Industry News

The Accounting Entities Survey 2025 has highlighted significant growth in Singapore’s accountancy sector, with a 7.5% revenue increase in 2024, largely driven by Audit and Assurance services. The survey, which included responses from 233 accounting entities (AEs), representing 92% of the sector’s total revenue, also noted a rise in the resident workforce for the first time since 2020.

Revenue growth was observed across all firm sizes, with Big 4 firms seeing an increase of $112.5m, large AEs up by $54.8m, medium AEs by $49.6m, small AEs by $19.3m, and micro AEs by $8.4m. This growth reflects strong demand and opportunities within the sector.

The resident workforce expanded by over 1,300 positions, marking an 8.8% increase, despite a 17.7% decrease in the non-resident workforce. The sector also reported higher wages for experienced positions, with significant increases for senior associates, managers, and directors. Additionally, more than 1,500 job opportunities are expected, primarily in audit and assurance.

Future-focused skills development is a priority, with AEs aiming to enhance capabilities in advanced data analytics, sustainability assurance, and risk management. ACRA plans to partner with SkillsFuture Singapore to offer sustainability reporting training programmes, preparing professionals for upcoming climate-related disclosure requirements.

Enhancements to the Singapore Chartered Accountant Qualification (SCAQ) include new pathways for Accounting Diploma graduates, a curriculum refresh to incorporate ESG frameworks and technology-focused learning, and changes to the assessment format for the Foundation Programme. These initiatives aim to ensure the qualification remains relevant and accessible.

JTC has awarded Singapore’s inaugural public sector New Engineering Contract 4 (NEC4) collaborative contract to Eng Lam Contractors Co (Pte) Ltd for infrastructure works at CleanTech Park in Jurong Innovation District. This marks a significant shift in the construction sector, aiming to improve risk management and reduce project delays and cost overruns through enhanced collaboration.

The NEC4 framework, originating from the UK, has been successfully implemented in regions like Hong Kong, where it has led to time and cost savings. In Singapore, the Building and Construction Authority (BCA) began exploring NEC4 in 2024, adapting it to local legal and industry standards. Unlike traditional contracts, NEC4 promotes mutual trust and collaboration, incorporating features such as a “Pain-Gain Share” mechanism, an early warning system, and holistic dispute management.

The pilot project at CleanTech Park involves extending CleanTech Loop and constructing an elevated walkway to improve connectivity. Scheduled for completion in the second half of 2027, the project will serve as a testbed for assessing NEC4’s effectiveness in managing risks and controlling costs. JTC plans to share insights from this pilot with other public sector agencies to encourage broader adoption.

Nelson Liew, Group Director of New Estates at JTC, emphasised the importance of mutual trust in NEC4, stating it provides stakeholders with firsthand experience in collaborative contracting. Ang Lian Aik, Group Director at BCA, highlighted the milestone as a step towards better project outcomes through strengthened communication and balanced risk-sharing. Rekha Thawrani, Global Director of NEC Contracts, praised Singapore’s adaptation of NEC4, noting its potential to transform infrastructure project delivery.
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Eternal Mark, a leader in global health and wellness, is advancing its international growth strategy by expanding its flagship family nutrition brand, Gumazing. Founded in 2003 by Krishika and Suraj Bahirwani, the company has grown from a small Singapore-based operation to a global enterprise with a presence in over 50 countries. Gumazing, conceptualised in 2019, offers over 47 nutritional products for various demographics, including kids, teens, women, and men.

The brand’s next growth phase involves entering key markets such as Vietnam, Saudi Arabia, the UAE, and the United States. Additionally, Eternal Mark plans to launch 20 new products by Q2 2026, featuring patented hydration sachets and advanced probiotic solutions. This expansion highlights the company’s commitment to building sustainable global wellness ecosystems through innovation, accessibility, and strategic international partnerships.

Eternal Mark’s expansion into new territories and product lines is a significant step in its long-term vision to enhance global wellness. The company’s focus on innovation and strategic partnerships aims to make wellness products more accessible worldwide, reinforcing its position as a leader in the health and wellness industry.

Finmo, a global fintech company, has partnered with Standard Chartered to introduce Global Currency Account (GCA) capabilities, enabling businesses to manage pay-ins, pay-outs, and foreign exchange with enhanced control and visibility. Announced at the Singapore FinTech Festival 2025, this collaboration will initially launch in Singapore, with plans to expand to the UAE, Hong Kong, and the UK.

The partnership leverages Standard Chartered’s global infrastructure and Finmo’s Smart Treasury platform, allowing businesses to automate cross-border payments, execute foreign exchange transactions, and access real-time financial visibility. Richard Oh, Co-founder and Head of Strategy & Network Partnerships at Finmo, stated, “By connecting Standard Chartered’s global infrastructure with Finmo’s Smart Treasury platform, businesses can simplify global money movement and gain real-time visibility across entities and currencies.”

