Industry News

Esco Aster, a cell and derivatives contract research, development, and manufacturing organisation (CRDMO) based in Singapore, has signed a clinical cGMP manufacturing contract with Shine-On Biomedical. The collaboration focuses on Shine-On’s innovative HLA-G targeting exosome drug delivery platform, which aims to enhance drug delivery efficiency. This partnership follows Shine-On’s sponsorship of Esco Aster in 2023 for cGMP services, which included high-yield exosome development using Esco Aster’s cell line platform.

The partnership is significant as it supports Shine-On’s Investigational New Drug (IND) submission, which was cleared by the US Food and Drug Administration (FDA) in Q1 2025. Esco Aster’s comprehensive technical reports on process, analytical, and formulation development, as well as exosome drug loading and stability studies, were crucial in this approval process.

Esco Aster is also providing technical services for exploratory exosome loading feasibility studies, as instructed by Shine-On Biomedical. Shine-On is recognised as an emerging innovator in the field of exosome-based drug delivery, and this collaboration is expected to advance their proprietary product development.

This partnership highlights the growing importance of exosome technology in drug delivery systems, potentially leading to more effective treatments. The collaboration between Esco Aster and Shine-On Biomedical could pave the way for future innovations in the pharmaceutical industry, enhancing the delivery and efficacy of therapeutic agents.

Singapore has been ranked seventh in Savills’ inaugural Matcha Index, which evaluates global tech cities based on urban liveability, café culture, and matcha affordability. The index, led by Tokyo, London, and Seoul, highlights Singapore’s vibrant café scene and its appeal to tech workers despite higher matcha latte prices, averaging US$5.43.

The Matcha Index, part of Savills’ Tech Cities research, underscores the importance of café culture in supporting tech ecosystems. Sulian Tan-Wijaya from Savills Singapore noted, “Singapore has a vibrant and rich café culture. Besides the strong presence of established and new coffee chains, our café culture has evolved to embrace anything Matcha.”

The study reveals that whilst Singapore’s matcha lattes are among the pricier options, the city remains competitive due to its strong café availability and quality. This aligns with broader lifestyle trends, as matcha is favoured for its health benefits and slow-release energy, appealing to the wellness-focused tech workforce.

Charlotte Rushton from Savills World Research commented, “The Matcha Index reveals a clear pattern: tech cities that successfully blend lifestyle and innovation tend to thrive.” The index suggests that vibrant café cultures are crucial for urban liveability and connectivity, fostering networking and a blend of work and leisure.

As Singapore continues to embrace matcha trends, including innovative matcha rave parties, it solidifies its position as a leading tech hub, offering a unique blend of lifestyle and professional opportunities.

Concord New Energy Group Limited has successfully completed its secondary listing on the Singapore Exchange (SGX) Mainboard, marking a significant milestone as the first China renewable energy company to do so in 2026. CGS International Securities Singapore Pte. Ltd. acted as the sole issue manager for this landmark transaction, which aims to broaden Concord New Energy’s capital markets presence in Asia.

The listing, under the ticker symbol SEG, is the first on SGX this year and supports Concord New Energy’s global expansion in wind, solar, and energy storage sectors. Jason Saw, Group Head of Investment Banking at CGS International, highlighted Singapore’s role as a strategic gateway for companies seeking diversified, long-term capital. “As the sole issue manager, we are pleased to support Concord New Energy in broadening its investor base and advancing its global growth strategy,” Saw stated.

Liu Shunxing, Board Chairman of Concord New Energy, expressed the company’s commitment to strengthening corporate governance and engaging with international capital markets. “Our secondary listing on the Singapore Exchange represents a key step in advancing our global business strategy,” Liu said.

This achievement marks CGS International’s third secondary listing of a Chinese firm on the Singapore Exchange, following Helen’s International Holdings in 2024 and China Medical Systems in 2025. The move is expected to attract more international long-term capital to support Concord New Energy’s renewable energy business expansion globally.

The FTSE ST Industrials Index achieved a remarkable 44% total return in 2025, with a further 3% gain in early January trading. Comprising 16 stocks from the FTSE ST All-Share Index, the Index recorded S$265m in net institutional inflows last year and maintained an average daily turnover of S$193 million. This performance underscores the sector’s pivotal role in Singapore’s economy, spanning construction, engineering, marine, and environmental services.

Hong Leong Asia and Marco Polo Marine emerged as standout performers. Hong Leong Asia, a diversified industrial group, achieved 173% total returns in 2025, driven by strong growth in powertrain unit sales and new energy initiatives. Marco Polo Marine, a regional marine logistics company, expanded its fleet and capabilities, securing major contracts like a S$198m shipbuilding project for Taiwan’s National Academy of Marine Research.

