Industry News

HealthMetrics, a leading digital Third-party Administrator (TPA) in Southeast Asia, has officially launched HealthMetrics Indonesia, enhancing access for Indonesian and international patients to Singapore healthcare providers. This expansion, announced on 17 April 2025, integrates HealthMetrics’ advanced digital infrastructure with the expertise of Across Asia Assist Indonesia, acquired in 2022.

The initiative allows over 850 Singapore healthcare providers, including HMI Surgery Centre, to connect with HealthMetrics’ extensive client base in Indonesia and the region. This move is significant as Indonesia accounts for more than half of Singapore’s inbound medical tourists. Alvin Yuan, Group CEO of HealthMetrics Group, stated, “We see ourselves not just as a digital TPA – but as a regional enabler of smarter, connected healthcare ecosystems.”

HealthMetrics’ platform, which includes the Global Member App and International Assistance Hub, facilitates seamless cross-border healthcare access. The app offers real-time claims submission and tracking, whilst the hub connects over 15,000 direct billing providers regionally. This digital-first approach aims to improve access, efficiency, and quality of care for patients across Southeast Asia.

The launch event, HealthMetrics Spotlight 2025, held in Jakarta, highlighted the role of digital infrastructure in healthcare administration. Supported by Singapore-based partners like Curie Oncology and Forte Cardiology, the event underscored the importance of cross-border partnerships in advancing a connected healthcare experience.

HealthMetrics plans to continue its growth in Southeast Asia through strategic partnerships, aiming to exceed $1b in cumulative medical treatments by the end of 2025. This expansion underscores Singapore’s role as a premium medical hub and opens new opportunities for inbound medical travel.
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A raid conducted by the Health Sciences Authority (HSA) on 21 March 2025 at a Housing Development Board (HDB) flat in Beo Crescent led to the seizure of illegal health products valued at S$51,000. The operation uncovered more than 18,000 units of prescription medicines and supplements for sexual enhancement, along with 30 vaporisers and related components. Equipment used for manufacturing these products, including a blister pack sealing machine and capsule filling machine, was also confiscated.

The raid followed a tip-off about the illegal manufacturing and storage activities within the flat. A 36-year-old male suspect is currently assisting HSA with investigations regarding the suspected illegal manufacture and supply of these products.

Annie Tan, Director of the Enforcement Branch at HSA, highlighted the potential health risks posed by products made in unlicensed facilities. “Health products made in non-licensed facilities could pose an immense health risk. The products are produced under poor manufacturing conditions with no quality controls,” she stated.

HSA has not detected any online sales of these illegal products but has alerted local e-commerce and social media platforms to prevent their listing. Consumers are advised to be cautious when purchasing health products, ensuring they buy from reputable sources and report any suspicious items to HSA.

The authority emphasises its commitment to combating illegal health product activities, warning that offenders face severe penalties, including imprisonment and hefty fines. The public is encouraged to report any illegal activities involving health products to HSA’s Enforcement Branch.
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The Singapore Business Chamber in Cambodia Association (SBCCA) is set to officially launch on 26 April 2025 in Phnom Penh, marking a significant step in bolstering business and investment relations between Singapore, Cambodia, and the wider Asia-Pacific region. The event will gather key business and government figures to celebrate the establishment of this new platform, which is dedicated to fostering professional networks and promoting cross-border investment.

SBCCA’s mission is to serve as a trusted bridge between Singapore and Cambodia, offering insights, resources, and connections to help businesses explore regional opportunities. “Cambodia represents both opportunity and momentum,” said Tan Wee Pin, Chairman of SBCCA. “SBCCA’s role is to be the launchpad — helping Singaporean businesses plant deep roots here, grow with confidence, and lead with purpose.”

The chamber has outlined several strategic priorities, including building a professional network for Singaporean entrepreneurs and corporations in Cambodia, facilitating high-level business dialogues, hosting events for professional development, and providing market insights to navigate Cambodia’s business landscape.

The launch of SBCCA aligns with Singapore’s global economic diplomacy efforts, joining other international business chambers in championing Singapore’s presence abroad. The event will take place at the Hyatt Regency Phnom Penh from 5:30 PM to 9:30 PM, with media invited to cover this landmark occasion.

SBCCA offers structured membership tiers, with corporate membership priced at $350 (£280) per annum and individual membership at $100 (£80) per annum, providing access to exclusive events and networking opportunities. For more information, interested parties can visit the SBCCA website.
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The Singapore Index of Inflation Expectations (SInDEx), conducted by the Singapore Management University (SMU) and co-sponsored by DBS Group Research, indicates that Singapore’s inflation expectations remain stable despite mixed public sentiments. The survey, conducted from 24 to 30 March 2025, involved around 500 Singaporean households and revealed that the One-year-Ahead headline inflation expectations remained unchanged at 3.8% in March 2025 compared to December 2024.

