Industry News

OceanX Education has announced the appointment of Professor Tit Meng Lim as its new APAC Regional Executive Director, effective 16 July 2025. Based in Singapore, Prof Lim will lead the organisation’s strategic growth and outreach efforts across Asia, focusing on enhancing ocean literacy and environmental engagement.

Prof Lim, a prominent figure in science education, brings over 30 years of experience from academia and government-linked institutions. He previously served as Chief Executive of the Science Centre Singapore, where he spearheaded national STEM initiatives and transformed science learning into community-driven experiences. His leadership roles at the National University of Singapore included Vice Dean of the Faculty of Science, where he advanced interdisciplinary science curricula.

Mark Dalio, Founder and Executive Chairman of OceanX Education, praised Prof Lim as a “visionary” with unmatched ability to bridge science education, public engagement, and cross-cultural collaboration. Prof Lim expressed his enthusiasm for his new role, stating, “To be part of building a movement that brings the ocean to life for learners across the region is deeply meaningful.”

In his new position, Prof Lim will focus on scaling OceanX Education’s footprint in Asia by establishing new programmes that integrate science education with immersive storytelling and public programming. He will also work on building institutional partnerships and long-term funding strategies, overseeing operations and organisational planning.

This appointment marks a significant step in OceanX Education’s global strategy, reinforcing its commitment to developing future ocean leaders in Asia.
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Chef Antonio Tay, owner of Oasis Hideout, is marking Singapore’s 60th anniversary with a special culinary creation, the ‘Harmony Platter’. This dish is a tribute to the nation’s rich cultural diversity and is available from now until 30 September 2025. Antonio, a second-generation hawker, aims to evoke a sense of national pride and unity through this gastronomic offering.

The Harmony Platter features a selection of dishes representing Singapore’s four main cultures. Chinese cuisine is highlighted with sautéed cabbage, har cheong chicken popraage, and sweet and sour fish. Malay dishes include merah goreng ayam, beef rendang, and satay skewers. Indian flavours are showcased with masala curry barramundi or chicken. The platter also includes a universal omelette and nasi lemak pandan, symbolising the diverse cultural tapestry of Singapore.

Antonio, reflecting on his journey from a hawker boy to a chef-owner, said, “Being Singaporean, we often take for granted the rich tapestry of food that we have from so many cultures. Over 60 years, we have learnt to break bread together, setting aside boundaries to live and dine harmoniously.”

Priced at $44 (S$60) nett, the platter is designed for a family of four, offering a nostalgic and comforting dining experience. Oasis Hideout, known for its blend of Western and Asian flavours, continues to serve a variety of dishes, including favourites like laksa seafood pasta and tom yam seafood pasta.

This initiative not only celebrates Singapore’s culinary heritage but also reinforces the importance of unity and harmony in the nation’s journey.
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Las Vegas Sands has commenced construction on a groundbreaking $8 billion ultra-luxury resort in Singapore, marking a significant expansion in the region. The project, officiated by Singapore’s Prime Minister Lawrence Wong and Las Vegas Sands co-founder Miriam Adelson, aims to redefine luxury tourism with a 570-suite hotel tower, exclusive dining, and retail experiences.

The development, designed by Safdie Architects, will include a 55-storey hotel tower with a revolutionary Skyloop, offering panoramic views of Marina Bay and the Singapore Strait. The Skyloop will feature public and private spaces, including observatories, restaurants, and infinity pools. The project also boasts a 15,000-seat arena designed by Populous, set to host major international events.

Las Vegas Sands Chairman Robert Goldstein expressed pride in continuing the legacy of founder Sheldon Adelson, stating, “We have every intention of delivering a product that will be the envy of the hospitality industry.” The new development is expected to enhance Singapore’s position as a leading tourism destination.

Sustainability is a key focus, with the project incorporating eco-friendly materials and energy-efficient designs. The initiative aligns with Marina Bay Sands’ global sustainability strategy, Sands ECO360, aiming to minimise environmental impact.

Upon completion, the development is anticipated to further boost Singapore’s economy, creating jobs and supporting local businesses. Las Vegas Sands has invested over $15 billion in Singapore since 2010, underscoring its confidence in the region’s potential.
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UOB has announced a groundbreaking partnership with The MICHELIN Guide Hotels, marking the first time a Singaporean company has collaborated with the prestigious ratings authority on an international level. This partnership will provide UOB customers with exclusive access to top-tier hotels worldwide, as featured in the MICHELIN Guide.

The alliance aims to enhance UOB’s reputation for delivering premium lifestyle privileges in dining, entertainment, and travel. Customers will benefit from curated experiences, including stays at MICHELIN Key hotels, dining at MICHELIN-starred restaurants, and visits to exclusive wineries endorsed by Robert Parker Wine Advocate. Jacquelyn Tan, Head of Group Personal Financial Services at UOB, highlighted the partnership’s significance, stating it aligns with the aspirations of the growing middle-class and affluent consumers in the ASEAN region.

