Industry News

The European Chamber of Commerce (EuroCham) Singapore has announced that Nele Cornelis, its Executive Director, will depart after nearly nine years to assume a regional role at Airbus from 1 November. Cornelis has been instrumental in transforming EuroCham into a more dynamic organisation, launching initiatives such as the Sustainability Awards and the AI and Sustainability Programmes.

Under Cornelis’s leadership, EuroCham expanded its influence across business, government, and diplomatic circles in Singapore and beyond. She played a pivotal role in the release of key publications, including Whitebooks and CEO Reports, and represented EuroCham in EU-supported advisory groups. The Board expressed gratitude for her contributions and wished her success in her new role.

Eva Vincetic, currently Head of Committees and Advocacy Manager at EuroCham, will succeed Cornelis. Vincetic has been with EuroCham for two and a half years and is recognised for her outstanding performance. The Board congratulates Vincetic on her new appointment, effective 1 November, and anticipates her continued success in leading the organisation.

Nearly half of travellers in the Asia Pacific region are planning their trips around major sporting and music events, according to new research by Hilton. The survey, which included 5,000 respondents from China, India, Japan, Australia, and Singapore, highlights the growing trend of event-driven travel. In Singapore, 40% of travellers intend to plan international trips around such events, with 61% having already done so domestically or internationally.

The survey underscores the appeal of sports and music as the primary motivators for travel among Singaporeans. A significant 67% of respondents expressed eagerness to attend music concerts and festivals, whilst 64% are willing to cross borders for sporting events like the F1 Grand Prix. When choosing accommodation, Singaporean travellers prioritise price, proximity to the event, and the quality of hospitality, with 72%, 69%, and 69% respectively considering these factors crucial.

Social aspects also play a role in travel decisions, with 53% of Singaporeans attending sporting events with friends and 52% with partners. This trend reflects a broader pattern across the Asia Pacific, where travel for events like Formula 1 is often a social activity.

The research also coincides with the 20-year anniversary of the Hilton Honours and McLaren Racing partnership, which has provided exclusive experiences to members. Hilton’s focus on lifestyle partnerships aims to enhance connections with members beyond the traditional hotel experience.

As event-driven travel continues to gain momentum, the hospitality industry is poised to adapt to the evolving preferences of travellers, offering tailored experiences that cater to their interests and social inclinations.

The private wealth management industry in Asia is expected to grow by at least 6% annually over the next five years, according to a new survey by Bloomberg Intelligence. The survey, which gathered insights from 100 senior private wealth management practitioners in Hong Kong and Singapore, highlights the region’s rising affluence and increasing diversification needs as key growth drivers.

Hong Kong and Singapore are projected to become the world’s fastest-growing cross-border wealth hubs, potentially surpassing Switzerland. Bloomberg Intelligence estimates that Hong Kong could manage $2.9t in cross-border wealth by the end of 2025. The survey also indicates that the cross-border wealth managed in these cities is expected to grow by an average of 12% annually, outpacing the global growth rate of 10%.

Mainland China is anticipated to be a significant source of new clients, with 30% of new clients expected to come from there in the next three to five years. The Middle East is also emerging as an important market, as wealthy individuals seek to diversify their investments in Asia.

The survey reveals a growing risk appetite among private banking clients, with increased interest in equities, private equity, and digital assets. Technology is identified as a crucial driver for attracting new money, with 72% of respondents ranking it among the top three most important factors.

Sharnie Wong, Senior Industry Analyst at Bloomberg Intelligence, noted, “Our survey shows industry leaders are decidedly optimistic about the next five years, with sustained inflows and a rising risk appetite coming through.” The full survey is available to Bloomberg Terminal subscribers.

The National Volunteer and Philanthropy Centre (NVPC) has announced the winners of the President’s Volunteerism & Philanthropy Awards (PVPA) 2025, recognising 16 exemplary changemakers at a ceremony held at Raffles Hotel Singapore. The event, attended by President Tharman Shanmugaratnam and Acting Minister for Culture, Community and Youth David Neo, marked a significant increase in participation, with 451 nominations—a 50% rise from 2024.

This year introduced the Communities of Good pillar, receiving nearly 100 nominations. This new category acknowledges the contributions of Large Charities, Small & Medium Charities, and Groundups, reflecting the diverse ways charities serve the community. NVPC CEO Tony Soh highlighted the awards as a celebration of sustained and selfless giving, aiming to inspire a culture of generosity in Singapore.

In a bid to sustain the momentum of giving, NVPC has partnered with the Singapore University of Social Sciences (SUSS) to offer mentorship and learning opportunities to PVPA winners and finalists. This initiative will benefit 27 individuals, providing courses and masterclasses to enhance their leadership and community development skills.

