Industry News

Google Cloud has announced a series of innovations to bolster Singapore’s AI ambitions, revealed at the “AI Asia: Building Beyond Borders” conference. The tech giant introduced expanded data residency guarantees for its enterprise AI services, enabling organisations in Singapore to innovate more freely within the public cloud. This move is set to empower both public and private sectors, including GovTech Singapore, which will utilise these capabilities for AI-driven applications on its Government on Commercial Cloud platform.

The announcement also highlighted the general availability of Gemini on Google Distributed Cloud (GDC), allowing organisations to harness the power of Gemini models whilst maintaining control over sensitive data in their own data centres. This development is particularly significant for public sector agencies like the Centre for Strategic Infocomm Technologies, GovTech Singapore, and the Home Team Science and Technology Agency, which will be among the first globally to access Gemini on GDC air-gapped.

In addition to these technological advancements, Google Cloud has expanded its AI Cloud Takeoff programme under the Singapore Government’s Enterprise Compute Initiative. This expansion aims to help more companies scale globally. Leading Singapore enterprises such as DBS Bank, FairPrice Group, and Grab are already leveraging Google Cloud’s AI platform services to enhance customer service and productivity.

Thomas Kurian, CEO of Google Cloud, stated, “By bringing Gemini everywhere… we are unleashing a wave of innovation for both public sector organisations and businesses across industries.” This initiative underscores Singapore’s role as a launchpad for AI in Asia, promising new economic opportunities and transformative potential.
“`

The SG 100 Women in Tech (SG100WIT) list for 2025 was revealed at the Tech3 Forum by Josephine Teo, Minister for Digital Development and Information, celebrating women driving innovation in Singapore’s digital economy. Organised by the Singapore Computer Society (SCS) and supported by the Infocomm Media Development Authority (IMDA), the initiative recognises 100 outstanding women professionals and 25 young talents under the Girls in Tech category, acknowledging female students aged 13 to 35 who are making a difference in their communities through technology.

This year, SG100WIT received 635 nominations, including a record 110 for the Girls in Tech category, marking the highest since its inception in 2021. This surge reflects a growing interest among young women in technology careers, aligning with SG100WIT’s mission to inspire future STEM leaders. The honourees include leaders in AI, cybersecurity, and technology innovation, contributing to sectors such as law, healthcare, and space tech, showcasing Singapore’s robust pipeline of female tech talent.

Tan Lee Chew, President of Women in Tech Chapter at SCS, stated, “SG100WIT is a celebration of women who are boldly shaping what’s next, not just through innovation, but through purpose.” Dorcas Tan, Chairperson of SG Women in Tech, added, “The achievements of this year’s honourees highlight the tremendous progress women leaders are making in our tech landscape.”

As Singapore celebrates these achievements, the focus remains on nurturing the next generation of female tech leaders, ensuring a diverse and inclusive digital future.
“`

Hun Ming Kwang, the founder of Singapore-based InnerWork Circle, has been awarded the Excellence in Professional Coaching accolade at the Ignite Global Awards 2025. The prestigious ceremony, held in Bangkok on 16 August, celebrated leading figures in coaching and personal development worldwide.

Ignite Global is renowned for promoting professional coaching and leadership excellence, recognising individuals who set high standards across various industries and communities. Hun Ming Kwang, an internationally recognised inner work specialist and life coach, is celebrated for his contributions to inner development and leadership transformation. He has authored five books, including four on mental health published by Penguin Random House SEA, and has collaborated with organisations globally to help navigate complexity and change.

Under his leadership, InnerWork Circle has partnered with corporations, institutions, and communities to enhance organisational culture, guide leadership transitions, and address systemic challenges. The practice employs Processwork Psychology, integrating systemic, somatic, and transpersonal methods to equip leaders and organisations to manage complexity effectively.

“This recognition is not just about personal achievement but about raising the standards of coaching and leadership globally,” said Hun Ming Kwang. “My mission is to help leaders and communities navigate complexity with clarity and to create change that endures.”

Looking forward, InnerWork Circle plans to expand its programmes and initiatives in Singapore and the region, aiming to strengthen leadership capacity and build resilient organisational cultures. For more information, visit InnerWork Circle’s website.
“`

AIMS APAC REIT Management Limited, the manager of AIMS APAC REIT, has announced the acquisition of the Framework Building in Singapore for approximately $41.50m (S$56.65m). The property, located at 2 Aljunied Avenue 1, is strategically positioned near the Paya Lebar commercial hub and offers an attractive net property income yield of 8.1%. This acquisition is expected to enhance the distribution per unit by 2.5% for unitholders, based on full debt funding.

The Framework Building, which is 97% occupied, is anchored by Framework Building Products Pte Ltd and boasts a weighted average lease expiry of 4.1 years. The property’s flexible configurations and high power capacity make it ideal for high-spec industrial users, particularly in the healthcare, life sciences, and advanced manufacturing sectors. Its proximity to major transport links, including the Paya Lebar MRT Interchange, adds to its appeal.

