Industry News

In a strategic move to nurture future leaders in the maritime sector, “K” Line Pte Ltd (KLPL) and the Singapore Maritime Foundation (SMF) have signed a three-year Memorandum of Understanding (MOU). This collaboration will see KLPL sponsor two MaritimeONE scholarships annually from 2025 to 2027 and continue its support for the MaritimeONE Internship Programme.

The MOU underscores KLPL’s long-standing commitment to the maritime industry’s talent pipeline, a dedication that began in 2007. The scholarships and internships will be administered and promoted by SMF, with both organisations jointly selecting candidates. This initiative is part of SMF’s broader strategy to build a future-ready workforce for Maritime Singapore, following recent partnerships with entities like Jurong Port and the Singapore Shipping Association.

Tsurukawa Takahiko, President and CEO of “K” Line Pte Ltd, expressed the company’s dedication to empowering students in the maritime field, stating, “Since 2007, KLPL has provided scholarship sponsorship to 22 students to date, empowering students to pursue educational and professional aspirations within the maritime industry.”

Tan Beng Tee, Executive Director of the Singapore Maritime Foundation, highlighted the fruitful partnership with KLPL, noting, “We highly appreciate this long and fruitful partnership, and look forward to doing more together as part of this MOU and beyond.”

This collaboration not only strengthens the maritime talent pool but also reinforces Singapore’s position as a leading International Maritime Centre. As the partnership unfolds, it is expected to significantly contribute to the sector’s long-term advancement and success.

YY Group Holding Limited, a global workforce solutions provider, has announced a partnership with Singapore-based Obita to integrate stablecoin payment infrastructure into its operations. This collaboration aims to streamline cross-border payments and enhance financial inclusion for gig workers worldwide.

The partnership will see YY Group incorporate Obita’s enterprise-grade stablecoin infrastructure into its global platforms, facilitating efficient and compliant financial transactions. Obita’s technology is designed to simplify cross-border settlements whilst maintaining high compliance and security standards. This integration is expected to improve YY Group’s cross-border capital flows and offer faster, lower-cost payouts for platform users, including international students and gig workers.

Mike Fu, CEO of YY Group, highlighted the significance of the partnership, stating, “Partnering with Obita enables us to optimise enterprise costs whilst delivering faster, more transparent, lower-cost settlement options to the hundreds of thousands of workers and clients we support worldwide.”

Zhang Dayong, CEO of Obita, added, “YY Group represents exactly the type of large-scale, real-world ecosystem where compliant stablecoin infrastructure can deliver immediate impact.”

The collaboration was announced at the PayFi Summit, where both companies discussed the potential of stablecoin infrastructure to transform cross-border worker payments. The initiative is part of YY Group’s strategy to expand its presence in Southeast Asia, the Middle East, and other growth markets.

As YY Group continues to scale, the integration with Obita’s technology is expected to strengthen its margins and accelerate global expansion efforts.

The 2025 Global Payments Report by McKinsey reveals significant shifts in the Asia-Pacific (APAC) payments landscape, driven by credit card usage, cross-border payments, and domestic transaction fees. The report outlines how these factors are redefining the region’s financial dynamics amidst a global payments industry valued at $2.5t.

The report highlights a unique trend in APAC, where credit card usage growth is muted compared to global patterns. Whilst corporate card usage saw a modest 3% increase, overall credit card usage remains at 18% in the region, contrasting sharply with the US, where it stands at 51%. This indicates a shift towards alternative payment methods in APAC, as cash usage continues to decline globally.

Cross-border payments present both challenges and opportunities, with the report noting a divergence into regional ecosystems. APAC is witnessing an upward trend in cross-border transactions, facilitated by the development of instant payment infrastructures and interoperability among domestic systems. This fragmentation requires companies to adapt to a future without a single, unified payment system.

Domestic transaction fees in APAC are also evolving, with consumer-side revenues growing whilst commercial revenues decline. The increasing digitalisation of transactions and the availability of new investment options for managing treasury funds are key factors influencing these changes.

As the payments industry remains a crucial part of financial services, generating significant revenue, McKinsey’s report underscores the importance of adaptability and innovation for success in this rapidly changing environment. The insights provided are essential for stakeholders aiming to navigate the complexities of the APAC payments landscape.

Singaporeans are among the most cyber-aware globally, yet they face significant phishing risks, according to Yubico’s Global State of Authentication Survey 2025. Conducted with 18,000 employed adults across nine countries, including 2,000 respondents from Singapore, the survey reveals that whilst 89% of Singaporean workers express concern about artificial intelligence’s impact on account security, phishing exposure remains a persistent issue.

