Industry News

Airwallex, a global payments and financial platform, has successfully raised $300m in a Series F funding round, elevating its valuation to $6.2b. This funding includes $150m in secondary transactions and brings the company’s total funding to over $1.2b. The investment will be used to expand Airwallex’s infrastructure into new markets such as Japan, Korea, the UAE, and Latin America, whilst accelerating growth in Europe, North America, and Southeast Asia.

The funding round saw participation from prominent investors including Square Peg, DST Global, Lone Pine Capital, Blackbird, Airtree, Salesforce Ventures, and Visa Ventures. Jack Zhang, co-founder and CEO of Airwallex, stated, “The global financial system wasn’t built for today’s borderless economy. At Airwallex, we’re building a new foundation for the global economy – one that’s fast, seamless, and built for scale.”

Airwallex has experienced rapid growth, with its annualised revenue reaching $720m in March 2025, marking a 90% increase year-over-year. The company now supports over 150,000 businesses globally and processes more than $130b in annualised payment volume. It anticipates hitting $1b in annual run rate revenue by the end of 2025.

The company’s proprietary global network allows customers to generate local account numbers in over 60 countries and move funds across more than 150 markets, with 95% of transactions settled within hours. This expansion is set to redefine global banking, providing businesses with the tools to operate seamlessly across borders.
“`

Elivity®, a wellness brand with roots in Australia, is making waves in Singapore by offering affordable, science-backed supplements aimed at promoting healthy ageing. With prices starting at $61 (S$83) per month, the brand’s products, including NMN and Spermidine supplements as well as oral sprays, are now available at Guardian outlets across the island. These offerings are designed to fit seamlessly into the busy routines of Singaporeans, providing benefits such as increased energy, improved focus, and enhanced cellular repair.

The brand’s approach focuses on making premium wellness accessible to a broader audience, addressing the needs of younger adults, busy professionals, caregivers, and seniors. Elivity® emphasises the importance of starting early with daily supplements to maintain energy and focus, whilst also supporting long-term wellness. The products are developed with global research expertise and manufactured in Australia, ensuring credibility and effectiveness.

As the demand for practical wellness solutions grows in the Asia-Pacific region, Elivity® positions itself as a leader in the market. The brand’s commitment to affordability and efficacy makes it a strong contender among competitors, catering to the increasing interest in healthy ageing. With its innovative approach, Elivity® aims to make youthful vitality financially sustainable for consumers of all ages.
“`

California Wine Month is set to make a vibrant return to Singapore from 1 to 30 June 2025, marking its annual celebration since its inception in 2022. This event, which highlights California’s rich winemaking heritage, will see over 100 online and physical retail locations, including RedMart, FairPrice, and Cellarbration, offering enticing discounts on a wide array of wines. Wine enthusiasts can also look forward to exclusive tasting events at select FairPrice outlets, 75cl.sg, and Wine Hours.

The month-long celebration is a testament to California’s commitment to sustainability and innovation in winemaking. Christopher Beros, Greater China and Southeast Asia director of the Wine Institute, emphasised the importance of these principles, stating, “We want to communicate these efforts and our focus on leaving our world sustained for future generations.”

During the event, FairPrice will host free wine tastings at various locations, allowing customers to sample a diverse selection of wines. Meanwhile, 75cl.sg will offer tastings of wines from renowned producers like Sand Point and LangeTwins. Wine Hours will feature wines from J Lohr, providing a unique opportunity for wine lovers to explore different flavours and styles.

Retailers such as Bottles and Bottles, Redmart, and Malt and Wine Asia will participate by offering discounts on popular labels, including The Prisoner Wine Company and Louis M. Martini. This initiative aims to make California wines more accessible to Singaporean consumers, showcasing the state’s diverse offerings and sustainable practices.

As California Wine Month continues to grow in popularity, it not only celebrates the state’s winemaking prowess but also reinforces its dedication to sustainability, ensuring that future generations can enjoy the fruits of these efforts.
“`

Singapore’s economy expanded by 3.9% year-on-year in the first quarter of 2025, according to the latest figures released by the Department of Statistics.

Despite this growth, the GDP forecast for the entire year remains unchanged at a range of 0.0% to 2.0%.

“`

The Singapore Business Federation (SBF) has announced a leadership transition with S.S. Teo taking over as Chairman from Lim Ming Yan, effective today. Teo, who previously held the position from 2014 to 2020, is the Executive Chairman of Pacific International Lines and brings extensive experience in internationalisation and regional business engagement.

