Industry News

The CCCS has levied a substantial fine of $536 million on several Chinese yuan remittance service providers following an investigation into illegal information exchange practices. The penalty, announced on 31 July, aims to deter anti-competitive behaviour that could harm consumers and the market.

The investigation revealed that the involved companies had been exchanging sensitive information, which could potentially lead to price-fixing and reduced competition in the remittance sector. Such practices undermine market integrity and can result in higher costs for consumers seeking to transfer money internationally.

The CCCS emphasised the importance of maintaining a competitive market environment, stating that the penalty serves as a warning to other firms engaging in similar activities. “The exchange of commercially sensitive information between competitors is a serious infringement of competition law,” the CCCS noted in its statement.

This enforcement action highlights the CCCS’s commitment to safeguarding consumer interests and promoting fair competition within Singapore’s financial services industry. The substantial fine reflects the severity of the infringement and the potential impact on the market.

Looking ahead, the CCCS is expected to continue its vigilant monitoring of the sector to prevent further violations and ensure compliance with competition laws. This case serves as a reminder to businesses of the importance of adhering to legal standards and the potential consequences of failing to do so.
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Singapore has emerged as the only city globally to secure a top-five position across three key indices in Multipolitan’s 2025 Global Wealth Report. The report, titled “The Taxed Generation,” highlights Singapore’s exceptional performance in tax efficiency, wealth preservation, and future readiness amidst a backdrop of rising tax scrutiny and global uncertainty.

The report evaluated 164 jurisdictions to determine where globally mobile families and investors can best preserve and grow their wealth. It assessed cities not only on tax rates but also on their ability to protect capital, manage long-term risks, and support strategic planning. Singapore’s consistent legal framework, clear policies, and commitment to climate-conscious growth were pivotal in its ranking.

Nirbhay Handa, CEO of Multipolitan, commented, “Singapore has become what new wealth is truly seeking: consistency in law, clarity in policy, credibility in vision and a commitment to climate-conscious growth. As other markets grow more reactive or fragmented, Singapore continues to show up with something that’s increasingly rare – predictability.”

This recognition underscores Singapore’s strategic positioning as a stable and attractive hub for wealth management, offering a reliable environment for investors amidst shifting global dynamics. As the only city to achieve this triple ranking, Singapore sets a benchmark for other cities aiming to attract and retain global wealth.
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Singapore’s services sector is projecting a positive business outlook for the second half of 2025, according to the latest Business Expectations Survey by the Singapore Department of Statistics. The survey, conducted from June to July 2025, reveals that 17% of firms are optimistic about the upcoming six months, whilst 15% expect conditions to worsen, resulting in a net weighted balance of 2% predicting favourable business conditions.

Within the sector, the Accommodation and Retail Trade industries are particularly upbeat, driven by anticipated boosts from concerts, sporting events, and the year-end festive season. These events are expected to increase tourism and hotel occupancy rates, as well as drive sales growth for retailers. The Recreational, Community, and Personal Services industry also shares this optimism, with health services and childcare providers expecting sustained demand.

Conversely, the Transportation and Storage industry faces challenges, particularly in water transport, due to geopolitical uncertainties and anticipated lower demand following the expiration of the US tariff pause. However, positive sentiments from air and land transport firms provide some balance. Similarly, the Finance and Insurance industry remains cautious amidst economic uncertainties, though payment processing firms are optimistic about rising transaction volumes due to eCommerce growth.

For the third quarter of 2025, a net weighted balance of 7% of firms in the services sector expects higher revenue. The Accommodation industry, buoyed by events like the Singapore Grand Prix, and the Wholesale Trade industry, particularly in computer-related products, foresee revenue growth. Employment prospects are also positive, with a net weighted balance of 9% of firms planning to increase hiring, especially in the Accommodation and Administrative & Support Services industries.
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MyRepublic has been officially recognised as the top fixed network provider in Asia by Ookla, renowned for its Speedtest service. The accolade is based on the Speedtest Connectivity Score, which evaluates network speed, streaming video experience, and web browsing experience. MyRepublic outperformed the top 10 fixed network providers in the region, highlighting its commitment to high-performance connectivity for both homes and businesses.

The Speedtest Connectivity Score, which determined the award, places significant emphasis on network speed performance (50%), with streaming video and web browsing experiences each contributing 25%. This comprehensive approach ensures that the results reflect a true user experience across various activities.