The survey findings highlight that whilst the overall Consumer Price Index Inflation Expectations (CPIEx) increased to 5% in March 2025 from 4.4% in December 2024, reflecting global uncertainty, the One-year-Ahead inflation expectations for major components like food, transportation, and healthcare mostly increased or remained unchanged. Dr. Aurobindo Ghosh, the principal investigator, noted that these expectations signal potential risks from geopolitical tensions and trade wars.

DBS Chief Economist Taimur Baig commented on the survey’s findings, noting the impact of global economic developments on Singapore’s growth and inflation. The survey also revealed that 44.4% of respondents expect inflation to decline in the medium term, whilst an equal percentage anticipate an increase, illustrating a cognitive dissonance among consumers.

The survey further indicated that Singaporean consumers expect a slight increase in expenses over the next 12 months, with changes in consumption behaviour potentially influenced by post-pandemic lifestyle shifts. The next monetary policy statement by the Monetary Authority of Singapore is anticipated by July 2025, which may further influence inflation expectations.
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RHB has downgraded its outlook for Singapore’s banking sector from “Overweight” to “Neutral” due to a subdued global macroeconomic environment and the impact of US President Donald Trump’s reciprocal tariffs. The financial services group has reduced its earnings forecasts for the sector by 2% to 3% for the fiscal years 2025 to 2027, affecting major banks such as OCBC Bank and United Overseas Bank (UOB), which have both been downgraded to “Neutral” from “Buy”.

The decision comes as RHB Economics adopts a more cautious stance on the global economic outlook, prompting a realignment of its sector view. “The pause provides investors with a reprieve and an opportunity to reposition,” the report noted, highlighting the potential for strategic adjustments in response to market volatility.

DBS remains RHB’s top pick, with the bank expected to maintain strong yields and capital returns despite the challenging environment. The report suggests that investors should stay focused on these aspects as they navigate the current market conditions.

This adjustment in RHB’s outlook reflects broader concerns about the impact of geopolitical tensions and economic policies on financial markets. As the sector faces these headwinds, the emphasis on yields and strategic positioning becomes increasingly crucial for investors.

Looking ahead, the banking sector’s performance will likely hinge on its ability to adapt to these external pressures whilst maintaining robust financial health. The ongoing developments in global trade and economic policy will continue to be closely monitored by market participants.
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Strategic Marine, a full-capacity shipbuilder with a shipyard in Singapore, has successfully delivered two state-of-the-art 42-metre vessels to Truth Maritime Services (TMS) in Thailand, marking another milestone in their collaboration. This delivery, announced on 21 April 2025, further solidifies the partnership between Strategic Marine, Prima Marine Group, and TMS, which began in 2022, to enhance offshore operations in Southeast Asia and the Middle East.

Following the handover of the first two Gen 4 Fast Crew Boats (FCBs), TMS RANOD and TMS RAMAN, in 2024, the new vessels are expected to bolster TMS’s capabilities in offshore petroleum exploration and platform maintenance. TMS, a prominent player in crew boat operations, now boasts a fleet of 17 crew boats and two 300-passenger accommodation barges, enhancing personnel transfers with a focus on efficiency and safety.

“As we continue to strengthen our partnership with Truth Maritime Services and Prima Marine Group, we are proud to see our vessels contributing to their operational success,” said Chan Eng Yew, CEO of Strategic Marine. “The delivery of these new crew boats is a testament to our shared commitment to innovation, quality, and meeting the evolving demands of the offshore industry.”

Strategic Marine’s latest delivery underscores its reputation as a trusted global shipbuilder, providing high-performance vessels to support its partners’ growth. As TMS and Prima Marine expand, Strategic Marine remains committed to delivering cutting-edge solutions to meet future fleet requirements.
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A rare freehold residential site at 835 Upper Serangoon Road, Singapore, has been launched for sale by Colliers International through an Expression of Interest (EOI) exercise. The site, located in District 19, is priced at S$36m and offers developers and investors a unique opportunity to acquire a substantial land parcel in a well-connected area. The EOI exercise will remain open for five weeks, closing on 28 May 2025.

The site spans approximately 23,709 square feet and is strategically positioned just a five-minute walk from Kovan MRT Station, enhancing its appeal due to exceptional connectivity. The land is zoned for residential use under the 2019 Master Plan, with a Gross Plot Ratio of 1.4, allowing for flexible redevelopment options, including flats and various landed residential formats.

Tan Boon Leong, Executive Director and Co-Head of Investment Services at Colliers Singapore, highlighted the site’s potential, stating, “The launch of this freehold residential redevelopment opportunity at 835 Upper Serangoon Road presents a unique chance for developers and investors to acquire a prime land parcel in one of Singapore’s most sought-after districts.”

The property is situated in a mature residential enclave, offering future residents a blend of tranquillity and connectivity. It is within walking distance of Heartland Mall and Kovan Hougang Market and Food Centre, making it highly desirable for homebuyers and tenants.

