Industry News

The Singapore Fintech Association (SFA), in collaboration with Page Executive, has released the seventh edition of the Singapore Fintech Talent Report 2025, highlighting the sector’s shift towards AI adoption and evolving workforce strategies. The report, based on insights from industry leaders and professionals, reveals a 40% year-on-year increase in demand for AI-related roles, with a significant focus on AI engineers and data scientists.

The report underscores the importance of balancing technical skills with human capabilities, as 92% of hiring managers prioritise communication and teamwork over formal qualifications. Additionally, 85% emphasise adaptability and learning agility, reflecting a shift towards a “skills-first” hiring approach. Despite 90% of job seekers holding at least a bachelor’s degree, many are pursuing online courses in AI and data analytics to stay competitive.

Singapore remains a key player in Asia’s fintech ecosystem, with 71% of companies prioritising local hiring for strategic roles. However, firms are increasingly adopting hybrid workforce models to enhance regional scalability. Looking ahead, 32% of organisations plan to increase headcount in 2026, whilst 21% aim to expand contract roles for greater flexibility.

The report also highlights a gap between employee salary expectations and employer constraints, with 67% of professionals citing salary as a primary job change motivator. Despite this, many are open to equity options over higher base salaries. As competition for talent intensifies, fintechs are focusing on strong culture and leadership trust to attract and retain employees.

Tawishi Singh, Vice-President of SFA, stated, “Future-proofing the sector means equipping employees with both hard and soft skills to thrive alongside evolving technologies such as AI.” The report concludes with recommendations for employers to adopt a skills-first hiring approach and invest in training to close skill gaps. The findings will be further discussed at the Singapore Fintech Festival 2025 on 13 November.

WeRide, a global leader in autonomous driving technology, and Grab, Southeast Asia’s leading superapp, have commenced autonomous vehicle (AV) testing in Singapore’s Punggol district. This follows approval from the Land Transport Authority (LTA) to test the entire Ai.R (Autonomously Intelligent Ride) fleet. The testing began in mid-October 2025, with plans to increase the number of AV test runs on shuttle service routes by up to four times by the end of the year.

The Ai.R fleet, operated by Grab in partnership with WeRide, consists of 11 autonomous vehicles, including 10 GXRs and one Robobus. This initiative aims to establish Punggol as Singapore’s first residential neighbourhood with an autonomous shuttle service, expected to launch for public use by early 2026. Alejandro Osorio, Managing Director of Grab Singapore, emphasised the importance of safety, stating, “We are excited to bring autonomous shuttle service to Punggol to boost connectivity.” He also added, “Safety remains our priority.”

During the testing phase, AVs will gather data on road infrastructure, traffic flows, and pedestrian behaviours to refine their AI driving models. The vehicles are equipped with LiDARs and cameras, providing 360-degree vision and the ability to detect objects up to 200 metres away, even in adverse weather conditions.

In support of the Ai.R service rollout, GrabAcademy and WeRide are training over 10 experienced Grab driver-partners as Safety Operators. These operators will provide real-time supervision during the initial phase of public rides. Azman Bin Rahmad, a trainee, expressed enthusiasm about the programme, noting the direct impact of feedback on vehicle performance.

The autonomous shuttle service will connect Punggol residents to key amenities, including the Punggol Coast MRT station and local malls, enhancing local connectivity and transport options.

The latest report from Savills Singapore reveals a 4.5% year-on-year decline in total industrial leasing volume in the third quarter of 2025, with 3,061 tenancies recorded. This figure aligns closely with the quarterly average of 3,065 deals over the past three years. The decline is attributed to cautious sentiment and slower leasing activity, particularly in the factory and warehouse segments.

The single-factory segment experienced a significant 17.5% drop in demand, whilst the multiple-user factory and warehouse segments saw marginal decreases of 4.0% and 1.6% respectively. Despite these declines, vacancy rates for single- and multiple-user factories remained stable at 10.9% and 9.0%. The warehouse vacancy rate improved slightly, dropping by 0.8 percentage points to 10.4%, largely due to the completion of Maersk’s World Gateway 2, which was fully pre-committed.

Rental trends varied across the sector. Prime warehouse and logistics properties saw a 4.3% quarterly increase in rents, reaching S$1.82 per square foot. In contrast, multiple-user factory rents showed minimal growth, with JTC’s rental index rising by just 0.4% and Savills’ prime multiple-user factory rents decreasing by 0.3% to S$2.25 per square foot.

Strata industrial sales remained steady with 406 transactions, slightly below the quarterly average of 444 deals. Investor sentiment is cautious due to tariff uncertainties, leading to a wait-and-see approach.

Tang Boon Kiat from Savills highlighted the resilience of the prime logistics segment amidst global economic uncertainty. Alan Cheong, also from Savills, noted that demand for modern, high-spec industrial spaces is expected to remain strong, with limited new supply keeping rents and vacancy rates stable.

Singapore has emerged as the most targeted country for job scams in the Asia Pacific (APAC) region, according to new research by cybersecurity firm Trend Micro. The study found that over half (53%) of Singaporeans have been targeted by job scams, with nearly one in five (18%) having fallen victim to such schemes.