Lim Ming Yan, who led SBF through significant challenges including the COVID-19 pandemic, has been praised for his contributions to digitalisation and workforce development. He expressed gratitude for the support received during his tenure, stating, “It has been an honour to serve as Chairman of the Singapore Business Federation over the past five years. I am deeply grateful to our members, the Council, partners, and the SBF Secretariat for their unwavering support and collaboration.”

Teo, who also chairs SBF’s Internationalisation Action Committee, aims to continue advancing SBF’s strategic priorities. “Under Ming Yan’s leadership, SBF strengthened its advocacy and broadened its partnerships across sectors. I thank him for his steady hand and service to the Federation,” Teo remarked.

Kok Ping Soon, CEO of SBF, highlighted the importance of this transition, noting, “Mr Lim’s leadership has been instrumental in steering SBF through a time of profound change. His guidance has been invaluable to the Secretariat.”

This leadership change is expected to bring continuity and renewed momentum as SBF continues to support Singapore’s business community in navigating the global economic landscape.
“`

GlobalFoundries (GF) has announced a strategic partnership with Singapore’s Agency for Science, Technology and Research (A*STAR) to advance semiconductor packaging technologies. This collaboration, formalised through a Memorandum of Understanding (MOU), will see GF leveraging A*STAR’s state-of-the-art research and development facilities and technical support to enhance its capabilities in advanced packaging.

The initiative comes as the semiconductor industry faces increasing demand for artificial intelligence (AI) and data-intensive applications, necessitating compact, high-performance, and energy-efficient solutions. Under the MOU, A*STAR will provide GF with access to its R&D resources, whilst GF will supply critical equipment to bolster A*STAR’s research efforts. This partnership aims to accelerate GF’s development of advanced packaging solutions, enabling the company to offer comprehensive semiconductor chip services at its Singapore facility.

Gregg Bartlett, GF’s Chief Technology Officer, highlighted Singapore’s robust semiconductor ecosystem as an ideal environment for innovation, stating, “This aligns to our global advanced packaging roadmap and reinforces our commitment to deliver more energy-efficient essential chips that are crucial for our customers, especially in the AI era.”

The collaboration also focuses on workforce development, with initiatives to upskill GF employees in advanced packaging. Terence Gan, Executive Director at A*STAR Institute of Microelectronics, emphasised the importance of public-private R&D collaboration in maintaining Singapore’s competitive edge in the global semiconductor supply chain.

This partnership follows GF’s earlier announcement of a new Advanced Packaging and Photonics Centre in New York, marking significant progress in its strategic roadmap to meet global customer demand.
“`

Delta Electronics is showcasing its latest Digital Twin Solution at SEMICON Southeast Asia 2025, held at the Sands Expo and Convention Centre in Singapore. The solution is designed to revolutionise semiconductor manufacturing by improving efficiency, precision, and cost-effectiveness through virtual simulation and verification.

The Digital Twin Solution, featuring the DIATwin platform, allows manufacturers to simulate and optimise machine operations before physical deployment. This innovation is expected to reduce downtime and enhance accuracy, crucial for the semiconductor industry where precision is paramount. “The next era of smart manufacturing is defined by intelligence, connectivity, and sustainability,” said Jimmy Wan, Country Manager of Delta Electronics Singapore and Malaysia. He emphasised the need for manufacturers to rethink design and production processes to remain competitive.

Delta is also highlighting its advanced industrial automation and energy infrastructure technologies, which aim to optimise manufacturing processes and improve operational reliability. Among these is the High-Speed Wafer Feeder from Universal Instruments, a subsidiary of Delta, which integrates with the FuzionSC™ Platform to streamline semiconductor assembly.

The company’s commitment to sustainability is evident in its efforts to reduce environmental impact and achieve net-zero emissions by 2050. Delta’s participation in SEMICON SEA 2025 underscores its role in driving smart and sustainable manufacturing solutions.

SEMICON Southeast Asia 2025 continues until 22 May, offering attendees a glimpse into the future of semiconductor manufacturing. Delta’s innovations are on display at booth B2009, EXPO Hall E (B2).
“`

Logicap, a Singapore-based logistics and industrial infrastructure specialist, has strengthened its partnership with Mitsubishi Estate, a leading Japanese real estate group, through a second strategic investment. This move highlights the growing global investor confidence in India’s rapidly evolving logistics sector. The investment, finalised in April 2025, builds on an initial joint venture launched in September 2024, positioning Logicap as a preferred platform for international institutional capital.

