Industry News

The barge Marco Polo 802, which was grounded off Tanjong Beach, has been successfully towed to an anchorage for further inspection and investigation, according to the Maritime and Port Authority of Singapore (MPA). The incident, which occurred earlier this morning, resulted in damage to a portion of the floating security barriers off Sentosa.

The Police Coast Guard (PCG) is set to evaluate the extent of the damage and carry out necessary repairs. In response to the incident, the PCG has also increased patrols in the area to ensure maritime safety and security.

The MPA, established in 1996, plays a crucial role in developing Singapore as a leading global hub port and international maritime centre. It is responsible for regulating and planning maritime and port activities, as well as championing digitalisation and decarbonisation efforts in the maritime sector. The authority collaborates with industry partners, the research community, and other agencies to enhance safety, security, and environmental protection in Singapore’s maritime domain.

The successful towing of the Marco Polo 802 and the prompt response to the incident highlight the MPA’s commitment to maintaining the safety and security of Singapore’s maritime environment. Further updates on the investigation and repairs are expected as the situation develops.
“`

With a headquarters in Singapore, TikTok has announced a significant shift towards becoming a performance marketing partner at its annual TikTok World ’25 summit. The platform, known for its cultural influence, is now offering a suite of AI and creative tools aimed at driving business growth from awareness to conversion. These tools include TikTok Market Scope, Brand Consideration, and Smart+, which help marketers identify audiences, automate personalisation, and optimise campaigns in real-time.

TikTok’s new offerings are designed to transform how brands engage with audiences. The TikTok One platform now includes Insight Spotlight for trend intelligence and Content Suite, enabling marketers to convert user-generated videos into high-performing ads swiftly. David Kaufman, Global Head of Product Operations and Solutions at TikTok, stated, “TikTok is building solutions for every business objective and marketing strategy.”

The platform’s AI-powered solutions, such as TikTok Symphony and GMV Max, are set to enhance commerce by providing personalised recommendations and improving ad targeting. These innovations aim to maximise the impact of marketing campaigns across various industries, including e-commerce and automotive.

TikTok’s expansion of its TopView ad format and investment in holistic measurement solutions further solidify its role as a comprehensive marketing ecosystem. By integrating creativity with AI, TikTok is poised to convert user engagement into tangible business results, offering brands a unique opportunity to harness the platform’s vast reach and influence.
“`

The NRF 2025 Retail’s Big Show Asia Pacific, held in Singapore, concluded with unprecedented success, drawing 9,500 registrations from over 72 countries. The three-day event, themed “Retail Unlimited,” featured 240 exhibitors and sponsors, alongside 150 world-class speakers, highlighting the dynamic retail landscape in the Asia Pacific (APAC) region.

The event, which took place from 3 to 5 June, aimed to address the unique challenges and opportunities within the APAC retail market. Ryf Quail, Managing Director for APAC at Comexposium, noted the event’s success, stating, “The overwhelming response from retail communities across APAC underscores the growing demand for a premier regional retail event like NRF APAC.”

Key features of the show included the NRF APAC Innovators Showcase, which highlighted significant innovations in the retail sector, and the exclusive NRF APAC CEO Club, gathering nearly 100 industry leaders. The expanded Exhibitor Big Ideas stages offered in-depth sessions on emerging retail technologies, sustainability, and leadership trends.

Anson Bailey, Head of Consumer & Retail Asia Pacific at KPMG, expressed pride in leading discussions on AI-driven transformation and evolving consumer behaviour. “The insights and ambitions shared throughout the week sparked high-impact collaborations,” he said.

Donald Ong, Senior Vice President of Services Business Development Asia Pacific at Mastercard, emphasised the event’s role in spotlighting retail innovations and facilitating dialogue among industry leaders. The event’s success sets the stage for NRF 2026, scheduled to return to Singapore on 24 June 2026, promising even more visionary speakers and networking opportunities.
“`

The ABF Pan Asia Bond Index Fund (PAIF), the first regional Asian local currency bond exchange-traded fund (ETF), has reached its 20th anniversary. Managed by State Street Global Advisors, PAIF was launched in 2005 to track the iBoxx ABF Pan-Asia Index, which reflects the returns of Asian currency-denominated bonds from government and quasi-government organisations across eight markets, including China, Hong Kong, and Singapore.

PAIF, domiciled in Singapore, is part of the Asian Bond Fund 2 (ABF2), an initiative by the Executives’ Meeting of East-Asia and Pacific Central Banks (EMEAP) to develop Asian bond markets. Meaghan Victor, head of Intermediary, Asia Pacific at State Street Global Advisors, highlighted the fund’s role in promoting local-currency bond market development post the 1997 Asian financial crisis. “As the creator of the world’s first ETFs, State Street Global Advisors is proud to have worked in partnership with the EMEAP Group in creating PAIF,” she stated.

