Industry News

Porsche Asia Pacific has launched its latest lifestyle-led brand space, Porsche at Jewel, at Singapore’s Jewel Changi Airport. This innovative retail concept aims to merge Porsche’s rich heritage with automotive passion and global culinary flavours, offering a unique experience for both tourists and locals. Positioned near the iconic Rain Vortex and Forest Valley, the store is designed to be an immersive introduction to the Porsche brand.

The Porsche at Jewel store is divided into four distinct zones: Café Carrera by Baker & Cook, the Culture Garage, a Porsche Lifestyle store, and a forthcoming reception area for the Porsche Experience Centre Singapore. Each area is meticulously curated to reflect Porsche’s dynamic spirit and heritage. The Café Carrera offers a menu inspired by legendary road trip routes, whilst the Culture Garage showcases automotive culture and history through seasonal exhibitions.

Hannes Ruoff, CEO of Porsche Asia Pacific, stated, “Porsche at Jewel is a continuation of our pioneering spirit, designed to spark curiosity and deepen our connection with the region and beyond.” The store also serves as a strategic hospitality gateway, linking travellers to the anticipated Porsche Experience Centre Singapore.

The Porsche Lifestyle store features a capsule collection in collaboration with Singaporean artist Tiffany Lovage, celebrating Singapore’s 60th birthday. This partnership highlights local culture through Porsche’s design lens, offering a unique blend of community warmth and automotive innovation.

Porsche at Jewel is open daily from 10:00 a.m. to 10:00 p.m., with complimentary parking available for Porsche Privilege programme members.
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ViewQwest, a leading telecommunications and network security service provider in Southeast Asia, has announced the appointment of Peter Molloy as its new Chief Growth Officer (CGO). Based in Singapore, Molloy will lead the Group Enterprise Business, focusing on expanding ViewQwest’s presence across Singapore, Malaysia, Hong Kong SAR, the Philippines, and the broader Asia-Pacific region.

Peter Molloy joins ViewQwest with over 25 years of experience in enterprise technology sales, having worked with global companies such as Cisco and Palo Alto Networks. His appointment comes as ViewQwest continues its growth momentum, marked by successful entries into new markets like Hong Kong and expanding customer sites in North and Southeast Asia. “Peter’s arrival marks a step-change in our growth journey,” said Vignesa Moorthy, CEO of ViewQwest, highlighting the company’s ambition to challenge global incumbents and deliver next-generation network and security services.

Molloy’s role will involve leading and scaling the enterprise sales teams, introducing new technologies, and building strategic partnerships to accelerate market entry. He expressed enthusiasm about joining ViewQwest, stating, “The company has already shown its ability to punch above its weight, and I look forward to building on this momentum.”

With Molloy focusing on enterprise growth, Benjamin Tan, Chief Commercial Officer, will concentrate on expanding the Wholesale Business. This strengthened leadership team positions ViewQwest to capture significant opportunities in the region, advancing its mission to be the preferred network and security partner.
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DXC Technology and Boomi have announced a strategic partnership aimed at accelerating enterprise modernisation and the adoption of agentic AI. This collaboration includes the launch of a Boomi Centre of Excellence (COE) within DXC, serving as an innovation hub to deliver best practices and proven implementation patterns across industries.

The partnership focuses on three core areas: application modernisation, AI-driven migration and data readiness, and agentic transformation. DXC will provide cloud-native integration solutions to replace outdated middleware, whilst Boomi’s AI-powered automation will unify mission-critical systems, enhancing operational efficiency and decision-making. Boomi Agentstudio will enable secure and intelligent orchestration of AI agents at scale.

T.R. Newcomb, Chief Revenue Officer at DXC Technology, stated, “We’re thrilled to partner with Boomi to help our customers accelerate their transformations, delivering seamless integration and AI agent management that positions them for success with agentic AI.” Steve Lucas, Chairman and CEO at Boomi, added, “This partnership gives enterprises a direct path to modernisation, automation, and long-term AI readiness.”

The Boomi COE will act as a delivery and innovation hub, ensuring a consistent, high-quality modernisation experience. Dan McAllister, SVP of Global Alliances at Boomi, remarked, “Together, we’re collapsing complexity and accelerating transformation at the core of the enterprise.”

This partnership between DXC and Boomi is set to redefine how enterprises automate and integrate operations, positioning them for success in an AI-first world.
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The Singapore Department of Statistics has reported a significant decline in the country’s wholesale trade for the second quarter (Q2) of 2025. Domestic wholesale sales decreased by 10.9% compared to the same period in 2024. When excluding petroleum, the decline was slightly less severe at 6.2%. Foreign wholesale sales also experienced a downturn, falling by 7.1%. However, when petroleum is excluded, foreign wholesale sales actually saw a modest increase of 1.1%.

