Industry News

The Monetary Authority of Singapore (MAS) has expressed its sorrow at the passing of Lee Ek Tieng, who served as the organisation’s Managing Director from November 1989 to December 1997 and as Deputy Chairman from January 1998 to December 2000. Lee is credited with guiding MAS through significant challenges, including the collapse of Barings Bank in 1995, and implementing vital regulatory measures to enhance financial stability.

Lee’s tenure at MAS was marked by his efforts to strengthen cooperation with regional central banks, fostering closer relationships through dialogue and collaboration. His leadership was instrumental in transforming MAS into a more transparent and cohesive organisation, with improved policy coordination across departments.

MAS acknowledged Lee’s legacy of stewardship and dedication to public service, which set high standards of excellence within the organisation. “He was instrumental in the transformation of MAS, fostering better coordination and integration of policies across departments, greater transparency as an organisation, and a more cohesive organisation,” the statement read.

The authority conveyed its deepest condolences to Lee’s family, recognising his exemplary leadership and sterling service. His contributions have left a lasting impact on MAS and the broader financial community.
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The Maritime and Port Authority of Singapore (MPA) has announced the receipt of 14 proposals under its Expression of Interest (EOI) to enhance the supply of liquefied natural gas (LNG) as a marine fuel in the Port of Singapore. Amongst these, eight submissions include bio-methane and e-methane solutions, which promise lower lifecycle greenhouse gas emissions, aligning with international shipping’s energy transition goals.

A diverse group of 18 companies, including energy firms, fuel suppliers, traders, bunker operators, and storage providers, participated in the EOI. This reflects the industry’s readiness to support sea-based LNG reloading, complementing existing onshore infrastructure and expanding fuel options for vessel operators.

MPA plans to collaborate with shortlisted companies to conduct sea-based LNG reloading trials by the second half of 2025. These trials will evaluate scalability, technical feasibility, safety, operational readiness, and digital connectivity, whilst also addressing methane slip. The insights gained will inform MPA’s review of the LNG bunkering licencing framework, aiming to enhance supply arrangements for international shipping.

In support of LNG demand, MPA anticipates calling for applications for additional bunker supply licences, including those for bio- and e-methane, by early 2026. These efforts contribute to global emission reduction discussions at the International Maritime Organisation.
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M1 Limited is marking its 28th anniversary with its largest sale to date, offering new and existing customers in Singapore the opportunity to acquire the latest smartphones at zero upfront cost. Running until 15 June 2025, the sale includes competitive monthly plans and exclusive gifts, making it easier for customers to own top-tier devices without financial strain.

The sale features popular devices such as the iPhone 16 Pro Max 256GB, available with a S$79.95 monthly plan, and the Samsung S25 256GB, paired with a S$51.95 monthly plan. Additionally, M1 is the only telecom provider in Singapore offering significant discounts on both phones and monthly plans to all customers.

As part of the anniversary celebrations, M1 is also introducing worldwide roaming in all device plans, allowing customers to stay connected globally. Customers can trade in old phones for substantial savings, with the potential to receive up to S$805 back. Existing M1 customers will benefit from loyalty vouchers and discounts on their next phone upgrade.

Further enhancing the offer, M1 provides cashback rewards through online shopping with partners like Shopee and Expedia, potentially reducing bills to zero. Customers can also participate in the Anniversary Claw Catcher Game via the My M1+ App for a chance to win weekly prizes.

This promotional event coincides with M1’s recent accolades as Best Telecom Provider 2025 and Best Customer-Centric Telecom Provider by World Business Outlook. For more details, visit any M1 Shop or the official website.
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MSIG Singapore has unveiled PawEasy, a new pet insurance plan designed to address the rising costs of pet medical care. With pet ownership increasing and a heightened focus on pet wellness, PawEasy aims to support owners by providing extensive coverage for their furry companions.

PawEasy offers one of the highest coverage limits in the market, with up to S$20,000 annually for hospitalisation and surgery. The plan also includes coverage for pre-surgery consultations and diagnostic tests up to 30 days before surgery, as well as post-surgery treatment for up to 60 days after discharge. Additionally, it covers complementary therapies such as acupuncture and physiotherapy, along with pet mobility aids, cremation, and burial expenses.

Pet owners can further enhance their coverage with optional add-ons, including third-party liability coverage up to S$500,000, outpatient non-surgical medical coverage up to S$5,000, and chemotherapy treatment coverage up to S$6,000 per pet’s lifetime. The plan also offers pet boarding cover if the owner is stranded overseas due to injury, illness, or public transport delays.

Steven Leong, Senior Vice President of Retail Distribution at MSIG Singapore, stated, “With PawEasy, our customers are assured of exceptional coverage, allowing them to be worry-free as they focus on their pets’ needs.”

