Industry News

The Intercontinental Alliance for Integrated Care (IAIC), hosted by the Singapore University of Social Sciences (SUSS), has launched its inaugural multi-region study on perceptions of ageing and ageing well. Unveiled at the IAIC 2025 event, the study draws insights from Singapore, Canada, Mainland China, Hong Kong SAR, and the United Kingdom, examining how older adults navigate later-life transitions and define successful ageing.

The study, co-developed with IAIC members, highlights the importance of social connections and a sense of mastery in ageing well. In Singapore, responses from about 1,000 survey participants and 15 in-depth interviews revealed that women aged 75-84 value family and social bonds more than their male counterparts, who often face isolation post-retirement. The concept of “mastery”—the belief in one’s ability to influence life outcomes—emerged as a strong predictor of successful ageing, encouraging older adults to stay active and engaged.

Guest-of-Honour, Halimah Yacob, Chancellor of SUSS, emphasised the need for integrated care systems that support ageing populations. “Ageing is not a burden to be managed but a season of life to be respected and reimagined,” she stated.

The study’s findings are expected to inform future policies and initiatives aimed at enhancing the quality of life for older adults globally. The full report is available on the SUSS website, offering a comprehensive look at the diverse experiences and strategies of ageing populations across different regions.

OCBC has launched in-app calls for its business and retail banking customers, allowing them to contact the bank without incurring International Direct Dialling (IDD) charges. This feature, available on the OCBC and OCBC Business apps, aims to reduce fraud by minimising reliance on SMS One-Time Passwords (OTPs) and security questions, which are increasingly vulnerable to phishing and social engineering tactics.

The in-app calls, which began for corporate customers in June 2025, will be available to retail customers from November 2025. This service is particularly beneficial for customers needing urgent assistance whilst overseas, such as in cases of suspected credit card fraud. OCBC reports that over 8,000 calls are made by business and retail customers from abroad each month.

The secure environment of the apps requires customers to log in using biometrics or access credentials, coupled with digital or hard token provisioning, ensuring two-factor authentication. This approach aims to prevent impersonation scams, which have been on the rise in Singapore, with 1,762 cases reported in the first half of 2025.

From the first half of 2026, OCBC plans to use in-app calls for outbound communication with customers, further distinguishing genuine bank calls from fraudulent ones. Sunny Quek, Head of Global Consumer Financial Services at OCBC, emphasised the importance of restoring trust in phone communications, stating, “In-app calling capabilities are powerful as they help restore confidence by ensuring that calls happen in a secure, authenticated space.”

Melvyn Low, Head of Global Transaction Banking, added, “With in-app calls, we’re making it safer and easier for businesses to connect with us.” This initiative not only safeguards against fraud but also empowers customers to manage their banking needs with peace of mind.

Trust Bank Singapore has unveiled Trust Visa Instalments, a new feature allowing customers to spread payments for credit card transactions over 3, 6, 9, or 12 months without incurring any fees or interest. This service, developed in collaboration with Visa, is available for both in-store and online purchases at eligible merchants.

The initiative is part of Trust Bank’s broader suite of customer-focused lending solutions, which includes Instant Loan, Balance Transfer, and Split Purchase. Trust Visa Instalments aims to provide greater financial flexibility, enabling customers to manage their budgets more effectively. Dwaipayan Sadhu, CEO of Trust Bank, highlighted the collaboration with Visa as a significant step in offering “flexibility and simplicity at checkout.”

Customers can enjoy additional savings with an offer of S$80 off for every S$1,000 spent at selected retailers, including Courts, iStudio, and Samsung Experience Stores, until 31 December 2025. The minimum transaction amount for eligibility is S$100, and only main Trust credit cards qualify for the instalment plans.

Adeline Kim, Country Manager for Singapore and Brunei at Visa, noted the growing popularity of instalment solutions, with spending in the Asia Pacific region tripling over the past year. She emphasised that the partnership with Trust Bank expands the accessibility of seamless instalment payments to more consumers.

This new offering underscores Trust Bank’s commitment to enhancing customer experience by providing practical financial solutions that cater to diverse needs.

Zenika Singapore has announced the appointment of Seet Teck Kiang as Head of Business and the return of Michael Isvy as Head of Engineering. These strategic hires aim to expand Zenika’s regional influence and enhance its AI Multiplier Framework, a comprehensive model for delivering high-performance AI across products, architecture, and operations.