Integrating Standard Chartered’s banking APIs, Finmo will offer direct access to multi-market currency accounts, enabling finance teams to manage funds securely and efficiently. Luke Boland, Head of Fintech, ASEAN, South Asia and GCNA at Standard Chartered, commented, “Our collaboration with Finmo reflects our shared vision of helping businesses gain faster access to multi-currency liquidity, whilst improving transparency and control across global operations.”

This strategic move positions Finmo as a trusted infrastructure partner for high-growth companies, combining Standard Chartered’s banking network with Finmo’s intelligent treasury platform. The collaboration aims to provide businesses with greater visibility, efficiency, and confidence in scaling international operations.

Antom, a division of Ant International, has unveiled EPOS360, an innovative app designed to streamline business operations for micro, small, and medium-sized enterprises (MSMEs). The app, which integrates point-of-sale (POS) systems, payments, banking, lending, and growth support, aims to help MSMEs efficiently transition from setup to scale. Supported by ANEXT Bank, one of Singapore’s pioneering digital banks, the app promises faster credit access and simplified financing management.

EPOS360 is set to transform the MSME landscape by addressing common challenges such as navigating fragmented digital ecosystems and accessing market insights. The app consolidates essential services, including digitisation and marketing, into a single platform. Available on iOS and Android in early 2026, it allows MSMEs to access these services within five minutes.

The app’s AI copilot, Antom Copilot, assists merchants in creating online stores, managing cash flow, and analysing market trends. It offers tailored support, suggesting inventory adjustments and marketing strategies. “With EPOS360, even a neighbourhood food & beverage stall can launch an online menu, access an instant small loan, and set up a weekend promotion in minutes,” said Ian Cheong, CEO of EPOS.

Initially launching in Singapore, EPOS360 will expand to Malaysia and other markets. It supports multiple languages and offers features like instant loan approval and multi-currency management. Gary Liu, General Manager of Antom, emphasised the app’s role in making advanced technologies accessible to businesses of all sizes, aiming to empower local MSMEs with innovative solutions for sustainable growth.

Artificial intelligence is increasingly central to advertising, yet a new report by MiQ highlights a significant gap between AI usage and readiness among marketers. The study, “The AI Confidence Curve,” surveyed 3,169 marketers across 16 countries, including Singapore, Japan, Thailand, and Australia. It found that whilst 72% of marketers globally plan to expand AI use in the next year, only 45% feel confident in their ability to apply it effectively.

Singapore emerges as a leader in AI adoption, with 86% of marketers intending to use AI more, the highest among surveyed countries. However, only 47% are fully confident in their AI knowledge. In contrast, Japan shows higher confidence, with 51% of marketers feeling knowledgeable, yet only 66% plan to increase AI usage. Thailand reports the lowest intention to expand AI use, with just 45% planning to do so.

MiQ JAPAC CEO Jason Scott noted, “The study demonstrates the varying levels of confidence and uptake in AI, although Southeast Asia has emerged as a transformative region when it comes to embracing AI.” The report identifies knowledge gaps and inadequate measurement systems as key challenges. In Singapore, only 38% of marketers are confident in their team’s ability to optimise performance against marketing KPIs.

The report suggests that to bridge the readiness gap, marketers should invest in AI literacy and integrate AI into performance measurement. MiQ’s Chief Marketing Officer, Jordan Bitterman, emphasised the opportunity to close the 27-point gap between usage and readiness, stating, “We’re at the start of a journey that will ultimately see us all move up the curve as we apply AI to more of our mission-critical work.”

Banking Circle S.A.’s subsidiary, BC Payments Pte. Ltd. (BC Payments Singapore), has been awarded a Major Payment Institution (MPI) licence by the Monetary Authority of Singapore (MAS). This development allows BC Payments Singapore to facilitate seamless and compliant cross-border payment flows for banks, fintechs, and global payment providers in Singapore.

The MPI licence is a pivotal step in Banking Circle’s global expansion strategy. Mishal Ruparel, Chief Commercial Officer of Banking Circle, highlighted the significance of this achievement, stating, “Securing the MPI licence from MAS is a crucial progression in Banking Circle’s mission to build the payments infrastructure for the global financial economy.” He emphasised Singapore’s role as a strategic hub for Asia Pacific operations due to its progressive regulatory framework and status as a leading global financial centre.

Marc Chua, CEO of BC Payments Singapore, noted the company’s growth since its inception in 2022, stating, “Singapore’s proximity to fast-growing digital economies enables us to stay ahead of client needs, and this achievement marks just the beginning of our journey to further strengthen cross-border payment connectivity.”

