Industry News

RHB Bank has announced that it will maintain its 2025 full-year headline and core inflation forecasts for Singapore at 1.6% and 1.1%, respectively. This decision comes despite a recent easing in inflationary pressures within the city-state. The bank’s Group Chief Economist and Head of Market Research, Barnabas Gan, highlighted that the Monetary Authority of Singapore (MAS) is likely to retain its current policy stance during the upcoming July Monetary Policy Committee meeting.

Singapore’s headline Consumer Price Index (CPI) eased to 0.8% year-on-year, aligning with both Bloomberg consensus and RHB’s projections. Meanwhile, the core CPI saw a slight decrease, ticking down to 0.6% year-on-year from a 0.7% rise in April. These figures suggest a stabilisation in inflation, yet uncertainties in the global economic outlook persist.

Gan noted that rising volatility might prompt MAS to consider widening its policy band to ±3.0% from the current ±2.0%, whilst maintaining a +0.5% appreciation slope in the second half of 2025. This approach aims to provide flexibility in response to potential economic shifts.

The report underscores the cautious stance taken by RHB Bank amidst ongoing global economic challenges, reflecting a broader trend of vigilance in monetary policy as economies navigate post-pandemic recovery. As the situation evolves, the bank’s forecasts and MAS’s policy decisions will be closely monitored for any adjustments.
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The National Healthcare Group, a key player in Singapore’s public healthcare sector since 2000, will officially rebrand as “NHG Health” on 1 July 2025. This change underscores the group’s commitment to a more integrated, patient-centred approach to healthcare, aligning with its role as the Regional Health Manager for Central and North Singapore.

The new identity will be implemented across all NHG Health institutions, including Tan Tock Seng Hospital, Khoo Teck Puat Hospital, Woodlands Health, Yishun Community Hospital, NHG Polyclinics, the Institute of Mental Health, National Skin Centre, and the National Centre for Infectious Diseases. This unified branding aims to enhance collaboration among these institutions and streamline access to a broader range of services, ultimately improving health outcomes for the community.

The transition to NHG Health marks a significant milestone in the group’s 25-year journey of delivering quality healthcare. The rebranding is part of NHG Health’s mission to empower patients and residents to manage their health more effectively, ensuring that healthcare is not only accessible and efficient but also engaging.

NHG Health’s commitment extends beyond clinical care, as it collaborates with academic and industry partners to advance medical education, research, and healthcare innovation in Singapore. This initiative is crucial in addressing the population’s needs and building healthier, resilient communities.

The rebranding reflects NHG Health’s dedication to adding years of healthy life to the community, reinforcing its role as a leader in public healthcare.
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The National Heart Centre Singapore (NHCS) has made a groundbreaking advancement in cardiac care by performing Southeast Asia’s first PASCAL transcatheter valve repair. This minimally invasive procedure offers a new lease on life for patients with severe mitral valve regurgitation, who were previously considered too high-risk for traditional surgery.

Mrs Ong, a 77-year-old retired teacher, was among the first to benefit from this innovative treatment. Diagnosed with severe mitral valve regurgitation, a condition where the heart valve fails to close tightly, Mrs Ong faced significant health challenges. The PASCAL procedure, performed in February 2025, allowed her to return home the next day and resume her daily activities with minimal discomfort.

This development is particularly significant for Singapore’s ageing population, where approximately 3% of those over 70 suffer from moderate-to-severe mitral regurgitation. The PASCAL procedure, which involves a small incision in the leg and the use of a specialised device to repair the valve, offers a safer and less invasive alternative to open-heart surgery.

Assistant Professor Wong Ningyan, part of the multidisciplinary team at NHCS, highlighted the benefits: “The PASCAL device’s innovative design allows us to repair damaged heart valves with precision and control, all through a small incision.”

NHCS continues to expand its suite of advanced cardiac treatments, reinforcing its position as a leader in heart valve management in Asia. Professor Yeo Khung Keong, CEO of NHCS, emphasised the centre’s commitment to personalised care, stating, “This advancement could mean the difference between continued suffering and a significantly improved quality of life.”
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Palo Alto Networks has unveiled its State of Generative AI 2025 report, revealing an extraordinary 890% increase in Generative AI (GenAI) traffic across Asia-Pacific and Japan in 2024. This surge is attributed to the swift adoption of GenAI tools, such as writing assistants and coding platforms, which are enhancing productivity but also expanding the attack surface for enterprises. The report highlights the pressing need for robust security measures as organisations struggle to keep pace with this rapid technological integration.