Since its inception, PAIF has grown to over USD 3.75 billion in assets. The fund’s benchmark, the iBoxx ABF Pan-Asia Index, reduced its minimum outstanding notional threshold for sub-sovereign green bonds in 2022, allowing for more green bond inclusion. Kheng Siang Ng, Asia Pacific head of Fixed Income at State Street Global Advisors, noted, “In the past two decades, the Asian bond market has grown significantly, reflecting a rising interest in Asia’s bond market due to its higher yields and diversification benefits.”

As PAIF continues to evolve, its impact on global institutional investors’ strategic asset allocations remains significant, offering a diverse range of Asian local currency bonds.
“`

Marco Polo Marine is set to enhance its growth trajectory with the deployment of its new commissioning service operation vessel (CSOV) in the financial year 2025. The vessel has already secured charters at competitive rates for the next three years, with additional orders anticipated. This development is expected to bolster the company’s earnings, supported by increased utilisation and charter rates across its fleet, alongside expanded drydock capacity.

The company’s strategic move to introduce the CSOV is part of a broader effort to capitalise on rising demand in the maritime sector. The vessel’s deployment is anticipated to significantly contribute to Marco Polo Marine’s revenue streams, as it taps into new opportunities for ship chartering.

Alfie Yeo, an RHB analyst, maintains a positive outlook on Marco Polo Marine, reiterating a “BUY” recommendation with a target price of $0.05 (SGD0.07), reflecting a 57% upside potential. The company’s focus on expanding its fleet and enhancing operational capacity is seen as a key driver for sustained growth.

The introduction of the CSOV aligns with Marco Polo Marine’s strategy to leverage its assets for maximum profitability. As the maritime industry continues to evolve, the company’s proactive approach in securing long-term charters positions it favourably for future success. With the CSOV’s deployment, Marco Polo Marine is poised to strengthen its market presence and deliver value to its stakeholders.
“`

WatchFund SG, a Singapore-based platform that allows investors to own and wear investment-grade luxury watches, has been named Alternative Investment Manager of the Year 2025 at the WealthBriefingAsia Awards. This accolade, received at a gala dinner in Singapore, marks the company’s eighth consecutive win, highlighting its decade-long success in the collectibles investment sector.

The WealthBriefingAsia Awards recognise excellence in wealth management, focusing on client experience, performance, and innovation. Winners are selected through a rigorous judging process involving experts from private banks, family offices, and technology companies. WatchFund SG’s latest recognition adds to its impressive list of accolades, including 12 wins for Alternative Investment Manager and two for Collectibles Advice Provider.

Dominic Khoo, Founder and CEO of WatchFund SG, stated, “WatchFund SG is proud to set the global benchmark for luxury collectibles investing. These awards affirm our unique value proposition and relentless focus on aligning fully with our investors’ interests.”

Since becoming a finalist in 2015, WatchFund SG has consistently won awards across Greater China and Southeast Asia. Its success is attributed to an independently audited 8-year track record, niche expertise, and a performance-first model that eliminates annual fees, earning only when investors profit. This approach has attracted high-profile clients, including Liverpool FC CEO Peter Moore and football icon Roberto Firmino.

WatchFund SG’s resilience has been proven during global downturns like SARS and COVID-19, leveraging market expertise to deliver returns. As alternative assets gain momentum, the firm continues to innovate, cementing its position as a leader in luxury collectibles investing.
“`

The National Youth Council, KPMG in Singapore, and the Institute of Public Relations of Singapore have launched Gen2050, a youth action programme designed to empower young people to address pressing social issues. This initiative, unveiled on 5 June, seeks to provide youths from diverse backgrounds with the skills and mentorship needed to drive meaningful change in their communities.

Gen2050 is structured around two main tracks. The first track offers a comprehensive programme featuring four key modules led by industry experts. Participants will gain insights into social entrepreneurship, problem-solving, and stakeholder management, with opportunities for mentorship and funding to pilot their innovative ideas. This track also connects youths to professional networks, potentially leading to national youth leadership programmes.

The second track involves a series of youth engagements, allowing participants to interact with policymakers, industry leaders, and peers. These discussions will cover critical topics such as the impact of artificial intelligence on employment, equitable access to digital skills, and mental wellness. Insights gathered will contribute to the SG Youth Plan, a five-year action plan reflecting the aspirations of young Singaporeans.