Gwendal Poullennec, International Director of the MICHELIN Guide, expressed enthusiasm for the collaboration, noting it will spotlight exceptional hotels and inspire discerning travellers. The partnership is timely, as a recent report identified ASEAN as a burgeoning travel market, with Singaporean travellers leading in average annual travel spend.

UOB Mastercard holders have shown a 20% year-on-year increase in travel-related spending, reflecting the region’s growing interest in luxury travel. As part of the partnership, UOB customers will receive a one-year Plus membership from The MICHELIN Guide, offering privileges such as room upgrades and dining credits at over 1,000 hotels. The collaboration will be celebrated at the Global MICHELIN Key Selections launch in Paris in October 2025.
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Moody’s Ratings has affirmed Malayan Banking Berhad’s (Maybank) A3 long-term and P-2 short-term foreign currency deposit ratings, maintaining a stable outlook. This decision underscores Maybank’s robust position in Malaysia and its consistent risk management practices. The affirmation also includes Maybank’s senior unsecured foreign currency rating and its medium-term note programme.

Maybank’s Baseline Credit Assessment (BCA) remains at a3, reflecting its solid solvency and liquidity metrics, which are expected to stay stable over the next 12 to 18 months. Despite potential risks from evolving US tariffs on Malaysia and other Asian countries, Moody’s anticipates limited direct impact on Maybank due to its minimal exposure to US exporters. The bank’s problem loans ratio is projected to remain steady at 1% to 1.5%, supported by strong asset quality in Malaysia and Singapore.

Maybank’s return on tangible assets is expected to remain around 1% over the next 12 to 18 months, with net interest margins stabilised by interest rate hedging and recent central bank policy adjustments. The bank’s strategic technology investments will keep its cost-income ratio elevated, but its strong loan-loss reserves will help manage credit costs effectively.

The bank is well-capitalised, with a Common Equity Tier 1 capital ratio of 14.9% and a liquidity coverage ratio of 135.7% as of 31 March 2025, well above regulatory requirements. An upgrade of Maybank’s ratings is unlikely due to their alignment with Malaysia’s sovereign rating. However, a downgrade could occur if the bank’s problem loans ratio significantly increases or its return on tangible assets declines.
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Developer sales of new private homes in Singapore fell for the fourth consecutive month in June 2025, reaching the lowest level of the year to date. A total of 272 units were sold, representing a 12.8% month-on-month decrease from May’s 312 units. However, year-on-year sales saw a 19.3% increase from the 228 units sold in June 2024, according to CBRE Research.

The decline in sales reflects cautious buyer sentiment, influenced by ongoing trade frictions and geopolitical tensions affecting Singapore’s economic outlook. Despite this, CBRE’s Head of Research for Singapore and Southeast Asia, Tricia Song, anticipates a potential rebound in sales in July and August, driven by a robust pipeline of new launches and pent-up demand.

In June, the top-selling project was One Marina Gardens, which sold 49 units at a median price of $2,962 per square foot (psf), followed by Bloomsbury Residences with 30 units at $2,516 psf. The Rest of Central Region (RCR) led sales, accounting for 69.5% of new home transactions, largely due to these projects.

Looking ahead, the Singapore government announced new cooling measures on 3 July 2025, including an increase in Seller’s Stamp Duty and an extended holding period. These measures are expected to have a limited impact on transaction volumes, as they primarily target genuine owner-occupiers and long-term investors.

With several projects set to launch before the Hungry Ghost Festival in late August, sales are expected to rise. CBRE maintains its forecast for 7,000 to 8,000 new home sales for the full year, with private home prices projected to increase by 3-4% in 2025.
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A recent study by Airwallex, in collaboration with Statista, has revealed that cross-border eCommerce is a prevalent trend among Singaporean consumers. The survey, which involved 1,000 participants, highlighted that 69% of Singaporeans make international purchases at least once a month, with fashion, skincare, electronics, and food and beverage being the most popular categories.

The study underscores the importance of transparency and trust in the online shopping experience. A significant 97% of respondents emphasised the need for affordable shipping and transparent fees, whilst 96% valued the ability to use their preferred payment methods. Ershad Ahamed, Head of Southeast Asia at Airwallex, noted, “Singapore is one of the most digitally advanced consumer markets in the region. Shoppers here are globally minded, but they’re also extremely deliberate—they expect a fast, frictionless, and secure checkout experience.”

Key findings also indicate a growing preference for digital wallets, with 52% of consumers opting for methods like Apple Pay and Google Pay. The Buy Now, Pay Later (BNPL) option is gaining traction, particularly for high-ticket items.

Localised shopping events, such as double-digit sales days and major holidays, are pivotal in driving cross-border sales, with 93% of shoppers planning purchases around these occasions. The study also revealed that 98% of Singaporeans are comfortable buying online from overseas, a figure significantly higher than the global average of 89%.

