Industry News

Singapore’s manufacturing sector is anticipated to experience a slowdown in the second half of 2025, according to RHB Bank’s latest Global Economics and Market Strategy Report. The report, authored by Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, forecasts a full-year growth of 2%, a decrease from the 4.8% year-on-year growth recorded in the first half of the year.

The report highlights several downside risks to the industrial production (IP) outlook for the latter half of the year. Despite the resilient performance of Singapore’s IP so far, with July’s figures showing a 7.1% year-on-year increase, surpassing both RHB’s in-house projection of 0.6% and Bloomberg’s consensus estimate of 0.9%, the momentum is expected to moderate.

Gan’s analysis suggests that whilst the year-to-date performance has been strong, the sector faces challenges that could dampen growth in the coming months. This anticipated slowdown is significant as it reflects broader economic trends and potential impacts on Singapore’s manufacturing sector.

The report serves as a cautionary note for stakeholders in the industry to prepare for potential fluctuations in production levels. As the year progresses, monitoring these developments will be crucial for businesses and policymakers alike.
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Fullerton Health, a prominent healthcare solutions provider in the Asia-Pacific region, has announced that Mitsubishi Corporation has acquired a strategic minority stake in the company. This partnership aims to enhance shareholder alignment and accelerate Fullerton Health’s vision for integrated, digitally enabled care and services across its nine markets, including Singapore, Indonesia, and the Philippines.

The investment is part of a series of minority investments, including one from Far East Drugs, and is expected to drive Fullerton Health’s expansion in existing markets whilst facilitating entry into new ones. The company plans to leverage its extensive network and digital capabilities to deliver regional and local solutions on a fully integrated platform. Ho Kuen Loon, Group CEO and Non-executive Director of Fullerton Health, stated, “With a shared commitment to impact and innovation, we are well-positioned to achieve our aim to positively impact 10 million lives in coming years.”

Fullerton Health, established in 2010, operates nearly 500 clinics and collaborates with over 18,000 providers across the region. The company offers a comprehensive range of services, from managed care and diagnostics to speciality and ancillary services, combining clinical excellence with tailored corporate healthcare programmes and digital innovation.

BofA Securities served as the sole financial adviser for this transaction. The collaboration with Mitsubishi Corporation underscores a mutual belief in the long-term value and industry leadership potential of Fullerton Health, setting the stage for sustainable growth and enhanced market leadership.
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In a recent survey by Skyscanner and Trust Bank, 40% of Singapore travellers have revealed that saving for leisure travel is more important than other financial goals. The Savvy Travel Survey, which gathered insights from 1,000 Singaporeans, also found that 74% plan to take the same or more trips in the next 12 months, highlighting travel as a key financial priority.

Despite this enthusiasm, 69% of respondents find budgeting for holidays challenging, and 72% worry about managing travel costs. Cyndi Hui, Skyscanner Travel Trends and Destination Expert, noted, “Singapore travellers aren’t putting their travel dreams on hold, despite economic uncertainties – they are getting smarter.” Strategies include booking flights early, flying during off-peak seasons, and opting for budget-friendly destinations.

Financial challenges persist, with 44% struggling to find affordable flights and accommodation, 40% finding it hard to stick to a budget, and 30% dealing with unexpected expenses. To address these issues, Skyscanner and Trust Bank offer tips for better budgeting. Aditya Gupta, Chief Product Officer of Trust Bank, suggests using dedicated savings pots and choosing local currency transactions abroad to avoid extra fees.

The survey underscores the importance of travel for Singaporeans, with Skyscanner and Trust Bank providing guidance to help travellers maximise their experiences whilst staying financially savvy.
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JTC has announced the launch of Plot A Tuas Bay Drive under the Industrial Government Land Sales (IGLS) programme for the second half of 2025. This site, featuring a 23-year lease, is part of the enhancements to the industrial land lease framework, which includes an additional three-year lease tenure. The tender for this site will close on 21 October 2025 at 11:00 am.

Plot A Tuas Bay Drive, with a site area of 0.63 hectares and a gross plot ratio of 1.4, is zoned for B2 industrial use. It is the second of five Confirmed List sites in the current IGLS programme. The initiative aims to support industrial growth by providing strategically located land for development.

Interested parties can purchase the Tenderer’s Packet for $185.30, inclusive of GST, through the JTC website. This packet contains essential information for potential bidders. The launch of this site is expected to attract interest from businesses looking to expand their operations in Singapore’s industrial sector.

