Industry News

Singapore Technologies Engineering Ltd (ST Engineering) has reported a significant non-cash impairment of $667m for its iDirect group, citing a rapidly evolving satellite industry and slower-than-expected customer adoption of its Intuition platform. The impairment, assessed as of 30 September 2025, reflects the group’s revised Value in Use (VIU) for iDirect, now valued at $170m compared to its previous carrying amount of $837m.

The satellite communications sector has seen a shift with Non-geostationary Satellite Orbit (NGSO) operators like Starlink and Kuiper deploying thousands of satellites, overshadowing Geostationary Earth Orbit (GEO) operators. This shift has impacted iDirect, which traditionally supplied ground segment equipment to GEO operators. The NGSO operators’ move towards proprietary systems has further reduced demand for iDirect’s offerings.

Despite the challenges, ST Engineering remains optimistic about the long-term prospects of the satellite communications industry. The group is actively exploring strategic options to mitigate risks and enhance iDirect’s customer support capabilities. However, no definitive agreements have been reached, and the outcome of these discussions remains uncertain.

The impairment will be partially offset by recent divestment gains of $258m, contributing to a total cash inflow of $594m. ST Engineering anticipates a positive net profit for the full year 2025, with further updates on the impact of the impairment expected in due course.

Visa has unveiled a groundbreaking pilot programme at the Singapore Fintech Festival, enabling businesses to send payouts directly to stablecoin wallets. This initiative allows creators and gig workers to receive funds in USD-backed stablecoins like USDC, significantly speeding up access to their earnings. The pilot aims to provide a stable store of value and faster access to funds, especially in regions with currency volatility or limited banking infrastructure.

Chris Newkirk, President of Commercial and Money Movement Solutions at Visa, stated, “Launching stablecoin payouts is about enabling truly universal access to money in minutes—not days—for anyone, anywhere in the world.” This development is part of Visa’s ongoing innovation in stablecoin-powered payments, following a similar pilot announced in September that allowed businesses to prefund payouts using stablecoins.

Initially launching with select partners, Visa plans a broader rollout in the second half of 2026 as client demand and regulatory frameworks evolve. This initiative is particularly beneficial for international businesses, marketplaces, and gig economy platforms, offering a new level of financial flexibility and transparency.

Visa continues to bridge blockchain technology with its global payments network, aiming to enhance digital payment solutions worldwide.

Antom, a division of Ant International, has unveiled EPOS360, an AI-powered application designed to streamline finance and business operations for micro, small, and medium-sized enterprises (MSMEs). The app, supported by ANEXT Bank, aims to simplify operations by integrating point-of-sale (POS) systems, payments, banking, lending, and growth support into a single platform.

EPOS360 is set to transform how MSMEs manage their businesses by offering a comprehensive suite of services, including AI-driven insights and marketing support. The app allows merchants to establish online stores, manage inventory, and access financing without collateral, all within minutes. This innovation is expected to address common challenges faced by MSMEs, such as navigating fragmented digital ecosystems and accessing timely market insights.

The app will initially serve MSMEs in Singapore, particularly in the retail and food and beverage sectors, with plans to expand to Malaysia and other markets in 2026. Available in multiple languages, EPOS360 features the Antom Copilot, which assists merchants in creating online stores, boosting sales, and monitoring cash flow. It also provides competitive financing options through ANEXT Bank, including instant loan approvals and revenue-based financing.

Ian Cheong, CEO of EPOS, highlighted the app’s potential to empower MSMEs, stating, “We are packaging a wide range of merchant services into one AI-powered app that removes complexity and transforms everyday operations into new opportunities for growth.” The app is part of Antom’s broader strategy to support over 6,000 merchants in Singapore and expand its reach across the region.

Singapore is set to host the Space Summit 2026 on 2–3 February at Marina Bay Sands, coinciding with the Singapore Airshow. The event, endorsed by eight Singaporean government agencies, including the Civil Aviation Authority of Singapore (CAAS) and the Defence Science and Technology Agency (DSTA), aims to advance dialogue on the global space economy. The summit will bring together policymakers, space agencies, investors, and innovators to discuss responsible and inclusive growth in the sector.

The summit has confirmed participation from international space agencies such as the Brazilian Space Agency (AEB), German Aerospace Centre (DLR), and Japan Aerospace Exploration Agency (JAXA), among others. This highlights Singapore’s commitment to fostering cross-sector partnerships and positioning itself as a hub for sustainable innovation.

Leck Chet Lam, Managing Director of Experia Events, stated, “Singapore is the natural convening point for businesses and markets from all over the world. Space Summit 2026 has received a positive response from private and public sector leaders in the global space industry.”

