Industry News

FOREX.com, a leading trading platform under StoneX Group Inc, has officially launched in Singapore, marking a significant expansion in the retail and self-directed contract for difference (CFD) trading sector. The platform, regulated by the Monetary Authority of Singapore, aims to empower local traders with access to thousands of global CFD markets, including top foreign exchange pairs, indices, shares, and commodities.

The launch represents a strategic milestone for StoneX, a Fortune 100 company, which acquired the holding company of FOREX.com in 2020. Andy Hudson, Head of Retail in Singapore, highlighted the platform’s commitment to supporting users from education through to execution, stating, “FOREX.com supports its users from education through to execution and empowers retail customers to trade with confidence.”

Since its inception in the United States in 2001, FOREX.com has expanded its reach across Europe, the Middle East, and Asia Pacific. The platform is renowned for its comprehensive trading and risk management tools, robust educational resources, and customer-first solutions. Greg Kallinikos, CEO APAC, noted, “We are proud to expand this servicing further by having FOREX.com launch in Singapore and help us connect even more clients to markets.”

Singaporean traders will benefit from dedicated support available 24 hours a day, five days a week, ensuring seamless facilitation of their trading needs. This expansion is set to enhance the trading experience for local retail traders, providing them with the tools and resources necessary to navigate the global financial markets confidently.
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UOL Group Limited has announced a partnership with Hilton to launch the first NoMad Hotel in Asia Pacific, set to open in early 2027 on Singapore’s Orchard Road. The 173-room luxury lifestyle hotel will replace the former Faber House, which is being redeveloped into a 19-storey structure featuring commercial and retail spaces.

The NoMad brand, known for its unique blend of luxury and lifestyle, will bring its signature style to Singapore, offering world-class dining, immersive cultural programming, and sustainable design. Alan Watts, President of Asia Pacific at Hilton, highlighted the strategic importance of this venture, stating, “This signing adds a new and significant dimension to Hilton’s phenomenal growth story in Asia Pacific.”

The hotel will be designed by Singapore’s architecture firm WOHA, featuring a biophilic design with a 15-storey cascading waterfall and a verdant vertical landscape. The urban verandah on the third level will host art and design programming, enhancing the cultural vibrancy of the area. The hotel will also include a sky terrace, infinity pool, and a rooftop bar and restaurant.

Andrew Zobler, CEO of The Sydell Group, expressed excitement about the brand’s introduction to Asia Pacific, noting, “NoMad is built on the concept of a hotel as a welcoming home filled with stories.” The hotel aims to offer guests a distinct experience that reflects the brand’s character and the dynamic cultural energy of Singapore.

UOL’s Chief Executive, Liam Wee Sin, emphasised the hotel’s role in transforming Orchard Road, alongside other UOL projects, to create a luxury lifestyle space. The NoMad Hotel will also feature curated artworks by Singaporean artists with special needs, reinforcing UOL’s commitment to inclusivity and cultural engagement.
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The Singapore Institute of Purchasing and Materials Management (SIPMM) has released the April 2025 Purchasing Managers’ Index (PMI), revealing a contraction in the manufacturing sector. The PMI, a key indicator of economic health, fell to 49.8, down from 50.2 in March, marking the first contraction since November 2024. A PMI reading below 50 indicates a decline in manufacturing activity.

The decline in April’s PMI is attributed to a decrease in new orders and production output, which have been impacted by global supply chain disruptions and weakened demand. The electronics sector, a significant component of Singapore’s manufacturing industry, also experienced a downturn, with its PMI dropping to 49.5 from 50.1 in the previous month.

SIPMM noted that the contraction reflects ongoing challenges in the global economic environment, including geopolitical tensions and fluctuating commodity prices. “The manufacturing sector is facing headwinds from external uncertainties, which are affecting business confidence and investment,” SIPMM stated.

Despite the contraction, some analysts remain cautiously optimistic about the sector’s recovery prospects, citing potential stabilisation in the latter half of the year as supply chains adjust and demand gradually rebounds.

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Singapore’s stock market experienced notable institutional activity in April, with the Straits Times Index (STI) declining by 3.5% in price, though dividends softened the total return decline to 2.3%. The STI’s performance was impacted by global trade developments, which initially caused a 15% drop, followed by a 13% recovery. Despite these fluctuations, institutions net sold S$73m in Singapore stocks, predominantly from STI Banks, which saw a significant S$701m net outflow.

Singtel emerged as the standout performer, recording the highest net institutional inflow both in April and over the first four months of 2025. The telecommunications giant is set to announce its full-year results on 22 May. In its February update, Singtel reported an 11% increase in underlying net profit for the first nine months of FY25, reaching S$1.87b, although net profit fell by 2% to S$2.55b due to lower exceptional gains.

