Industry News

Singapore’s financial institutions are at the forefront of adopting artificial intelligence (AI) for compliance, with a remarkable 92% integration rate, according to the 2025 Fenergo Financial Crime Industry Trends Report. Despite this, Singapore reports the world’s highest client loss rates, with 76% of firms losing clients due to onboarding inefficiencies.

The report, based on a global survey of 600 senior decision-makers in banks, asset managers, and fund administrators, highlights the paradox of Singapore’s financial sector. Whilst leading in AI-powered know your customer (KYC) and anti-money laundering (AML) adoption, the country struggles with onboarding delays, a critical factor in client retention.

Globally, AML fines have surged, reaching $1.23b in the first half of 2025, a 417% increase from the previous year. Singapore’s average AML costs stand at $68.2m per firm, reflecting ongoing regulatory pressures following a significant money-laundering scandal.

Cengiz Kiamil, Managing Director for Asia Pacific at Fenergo, emphasised the importance of embedding AI throughout the client lifecycle to meet the Monetary Authority of Singapore’s (MAS) heightened expectations. “Our survey shows Singaporean firms lead the world in AI adoption at 92%. Whilst more Singaporean FIs lost clients due to inefficient onboarding (76%) compared to other countries, this has changed significantly since 2024 when 87% of firms lost clients due to subpar onboarding,” Kiamil stated.

The report underscores the need for financial institutions to streamline operations and enhance client experiences to reduce abandonment rates whilst maintaining compliance with global standards. As Singapore continues to navigate these challenges, the integration of AI remains a pivotal strategy for improving efficiency and client satisfaction.

Global software company monday.com has announced the opening of a new office in Singapore, marking a significant step in its expansion across Southeast Asia. The office, located at 21 Collyer Quay, will serve as the company’s strategic hub for the region, where the digital economy is projected to reach $300b by the end of the year.

The move underscores monday.com’s commitment to the Asia-Pacific and Japan (APJ) region, with plans to expand its Singapore team by fourfold next year. The company aims to bolster its regional partner ecosystem, which currently includes over 20 partners such as Acepak Technology and iZeno. With more than 1,000 customers in Singapore, including notable names like Brother International, Unilever, and CloudMile, monday.com is poised for regional growth.

Dean Swan, Vice President and General Manager for APJ at monday.com, highlighted the importance of being closer to customers and partners to better understand and address their unique challenges. “Our culture of collaboration, innovation, and customer focus has been key in democratising the power of AI,” he stated, emphasising the company’s role in empowering teams with intelligent tools.

In line with its expansion, monday.com recently unveiled new product innovations at its annual customer conference, Elevate. These include the introduction of monday agents, as well as new AI capabilities like monday magic, monday vibe, and monday sidekick, alongside the launch of monday campaigns within its CRM suite.

As monday.com continues to invest in the SEA region, it is actively recruiting for its Singapore-based team to meet the growing demands of its customer base. Interested professionals can explore career opportunities on the company’s website.

Sentosa Development Corporation (SDC) has unveiled the Cooling Sentosa Roadmap, a strategic initiative aimed at enhancing thermal comfort for guests across the island. Announced on 7 October 2025, the roadmap leverages technological innovations, nature-based solutions, and collaborations with local businesses to transform Sentosa into a cooler oasis amidst rising urban heat concerns.

The roadmap introduces the Sentosa Cooling Network, featuring cool nodes and zones designed to reduce temperatures by at least 4 degrees Celsius, as measured by the Physiological Equivalent Temperature (PET). This initiative aligns with the Singapore Green Plan, focusing on sustainable strategies to moderate urban heat.

Key measures include installing shade canopies, enhancing airflow with fans and coolers, and increasing hydration points. The roadmap also builds on existing efforts, such as the Sentosa Sensoryscape, which utilises natural greenery and ventilation corridors to facilitate cooling.

A notable trial is underway at Siloso Beach, where cooling features like misting systems and cool coatings have been implemented. An interim survey showed that 75% of over 200 guests were satisfied with these features. Another cool node is planned for the Central Beach Bazaar, with construction set to begin later this year.

SDC is also exploring immediate “No Regrets” measures, such as installing new fans and water coolers, and planting trees to expand natural shade. These efforts are part of a broader strategy to position Sentosa as a sustainable premier destination, with potential applications for mainland Singapore.

Knight Frank Singapore’s latest report reveals a significant uptick in private home sales during Q3 2025, spurred by a wave of new project launches. Despite economic uncertainties, the demand for private homes remained robust, with sales increasing by 35% quarter-on-quarter (q-o-q) and 30.6% year-on-year (y-o-y), totalling 6,169 units.

The report highlights a 174.2% q-o-q surge in new sales, reaching 3,238 units, as developers rushed to launch projects before the Lunar Seventh Month. This surge offset a decline in secondary sales, which fell for the fifth consecutive quarter by 13.5% q-o-q and 19.9% y-o-y.

