Industry News

As Singapore prepares for the General Election in 2025, a new poll by Blackbox Research highlights a significant increase in political engagement, with 76% of Singaporeans closely following local politics. However, nearly one-third of voters are still undecided about their choice at the ballot box. The SensingSG poll, conducted between 28 March and 8 April 2025, reveals that political interest is particularly high among seniors and younger voters under 30.

The poll underscores that everyday concerns such as the cost of living, jobs, and housing affordability continue to dominate voter priorities. Despite international developments, domestic issues remain the primary focus for Singaporeans. Prime Minister Lawrence Wong and Workers’ Party leader Pritam Singh both enjoy strong approval ratings, with Wong at 75% and Singh at 71%, the latter having rebounded by 7 percentage points.

Political activity is on the rise, with 71% of voters noticing increased political presence in their neighbourhoods. The People’s Action Party (PAP) candidates are perceived as more visible than their Opposition counterparts, particularly in the North and East regions. Interest in election rallies is also high, with 57% of respondents likely to attend, and nearly half expressing interest in Opposition rallies.

David Black, CEO of Blackbox Research, noted that the election will focus on local issues rather than personalities or geopolitics. “Voters are switched on and watching closely,” he said, emphasising the importance of addressing personal, day-to-day concerns. As the election approaches, parties will need to connect with voters on these issues to secure their support.
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HubSpot has launched a suite of new features designed to help small and medium-sized businesses (SMBs) accelerate their adoption of artificial intelligence (AI) and drive growth. The announcement comes as many SMBs in fast-growing economies like Singapore face rising costs and the challenge of keeping pace with rapid digital advancements.

The new offerings include Breeze AI agents, enhanced Marketing Hub Enterprise features, and AI-powered Workspaces. These tools aim to address the gaps in AI strategies and operational realities faced by SMBs, such as the lack of quality, unified data. According to HubSpot’s research, 73% of Singaporean organisations have yet to officially implement AI, highlighting the need for accessible solutions.

Dan Bognar, VP and Managing Director of JAPAC at HubSpot, stated, “Persistent economic headwinds have made digital tools like AI a business necessity for SMBs, who need to maximise efficiency and growth with only limited resources.”

Key features of the 2025 Spotlight include four Breeze Agents, which assist in scaling go-to-market teams, and new functionalities for Marketing Hub Enterprise that simplify lead conversion and customer management. Additionally, three AI-powered Workspaces have been introduced to enhance collaboration among sales and support teams.

These developments are set to provide SMBs with practical AI capabilities, enabling them to compete more effectively in challenging economic environments. As businesses continue to navigate the complexities of digital transformation, HubSpot’s new tools offer a pathway to more efficient and impactful operations.
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Singapore fintech company Aleta Planet has introduced MPLUS Aleta, a digital payment app designed to cater to the financial needs of Muslim communities across Southeast Asia. Launched at Singapore’s Geylang Serai Ramadan Bazaar in February, the app offers merchants zero transaction fees for 24 months, instant onboarding, and secure transactions, aiming to shift small and medium businesses from cash and credit card reliance.

The MPLUS Aleta app allows consumers to pay merchants by scanning a dedicated QR code, creating a seamless payment experience. Within the app, users can access a marketplace of Muslim merchants and enterprises. Ryan Gwee, Founder and Group Chairman of Aleta Planet, stated, “This MPLUS Aleta app is a step forward to close the digital payment gap in the Muslim community.”

The app leverages Aleta Planet’s proprietary network, ensuring transactions are processed within its infrastructure, enhancing security and privacy. The company plans to expand the app to other Muslim communities in Southeast Asia, focusing on Indonesia and Malaysia.

Suhaimi Rafdi, CEO of MPLUS Singapore Pte Ltd, highlighted the app’s role in accelerating the shift towards a cashless economy, stating, “Our aim is to create a win-win ecosystem, benefiting both shoppers and merchants.” MPLUS Aleta also features a cashback programme to encourage adoption and usage.

Available on Apple App Store, Google Play Store, and Huawei AppGallery, MPLUS Aleta is set to drive business growth and digital payment adoption across the region.
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VP Bank has announced its sponsorship of 16-year-old Singaporean golf prodigy Chen Xingtong, who will compete in the 6th VP Bank Swiss Ladies Open. The tournament, part of the Ladies European Tour (LET), will take place at Golfpark Holzhäusern. This sponsorship reflects VP Bank’s commitment to nurturing young talent and promoting women’s golf.

