Industry News

The Monetary Authority of Singapore (MAS) issued a total of US$22.3m in fines in 2025, marking a staggering 579% increase from the previous year, according to data released by Fenergo. This surge is attributed to intensified enforcement against financial firms for breaches related to Know Your Customer (KYC), anti-money laundering (AML), and sanctions, following a major money laundering scandal in 2023.

The increase in fines underscores Singapore’s commitment to maintaining its status as a trusted global financial centre. MAS Deputy Chairman Chee Hong Tat recently highlighted the necessity of robust enforcement to manage the risks associated with being a global wealth hub. Rory Doyle, Head of Financial Crime Policy at Fenergo, noted, “In Singapore, enforcement action has intensified following a major money laundering scandal.”

Globally, the total value of penalties for non-compliance with AML, KYC, and related regulations fell to US$3.8 b in 2025 from US$4.6b in 2024. However, regional differences were stark, with North American fines dropping by 58%, whilst penalties in EMEA and APAC rose by 767% and 44%, respectively.

Despite these efforts, digital asset firms continue to face significant challenges, with nearly a quarter of the top ten highest-value fines involving such companies. Doyle emphasised the importance of modernising financial crime ecosystems, stating, “Firms that prioritise investment in leading-edge technology with AI at the forefront will be better positioned for the next wave of scrutiny.”

As Singapore strengthens its regulatory framework, the focus remains on reinforcing trust and ensuring compliance within its financial system.

The Singapore University of Social Sciences (SUSS) has launched a pioneering initiative to introduce dysphagia-friendly meals in mainstream restaurants, marking a significant step towards inclusive dining in Singapore. This two-day pilot programme, held on 12 and 13 January 2026 at Imperial Treasure and 5 Senses Café & Restaurant, is part of SUSS’ Dignity Dining: Age Better, Age+ Community Engagement Series. It aims to support older adults and individuals with dysphagia, a condition affecting swallowing, by offering texture-modified versions of familiar local and Chinese dishes.

The initiative addresses a pressing need, as dysphagia affects about 15% of older adults in Singapore. Whilst specialised meals are available in care settings, options in mainstream dining are scarce. By collaborating with The Project Futurus and local restaurants, SUSS seeks to bridge this gap and promote safe-swallowing practices.

Associate Professor Carol Ma of SUSS highlighted the importance of the initiative, stating, “This pilot serves to address a real and growing need and supports ageing in place by expanding inclusive dining options for individuals with dysphagia.” The programme not only provides practical solutions but also fosters social inclusion by enabling families to dine together without restrictions.

Participating restaurants have been trained to prepare and serve these specialised meals, ensuring they meet the International Dysphagia Diet Standardisation Initiative (IDDSI) standards. This effort is part of a broader movement to enhance dining experiences for Singapore’s ageing population, with potential for ongoing adoption by the restaurants involved.

Colliers has announced the sale of 12 strata retail units within Bukit Timah Shopping Centre, a mixed-use development in the Beauty World precinct. The portfolio, priced at S$40m, is available via Expression of Interest (EOI) and offers investors the flexibility to purchase the units collectively or in four separate clusters.

The 999-year leasehold portfolio spans approximately 18,223 square feet across two basement levels, with 11 of the 12 units currently tenanted, ensuring immediate income for buyers. The shopping centre boasts excellent connectivity, being a short walk from Beauty World MRT and near the upcoming Integrated Transport Hub.

The units are divided into clusters ranging from 2,142 to 11,011 square feet, with prices between S$6.15m and S$19.5m. One cluster includes the popular Buddy Hoagies diner, whilst others are anchored by education and service-oriented tenants.

The Bukit Timah precinct is undergoing significant rejuvenation, with new residential developments and infrastructure upgrades expected to enhance the area’s appeal. The shopping centre stands to benefit from increased footfall and improved tenant quality, supported by a catchment of over 85,900 residents and future developments.

Investor interest in retail assets has been growing, as evidenced by recent transactions such as City Developments Limited’s divestments. Terry Wong of Colliers Singapore noted the rarity of such opportunities in Bukit Timah, highlighting the potential for future growth and collective sale prospects. The EOI closes on 26 February 2026.

Singapore Gulf Bank (SGB) has strengthened its partnership with J.P. Morgan by joining its USD clearing network and implementing the Wire 365 service. This move allows SGB to provide uninterrupted, near real-time cross-border payment services, enhancing its clients’ ability to manage global liquidity effectively.

