Industry News

Singapore’s NODX continued its upward trajectory for the third consecutive month, recording a 6.6% month-on-month seasonally adjusted increase in November, according to UOB Global Economics and Markets Research. This growth surpassed Bloomberg’s consensus expectations of a 6.8% rise, largely due to a significant spike in pharmaceutical exports. Without this S$3.2b increase in pharmaceuticals, NODX would have contracted by 9.5% year-on-year.

The surge in pharmaceutical exports reflects strong industrial production (IP) figures from September and October, potentially influenced by the front-loading of orders following US pharmaceutical tariff announcements in late September. The Economic Development Board attributed the performance to increased production of active pharmaceutical ingredients and biological products. The US and EU markets saw notable increases in NODX, with year-on-year growth of 106% and 66.3%, respectively.

In contrast, electronics NODX showed a moderated growth of 13.1% year-on-year in November, down from 33.1% in October. This was due to softer gains in integrated circuits and a decline in disk drives, whilst consumer electronics remained in contraction. Despite this, electronics non-oil re-exports (NORX) still posted a robust 36% year-on-year increase.

Year-to-date, Singapore’s NODX has risen by 4.8%, positioning it to exceed the official 2025 full-year estimate of around 2.5%. Looking ahead, UOB projects NODX growth to slow to 1.2% in 2026, as the delayed impact of US tariffs and base effects weigh on electronics exports growth.

Zscaler, a leader in cloud security, has unveiled its ThreatLabz 2025 Mobile, IoT, and OT Threat Report, revealing that Singapore’s technology and healthcare sectors are prime targets for malware attacks. The report indicates that cybercriminals are focusing on high-value industries, exploiting the shift towards hybrid work models and increased reliance on mobile, IoT, and OT technologies.

The report highlights that 67% of mobile and 70% of IoT attacks in Singapore target the technology sector, whilst the healthcare sector accounts for one-fifth of global attacks. This underscores the significant exposure of these critical industries to cyber threats. Heng Mok, CISO-in-Residence at Zscaler, emphasised the need for a “Zero Trust everywhere approach” to mitigate these risks.

Globally, there has been a 67% increase in Android malware, with Singapore-originated attacks primarily targeting the US. The report also identified 239 malicious apps on the Google Play Store, downloaded over 42 million times, often disguised as productivity tools.

Zscaler’s findings stress the importance of robust security measures to protect against the evolving threat landscape. The company’s Zero Trust architecture aims to safeguard users, devices, and applications through continuous verification and policy enforcement. As cyber threats grow in sophistication, organisations must adapt to protect their critical infrastructure and data.

Singapore-based maritime electrification startup Pyxis has successfully raised S$13m in the first close of its S$18m Seed II funding round. This financial boost comes from a coalition of climate-tech, venture capital, and maritime strategic investors. The funds will be used to accelerate the production of electric vessels, expand the company’s Electra™️ smart energy capabilities, and scale ultra-fast marine charging infrastructure.

The funding follows Pyxis’s successful deployment of its electric vessel, Pyxis One, and its solar-powered counterpart, Pyxis R. These innovations are part of Pyxis’s broader strategy to support Singapore’s goal of transitioning 1,600 harbour crafts to electric or low-carbon alternatives.

Tommy Phun, Founder and CEO of Pyxis, expressed enthusiasm about the funding’s potential impact. Sebastien Guillard, Co-founder and Managing Partner of Shift4Good, and Tan Kaixin, General Manager of SEEDS, also expressed their support for Pyxis’s vision and the potential for significant environmental benefits.

The successful funding round underscores the growing interest and investment in sustainable maritime solutions, aligning with global efforts to reduce carbon emissions. As Pyxis continues to innovate, the company is poised to play a pivotal role in the future of maritime electrification in Asia.

TADA, Singapore’s pioneering zero-commission ride-hailing platform, has unveiled a S$1m pilot initiative named ‘Hotpot’ to counter high-commission models and rising commuter fares. With over 27,000 drivers committed, the initiative seeks to establish a fairer economic model by rewarding drivers transparently through blockchain technology.

The ‘Hotpot’ initiative addresses the prevalent issue of high commissions and opaque algorithms that diminish driver earnings and inflate commuter fares. By recording driver contributions and rewards on the MVL blockchain, TADA ensures a transparent and tamper-proof system that offers drivers a verifiable stake in the ecosystem. This approach contrasts with traditional loyalty schemes, which are often devalued by the platforms themselves.

Drivers participating in ‘Hotpot’ earn TADA Points for each trip, which determine their eligibility for Group Rewards. These rewards are enhanced when collective trip targets are met, offering a 2× multiplier on earnings. This system shifts the focus from individual bonuses to collective effort, ensuring that drivers share in the value they create.