PawEasy is available in three plan levels, with premiums starting at S$319 per year for dogs and S$128 per year for cats. New customers can enjoy a 30% discount on PawEasy until 30 April 2025. Pets eligible for coverage must be between 16 weeks and nine years old, microchipped, and licensed with the owner.
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Singapore-headquartered ST Engineering has been awarded a significant contract by the Rapid Transit System Bureau of Taichung City Government, valued at approximately S$1.4b, to deliver turnkey rail services for the new Taichung MRT Blue Line. This contract, announced on 10 April 2025, is part of a larger collaboration with Alstom Transport S.A., CTCI Corporation, and Hyundai Rotem Company, who will provide the signalling system, power supply, and rolling stock, respectively. The project is set to commence in the second quarter of 2025 and will span 14 years.

The Urban Solutions division of ST Engineering will spearhead the project management and systems integration. Their responsibilities include implementing rail electronics such as communications systems, automatic fare collection, platform screen doors, and the SCADA system. Additionally, they will oversee the development of an above-ground train depot. This contract further solidifies ST Engineering’s presence in Taiwan, building on their existing rail projects in the region.

Chew Men Leong, President of Urban Solutions at ST Engineering, stated, “This win reflects our strong technical and engineering expertise and further affirms our reputation as a trusted provider of turnkey rail services with expertise in managing and successfully delivering large-scale rail infrastructure projects.”

The 24.78km Blue Line will feature eight elevated and 12 underground stations, connecting the east and west of Taichung. It will integrate with the existing Green Line, significantly boosting the city’s public transport capacity. ST Engineering’s extensive experience in Taiwan, including projects like the Taichung MRT Green Line, underpins their capability to deliver this ambitious project.
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Temasek Polytechnic (TP) students have made a significant impact at the WorldSkills Singapore 2025 competition, held from 3 to 5 April at the Sands Expo and Convention Centre. Competing against 265 of the nation’s top youths, TP’s contingent of 44 students secured an impressive haul of 10 Golds, 8 Silvers, 8 Bronzes, and 6 Medallions for Excellence. The Gold medals were awarded in categories such as Aircraft Maintenance, Autonomous Mobile Robotics, Cooking, and Web Technologies.

In addition to its success at WorldSkills, TP is marking its 35th anniversary with a series of initiatives focused on care and sustainability. TP Cares Week featured activities like a food donation drive, a beach clean-up at East Coast Park, and Project Refresh, which involved transforming homes for those in need. These efforts align with TP’s commitment to fostering an environmentally sustainable Singapore.

Throughout April, TP is celebrating Earth Day with a month-long series of activities aimed at promoting sustainability on campus. Initiatives include a Centralised Waste & Recycling Initiative, an Eco-Life Challenge encouraging sustainable habits, and an Eco-Treasure Hunt. Participants can also join Eco-Campus Tours to learn about TP’s green infrastructure, such as solar panels and rainwater harvesting tanks.

By extending Earth Day activities throughout April, TP aims to instil eco-friendly practices into everyday campus life, reinforcing its leadership in the educational sector’s green movement.
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The Singapore Business Federation (SBF) has expressed its support for the newly formed National Task Force on Reciprocal Tariffs, led by the Ministry of Trade and Industry (MTI), amidst growing concerns over the impact of US and China tariffs on Singaporean businesses. The task force aims to gather input from businesses to address the implications of these tariffs, which have caused significant uncertainty and disruption.

The tariffs, which include a 10% minimum base tariff on Singapore, have broader implications due to Singapore’s extensive offshore presence. According to the SBF National Business Survey, 71% of Singapore businesses operate offshore, with key markets like Malaysia, Indonesia, and China facing reciprocal tariffs of 24% to 34%. This situation has affected businesses that previously adopted a “China + 1” strategy to diversify supply chains.

The global trade tensions are expected to negatively impact Singapore’s economy, particularly in sectors such as logistics, wholesale trade, and financial services, due to the country’s high trade-to-GDP ratio. The SBF warns that businesses may face increased supply chain costs, shrinking margins, and reduced volumes.

In response, businesses are urged to reassess their reliance on the US market and explore opportunities within the region and trade corridors where Singapore has Free Trade Agreements. The SBF emphasises the importance of strengthening economic integration with like-minded nations and enhancing existing agreements like the Regional Comprehensive Economic Partnership (RCEP).

The SBF’s Centre for the Future of Trade and Investment (CFOTI) is actively engaging businesses through surveys and workshops to address these challenges. Upcoming events include a business survey on tariffs, a briefing on US reciprocal tariffs, and a workshop on export control and trade compliance.