These figures highlight the challenges faced by Singapore’s wholesale trade sector amidst fluctuating global market conditions. The exclusion of petroleum from the statistics reveals a more nuanced picture, suggesting that other sectors within the wholesale trade may be performing better than the overall numbers indicate.

The Department of Statistics encourages stakeholders to access the full press release and additional data through their website and the SingStat Mobile App, which has recently been updated with enhanced features. The department also invites the public to follow their Instagram account for more statistical insights.

This downturn in wholesale trade could have broader implications for Singapore’s economy, potentially affecting related industries and employment. As the global economic landscape continues to evolve, businesses and policymakers will need to adapt to these changes to mitigate the impact on the domestic market.
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AIGP Health, a Singapore-based AI healthtech company, has achieved a significant milestone by becoming the first in the country to receive Class A regulatory approval from the Health Sciences Authority (HSA) for its AI-powered clinical assistant. This approval allows AIGP Health to distribute its innovative solution to clinics and telehealth providers across Singapore and beyond.

The platform, developed by practising doctors, utilises natural language processing to assist healthcare professionals with real-time note-taking, patient data summarisation, and consultation prompts. Importantly, the system is designed to support, not replace, human clinical judgement, ensuring that all medical decisions remain under physician control, in line with HSA’s guidelines for low-risk medical software.

Dr Anindita Santosa, co-founder and CEO of AIGP Health, emphasised the significance of the approval, stating, “Regulatory approval isn’t just a milestone for us, it’s an affirmation of our belief that technology can support, not substitute, the human touch in healthcare.” This approval enables AIGP Health to transition from pilot projects to full deployment, aiming to reduce the administrative burden on doctors and improve patient care continuity.

The approval aligns with Singapore’s broader framework for responsible AI in medicine, highlighting the country’s commitment to integrating technology in healthcare whilst maintaining the essential human element. As AIGP Health expands its reach, the platform is set to enhance clinical workflows and patient outcomes across the nation.
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Singapore’s small and medium-sized enterprises (SMEs) are encountering significant challenges in their digital transformation journey, according to Adyen’s latest SME Platform Payments Survey. Despite efforts to digitise in line with the nation’s Smart Nation vision, many SMEs are experiencing “digital friction” due to fragmented systems, particularly in payment reconciliation.

The survey highlights that 75% of SMEs in Singapore are affected by these inefficiencies, which cost medium-sized businesses up to seven hours a week in manual work. This digital friction not only slows operations but also delays cash flow and complicates growth planning. The demand for integrated solutions with real-time reporting and payment unification is growing as businesses seek to overcome these hurdles.

Adyen’s survey also reveals that whilst 64% of SMEs rely on Software as a Service (SaaS) platforms, nearly half use more than one platform for reconciliation, adding complexity rather than reducing it. This fragmented approach is particularly challenging for medium-sized businesses, with 87.5% reporting reconciliation as a major pain point.

The survey underscores the importance of integrated platforms that consolidate operations and offer real-time insights. Adyen’s partnership with Atlas has enabled the integration of its payment technology into AtlasPay, a solution that has helped SMEs like PPP Coffee reduce operational errors and improve efficiency.

As SMEs look to scale, the right SaaS partner can be crucial. With 72% of local SMEs planning to invest in more SaaS solutions in the next year, the focus is on unifying operations and enabling real-time insights to unlock new growth opportunities.
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Banyan Group Residences has launched Laguna Golf Residences Hibiscus, a new residential project in Phuket that combines heritage-inspired architecture with modern luxury. Situated on the historic site of Phuket’s tin mines, the development offers panoramic views of the Laguna Golf Phuket course and is a short distance from Bang Tao Beach.

The project pays homage to the area’s tin mining past, incorporating design elements that reflect the industrial structures of the time. The residences are set amidst landscaped gardens and offer views of the 18-hole championship golf course. The development spans over 1,000 acres and includes access to the new Rava Beach Club, award-winning dining, and luxury spas.

Laguna Golf Residences Hibiscus features one to three-bedroom residences and penthouses, with sizes ranging from 67 to 297 square metres. Prices start at $353,000 (THB 12.9m). The interiors use natural materials to create a warm connection to the outdoors, and some ground-floor units include private pools or gardens.