The survey highlights that 78% of Singaporeans now use multi-factor authentication (MFA) for personal accounts, marking one of the highest adoption rates in the Asia-Pacific region. However, 44% of respondents reported interacting with phishing messages in the past year, a figure unchanged from 2024 and double the rate observed in Japan. This paradox underscores the ongoing challenges in cybersecurity despite increased awareness and protective measures.

Social media breaches in Singapore have decreased significantly, falling to 26% from 49% in 2024. This reduction indicates progress in certain areas of cybersecurity, yet phishing remains a formidable challenge. The survey’s findings suggest that whilst Singaporeans are adopting advanced security measures, the threat landscape continues to evolve, necessitating ongoing vigilance and education.

As cybersecurity threats become more sophisticated, the survey underscores the importance of continuous education and adaptation to new technologies to mitigate risks effectively. The findings serve as a reminder that awareness alone is insufficient to combat the ever-evolving tactics of cybercriminals.

Cleanverse International has officially launched in Singapore, unveiling a pioneering compliance-native trust layer for on-chain finance. The launch, which took place on 30 September 2025, has garnered support from key industry players such as dtcpay, FOMO Group, DigiFT, and KUN, marking a significant step in embedding trust and compliance into blockchain transactions.

Cleanverse aims to address the challenges of blockchain’s anonymity by integrating verified identity with regulated assets, ensuring real-time compliance with the Travel Rule. This initiative is designed to provide the same level of security and trust found in traditional financial systems like SWIFT, but within the blockchain environment. Charles Huang, Founder of Cleanverse International, stated, “Cleanverse builds on Web2’s proven compliance logic and uses blockchain to create a more efficient compliance network on Web3.”

The platform introduces several innovations, including APASS, a non-transferable identity credential, and A-tokens, which mirror regulated stablecoins for traceable transactions. This multi-layer compliance architecture is expected to facilitate the adoption of blockchain by financial institutions, offering a secure and standardised framework for on-chain finance.

The launch event featured panel discussions on the importance of compliance in accelerating institutional adoption and the role of AI in finance. Cleanverse is now inviting more industry players to join its consortium, aiming to establish global standards for on-chain finance and governance. CEO Ceridwen Choo emphasised, “Compliance is not a hurdle; it is the gateway to participation in on-chain finance.”

With the backing of its founding members, Cleanverse is poised to transform the landscape of digital finance, bridging the gap between traditional and decentralised financial systems.

The ASEAN Foundation, in collaboration with AVPN and supported by Google.org and the Asian Development Bank, has announced the launch of the AI for MSME Advancement in ASEAN (AIM ASEAN) programme. This initiative aims to provide practical AI training to 100,000 Micro, Small, and Medium Enterprises (MSMEs) across Southeast Asia, helping them enhance operations and expand markets.

Nine local organisations have been selected to implement the programme, including Universiti Teknologi PETRONAS-ASEAN Student Association in Malaysia, Project Asia Data in Singapore, Big BWN Project in Brunei Darussalam, Kenan Foundation Asia in Thailand, Viet Nam, and Cambodia, and others across the region. These partners will develop and adapt learning materials tailored to the specific challenges faced by business owners, focusing on practical AI applications such as improving online sales and financial management.

AIM ASEAN is a two-year initiative designed to foster a resilient and inclusive digital economy, aligning with ASEAN Vision 2045. The programme also aims to create a supportive ecosystem by bringing together policymakers and experts through national and regional convenings.

Dr. Piti Srisangnam, Executive Director of the ASEAN Foundation, emphasised the importance of the initiative, stating, “The AIM ASEAN programme represents a critical step towards equipping MSMEs with the tools and knowledge they need to thrive in the digital era.”

The programme has received official endorsement from the ASEAN Coordinating Committee on MSMEs, marking it as an official ASEAN initiative. Naina Subberwal Batra, CEO at AVPN, highlighted the necessity of an AI-ready workforce, stating that it is a shared social mandate for governments, businesses, and impact organisations.

Training will be delivered through a hybrid approach, combining in-person workshops and online platforms, focusing on real-world AI applications in sectors such as retail, agriculture, and services.

Clementi, a mature residential hub in Singapore’s West Region, is gaining attention for its unique housing landscape. With a population of 102,960 residents as of June 2024, the area offers a mix of public HDB flats, private apartments, and landed estates. The latter, although only 3.9% of the total dwellings, presents a valuable asset class due to its scarcity and potential for capital appreciation.