The broader group of FTSE ST Industrials Index constituents and other Singapore-listed industrial stocks with market capitalisation above S$100m saw median total returns of 61% in 2025, supported by S$741m in net institutional inflows. Companies like Sanli Environmental and Soilbuild Construction Group experienced significant increases in trading activity in the second half of 2025.

Looking ahead, the industrial sector’s ability to integrate within regional supply chains and leverage technology and sustainability practices will be crucial for sustaining growth. Government initiatives, such as infrastructure development and the green transition, are expected to continue providing tailwinds for the sector.

Aires Applied Quantum Technology, a Singapore-based company, is making significant strides in the quantum technology sector by developing Southeast Asia’s first post-quantum cryptography (PQC) patents. Founded by a mathematician and a former banker, Aires focuses on software-driven quantum-safe tools, integrating them into common enterprise systems to prepare businesses for post-quantum risks.

Aires has filed internationally recognised PQC patents, covering encryption, IoT security, and quantum simulation algorithms. The company’s technology is developed by an independent Singapore-based research team, avoiding external dependencies. Aires’ intellectual property portfolio includes patents filed in Singapore, the US, and Japan, with support from organisations like Enterprise Singapore and Innovate UK.

The company’s approach is unique in the quantum start-up landscape, which often involves high capital expenditure and long research cycles. Aires focuses on lean algorithmic development, allowing it to operate profitably whilst expanding its patent portfolio and international partnerships. This strategy positions Aires as a commercially viable deep-tech model in the region.

Ken Lin, co-founder and managing director at Aires, highlighted the importance of proprietary algorithms and in-house research, stating, “Recent patent consolidations by leading global firms underline how quickly proprietary algorithms and in-house research are becoming the core determinants of value.”

As Singapore aims to secure its digital infrastructure and strengthen its economic competitiveness, Aires’ development reflects the growing recognition of local innovation’s role in building a resilient quantum ecosystem. The company’s efforts contribute to Singapore’s long-term quantum strategy, supporting businesses in adopting quantum-safe practices.

Retail sales in Singapore experienced a notable increase of 6.3% year-on-year in November 2025, according to the latest figures from SingStat. This growth follows a 4.4% rise in October 2025, highlighting a continued upward trend in consumer spending. Excluding motor vehicles, retail sales grew by 5.8%, building on a 3.7% increase the previous month. The total retail sales value reached S$4.4b, with online sales accounting for 16.9% of this figure, up from 14.5% in October.

The rise in online sales was largely driven by year-end shopping events such as Singles’ Day and Black Friday. Notably, online sales comprised 60.6% of sales in the Computer & Telecommunications Equipment sector, 40.7% in Furniture & Household Equipment, and 12.6% in Supermarkets & Hypermarkets.

In contrast, the Food & Beverage (F&B) services sector saw a more modest year-on-year growth of 2.5% in November, consistent with the growth seen in October. However, on a seasonally adjusted basis, F&B sales fell by 0.8% compared to the previous month. The total sales value for F&B services was estimated at S$1.0b, with online sales making up 24.8% of this total.

Within the F&B sector, Fast Food Outlets and Food Caterers each recorded a 7.0% increase in sales, whilst Cafes, Food Courts, and Other Eating Places grew by 2.0%. Conversely, Restaurants experienced a slight decline of 0.4% in sales.

These figures underscore the growing importance of online sales in Singapore’s retail landscape, particularly during major shopping events, whilst the F&B sector continues to face challenges in maintaining consistent growth.

Knight Frank Singapore has announced the appointment of Dr Alan Wong as Chief Operating Officer and Head of Facilities Management at Knight Frank Property and Facilities Management Pte Ltd, effective 5 January 2026. Reporting to CEO Galven Tan, Wong will spearhead digital transformation efforts to enhance the firm’s market position in property and facilities management.

Wong, who succeeds Peter Tan, will ensure a seamless transition for ongoing projects and collaborate with the existing team to expand the Facilities Management business. With a background in telecommunications, digital app solutions, and community care, Wong brings a wealth of experience in transforming traditional organisations.

In his role as COO, Wong will work closely with Eleana Teo, Managing Director and Head of Strata Management, to drive operational efficiency and business growth. Together, they aim to strengthen KFPFM’s digital platforms and develop innovative strategies for stakeholders.

Galven Tan expressed confidence in Wong’s ability to elevate operational efficiencies and foster an agile, innovative culture at KFPFM. “Alan is a seasoned C-suite professional with extensive experience in key senior operational and strategic roles,” Tan stated. “We are very excited about the next phase of growth for our business.”

