Industry News

Forvis Mazars, an international audit, tax, and advisory firm, has announced a strategic partnership with EcoOnline, a global provider of safety and sustainability software, in Singapore. This collaboration aims to bolster Forvis Mazars’ sustainability reporting and assurance services by integrating EcoOnline’s advanced environmental, social, and governance (ESG) solutions. The partnership comes as Singaporean companies face extended timelines to comply with mandatory climate-related reporting standards set by the Singapore Exchange and the Accounting and Corporate Regulatory Authority.

The partnership is timely, aligning with the Singapore Green Plan 2030 and the nation’s net-zero target by 2050. EcoOnline’s ESG software will enhance Forvis Mazars’ services, providing robust tools for data management and reporting. This includes framework reporting advisory, climate risk analytics, carbon accounting, forecasting, and sustainability assurance. These services are designed to help organisations manage reporting challenges and build capabilities for future compliance.

Lai Kee Yin, Partner in Technology, Digital & Sustainability Consulting at Forvis Mazars, emphasised the importance of not delaying efforts despite extended timelines. “We consistently hear from clients that their biggest challenge is moving beyond narrative-based reports to produce auditable, investment-grade data. Having used EcoOnline’s solution ourselves, we have firsthand confidence in its science-based approach,” he stated.

Sean Flynn, Regional Sales Director at EcoOnline, expressed enthusiasm for the partnership, noting the combined expertise will aid Singaporean firms in achieving sustainability goals. The partnership also includes educational initiatives to increase market awareness and understanding of the solution. The integrated ESG and sustainability solution is now available to clients in Singapore.
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Marco Polo Marine Ltd., a Singapore-listed marine logistics company, has announced a groundbreaking collaboration with Norwegian ship designer Salt Ship Design AS to develop the CSOV Plus, a pioneering Commissioning Service Operation Vessel. This vessel is uniquely designed for dual-sector operations in the offshore wind and oil & gas industries.

The CSOV Plus is the first of its kind, purpose-built from the keel up, offering enhanced capabilities with a 100-tonne Active Heave Compensated crane and a flexible cargo lifting system. It is engineered to operate in waves up to 3.0 metres, ensuring superior station-keeping. The vessel also features a sustainable design with a battery hybrid power system and accommodation for alternative fuels like methanol, aligning with evolving environmental regulations.

Construction of the CSOV Plus will commence in Q2 2026 at Marco Polo’s Batam facility, with delivery expected by Q2 2028. This strategic partnership involves Marco Polo Marine’s Taiwan subsidiary PKR Offshore, Salt Ship Design, and Marco Polo Shipyard. The vessel aims to meet the growing demand for versatile offshore assets that support the complete lifecycle of offshore wind projects.

Sean Lee, CEO of Marco Polo Marine, expressed enthusiasm about the partnership, stating, “We are thrilled to partner with the innovative team at Salt Ship Design to bring our biggest advancements in CSOV – CSOV Plus – to life.” Egil Sandvik, Chairman of Salt, added, “We are honoured that Marco Polo Marine has entrusted Salt Ship Design with the development for their CSOV Plus concept.”

This collaboration marks a significant step in advancing offshore capabilities, promising to set new industry standards for crew comfort and safety.
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MediSun Energy, a Singapore-based leader in brine management, has signed two significant Memorandums of Understanding (MoUs) with GreenTech Environmental, a Chinese innovator in water treatment, at the Global Water Expo in Riyadh. These agreements aim to advance modular desalination, promote Saudi localisation, and support global expansion.

The collaboration combines MediSun’s technologies—Reverse Electrodialysis (RED) and Selective Electrodialysis Metathesis (SEDM)—with GreenTech’s Newater House, a containerised desalination solution. This integration is designed to improve efficiency, reduce energy consumption, and minimise brine discharge in both Brackish Water Reverse Osmosis (BWRO) and Seawater Reverse Osmosis (SWRO) systems.

Under the first MoU, MediSun will distribute Newater House across the Middle East and Africa, whilst GreenTech will introduce MediSun’s technologies in China. The second MoU focuses on Saudi Arabia through MediSun Arabia, a joint venture with MOAJ Holding. This partnership aims to build local capacity by establishing manufacturing, technology transfer, and training programmes within the Kingdom.

Joseph Chua, Co-Founder and President of MediSun, stated, “Partnering with GreenTech marks a major step forward. Together we are accelerating the rollout of the modular Newater House whilst expanding into key markets.” Eric Zhang, Chairman of GreenTech Environmental, added, “This collaboration unites international innovation with Saudi strength.”

The partnership aligns with Saudi Vision 2030, aiming to enhance water security, create jobs, and position Saudi Arabia as a global hub for innovative water solutions. The partners plan to export sustainable water solutions worldwide, strengthening domestic and international water security.
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ING has announced the expansion of its electronic foreign exchange (eFX) capabilities in Singapore, establishing a new regional trading hub aimed at providing faster execution and smarter pricing for clients across Asia Pacific (APAC). This development comes as part of a broader industry trend of increasing eFX demand in the region, with global banks enhancing their FX engines in Singapore.