The research highlights the impact of economic uncertainty and rising living costs on Singaporeans’ financial security, with 96% expressing concern over their financial situation. This anxiety has driven many to seek better job opportunities and shopping deals online, inadvertently increasing their exposure to scams. Trend Micro’s Consumer Education Director, Ashley Millar, noted, “Emotions are a powerful psychological tactic that scammers often capitalise on.”

Key findings from the study reveal that 69% of Singaporeans have received job or income offers via text or email, with many offers promising easy money for minimal work. The high digital connectivity in Singapore may be amplifying the reach of these scams. Additionally, 79% of Singaporeans are actively seeking promotions and discounts due to rising prices, making them prime targets for fraudulent online offers.

The report underscores the need for increased consumer awareness and digital hygiene. Simple measures such as verifying identities, avoiding suspicious links, and reporting irregular activities can help mitigate the risk of scams. With financial pressures unlikely to ease soon, Singaporeans are urged to remain vigilant against the growing threat of online scams.

EurewaX, a Singapore-based company, has unveiled its intelligent cross-border payment cloud platform at the Singapore FinTech Festival. This new Full-Stack Solution is designed to help financial institutions swiftly enter the high-growth cross-border payments market. Built on a modular architecture, the platform integrates global payment networks and compliance resources, addressing key challenges in financial digitalisation, particularly in Belt and Road markets.

The platform’s modular design allows institutions to expand globally by reducing system capacity limitations, back-office build cycles, and connectivity costs. Joseph Lee, Founding Partner at KAIROUS, highlighted that EurewaX’s approach “materially lowers the barrier for institutions to expand globally.” The platform supports various models, including cross-border e-commerce and B2B trade, and offers customisable SaaS solutions to overcome technical challenges.

EurewaX’s solutions have already shown significant impact. A Singapore payment agency reduced settlement costs by 30%, whilst an Indonesian trading company managed FX volatility risks through EurewaX’s dynamic FX management. Additionally, a partnership with Globebill has enabled global collections and fund distribution, enhancing cross-border capabilities.

As Southeast Asia’s digital payment infrastructure strengthens, EurewaX’s platform is poised to become a crucial link between traditional finance and the digital economy, driving the region’s payments industry towards greater intelligence and globalisation.

The Institute of Singapore Chartered Accountants (ISCA) has announced a new AI Fluency Programme aimed at equipping Singapore’s 120,000-strong accountancy sector with essential AI skills. Supported by a $1 million investment from ISCA’s $2m Artificial Intelligence for Accountancy Industry (AI for AI) initiative, the programme is designed to help non-tech professionals in accounting and corporate finance become proficient AI users, thereby transforming workflows and focusing on higher-value tasks.

Unveiled at the ISCA Conference by Indranee Rajah, Minister in the Prime Minister’s Office and Second Minister for Finance and National Development, the programme is set to roll out in 2026. It forms part of ISCA’s broader AI for AI initiative, which is built on three pillars: Learn AI, Govern AI, and Apply AI. This holistic approach aims to help the accountancy sector understand, adopt, and apply AI responsibly.

The AI Fluency Programme will be delivered online through engaging, bite-sized modules, with over 50% of the content focused on practical applications in accounting, auditing, and finance. Participants will earn Continuing Professional Education hours and an ISCA digital badge upon completion. Teo Ser Luck, President of ISCA, emphasised the importance of the initiative, stating, “By equipping them to learn, govern and apply AI responsibly, we are preparing the profession to thrive in an era where human judgement and digital intelligence work hand in hand.”

The initiative also includes the development of a Responsible Artificial Intelligence Framework in Accountancy, in collaboration with Nanyang Technological University, to ensure ethical AI use. Additionally, ISCA will establish an AI Nexus to facilitate collaboration and innovation among accountants, technology providers, and educators.

The AI for AI initiative underscores ISCA’s commitment to building an AI-enabled profession, ensuring accountants remain trusted, relevant, and ready for the future.

Mastercard and Thunes have announced a strategic collaboration at the Singapore FinTech Festival to facilitate near real-time payouts to stablecoin wallets. This partnership aims to bridge the gap between traditional and digital finance by integrating Thunes’ Direct Global Network with Mastercard Move, allowing banks, payment service providers, and end-users to send and receive funds with greater flexibility.

The collaboration introduces several key benefits, including 24/7 availability for near real-time payouts to stablecoin wallets, expanding the options for banks and payment providers. This move is expected to unlock new business models and corridors, whilst also promoting financial inclusion by reducing currency friction in underserved markets.

Pratik Khowala, Global Head of Transfer Solutions at Mastercard, stated, “As digital currencies become a bigger part of global money movement, this collaboration with Thunes reinforces our role as a trusted bridge between traditional and digital finance.” Mastercard Move, which already supports transfers in 150 currencies to over 10 billion endpoints, will now include stablecoin wallets, providing end-users with more choices.

