Industry News

The Monetary Authority of Singapore (MAS) has released a consultation paper proposing new guidelines for artificial intelligence (AI) risk management within the financial sector. These guidelines aim to ensure the responsible use of AI by financial institutions (FIs) and cover oversight, risk management systems, and AI life cycle controls.

The guidelines are designed to apply to all FIs and set out MAS’s supervisory expectations. They emphasise the importance of board and senior management in governing AI risk management, including establishing frameworks and fostering a risk-aware culture. The guidelines also require FIs to maintain accurate AI inventories and conduct risk materiality assessments.

MAS recognises the diverse applications of AI and the varying risks associated with different use cases. The guidelines are intended to be proportionate, taking into account the size, nature, and risk profiles of FIs’ activities. They cover a range of AI technologies, including Generative AI and AI agents.

Key areas of focus include data management, fairness, transparency, human oversight, and third-party risks. FIs are expected to implement robust controls throughout the AI lifecycle, ensuring their capabilities and capacities align with their AI usage.

Deputy Managing Director Ho Hern Shin stated, “The proposed Guidelines on AI Risk Management provide financial institutions with clear supervisory expectations to support them in leveraging AI in their operations.” The guidelines are based on MAS’s 2024 review of key banks’ AI use and discussions with FIs.

The consultation paper is available on the MAS website, and interested parties are invited to submit comments by 31 January 2026.

Edwards Lifesciences celebrated its 20th anniversary in Singapore on 12 November 2025, highlighting its significant contributions to heart valve therapies in the Asia-Pacific region. The event, held at the company’s Changi facility, underscored Edwards’ commitment to innovation and talent development in collaboration with Singapore’s medical technology ecosystem.

Since its establishment in 2005, Edwards’ Singapore operations have been pivotal in addressing the growing demand for heart valve treatments, crucial in a region where cardiovascular disease accounts for over half of global deaths. Joseph Nuzzolese, Corporate Vice President of Edwards Lifesciences, praised Singapore’s partnership, stating, “The expertise and dedication of our local team, together with Singapore’s strong innovation and talent ecosystem, have been central to our success.”

The celebration also featured remarks from Goh Wan Yee, Senior Vice President and Head of Healthcare at the Singapore Economic Development Board, who acknowledged Edwards’ ongoing commitment to talent and innovation. “Edwards Lifesciences’ continued commitment to deepen talent development and innovation partnerships here is a testament to the global competitiveness of Singapore’s MedTech ecosystem,” she said.

The anniversary marks a milestone in Edwards’ journey of improving patient access to life-saving heart valve treatments across the region. As the company looks to the future, it aims to continue its collaboration with Singapore to advance heart valve innovation, further strengthening its position as a leader in structural heart innovation.

Singaporean travellers visiting Japan can now access round-the-clock multilingual online doctor consultations, thanks to M3 Career’s HOTEL de DOCTOR 24 service. Officially introduced to the Singapore market, this service aims to provide peace of mind for tourists facing unexpected illnesses whilst abroad.

HOTEL de DOCTOR 24, operational in Japan since April 2025, addresses the challenges international visitors often face in obtaining medical care. The service offers seamless access to healthcare professionals, ensuring that language barriers do not hinder medical consultations. This initiative is particularly beneficial for Singaporeans, who have already been utilising the service since its inception.

The service is designed to cater to the needs of international travellers, providing them with reliable medical support at any time of day. M3 Career, Inc., the company behind HOTEL de DOCTOR 24, emphasises the importance of accessible healthcare for tourists.

By introducing this service to the Singapore market, M3 Career aims to enhance the travel experience for Singaporeans visiting Japan, offering them reassurance and support in times of medical need. As the service gains traction, it could set a precedent for similar initiatives in other popular travel destinations, further integrating healthcare accessibility into the travel industry.

MetaComp, the digital payment arm of Alpha Ladder Group, has unveiled the StableX Network at the Singapore FinTech Festival 2025. This innovative network aims to revolutionise cross-border settlements by embedding real-time risk intelligence into payments, offering a regulated and interoperable platform that bridges traditional finance with Web3 technologies.

The StableX Network is powered by two proprietary engines: the StableX Engine and the VisionX Engine. The StableX Engine facilitates instant, low-cost liquidity movement across various conversion types, including fiat and stablecoin transactions. It utilises smart programming to select the most efficient pathway, whether through traditional SWIFT rails or regulated stablecoin networks. Meanwhile, the VisionX Engine provides real-time risk intelligence, ensuring compliance by continuously screening and validating transactions.