Lawrence Chan, Managing Director of MyRepublic Singapore, expressed pride in the achievement, stating, “Being named the #1 Best Fixed Network in Asia by Ookla is a tremendous honour and a reflection of the hard work of the MyRepublic team.” He emphasised the company’s dedication to pushing broadband boundaries and delivering exceptional connectivity.

This recognition underscores MyRepublic’s ongoing investment in innovation, speed, and reliability, consistently outperforming competitors in key areas such as download speed and latency. The award also highlights Singapore’s growing strength in digital infrastructure on the global stage.

MyRepublic, known for disrupting traditional broadband markets, continues to champion gamer-grade connectivity and tailored solutions for small and medium enterprises. This accolade marks a significant milestone in its mission to transform digital experiences across the Asia-Pacific region.
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Singapore has been ranked second globally in AI readiness, according to Salesforce’s Global AI Readiness Index released on 31 July 2025. This ranking underscores Singapore’s robust national AI strategy, which has been pivotal in driving AI transformation and ensuring long-term growth amidst a tight labour market. The study also reaffirms Singapore’s position as the most AI-ready nation in the Asia-Pacific region.

The index evaluates AI readiness across 16 global markets using 31 indicators spanning governance, diffusion, innovation, investment, and talent. Singapore excelled in several dimensions, ranking first in regulatory readiness and AI adoption, second in investment environments, and third in talent development. The country’s strong performance is attributed to its advanced digital infrastructure and a comprehensive national upskilling strategy.

Despite its achievements, Singapore’s capacity for AI innovation scored below the global average, highlighting an opportunity for further investment in emerging subfields such as agentic AI. Agentic AI, which can boost productivity by up to 30%, is seen as a potential growth engine for Singapore. Salesforce’s digital labour platform, Agentforce, allows organisations to deploy AI agents that operate autonomously, offering a solution to Singapore’s labour market challenges.

Brian Kealey, Country Leader of Salesforce Singapore, stated, “The Index highlights Singapore’s success as a global leader in AI readiness, stemming from early investments in infrastructure, regulatory frameworks, and human capital.” Salesforce has committed a $1 billion (US$1 billion) investment in Singapore to further AI research and talent development, aiming to enhance the nation’s AI capabilities.
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Singapore’s job market has shown signs of recovery in June 2025, with a 2.1% increase in job postings, according to Indeed’s latest data. This uptick ends a five-month decline, despite a year-on-year slowdown. Job creation remains robust, with postings still 43% above pre-pandemic levels.

The growth is driven by a surge in health and infrastructure roles, with sports and pharmaceutical jobs tripling since pre-pandemic times. Civil engineering and medical roles have doubled, reflecting a focus on personal health and infrastructure development. However, service-oriented roles such as veterinary and security have seen declines in recent months.

Artificial intelligence (AI) continues to embed itself in the economy, with 14.8% of all job postings now mentioning AI, a 10.1% increase from last year. One-third of tech job postings reference AI, and its influence is spreading to non-tech roles like scientific research and mechanical engineering, highlighting a growing demand for digital skills.

Callam Pickering, Indeed’s APAC Senior Economist, noted, “Hiring in Singapore staged a modest rebound in June, following five consecutive monthly declines. Whilst job postings are much lower than a year ago, job creation remains more than sufficient to keep the unemployment rate low.”

Employers remain cautiously optimistic, with hiring expected to stay strong in sectors aligned with national priorities. However, global uncertainties may impact growth prospects and hiring decisions. As Pickering added, “Geopolitical and economic uncertainty may impact Singapore’s growth prospects this year, and that could impact hiring decisions.”
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Nokia has announced the deployment of its subsea optical solution by PT Solusi Sinergi Digital Tbk (Surge) to connect Jakarta and Singapore, significantly enhancing regional data centre connectivity. This initiative is set to provide faster and more affordable broadband to over 40 million people across Indonesia, particularly targeting underserved communities.

Surge’s new subsea network, powered by Nokia’s 1830 Photonic Service Switch (PSS) platform, will deliver an initial capacity of 20.8 terabits. This capacity allows Surge to offer ultra-high-speed services of up to 800GE for Tier-1 and Tier-2 enterprise customers. The network is part of Surge’s broader infrastructure expansion, which aims to extend fibre-based broadband to 40 million households, ensuring reliable connectivity to those who need it most.

Shannedy Ong, Director at PT Solusi Sinergi Digital Tbk, stated, “This strategic deployment underscores our commitment to digital equity and building a more connected, inclusive future.” James Watt, Senior Vice President and General Manager of Optical Networks at Nokia, added, “Connecting up to 40 million people with affordable broadband access is a huge honour and responsibility.”

