Industry News

Meta has announced the launch of Candle, a new submarine cable system set to become the largest-capacity cable in the Asia-Pacific (APAC) region. Scheduled to go live in 2028, Candle will span 8,000 kilometres and provide 570 terabits per second (Tbps) of capacity, connecting over 580 million people in Japan, Taiwan, the Philippines, Indonesia, Malaysia, and Singapore.

Candle is part of Meta’s broader investment in subsea cable infrastructure in APAC, which includes the Echo, Bifrost, and Apricot cables. These projects aim to deliver Meta’s products, services, and artificial intelligence (AI) capabilities to billions of users in the region. “Our investments will enhance the scale and reliability of the global telecommunications network,” Meta stated.

The Bifrost cable, now operational, connects Singapore, Indonesia, the Philippines, and the United States, with a future extension to Mexico expected by 2026. Echo, another key project, currently offers 260 Tbps of capacity between Guam and California. Meanwhile, the Apricot cable links Japan, Taiwan, and Guam, with plans to extend to the Philippines, Indonesia, and Singapore.

These initiatives are part of Meta’s commitment to improving digital infrastructure and connectivity worldwide. The company also highlighted its involvement in other global projects, such as 2Africa and Project Waterworth, to further enhance global connectivity.

Hilton Singapore Orchard has appointed Michael Janssen as its new general manager, effective 15 September 2025. With over 28 years of international experience in the hospitality industry, Janssen will oversee the 1,080-room flagship property, focusing on enhancing guest experiences and promoting sustainable growth. His appointment coincides with a period of significant growth in Singapore’s tourism sector, with visitor numbers expected to reach 18.5 million in 2025.

Janssen’s career includes leadership roles across Asia, Japan, China, the Middle East, and Europe. Before joining Hilton Singapore Orchard, he was the general manager of ANA InterContinental Tokyo and held senior positions with InterContinental Hotels Group in Thailand, China, and Indonesia. His strategic and people-first approach has earned him a reputation as a transformative leader.

The appointment comes as Singapore’s tourism industry is poised for dynamic growth, with tourism receipts projected to hit $21.8b (S$29.8b). Hilton Singapore Orchard, located on Orchard Road, is well-positioned to meet the increasing demand for experience-led stays. Janssen will leverage his global expertise to enhance the hotel’s appeal to both business and leisure travellers.

“It is a privilege to lead Hilton Singapore Orchard at such an exciting time for Singapore’s hospitality industry,” Janssen stated. He aims to strengthen the hotel’s position as the preferred choice for travellers and contribute positively to the community.

Under Janssen’s leadership, Hilton Singapore Orchard, featuring five dining concepts and extensive meeting spaces, is set to shape the future of hospitality in the region.

Singapore travellers are at the forefront of adopting digital technology in travel, with 79% expressing willingness to use biometric gateways at airports, according to a new study by Amadeus. This figure significantly surpasses the global average of 69%, highlighting Singapore’s tech-forward traveller profile. The study, titled “Connected Journeys: How Technology Will Transform Travel in the Next Decade,” explores the evolving needs of travellers who are increasingly integrating technology into their journeys whilst maintaining high expectations for reliability.

The research reveals that Singaporeans are not only keen on biometric gateways but also interested in other digital solutions. For instance, 36% are open to using biometric security to expedite queuing times, whilst 33% seek real-time updates on traffic and arrivals. Additionally, 62% prefer to check their luggage from home rather than at the airport.

Beyond biometrics, the demand for integrated travel solutions is growing. About 32% of respondents favour a single ‘super app’ to manage all travel-related information, from flight updates to hotel bookings. Business travellers share similar preferences, with 34% desiring a consolidated travel application and 32% valuing smart luggage tracking.

Generative AI is also gaining traction, with its usage for trip planning nearly doubling from 11% in 2024 to 20% this year. Despite the enthusiasm for digital innovation, the study underscores the importance of reliability, with 76% of travellers willing to rebook with providers who manage disruptions efficiently.

Javier Laforgue, Executive Vice President of Amadeus, noted, “The rapid adoption of new technology among Singapore travellers shows a real appetite for smarter, more personalised and seamless journeys.” However, he emphasised that blending technology with reliable support is crucial for building lasting confidence and loyalty among travellers.

DBS has been recognised as the “Safest Bank in Asia” for the 17th consecutive year by Global Finance, reaffirming its status as a leading financial institution in the region. The bank also maintained its rank as the second safest commercial bank globally. This accolade highlights DBS’ robust financial performance, strong risk management, and governance.

