the Singapore Green Plan 2030 and its role in advancing sustainable business practices.

Huize Holding Limited has announced that its international brand, Poni Insurtech, has been granted a Financial Adviser and Exempt Insurance Broker licence by the Monetary Authority of Singapore (MAS). This development is a significant step in Huize’s strategy to establish dual regional hubs in Singapore and Hong Kong, enhancing its commitment to the ASEAN market.

The newly acquired licence allows Poni Financial Advisory Pte Ltd to expand its tech-enabled advisory services across the region. Poni’s model integrates regulated advisory platforms with modern infrastructure, including cloud APIs and AI-assisted consultation, to streamline processes from onboarding to servicing. This approach aims to simplify digital distribution for insurers, independent financial advisers, and affinity partners, ensuring a consistent customer experience.

Ron Tam, International CEO at Poni Insurtech and Co-CFO at Huize Holding Limited, stated, “Securing the MAS licence is a pivotal step in our international expansion. With Singapore and Hong Kong as twin hubs, we are positioned to serve sophisticated clients across the region with trusted advice and technology at scale.”

Cassandra Wee, Managing Director of Poni Insurtech Singapore and CEO of Poni Financial Advisory, highlighted the strategic importance of Singapore and Hong Kong as insurance and wealth hubs in Asia. She noted that their regulatory clarity and adviser density make them ideal launchpads for scalable tech-enabled advisory services.

Poni Insurtech, as part of Huize Holding Limited, continues to expand its operations across Hong Kong, Singapore, and Vietnam, leveraging technology to support embedded insurance and advisory platforms.

Cathay Cargo has launched the Air-Land Fresh Lane, a pioneering initiative that facilitates the seamless import of perishable goods into the Greater Bay Area (GBA) via the Hong Kong–Zhuhai–Macao Bridge. This new service, developed in collaboration with the governments of Guangdong and Hong Kong SAR, allows shipments of fruit, live, and chilled seafood to travel from overseas through Hong Kong International Airport to Zhuhai by temperature-controlled lorries under a single air waybill.

The initiative is supported by the Hong Kong Customs and Excise Department, which issues a “Certificate for Transshipment Confirmation” for live seafood and fruit shipments. This certificate streamlines the customs process, allowing goods to enter the Chinese Mainland via Hong Kong without the need for food importer registration, thus reducing costs and expediting the process.

A newly opened temperature-controlled inspection facility at the Zhuhai Port ensures that any necessary checks on fresh goods are conducted efficiently. The Air-Land Fresh Lane simplifies booking and offers cost savings compared to other lorry arrangements from Hong Kong into the GBA.

James Evans, General Manager Cargo Commercial at Cathay Cargo, stated, “The new Air-Land Fresh Lane is great news for shippers looking to send premium perishable products into the heart of the GBA.” He highlighted the consumer power of the GBA’s 86 million inhabitants and the potential for high-quality perishables to find a new market.

The first successful shipment under this initiative took place in mid-August, with live lobsters transported from Melbourne. This was followed by a shipment of live geoducks from Los Angeles, both transitioning smoothly to temperature-controlled lorries and crossing the border without delay.

Cathay Cargo’s Air-Land Fresh Lane complements its existing intermodal links across the GBA, including scheduled and chartered lorry services to six cities and a sea lane for bonded cargo. This development further strengthens Cathay Cargo’s position in the region, ensuring perishables arrive in peak condition for the GBA market.