The integration with the SG1 data centre and the wider eFX ecosystem will enable ING to offer clients faster trade execution, lower latency, and improved liquidity access. The bank’s AI-powered risk management capabilities will allow for smarter and more adaptive FX pricing, enhancing transparency and execution efficiency. Obbe Kok, head of Financial Markets at ING APAC, stated, “With Singapore playing a growing role in global FX markets, our enhanced capabilities at SG1 demonstrate ING’s commitment to clients across APAC.”

The Singapore hub will complement ING’s global network in Amsterdam, London, and New York, ensuring seamless, around-the-clock market access. This expansion aligns with the industry’s shift towards digital, real-time, and data-driven trading, reinforcing ING’s leadership in delivering future-ready solutions.

Additionally, ING plans to bolster its commodity trading capabilities in APAC to meet the rising demand for precious metals. Lim Cheng Khai, executive director at the Monetary Authority of Singapore, welcomed the launch, noting it adds diversity and depth to the region’s FX market.

As the FX markets continue to evolve, ING’s expanded presence in Singapore is set to offer enhanced pricing efficiency and robust risk management, catering to the unique demands of Asia’s dynamic markets.
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Singapore’s worker dormitory market has shown resilience in the first half of 2025, with demand continuing to rise despite global economic uncertainties, according to a joint report by the Dormitory Association of Singapore Limited (DASL) and Knight Frank Singapore. The report highlights that the number of work permit holders in the Construction, Marine Shipyard, and Process industries increased by 3.6% from December 2023 to December 2024, reaching 456,800.

The report focuses on Class 4 dormitories, which represent the majority of the market. As of H1 2025, there were 60 Class 4 dormitories with approximately 274,000 beds, accounting for 62.3% of the total bed capacity in Singapore. The occupancy rate for these dormitories rose to 98.3%, up from 96.7% in H2 2024.

Leonard Tay, Head of Research at Knight Frank Singapore, noted that domestic construction projects, such as the development of Tuas Port and Changi Airport Terminal 5, are driving the demand for worker accommodation. The report also mentions the opening of new dormitory facilities, including the Pioneer Lodge Dormitory, which added 3,088 beds in April 2025, with an additional 7,412 beds expected by October 2025.

Average monthly rents for dormitory beds have increased by 6.5% in the past six months, reaching an islandwide average of $360 (S$490) per bed per month. This rise is attributed to both strong demand and increased operating costs. The introduction of the Dormitory Transition Scheme and New Dormitory Standards by the Ministry of Manpower is expected to further influence rent prices as dormitories undergo necessary upgrades.

Looking ahead, the report anticipates a continued upward trend in bed rents, with a projected increase of around 10% for the remainder of 2025. The market outlook remains positive, supported by ongoing construction activities and regulatory changes.
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The Monetary Authority of Singapore (MAS) has announced that the Green Investments Partnership (GIP), a blended finance fund under the Financing Asia’s Transition Partnership (FAST-P) initiative, has achieved its first close with US$510m in committed capital. This funding, sourced from a mix of global and regional private, public, and philanthropic institutions, will be channelled into green and sustainable infrastructure projects across Southeast and South Asia.

The GIP is supported by a diverse group of investors, including the Australian Government, International Finance Corporation, Dutch Entrepreneurial Development Bank, HSBC, Temasek, and British International Investment. The European Commission is also backing the initiative under its Global Gateway programme. Pentagreen Capital, established by HSBC and Temasek, will manage the fund, focusing on sectors such as renewable energy, electric vehicle infrastructure, and sustainable transport.

Launched in 2023, FAST-P aims to bridge the climate finance gap in Asia by leveraging blended and tiered capital structures. This approach seeks to mitigate risks associated with infrastructure investments, particularly during the project development and construction phases, thereby attracting international investors.

Gillian Tan, Assistant Managing Director and Chief Sustainability Officer of MAS, highlighted the significance of this milestone, stating, “Pentagreen has brought together a diverse group of partners… to de-risk and finance marginally bankable green infrastructure projects in the region.” Munib Madni, CEO of FAST-P Office, expressed gratitude to the partners, emphasising the ongoing commitment to promoting sustainable infrastructure solutions.

The successful first close of GIP marks a pivotal step in mobilising capital for Asia’s green transition, with future implications for expanding sustainable finance in the region.
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Lion Global Investors has announced the launch of Singapore’s first active bond Exchange Traded Fund (ETF), the LionGlobal Short Duration Bond Fund (Active ETF SGD Class), set to be listed on the Singapore Exchange (SGX) on 29 September 2025. This marks a significant milestone as it is the first listed share class of an existing fund on SGX, offering investors a new option in a declining interest rate environment.

