Industry News

Capital Group, a leading global investment manager with over $3 trillion in assets, has expanded its Financial Intermediaries team in Asia by appointing Ser Kiat Lim as Director for Singapore and Southeast Asia. Based in Singapore, Lim will focus on strengthening the firm’s retail and private wealth distribution networks across the region, working closely with banks, insurance firms, and investment platforms.

Lim, who brings a decade of experience from roles at Goldman Sachs Asset Management and J.P. Morgan Asset Management, will report to Suyin Tan, Head of Financial Intermediaries for Singapore and Southeast Asia. Tan expressed enthusiasm about Lim’s appointment, stating, “His deep expertise will be invaluable in meeting the increasing demand for Capital Group’s time-tested strategies, especially among retail and mass affluent clients in Asia.”

This strategic move aligns with Capital Group’s broader expansion into the mass affluent segment, highlighted by the recent launch of the Capital Group American Balanced fund (AMBAL) to DBS/POSB customers and the TA US Balanced Fund in Malaysia. These initiatives aim to provide long-term wealth-building opportunities for investors in the region.

Capital Group’s core offerings in Asia include flagship strategies such as American Balanced, New Perspective, and Global Corporate Bond, which are designed to deliver consistent long-term results. The appointment of Lim is expected to further Capital Group’s mission of improving lives through successful investing, particularly by lowering entry barriers for Asian investors seeking global market opportunities.
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DBS has officially launched its enhanced virtual assistant, DBS Joy, for corporate clients, integrating generative artificial intelligence (Gen AI) to provide round-the-clock support. Accessible via DBS IDEAL, the virtual agent offers instant answers to common queries and connects users to customer service specialists for complex issues. Since trials began in February, DBS Joy has managed over 120,000 unique chats, with around 4,000 corporate clients using the service monthly.

The introduction of DBS Joy aims to improve customer satisfaction by offering quicker responses and reducing wait times. Satisfaction scores have already increased by over 23% since the service’s enhancement. Chen Ze Ling, Group Head of Corporate and SME Banking at DBS, highlighted the bank’s commitment to empowering SMEs through innovative customer experiences, stating that DBS Joy represents a significant advancement in providing intelligent support.

Developed in-house, DBS Joy utilises large language models and the bank’s proprietary knowledge base to deliver dynamic, contextual responses. The system undergoes rigorous testing and customer feedback to ensure high accuracy, with responses filtered through internal checks to mitigate risks. Post-interaction, DBS Joy evaluators assess response quality and suggest improvements.

Welson Jamin, Group Head of Operations at DBS, noted that the virtual assistant allows customers to access information efficiently, whilst Gen AI supports employees in providing faster, more accurate responses. Kelvin Ong, a DBS Joy evaluator, emphasised the importance of quality assurance in delivering reliable customer service.

Looking forward, DBS plans to expand DBS Joy’s functionality and roll it out to other markets, including Hong Kong and India. The bank’s integration of Gen AI has been globally recognised, with DBS named the World’s Best AI Bank by Global Finance.
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RINA, a multinational consulting engineering group, has inaugurated its Singapore Open Innovation Hub, marking a significant milestone in its global strategy. The hub, operational since the end of 2024, is designed to integrate into Singapore’s innovation landscape, reinforcing the city-state’s role in maritime and technological advancements. The launch included the formation of the Singapore Open Innovation Hub Advisory Committee, which aims to foster strategic collaborations.

The hub’s establishment aligns with Singapore’s vision for growth and sustainability, focusing on accelerating collaboration and technological breakthroughs. RINA’s CEO, Carlo Luzzatto, emphasised the company’s commitment to innovation, stating, “Innovation at scale, advancing sustainability, and fostering knowledge sharing are the pillars of RINA’s growth strategy.”

Key partnerships were also announced, including Memoranda of Understanding (MoUs) with the Singapore Institute of Technology (SIT) and the Maritime and Port Authority (MPA) of Singapore. These agreements aim to nurture maritime talent and establish a technology demonstration centre to accelerate digitalisation and decarbonisation efforts.

The hub’s activities included hosting events from 3 to 5 November, which featured discussions on port digital twins and marine fuels. Michael Phoon, Chairman of the Advisory Committee, highlighted the importance of collaboration, stating, “Innovation thrives when knowledge flows freely.”

RINA’s involvement in the PIER71 Smart Port Challenge further underscores its commitment to maritime innovation. The company sponsored the Digitalisation award, recognising innovative solutions in crew wellness.

With these initiatives, RINA aims to contribute significantly to Singapore’s maritime sector, fostering a smarter, safer, and more sustainable future.

Amazon Web Services (AWS) has revealed a significant rise in artificial intelligence (AI) adoption among Singaporean businesses, with 170,000 companies now utilising AI—a 20% increase from the previous year. The study, titled “Unlocking Singapore’s AI Potential,” surveyed 1,000 business leaders and 1,000 members of the public, highlighting that 48% of businesses have embraced AI technology.