Chloe Mayenobe, President and Chief Operating Officer at Thunes, added, “Collaborating with Mastercard Move to enable stablecoin payouts is another step forward in our mission to enable the next billion end users to take part in the global economy.”

This initiative marks a significant milestone in Mastercard Move’s commitment to facilitating stablecoin flows globally, addressing the growing demand for instant, stable digital currency payouts. The integration of Thunes’ Pay-to-Stablecoin-Wallets solution into Mastercard’s network is expected to enhance payment options for individuals and businesses worldwide.

ASEAN’s Financial Technology (FinTech) sector is navigating a challenging landscape in 2025, with funding hitting its lowest since 2016. Despite this, mature FinTechs are securing larger deals, according to the “FinTech in ASEAN 2025: Navigating the New Realities” report by UOB, PwC Singapore, and the Singapore FinTech Association. The report highlights a 36% drop in total funding to approximately $835m and a 60% decrease in the number of deals to 53 in the first nine months of 2025 compared to the previous year.

Singapore remains the region’s FinTech powerhouse, attracting 87% of total funding, amounting to over $725m. This is a significant increase from 57% in the same period last year. The city-state accounted for more than half of ASEAN’s 53 deals, primarily in blockchain and investment technology. Janet Young from UOB noted, “The rise in average deal size and strong performance of late-stage companies underscore investor confidence in the region’s long-term potential.”

The report also reveals a shift in investor focus towards late-stage FinTechs, which captured 67% of ASEAN’s total funding, a 24 percentage point increase year-on-year. The average funding per late-stage deal rose by 40% to around $112m, driven by three mega deals totalling nearly $450m. Wong Wanyi of PwC Singapore stated, “Despite slower funding and lower valuations, investor confidence persists, fuelled by sophisticated FinTechs that have successfully adapted to market shifts.”

Outside Singapore, other ASEAN markets faced tougher conditions. Indonesia’s funding share fell from 20% to 4%, whilst the Philippines tied with Indonesia for second place with five deals. Malaysia, Thailand, and Vietnam collectively accounted for less than 10% of total funding. Despite these challenges, the sector’s focus on operational excellence and sustainable growth is seen as a foundation for a more mature ecosystem.

Small and medium enterprises (SMEs) in Singapore are struggling to embark on sustainability initiatives, according to the inaugural 2025 SME Sustainability Barometer by Gprnt and PwC Singapore. The study, supported by the Singapore Business Federation (SBF) and the Sustainability Alliance (SA), surveyed over 560 SMEs across 19 sectors. It found that three in four SMEs have yet to start their sustainability journeys, citing financial constraints, lack of skills, and time as major barriers.

The report highlights that over 70% of SMEs have not accessed available government assistance, indicating a gap in awareness and perceived relevance of these schemes. Ravi Menon, Singapore’s Ambassador for Climate Action, emphasised the importance of viewing sustainability as a strategic business move rather than a cost, noting that “environmental sustainability will become an increasingly important driver of competitiveness.”

The Barometer proposes several recommendations to support SMEs, including creating a central case bank to showcase successful sustainability initiatives and encouraging SMEs to appoint a sustainability champion within their organisations. Additionally, it suggests flagship programmes like the Queen Bee initiatives, where larger corporations engage SMEs to build green capabilities.

Lionel Wong, CEO of Gprnt, stated, “When SMEs go green, they lift the networks around them.” The study calls for stronger public-private collaboration to make sustainability viable and valuable for SMEs. Lee Bing Yi from PwC Singapore added that closing the support gap is crucial for SMEs to start and sustain their green journey.

Moving forward, Gprnt, SBF, and SA plan to engage with partners to implement these recommendations, aiming to translate insights into tangible outcomes for SMEs and the broader economy.

HR departments in Singapore are increasingly turning to artificial intelligence (AI) and automation, with 65% of HR leaders expecting two-thirds of routine tasks to be automated by the end of 2026. This insight comes from Remote’s Global Workforce Report 2025, which surveyed over 3,600 business leaders across 10 countries, including 250 in Singapore.

The report highlights a significant shift in HR operations as international hiring surges. Singaporean HR teams are tasked with managing payroll, hiring, and compliance for large, dispersed workforces. Many are adopting AI to handle these responsibilities, although the transition is not uniform. Whilst 31% of HR leaders have ceased using certain AI tools due to concerns over fairness and compliance, 28% have embraced new AI solutions.

The findings also reveal that 28% of HR leaders suspect candidates of using AI in interviews, and 24% have observed employees using AI tools without guidance. Additionally, 23% have seen employees automate parts of their jobs independently, and 20% have faced employee concerns over AI’s privacy and fairness.

Job van der Voort, CEO and co-founder of Remote, stated, “Lean HR teams are becoming a norm in today’s workforce, but AI can be a force multiplier for such teams and businesses when done right.”

As HR teams shrink in size but expand in responsibility, the report underscores the importance of integrated tools and responsible AI adoption. With 51% of HR leaders seeking a single platform for global payroll and compliance, the future of HR in Singapore appears set for a tech-driven transformation.