The IGLS programme is a key component of Singapore’s strategy to optimise land use for industrial purposes, ensuring that businesses have access to the necessary resources to thrive. The enhancements to the lease framework are designed to offer greater flexibility and support for industrial development.
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Singapore is reinforcing its position as a global leader in intellectual property (IP) and innovation, as highlighted by Dr Tan See Leng, Minister-in-Charge of Energy and Science & Technology, during his speech at IP Week @ SG 2025. The event, themed “Ideas to Assets: Innovating in Times of Change,” underscored the importance of intangible assets, which now account for 90% of the market value of S&P 500 companies.

Dr Tan emphasised the critical role of emerging technologies, particularly Artificial Intelligence, in reshaping industries. He noted that Singapore’s commitment to a strong IP ecosystem is pivotal for businesses seeking certainty and protection for their ideas amidst complex trade and geopolitical landscapes.

The Intellectual Property Office of Singapore (IPOS) has been instrumental in fostering this environment. Singapore’s rise to 4th place in the 2024 Global Innovation Index, up from 8th in 2020, reflects the success of initiatives like the Singapore IP Strategy 2030 (SIPS 2030). This national blueprint aims to strengthen the IA/IP regime and create job opportunities for Singaporeans.

To further support businesses, IPOS launched GoBusiness IP Grow in September 2023, facilitating over 4,500 requests for IP advice. Additionally, IPOS is collaborating with the Franchising and Licensing Association of Singapore to provide practical IP guidance, enabling enterprises to scale internationally.

Dr Tan also highlighted the ASEAN Patent Examination Co-operation’s expansion, which will streamline patent applications across the region. As Singapore celebrates 30 years of key IP treaties, it continues to enhance its international networks, including new agreements with China, the UK, and Switzerland.

In conclusion, Singapore remains committed to transforming ideas into assets, ensuring that innovation drives future growth.
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Singapore’s Minister-in-Charge of Trade Relations, Grace Fu, addressed the 8th Africa Singapore Business Forum on 26 August 2025, highlighting the importance of strengthening trade and investment ties between Africa and Southeast Asia. The forum, attended by dignitaries including Ghana’s President John Dramani Mahama, focused on bridging capabilities between the regions amidst global economic challenges.

Fu emphasised the need for stronger institutional linkages, citing the African Continental Free Trade Area (AfCFTA) as a significant opportunity for collaboration. With a market of 1.4 billion people and a combined GDP of $3.4 trillion, the AfCFTA presents unprecedented opportunities for businesses. Similarly, the ASEAN Economic Community, with its 670 million people, has positioned itself as a hub for regional economic partnerships.

Singapore is actively pursuing trade agreements with African nations, including discussions with the East African Community for a potential Free Trade Agreement. Additionally, Singapore has established Bilateral Investment Treaties with Côte d’Ivoire and Nigeria, with negotiations underway with Ghana.

Commercial linkages between Singapore and Africa are also on the rise. Singapore’s trade with Africa has grown significantly, with merchandise and services trade increasing by 14% and 17% per annum, respectively, since 2020. Singapore-based companies like Valency International and Trident are investing in Africa’s agribusiness and digital sectors, creating jobs and enhancing financial inclusion.

Fu encouraged companies to explore new markets and leverage Singapore’s connectivity to access ASEAN and beyond. Initiatives like the Singapore Cooperation Programme and business missions are fostering people-to-people exchanges, further strengthening ties between the regions. As Africa continues its growth trajectory, Singapore aims to serve as a gateway for African companies seeking to expand eastward.
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Proofpoint’s 2025 Voice of the CISO report has unveiled that human error is the top cybersecurity risk for Singapore’s chief information security officers (CISOs), with 61% identifying people as their greatest threat. The report, which surveyed 1,600 CISOs globally, highlights that 91% of Singapore CISOs experienced material data loss in the past year, a significant increase from 32% in 2024.

The findings indicate that departing employees played a role in all reported data losses, despite widespread adoption of Data Loss Prevention tools. This underscores the ongoing challenge of insider threats, with 43% of CISOs admitting their data remains inadequately protected. The report also notes that 82% of Singapore CISOs feel at risk of a material cyberattack within the next 12 months, yet 53% acknowledge their organisations are unprepared to respond.

AI has emerged as both a priority and a concern, with 41% of Singapore CISOs prioritising GenAI tool use over the next two years. However, 50% express concerns about potential customer data loss via public GenAI platforms. Organisations are shifting from restriction to governance, with 53% implementing usage guidelines and 66% exploring AI-powered defences.