Seet Teck Kiang, a seasoned transformation leader with over 20 years of experience, joins Zenika from senior roles at ThoughtWorks, EPAM Systems, and Zühlke Group. His expertise in platform modernisation and digital transformation aligns with Zenika’s ambition to scale its AI Multiplier Framework. “What attracted me to Zenika is its ethos of engineering excellence,” Seet remarked, highlighting the framework’s potential to scale AI impact.

Michael Isvy, who helped establish Zenika Singapore, returns to lead the company’s engineering and AI strategy. With experience bridging French and Singaporean engineering cultures, Isvy aims to transform Zenika’s Singapore division into a hub for AI engineering. “My goal is to turn our Singapore division into a true experimentation hub for AI adoption,” Isvy stated.

Timothée Dufresne, Managing Director of Zenika Singapore, expressed confidence in the new appointments, noting that Seet and Michael’s strengths will drive the company’s expansion and shape its future in Asia. Founded in 2006, Zenika is a digital services boutique with over 530 experts globally, specialising in business transformation and IT modernisation.

Howden, a global insurance intermediary group, has announced the appointment of Alaric Lee as Chief Commercial Officer for Asia. Lee will be responsible for spearheading Howden Asia’s commercial strategy, collaborating closely with country CEOs and business development teams to drive new business and enhance sales performance. His role will be based in Singapore and will commence on 1 December 2025.

Lee brings a wealth of experience from his 15-year tenure at Marsh, where he most recently served as Managing Director and Corporate & Commercial Leader for Marsh Asia. During his time at Marsh, he oversaw regional strategies for the middle market and SME segments, leading teams across multiple markets.

Chye Huat, Chair of Howden Asia, expressed enthusiasm about Lee’s appointment, stating, “We are delighted to welcome Alaric to Howden. His deep regional experience, commercial acumen, and proven leadership will be instrumental in accelerating our growth ambitions and delivering value to our clients across Asia.”

Howden, founded in 1994, operates in 56 countries and employs 23,000 people, managing premiums totalling $50b. The group’s focus on employee ownership and its extensive global reach underscore its commitment to providing comprehensive insurance, reinsurance, and underwriting services to a diverse client base. Lee’s appointment is seen as a strategic move to bolster Howden’s leadership and growth trajectory in the Asian market.

ST Engineering has been chosen by FADA, a division of EDGE Group, to supply a synthetic aperture radar (SAR) satellite for the UAE’s National SAR Constellation Programme, Sirb. This initiative aims to boost the UAE’s Earth observation capabilities by providing high-resolution radar images for disaster response, environmental monitoring, and national security. The project includes the design and delivery of both the satellite and its mission control infrastructure.

The satellite will feature advanced imaging technology with sub-metre resolution and a high-speed downlink. ST Engineering will also develop the necessary infrastructure for its operation, ensuring reliable day-and-night, all-weather imaging. This aligns with FADA’s roadmap to enhance the UAE’s space-based capabilities for both governmental and commercial applications.

Low Jin Phang, President of ST Engineering’s Digital Systems business, stated, “FADA’s selection of ST Engineering for this strategic project underscores our proven leadership in space technology and our ability to design and produce commercial Earth observation satellites. We are committed to delivering end-to-end solutions that meet the UAE’s strategic needs and contribute to its vision of building a resilient, self-sustaining space ecosystem.”

Following the completion of the SAR system design review, the project will advance to the assembly and integration phase, accompanied by rigorous operational testing. This collaboration is expected to further solidify the UAE’s status as a global leader in space technology.

Linklaters has partnered with the Monetary Authority of Singapore (MAS) to tackle legal challenges and uncertainties surrounding the tokenisation of financial assets in Singapore. This collaboration aims to support MAS’s ongoing efforts to promote responsible innovation and the development of tokenised capital market products.

Utilising its expertise in financial regulation and capital markets, particularly in the fintech sector, Linklaters worked closely with MAS to scrutinise Singapore’s legal framework, including common law and national legislation. The project also addressed practical challenges faced by market participants, contributing to MAS’s updated Guide on the Tokenisation of Capital Market Products. This update further cements Singapore’s status as a leading fintech and digital asset hub.

Linklaters leveraged its global expertise, referencing regulatory approaches from the European Union, United Kingdom, Germany, Luxembourg, Japan, and Hong Kong SAR. The project was led by Peiying Chua, with key contributions from partners Evan Lam and Jonathan Horan, among others. Chua remarked, “Our collaboration with the Monetary Authority of Singapore exemplifies Linklaters’ collaborative approach, bringing together expertise from across practices and jurisdictions to serve client needs.”