The Global Finance rankings, a trusted benchmark for over 30 years, evaluate the safety of banks worldwide based on long-term foreign currency ratings from Fitch, Moody’s, and Standard & Poor’s. The rankings consider the 500 largest banks globally, emphasising the importance of stability in the financial sector.

Joseph Giarraputo, Founder & Editorial Director of Global Finance, noted the resilience of the world’s safest banks amidst challenges such as tariff uncertainties and technological disruptions. “Their resilience and innovation continue to underpin trust in the financial system and support global commerce,” he stated.

Chng Sok Hui, Chief Financial Officer of DBS, expressed gratitude for the recognition, stating, “We’re honoured to be named Global Finance’s Safest Bank in Asia for the 17th consecutive year. In times of turbulence, customers turn to institutions they trust.”

DBS has also been acknowledged by other prestigious publications, receiving titles such as “World’s Best Bank” and “World’s Best Digital Bank.” With a presence in 19 markets, DBS continues to leverage digital technology to shape the future of banking, whilst maintaining a strong commitment to customer trust and community support.

DCS, a non-bank financial institution regulated by the Monetary Authority of Singapore, has announced the successful closing of its largest asset-backed securitisation facility to date, valued at S$450m. The senior notes have been awarded a rare AAA(sf) rating by Fitch, a testament to the high quality of DCS’s receivables, which are characterised by low charge-offs and strong repayment behaviour.

The AAA rating is a significant achievement in the credit card industry and underscores DCS’s robust governance and strengthened capital base of S$75m. Over the past three years, DCS has expanded its customer base across various segments, including first-jobbers, telecommuters, and high-net-worth individuals, whilst also increasing its merchant acquiring footprint. This expansion has been supported by processing large transaction volumes at major events and innovating Web3 card issuing beyond Singapore.

Karen Low, CEO of DCS, stated, “This milestone of AAA ratings on our senior notes demonstrates the strength and resilience of our receivables. The strong execution and enthusiastic response to this securitisation reflect the expansion of our investor base and growing demand for our card portfolio.”

The transaction saw full placement across all tranches, with participation from local and global investors such as Manulife, DBS, and Santander CIB. DBS also served as the arranger for this securitisation. The successful completion of this programme provides DCS with ample liquidity to fuel continued innovation and strategic growth in both traditional finance and the Web3 space.

Skyscanner has released its 2026 Travel Trends report, highlighting a shift towards personalised travel experiences. The report indicates that 90% of Singapore travellers intend to travel the same or more in 2026, with 85% budgeting for flights, 80% for accommodation, and 47% for car hire, compared to 2025. This trend underscores a commitment to making travel a priority.

Cyndi Hui, Skyscanner’s Travel Trends and Destination Expert, noted, “Marked by a shift toward deeper connections and hyper‑personalised moments, today’s travellers are curating journeys that feel unmistakably their own.” The report emphasises the role of technology, with 63% of Singapore travellers expressing confidence in using Artificial Intelligence for planning and booking trips. Skyscanner’s Savvy Search, powered by OpenAI’s ChatGPT, offers curated destination recommendations based on user preferences.

Singapore travellers are also keen on value, using tools like Skyscanner’s ‘DROPS’ and ‘Everywhere’ search to find budget-friendly options. The report highlights the top trending destinations, with Guiyang, China, seeing a 316% increase in searches. As travel becomes more personalised, Singaporeans are exploring diverse destinations, driven by factors such as food, weather, and attractions.

The global talent pool is undergoing a significant shift as artificial intelligence (AI) accelerates skill development, posing both challenges and opportunities for industries worldwide. At the FutureChina Global Forum, held on 19 September at the Sands Expo and Convention Centre in Singapore, Beyondsoft, a global provider of consulting and digital technology services, hosted a closed-door roundtable to discuss AI’s impact on industrial growth and talent transformation.

Participants, including representatives from renowned Chinese and international companies, agreed that AI has transcended traditional industry boundaries, expanding into finance, healthcare, and manufacturing. Ben Wang, Founder and Chairman of Beyondsoft, noted that Singapore’s strong business environment and legal framework make it an attractive hub for AI development. However, he cautioned that small and medium-sized enterprises (SMEs) face challenges in leveraging AI due to limited resources and talent.

Wang emphasised the need for a new type of bilingual talent—those who understand both industry and AI technology. He stated, “AI will become a foundational skill required across all industries,” drawing parallels to the widespread adoption of computers. To address this, Singapore is advancing AI education, though Wang suggests a more systematic approach to understanding AI’s practical applications.