The collaboration marks a significant advancement for digital banking in the Middle East and North Africa (MENA) region. By integrating J.P. Morgan’s Wire 365 solution, SGB can now process USD transactions every day of the year, including weekends and public holidays. This eliminates traditional cut-off times, offering clients greater flexibility in optimising cash flows and meeting payment obligations efficiently.

Ali Moosa, Executive Vice Chairman of SGB, commented, “This collaboration is a major step forward for digital banking in the Gulf Corporation Council and further strengthens our position as the financial bridge between Asia and the Gulf.” He emphasised that joining J.P. Morgan’s global network ensures clients’ capital moves with the speed, certainty, and security required in today’s global economy.

Nawaf Humood, Executive Director at J.P. Morgan Payments, added, “We are pleased to provide Singapore Gulf Bank with the Wire 365 payment solution. This collaboration highlights SGB’s expanding position as a leading digital bank in the market.”

The partnership was formalised at a signing ceremony in Bahrain, marking another milestone for SGB, which recently launched its corporate banking service and a real-time, multi-currency clearing network. This development underscores SGB’s commitment to innovation and positions it at the forefront of digital transformation in the financial sector.

Agoda, the digital travel platform, has unveiled its latest innovation, the Booking Form Bot, an AI-powered chatbot designed to assist travellers with booking-related queries during the final stages of their reservation process. This new tool aims to streamline the booking experience by providing instant, context-aware answers to common questions, such as cancellation policies and promo code applicability, directly on the booking page.

Agoda’s internal research highlighted that 28% of users often return to the property page to verify trip details, with many pausing or exiting due to uncertainties about pricing and cancellation terms. The Booking Form Bot addresses these concerns by automatically understanding the user’s booking session, including property details and rate plans, to deliver precise and personalised responses without requiring users to navigate away from the page.

Idan Zalzberg, Chief Technology Officer at Agoda, stated, “Helping travellers stay informed at every step of their journey is central to building trust in our platform. At the booking stage, last-minute questions often arise around cancellation options or payment terms. The Booking Form Bot provides instant answers right when travellers need them, helping them book with confidence.”

This development builds on the success of Agoda’s Property AMA Bot, which handles over 30,000 hotel-related queries daily. By integrating AI technology into the booking process, Agoda continues to enhance its platform, making travel planning more intuitive for millions worldwide. Travellers can access the Booking Form Bot via the chat icon on the booking form page through the Agoda app and mobile browser.

StarHub has achieved its first-ever ‘A’ rating in the CDP’s 2025 Climate Change Assessment, marking a significant milestone in its sustainability efforts. This accolade places StarHub among a select group of global organisations recognised for their leadership in managing and disclosing climate-related risks and opportunities.

The telecommunications company has been actively working to reduce the carbon intensity of its operations, which are inherently energy-intensive due to its large-scale, always-on digital and network infrastructure. StarHub’s initiatives include enhancing energy efficiency across network sites and data centres, increasing the adoption of renewable energy, and advancing fleet and operational decarbonisation.

A key factor in achieving the ‘A’ rating was StarHub’s improved data collection and engagement with its value chain. By collaborating closely with suppliers, StarHub gathered detailed emissions data, allowing for more precise refinement of its Scope 3 emission categories. This approach is part of a broader decarbonisation and supplier engagement roadmap, anchored in science-based principles, guiding the company towards its emissions reduction targets for 2030 and 2050.

StarHub’s commitment to transparency is evident in its ongoing disclosure of progress and challenges in decarbonising its operations. In 2024, the company introduced long-term Power Purchase Agreements to boost renewable energy use, further reducing its carbon footprint.

This achievement underscores StarHub’s dedication to sustainability and positions it as a leader in climate action within the telecommunications industry.

Cosmo, a leader in performance textiles and advanced materials for the footwear and apparel industry, has announced the appointment of Mark Griffie as its new Chief Executive Officer, effective 1 January 2026. Griffie, who brings over two decades of experience from Nike, succeeds Josh VanDernoot, who will retire after six years but remain on the board as an adviser.

Griffie joined Cosmo in 2024 and has been instrumental in driving growth and sustainable innovation. His extensive background includes overseeing Nike’s global procurement of materials valued at over $8b. “Mark is a proven leader with deep operating expertise,” said Doug Dossey, Chairman of the Board. “He has the full confidence of the Board and the leadership team.”

VanDernoot expressed pride in the platform built during his tenure, stating, “The business is strong, the team is deeply capable, and Mark is well prepared to lead the business in its next phase.” Griffie, based in Singapore, emphasised continuity in Cosmo’s priorities, focusing on operational excellence and customer engagement.