The announcement was made during an exclusive event in Singapore, where clients engaged with Chen and Urs Monstein, VP Bank’s Group CEO. The event featured golf simulator challenges and a fireside chat, offering insights into the parallels between golf and business, such as resilience and precision. Monstein remarked, “Golf is not just a sport — it is a reflection of strategy, precision, and mental resilience, much like wealth management.”

VP Bank’s involvement in the Swiss Ladies Open, which has been part of the LET since 2020, underscores its dedication to advancing women’s golf. The tournament attracts around half a million viewers annually and serves as an inspiration for aspiring female golfers worldwide.

Reto Marx, Co-Head Singapore and Chief Risk Officer Asia, highlighted the bank’s focus on creating unique client experiences whilst supporting emerging athletes. Thomas Rupf, Co-Head Singapore and Chief Investment Officer Asia, added that the event in Singapore exemplifies VP Bank’s commitment to fostering meaningful connections between sport, business, and clients.

The VP Bank Swiss Ladies Open continues to be a significant platform for women’s golf, promising exceptional performances and furthering the development of young talents like Chen Xingtong.
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CGS International has released its latest strategy note for ASEAN, emphasising Singapore’s favourable position compared to its regional counterparts. Despite a broad-based rebound in the past day, the note advises caution due to ongoing uncertainties. The analysis ranks Singapore ahead of Malaysia, and Thailand ahead of Indonesia, based on earnings per share (EPS) growth, currency and political stability, market valuations, and dividend yield.

The report identifies 22 stocks across ASEAN markets that have reached compelling buy levels, although risks remain over the next 90 days due to fluctuating tariffs. Companies such as MISC, DLG, GENS, CIT, PTTEP, and HANA are highlighted for trading below Global Financial Crisis and COVID-19 trough price-to-book value valuations.

EPS cuts are anticipated, with a potential 10% reduction leading to 1% to 9% declines in 2025 forecasts. Singapore and Thailand may see slight growth, whilst Indonesia and Malaysia could face declines. The note underscores Singapore’s resilience, with a year-to-date performance of -10% compared to an average of -17% for the rest of the region.

The strategy note suggests that whilst the risk-reward is attractive for patient investors, the full impact of global economic challenges remains uncertain. ASEAN governments may revise GDP growth forecasts for 2025 and 2026, with current projections still in positive territory. As negotiations continue among global leaders, the possibility of a recession looms, though it may not be a shock if it occurs.
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Singapore HR leaders are set to focus on accelerating skills development and embracing digital transformation in 2025, according to Mercer’s Global Talent Trends 2025 report. The report, which surveyed 1,892 HR leaders globally, including 95 from Singapore, highlights the critical trends shaping the future of work in the region.

A significant priority for HR leaders is the investment in skills, as the shelf life of many skills continues to decrease. Building skills-based talent processes and enhancing people manager capabilities are top priorities. Sujata Biswas, Talent and Transformation Leader at Mercer Singapore, stated, “HR leaders focus on building skills-based talent practices, enhancing employee experience, and fostering inclusive workplace cultures.”

Enhancing the employee experience is another key focus, with thriving employees being 2.6 times more likely to report that their employer designs work experiences that bring out their best. Additionally, modernising pay practices and ensuring pay equity are crucial, with over 60% of HR leaders aligning rewards to business results through pay-for-performance programmes.

Digital transformation is also at the forefront, with 92% of companies having recently implemented or upgraded HR technology, and 49% planning further upgrades in 2025. This shift is not only about technology but also about fostering a culture of change and innovation.

The report also highlights risks such as talent shortages, which are impacting organisational metrics, and the challenges and opportunities presented by AI and automation. As organisations navigate these challenges, they must remain agile and responsive to drive meaningful change in the evolving landscape.
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High Park Residences in District 28 has topped the list of private residential developments in Singapore’s Rest of Central Region and Outside of Central Region, experiencing a remarkable price appreciation of nearly 60% over the past decade. Savills Singapore revealed that this development, along with Botanique At Bartley, Forest Woods, Artra, and The Clement Canopy, saw significant increases in value, ranging from 50% to 60%.