Patrick Joyce, global resident CISO at Proofpoint, remarked, “This year’s findings reveal a growing disconnect between confidence and capability among CISOs.” As Singapore continues to strengthen its position as a digital hub, the report calls for human-centric security strategies to address both people and emerging technologies.
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Porsche has announced a strategic pivot in its battery operations, opting to concentrate on research and development (R&D) of battery cells and systems rather than expanding production. This decision comes as the company navigates challenging market conditions, particularly in the US and China, which have not met initial expectations for electric vehicle uptake. The move will involve a socially responsible reduction in staff, with opportunities for affected employees at PowerCo, Volkswagen Group’s battery competence centre.

The decision underscores Porsche’s commitment to electric mobility, with 57% of its European deliveries in the first half of 2025 being electrified vehicles. Despite this progress, Porsche has decided against scaling its own battery cell production due to volume and economy of scale challenges. Dr. Oliver Blume, Porsche’s CEO, stated, “Electromobility will remain an essential drive technology for our sports cars in the future.”

Porsche’s Cellforce Group, initially set to expand battery production, will now focus on R&D. Dr. Michael Steiner, Porsche’s Executive Board Member for R&D, acknowledged the dedication of Cellforce employees but noted the economic impracticality of the original business model. The group’s expertise will continue to be leveraged, with PowerCo placing development orders for high-performance cells.

Additionally, Porsche’s acquisition of V4Smart GmbH & Co. KG’s ultra-high-performance lithium-ion round cells will enhance its battery capabilities. These cells are already used in Porsche 911 GTS models, with further hybrid derivatives in development. This strategic realignment aims to bolster Porsche’s position in the evolving electric vehicle landscape.
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Mintology, a Singapore-based utility NFT platform powered by Mintable, is set to debut its innovative NFT redemption technology at the Singapore Business Show 2025, held on 27–28 August at the Sands Expo & Convention Centre. In collaboration with the Asia Blockchain Association, Mintology will transform the event into a live demonstration of how NFT vouchers can enhance brand engagement and deliver measurable returns.

The showcase will feature Kwaasong Bakehouse, a participating merchant, where attendees can scan a QR code, register via email, and mint an NFT voucher for a complimentary croissant. This activation aims to illustrate the practical utility of NFTs, offering live metrics, gamification, and merchant involvement. Visitors can also engage in Mintology’s “Hoop Challenge” game to win prizes, track live voucher claims, and network in a dedicated lounge.

The initiative highlights the potential of Web3 technology to provide customer satisfaction and business results through social media rewards, premium giveaways, and real-time analytics. Zach Burks, CEO of Mintable, emphasised, “NFTs aren’t just digital collectables — they’re a live tool for brands to communicate with customers in the real world. By showcasing this technology in a live environment, we can prove that NFTs drive genuine engagement, loyalty, and measurable returns.”

Mintology’s activation is part of its mission to make NFTs accessible and commercially impactful for mainstream brands. The event will serve as a pilot case study to evaluate merchant return on investment and campaign performance, potentially paving the way for broader adoption of NFT technology in loyalty programmes.
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Daughters Of Tomorrow (DOT), a Singaporean non-profit focused on enhancing economic mobility for women from low-income communities, has named Von Leong as its new Board President, effective 1 June 2025. Leong, a seasoned leader with over 20 years of experience across technology, venture capital, and public service, steps into the role as Singapore faces widening social divides and the impact of digital disruption on vulnerable workforce segments.

Leong’s appointment is timely as DOT aims to deepen its impact through policy engagement and tech-enabled solutions. “Singapore’s economic future cannot afford to leave behind those at the margins,” Leong stated, highlighting her commitment to addressing job displacement and digital exclusion affecting low-income women.

Leong’s extensive background includes co-founding Purpose Venture Capital, where she supports women-founded start-ups, and leading sector reforms at the National Council of Social Service. Her leadership during the COVID-19 crisis, mobilising volunteers for the Masks For All SG movement, underscores her ability to rally communities for rapid response.

Kaylee Kua, DOT’s Executive Director, emphasised the significance of Leong’s appointment, noting her potential to transform DOT into a thought leader in financial stability for women. “Her ability to straddle sectors, scale innovation, and stay anchored to the ground will be instrumental,” Kua said.

As DOT continues to address the challenges faced by women in the non-PMET workforce, Leong’s vision aligns with the organisation’s next chapter, focusing on creating long-term pathways to social mobility and empowerment.
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