The firm’s multi-disciplinary team also recently advised on the launch of the GL1 MI Toolkit, aimed at advancing global financial infrastructure for tokenised assets. This initiative underscores Linklaters’ commitment to driving innovation in digital finance and supporting capital markets worldwide.

Lum Chang Creations Group has announced the acquisition of two significant contracts, collectively valued at S$63.4m, which are set to enhance the company’s order book and revenue outlook through to 2028. The contracts include a redevelopment project for the Ministry of Social and Family Development (MSF) worth approximately S$31.9m and a renovation project for the Orchard Road Presbyterian Church valued at around S$31.5m.

The Managing Director of Lum Chang Creations, Lim Thiam Hooi, expressed that these contracts underscore the trust clients have in the company’s capabilities and standards. He stated, “These two high-value contracts reflect the confidence our clients have in our capabilities and project delivery standards. The S$63.4m in new contracts strengthens our order book considerably, maintains our balanced exposure across government and institutional clients, and provides clear revenue visibility extending into 2028.”

The dual contract wins not only bolster the company’s financial stability but also reinforce its strategic positioning in both government and institutional sectors. With these projects, Lum Chang Creations continues to demonstrate its proficiency in managing large-scale developments, ensuring a steady stream of revenue in the coming years. As the company looks forward to these projects, it remains committed to delivering high-quality results that meet client expectations and industry standards.

Cleanverse International has unveiled new insights from a survey conducted at the Singapore FinTech Festival 2025, highlighting significant barriers to the widespread adoption of Web3 technology. The survey, which gathered responses from over 1,500 participants, found that a substantial 75.4% of respondents are hesitant to use Web3 wallets, citing concerns about fraud, inconsistent verification standards, and counterparty risk.

The data underscores a growing demand for institutional-grade safeguards, with 40.5% of respondents expressing a preference for accessing Web3 services through their banks. This trend suggests that financial institutions could become the primary gateway for consumers entering the Web3 space.

Ceridwen Choo, CEO of Cleanverse, noted, “Respondents consistently told us that they want consumer protections built into the infrastructure itself—just like how they are used to, in existing banking services.” This sentiment reflects a broader expectation for Web3 to mirror the trust and compliance standards of traditional finance.

The survey also revealed a strong interest in embedded compliance and shareable Know Your Customer (KYC) protocols, with 59.5% of participants indicating that such measures would enhance their Web3 experience. Furthermore, 87% of respondents expressed confidence in Web3 services operating on compliance-certified platforms.

As the industry moves forward, the findings suggest that the future of Web3 will be built on trust and compliance. Cleanverse aims to address these challenges by integrating verified identity and real-time compliance into its platform, bridging the gap between traditional finance and decentralised finance.

EdenX Group, a fintech company based in Melbourne and Singapore, has announced a US$5m funding round to enhance its platform for private capital raising and business exits in the Asia-Pacific region. Supported by SC Ventures, the innovation arm of Standard Chartered Bank, the funding will help EdenX expand its regulated capital markets infrastructure and develop a comprehensive platform for business transactions.

The company, which integrates business sales, franchise development, media, and capital raising, has already onboarded over 250 brands, including notable names like Red Rooster, Pizza Hut, and Donut King. EdenX is licensed in both Australia and Singapore and plans to introduce tokenised capital issuance tools for small and medium-sized enterprises (SMEs) by 2026.

EdenX’s strategic expansion into Southeast Asia is driven by the “grey tsunami” of ageing business owners seeking succession solutions, alongside rising SME formation and demand for franchise systems. The company has secured a Capital Markets Services licence from the Monetary Authority of Singapore (MAS) and is gaining traction in Singapore, Malaysia, and the Philippines.

The capital raise follows a successful year, with EdenX’s FY24 revenue exceeding US$1.3m and projections to reach US$16.1m by FY28. CEO Dhanush Ganglani stated, “This raise gives us the firepower we need to take a major step forward in delivering the capital markets infrastructure that SMEs have long lacked.”

EdenX’s platform offers a complete ecosystem, including business sales, capital raising, franchise strategy, and media services. Founder Raghu Rajakumar highlighted the company’s success-based model, noting that one franchise client generated over US$150,000 in annual revenue through EdenX’s services. With the funding round now open, EdenX is engaging investors interested in the future of digital private markets and franchise growth in Asia-Pacific.