Industry News

Japanese home furnishing giant Nitori has unveiled its largest store outside Japan in Singapore’s Bugis Junction. The expansive 31,000-square-foot store aims to cater to the growing demand for quality home furnishings in Southeast Asia. This strategic move underscores Nitori’s commitment to expanding its footprint in the region, offering a wide range of products from furniture to home accessories.

Located in the heart of Singapore, the new store is set to become a key destination for home enthusiasts. Nitori’s decision to open its largest overseas outlet in Singapore reflects the city-state’s strategic importance as a retail hub in Asia. The store will feature an extensive selection of Nitori’s signature products, known for their affordability and quality.

The opening of the Bugis Junction store is part of Nitori’s broader strategy to increase its presence in international markets. By choosing Singapore, Nitori taps into a diverse and affluent consumer base, aligning with its goal to become a global leader in the home furnishing industry.

As Nitori continues to expand its international operations, the Singapore store is expected to play a pivotal role in the company’s growth strategy. The launch not only enhances Nitori’s brand visibility but also strengthens its competitive position in the Southeast Asian market.
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AAC Technologies has released its 2025 interim results report in Singapore and saw an expected revenue growth of over 18% for 2025, with a gross profit margin surpassing that of 2024. The company’s interim results for the first half of 2025 revealed a record revenue of RMB 13.32 billion, marking an 18.4% year-on-year increase. Net profit also surged by 63.1% to RMB 876 million. The company’s CFO, Guo Dan, highlighted that the second half of the year is expected to maintain this high growth rate.

The company attributes this growth to advancements in artificial intelligence (AI) and the expansion of its product lines, including heat dissipation products and MEMS microphones. AAC Technologies projects that its MEMS microphone business will see a revenue increase of over 50% in 2025 due to rising demand for voice interaction in AI smartphones. Additionally, the company expects its heat dissipation business to triple its revenue compared to 2024, driven by increased demand from high-end overseas customers.

In the optics sector, AAC Technologies’ proprietary WLG lenses are set to achieve a milestone, with shipments expected to exceed 10 million units this year and grow by more than 50% next year. The company has also secured significant orders for its 1G6P lenses from leading Chinese customers.

The in-vehicle product segment, which AAC Technologies entered in 2021, continues to grow, contributing over 13% to the group’s total revenue. The company has expanded its capabilities through acquisitions and aims to become a diverse solution provider in audio, video, and lighting systems for vehicles.

AAC Technologies remains committed to seizing market opportunities and expanding its market share, aiming for steady performance growth and better returns for shareholders.
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S&P Global Ratings has assigned a ‘BBB+’ long-term issue rating to Oversea-Chinese Banking Corp.’s (OCBC) Tier-2 subordinated notes, which are due in 2035. This $1 billion issuance is part of OCBC’s $30 billion global medium-term note programme. The rating is two notches below S&P’s ‘a’ assessment of OCBC’s stand-alone credit profile, reflecting the securities’ subordination risk and a nonviability clause.

The nonviability clause mandates that OCBC must permanently write off the securities, either partially or fully, if a loss-absorption trigger event occurs. This could happen if the Monetary Authority of Singapore (MAS) informs the bank of its nonviability without such a write-off, or if MAS opts for a public-sector capital injection to prevent the bank from becoming nonviable.

OCBC plans to utilise these notes as Tier-2 regulatory capital. The securities will rank junior to all depositors and senior creditors, but senior to all additional Tier-1 bondholders. This structure is designed to bolster OCBC’s capital base whilst providing a buffer for senior obligations.

The assignment of this rating is significant as it underscores the bank’s strategic approach to maintaining robust capital adequacy. It also highlights the importance of regulatory compliance in ensuring financial stability. As OCBC continues to expand its financial offerings, the rating provides market participants with a measure of the bank’s creditworthiness and risk profile.
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Singapore’s industrial production experienced a robust growth of 7.1% year-on-year in July, maintaining the same pace as June, according to Nomura’s latest research summary. This growth was primarily driven by a significant increase in electronics output. Meanwhile, core inflation saw an unexpected decline to 0.5% from June’s 0.6%, attributed to a sharp decrease in retail and other goods inflation and a reduction in electricity tariffs.

The report, authored by Euben Paracuelles and Charnon Boonnuch of Nomura, highlights that the industrial production growth exceeded expectations, with consensus forecasts at 0.9% and Nomura’s own prediction at 1.0%. On a month-on-month basis, seasonally adjusted industrial production rose sharply by 8.2%, a significant turnaround from a 0.8% decline in the previous month.

Nomura maintains its 2025 GDP growth forecast for Singapore at 2.6%, which is above the official forecast range of 1.5% to 2.5%. However, the firm anticipates a marked slowdown in the second half of the year. The 2025 core inflation forecast is reiterated at 0.7%, near the lower end of the official forecast range of 0.5% to 1.5%, suggesting a benign inflation outlook for the remainder of the year.