The partnership aims to develop a 13.5 million sq ft pan-India portfolio, focusing on high-growth corridors such as Mumbai, Pune, Chennai, Bangalore, and Delhi NCR. Logicap’s development platforms, Pragati Warehousing and Ecobox, will manage the full lifecycle of these projects, ensuring ESG integration and operational excellence. “This strengthened partnership with Mitsubishi Estate reflects the strong strategic alignment between our organisations and our shared long-term vision for India’s infrastructure landscape,” said Priyank Shah, Head of Fund Management at Logicap.

Mitsubishi Estate’s continued investment underscores the strength and credibility of Logicap’s operating model, which combines institutional governance and deep local expertise. The joint venture will develop assets in strategic locations like Chennai, Sriperambdur, and Mapeddu, catering to manufacturing tenants. Abhay Goyal, Chief Investment Officer at Logicap India, stated, “With Mitsubishi Estate’s deep global experience and our strong local execution capabilities, we are well positioned to unlock value across key markets.”

This collaboration not only enhances Logicap’s portfolio but also affirms its role as a credible platform driving the next wave of infrastructure growth in India.
“`

CEOs in Singapore are proactively addressing trade and tariff uncertainties, with 53% planning mergers and acquisitions (M&A) in the coming year, according to the latest EY-Parthenon CEO Outlook Survey. The survey, which included 40 Singaporean business leaders, highlights that 98% of CEOs globally are worried about the impact of tariffs on operations and sales over the next 12 months.

The survey reveals that 38% of Singaporean CEOs are very or extremely concerned about tariffs, prompting 53% to explore new supply chain options. Purandar Rao, EY-Parthenon Asean and Singapore Strategy and Transactions Leader, noted that Singapore’s economy, less reliant on the US market, may face indirect impacts from global manufacturing declines.

Despite the challenges, the appetite for M&A remains strong, with 66% of Singapore CEOs reporting that recent acquisitions met or exceeded value expectations. Luke Pais, EY-Parthenon Asia-Pacific Private Equity Leader, emphasised that M&A can unlock synergies and drive long-term growth even in uncertain times.

The survey also highlights mixed results from artificial intelligence (AI) investments. Whilst 42% of Singapore CEOs plan to expand AI investments, 18% are reconsidering due to unclear returns. Joongshik Wang, EY-Parthenon Asia-Pacific and Asean Strategy and Execution Leader, suggested that AI could reduce operational costs by up to 30% and enhance efficiency by up to 40%.

As inflation remains a concern for 68% of Singaporean CEOs, many are focusing on cost management strategies. The survey underscores the resilience and adaptability of CEOs in navigating complex global challenges.
“`

FOMO Pay, a major payment institution based in Singapore, has announced its partnership with the Global Dollar Network (GDN) to integrate the Global Dollar (USDG) stablecoin into its digital payment infrastructure. This move aims to facilitate near-instant, transparent, and regulated stablecoin payments for merchants and corporates, enhancing the checkout experience with more flexible payment options.

The integration of USDG will allow FOMO Pay’s extensive merchant base, which includes sectors such as food and beverage, hospitality, and retail, to accept USDG payments seamlessly. This development is expected to translate digital currency innovation into practical applications, offering consumers more payment flexibility. Additionally, corporate clients of FOMO Pay will benefit from streamlined cross-border payments, characterised by increased speed, transparency, and regulatory assurance.

Louis Liu, the founder and CEO of FOMO Pay, stated, “The broader adoption of regulated stablecoins marks the next chapter in financial innovation, unlocking new possibilities for faster, more transparent, and compliant payments. USDG is a meaningful step in that direction, and we are pleased to join the Global Dollar Network as one of its first members to advance stablecoin adoption.”

FOMO Pay’s strong local banking and payment infrastructure across Southeast Asia, the Greater Bay Area, and the Middle East and North Africa positions it to contribute to a more inclusive and interoperable future for digital finance. The company remains committed to partnering with industry leaders to deliver faster, cost-effective, and regulated payment solutions, ultimately driving innovation in digital finance and making modern financial instruments more accessible to businesses globally.
“`