This collaboration highlights the power of public-private partnerships in amplifying youth-driven impact. The National Youth Council leverages its expertise in youth engagement, whilst KPMG provides industry perspectives and mentorship. The initiative underscores a commitment to nurturing the next generation of leaders equipped to tackle societal challenges.
“`

The World Class Cocktail Competition, a prestigious platform for bartending excellence, is set to conclude its Singapore chapter with a thrilling final on 16 June 2025. Six exceptional bartenders will compete for the title of World Class Bartender of the Year 2025 Singapore, with the winner representing the nation at the global finals in Toronto.

The penultimate challenge, held on 29 May 2025, saw ten bartenders compete in the Johnnie Walker Blue Label Challenge. This round required participants to craft cocktails that embody modern luxury, drawing inspiration from art and fashion. The cocktails were judged on taste, appearance, service experience, bar skills, and storytelling.

The finalists include Marco Maiorano from KOMA, Zana Mohlmann from Manhattan, Ooi Foo Giap from Last Word, Kelvin Saquilayan from Republic Bar, Tryson Quek from Side Door, and Samuel Pang from Night Hawk. Marco Maiorano’s “Thirsty Artist” impressed judges with its blend of Johnnie Walker Blue Label, banana wine, and a triple-evaporated peanut butter spray. Other standout creations included Zana Mohlmann’s “Alien Superstar” and Ooi Foo Giap’s “2018”.

The final showdown at Baia will feature two rounds: “Drink to the Future,” where bartenders must create an immersive luxury cocktail experience using technology, and “The Showdown,” a fast-paced service round. Esteemed judges, including Ervin Trykowski and Pedison Kao, will evaluate the finalists.

As the competition draws near, anticipation builds for an unforgettable evening celebrating Singapore’s cocktail culture. The question remains: who will claim the coveted title of World Class Bartender of the Year 2025 for Singapore?
“`

The retail vacancy rate in Singapore increased to 6.8% in the first quarter of 2025, up from 6.2% in the previous quarter, according to Savills Research. This rise is attributed to new retail spaces, such as Punggol Coast Mall and the revamped The Cathay, taking time to be absorbed into the market. Net demand fell by 129,000 square feet as occupied space decreased across most areas after five consecutive quarters of positive net take-up.

Savills anticipates a steady pipeline supply of retail space this year, with around 597,000 square feet of Net Lettable Area (NLA) expected, slightly down from the 679,000 square feet completed in 2024. A significant increase in supply is projected for 2028, with major projects like the Marina Bay Sands expansion set to be completed. This will result in an average annual supply of 659,000 square feet NLA from 2025 to 2029, higher than the historical average of 445,000 square feet per year from 2020 to 2024.

Despite the overall demand softening, prime malls along Orchard Road have seen healthy lease renewal momentum, particularly from luxury retailers. Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted that whilst prime spaces are quickly occupied, the rate of closures could soon surpass new openings. He stated, “Orchard rents are likely to hit the upper end of our 1% to 2% growth forecast in 2025.”

The retail sector faces challenges from rising costs and a tight labour market, with the Urban Redevelopment Authority’s rental index showing a 0.5% quarter-on-quarter decline in the Central Region. However, the meetings, incentives, conventions, and exhibitions (MICE) segment is expected to drive growth, with plans to triple MICE receipts by 2040, potentially boosting retail spending in key precincts.

Edmund Sze-Wing Tse, the longstanding Independent Non-executive Chairman of AIA Group, has announced his retirement effective 30 September 2025. After over six decades with AIA, Tse will be succeeded by Sir Mark Tucker, who will assume the role on 1 October 2025, pending regulatory approval.

Tse, who has been instrumental in shaping AIA’s success, expressed his gratitude for the support of his colleagues and confidence in Tucker’s leadership. “Mark’s significant contributions to AIA during his tenure as the Group Chief Executive and President have been substantial and enduring,” Tse stated.

Sir Mark Tucker, who previously served as AIA’s Group Chief Executive Officer and President from 2010 to 2017, will also become Chairman of the Nomination Committee and a member of the Remuneration Committee. Tucker brings over 40 years of experience in the financial services industry, having worked across Asia, the US, the UK, and Africa. He will conclude his role as Non-executive Group Chairman of HSBC Holdings on 30 September 2025.

Lee Yuan Siong, AIA Group Chief Executive and President, praised Tse’s unparalleled contributions, noting his role in establishing a strong foundation for AIA. “Edmund’s vision and ambition have been instrumental in shaping AIA into the leading franchise it is today,” Lee remarked.

Sir Mark expressed his honour in taking on the role, stating, “I look forward to working with the Board, Yuan Siong, the Executive team, colleagues, agents, and partners across the region to build on the Group’s success.”
“`