Russell Ng, CEO of the Manager, stated, “The proposed acquisition of the Framework Building is a strategic addition to our portfolio and reinforces AA REIT’s position as a disciplined, long-term investor in quality industrial assets.” He highlighted the property’s potential for future asset enhancement initiatives and its contribution to the resilience and growth of AA REIT’s portfolio.

Chairman George Wang emphasised that the acquisition aligns with AA REIT’s strategy of acquiring high-quality, income-generating assets. The move is set to increase AA REIT’s industrial exposure from 20.6% to 22.7%, whilst also boosting portfolio occupancy and diversification.

This acquisition underscores AA REIT’s commitment to capturing growth opportunities in its core markets of Singapore and Australia, aiming to deliver sustainable long-term returns for its unitholders.
“`

AIA Singapore has announced a strategic partnership with Singapore Airlines Academy to launch a bespoke talent development programme aimed at enhancing customer experience (CX) capabilities. This initiative aligns with Singapore’s national agenda on lifelong learning and aims to set a new industry benchmark in the life insurance sector.

The collaboration will see the development of a series of workshops designed to transform customer experience culture at AIA Singapore. Each workshop will accommodate 20 to 25 participants, fostering an interactive learning environment. The programme focuses on shifting mindsets and enhancing the ability to create exceptional customer interactions.

Wong Sze Keed, CEO of AIA Singapore, stated, “At the heart of our customer-centric philosophy, we believe world-class customer experience means anticipating and exceeding expectations, not just meeting them.” This partnership aims to integrate Singapore Airlines’ iconic service standards with AIA’s customer-first approach.

The programme comprises two key workshops: Customer Experience Transformation and Customer Experience Excellence. The first workshop focuses on changing mindsets and understanding the emotional impact of interactions, whilst the second equips participants with practical techniques for handling real-world service interactions.

This initiative is part of AIA Singapore’s broader commitment to customer centricity, which includes simplifying policy documents and enhancing digital platforms. By embedding continuous development into its operations, AIA Singapore aims to maintain its leadership in the industry and reinforce its customer-first philosophy.
“`

In a groundbreaking study by Agility Research & Strategy, HSBC has emerged as the most trusted banking and insurance brand among Singapore’s high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals in 2025. The WealthLens Singapore 2025 report, published by AFFLUENTIAL, highlights the financial institutions that the country’s elite rely on to manage and grow their wealth.

HSBC secured the top spot in the banking category with a brand affinity score of 90 out of 100, praised for its global strength, wealth-management expertise, and financial stability. Following closely, the Bank of Singapore ranked second with a score of 84, recognised for its private banking focus and regional influence. Citibank took third place with a score of 83, noted for its international reach and comprehensive services for affluent clients.

In the insurance sector, HSBC Life led with a score of 83, dominating through its expertise in high-value policies and holistic wealth solutions. AIA was ranked second with a score of 69, valued for its broad offerings and long-standing reputation in Singapore. Prudential came in third with a score of 66, combining heritage and service quality to maintain strong resonance among affluent clients.

Ali Mirza, CEO of AFFLUENTIAL, stated, “High-net-worth and ultra-high-net-worth individuals are uniquely discerning when it comes to choosing their financial partners. These rankings reflect where trust, performance, and brand resonance truly lie at the top tier of wealth.”

The WealthLens report provides unique insights into the preferences of Singapore’s wealthiest, offering a valuable perspective on the financial brands that command their trust.
“`

Galaxy Entertainment Group (GEG) has announced the opening of a new office in Singapore, marking a significant step in its international growth strategy. The office, located in Singapore’s Central Business District, aims to strengthen ties with the Singaporean business community and promote Macau as a premier tourism and leisure destination across Southeast Asia.

The launch aligns with the Macao Special Administrative Region Government’s vision to diversify tourism offerings and expand visitor demographics. By establishing a presence in Singapore, GEG intends to curate bespoke travel experiences for Singaporean and regional travellers, ensuring seamless journeys from planning to arrival. The new office will also support tourism meetings, incentives, conferences, and exhibitions (MICE) enquiries, reinforcing GEG’s role as a leader in hospitality and business tourism.

Elmen Lee, Director of Integrated Resort Services at GEG, highlighted Singapore’s importance as a source market for Macau. “The taste and sophistication of Singaporean travellers naturally align with Macau’s experiential tourism offering,” he stated. The office aims to attract more Singaporean visitors to explore Macau’s diverse offerings.

The grand opening was celebrated with a gala dinner at JW Marriott Singapore, attended by distinguished guests and featuring performances by Hong Kong celebrities Kenneth Ma and Elaine Yiu. GEG’s flagship properties in Macau, including Galaxy Macau, Broadway Macau, and StarWorld Hotel, were showcased during the event.

