Industry News

Marco Polo Marine has announced the successful acquisition of its first contract for the newly constructed Dry Dock 4, marking a significant milestone for the company. The contract involves the maintenance and repair of a vessel, underscoring the company’s expanding capabilities in maritime services. This development comes as Marco Polo Marine continues to enhance its infrastructure to meet growing industry demands.

The new dry dock, located in Batam, Indonesia, is part of Marco Polo Marine’s strategic expansion to cater to larger vessels and more complex projects. This facility is expected to significantly increase the company’s operational capacity and efficiency.

In addition to the dry dock contract, Marco Polo Marine has also entered into a service agreement with Cyan Renewables, a company specialising in offshore wind farm services. This partnership aims to leverage Marco Polo Marine’s expertise in vessel management and Cyan Renewables’ focus on sustainable energy solutions. The collaboration is expected to enhance the operational efficiency of offshore wind projects in the region.

These developments highlight Marco Polo Marine’s strategic focus on diversifying its service offerings and strengthening its position in the maritime industry. As the company continues to expand its capabilities, it is poised to play a crucial role in supporting the region’s growing maritime and renewable energy sectors.
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EDP, a leading global energy company, has successfully installed solar panels at Singapore’s renowned Gardens by the Bay. This initiative, part of EDP’s commitment to promoting renewable energy, aims to enhance the sustainability of one of Singapore’s most iconic attractions. The installation, completed recently, is expected to significantly reduce the carbon footprint of the Gardens, aligning with Singapore’s broader environmental goals.

The solar panels are strategically placed to maximise energy capture, providing a sustainable energy source for the Gardens. This move not only underscores EDP’s dedication to renewable energy but also supports Singapore’s vision of becoming a greener city. By harnessing solar power, the Gardens can reduce reliance on traditional energy sources, contributing to a cleaner environment.

The project is part of a larger effort by EDP to expand its renewable energy footprint in Asia. As Singapore continues to push for sustainable urban development, initiatives like these are crucial in setting a precedent for other landmarks and businesses to follow suit.
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Margaret Key has been appointed as the Chief Executive Officer of Allison Asia and Executive Director for Stagwell’s Asia Pacific operations, effective 1 October. With over 20 years of strategic expertise, Key will be based in Singapore, reporting to Allison Worldwide CEO Jonathan Heit. Her appointment aims to enhance the Asia Pacific communications capabilities of both Allison Worldwide and Stagwell.

Key’s previous role as CEO of Publicis MSL Group Asia Pacific saw her transform a fragmented agency into a cohesive regional network, achieving significant business growth. Her career also includes tenures at Edelman and Burson-Marsteller Asia Pacific. Recognised with multiple industry accolades, Key is also a board member at Verité, a global non-profit focused on labour rights.

Ray Day, Executive Chair at Allison Worldwide and Vice Chair at Stagwell, praised Key’s appointment, stating, “Margaret is a proven force in our industry and her appointment signals an exciting new chapter for our Asia Pacific clients and communications business.”

In her dual role, Key will oversee the growth and expansion of Allison Asia, whilst also steering regional market development for Stagwell. She expressed her enthusiasm, saying, “I’m honoured to take on these roles at such a pivotal time for both brands.”

Allison Worldwide, owned by Stagwell, is a global communications agency known for driving growth and innovation. Stagwell, a leading marketing and communications network, connects creativity with technology to enhance marketing effectiveness for clients worldwide.
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A total of 91 hotel industry workers have been awarded the prestigious FDAWU/NTUC/SHA Employee of the Year award, marking the highest number of recipients since the award’s inception in 1985. The ceremony, held today at the Stephen Riady Auditorium at NTUC Centre, was attended by Alvin Tan, Minister of State for the Ministry of National Development and Ministry of Trade and Industry, who presented the awards alongside FDAWU President Julie Cheong and SHA 1st Vice President Arthur Kiong.

The awards, organised by the Food, Drinks and Allied Workers Union (FDAWU), the National Trades Union Congress (NTUC), and the Singapore Hotel Association (SHA), aim to recognise outstanding performance and contributions to the success of their organisations. This year’s awards are particularly significant as they highlight the adaptability and resilience of workers in the face of rapid technological advancements in automation and digital technologies.

The criteria for nomination included demonstrating Worker 4.0 traits, such as readiness to take on new tasks, staying relevant with new skills, and adaptability to new working methods. The award was open to non-managerial staff with at least one year of continuous full-time service, with each SHA member hotel allowed to nominate one employee for the 2024 work year.