AI adoption is most prevalent in the financial services sector, with 71% of companies using AI, followed closely by the technology sector at 70% and healthcare at 63%. The report indicates that 82% of AI-adopting businesses have seen revenue increases, averaging 19%, and 90% have reported significant productivity improvements. However, the study also notes that 65% of businesses are still focused on basic AI applications, with only 17% reaching advanced integration levels.

A notable gap exists between startups and large enterprises in AI innovation. Whilst 82% of startups are using AI, with 42% developing new AI-driven products, only 16% of large enterprises are doing the same. This disparity could influence Singapore’s economic landscape, as startups push forward with innovative AI solutions.

Skills shortages remain a barrier, with 43% of businesses citing a lack of skilled personnel as a hindrance to further AI adoption. To address this, 30% of companies have implemented AI-specific training programmes, with 40% of employees undergoing digital training in the past year.

Priscilla Chong, AWS Country Manager for Singapore, emphasised the need for deeper AI integration, stating, “Singapore stands at a critical inflection point where early AI adoption success must now translate into deeper integration—moving from experimentation to being AI-powered.” AWS has launched Amazon Bedrock AgentCore in Singapore to help businesses overcome skills and implementation barriers, facilitating the transition from basic to advanced AI adoption.

Zenika Singapore has announced the appointment of Seet Teck Kiang as its new Head of Business. Seet, a graduate of the National University of Singapore, will lead the company’s growth strategy and strengthen its regional presence. With over 20 years of experience in digital transformation across Asia’s enterprise and public sectors, Seet has held senior roles at ThoughtWorks, EPAM Systems, and Zühlke Group.

At EPAM Systems, Seet led large multi-country delivery teams, driving significant digital transformation portfolios and contributing to exponential business growth. His leadership was pivotal in delivering an award-winning innovation project recognised across the industry. During his tenure at ThoughtWorks, he spearheaded national-scale digital initiatives that modernised citizen services and financial systems, employing agile delivery and design thinking to achieve measurable outcomes. At Zühlke Group, he enhanced enterprise strategy and consulting capabilities across the region.

Seet expressed his enthusiasm for joining Zenika, stating, “I’m really proud to be part of Zenika. What convinced me is its ethos of elite engineering—the mix of expertise, people-first culture, and its French roots. I’m looking forward to helping Zenika take on new challenges and expand our footprint in Asia.”

Timothée Dufresne, Managing Director of Zenika Singapore, welcomed Seet, noting his deep industry expertise and proven track record in driving transformation. “His leadership will be instrumental in accelerating growth initiatives as we strengthen our presence across Asia,” Dufresne said.

Founded in 2006, Zenika is a digital services boutique specialising in business transformation, IT modernisation, and innovation, with 530 employees across 14 offices worldwide.

The Maritime and Port Authority of Singapore (MPA) and DNV have renewed their Memorandum of Understanding (MoU) to enhance collaboration in maritime sustainability, digitalisation, innovation, and talent development. The agreement was signed during the Singapore Norway Innovation Conference 2025 by Chin Yi Zhuan, Deputy Chief Executive of MPA, and Cristina Saenz de Santa Maria, Chief Operating Officer of DNV Maritime.

Building on partnerships from 2019 and 2022, the MoU focuses on accelerating the adoption of zero and near-zero-emission fuels, promoting decarbonisation technologies, and advancing smart-ship systems. The collaboration will drive research and development, innovation, and test-bedding projects, including joint industry collaborations for remote vessel operations with local maritime communities and research institutions.

The partnership also aims to nurture Singapore’s next generation of maritime professionals through initiatives like the Maritime Innovation Committee, PIER71, and the Smart Port Challenge. MPA Chief Executive Ang Wee Keong stated, “The renewal of this MoU underscores the shared commitment of MPA and DNV to co-create solutions that will shape the future of shipping.”

Knut Ørbeck-Nilssen, CEO Maritime at DNV, commented on the collaboration’s potential to position Singapore as a centre of excellence for maritime research and innovation. The joint efforts are expected to strengthen Singapore’s status as a leader in maritime advancements, supported by MPA’s strategic vision and DNV’s technical expertise.

Savills has appointed Neil Brookes as Executive Managing Director of Asia Pacific Capital Markets, aiming to bolster its regional leadership from its Singapore headquarters. Brookes, with over 20 years of experience and a track record of brokering more than $15b in cross-border transactions, will connect Savills’ regional capabilities with its global network. This move comes as institutional investors increasingly target Asia Pacific for its transparency and sectoral diversity.

Martin Fidden, CEO of Savills Asia Pacific (Ex-Greater China), highlighted the region’s pivotal phase, noting, “Investors are seeking cross-border strategies that combine local intelligence with global execution.” Under Brookes’ leadership, Savills aims to unite its strengths into a cohesive platform, enabling clients to leverage regional depth and global reach.