The telecommunications sector as a whole attracted S$522m in net institutional inflow in April, contributing to a four-month total of S$674m. This influx coincided with a 9.5% total return for the FTSE ST Telecommunications Index. Other sectors such as Industrials and Utilities also saw defensive returns, with net inflows of S$79m and S$41m, respectively.

Whilst the real estate investment trust (REIT) sector faced a net institutional outflow of S$74m, Frasers Centrepoint Trust, CapitaLand Ascendas REIT, and CapitaLand Integrated Commercial Trust were among the top 25 stocks with the highest net institutional inflow for the month. As the market navigates ongoing global trade challenges, the focus remains on sectors demonstrating resilience and attracting institutional interest.

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The latest Singapore market report, released on 2 May 2025, suggests that investors adopt a range-trading strategy as the Straits Times Index (STI) rebound stalls. The report highlights opportunities for stock rotation, recommending investors switch out of five stocks and rotate into seven others, including DFI, Netlink, and Keppel.

The report, accessible via DBS Vickers Securities, emphasises the importance of strategic trading amidst current market conditions. It identifies HPHT, SIA, UOB, VMS, and AEM as offering bi-directional trading opportunities, particularly in light of tariff-related news flow swings.

In the company focus section, Mapletree Industrial Trust (MINT) is noted for its resilience, with its FY25 distribution per unit (DPU) of 13.57 Singapore cents meeting market expectations. The trust’s Singapore portfolio is praised for its strength and diversity, which provide stability against projected weaknesses in US data centres. The report maintains a “BUY” call on MINT with a target price of $1.90 (S$2.60).

Sheng Siong Group (SSG) is also highlighted, with its first-quarter 2025 revenue reaching $295m (S$403m), a 7% year-on-year increase. Earnings for the quarter stood at $26m (S$36m), supported by revenue growth and gross margin expansion. The report anticipates further earnings growth in FY26, driven by new store openings, and raises the target price to $1.46 (S$2.00).

The report underscores the need for investors to remain vigilant and adaptable, leveraging strategic stock rotations and trading opportunities to navigate the current market landscape effectively.
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In Singapore, malicious bots now make up 45% of internet traffic, a significant increase from 35% in 2023, according to Thales’ 2025 Imperva Bad Bot Report.

The gambling, gaming, and automotive sectors are the most affected, with bad bots accounting for 99.96%, 97%, and 89% of traffic, respectively. The report highlights that AI tools have lowered the barriers for cybercriminals, allowing them to deploy bots at scale.

The report further revealed that automated bot traffic has overtaken human-generated traffic for the first time in a decade, accounting for 51% of global web traffic in 2024.

This surge is attributed to the rise of generative artificial intelligence (AI) and Large Language Models (LLMs), which have simplified the creation of bots, enabling less sophisticated actors to launch more frequent attacks.

Globally, the travel industry was the most attacked sector in 2024, with bot attacks rising to 27% from 21% in 2023. The report notes a shift from advanced to simpler bot attacks, indicating that AI-powered tools have made it easier for attackers to flood sites with basic bots.

Tim Chang, General Manager of Application Security at Thales, stated, “The surge in AI-driven bot creation has serious implications for businesses worldwide.” As automated traffic grows, organisations face increased risks from these bots, which are becoming more sophisticated and harder to detect.

The report also highlights a rise in API-directed attacks, with 33% of advanced bot traffic targeting APIs in Singapore. These attacks exploit vulnerabilities in API workflows, posing significant threats to industries reliant on APIs, such as financial services, healthcare, and e-commerce. Daniel Toh, Chief Solutions Architect at Thales, emphasised the need for businesses to adopt adaptive strategies and sophisticated bot detection tools to combat these evolving threats.
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Standard Chartered has announced the appointment of Noelle Eder as Group Head of Technology and Operations, effective 26 May 2025, pending regulatory approval. Eder will report directly to Group Chief Executive Bill Winters and will be based in Singapore. Her appointment comes as the bank seeks to enhance its digital capabilities and streamline operations through its Fit for Growth programme.

Eder brings a wealth of experience from her previous role as Executive Vice President and Global Chief Information Officer at The Cigna Group, where she led digital, technology, data, and operations strategies. Her career also includes senior roles at Hilton Worldwide Holdings and Capital One Financial Corporation. Recognised as one of the top 50 leaders in technology by Forbes and listed in WomenTech network’s 100 Executive Women in Tech to Watch for 2025, Eder is well-regarded in the industry.