These developments are primarily leasehold properties with 99-year tenures, comprising large-scale projects of 501 to 1,000 units, except for Artra, which is mid-sized with 201 to 500 units. High Park Residences, which includes both flats and houses, recorded an average resale price per square foot (psf) of S$1,575.15 in the second half of 2024, a substantial increase from its launch price of S$989.86 psf.

Botanique At Bartley, launched in 2015 alongside High Park Residences, followed with a price appreciation of nearly 47%, whilst Forest Woods saw a rise of about 43%. Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted, “For pure investors, buying a private residential property is all about timing and buying into the right development.”

Cheong further explained that mid to large-sized projects tend to appreciate more in capital value over time compared to smaller ones, although smaller projects still offer value for those seeking rental yield or long-term personal stay.

These findings underscore the importance of strategic investment in Singapore’s residential property market, highlighting the potential for significant returns over time.
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A decommissioned MRT train carriage has been transformed into Singapore’s first co-living hotel, Train Pod @ one-north, set to open at JTC’s LaunchPad on 11 April 2025. This innovative accommodation, developed by Tiny Pod, offers urban explorers, train enthusiasts, and professionals a unique experience within a conserved train interior, complete with footage of its past journeys.

Train Pod is part of LaunchPad’s innovation testbeds, where startups collaborate and pilot new solutions. Tiny Pod partnered with local startups such as Igloohome for smart lock systems, Ailytics for AI-powered crowd counting, and Vouch for self check-in and GenAI chatbots to enhance the guest experience. The hotel features eight self-contained rooms, balancing space efficiency with essential comforts, and includes amenities like a 24/7 vending machine café and outdoor dining area.

The project was officially launched by Low Yen Ling, Senior Minister of State for Trade and Industry, who praised the initiative as an example of Singapore’s pro-enterprise environment. “Train Pod @ one-north exemplifies how thinking differently about using public assets can create extraordinary and sustainable possibilities,” she stated.

Seah Liang Chiang, Founder of Tiny Pod, highlighted the project’s sustainable approach, saying, “We’re showing how unused urban assets can be transformed into unique hospitality experiences.” The hotel will open for bookings in the second half of 2025, offering a novel addition to Singapore’s hospitality landscape.
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The Singapore Armed Forces (SAF) will be conducting live-firing and military exercises across various locations from 14 to 21 April 2025. These exercises will take place on the islands of Pulau Sudong, Pulau Senang, and Pulau Pawai, as well as in the Pasir Laba SAFTI Live-Firing Area. The public is urged to steer clear of these areas and the surrounding waters to ensure safety.

The exercises will involve the use of live ammunition and flares, with loud noises expected. Sea vessels navigating the Western Johor Straits must adhere to the 75-metre Navigable Sea Lane and avoid the Live-Firing Boundary. Additionally, military exercises will occur in areas including Seletar, Marsiling, and Lim Chu Kang, where blanks and thunderflashes will be utilised.

As part of the Five Power Defence Arrangements (FPDA), the Republic of Singapore Air Force (RSAF) will conduct flying activities from Tengah, Paya Lebar, Sembawang, and Changi Air Base. These activities will include daytime weekend flights on 12, 13, 19, and 20 April, as well as night flights on 17 April.

The SAF emphasises that trespassing into restricted areas is a legal offence. The public is advised to remain vigilant and avoid these zones during the exercise period. These measures are crucial for maintaining safety and security during the operations.
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Singapore’s tech industry is witnessing a mixed salary trend in 2024, according to the latest report from NodeFlair, Asia’s leading tech career platform.

Software engineers in Singapore have seen a 3.3% year-on-year increase in their salaries, reversing last year’s 1.0% decline. However, despite the growing popularity of artificial intelligence (AI), salaries for AI-related roles, particularly in data, have decreased by 1.2% to 2.4%.

The report highlights that the tech sector’s ongoing redundancies have impacted salaries across various job categories. Out of 16 job categories, seven have experienced salary declines, with cybersecurity roles being the most affected, showing a 4.6% year-on-year dip. This trend is a stark contrast to the previous year’s 11.3% growth in AI-related salaries.