BC Payments Singapore will leverage Banking Circle’s global clearing infrastructure to connect international financial institutions with local clearing rails through a single API. The MPI licence underscores Banking Circle’s commitment to enhancing the reach and reliability of real-time global payments.

This move positions BC Payments Singapore to support clients’ global payment needs and accelerate instant, low-cost payments in the region, marking a significant milestone in the company’s journey to enhance cross-border payment connectivity.

TE Capital Partners, a Singapore-based real estate investment manager, has partnered with Dash Living, a rental housing platform backed by Hillhouse, to acquire a prime residential property in Minami Azabu, Minato Ward, Tokyo. The joint venture will see TE Capital holding a majority stake, whilst Dash Living will manage the property and retain a minority interest.

The property, to be rebranded as Dash Living Minami Azabu, is strategically located within a seven-minute walk from Shirokane–Takanawa Station and close to Azabu-Juban Station, offering excellent connectivity across Tokyo. The ten-storey building, situated in the prestigious embassy district, comprises 130 units and spans approximately 8,400 square metres. It is surrounded by foreign embassies and international schools, making it a highly desirable location.

Dash Living plans to refurbish the units with premium finishes and contemporary furnishings, targeting professionals and expatriates seeking quality and convenience. The property will offer flexible living solutions, catering to the growing demand for high-quality accommodation in Tokyo.

Terence Teo, Managing Partner of TE Capital Partners, stated, “This acquisition reinforces our conviction in Tokyo’s residential sector, particularly the robust demand for furnished flats.” Aaron Lee, CEO of Dash Living, added, “Dash Living Minami Azabu marks our largest asset in Japan to date and represents a significant milestone for the group.”

The acquisition highlights the resilience of Tokyo’s residential market, driven by stable economic fundamentals and an influx of foreign professionals. The property is expected to benefit from sustained occupancy and long-term rental growth.

The Urban Redevelopment Authority (URA) has announced the results of the government land sales (GLS) tender for a site on Bukit Timah Road, adjacent to the Newton MRT interchange station. The site, which is expected to yield approximately 340 private homes, attracted eight bids from developers, reflecting strong interest in the Core Central Region (CCR). The top bid of $566.3m, equivalent to $1,820 per square foot per plot ratio (psf ppr), was submitted by HH Investment, surpassing the second-highest bid by 12.3%.

The Bukit Timah site is part of the proposed new housing supply under the URA Draft Master Plan 2025, which aims to introduce more housing and mixed-use projects in the Newton neighbourhood. The site’s prime location near Orchard Road and the Newton MRT station has made it particularly appealing to developers.

Wong Siew Ying, Head of Research and Content at PropNex, noted that the robust upturn in the CCR primary market this year and the strong demand for well-connected projects near MRT stations have likely driven the interest. “The return of buyer interest in CCR homes—particularly well-located ones near to amenities—and the easing interest rates have boosted market confidence,” Wong said.

The top bid land rate of $1,820 psf ppr is the highest for a GLS site since a residential plot in Cuscaden Road was sold for $2,377 psf ppr in May 2018. With this rate, the average selling price for the new project could potentially exceed $3,600 psf. The resurgence in the CCR sub-market, particularly in the latter half of 2025, may have encouraged developers to bid actively, with 1,865 new CCR private homes sold by 2 November 2025, compared to 378 units in 2024.

Global citizens residing in Singapore are being urged by Schroders to adopt forward-looking strategies to protect and grow their wealth amidst rising global risks. According to Max White, Managing Director at Schroders, the focus is shifting from chasing returns to safeguarding assets, especially for high-net-worth individuals in Asia. The Schroders Global Investor Insights Survey 2025 indicates that wealth preservation is becoming a priority due to macroeconomic and geopolitical uncertainties.

Singapore, known for its political stability and financial connectivity, offers a conducive environment for wealth management. However, challenges such as currency volatility, overlapping tax obligations, and dormant pension pots necessitate a strategic approach to wealth structuring. Schroders suggests building inflation-resilient portfolios by synchronising risk profiles, portfolio allocations, and currency exposure. This approach aims to preserve purchasing power in real terms, crucial for globally mobile professionals.

Key components of an inflation-resilient strategy include equities with pricing power, real assets like property and commodities, and alternative investments such as private equity. Currency diversification is also essential for expatriates managing cross-border income and expenses. Additionally, tax-efficient structures like offshore funds and insurance wrappers can enhance long-term value by deferring taxes on investment returns.

Singapore’s wealth management ecosystem provides sophisticated tools, a transparent tax environment, and geopolitical stability, making it an attractive base for managing global wealth. By consolidating financial holdings and leveraging Singapore’s advantages, global professionals can simplify complexity and ensure long-term financial security.