Wong emphasised his commitment to technology-enabled solutions and operational efficiency, stating, “I am excited to drive KFPFM’s next chapter of growth and success to deliver sustainable, long-term value to our clients.”

This strategic appointment marks a significant step for Knight Frank Singapore as it seeks to enhance its service offerings and maintain its leadership in the property management sector.

Johnson Controls has announced a significant expansion of its Innovation Centre in Singapore, investing up to S$60m over the next five years. This move aims to address the increasing demand for sustainable data centre solutions across the Asia Pacific region. The enhanced facility will focus on developing next-generation cooling, thermal management, and intelligent automation technologies to help hyperscalers and colocation providers meet carbon reduction targets without compromising performance.

The expansion underscores Singapore’s position as a hub for sustainable digital infrastructure. Cindy Koh, Executive Vice President at the Singapore Economic Development Board, highlighted that the expansion “adds new capabilities and jobs in sustainable building solutions in Singapore, for which data centre is a key growth area.” This initiative reflects Johnson Controls’ confidence in Singapore as a leading innovation hub.

Anu Rathninde, President of Asia Pacific at Johnson Controls, emphasised the importance of the expansion, stating, “The expansion of our Innovation Centre in Singapore is key in helping hyperscalers and colocation providers achieve their carbon reduction goals whilst ensuring performance and consistency at scale.”

The investment will also see the expansion of Johnson Controls’ engineering teams to 90-100 roles, enhancing expertise in thermal management and advanced cooling strategies. This development is part of a broader strategy to support the rapid AI and cloud-led digitalisation in the region, where data centres are projected to account for 12% of Singapore’s national energy consumption by 2030.

With a legacy of over 140 years, Johnson Controls continues to advance sustainability through its OpenBlue digital platform and Cooling-as-a-Service model, reinforcing Singapore’s Green Building Masterplan and Smart Facility Management goals.

Hyphens Pharma International Limited, a leading Singaporean pharmaceutical and healthcare group, has announced a strategic partnership with Swiss company Louis Widmer SA to commercialise its Cerapro® MED Skin Barrier Cream across six European countries. This agreement, which includes Switzerland, Liechtenstein, Austria, Belgium, Luxembourg, and the Netherlands, aims to introduce the innovative eczema treatment to European markets by 2026.

Cerapro® MED Skin Barrier Cream, a patented formulation, is designed to lower skin pH and restore the skin barrier, addressing key factors of atopic dermatitis, a common form of eczema. The product has been approved as a CE-marked medical device under the European Medical Device Regulation, offering a novel treatment option for patients. Louis Widmer, known for its high-quality dermatology products since 1960, will promote Cerapro® to dermatologists and paediatricians in the designated regions.

Hyphens Pharma will receive an upfront fee and royalties on sales as part of the licensing agreement. Lim See Wah, Chairman and CEO of Hyphens Pharma, expressed enthusiasm about the collaboration, stating, “This milestone partnership with Louis Widmer underscores our commitment to innovation and patient care.”

Annemarie Widmer, CEO of Louis Widmer, added, “We are excited to partner with Hyphens Pharma to introduce Cerapro® to our markets, offering patients a clinically proven solution for atopic dermatitis.”

This collaboration marks a significant step for Hyphens Pharma in expanding its reach into the European market, potentially enhancing patient outcomes with its science-backed dermatological solutions.

Singlife, a prominent financial services company, has relocated to Marina One, Singapore, marking a significant step in its growth and sustainability journey. The move consolidates over 1,200 employees from various locations into a 74,000-square-foot space, aiming to boost productivity and collaboration. The new office features open workspaces and enhanced facilities, fostering innovation and teamwork.

The relocation includes the launch of a new Customer Service Centre on Level 1 of Marina One, The Heart. Designed with SG Enable, the centre offers improved accessibility, including a wheelchair-friendly service counter and hearing assistance technology. Customers can also book appointments online for convenience.

Singlife’s commitment to sustainability is underscored by the move, which is expected to save over 95,000 kWh of electricity annually. The company reused over 1,400 pieces of furniture, installed energy-efficient lighting, and incorporated greener materials. Marina One’s LEED certification and BCA Green Mark Platinum status align with Singlife’s goal of achieving net-zero emissions by 2050.

Pearlyn Phau, Group CEO of Singlife, stated, “The move to Marina One is more than just a change of address—it marks the next phase in Singlife’s journey.” The relocation not only strengthens Singlife’s position in Singapore’s financial landscape but also enhances its ability to serve customers and partners effectively.

The move was celebrated with a symbolic walk by 150 employees from SGX Centre 2 to Marina One, where Singlife welcomed fellow tenants with complimentary treats, fostering new connections within the business community.