Notable young awardees include Natania Tan, founder of You(th) Can Do It!, and Kaamil Mansoor, who led Project Resolute, raising significant funds for youth programmes. Alister Ong, recognised in the Leaders of Good (Youth) category, has championed inclusion for Persons with Disabilities across Asia.

The awards also spotlighted individuals like Sarimah Amat and Quek Soo Hoon, who embody the Singapore Spirit through their community initiatives. Organisations such as the Samaritans of Singapore and the Brain Tumour Society (Singapore) were honoured for their inclusive and impactful work, further highlighting the diverse and compassionate nature of Singapore’s giving landscape.

PROPEL with Singlife, a shared services hub for financial advisory firms, has announced that it has successfully onboarded over 1,300 financial adviser representatives just nine months after its official launch. This achievement underscores PROPEL’s growing reputation as a trusted partner for financial advisers and firms aiming to scale their operations efficiently.

The announcement follows PROPEL’s recent accolades at the InsurInnovator Connect Asia Awards, where it won the Operational Excellence Pioneer and Technology Integration Excellence awards. In July, it was also recognised as the Insurtech Initiative of the Year at the Insurance Asia Awards. These awards highlight PROPEL’s commitment to revolutionising the financial advisory landscape.

Steven Ong, CEO of PROPEL with Singlife, stated, “PROPEL started as an idea to ease the administrative challenges tied agents face in establishing their own firms whilst ensuring customers benefit from unbiased advice and a broader range of financial products.”

To further enhance its platform, PROPEL recently appointed Terry Chen as Chief Technology Officer. With over 18 years of experience, Chen will lead efforts to improve platform capabilities and address operational inefficiencies. Jean Yeo, Head of Platform and Client Engagement, emphasised the importance of client feedback in driving platform improvements.

PROPEL’s platform offers a comprehensive suite of services, including business lodgements, commission management, and finance operations, designed to support both new and established financial advisory firms. By adopting a product-agnostic approach, PROPEL aims to empower advisers to deliver unbiased, client-centric recommendations, ultimately benefiting the financial advisory industry.

Amazon Singapore has announced the return of its Amazon Prime Big Deal Days, set to run from 7 to 13 October 2025. This year’s event promises to be the longest yet, offering Prime members exclusive access to thousands of deals across various categories, including toys, electronics, and home essentials. The event aims to give members an early start on holiday shopping with significant discounts on popular brands like LEGO, Sony PlayStation, and Roborock.

Prime members can enjoy up to 40% off on baby and toy brands such as Jurassic World and Hot Wheels, and up to 30% off on LEGO sets. Electronics enthusiasts will find up to 40% off Sennheiser headphones and $80 off the Sony PlayStation 5. Home and kitchen deals include up to 60% off Philips products and 50% off Tefal items. Beauty and personal care products from Bioderma and L’Oréal Paris are also heavily discounted.

In addition to these deals, Prime members benefit from fast and free delivery on eligible items and access to Prime Video. New customers can sign up for a 30-day free trial to experience these benefits. Amazon Fresh offers further savings, with discounts on groceries and essentials, and exclusive promotions for DBS, Citibank, and HSBC cardholders.

The event will also run in multiple countries, including the US, UK, and Australia, marking its debut in Colombia, Ireland, and Mexico. With over 200 million members globally, Amazon Prime continues to enhance the shopping and entertainment experience for its users.

Singlife, a leading financial services company, has announced a preferred partnership with Fullerton Fund Management to enhance its investment offerings. This collaboration aims to provide customers with access to a broader range of investment products and expertise through Singlife’s platforms, including GROW with Singlife and dollarDEX. Fullerton will leverage Singlife’s distribution network to reach a wider audience, offering investment opportunities across business-to-business and direct-to-consumer channels.

Helen Shen, Group Head of Products at Singlife, emphasised the importance of the partnership, stating, “As Singapore’s population ages, we need to help Singaporeans to prepare to live well as they age. This partnership with Fullerton strengthens Singlife’s unique ability to provide holistic solutions both in insurance and investments.”

The partnership builds on a long-standing relationship between the two companies, with GROW playing a central role in delivering Fullerton’s innovative investment solutions. Farooq Lone, CEO of GROW with Singlife, highlighted Fullerton’s proven track record and commitment to innovation as key factors in the collaboration.

In recent years, GROW with Singlife and Fullerton have launched several investment products, including the Fullerton SGD Cash Fund Class C and the Fullerton Lux Funds – China Equities Class A. These initiatives have provided Singaporeans with high-quality investment opportunities to support their financial goals.

The partnership signifies a strategic move to bridge retirement gaps and enhance financial resilience for Singaporeans, aligning with Singlife’s mission to build financial confidence and secure a brighter future.