Cosmo, known for its innovative and sustainable material solutions, operates manufacturing facilities in China, Vietnam, and Indonesia. The company is committed to supporting its partners through reliable execution and collaboration. With Griffie at the helm, Cosmo aims to strengthen its commercial and operational foundations, ensuring continued leadership in the dynamic footwear and apparel value chain.

Zeya Health, a Singapore-based healthcare technology startup, has successfully raised US$575,000 in pre-seed funding from Antler and strategic angel investors. This funding follows a remarkable 20-fold increase in clinic adoption of its AI-native infrastructure since August, with the company maintaining a 2x month-on-month growth rate. The investment will support Zeya’s efforts to address the rising demand for efficient healthcare solutions in the Asia-Pacific region, which is projected to reach a market size of US$5t by 2030 amidst a shortage of healthcare professionals.

Zeya Health’s innovative AI front desk integrates seamlessly with existing electronic medical records (EMR) and communication platforms like WhatsApp, automating administrative tasks such as reminders, follow-ups, and patient engagement. This system allows clinics to operate more efficiently without overhauling their current infrastructure, enabling partners to go live within 48 hours.

The startup’s rapid growth has attracted attention from larger healthcare groups, including AcuMed in Singapore, which is exploring the implementation of Zeya’s solutions across multiple clinics. Winnie Khoo, Partner at Antler, praised Zeya’s swift execution and ability to tackle the entrenched operational challenges in healthcare, stating, “From day zero, the Zeya team has executed with speed and discipline.”

Co-founders Agastya Samat and Pasindu Wijesena bring extensive experience to the venture, having previously worked on large-scale digital health solutions. Their personal encounters with operational inefficiencies in healthcare inspired the creation of Zeya Health. The recent funding will facilitate further product development and expansion across the Asia-Pacific region, as Zeya aims to enhance operational excellence and patient experience without adding complexity.

ETC, a member of Realion Group, has announced the sale of 81 Tras Street, a two-storey conservation shophouse with an attic and roof terrace, located in Singapore’s Tanjong Pagar Conservation Area. The sale will be conducted via an Expression of Interest exercise, closing on 10 February 2026 at 3 pm.

The property, zoned for commercial use under Master Plan 2025, has planning approval for restaurant use on both the first and second storeys. It occupies a site area of 151.1 square metres and offers a total floor area of 419.0 square metres. The guide price is set at S$15m, equating to approximately S$3,326 per square foot. Notably, the property is open to both local and foreign buyers without the imposition of Additional Buyer’s Stamp Duty or Seller’s Stamp Duty.

Swee Shou Fern, Head of Investment Advisory at ETC, highlighted the property’s prime location, stating, “Tras Street, within the Tanjong Pagar precinct, has firmly established itself as one of Singapore’s most vibrant city enclaves.” The area benefits from a mix of offices, hotels, premium residences, and a diverse dining scene, making conservation shophouses with F&B approval particularly desirable.

The shophouse is currently tenanted by the popular Italian restaurant Pasta Brava, providing immediate rental income for potential investors. Its proximity to Tanjong Pagar and Maxwell MRT stations, along with upcoming connectivity enhancements, further boosts its appeal.

The sale of 81 Tras Street represents a rare opportunity to acquire a property in one of Singapore’s most dynamic areas, with significant potential for both commercial and investment returns.

GMA Capital Partners has become a member of the Singapore Sustainable Finance Association (SSFA), marking a significant step in its commitment to sustainable finance in Singapore and the broader Asia-Pacific region. The firm, headquartered in Singapore, focuses on long-term investments, structured capital solutions, and cross-border partnerships in sectors such as infrastructure, energy transition, and logistics.

The SSFA serves as an industry body that supports the development of Singapore as a leading hub for sustainable finance. By joining the association, GMA Capital Partners aims to engage in industry dialogue and contribute insights from its cross-border investment experience. Managing Partner Chasen Nevett stated, “Joining the Singapore Sustainable Finance Association reflects our intention to engage constructively with Singapore’s sustainable finance agenda and the broader market dialogue.”

GMA Capital Partners emphasises a disciplined approach to capital allocation, prioritising investments that align with governance quality, regulatory standards, and credible transition pathways. The firm seeks opportunities where sustainable practices enhance long-term operational performance and risk management, rather than focusing on short-term gains.

Through its membership, GMA Capital Partners plans to participate in discussions on transition finance, taxonomy alignment, and the development of sustainable finance practices. This move underscores the firm’s commitment to integrating sustainability into its investment strategy and contributing to the evolution of sustainable finance in the region.