The subsea network not only supports Surge’s mission to expand broadband access but also enhances operational efficiency with scalable, space and power-efficient transmission. This development marks a significant step towards digital transformation in Indonesia, promising new growth opportunities and improved connectivity for millions.
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The World Gold Council’s latest report reveals a 3% year-on-year increase in global gold demand for Q2 2025, reaching 1,249 tonnes. This rise is attributed to strong investment flows driven by geopolitical uncertainties and price momentum. The report highlights a record quarterly demand value of $132 billion, a 45% increase from the previous year.

Investment in gold-backed exchange-traded funds (ETFs) was a significant contributor, with 170 tonnes of inflows compared to outflows in Q2 2024. Asian-listed funds played a crucial role, contributing 70 tonnes, matching US inflows. This trend resulted in the highest first-half global gold ETF demand since 2020.

Singapore mirrored this global trend, with bar and coin demand rising 37% year-on-year to 2.2 tonnes, marking the second-highest quarterly total on record. In contrast, jewellery demand in Singapore fell 8% due to high gold prices, a trend seen across the region.

Central banks continued to purchase gold, albeit at a slower pace, adding 166 tonnes in Q2. Despite this slowdown, central bank buying remains strong, with 95% of reserve managers expecting global reserves to increase over the next year.

Shaokai Fan of the World Gold Council noted, “Amid geopolitical tensions and market volatility, gold continues to attract strong investor demand as a safe haven asset.” The report suggests that ongoing economic uncertainties may further bolster gold’s appeal, potentially driving prices higher in the future.
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Digital travel platform Agoda has unveiled its SG60 Celebration Campaign, aiming to enhance tourism in Singapore as the nation commemorates its 60th year of independence. The campaign, running from 1 August to 15 August 2025, offers up to 20% discounts on travel bookings, both inbound and outbound, capitalising on the rising interest from regional and long-haul travellers.

The initiative aligns with Singapore’s year-long diamond jubilee celebrations and involves partnerships with major hospitality groups like Resorts World Sentosa and Furama Hotels International, as well as airlines such as Singapore Airlines, Malaysia Airlines, and Firefly. Andrew Smith, Senior Vice President of Supply at Agoda, highlighted the campaign’s significance, stating, “Through our close collaboration with Singapore’s tourism authority in past years, we are using innovative data-driven campaigns to showcase the city’s unique appeal to global travellers during the nation’s 60th year of independence.”

Agoda’s data from April to June indicates a surge in interest from key Asian markets, with Thailand showing a 10% increase in searches. Long-haul markets such as Austria, Spain, and Denmark also recorded year-on-year growth, underscoring Singapore’s expanding global profile. Mathew Chan, Regional Director of Revenue at Furama Hotels International, expressed enthusiasm about the collaboration, saying, “This collaboration allows us to connect with both new and returning guests from around the world.”

As Singaporeans explore over 100 countries, China has seen a 40% increase in searches, with Malaysia, Japan, and Indonesia remaining top destinations. Agoda continues to support millions of travellers with its extensive network and strategic partnerships, enhancing visibility and bookings for hotels globally.
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PERSOLKELLY, a leading HR solutions provider in the Asia Pacific, has officially rebranded as PERSOL, unifying its operations across 13 markets under a single brand identity. This strategic move, announced on 31 July, aims to strengthen the company’s regional growth and position it as a modern, tech-forward workforce solutions partner. The rebranding retires the Kelly name, consolidating all PERSOLKELLY-branded businesses under one scalable identity.

The decision comes at a time when the Asia Pacific region is a significant contributor to global economic growth, accounting for 60% last year. PERSOL is poised to bridge workforce needs with high-quality employment opportunities, addressing changes driven by automation, demographic shifts, and a rising demand for technology and sustainability skills.

In Singapore, job vacancies are concentrated in high-growth sectors such as Information and Communications, Finance and Insurance, and Healthcare, which collectively account for nearly one-third of total openings. Tech roles, including software and web developers, remain in high demand, reflecting Singapore’s expanding digital economy.

See Yang Foo, Managing Director and Country Head of PERSOL Singapore, stated, “Becoming PERSOL reflects how far we’ve come and where we’re going. It unifies our strengths under one brand, allowing us to scale smarter, deliver consistently, and innovate faster.”

PERSOL’s refreshed brand offers agile hiring, digital-first recruitment, and regional talent mobility, providing clients with a future-ready talent strategy. The rebrand marks a strategic shift, enabling PERSOL to deliver consistent solutions across borders whilst addressing the unique needs of each market.
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