Starbucks Singapore is launching a series of initiatives this October to support Mental Wellness Month, collaborating with the Health Promotion Board (HPB), The Salvation Army (TSA), and the Agency for Integrated Care (AIC). These efforts aim to raise awareness, encourage conversations, and provide resources to support mental well-being across the community.

The initiatives kick off on 1 October with the “Language of Support” campaign, developed in partnership with HPB. This programme encourages young people to engage in supportive conversations within Starbucks stores, which serve as safe spaces for these interactions. Unique cup sleeves, known as Cupples, will be introduced to facilitate communication, featuring uplifting quotes and links to HPB’s MindSG portal for mental health resources.

From 8 October, Starbucks will launch a special collection with Singaporean artist Melissa Tan, known as Paintinks by Melt. The collection, celebrating everyday joy, will contribute $0.73 (S$1) from each item sold to mental wellness charities supported by Starbucks’ Community Store.

On World Mental Health Day, 10 October, Starbucks will donate 50 cents from every beverage sold to TSA, marking the 22nd year of their partnership. This initiative supports TSA’s mental wellness programmes, including counselling and resilience-building for vulnerable communities.

From 13 October, Starbucks and AIC will host sessions at the Community Store, offering opportunities for participants to engage with mental health professionals and individuals with lived experiences. These sessions aim to foster understanding and provide practical self-care resources.

Starbucks Singapore’s General Manager, Patrick Kwok, emphasised the importance of these initiatives, stating, “These ongoing partnerships and initiatives build on our journey—extending the spirit of care, support, and connection beyond the Community Store.”

The Monetary Authority of Singapore (MAS) has taken significant regulatory and enforcement actions in the third quarter of 2025, addressing breaches by financial institutions and individuals. These actions aim to deter misconduct and maintain Singapore’s reputation as a financial hub.

In July, MAS revoked the Capital Markets Services Licence of Xen Capital Asia Pte Ltd due to multiple regulatory breaches, including failure to submit necessary returns and notify MAS of changes. The company’s Executive Director and former CEO, Katrina Marie Ku Cokeng, was reprimanded for her role in these failures.

On 4 July, MAS imposed composition penalties totalling $20.1 million (S$27.45 million) on nine financial institutions for breaches related to anti-money laundering and countering the financing of terrorism. This action followed a major money laundering case in August 2023.

Further enforcement included a five-year prohibition order against Jonathan Toh Hong Sen for forging a client’s signature to establish an insurance policy without consent. MAS deemed him unfit to serve as a financial adviser representative.

In August, prohibition orders were issued against Liong Yan Sin, Dinath Silvamany Muthaliyar, and Ang Kok How for unauthorised access to customer information, violating the Computer Misuse and Cybersecurity Act.

Additionally, in September, MAS issued a three-year prohibition order against Rachel Wong Shi Jun for mis-selling insurance products to a vulnerable client. Singlife Financial Advisers Pte Ltd faced a composition penalty of $68,750 (S$93,750) for inadequate supervision and training of representatives.

These actions underscore MAS’s commitment to enforcing regulations and safeguarding the financial sector’s integrity.

Private home prices in Singapore increased by 1.2% quarter-on-quarter (QOQ) in Q3 2025, driven by a series of new city launches, according to flash estimates released by the Urban Redevelopment Authority (URA). This marks the fourth consecutive quarter of rising private home prices. Meanwhile, the Housing and Development Board (HDB) reported a slower growth of 0.4% QOQ in resale flat prices, continuing a trend of easing growth for the fourth straight quarter.

The Core Central Region (CCR) saw the most significant rise in non-landed private home prices, with a 2.4% QOQ increase, attributed to successful launches such as The Robertson Opus and UpperHouse at Orchard Boulevard. These projects collectively sold 835 units, contributing to the highest quarterly CCR sales since Q4 2010.

In the Rest of Central Region (RCR), prices reversed a previous decline, rising by 0.4% QOQ, supported by new launches like LyndenWoods and Promenade Peak. The Outside Central Region (OCR) also experienced a 1.0% QOQ price increase, bolstered by strong demand for mass-market homes, notably the Springleaf Residence, which sold 94% of its units.

Kelvin Fong, CEO of PropNex, noted, “The sustained buyer interest in new launches in Q3 2025 has helped to prop up private home prices.” He projected a 4% to 5% rise in private home prices for 2025, driven by well-located projects and lower interest rates.

The HDB resale market saw 7,157 flats resold in Q3 2025, slightly up from the previous quarter. However, the cumulative price increase for 2025 remains significantly lower than in 2024, reflecting a cooling trend in the resale market.