Businesses are encouraged to participate in these initiatives and work with CFOTI advisers to develop mitigation strategies, such as market diversification and long-term supply chain resilience planning.
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Global property consultancy Knight Frank has released its latest Global Data Centres Report, forecasting the data centre market to grow at a compound annual growth rate (CAGR) of 18% over the next five years, reaching $4t by 2030. The report anticipates capital expenditure to exceed $286b by 2027, driven by increasing demand for AI-optimised infrastructure, cloud services, and enterprise digital initiatives.

The report highlights a projected 46% increase in global data centre capacity over the next two years, adding approximately 20,828 megawatts (MW). By 2030, capacity could expand by 177%, fuelled by the demand for AI and digital transformation. After a 36% decline in transaction volumes in 2023 due to global interest rate hikes, the market rebounded in 2024 with a 118% increase, reaching $31.8b.

Asia-Pacific (APAC) has emerged as the leading region for data centre investment, capturing $15.5b in cross-border investment in 2024. APAC is expected to add 4,174 MW of capacity by 2027, supported by $58.7b in planned investments.

Singapore’s market is seeing a growing focus on smaller, high-value rack transactions rather than large-scale deployments amidst vacancy registering below 1%. Some operators are now securing prices above S$1,315.79 (US$1,000) per rack, highlighting the premium attached to limited capacity in the city-state. Singapore remains one of Asia Pacific’s leading data centre hubs, neighbouring Johor, Malaysia is also attracting increased investment as hyperscale providers seek alternative expansion options.

Stephen Beard, Global Head of Data Centres at Knight Frank, noted the industry’s rapid transformation, emphasising sustainability and strategic location as key factors. Fred Fitzalan-Howard, Head of Data Centres, APAC, highlighted the region’s potential for substantial growth, driven by increasing investor interest and the rollout of AI infrastructure.

The report underscores the importance of navigating regulatory complexities and sustainability requirements to remain competitive in this high-growth sector.
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Dell Technologies has announced a series of significant advancements across its server, storage, and data protection portfolios, aimed at modernising data centres to be AI-ready. The announcement, made on 9 April 2025, highlights the company’s commitment to helping organisations adapt to the evolving demands of both traditional and modern workloads.

The new PowerEdge servers, featuring Intel Xeon 6 Processors, promise improved workload consolidation, energy efficiency, and future-ready designs. These servers are designed to handle demanding tasks such as high-performance computing, virtualisation, analytics, and AI inferencing. Dell claims these systems can reduce data centre footprints by up to 80% per 42U rack, saving energy costs and supporting sustainability goals.

In storage, Dell’s PowerStore platform has been updated to offer enhanced AI capabilities, improved performance, and security. The platform now includes AI-powered analytics and enhanced zero-trust security features, aiming to simplify data management and boost efficiency.

Dell’s ObjectScale platform, known for its high performance, has been upgraded to provide massive scalability and efficiency for AI workloads. The new generation introduces all-flash and HDD appliance options, enhancing performance and density.

Dell PowerProtect solutions have also been enhanced to improve cyber resilience, offering up to 91% faster restores and increased efficiency. These updates are designed to help organisations strengthen their data protection strategies whilst controlling costs.

Arthur Lewis, president of Dell’s Infrastructure Solutions Group, stated, “Modern applications require a new breed of infrastructure that will help customers keep pace with everchanging data centre demands.” Simon Robinson, principal analyst at Enterprise Strategy Group, added, “Dell Technologies is delivering updates across its infrastructure portfolio designed to help customers easily overcome these challenges.”

The new products and updates are available now, with some offerings set to launch later in 2025.
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CBRE has unveiled an exclusive opportunity to acquire a redevelopment site at 351 Chai Chee Street, Bedok, designated for health and medical care use. The sale, managed through an Expression of Interest exercise, will conclude on 21 May 2025 at 3pm. This site, covering approximately 60,282 square feet, currently hosts a 4-storey medical facility with a gross floor area of around 58,928 square feet.

The existing facility includes a medical centre and offices on the first two floors, with the upper levels serving as a nursing home. According to the URA Master Plan 2019, the site is zoned for “Health & Medical Care” use, permitting potential developments such as hospitals, clinics, and research facilities, subject to approval.

Michael Tay, head of Capital Markets at CBRE, highlighted the scarcity of privately owned land for health and medical care in Singapore. He noted, “351 Chai Chee Street offers potential developers and private healthcare institutions a rare opportunity to curate a brand-new development within the ever-growing healthcare sector.”

Located in Bedok, Singapore’s second-largest planning area, the site benefits from proximity to Bedok and Bedok North MRT stations, a comprehensive road network, and is just a 10-minute drive from Changi Airport. The area is set for further growth with the development of the Bayshore Estate and the future transformation of Paya Lebar Air Base.

The indicative guide price for the property is $46 million (S$63 million), with an Outline Application submitted for a 12-storey assisted living facility. The site will be sold with a fresh 60-year leasehold tenure.
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