The event will explore how space technology intersects with traditional sectors, enhancing infrastructure, connectivity, and sustainable growth. It will also examine the dual-use potential of commercial space technologies in the defence sector.

Over 40 influential speakers, including Raphael Roettgen of E2MC and Despina Theodosiou of Tototheo Global, are confirmed to speak. The summit aims to facilitate meaningful international collaboration, building an innovative and sustainable space ecosystem globally.

FOMO Pay, a prominent Singapore-based payment institution, has announced a collaboration with JP Morgan Payments to enhance its remittance and multicurrency payment solutions for corporate and institutional clients. This strategic partnership aims to address complex treasury and settlement needs by leveraging JP Morgan Payments’ extensive global direct clearing network and advanced treasury infrastructure.

The collaboration allows FOMO Pay to offer faster and more secure domestic and cross-border transactions across a wide range of currencies. JP Morgan Payments, which processes over 10 trillion payments daily in more than 160 countries and 120 currencies, is a leader in USD payments volume. This partnership will enable FOMO Pay to expand its service offerings, including Payment-on-Behalf-Of (POBO) and Collection-on-Behalf-Of (COBO) capabilities, as well as Virtual Reference tools for improved payer identification and reconciliation.

By integrating JP Morgan Payments’ expertise in clearing, foreign exchange, and multicurrency banking with FOMO Pay’s digital payment infrastructure, the collaboration aims to provide seamless global payment and collection solutions. This will enhance businesses’ ability to manage payments and collections with increased speed, security, and precision in an increasingly digital economy.

Founded in 2015, FOMO Pay is a Major Payment Institution licensed in Singapore, Hong Kong, and the United Arab Emirates. The company offers a comprehensive suite of digital payment, banking, and asset solutions, positioning itself as a key player in connecting traditional and next-generation financial services in Asia.

Singapore Technologies Engineering Ltd (ST Engineering) has announced a robust financial performance for the first nine months of 2025, with group revenue reaching $9.1b, marking a 9% increase year-on-year. This growth was driven by strong performances across its three main business segments: Commercial Aerospace, Defence & Public Security, and Urban Solutions & Satcom.

The company’s order book has reached a record high of $32.6b as of the end of September 2025, with $14b in new contracts secured during the period. This includes $4.9b in contracts from the third quarter alone. ST Engineering expects approximately $2.8b of this order book to be delivered by the end of the year.

Vincent Chong, Group President and CEO, highlighted the company’s strategic focus, stating, “Our nine-month year-to-date performance was underpinned by robust revenue growth whilst our order book reached a new high. These strong underlying results reflect the strength and resilience of our business strategy and fundamentals.”

In addition to its financial results, ST Engineering announced plans to propose a final dividend of 6.0 cents per share and a special dividend of 5.0 cents per share, subject to shareholder approval at the 2026 AGM. These dividends are part of the company’s strategy to share value realisation with shareholders, following recent divestments that generated $594m in cash proceeds.

Despite these dividend payments, the company remains financially strong, with plans to reinvest in growth opportunities or reduce debt. The recent divestments, including the sale of subsidiary LeeBoy and shareholding interests in CityCab and SPTel, have improved the company’s cash position and are part of a continual portfolio review to prioritise strategic growth areas.

OKP Holdings Limited’s subsidiary, Eng Lam Contractors Co (Pte) Ltd, has been awarded a S$22.6m contract by JTC Corporation for infrastructure works at CleanTech Loop, part of the Jurong Innovation District. The 22-month project, which began in October 2025, is expected to conclude by August 2027.

The contract involves constructing a dual-two lane road, sewer line, and drainage system, alongside a 750-square metre elevated connection slab with pedestrian and cycling paths. These enhancements aim to improve connectivity within CleanTech Park, aligning with JTC’s vision for a sustainable and advanced manufacturing hub.

JTC’s adoption of the New Engineering Contract 4 (NEC4) Option C Target Cost Contract signifies a shift towards transparency and collaboration. This model involves setting a target price upfront, with costs tracked openly and shared savings or overruns, fostering a cooperative project environment.

Or Toh Wat, Group Managing Director of OKP, stated, “This contract is a strong affirmation of OKP’s trusted track record in Singapore’s infrastructure landscape.” He emphasised the project’s role in supporting business collaboration and sustainable growth.

This contract follows OKP’s recent success with the Land Transport Authority cycling path network project, contributing to a record high order book of S$615.9m, with projects extending to 2031.