The report identifies several key risks associated with the widespread use of GenAI. Notably, data loss prevention incidents linked to GenAI have more than doubled, now constituting 14% of all data security incidents. The emergence of “Shadow AI”—unauthorised and unsanctioned GenAI use—poses significant challenges for IT and security teams, creating blind spots in data flow management. Furthermore, the technology and manufacturing sectors, which account for 39% of AI coding transactions, face heightened risks due to their reliance on proprietary intellectual property.

In Singapore, the top GenAI applications include Microsoft Power Apps, Grammarly, and OpenAI/ChatGPT. As the nation strengthens its position as a leader in AI governance, the report underscores the importance of balancing innovation with security. Tom Scully, Director and Principal Architect for Government and Critical Industries at Palo Alto Networks, emphasised the need for proactive oversight and adaptive security controls to mitigate risks associated with high-risk GenAI applications.

The report also offers recommendations for businesses to safely leverage GenAI, including establishing comprehensive oversight of app usage, safeguarding sensitive data, and implementing Zero Trust security architectures. As enterprises continue to embrace GenAI, the focus must remain on securing these technologies to ensure they contribute positively to business operations without compromising security or public trust.
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The Singapore Department of Statistics has reported a 0.7% rise in the Consumer Price Index (CPI) for May 2025 compared to April, marking a 0.8% increase from the same month last year.
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Vista, the leading private aviation group, has spotlighted Singapore’s emergence as Southeast Asia’s premier luxury destination during an exclusive panel event. The discussion, featuring insights from VistaJet, Knight Frank, and Sanlorenzo Asia Pacific, highlighted the growing demand for private aviation, luxury real estate, and superyachts among the region’s ultra-high-net-worth individuals (UHNWIs).

The panel revealed that Southeast Asia is expected to account for nearly half of the global UHNWI growth by 2028. This surge is reflected in Vista’s operations, with a 10% increase in Memberships across the region and a remarkable 100% year-on-year rise in XO flight traffic in Singapore. Amy Yang from Vista noted, “Singapore has consistently ranked among the top destinations for Vista’s clientele,” attributing this to its blend of Asian cultures and status as an international business hub.

Christine Li of Knight Frank shared that Asia Pacific is projected to account for 47.5% of the global UHNW population growth between 2025 and 2028. She highlighted significant property transactions in Singapore, such as the $520 million (US$520 million) purchase of the 21 Collyer Quay office building, underscoring the city’s appeal to sophisticated investors.

Ewa Stachurska from Sanlorenzo Asia Pacific pointed out Singapore’s emergence as a yachting hub, with 4,000 boats and yachts stationed in the city. This reflects a broader shift towards luxury purchases that offer both immediate enjoyment and long-term value.

Singapore’s status as a luxury hub is further evidenced by a 362% increase in flight traffic during the Taylor Swift Eras Tour and a 168% surge during the Singapore Grand Prix. As the region’s luxury ecosystem continues to evolve, Singapore remains at its centre, attracting both established and emerging affluent travellers.
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The National Volunteer and Philanthropy Centre (NVPC) has introduced the Flexi Volunteering Programme (FVP) at the SG60 Connect! Series event, held on 19 June 2025. This initiative seeks to involve 60 corporate partners in a bid to promote corporate volunteerism through manageable, bite-sized commitments. The programme aligns with NVPC’s Company of Good strategy, encouraging businesses to integrate purpose with profit.

The FVP’s inaugural run will see participating companies paired with 10 community partners, each completing at least two volunteering sessions and contributing 60 hours of service, aiming for a collective 3,600 hours. This builds on Project V, a pilot initiative launched in 2023 by NVPC and the National Council of Social Service, which matched companies with social service agencies requiring ongoing support.

Lin Sufei, Director of Corporate & Industry Partnerships at NVPC, highlighted the programme’s significance, stating, “As Singapore marks its 60 years of independence, we are reminded of the values that have shaped our nation: resilience and care for others.”

The launch coincides with the National Day Parade 2025’s #GiveAsOneSG campaign, which promotes 60 days of giving to celebrate SG60. Colonel Chong Shi Hao, Chairman of the NDP 2025 Executive Committee, expressed hopes that the campaign will encourage Singaporeans to view giving back as a tradition akin to other National Day customs.