These figures underscore the resilience of Singapore’s industrial sector amidst global economic uncertainties, whilst the easing inflation provides some relief to consumers. The continued strength in industrial output, particularly in electronics, is a positive sign for the country’s economic trajectory.
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7-Eleven Singapore is set to delight fans of the mischievous Crayon Shin-chan with its latest Shop and Earn Stamps Programme, running from 3 September to 28 October 2025. The programme offers an exclusive collection of Crayon Shin-chan merchandise, including mystery blind boxes and lifestyle accessories, available for redemption until 4 November 2025 or whilst stocks last.

Customers can earn a stamp for every $5 spent at any 7-Eleven store across Singapore. Collecting four stamps allows customers to redeem a blind box for an additional $10.90, which contains either a Crayon Shin-chan Phone Lanyard with Backclip or a Crayon Shin-chan Fluffy Pouch. The lanyards and pouches come in multiple designs, featuring Shin-chan and his sidekick, Shiro.

For those preferring to use yuu points, 200 points plus a top-up of $8.90 can also secure a blind box, though this option is not available at Jewel and Airport stores. Additional stamps can be earned through the purchase of selected products.

Beyond the blind boxes, the collection includes a range of Shin-chan-themed items such as plush power banks, Bluetooth speakers, and a 2-in-1 pillow blanket. These items aim to bring a touch of Shin-chan’s playful charm to everyday life.

The programme, in collaboration with Play Nation Studio, excludes certain transactions like tobacco products and online purchases from stamp collection eligibility. For more details, customers are encouraged to visit 7-Eleven’s social media pages.
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CapitaLand Integrated Commercial Trust (CICT) has been highlighted by DBS Group Research as a promising investment, following a 3.5% year-on-year increase in its distribution per unit (DPU) to 5.62 Singapore cents for the first half of 2025. This performance exceeded expectations due to strong rental reversions and reduced financing expenses. Consequently, DBS Group Research has raised its 12-month target price for CICT to SGD2.50, reflecting an 11% upside from the last traded price of SGD2.26 on 25 August 2025.

The trust’s robust performance is attributed to its strategic acquisition of the remaining 55% stake in CapitaSpring Commercial, which is expected to be accretive by 1%. This acquisition, along with anticipated master lease renewals in the financial years 2026 and 2027, is set to bolster CICT’s growth. Geraldine Wong, an analyst at DBS, noted that the trust is well-positioned to benefit from Singapore’s stable economy, with its assets contributing approximately 95% of revenue.

CICT’s portfolio, which covers a significant portion of Singapore’s commercial properties, is expected to sustain organic growth. The trust’s leverage ratio of around 38% provides ample room for future asset enhancement initiatives and acquisitions. Additionally, the completion of asset enhancement initiatives at key locations such as IMM Building and Lot One, Tampines Mall, is anticipated to support growth visibility.

DBS Group Research maintains a “BUY” rating for CICT, with the revised target price implying a forecast yield of 4.5% for the financial year 2025. The trust’s strategic moves and stable economic environment in Singapore are expected to support a 3% annual growth in DPU from 2025 to 2026.
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Seafood Expo Asia has announced the finalists for the 2025 Seafood Excellence Asia Awards, with eight products from around the globe competing for the title of best new seafood product. The event, organised by Diversified, will take place from 10 to 12 September in Singapore.

The finalists were chosen based on criteria such as innovation, packaging, pricing, and market acceptance.

The selected products include Premium Seafood Dumplings from Hong Yu Food Co Ltd in Taiwan, Frozen Salmon Trout Fillet from Gumusdoga Seafood in Turkey, and Snow Treasures Miso-Marinated Cod Cube from Singapore’s Lam Kee Fisheries Pte Ltd. Other contenders are Lobster Oil by Lian Ruey Enterprise Co Ltd in Taiwan, Uni Fresco Paste by Oceanmaster Foods International Ltd in Canada, Shuto from Shiino Foods Co Ltd in Japan, Protein Pho Fusion by Vinh Hoan Corporation in Vietnam, and Squid Har Kow by Sincere Food Investment Pte Ltd in Singapore.

The live judging and tasting will occur on the first day of the expo at the Product Showcase stand D19, conducted by a panel of high-volume seafood buyers and industry experts from the retail and foodservice sectors across Asia. Winners will be announced at the end of the first day. All competing products will be displayed at the Product Showcase and are available for viewing on the event’s website.