This appointment is part of a series of strategic hires, including Paul Roberts as CEO of Savills Australia and Ben Schubert as National Head of Capital Transactions & Advisory for Australia and New Zealand. The team will focus on leveraging data-driven insights and connecting international capital with opportunities in high-growth sectors like Living and Data Centres.

Brookes expressed enthusiasm about joining Savills, stating, “Savills has the global brand, regional depth, and data-driven capabilities to lead in this space.” Jeremy Lake, Managing Director of Investment Sales & Capital Markets at Savills Singapore, added that Brookes’ connections with investors across Asia Pacific and the Middle East will align with existing investor relationships.

This strategic move reaffirms Singapore’s role as Savills’ Asia Pacific base, facilitating cross-border capital opportunities across the region.

Singapore has emerged as a leading global wealth centre, attracting high-net-worth individuals (HNW) with its robust financial infrastructure and strategic advantages. According to the World’s Wealthiest Cities Report 2025, released by Henley & Partners and New World Wealth, Singapore is home to 242,400 affluent individuals with investable assets exceeding US$1m. This places the city-state fourth globally, showcasing a growth of over 60% since 2015, outpacing traditional financial hubs like New York and London.

The city’s appeal lies in its stability and comprehensive regulatory framework, making it a preferred destination for sophisticated wealth management and multinational asset allocation. Noah ARK, a prominent financial services firm, recognised this potential early on, establishing a presence in Singapore in 2018. By 2025, the firm had upgraded Singapore to its global headquarters, underscoring the city’s strategic importance.

Noah ARK plans to leverage Singapore’s mature financial ecosystem to offer customised, full life-cycle wealth management solutions. These services are tailored to meet the diverse needs of global Chinese investors, focusing on asset allocation, risk hedging, and family succession.

The transformation of Singapore into a premier wealth management hub is not only a testament to its strategic foresight but also highlights its growing influence in the global financial landscape. As the city continues to attract international attention, its role as a key player in global wealth management is set to expand further.

Singapore’s Permanent Secretary for Defence, Chan Heng Kee, and US Under Secretary of War for Policy, Elbridge Colby, co-chaired the 15th Singapore-US Strategic Security Policy Dialogue (SSPD) at the Pentagon on 7 November. This annual dialogue, established in 2006, is the highest-level institutionalised policy platform between the two nations, setting the strategic direction for their defence relationship.

During the meeting, both parties reaffirmed the robust and longstanding defence partnership between Singapore and the US. Chan expressed gratitude for the US’s strong support in meeting the Singapore Armed Forces’ training and defence technology needs. Discussions included opportunities to enhance bilateral defence cooperation under the 1990 Memorandum of Understanding regarding US use of facilities in Singapore, as well as in defence technology and industrial base cooperation.

The dialogue also covered geopolitical developments, with both sides emphasising the importance of continued US engagement in the region, particularly through the ASEAN Defence Ministers’ Meeting-Plus framework. Beyond high-level dialogues like the SSPD, Singapore and the US maintain regular interactions through bilateral and multilateral training exercises, such as Exercise Pacific Griffin, Exercise Tiger Balm, Exercise Valiant Mark, and Exercise Cope Tiger.

Chan’s visit to Washington DC, from 5 to 7 November, also included meetings with Secretary of the Army Daniel Driscoll and Under Secretary of State for Arms Control and International Security Thomas DiNanno. These engagements highlight the ongoing commitment to strengthening defence ties between Singapore and the US.

Thakral Corporation has announced a significant financial performance for the third quarter of 2025, with revenue soaring 52% year-on-year to S$115.9m. The net profit attributable to shareholders reached S$19.5m, largely propelled by robust growth in its lifestyle and investment segments.

The lifestyle segment saw a 33% increase in revenue, totalling S$97.7m, thanks to strong demand in Greater China and South Asia. This growth was bolstered by an expanded brand portfolio, including Miu Miu Fragrances and Yuesai skincare products. Thakral’s exclusive distributorship with DJI also contributed, with plans to open 20-30 DJI stores across India and South Asia in the coming years.

In the investment segment, Thakral recognised a S$22.6m fair value gain from its 16.8% stake in GemLife, following its appreciation on the Australian Securities Exchange. Additionally, the divestment of the Yotsubashi Nakano Building in Osaka, Japan, resulted in a net gain of S$2m.

Inderbethal Singh Thakral, Group CEO and Executive Director, stated, “Our strong results this quarter underscore the continued momentum across both our Lifestyle and Investment segments.” He highlighted the strategic value unlocked by GemLife’s revaluation and the successful listing of The Beauty Tech Group on the London Stock Exchange.

Looking ahead, Thakral aims to deepen its presence in fast-growing markets like India, focusing on strategic partnerships and disciplined capital recycling to sustain growth and enhance shareholder returns. The financial uplift from The Beauty Tech Group’s IPO is expected to reflect in Thakral’s Q4 2025 results.