Kay Woo, Founder of TADA and MVL, stated, “Drivers shouldn’t be paying away their earnings in commissions, and riders shouldn’t be accepting cost-climbing fares as ‘the norm’. This is an opportunity to make a stand to Say No to Commission and build a fairer system.”

The ‘Hotpot’ initiative is the first step in TADA’s long-term vision to empower drivers with a voice in future ride-hailing decisions and prepare them for next-generation services like autonomous vehicles. The next phase, set for early next year, will introduce community decision-making and expand the initiative regionally.

Foodpanda has announced a substantial double-digit increase in merchant sign-ups across Asia, reinforcing its position as a key growth partner for local businesses. This milestone reflects foodpanda’s dedication to enhancing merchant care and success throughout the Asia Pacific region.

To address the challenges of a competitive market, foodpanda has launched several initiatives aimed at supporting merchants. These initiatives focus on four main areas: personalised support, growth tools, financial access, and recognition. In Taiwan, foodpanda has collaborated with the Commerce Development Research Institute and Asia Marketing Transformation Alliance to establish the Restaurant Transformation Advisory Team, providing coaching and data analysis to help small and medium enterprises (SMEs) digitise and expand.

In Singapore, foodpanda’s AI-driven growth tools, such as Panda Ads and data insights dashboards, have enabled businesses like Jaggi’s café to increase monthly orders fivefold. Additionally, partnerships with platforms like Funding Societies and AEON Bank in Malaysia and Bangladesh offer financing programmes to aid small businesses in managing cash flow and expansion.

Foodpanda also celebrates its diverse merchant community through initiatives like Local Heroes campaigns and merchant awards. “Merchants are at the heart of foodpanda’s ecosystem,” said Giuseppe Randazzo, Chief International Officer at foodpanda APAC. “Our mission is to help them thrive with human-first support, smart technology, and partnerships.”

Looking forward, foodpanda plans to expand its merchant care programme across all 10 Asia-Pacific markets in 2026, aiming to create an ecosystem where businesses of all sizes can thrive.

Singapore’s external trade experienced a slowdown in November 2025, with non-oil domestic exports (NODX) rising by 11.6%, a decrease from October’s 21.7% surge. This growth was primarily driven by pharmaceuticals and electronic products, according to Enterprise Singapore. The total trade increased by 8.8% year-on-year, following a 23.1% expansion in the previous month.

NODX saw a notable boost from electronic products, which grew by 13.1% year-on-year. Integrated circuits (ICs), personal computers (PCs), and bare printed circuit boards (PCBs) were significant contributors, with increases of 22.9%, 48.0%, and 26.8%, respectively. Non-electronic NODX also rose by 11.1%, led by pharmaceuticals, pumps, and non-electric engines and motors, which saw substantial growth rates of 369.8%, 361.2%, and 123.2%.

The US, EU 27, and Taiwan were key markets for NODX, with exports to the US expanding by 106.0% due to pharmaceuticals, structures of ships and boats, and PCs. The EU 27 saw a 66.3% increase, driven by pharmaceuticals and non-electric engines, whilst Taiwan’s growth moderated to 15.7%.

Non-oil re-exports (NORX) rose by 14.5%, with electronics growing by 36.0%, thanks to PCs, ICs, and telecommunications equipment. However, non-electronic NORX declined by 8.6%, affected by decreases in non-monetary gold, petrochemicals, and electrical machinery.

Overall, Singapore’s trade performance in November indicates a continued reliance on pharmaceuticals and electronics, with future growth potentially influenced by these sectors’ volatility.

Artificial Intelligence (AI) is set to redefine human resources (HR) in Singapore by 2026, according to ADP’s latest HR Trends Guide. The report reveals that 51% of Singaporean organisations consider AI crucial for enhancing payroll productivity. AI is expected to automate onboarding, streamline validation, and reduce payroll errors, expanding HR’s role to include technology orchestration and AI-enabled decision support.

The guide emphasises the importance of AI governance and HR-IT collaboration. Singapore’s Model AI Governance Framework, which prioritises transparency and fairness, is influencing workplace AI practices globally. Organisations are focusing on secure data, human review, and auditability, with HR leaders working closely with IT to manage system integration and assess workforce impacts.

Despite these advancements, only 23% of Singaporean workers feel prepared for an AI-driven future. Employers are addressing this by mapping workforce capabilities, redesigning job roles, and adopting skill-based approaches. Skills confidence is becoming a key factor for employee retention and mobility.

Payroll transparency is also gaining attention, with 35% of Singaporean companies planning improvements in the next two to three years. Employers face growing pressure to demonstrate fair compensation structures, with clear job scopes and published pay ranges.