Residents will benefit from The Sanctuary Club, offering access to nearly 100 Banyan Group properties worldwide, and the Laguna Advantage programme, which includes property management services and lifestyle benefits. Additionally, Banyan Living provides a rental management solution for homeowners.

This development not only offers a luxurious lifestyle but also celebrates the transformation of Laguna Phuket from a tin mining site into a vibrant residential community. With its unique blend of history, design, and location, Laguna Golf Residences Hibiscus promises an unmatched tropical living experience.
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UltraLuxe Singapore 2025 is set to return from 2 to 12 October at the Tent@Ngee Ann City on Orchard Road, marking its fourth year of showcasing niche luxury. This year’s event coincides with Singapore’s 60th year of independence, known as SG60, and promises to unite local visionaries with world-renowned talents. The festival will feature a variety of immersive experiences, including VerveArté on 2 October, which offers a journey through four curated spaces.

The event will highlight Singapore’s creative spirit through diverse themes. Eternia will focus on beauty and wellness, offering advanced diagnostics and personalised programmes. Style Inc will celebrate Singapore’s fashion and jewellery scene, featuring reimagined Asian heritage styles and avant-garde designs. Spiritium will present rare Scottish whiskies curated by Bitcask, Singapore’s premier whisky purveyor, whilst Haute will offer refined gastronomy with rare beef canapés.

From 6 to 12 October, JeweLuxe will transform the Tent into an exploratorium, showcasing world-renowned jewellery houses and innovative designers. Highlights include The GemCentric, Star Power, Asia’s Brilliant Edge, the Italian Edit, and Whispers of the Past.

Beyond the Tent, UltraLuxe extends island-wide, offering wellness treatments, gourmet journeys, and fashion and jewellery explorations across Singapore. Supported by the Singapore Tourism Board, UltraLuxe aims to enhance Singapore’s luxury landscape and attract global audiences. “This festival exemplifies Singapore’s commitment to creating distinctive experiences,” said Guo Teyi, Director of Leisure Events at the Singapore Tourism Board. For more details, visit www.ultraluxeglobal.com.
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Singapore’s property market is expected to remain resilient, supported by healthy supply factors in the office and retail sectors, according to a new report by S&P Global Ratings.

Southeast Asia’s leading property firms are expected to maintain stable credit profiles despite facing diverse operating conditions over the next year. The report, titled “Southeast Asia Property: Major Players Stay Solid,” outlines how some companies benefit from supportive policies and improved domestic funding, whilst others contend with oversupply and weak demand in the mass-market residential sector.

The report provides insights into specific markets within the region. In Indonesia, modest deleveraging is anticipated, driven by increased earnings from improved marketing sales and reduced refinancing risks. Meanwhile, Vietnam’s residential property market is showing signs of recovery, although developers continue to face high refinancing pressures. In the Philippines, large developers are adapting their strategies amidst industry challenges, but significant deleveraging remains unlikely due to ongoing investment for growth.

These findings are crucial for investors and stakeholders in the region’s property market, offering a comprehensive view of the current landscape and future prospects. The report is available to subscribers of RatingsDirect and can be accessed through S&P Global Ratings’ website.
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Pacific Radiance (PACRA) has reported a significant turnaround in its financial performance for the first half of 2025, with a 28% year-on-year increase in revenue, reaching $24 million. This growth aligns with expectations, largely due to the reactivation of its entire fleet, including an accommodation work barge, and a favourable shift towards ship management services.

The company’s gross margin improved to 49% in 1H25, up from 32% in the same period last year, attributed to the reactivation of vessels and a strategic revenue mix. PACRA’s core profit after tax and minority interests (PATMI) exceeded forecasts, reaching $6 million, surpassing the anticipated $5 million for the full year.

PACRA’s ship leasing and chartering revenues rose by 31% year-on-year to $9 million, driven by the reactivated vessels. The company currently has four vessels operating in the Middle East under contracts ranging from one to three years, with resilient demand expected to boost charter rates.

In Taiwan, PACRA has expanded its fleet of crew transfer vessels (CTVs) servicing offshore wind farms, delivering one of two new CTVs to its joint venture. The second CTV is pending sale, which will increase the fleet to six units.

CGS International has reiterated an “Add” rating for PACRA, raising the target price to S$0.09, based on a 7x FY26 forecast price-to-earnings ratio. The company’s sustainable profit turnaround and potential new vessel additions are seen as key catalysts for future growth. However, risks remain, including potential weak demand for ship repairs and lower-than-expected fleet utilisation.
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