The event was attended by over 160 employees and employer representatives from various hotels, union leaders, and staff, celebrating the achievements of those who have excelled in their roles and contributed to the industry’s growth.
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OCBC has announced a strategic partnership with the International Coaching Federation Singapore to equip 100 senior leaders with coaching skills by 2027. This initiative, witnessed by Minister for Manpower Dr Tan See Leng and OCBC Group CEO Helen Wong, is part of OCBC’s commitment to fostering a skills-first workplace and aligns with Singapore’s national skills development strategy.

The collaboration is timely, as a recent NTUC LearningHub survey highlighted coaching skills as a top priority for organisational growth. Nearly 90% of business leaders and employees believe that leaders should possess coaching capabilities, with over 70% acknowledging the benefits of coaching, such as increased productivity and reduced turnover.

To achieve the International Coaching Federation Associate Certified Coach accreditation, participants must complete 60 hours of coaching education, 100 hours of coaching experience, and 10 hours of mentor coaching. The partnership also aims to promote coaching excellence through joint workshops and knowledge-sharing initiatives.

Lee Hwee Boon, Head of Group Human Resources at OCBC, emphasised the importance of coaching in navigating organisational transformation, stating, “Coaching empowers our employees to manage transitions confidently and take ownership of change.”

Since September 2023, 52 senior leaders have begun their coaching journey, with nearly 300 employees benefiting from internal coaching sessions. This initiative builds on OCBC’s previous $50 million investment in employee development, with an additional $30 million committed from 2023 to 2025.

ICF Singapore President Lisa Yeoh praised the partnership, noting, “This collaboration signals a strong commitment to embedding coaching into the fabric of the organisation.” The initiative is expected to inspire other organisations in Singapore to embrace coaching as a tool for leadership and cultural development.
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Biosyngen has unveiled its cutting-edge strategies for next-generation tumour-infiltrating lymphocyte (TIL) therapies at the Asia Bio Innovation Summit 2025 in Singapore. The event, which gathered 30 world-class speakers, 10 exhibitors, and 200 attendees, focused on antibody-drug conjugates (ADCs) and cell and gene therapies (CGT), fostering global collaboration in the biopharmaceutical sector.

Dr Mingyu Liu, a senior research and development scientist at Biosyngen, delivered a keynote address highlighting the challenges and strategies in TIL therapy development. He noted that whilst TIL therapy shows promise in treating cancers like advanced melanoma and cervical cancer, its efficacy in other solid tumours remains limited. Biosyngen’s approach includes a high-efficiency TIL expansion process, enabling robust expansion from both surgical and biopsy samples whilst preserving antitumour activity. This innovation addresses the difficulty of obtaining surgical samples from late-stage cancer patients.

Additionally, Biosyngen has developed proprietary rapid expansion protocols that increase central memory T cells by eightfold, maintaining optimal CD8 T cell ratios for durable therapeutic effects. The company also employs gene editing through a lentiviral transfection system to enhance TIL functionality, achieving a transduction efficiency exceeding 50%. Furthermore, Biosyngen enriches tumour antigen-specific T cells using selective expansion techniques, improving clinical response rates.

Following the Singapore summit, the Asia Bio Innovation Summit will continue in Chengdu and Shenzhen, focusing on regional biopharma policies and industry-academia collaboration. Experts agree that ADC and CGT technologies will be pivotal in oncology innovation over the next decade, with Asia emerging as a global leader in biopharmaceutical breakthroughs.
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The Singapore Business Federation (SBF) has revealed that an overwhelming majority of businesses in Singapore view social sustainability as crucial for long-term success. According to a study conducted by SBF and KPMG, nine in 10 large companies and eight in 10 small and medium enterprises (SMEs) acknowledge the role of social sustainability in shaping business value. Despite this recognition, many businesses encounter significant challenges in embedding these practices into their core strategies.

The study, which surveyed over 430 companies, highlighted that whilst 95% of businesses have implemented at least one social sustainability initiative in the past year, SMEs often struggle with competing priorities and limited resources. These challenges hinder their ability to engage in corporate volunteering and other socially impactful initiatives.