The Seafood Excellence Asia Awards is an extension of the awards featured at Seafood Expo North America and Seafood Expo Global, which highlight the best seafood products in the retail and HORECA (hotel, restaurant, catering) sectors. Seafood industry professionals can learn more about the expo and register to attend for free by visiting the official website.
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Tazapay, a prominent global cross-border payments platform, has successfully closed its Series B funding round, attracting investments from Ripple, Circle Ventures, and other key players. The funding, led by existing investor Peak XV Partners, also saw participation from Norinchukin Capital and GMO VenturePartners from Japan. This strategic investment is set to bolster Tazapay’s mission to revolutionise cross-border payments by integrating traditional finance with digital currencies.

The platform, which processes over $10 billion in annualised payment volume, offers local collection and payout capabilities in more than 70 markets. Tazapay’s infrastructure supports a wide range of payment methods, including cards, virtual bank accounts, and stablecoins, ensuring comprehensive coverage for global enterprises. The company has reached operational breakeven and is experiencing a 300% year-on-year growth.

With the new funding, Tazapay plans to accelerate its licencing roadmap in key global markets, including the UAE, US, Hong Kong, and Australia. Applications are also underway for a Digital Payment Token licence in Singapore. Rahul Shinghal, co-founder and CEO of Tazapay, stated, “With this round, we are not just capitalising the business; we are investing in our long-term vision to become the builder of a global payment collection and payout infrastructure built on modern rails.”

The investments from Ripple and Circle, leaders in blockchain-based payments, underscore Tazapay’s role in bridging traditional and digital finance. Eric Jeck, SVP of Corporate and Business Development at Ripple, remarked, “Tazapay is a clear leader in building essential compliant last-mile connections, especially in emerging markets.”

The funding will also facilitate Tazapay’s expansion into Japan, enabling local payment methods and establishing a dedicated sales team to support Japanese enterprises in scaling internationally. With strong institutional backing and a clear regulatory path, Tazapay is poised to lead the transformation of cross-border payments, offering a future-ready payment experience for global businesses.
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Nanyang Biologics, a Singapore-based biotech company, has announced a groundbreaking partnership with technology leaders NVIDIA, Hewlett Packard Enterprise (HPE), and Equinix to advance AI-driven drug discovery. The collaboration, formalised through a Memorandum of Understanding (MOU) signed at the AI4Life Summit on 26 August 2025, aims to create the world’s largest natural drug compound library in Singapore over the next 12 months.

The initiative, supported by the Singapore government, seeks to position the city-state as a global hub for AI-driven healthcare and biomedical innovation. The AI4Life Summit, held at the Fullerton Hotel, featured keynote presentations from the involved parties and a panel discussion on strategic infrastructure for therapeutic innovation. The event was graced by Goh Hanyan, co-chair of the Committee on Technology and Innovation, who highlighted the significance of the collaboration in strengthening Singapore’s role in global healthcare innovation.

Nanyang Biologics’ Chairman, Roland Ong, emphasised the transformative potential of the partnership, stating, “We are working together to transform nature’s pharmacy into tomorrow’s solutions for health and well-being.” The company’s proprietary AI platform, Vecura, will be pivotal in accelerating drug discovery from natural sources, building on research conducted by the NYB–NTU Joint Laboratory since 2019.

This collaboration not only aims to expedite the drug discovery process but also to foster a multidisciplinary workforce in Singapore, bridging AI, biology, and drug development. The initiative is expected to enhance Singapore’s competitiveness and contribute to the global healthcare landscape by leveraging AI to address unmet medical needs.
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The National Heart Centre Singapore (NHCS) has launched Exercise Cardiac Magnetic Resonance (ExCMR) imaging, marking a first in Asia. This innovative technology combines advanced MRI with real-time exercise, allowing doctors to observe heart performance during physical activity. The ExCMR test, which uses a specially designed stationary bicycle within the MRI scanner, provides a comprehensive assessment in a single session, distinguishing between normal exercise-induced changes and serious heart conditions.

ExCMR significantly reduces the need for multiple tests, cutting down from 56.8% to just 6.5%, and offers timely diagnosis and treatment. This advancement is particularly beneficial for active individuals and athletes, as demonstrated by national footballer Adam Swandi’s case. After experiencing symptoms during a match, ExCMR confirmed his cardiomyopathy diagnosis, enabling timely intervention.

Associate Professor Calvin Chin of NHCS highlighted ExCMR as a “game-changer” for early detection of heart conditions, especially in active individuals. Previously, patients faced a series of tests to diagnose heart issues. Now, ExCMR streamlines this process, offering precise results swiftly.

Initially introduced as a research project in 2017, ExCMR has been refined through extensive studies involving over 600 participants. Since its clinical rollout in 2020, around 400 patients have benefited. NHCS plans to expand ExCMR capacity to 100 patients annually and is working on making the technology more accessible.

Professor Yeo Khung Keong, CEO of NHCS, emphasised the importance of such advancements in achieving clearer diagnoses and improving patient care. NHCS continues to lead efforts in setting global standards for ExCMR, ensuring broader patient benefits.
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