MetaComp’s Co-President, Tin Pei Ling, highlighted the network’s transformative potential: “We’re reshaping the foundation of financial connectivity where real-time, regulated, and risk-intelligent transactions become the new global standard.”

The launch of StableX Network addresses the inefficiencies in global trade payments, which are projected to exceed $33t by 2025. By offering instant settlement and integrated compliance, the network aims to reduce the high costs and delays that currently burden payment service providers and SMEs.

As MetaComp expands its reach across Asia-Pacific, the Middle East, and Latin America, it remains committed to enabling enterprises to participate in a smarter, faster, and more trusted financial network. The StableX Network not only enhances payment services but also lays the groundwork for future financial services, such as treasury management and liquidity optimisation.

The Monetary Authority of Singapore (MAS) has announced the successful completion of a live trial for settling interbank overnight lending transactions using wholesale Central Bank Digital Currency (CBDC). Conducted on the Singapore Dollar Test Network (SGD Testnet), the trial involved major financial institutions DBS, OCBC, and UOB, marking the first live issuance of Singapore dollar wholesale CBDC with transactions recorded in the banks’ official books and regulatory filings.

The SGD Testnet offers three core functionalities for participating financial institutions: a common settlement asset, programmability, and multi-asset support. The common settlement asset functionality allows for the issuance, transfer, and redemption of Singapore dollar wholesale CBDC, reducing settlement risk and market fragmentation. Programmability enables the development of conditional logic for real-time execution of contractual terms. The multi-asset support facilitates atomic settlement of both cash and securities components, eliminating risks associated with different settlement times or systems.

MAS plans to build on this pilot by issuing tokenised MAS Bills to Primary Dealers in a future trial, which will also be settled using CBDC. Further details of this upcoming trial are expected to be shared in 2026. This initiative is part of MAS’s broader strategy to advance asset tokenisation through commercial networks, market infrastructure development, and industry frameworks.

DBS and Ant International have signed a Memorandum of Understanding (MoU) to strengthen their strategic partnership, focusing on innovative payment solutions and digitalisation to support regional businesses and consumers. Announced at the Singapore Fintech Festival 2025, the collaboration aims to enhance cross-border payment connectivity and foster fintech innovation.

Under the new agreement, DBS PayLah! will integrate with the Alipay+ payments ecosystem, allowing over three million users to make QR code payments at more than 150 million merchants across 100 markets. This move is expected to significantly boost payment accessibility for consumers and businesses alike.

The partnership also explores a bank-to-wallet solution for near-instant remittances, connecting DBS customers with 1.8 billion user accounts on the Alipay+ platform. Utilising ISO 20022 messaging standards and the SWIFT network, this initiative aims to streamline and simplify international money transfers.

Additionally, DBS will collaborate with Antom, Ant International’s merchant payment and digitisation services provider, to support small and medium enterprises (SMEs) in their digital transformation. This includes exploring the Model Context Protocol-based Antom Agentic Payment solution, which leverages AI technologies for enhanced payment capabilities.

Peng Yang, CEO of Ant International, expressed enthusiasm for the partnership, stating, “We are proud to deepen our partnership with DBS, whom we have already been working closely with since 2013, on various initiatives including SME payment solutions and most recently, tokenised deposits.”

“Together, we’ll make a difference to the region by driving inclusive and sustainable growth,” he added.

Tan Su Shan, CEO of DBS, added, “By synergising our strengths, we can unlock new avenues for growth.”

This collaboration marks a significant step in advancing digital payment solutions and fostering innovation within the regional fintech ecosystem.

Wee Hur Holdings Ltd, a company listed on the SGX Mainboard, has successfully raised S$357,838 through its inaugural Charity Golf Tournament held at Tanah Merah Country Club. The event, marking the company’s 45th anniversary, aimed to support three children-focused charities: Arc Children’s Centre, Catch Them Young, and Campus Impact. The funds were distributed via the Community Foundation of Singapore, ensuring transparency and accountability.

The Wee Hur Foundation, established in 2024, organised the event to reinforce the company’s commitment to nurturing Singapore’s next generation. Arc Children’s Centre provides day care for children battling cancer and other serious illnesses, Catch Them Young offers educational opportunities to students from low-income households, and Campus Impact provides mentorship and a safe space for youth.

Executive Chairman and Managing Director of Wee Hur Holdings, Goh Yeow Lian, expressed gratitude for the support from donors and sponsors, highlighting the event’s success in commemorating the company’s anniversary. “We trust that the proceeds will contribute meaningfully towards enabling the selected charities to advance their missions and create a positive impact in the community,” he said.