Between Q2 2020 and Q2 2025, Clementi’s landed housing stock grew by a mere 1.0%, whilst non-landed private homes surged by 43.5%. This trend reflects a broader island-wide pattern, highlighting the rarity and value of landed properties. Despite a cooling in transaction volumes since a 2021 peak, prices for landed homes have consistently risen over the past decade, underscoring their resilience and appeal as long-term investments.

Clementi’s strategic location near top educational institutions and its connectivity via the upcoming Cross Island Line and Jurong Region Line further enhance its attractiveness. The area’s proximity to the Jurong Innovation District and Tuas port expansion positions it as a key player in Singapore’s growth corridor.

For buyers, Clementi offers a rare opportunity to invest in landed homes that are more affordable than those in central Singapore, with the potential for significant returns. As the western corridor transforms, Clementi’s landed properties are poised to remain a sought-after choice for multigenerational households and professionals seeking both exclusivity and connectivity.

MSIG Singapore has been recognised as a leader in the insurance industry, clinching two prestigious awards at the inaugural Asia Consumer Insurance Awards 2025. The company was named Personal Lines Insurer of the Year and received the Underwriting Excellence award, highlighting its commitment to strong business performance and customer-focused innovation.

The awards, organised by Rein Asia, celebrate companies that are redefining excellence and innovation in Asia’s insurance sector. In 2024, MSIG Singapore achieved an underwriting profit of $187m and increased its profit after tax by 51%. The company continues to lead in the personal lines segment, which now accounts for nearly 40% of its total revenue, through innovative retail offerings and strategic partnerships.

Steven Leong, Head of Retail Distribution, stated, “Winning the award is a powerful endorsement to our personal lines strategy. It affirms our commitment to putting customers at the heart of everything we do.” Jeremy Lian, Head of Technical Services, added, “This is a proud moment for our underwriting team whose technical expertise, dedication, and innovative mindset have contributed to the company’s success.”

MSIG’s digital transformation strategy, incorporating Generative AI and automation, has streamlined its insurance value chain, enhancing customer service and operational efficiency. The judges praised MSIG for its data-rich submission, demonstrating tangible customer benefits and measurable impact.

With over 100 years of local presence, MSIG Singapore continues to deliver innovative and customer-centric solutions, maintaining an A-Stable financial rating by Standard & Poor’s. As a subsidiary of Mitsui Sumitomo Insurance Co. Ltd, MSIG is part of one of the largest general insurance groups globally, with a significant presence in the Asia Pacific region.
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JTC has awarded the tender for an industrial site at Sengkang West to Soilbuild Group Holdings Ltd. The successful bid, amounting to S$156m, was part of a competitive tender process that closed on 19 August 2025, following its launch on 24 June 2025. The site attracted four bids in total.

The awarded land parcel is designated under the Business 2 zoning, which typically accommodates heavier industrial uses. It spans an area of 23,196.6 square metres and comes with a tenure of 33 years. The site has a gross plot ratio of 2.5, allowing for significant development potential. Soilbuild Group is expected to complete the project within 84 months.

This development is significant as it highlights the ongoing demand for industrial spaces in Singapore, particularly in strategic locations like Sengkang West. The successful tender by Soilbuild Group underscores their commitment to expanding their industrial portfolio and contributing to Singapore’s industrial landscape.

The award of this tender is part of JTC’s broader strategy to optimise industrial land use in Singapore, ensuring that it meets the evolving needs of businesses. The development of this site is anticipated to bolster economic activity in the region, providing new opportunities for businesses and contributing to the local economy.

Embed Financial Group Holdings (EFGH) has announced the appointment of veteran media strategist Woon Tai Ho to its Board of Advisors. This strategic move aims to bolster EFGH’s commitment to trust and clarity as it continues its expansion across Asia and Africa. Woon, renowned for his role in launching Channel NewsAsia, brings over three decades of experience in reputation management and crisis communications to the table.

Woon’s illustrious career includes advising ministries, regional governments, and multinational corporations. In 2024, he was inducted into the Singapore Media Industry Hall of Fame, acknowledging his significant contributions to the media landscape. His works, such as the “George Yeo: Musings” series and “Soul of Ink: Lim Tze Peng at 100,” have been widely acclaimed, with the latter winning the inaugural Dr Alan HJ Chan Spirit of Singapore Book Prize in 2024.

Dennis Ng, Executive Chairman of EFGH, stated, “Tai Ho has spent his career building public trust through clear, credible communication. EFGH is building systems that people can rely on, and that mission depends on trust.”

Founded in 2024 and headquartered in Singapore, EFGH is a Finternet company focused on embedding financial services such as protection, credit, payments, and remittances into everyday systems. This appointment is expected to strengthen EFGH’s leadership as it builds the financial internet of protection and advances financial literacy for underinsured and underserved communities.