Industry News

Agoda’s 20th Birthday Sale campaign has resulted in a remarkable surge in bookings, with participating partners experiencing an increase of over 70% on the first day alone. The campaign, which ran from 7 to 21 May 2025, offered travellers exclusive deals of up to 70% on accommodations, flights, and activities, whilst also providing enhanced visibility and marketing support to partners.

The initiative generated more than 470 million impressions across global marketing channels, including social media, digital advertisements, and influencer engagement. Nearly 35,000 partners, including airlines, accommodation providers, and strategic partners, participated in the campaign. Andrew Smith, Senior Vice President of Supply at Agoda, noted, “On just the first day, participating partners saw promotion bookings increasing by over 70%, and that strong momentum carried through the entire 15 days.”

The campaign’s success was further amplified by the involvement of over 30 airline partners, more than 34,700 accommodation partners, and over 100 activity providers. Strategic partners included eCommerce platforms like ShopBack, digital payment platforms such as Visa, and financial institutions like HSBC. Anon Khongsirikhunt, General Manager of Grande Centre Point Hotel Ratchadamri, praised the campaign, stating, “This campaign really drove strong demand and visibility for us.”

Pinyot Pibulsonggram, Vice President of Sales at Thai Vietjet, also highlighted the campaign’s impact, saying, “Agoda’s ability to create integrated cross-vertical promotions helped us expand our reach and connect with high-intent travellers.” Joel Leong, Co-Founder of ShopBack, added, “This collaboration is a testament to the power of strategic partnerships in creating win-win outcomes for both our customers and our brands.”

Agoda’s campaign not only demonstrated its ability to connect partner offerings with traveller demand but also underscored the effectiveness of strategic partnerships in driving success.
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Info-Tech Systems Ltd., a prominent HRMS and accounting software provider, has announced its initial public offering (IPO) on the Singapore Exchange Mainboard, marking a significant milestone as the first pure-play SaaS HRMS company to do so. The IPO comprises 24,856,000 shares priced at $0.64 (S$0.87) each, with the company expecting to raise approximately $17.1 million (S$23.4 million) in net proceeds. These funds will be directed towards research and development, enhancing sales and marketing, and exploring new market opportunities.

The company, which operates in Singapore, Malaysia, Hong Kong, and India, serves over 850,000 active users across 23,000 HRMS customers and more than 1,000 accounting software clients. Info-Tech’s strategic focus on SMEs has allowed it to build long-term trust and deliver consistent value, resulting in high customer retention rates and recurring revenue.

Chief Executive Officer and Co-founder Babu Dilip highlighted the company’s readiness to leverage the growing demand for digitalisation among SMEs. “Info-Tech is well-positioned to capitalise on the push for digitalisation that has driven the increasing adoption of cloud-based solutions particularly among SMEs,” he stated.

The IPO, managed by Oversea-Chinese Banking Corporation Limited and CGS International Securities Singapore Pte. Ltd., is set to close on 2 July 2025, with trading expected to commence on 4 July 2025. Info-Tech’s future plans include expanding its product portfolio and geographical presence, as well as exploring potential acquisitions to enhance market share and technological capabilities.
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AVPN, Asia’s largest network of social investors, has launched ImpactCollab, a platform designed to simplify and secure philanthropic efforts. Supported by the Monetary Authority of Singapore (MAS) and the Gates Foundation, ImpactCollab allows AVPN members, grantmakers, and wealth advisers to connect with a curated selection of verified impact organisations. This initiative addresses the challenge of accessing reliable data on credible organisations, a significant barrier for wealth managers and private banks in Singapore.

ImpactCollab is set to empower advisers by providing tools for data-driven decision-making, thus making philanthropy more transparent and accessible. Kevin Teo, Head of ImpactCollab, stated, “The platform enables more reliable, data-driven giving by reducing the barriers to identifying verified and reputable organisations.”

With Asia projected to host over 230,000 ultra-high-net-worth individuals by 2027, the potential for philanthropic capital is vast. However, many funders face obstacles such as high due diligence costs and limited access to verified organisations. ImpactCollab aims to overcome these challenges by offering a trusted starting point for early-stage philanthropists and mitigating reputational risks for institutions.

The platform features a Governance Maturity Framework, co-developed with the Lien Centre for Social Innovation at Singapore Management University, to assess organisations on leadership, transparency, and accountability. Steve Loh, Executive Director of the Lien Centre, emphasised the importance of governance in driving real impact.

Looking forward, AVPN plans to evolve ImpactCollab to support outcomes-based funding through an Outcomes Marketplace, enabling grantmakers to purchase verified social outcomes and scale results-based funding in Asia.
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Singapore-based Mobvista, a prominent global marketing and advertising technology firm, has made its debut on the Fortune 500 Southeast Asia list, ranking at 208. The company’s inclusion is attributed to its significant financial growth in 2024, driven by investments in AI-powered technologies and the global expansion of its programme advertising platform, Mintegral.