The SG60 Connect! Series event attracted 200 representatives from 100 companies, fostering connections between purpose-driven organisations and community partners. As Singapore celebrates 60 years of nationhood, the FVP offers a structured pathway for companies to engage in meaningful volunteerism, reinforcing a culture of giving back.
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Inmispace, a global wellness company known for its expertise in subconscious healing and breathwork, has announced plans to conduct a corporate workshop in Singapore. Scheduled for later this year, the session aims to bolster leadership performance, mitigate burnout, and foster long-term resilience through breathwork and subconscious mind techniques. This initiative follows successful programmes in London and Europe, where Inmispace empowered leaders and teams in high-pressure industries with practical tools for emotional clarity and peak performance.

The workshop, led by Inmispace founder Pei Chan, will incorporate methods from Transformational Breath and Rapid Transformational Therapy. These techniques are designed to help professionals transition from reactive to responsive leadership by regulating the nervous system and enhancing decision-making. Key areas of focus will include “The Power Pivot” for navigating leadership transitions, “Breathe to Lead” for maintaining composure during negotiations, and “Unlock the Unconscious” for addressing stress-driven habits.

Chan emphasised the importance of breathwork in leadership development, stating, “When breath is shallow, decisions tend to be reactive. This workshop is about equipping professionals with the tools to lead from a place of calm, clarity, and inner strength.”

Inmispace has collaborated with leaders across various sectors, including fintech, consulting, healthcare, and fashion, with clients describing the experience as “deeply grounding and career-transforming.” The announcement coincides with the upcoming launch of “My Breath Journal,” a wellness tool designed to guide professionals through daily breath practices, expected to be released later this summer.
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Raffles Medical is set to enhance its operations in China, with healthcare revenue expected to surpass pre-pandemic levels. The company has maintained its “BUY” recommendation, with a target price of SGD1.08, reflecting a 13% upside. This growth is driven by strategic partnerships with Shanghai’s Renji Hospital and the First Affiliated Hospital of Chongqing Municipality, which are anticipated to bolster capabilities and support margin improvements.

The expansion in China is crucial for Raffles Medical as it seeks to achieve EBITDA breakeven by 2026. The company’s healthcare and hospital segments are expected to provide resilience, with potential growth from earnings-accretive acquisitions. The scaling of operations post-COVID-19 is a significant factor in this optimistic outlook.

Analyst Shekhar Jaiswal noted that the partnerships in China should enhance Raffles Medical’s capabilities and support margin gains. The company’s focus on strategic alliances is expected to drive growth and improve financial performance in the coming years.

Raffles Medical’s valuation is currently at a discount compared to regional peers, offering an attractive investment opportunity. The company’s double-digit earnings growth forecast for 2025 to 2027 further underscores its positive outlook. As patient loads normalise and hospital revenue grows, Raffles Medical is well-positioned to capitalise on the expanding healthcare market in China.

In summary, Raffles Medical’s strategic partnerships and expansion in China are pivotal to its growth strategy, with significant implications for its financial performance and market position in the region.
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NEC Laboratories Singapore has announced the introduction of its AI Elderly Care Assistant prototype at CHI Innovate 2025, scheduled for 10-11 July at the Ng Teng Fong Centre for Healthcare Innovation in Singapore. The initiative, branded under the concept “ElderWise,” aims to enhance the independence of seniors living at home through AI-driven support that adapts to their habits and needs over time.

The AI Elderly Care Assistant is designed to facilitate daily life for seniors by offering discreet assistance through natural voice interaction, enabling users to manage tasks without complex interfaces. It also provides cognitive engagement through casual conversations and adaptive learning, recognising individual habits. For caregivers, it offers real-time insights into seniors’ daily patterns, allowing for early intervention without compromising autonomy.

Christopher Lam, Vice President and Head of NEC Laboratories Singapore, stated, “This prototype reflects our belief that AI can play a vital role in enabling seniors to live independently and with dignity.” He expressed confidence in its potential to complement home care efforts and invited collaboration with providers to refine the solution through joint proof-of-concept initiatives.

Attendees of CHI Innovate 2025 are encouraged to visit NEC’s booth to discuss potential collaborations. NEC aims to ensure the solution aligns with real-world eldercare priorities by engaging with the care community. The event promises to be a platform for meaningful conversations about the future of elderly care.
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