Interested parties are encouraged to submit their EOI proposals before the deadline. This opportunity is particularly attractive to local developers, private investors, and ultra-high-net-worth individuals seeking to capitalise on the site’s robust redevelopment potential.
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StarCruises has unveiled a new series of shorter itineraries aboard the Star Voyager, departing from Singapore and Ho Chi Minh City. These 3 and 4 Night Cruises are designed to meet the growing demand for brief yet enriching travel experiences, making them ideal for school holidays, first-time cruisers, and busy professionals.

“As travel preferences evolve, more and more people are seeking shorter, yet fulfilling cruise experiences,” said Michael Goh, President of StarDream Cruises. The new itineraries aim to offer flexibility and excitement, appealing to both established cruise hubs like Singapore and emerging markets such as Ho Chi Minh City.

Starting 15 May 2025, the Star Voyager will embark on 3 Night cruises from Singapore to Phuket, Thailand, with additional departures on 18 and 24 May. These voyages promise a blend of relaxation and adventure, with ample time to explore Phuket’s beaches, nightlife, and cultural landmarks.

On 21 May 2025, a special 3 Night cruise will take guests from Singapore to Penang and Melaka, Malaysia. Travellers can immerse themselves in Penang’s UNESCO-listed George Town and Melaka’s historic streets, offering a rich cultural experience.

For those seeking a longer journey, the 4 Night Cruises from Singapore to Ho Chi Minh City will depart on 11, 15, and 19 June 2025. Guests can explore Vietnam’s vibrant southern capital, visiting iconic sites like the Saigon Notre-Dame Cathedral and Ben Thanh Market.

Additionally, Star Voyager will offer 4 Night Cruises from Ho Chi Minh City to Singapore, departing on 13, 17, and 21 June 2025. This marks the first opportunity for Vietnamese travellers to embark on an international cruise from their home city.

Onboard the Star Voyager, guests can enjoy a range of amenities, including Adventure Park, Aqua Park, and live performances at Zodiac Theatre. Accommodation options range from Interior staterooms to luxurious Palace Suites.

With its revitalised approach, StarCruises aims to deliver a lifestyle-driven cruising experience, combining affordability with premium offerings. The Star Voyager sets sail on 26 March 2025, with plans to expand its homeports to include more cities in the future.
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Inchcape+ and BYD have launched the T9R electric lorry, a heavy-duty vehicle designed to boost business efficiency and sustainability. The T9R offers a zero-emission alternative to diesel lorries, featuring a driving range of up to 320 kilometres on a single charge with a full load of 28 tonnes. To encourage adoption, Inchcape+ and BYD are offering an exclusive $40,000 Early Adopter Rebate, alongside S$5,000 in Charging Credits and access to commercial-friendly charging points across the island.

Li Zhengxi, Director of Commercial Vehicles at Inchcape Singapore, stated, “With the Early Adopter Rebate, we are making it even more accessible for businesses to make the shift to electric lorries.” The T9R is powered by BYD’s Blade Battery technology, known for its durability and safety, and features 184kW fast-charging capabilities to minimise downtime.

The lorry is equipped with advanced safety features, including intelligent driver assistance systems and enhanced stability controls, making it suitable for sectors such as logistics, urban deliveries, and waste management. The T9R promises significant cost savings, reducing maintenance costs by up to 50% and saving businesses around S$30,000 annually in diesel expenses.

As global policies increasingly favour greener transportation, businesses investing in electric lorries like the T9R will be better positioned to meet future environmental regulations and benefit from potential tax incentives. The T9R represents a strategic investment in both sustainability and financial efficiency, offering a practical solution for modern commercial needs.
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Singapore-headquartered digital travel platform Agoda is celebrating its 20th anniversary on 19 May with a special sales campaign offering significant discounts on travel bookings. From 7 to 20 May, customers can enjoy up to 60% off on Agoda.com and the Agoda mobile app, with discounts increasing to 70% on 21 May.

Founded in 2005 and headquartered in Singapore, Agoda has evolved from a Southeast Asia hotel booking site into a global travel marketplace. The platform now features over 5 million hotels and holiday properties, more than 130,000 flight routes, and over 360,000 activities and experiences worldwide.

Agoda’s CEO, Omri Morgenshtern, highlighted the company’s growth, stating, “Agoda has truly become one of Asia Pacific’s preferred travel marketplaces. It’s a story of relentless focus on pricing and a deep understanding of Asian cultures.” He also emphasised the role of innovation in Agoda’s future, noting the increasing demand for personalised travel experiences and the potential of technologies like generative AI to enhance the booking process.

Agoda’s commitment to localisation extends beyond technology, with initiatives such as the Eco Deals campaign, which has raised over $1.3 million (£1 million) for the World Wide Fund for Nature. The company also supports educational workshops in Thailand and contributes thousands of volunteer hours globally.

The anniversary sale underscores Agoda’s dedication to providing affordable travel options whilst fostering meaningful connections worldwide. As the company looks to the future, it aims to continue bridging the world through travel for the next 20 years.
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