The fund aims to provide capital growth and income over the medium to long term through a diversified portfolio of high-quality, short-term bonds from both Singapore and international issuers. With the Initial Offering Period (IOP) running from 8 to 23 September, investors can subscribe through various platforms, including OCBC ATMs and participating dealers like DBS Vickers Securities and Maybank Securities.

Teo Joo Wah, CEO of Lion Global Investors, highlighted the fund’s strong performance since its inception in 1991, stating, “This listed active ETF SGD Class is a notable addition to the LGI family of ETFs as investors continue to seek out cost-effective, income-producing strategies.”

The introduction of this ETF aligns with the growing demand for active ETFs globally, which have captured 28% of all ETF flows in 2025, according to Bloomberg. Lion Global Investors, with over four decades of fixed income investment experience, manages approximately SGD 56.8 billion in fixed income assets, underscoring its expertise in the field.

The LionGlobal Short Duration Bond Fund (Active ETF SGD Class) offers quarterly distributions and a management fee of 0.25% per annum, providing a cost-effective solution for income-focused investors. As the ETF market continues to evolve, this launch represents a strategic expansion of Lion Global Investors’ offerings, catering to the increasing demand for flexible and resilient investment options.
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Abaxx Exchange and Qingdao International Energy Exchange have announced plans to explore a strategic collaboration in the physical liquefied natural gas (LNG) market. This partnership seeks to integrate Abaxx’s LNG futures and clearing infrastructure with Qingdao’s established energy market presence in China. The collaboration aims to connect international suppliers with China’s demand centres, enhancing liquidity, transparency, and risk management in Asia’s LNG marketplace.

The partnership will focus on several key areas, including the integration of the physical LNG market, the development of transparent price benchmarks for the Asia-Pacific region, and the provision of innovative risk management solutions. Additionally, the collaboration will extend beyond LNG to include a broader range of energy market products, supporting cross-border trading needs.

Nancy Seah, CEO of Abaxx Exchange, expressed enthusiasm for the partnership, stating, “We are excited to work with Qingdao International Energy Exchange to strengthen the LNG trading ecosystem in Asia.” A spokesperson from Qingdao International Energy Exchange added, “Together we can foster a more robust, efficient, and accessible LNG marketplace.”

This collaboration underscores a shared commitment between Singapore and China to advance sustainable energy solutions and promote cross-border cooperation in commodity trading. As the global energy landscape shifts towards cleaner sources, the partnership aims to play a pivotal role in supporting this transition through improved market infrastructure and connectivity.
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Singapore and Johor have been identified as a key emerging AI powerhub in the Asia Pacific region, according to the inaugural Global Data Centre Report 2025 by the Digital Infrastructure Collective (Asia). The report, which examines data centre landscapes globally, underscores the region’s robust digital connectivity, critical mass of data centre stock, and forward-looking energy strategies as pivotal factors in its rise.

The report notes that Singapore’s role as a digital connectivity hub was bolstered by the lifting of a 2019 moratorium on data centre growth, replaced by a Green Data Centre Roadmap in 2022. This roadmap permits new data centres that meet stringent sustainability and economic criteria. Meanwhile, Johor, Malaysia, has seen a dramatic increase in data centre capacity, from 10MW in 2021 to over 1,500MW by 2024, driven by initiatives like the “Green Lane Pathway” which expedites power and construction approvals.

Johor’s competitive advantages, including lower land, water, and power costs, and access to large-scale renewable energy, position it as a complementary hub to Singapore. The establishment of the Johor-Singapore Special Economic Zone in early 2025 further solidifies this nexus as a critical node for AI development in the region.

Tim Lin, a partner at the Digital Infrastructure Collective (Asia), emphasised the importance of balancing AI and economic advancement with sustainability commitments, stating, “The real challenge, beyond rhetoric or ideology, lies in integrating and actualising both these goals – to deliver meaningful and lasting impact.”

The report’s findings highlight the strategic importance of the Singapore-Johor region in the global AI infrastructure landscape, suggesting significant future growth and investment opportunities.
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Cosco Shipping International (Singapore) Co., Ltd. has announced that its joint venture, Goldlead Supply Chain Development (Southeast Asia) Pte. Ltd., has entered into a memorandum of understanding (MOU) with PSA Port Ecosystem (SEA) Pte. Ltd. The agreement, signed on 5 September, outlines the parties’ intention to explore potential collaborations for a new warehouse facility, PSA Supply Chain Hub @ Tuas, in Singapore.

The proposed collaboration aims to establish a regional distribution centre to serve markets across South-East Asia and Asia, focusing on regional transshipment. However, the MOU does not constitute a legally binding agreement, and there is no guarantee that it will lead to definitive agreements.

Cosco Shipping’s Chairman and President, Wang Shan He, stated that the company will provide further updates as material developments occur. Shareholders are advised to exercise caution when dealing with shares or securities of the company and to consult professional advisers if uncertain about any actions to take.

This potential collaboration highlights the strategic importance of Singapore as a logistics hub in the region, potentially enhancing supply chain efficiencies and connectivity for businesses operating in Asia.
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