Mobvista reported impressive financial results for the year ending 31 December 2024, with revenue reaching US$1.51 billion, marking a 430% year-on-year increase. Gross profit rose by 456% to US$316.3 million, whilst adjusted EBITDA climbed 313% to US$138.3 million. Mintegral, the company’s core growth engine, generated $1.44 billion in revenue, a 472% increase from the previous year, with smart bidding products contributing over 70% of the total revenue.

Clement Cao, co-founder and CEO of Mobvista, expressed pride in the company’s achievement, stating, “Being included in the Fortune Southeast Asia 500 list is a meaningful milestone that reflects our evolving role as the growth hub for global developers. This recognition validates our strategy of investing in intelligent performance-driven solutions.”

The Fortune Southeast Asia 500 list highlights the economic dynamism of the region, with Mobvista’s performance underscoring the critical role of adtech in driving growth. The company’s multivertical strategy saw gaming revenue rise 370% to $1.04 billion, whilst the non-gaming segment soared 820% to $403.3 million in 2024.

As Mobvista continues to innovate and expand, its inclusion in the Fortune 500 Southeast Asia list marks a significant milestone in its journey to empower global developers with cutting-edge advertising solutions.
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Univers, a Singapore-based leader in energy innovation, has announced a global partnership with Microsoft to advance energy efficiency in data centres through AI and cloud solutions. The collaboration, unveiled during London Climate Action Week, will integrate Univers’ EnOS™ Ark platform with Microsoft’s AI capabilities to help organisations manage and reduce energy consumption and carbon emissions.

The partnership focuses on enhancing data centre efficiency by leveraging Microsoft’s AI Cloud capabilities, which will bolster Univers’ sustainability solutions. The integration of Univers’ EnOS™ Ark platform with Microsoft’s data and AI services aims to optimise energy use and carbon footprints, improving cooling efficiency and renewable energy integration.

Michael Ding, Global Executive Director of Univers, stated, “This agreement reflects our belief in AI for Energy and Energy for AI. Together with Microsoft, we’re demonstrating that digital innovation and climate responsibility go hand in hand.” Lewis Richards, Chief Sustainability Officer at Microsoft UK, added, “Univers and Microsoft will deliver effective and efficient use of data and AI that drives positive change.”

This collaboration signifies a significant step towards sustainable energy solutions, with the potential to impact data centres worldwide. By combining their expertise, Univers and Microsoft aim to set a new standard for energy management in the tech industry, paving the way for future innovations in energy efficiency.
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Nissin Foods Holdings, a global leader in the food industry, has implemented Qlik’s data integration and analytics platform to revolutionise its decision-making processes. By integrating real-time data from its enterprise resource planning (ERP) system with Snowflake, the company aims to enhance its operational efficiency and data-driven management.

Before adopting Qlik, Nissin Foods faced challenges with fragmented data across multiple platforms, relying on manual updates that hindered timely decision-making. The new system allows for real-time data access, eliminating manual downloads and significantly improving data utilisation. This advancement is particularly beneficial for the logistics and sales departments, where AI-powered automation now tracks critical data such as shipments and sales, alerting staff to anomalies in real time.

Toshihiro Narita, Executive Officer and CIO of Nissin Foods Holdings, emphasised the company’s commitment to a data-driven culture, stating, “Our goal is to make Nissin Foods Group a company that thinks, communicates and makes decisions based on data. Integrating our ERP system into a single data platform is essential, and Qlik is at the core and the game-changer for us.”

Maurizio Garavello, Senior Vice President of Asia Pacific and Japan at Qlik, highlighted the importance of data quality in business decisions, expressing excitement about supporting Nissin Foods’ digital transformation.

This strategic move positions Nissin Foods to leverage its employees’ knowledge as AI-ready data, with plans to expand Qlik’s technology across the organisation, further enhancing its supply chain management and overall business decisions.
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Condo resale prices in Singapore remained largely stable in May 2025, despite a notable 17.5% drop in sales volume from the previous month, according to the latest 99-SRX Media Flash Report. The decline in transactions is attributed to buyers exercising caution amid global uncertainties, including rising geopolitical tensions and the potential economic impact of resumed US tariffs.

The report highlights that whilst overall prices saw a slight month-on-month decrease, they have increased by 5.3% year-on-year. Specifically, prices in the Core Central Region (CCR) and Outside Central Region (OCR) rose by 0.2% and 0.3%, respectively, whereas the Rest of Central Region (RCR) experienced a 0.5% decline.