Airwallex is addressing these consumer expectations by offering fast, localised payment solutions, supporting both international brands entering the Singapore market and local businesses expanding abroad. The company, founded in Melbourne and headquartered in Singapore, continues to innovate in the global financial landscape, processing over $150b in annualised transaction volume.
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China Medical System Holdings Limited, a prominent player in pharmaceutical innovation and commercialisation, has successfully debuted on the Mainboard of the Singapore Exchange (SGX-ST), marking its secondary listing after its initial public offering on the Hong Kong Stock Exchange in 2010. On its first trading day, CMS shares rose by 11.2%, closing at S$2.28, reflecting strong investor confidence in the company’s growth prospects.

The company, which has a market capitalisation of HK$31.91b, is leveraging its 30-year track record in China to expand its footprint across the Asia-Pacific region. CMS’s strategy is driven by three growth engines: the commercialisation of its innovative product pipeline, growth in its speciality-focused business, and overseas expansion to capture opportunities in emerging markets.

CMS’s portfolio includes around 40 innovative products, with five drugs already in large-scale commercialisation in China. The company plans to spin off its skin health business, Dermavon, and list it on the Hong Kong Stock Exchange, highlighting its strong growth momentum.

The listing on SGX-ST is seen as a strategic move to enhance CMS’s brand visibility and support its industrial internationalisation strategy. The company has established a full-scale pharmaceutical value chain in Singapore, aiming to deliver high-quality, affordable drugs to emerging markets.

CMS is optimistic about the growth potential in Southeast Asia and the Middle East, regions projected to see significant pharmaceutical market expansion. The company has also established Rxilient to drive drug in-licensing and commercialisation across Asia-Pacific and co-acquired PharmaGend to bolster its supply chain.

Looking forward, CMS plans to expand its manufacturing capabilities and continue its trajectory of growth in innovative drug development and overseas expansion, aiming to generate incremental value for shareholders.
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AbbVie employees across Asia have marked the 10th anniversary of the company’s ‘Week of Possibilities’, a global volunteering initiative aimed at supporting local communities and advancing health equity. In June and July, 880 employees from Singapore, Malaysia, Thailand, the Philippines, India, Taiwan, and South Korea volunteered over 3,000 hours, benefiting more than 650 individuals through 24 initiatives in partnership with 17 community organisations.

The programme focused on aiding vulnerable groups, including children, seniors, and individuals with disabilities. In Thailand, volunteers rebuilt classrooms and provided essentials for students in rural areas. In the Philippines, efforts centred on food security, with volunteers preparing meals and raising awareness through the Kasama Ka programme. Meanwhile, in India, activities ranged from sports days for homeless children to art-based environmental workshops.

Peggy Wu, Vice President Asia at AbbVie, highlighted the importance of these initiatives, stating, “Our people power the change we want to see in the world. Every action brings us closer to a more equitable, healthier future.”

In Singapore, employees engaged in creative activities with seniors and vulnerable individuals, whilst also participating in environmental sustainability efforts through waterways clean-ups. The Taiwan region and Malaysia saw inclusive events that empowered individuals with disabilities, and in Korea, volunteers supported people with disabilities through community outings and eco-friendly installations.

Claire Chin, Area Head Regulatory Affairs at AbbVie, noted the significance of health equity, stating, “Before we consider advanced technologies and treatment options to support health, we have to first fulfil the basic human needs of hygiene, good health, and a good environment.”

Launched in 2014, AbbVie’s ‘Week of Possibilities’ has become a cornerstone of the company’s culture, engaging employees worldwide in meaningful community impact.
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Singapore is taking significant strides to bolster maritime safety, as highlighted during the opening plenary of International Safety@Sea Week 2025. Senior Minister of State for Law and Transport, Murali Pillai, emphasised the urgent need to address complex global challenges such as geopolitical tensions and climate change, which are impacting the maritime industry.

The theme for this year’s event, “The Future of Maritime Safety: Navigating the Next Frontier,” underscores the industry’s focus on digitalisation and decarbonisation. Pillai noted that whilst these advancements offer opportunities, they also introduce new safety risks. “It is imperative that we address safety risks in tandem with these developments,” he stated.

Singapore is actively supporting the upskilling of the global maritime workforce. The Maritime Energy Training Facility, launched last year, has already trained over 600 seafarers in handling alternative fuels and new technologies. The facility aims to train more than 10,000 seafarers by the 2030s. Additionally, Singapore is co-hosting a seminar with the International Maritime Organisation (IMO) to promote knowledge sharing among maritime administrations and industry bodies.

Collaboration is key to advancing maritime safety. The International Chamber of Shipping is establishing a regional office in Singapore, further strengthening the city-state’s position as a global hub for maritime safety. Partnerships, such as those with France’s Directorate General for Maritime Affairs and Bureau Veritas, are also enhancing safety through innovative digital and decarbonisation solutions.

Technological advancements are playing a crucial role in maritime safety. Singapore’s Maritime Digital Twin, launched in March, provides a real-time digital replica of the port, integrating live data to predict and respond to potential incidents swiftly.

These initiatives reflect Singapore’s commitment to ensuring maritime safety remains at the forefront as the industry navigates new challenges and opportunities.
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