Beyondsoft is actively collaborating with regional partners to support Singaporean enterprises in adopting AI. The company offers consulting, training, and technical assessments to help businesses navigate the AI landscape efficiently. As AI continues to reshape industries, Beyondsoft aims to facilitate talent transformation and redefine employment roles, focusing on strategic thinking and creative decision-making.

Venture Capital (VC) investments in Southeast Asia have seen a moderate slowdown in 2025, with over 200 VCs participating in 110 funding rounds, raising a total of $1.4b across more than 100 startups, according to a report by Tracxn Technologies. This marks a decrease from the same period in 2024, which saw 400 VCs involved in 260 rounds, raising $1.9b.

The report highlights Iterative as the most active VC in 2025, participating in 14 funding rounds, surpassing Antler, which led in 2024. Seed and Early Stage funding rounds experienced reduced participation, indicating a cautious investor approach. In contrast, Late Stage rounds raised $670m from seven deals, driven by three significant rounds, suggesting a focus on larger investments.

FinTech, Enterprise Applications, and Enterprise Infrastructure emerged as the top funded sectors, with Singapore, Vietnam, and Indonesia leading in terms of country funding. Singapore alone accounted for $1.1b, maintaining its dominance in the region’s VC activity.

The report also notes a shift in the VC landscape, with Iterative investing in promising startups like Blitz Electric Mobility and SeedFlex, focusing on markets with growth potential. SEEDS Capital, another active VC, concentrated on Early Stage startups in Singapore, aiming for global expansion.

Overall, the report underscores a strategic shift towards larger, more concentrated investments in Southeast Asia’s tech ecosystem, with Singapore at the forefront of this trend.

HSBC has expanded its Tokenised Deposit Service (TDS) to Singapore, enhancing its blockchain-based payment capabilities initially launched in Hong Kong. The service, which facilitates 24/7 real-time instant settlement, was first utilised by Ant International, marking the completion of real-time Singapore Dollar (SGD) and United States Dollar (USD) digital token payments between its corporate wallets held with HSBC Singapore. In September, HSBC successfully executed its first USD cross-border digital token transaction for Ant International’s operations in Hong Kong and Singapore.

Lewis Sun, HSBC’s Global Head of Domestic and Emerging Payments, highlighted the significance of the service, stating, “This is another milestone for HSBC as we bring our Tokenised Deposit Service to Singapore. Finance and treasury teams want their systems to operate in real time, even when people are offline, and this service helps make that a reality.”

The introduction of TDS in Singapore is a response to the increasing demand for efficient liquidity management amidst foreign exchange volatility and interest rate uncertainties. Winnie Yap, Head of Global Payments Solutions at HSBC Singapore, noted, “Clients in Singapore are accelerating their shift towards digital treasury models. With tokenised deposits, they gain greater control and certainty in managing cross-border cash flows.”

This development underscores HSBC’s commitment to co-developing innovative solutions with clients and reinforces Singapore’s status as a global hub for treasury innovation. The service aims to provide businesses with practical solutions for managing digital money, focusing on interoperability across Central Bank Digital Currencies (CBDCs), tokenised deposits, and stablecoins.

Grandparents and grandchildren are increasingly embarking on holidays together, often without the parents, as revealed in Hilton’s 2026 Trends Report. The report, based on a survey of over 14,000 respondents from countries including Australia, Japan, China, India, and Singapore, highlights a growing trend in skip-generation (skip-gen) travel, with 60% of travellers in Asia Pacific having taken or planning such trips.

The report underscores the health and wellbeing benefits of family travel, with 89% of respondents believing it improves the wellbeing of older generations. Creating special memories is a key motivation for 58% of skip-gen travellers, particularly in India, Australia, and New Zealand. In Japan, the focus shifts to experiencing new things together.

Skip-gen holidays are not just about travel; they offer unique experiences that strengthen family bonds and build traditions. In China, 46% of grandparents are initiating these trips, highlighting their role in shaping family travel. “The rise of skip-generation travel highlights a fascinating shift in how families are connecting,” said Ben George, Hilton’s senior vice president and commercial director for Asia Pacific.

Accommodation preferences reflect the needs of multi-generational families, with 48% prioritising family suites or interconnecting rooms. The trend towards multi-generational travel is strong, with nearly half of families in Asia Pacific taking holidays with three or more generations annually.

Hilton’s report also identifies other trends, such as the desire for calm destinations and the influence of family traditions on travel choices, indicating a shift in how and why people travel.