GEG’s expansion into Singapore reflects its commitment to innovation, customer-centricity, and regional collaboration, aiming to enhance brand visibility and foster meaningful connections across Asia.
“`

GuocoLand has reported a FY25 operating profit of S$299m, a 7% year-on-year decline, largely meeting expectations. The company’s robust performance in Singapore, where operating profit rose by 15% to S$382m, helped offset challenges in China. Revenue increased by 5% to S$1.916b, driven by a 3% growth in the property development sector and a 28% rise in China due to the handover of residential units at Guoco Central Park in Chongqing.

Despite the positive figures, GuocoLand made an S$82m provision for foreseeable losses on its China development properties. The property investment business saw a 22% increase in revenue to S$281m, with high occupancy rates at Guoco Tower and Guoco Midtown. The company proposed a final dividend of 7 Singapore cents per share, reflecting a nearly 4% yield.

Looking ahead, GuocoLand plans to launch four new residential projects in Singapore, including Faber Residence and Penrith at Margaret Drive, which are expected to sustain earnings. The company is also set to open Lentor Modern mall in January 2026, which already has an 85% commitment rate.

In China, GuocoLand faces ongoing challenges, particularly in residential developments. The company has recognised additional provisions due to pricing adjustments within regulatory limits. However, management remains optimistic about China’s long-term potential and is committed to a disciplined approach in capital deployment.

GuocoLand maintains a “Buy” rating with a revised target price of S$2.50, reflecting a 45% discount to its revalued net asset value. The company continues to explore monetisation opportunities to unlock further value from its portfolio.
“`

IHH Healthcare, one of Asia’s largest healthcare service providers, is set to expand its operational bed capacity by 33% by 2028, adding approximately 4,000 beds across key markets. This strategic move aims to drive a 10% compound annual growth rate in hospital and healthcare revenue. The expansion will primarily focus on India, Malaysia, and Türkiye, with significant developments also planned for Europe and Hong Kong. In Singapore, the company will establish over five new clinics and launch two new ambulatory care centres.

The company reported a healthy operational performance in the second quarter of 2025, despite facing currency translation losses. IHH’s revenue rose by 7% year-on-year to MYR6.4b, with an EBITDA increase of 2% year-on-year. The company maintained its EBITDA margins at 22%, a testament to its efficient management and strategic expansion plans.

IHH’s “out of hospital” strategy is designed to ease payer pressure, preserve margins, and enhance return on equity by shifting low-acuity treatments to day-care settings. This approach reduces average treatment costs and addresses insurer concerns over routine case inflation. “By diverting low-acuity, high-volume treatments with shorter lengths of stay into day-care settings, IHH lowers average treatment costs,” the company stated.

Despite insurer pressures, IHH’s margins are expected to remain resilient, supported by cost efficiencies and a better case mix. The company continues to focus on complex surgical cases, which are expected to maintain margins within the 22%–24% range.

IHH Healthcare’s diversified footprint and strong growth prospects underpin its earnings resilience, with a target price raised to $1.82 (MYR8.60/S$2.61). The company operates over 80 hospitals in 10 countries, including brands like Acibadem, Mount Elizabeth, and Gleneagles.
“`

MetaOptics Ltd, a Singapore-based designer and manufacturer of meta-optics components, has registered its offer document for the listing of its ordinary shares on the Catalist Board of the Singapore Exchange (SGX). The company plans to place 30 million shares at S$0.20 each, with trading expected to commence on 9 September 2025. ZICO Capital Pte Ltd is acting as the sponsor, issue manager, and placement agent for the initial public offering (IPO).

The company, established in 2021, is the first pure-play metalens firm to seek a public listing, highlighting its ambition to transform the metalens supply chain for leading technology companies. MetaOptics utilises semiconductor processes and direct laser writing technologies to produce glass-based colour metalenses, which are used in a variety of applications including smartphones, laptops, and augmented reality devices.

The global optical metalens market is projected to grow significantly, with a compound annual growth rate (CAGR) of 74.8% from 2024 to 2029, reaching a market size of $4.93 billion by 2029. In Singapore, the market is expected to grow from $12.45 million in 2019 to $24 million by 2029, with a CAGR of 93.7% from 2024 to 2029.

MetaOptics plans to use the proceeds from the IPO for product development, business expansion, and working capital. The company aims to expand its product range and fabrication capacities, focusing on miniaturising devices and integrating metalenses into a broader range of applications. Executive Chairman and CEO Mark Thng stated, “Our upcoming listing on SGX marks a transformative milestone for MetaOptics, further solidifying our foundation to advance R&D, expand our global footprint, and accelerate growth.”

With secured purchase orders and increasing design wins, MetaOptics is poised to capture the expanding market in smart devices, IoT, and next-generation optical systems. The company ranks third globally among metalens companies with mass production capabilities and aims to continue leading in innovative optical solutions.
“`