Paul Tan, CEO of the Community Foundation of Singapore, praised the initiative, stating, “Wee Hur’s anniversary initiative illustrates how values-driven corporate philanthropy can uplift communities.” This event underscores Wee Hur’s long-standing values of perseverance and mutual support, focusing on children’s welfare as a foundation for strong communities.

Watsons, the leading health and beauty retailer, has today launched its new Beauty & Wellness destination at Bugis Junction, marking a significant step in its nationwide retail transformation. This initiative aims to redefine how Singaporeans engage with beauty, health, and wellness products by introducing a dynamic retail concept featuring curated product ranges and innovative shopping experiences.

The Bugis Junction store, spanning over 3,700 square feet, is designed to reflect the youthful and trend-driven community it serves. It includes immersive zones such as BeautyVerse, Beauty Is You, and Aesthetic Beauty, alongside a GNC store-within-store concept. Notably, it also offers Singapore’s first retail pharmacy eConsultation, enhancing customer convenience and engagement.

Beyond Bugis Junction, Watsons is transforming its outlets across Singapore, tailoring each to the needs of its local community. For instance, the Watsons Health Store at Paragon focuses on specialised health zones, whilst the Punggol Coast store caters to young families with everyday wellness essentials and a full self-checkout concept. The Raffles Place Station Store provides quick shopping options for busy professionals.

Irene Lau, Managing Director of Watsons Singapore & New Markets, stated, “Watsons has always designed every touchpoint with our customers in mind. Our retail transformation is about making health, beauty, and wellness more approachable, engaging, and intuitive for everyone.”

This transformation underscores Watsons’ commitment to blending convenience, personalisation, and lifestyle relevance, meeting the evolving needs of modern consumers in Singapore.

The Monetary Authority of Singapore (MAS) and the Deutsche Bundesbank have signed a Memorandum of Understanding (MoU) to collaborate on cross-border digital asset settlement. Announced during the Singapore FinTech Festival on 13 November 2025, the partnership seeks to improve international financial transactions, particularly between Singapore and Germany, by fostering technological and financial innovation.

The MoU outlines a commitment to developing new settlement solutions that aim to reduce costs and processing times for cross-border transfers. Additionally, the agreement promotes common standards for payments, foreign exchange, and securities flows involving tokenised assets, enhancing interoperability across digital asset platforms.

This initiative builds on MAS’ Project Guardian, launched in May 2022, which aims to enhance liquidity and efficiency in financial markets through asset tokenisation. The Deutsche Bundesbank joined the Guardian Policymaker Group in November 2024, further strengthening ties between the two institutions.

Leong Sing Chiong, MAS Deputy Managing Director (Markets and Development), expressed optimism about the partnership, stating, “Through this new partnership with the Deutsche Bundesbank on digital asset settlement, we hope to enhance financial connectivity in ways that benefit individuals, corporates, and financial market participants in both our economies.”

Burkhard Balz, Executive Board member of the Deutsche Bundesbank, echoed this sentiment, highlighting the shared commitment to advancing financial infrastructures. “Together, we aim to foster technological innovation and set new standards for efficiency and interoperability in international payments and securities transactions,” he said.

The collaboration between MAS and the Deutsche Bundesbank is expected to lay the groundwork for future digital financial infrastructure, further strengthening economic and financial cooperation between Singapore and Germany.

Marco Polo Marine Ltd. has been awarded a landmark S$198m contract by Taiwan’s National Academy of Marine Research to design and construct a cutting-edge 4,000 GT oceanographic research vessel. This contract marks the largest shipbuilding award in the company’s history and highlights its advanced capabilities in specialised vessel construction.

The project, valued at NT$4.678b (approximately S$198m), will be executed over a period of 1,460 days, or roughly four years, at Marco Polo Marine’s shipyard in Batam, Indonesia. The vessel will feature state-of-the-art technology, including a Dynamic Positioning 2 system, diesel-electric propulsion, battery energy storage, and advanced laboratory facilities for scientific missions. It will be designed to dual class CR and ABS certification standards by the renowned Norwegian firm Skipteknisk AS.

The contract is fully self-financed through Marco Polo Marine’s internal cashflows, with no project-specific debt required. This strategic move not only complements the company’s existing growth in the offshore wind vessel segments but also positions it within the marine research and blue economy sectors.

This significant development underscores Marco Polo Marine’s commitment to expanding its footprint in specialised vessel construction and its ability to deliver complex projects on a global scale. The successful execution of this contract is expected to enhance the company’s reputation and open up new opportunities in the marine research sector.