In the Core Central Region (CCR), new sales skyrocketed, with transactions increasing over 20 times to 894 units, driven by launches like River Green and The Robertson Opus. This activity led to a 127.4% q-o-q rise in non-landed home transactions, contributing to a 2.4% q-o-q and 9.1% y-o-y price growth.

The Rest of Central Region (RCR) also saw increased activity, with 1,065 new sales, a 21% q-o-q rise. Notably, Lyndenwoods sold 94.5% of its units on launch day. Meanwhile, the Outside Central Region (OCR) recorded a fivefold increase in new sales, with Springleaf Residence leading the way.

Despite healthy leasing activity, rents declined across all segments, with the ultra-luxury sector dropping by 6.1%. Knight Frank notes that landlords are prioritising occupancy amid cost-of-living concerns.

Looking ahead, Singapore’s residential market is expected to remain resilient, supported by low unemployment and strong household savings. However, global economic conditions and interest rates will be key factors to monitor.

JLL Hotels & Hospitality Group and CBRE have been appointed as exclusive joint marketing agents for the sale of QT Singapore, a luxury heritage hotel located at 35 Robinson Road. Following a comprehensive refurbishment in 2024, this 134-room property offers a unique investment opportunity in Singapore’s Central Business District (CBD), amidst increasing demand and limited supply in the hospitality sector.

The QT Singapore, housed in the former Eastern Extension Telephone Company building from the 1920s, combines architectural heritage with modern amenities. Its strategic location near four MRT stations and proximity to Marina Bay enhances its appeal to investors seeking to capitalise on the growth in both business and leisure travel. The sale is driven by renewed interest in Singapore’s hotel sector, bolstered by a decrease in benchmark interest rates and a scarcity of luxury hotels in the city.

Ling Wei Tan, Senior Vice President at JLL, highlighted the hotel’s potential, stating, “QT Singapore is ideally positioned to capture the growing demand for authentic, experiential-led stays whilst demonstrating robust investor interest for assets that blend architectural legacy and adaptive reuse within Singapore’s thriving hospitality sector.”

Andrew Hunter, Senior Director at CBRE Asia Pacific, added, “Located in the heart of the CBD, the QT Singapore represents the perfect investment opportunity due to its low future capex requirements and strategic positioning in the burgeoning lifestyle luxury submarket.”

The sale of QT Singapore presents a rare chance for investors to secure a foothold in one of Asia’s most vibrant luxury hotel markets, with future implications for growth in the hospitality sector.

Play Interactive Holdings has announced a partnership with The Smiley Company to introduce the Smiley lifestyle retail experience to Malaysia and Singapore. As the exclusive franchise licensee, Play Interactive will open lifestyle stores featuring Smiley’s fashion, home, and everyday living products. The initiative aims to immerse consumers in the Smiley brand, known for its positivity and creativity.

The collaboration will see the debut of Malaysia’s first Smiley Home Store, focusing on homeware and lifestyle collections. To enhance the brand’s impact, Smiley will work with local fashion icons and designers in both countries to create exclusive collections that blend Smiley’s global identity with Southeast Asia’s creative flair.

Gary Chong, CEO and Founder of Play Interactive Holdings, stated, “Smiley is all about positivity, joy, and happy vibes. Our mission is to create not just stores, but vibrant destinations where people can experience the Smiley lifestyle in its fullest form.” Nicolas Loufrani, CEO of The Smiley Company, added, “I am thrilled to have found such a strong partner in Play Interactive, to help us implement them and expand our growing fanbases in those territories.”

This partnership marks a significant step in Smiley’s physical retail strategy, building on successful franchise partnerships in China and Thailand. The move aims to expand Smiley’s presence in Asia’s dynamic retail markets, offering immersive experiences and strengthening the brand’s commercial retail strength.

Johnson Controls has unveiled its Silent-Aire Coolant Distribution Units (CDUs) at Data Centre World Asia 2025 in Singapore, aiming to revolutionise cooling solutions for high-density data centres in the Asia Pacific region. The new platform offers scalable cooling capacities from 500kW to over 10MW, designed to support the increasing demands of AI workloads whilst significantly reducing energy consumption.

The Silent-Aire CDUs are engineered to deliver up to 50% energy savings in non-IT power use, thanks to Johnson Controls’ integrated thermal management portfolio. Their compact and flexible design allows for rapid deployment in dense urban markets like Singapore, where land scarcity and high temperatures pose significant challenges to data centre operations. The units can be installed in various configurations, ensuring efficient cooling across a range of environments.

Ali Badreddine, vice president of Data Centre Solutions and Project Delivery for Asia Pacific at Johnson Controls, highlighted the importance of this innovation: “As AI accelerates, denser chips are generating unprecedented heat, making cooling innovation a critical priority. The launch of this expanded series of CDU technology marks a pivotal step in our commitment to advance data centre cooling.”