Corporate volunteering, identified as a key strategy for enhancing employee engagement and community service, is gaining traction. However, only 40% of businesses have participated in such initiatives, with larger companies showing higher engagement levels. The SBF has responded by launching VolunteerInc., a programme designed to support businesses in their volunteering efforts by providing access to opportunities, skills training, and impact measurement tools.

Jean Tan, CEO of the SBF Foundation, emphasised the need for a connected ecosystem, stating, “No single business can achieve social impact at scale alone. It takes a connected ecosystem where governments, corporates, and community partners come together with shared purpose.”

The findings underscore the necessity for stronger policy and ecosystem support to help businesses move beyond ad-hoc initiatives and achieve sustainable change. As businesses continue to navigate these challenges, the SBF remains committed to providing the necessary tools and partnerships to foster a more inclusive and resilient society.
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GXS Bank has introduced Money Lock, a new feature designed to bolster the security of customer savings in response to a surge in online scams in Singapore. In June 2025 alone, scams resulted in losses exceeding $39 million (S$53 million), with over 600 cases linked to e-commerce fraud. Money Lock allows customers to secure their funds within the GXS app, locking up to eight Saving Pockets, whilst still earning daily interest and adding funds.

The Money Lock feature employs a multi-layered security approach. To unlock savings, customers must undergo a video verification with a GXS Buddy, followed by a notification and a mandatory 12-hour cooling-off period before funds can be transferred to their Main Account. This process aims to deter impersonators and provide users with confidence in the safety of their money.

Shahzaib Hassan, Group Chief Technology and Product Officer at GXS Bank, stated, “At GXS Bank we are purposeful in designing our banking experience with a degree of friction that we believe is necessary to keep our customers safe.” He emphasised the importance of these measures in preventing fraudulent transactions.

GXS Bank encourages customers to utilise Money Lock as an additional security layer and remain vigilant against scams. The bank also provides regular updates on scam trends through electronic direct mailers and the ScamShield website. As part of a regional network, GXS Bank continues to enhance its digital banking services across Southeast Asia.
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The Business Show Asia 2025 is set to make a grand return to Singapore on 27 and 28 August at the Sands Expo & Convention Centre, Marina Bay Sands. Following the success of its 2024 edition, which attracted over 8,000 business leaders, the event promises to be a premier platform for entrepreneurs, startups, and professionals seeking insights and resources to thrive in today’s competitive market.

Attendees can look forward to an impressive line-up of keynote speakers, including industry leaders who will share their expertise on entrepreneurship, innovation, and digital transformation. The event will also feature interactive masterclasses covering essential topics such as scaling startups, financial planning, and business growth, providing practical strategies for immediate application.

The exhibition hall will host over 250 top-tier exhibitors, showcasing the latest in business technology and operational solutions. This offers a unique opportunity for attendees to discover tools that enhance business efficiency and competitiveness. Additionally, dedicated networking zones and Speed Networking sessions will facilitate meaningful connections with potential partners, clients, and mentors.

Reflecting on the 2024 edition, the event was hailed as a launchpad for new ideas and transformative growth, featuring impactful keynotes from leaders at Google, Microsoft, and PayPal. The upcoming 2025 event aims to build on this success, offering an even larger and more influential platform for business growth.
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Marco Polo Marine, an integrated marine logistics group, reported a 9% year-on-year decline in revenue for the third quarter of FY25, amounting to S$31.7m. Despite this, the company maintained a gross profit of S$14m, with a slight improvement in gross margin to 44%. The company’s ship chartering revenue fell by 4% due to softer rechartering in Taiwan, but this was offset by the debut of its first commissioning service operation vessel (CSOV), the MP Wind Archer, which began operations in April 2025.

The shipyard segment saw a 19% drop in revenue, attributed to fewer shipbuilding projects, although repair activity showed a significant increase, with utilisation rising to 88%. Looking ahead, Marco Polo Marine expects its new vessels and dry dock to drive growth in FY26. The company has introduced three new crew transfer vessels (CTVs) in Taiwan, anticipated to contribute significantly from the fourth quarter of FY25.

UOB Kay Hian Research maintains a “Buy” recommendation for Marco Polo Marine, raising the target price to S$0.076, reflecting stronger earnings visibility from the CSOV debut and expanded shipyard capacity. The company is also diversifying into the offshore wind sector, which is projected to grow significantly, offering further opportunities for expansion. As vessel supply remains tight, Marco Polo Marine is well-positioned to capitalise on higher charter rates and increased demand in the coming years.
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