Chief Data & Analytics Officer at 99.co, Luqman Hakim, noted that the market could see shifts in the coming months with new developments like The Robertson Opus and The Sen offering more options for buyers. “Whether that translates into softer condo resale prices remains to be seen,” he commented.

In May, an estimated 968 units were resold, marking a 20.3% decrease compared to May 2024 and 3.4% below the five-year average for the month. The highest resale price was recorded at Wing on Life Garden for $6,600,000 S$9,000,888.

The report also revealed that the overall median capital gain for resale condos was S$365,000, a decrease of S$35,000 from April. District 22 posted the highest median capital gain at S$861,000, whilst District 4 recorded the lowest at S$100,000. The median unlevered return stood at 30.6%, with District 22 achieving the highest return of 112.9%.

As the market navigates these fluctuations, the introduction of new projects may provide a wider range of choices for potential buyers, potentially influencing future resale dynamics.
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Singapore’s manufacturing sector saw a 3.9% increase in output in May 2025 compared to the same month last year, according to the Singapore Economic Development Board. Excluding the biomedical sector, the growth was even more pronounced at 4.9%. However, on a seasonally adjusted month-on-month basis, overall manufacturing output dipped slightly by 0.4%, though it rose by 0.7% when excluding biomedical manufacturing.

Transport engineering was the standout performer, with a 25.6% year-on-year increase in May. The aerospace segment, in particular, surged by 43.6%, buoyed by increased production of aircraft parts and a rise in maintenance, repair, and overhaul activities from commercial airlines. The marine and offshore engineering segment also contributed with a 5.3% rise, whilst the land segment saw a decline of 12%.

The precision engineering cluster recorded a 10.3% increase, driven by a 12.3% rise in the machinery and systems segment, which benefited from higher production of semiconductor equipment and measuring devices. The biomedical manufacturing sector grew by 6.1%, with pharmaceuticals leading the way at 17.9% due to higher production of biological products.

Electronics output rose by 3.9%, with significant growth in the infocomms and consumer electronics segment at 42.6%. However, the chemicals sector saw a modest increase of 0.3%, whilst general manufacturing contracted by 8.9%.

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IHH Healthcare, a leading global healthcare provider, has introduced a $5m Research Grant & Innovation Sandbox programme to bolster clinical research and innovation across its international network. The fund, distributed over five years, is designed to empower IHH clinicians and employees to develop groundbreaking ideas that address pressing health issues, with a focus on improving patient experiences and outcomes.

The initial grant call, launched in March, targeted oncology and chronic diseases, two critical areas in global health. From 55 submissions, the Grant Governance Committee, comprising senior management and domain experts, shortlisted seven Research Grant projects and eight Innovation Sandbox applications. These projects are expected to be completed within one to two years, contributing to the broader healthcare literature on these diseases.

The Innovation Sandbox track prioritises projects with clear impacts, such as scalability, cost savings, and enhanced patient outcomes. “The launch of our first Research Grant & Innovation Sandbox marks a pivotal step in our multiyear transformation journey to become a global healthcare leader,” said Dr Prem Kumar Nair, Group CEO of IHH Healthcare. “I am inspired by the ingenuity of our teams and the calibre of ideas they have brought forward.”

IHH Healthcare plans to open its next call for submissions in September, continuing its commitment to fostering internal innovation and shaping the future of healthcare. Through its trusted brands, including Acibadem, Mount Elizabeth, and Gleneagles, IHH aims to deliver comprehensive and personalised care across its key markets.
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Global electronics giant GREE has inaugurated its Singapore office, marking a significant step in its strategy to expand across the Asia-Pacific region. Recognised as the global leader in split air conditioners by Euromonitor International in 2024, GREE is leveraging Singapore’s strategic location to spearhead its regional growth.

GREE’s decision to establish a base in Singapore is part of its broader plan to penetrate ASEAN markets, including Malaysia and Indonesia. The company, which holds the top market share in household air conditioners for 18 consecutive years, aims to use Singapore as a hub for strategic planning, investment, and market research. This move is expected to facilitate the introduction of GREE’s innovative cooling solutions throughout the region.

The Singapore branch will focus on enhancing local service capabilities through a comprehensive service framework, including after-sales support and technical training programmes in collaboration with local educational institutions. GREE’s products, featuring advanced technologies like the Black Fin condenser, are designed to withstand humid climates, making them ideal for Singapore.

GREE’s first product wave in Singapore includes the CHARMO split wall-mounted series and variable refrigerant flow systems, tailored to meet local consumer needs. The company’s commitment to energy efficiency and innovation aligns with Singapore’s high standards, such as the Green Mark Platinum certification.

As GREE continues to expand its footprint in Southeast Asia, the Singapore office will play a crucial role in driving sustainable innovation and enhancing modern living with energy-efficient technologies.
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