Bill Winters commented on the appointment, stating, “Noelle joins us as we intensify efforts to streamline and simplify our systems and processes whilst harnessing emerging technologies to further improve our service to our clients.” Eder expressed her enthusiasm, saying, “I am thrilled to join Standard Chartered, a truly global and diverse organisation, and to embrace the exciting challenge of advancing its digital transformation.”

This strategic appointment underscores Standard Chartered’s commitment to innovation and digital transformation, aiming to better serve its clients and sustain growth. As Eder steps into her new role, the bank anticipates significant advancements in its technology and operations sectors.
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Sheng Siong Group Ltd., one of Singapore’s largest supermarket chains, has announced a 7.1% increase in revenue for the first quarter of FY2025, reaching $403m. This growth was primarily fuelled by the opening of new stores since FY2024 and increased sales during the Hari Raya festive period. The group’s net profit also saw a 6.1% rise, amounting to $38.5m for the quarter ending 31 March 2025.

The company reported a gross profit increase of 10.2% to $122m, with a gross profit margin improvement of 0.9 percentage points to 30.3%. This was attributed to an enhanced sales mix that helped offset rising business costs. Sheng Siong opened two new stores in the first quarter and secured six additional locations, with results pending for four more tenders.

Chief Executive Officer Lim Hock Chee commented, “Despite a more uncertain start to 2025, the Group remained focused and delivered steady performance in the first quarter, reflecting our operational strength and solid fundamentals.”

Looking ahead, Sheng Siong is focusing on refining its sales mix and diversifying its supplier base to enhance supply chain resilience. The group is also investing in automation and AI technology to improve operational efficiency amidst rising labour costs. With Singapore’s economic outlook cautious due to external macroeconomic headwinds, Sheng Siong aims to maintain its value-for-money proposition, catering to consumers seeking quality essentials at affordable prices. The company plans to open the newly secured retail locations by Q3 FY2025, continuing its strategy of network expansion.
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CapitaLand Investment Limited (CLI) has announced its business updates for the first quarter of 2025, revealing a 3% year-on-year increase in fee income-related business to $281m. However, the real estate investment business saw a 6% decline, bringing revenue down to $242m, attributed to the deconsolidation of CapitaLand Ascott Trust. The company also highlighted its application for the listing of CapitaLand Commercial C-REIT, marking the first international-sponsored China REIT focused on retail properties in the People’s Republic of China.

The fund management sector showed resilience, with listed funds’ fee income-related revenue rising by 3% year-on-year. CLI’s private funds expanded their Korean Credit Programme, securing two loans for a data centre and a Grade A office development. Additionally, the SEA Logistics Fund invested in an industrial development in Vietnam’s Amata City Ha Long Industrial Park.

In lodging management, CLI reported a 5% year-on-year growth in Revenue per Available Unit, driven by the Ascott brand’s diversification into full-service hotels and branded residences. Commercial management also saw a 4% increase in fee-related earnings.

Despite the challenges, CLI maintains a strong balance sheet, with up to $7.4b available for future investments. The company continues to focus on strategic capital deployment across logistics, industrial, lodging, private credit, and data centres. Looking ahead, CLI aims to leverage its robust financial position to navigate market uncertainties and pursue growth opportunities.
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Softbiz Pharma, a prominent exporter of pharmaceutical, nutraceutical, and personal care products, has announced the launch of its new deodorant range in Singapore. The company aims to cater to the increasing demand for high-quality personal care items in the region. The new collection offers a variety of scents, including options such as Pepper, Tangerine, Lavender, and Musk, under the “Pulse” line, and other unique blends like Saffron and Oud in the “Shadow” line.

The deodorant range is designed to appeal to diverse consumer preferences, with additional offerings such as “Blaze” featuring Citrus and Amber, and “Ocean” with Lychee and Lotus. Softbiz Pharma is also providing private label options, allowing businesses to market these deodorants under their own brands, which could be a significant opportunity for local retailers looking to expand their product lines.

Tanuj Madaan, Vice-President of Growth at Softbiz Pharma, expressed enthusiasm about the potential collaborations this launch could foster. “We are excited to present our new range of deodorants, designed to meet the rising demand for quality personal care products in your market,” he stated.

The introduction of this deodorant range marks a strategic move by Softbiz Pharma to strengthen its presence in the Singaporean market. By offering private label options, the company is positioning itself as a flexible partner for local businesses. As the demand for personal care products continues to grow, Softbiz Pharma’s new offerings could play a pivotal role in meeting consumer needs and supporting business growth in the region.
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