The introduction of these CDUs is particularly timely, as the Asia Pacific region attracted $15.5b in cross-border data centre investment in 2024, more than any other market globally. With built-in redundancy and advanced control capabilities, the system ensures continuous uptime and reliability, adapting automatically to fluctuations in cooling demand.

Johnson Controls’ new platform not only addresses the immediate needs of data centres but also supports sustainable growth in the region’s digital infrastructure. By reducing energy consumption and enhancing efficiency, the Silent-Aire CDUs represent a significant advancement in data centre technology.

The Singapore University of Social Sciences (SUSS) celebrated its largest graduating cohort to date, with over 3,400 students receiving their degrees at the 2025 Convocation held at Suntec Singapore Convention & Exhibition Centre. The event, spanning three days, not only marked academic achievements but also highlighted findings from a new study on youth employability, revealing that financial security and job stability are top priorities for young Singaporeans.

SUSS President Professor Tan Tai Yong shared insights from the study, which surveyed more than 1,000 young Singaporeans and 250 employers. The research indicates a significant interest among youths in seeking new job opportunities, with six in 10 actively looking for roles that offer stability. However, a disconnect was noted in learning preferences, as employers favour in-house training whilst youths prefer external courses and independent learning. The full findings will be discussed at the SUSS Youth Forum on 10 October 2025.

The convocation also showcased SUSS’s commitment to lifelong learning and diverse academic offerings. Highlights included the graduation of 73 students from the inaugural Master of Science in Management programme, taught in Chinese, and the first cohort from the newly launched School of Social Work & Social Development. Additionally, the Executive Management Programme celebrated its 10th year, focusing on leadership development for C-suite executives.

The event underscored the university’s ethos of “Dream, Dare, Do,” encouraging graduates to pursue their careers with integrity and compassion. As Singapore celebrates its 60th year of independence, the theme “Shaping Our Tomorrow” resonated with the graduates’ journey and the support systems that have enabled their success.

NetLink NBN Management Pte. Ltd. has officially inaugurated the Seletar Central Office, a $110m investment aimed at bolstering Singapore’s Nationwide Broadband Network. The facility, opened on 7 October 2025, was officiated by Tan Kiat How, Senior Minister of State for the Ministry of Digital Development and Information. This marks the 11th Central Office of the network, reinforcing NetLink Group’s commitment to enhancing Singapore’s digital infrastructure.

The Seletar Central Office is strategically positioned to serve Singapore’s northern and northwestern regions, which are set for substantial growth. The area will see the development of approximately 40,000 new homes and significant transport projects, including the North–South Corridor and the Johor Bahru–Singapore RTS Link. Additionally, next-generation industrial districts like the Sungei Kadut Eco-District will benefit from the enhanced connectivity.

Tong Yew Heng, CEO of NetLink NBN Trust, stated, “The Seletar Central Office adds important capacity to the nationwide broadband network, ensuring that the Northern Region’s new housing, transport, and industrial developments are well supported with reliable, future-ready fibre connectivity.”

The facility is designed with scalability and energy efficiency, aligning with Singapore’s sustainability goals. It strengthens network redundancy and expands coverage, contributing to the nation’s Smart Nation journey. NetLink has also partnered with the National University of Singapore to host quantum key distribution equipment at the site for testing.

Since 2008, NetLink has been pivotal in developing Singapore’s passive fibre network infrastructure, supporting high-speed broadband services nationwide. The Seletar Central Office further solidifies NetLink’s role as a key player in Singapore’s digital transformation.

Aster has unveiled a S$1.5m philanthropic initiative aimed at nurturing Singapore’s future engineers. The programme will provide bursaries to students at Nanyang Technological University (NTU), National University of Singapore (NUS), and Singapore Institute of Technology (SIT), prioritising those with academic merit and financial need. This initiative seeks to empower students to contribute to Singapore’s technological and economic growth.

The bursaries, which are bond-free, allow recipients to pursue their chosen career paths without financial constraints. At NTU, the funds will support students from the School of Chemistry, Chemical Engineering and Biotechnology, the School of Mechanical and Aerospace Engineering, and the School of Electrical and Electronic Engineering. NUS will use the bursary to aid students from the College of Design and Engineering, whilst SIT will focus on financially needy students, many of whom are first-generation university attendees.

Erwin Ciptura, Aster’s CEO, emphasised the importance of investing in Singapore’s human capital, stating, “These bursaries represent more than financial support; they are an investment in the brilliant minds who will drive Singapore’s technological advancement.” Professor Warren Chan from NTU and Professor Teo Kie Leong from NUS both expressed gratitude for Aster’s support, highlighting the positive impact on students’ educational journeys.

The initiative also benefits from government matching schemes, enhancing the impact of Aster’s contributions. This commitment underscores Aster’s dedication to fostering educational opportunities and innovation within Singapore’s power and energy sector, ensuring the nation remains at the forefront of industry advancements.