The rise of cross-border teams in Asia adds complexity to compliance, affecting payroll, data, and record-keeping. Organisations are developing standardised practices whilst adapting to local laws to maintain consistency.

Jessica Zhang, senior vice president of APAC at ADP, stated, “The workplace of 2026 will be intelligent, interconnected, and human-centric. Technologies such as AI are becoming integral to daily operations and will continue to shape how work is done across Singapore.”

Fraser and Neave, Limited (F&N) has announced plans to acquire an additional 4.6% stake in Vietnam Dairy Products Joint Stock Company (Vinamilk), increasing its total shareholding to 24.99%. This strategic move underscores F&N’s commitment to strengthening its position in Southeast Asia’s burgeoning dairy sector. The acquisition, facilitated through F&N’s wholly-owned subsidiary F&N Dairy Investments Pte Ltd, is expected to be completed within 35 days via the Ho Chi Minh Stock Exchange.

Vinamilk, a leading dairy company in Asia, is renowned for its robust brand portfolio and extensive distribution network. F&N’s increased investment reflects confidence in Vinamilk’s growth potential and operational strengths. The transaction aims to leverage synergies in dairy farming, manufacturing, and distribution, enhancing F&N’s regional strategy.

The purchase price for the shares is set at approximately S$3.07 each, totalling around S$295m. This valuation was determined through arm’s length negotiations, considering Vinamilk’s financial performance and market analysis. The acquisition will be funded through a mix of internal resources and external borrowings.

F&N’s decision to expand its stake in Vinamilk aligns with its long-term growth strategy in Vietnam’s dynamic dairy market. The company believes that Vinamilk’s established business and strong cash flow generation provide a solid foundation for future growth. With this acquisition, F&N aims to further capitalise on the opportunities within the region’s dairy industry.

Skylink Holdings has announced the acquisition of Chuang Li Partners, a specialist in bodywork customisation for commercial vehicles, as part of its strategic growth initiatives. This acquisition aims to expand Skylink’s engineering capabilities, talent pool, and customer base, whilst also capturing cost synergies across its leasing and engineering business segments.

Chuang Li Partners, established in 2017, is renowned for its design, manufacture, installation, and customisation of upper body structures for commercial vehicles. The company operates from a 4,400 square feet workshop in Toh Guan, which will be consolidated with Skylink’s newly leased 15,000 square feet industrial property at Jurong Port Road. This consolidation will increase Skylink’s total specialist workshop area to approximately 37,700 square feet, enabling the company to offer a broader range of services, including maintenance, repair, and overhaul (MRO) services, vehicle body fabrication, and spray painting.

Wesley Shen, Executive Director and CEO of Skylink Holdings, stated, “This strategic acquisition will further strengthen our engineering capabilities, broaden our customer base, and optimise our capacity for the recently expanded specialist workshop area at Jurong Port Road.” The acquisition is also expected to improve cost efficiencies for bodywork customisation across Skylink’s expanding fleet and third-party customers.

The acquisition involves a base and profit-target deferred consideration payment structure and includes the formation of a strategic joint venture with Chuang Li Partners’ key management team. This move aligns commercial interests and adds depth to Skylink’s talent pool, reinforcing its competitiveness and value creation in the market.

The Institute of Singapore Chartered Accountants (ISCA) has launched a comprehensive strategy paper designed to bolster the future of Singapore’s Small and Medium-Sized Accounting Practices (SMPs). With SMPs making up 98% of the 761 accounting entities in Singapore, the initiative seeks to address the challenges these firms face, including competition, talent acquisition, and technological advancements.

The strategy, developed by ISCA’s Strengthening SMP Taskforce, outlines five key recommendations to ensure the sector’s growth and sustainability. These include encouraging collaboration among firms to share resources, introducing a digital badge system to enhance visibility, piloting new technology solutions, expanding into global markets, and launching talent development programmes with universities.

Koh Wee Kwang, Co-Chair of the Taskforce, emphasised the importance of collaboration, stating, “This roadmap is about helping SMPs move from survival to strength through scale, collaboration, and a shared vision for the future.” Helmi Bin Ali Bin Talib, also Co-Chair, added, “Transformation starts with a change in mindset. Consolidation and collaboration are pathways to relevance.”

The paper also suggests revisiting firm ownership rules and leveraging shared services to maintain quality whilst expanding capabilities. Tan Fang Yi from the Accounting and Corporate Regulatory Authority (ACRA) expressed support, noting, “Our shared goal is a sector underpinned by good audit quality and a skilled workforce.”

Looking forward, ISCA aims to create high-quality jobs and foster a robust talent pipeline, ensuring SMPs remain integral to Singapore’s professional services sector. The full strategy paper is available for download on ISCA’s website.