The Institute of Singapore Chartered Accountants (ISCA), in collaboration with the Singapore Exchange Regulation (SGX RegCo), the National Council of Social Service (NCSS), the Singapore Institute of Directors (SID), and PwC Singapore, has launched three significant publications aimed at advancing Singapore’s sustainability reporting ecosystem. These publications were introduced at the ISCA Conference on 12 November 2025, marking a pivotal step in strengthening the credibility of climate and social impact disclosures.

The first publication, a Climate Reporting Roadmap, is designed to assist non-Straits Times Index (non-STI) issuers in meeting the extended climate reporting timelines set by the Accounting and Corporate Regulatory Authority (ACRA) and SGX RegCo. This roadmap provides a structured approach for companies to enhance governance and build internal capabilities, aligning with the wider ecosystem to support non-STI and large non-listed companies.

The second publication, Guidelines for Social Impact Metrics in Corporate Sustainability Reporting, was launched by Minister Indranee Rajah. Developed by NCSS in partnership with ISCA and SID, these guidelines offer practical advice for organisations to measure and communicate their social impact effectively.

Lastly, the ESG Assurance Landscape Study, conducted by PwC, ISCA, and SGX RegCo, assesses the readiness of SGX-listed companies for mandatory sustainability assurance. The study reveals that only 17% of companies have obtained external assurance for their sustainability reports, highlighting a readiness gap.

These initiatives underscore a national effort to enhance sustainability reporting quality and consistency, crucial for Singapore’s transition to a sustainable economy. ISCA remains committed to developing capabilities to meet the growing demand for reliable sustainability disclosures.

Singapore’s retail landscape is seeing a positive shift as the islandwide retail vacancy rate decreased from 7.1% in the second quarter (Q2) to 6.9% in the third quarter (Q3) of this year, according to Savills’ latest report. This decline is attributed to a slight improvement in net demand for retail space, particularly in Orchard Road and the Downtown Core Planning Area, alongside steady demand in suburban areas.

The report highlights that landlords have become more flexible with lease terms, especially for less prime spaces, as core tenants seek early lease terminations. This flexibility has contributed to the improved occupancy rates. Savills estimates that the pipeline supply of retail space will be around 540,000 square feet this year, a decrease from 679,000 square feet completed in 2024. The supply is expected to taper off in 2026 and 2027, with major developments anticipated from 2028 onwards, such as the expansion of Marina Bay Sands.

Despite these positive trends, high operating costs and inconsistent spending patterns continue to challenge retailers, leading to higher tenant turnover. Suburban malls, supported by steady footfall and essential purchases, face limited rental growth due to cost pressures and competition from cross-border shopping.

Singapore remains a top luxury shopping destination in Asia, attracting international brands. Recent openings include Chinese jewellery label Laopu Gold at Marina Bay Sands and Swiss sportswear brand On at Jewel Changi Airport. American fast-food chain Chick-fil-A is set to open its first Asian outlet in December, with other international brands planning to follow suit.

Sulian Tan-Wijaya of Savills Singapore noted, “The influx of overseas brands, particularly from China, continues, although there is some push-back on rents in prime malls.” Alan Cheong, also from Savills, added, “We expect Orchard Road and suburban mall rents to rise by up to 2% in 2025.”

The Life Insurance Association, Singapore (LIA Singapore) has reported a 10.4% increase in total weighted new business premiums for the year-to-date third quarter of 2025, reaching S$4.76b. This growth reflects strong consumer confidence and a proactive approach by Singaporeans towards financial security. Financial Adviser Representatives, both independent and insurer-backed, played a significant role, securing S$50.8b in sum assured, which accounts for 44.3% of the total for the period.

The demand for annual premium policies surged by 19.9% compared to the previous year, totalling S$3.57b. Conversely, single-premium policies saw a decline of 10.8%, amounting to S$1.19b. LIA Singapore President Wong Sze Keed noted, “We are making steady progress in narrowing Singapore’s protection gap. Singaporeans are not just getting more financially savvy, they are also taking steps to become more adequately insured.”

Investment-linked policies maintained their popularity, comprising 43% of the total weighted new business premiums. Meanwhile, Integrated Shield Plans (IPs) continue to be a cornerstone of health insurance, with nearly 113,000 new IPs taken up in the first nine months of 2025. This brings the total number of lives covered by IPs to approximately 3 million, or 71% of Singapore residents.

Looking ahead, the industry remains optimistic, despite anticipated healthcare cost increases in 2026. The life insurance sector is committed to evolving its products to meet the community’s needs, ensuring sustainable and accessible healthcare for all.