Industry News

ION Orchard, Singapore’s renowned luxury shopping destination, is elevating the retail experience this Spring/Summer with a curated selection of high-end brands, exclusive beauty immersions, and transformative pop-ups. The mall aims to transform each visit into a celebration of style and sophistication, according to Yeo Mui Hong, CEO of Orchard Turn Developments.

The ION Orchard Beauty Trail takes centre stage, offering a sensorial journey through the finest in skincare, cosmetics, and self-care. Shoppers can explore offerings from brands such as Bobbi Brown, Clarins, and Estée Lauder, transforming shopping into a luxurious journey of elegance and self-expression.

In addition to beauty, ION Orchard is expanding its retail landscape with new store openings. Prada has launched a 1,200-square-metre duplex boutique featuring its first in-boutique café in Southeast Asia. Lacoste introduces its first concept store in Singapore, whilst Wilson and Bǎo Bāo add to the mall’s diverse offerings.

The season also features exclusive pop-up experiences from brands like Coach, Shiseido, and Chanel, providing immersive brand showcases. Tourists can enjoy ‘GST FREE’ shopping and participate in the Food & Heritage Trail to explore Singapore’s rich culinary and cultural heritage.

ION Orchard is also celebrating 60 years of friendship between India and Singapore with a special collaboration with the Singapore Tourism Board, offering tailored shopping experiences for Indian travellers. The Spring/Summer exclusives run until 31 May 2025, promising a season of indulgence and luxury.
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Singapore-based esports agency Redd+E has been appointed as the official media rights partner for the inaugural HERO ESPORTS Asian Champions League (ACL) 2025. The tournament, hosted by Hero Esports, will act as a qualifier for the Esports World Cup in Riyadh, Saudi Arabia, offering direct entries for winning teams. Redd+E will oversee media rights for all game titles in Asia, excluding China and other selected territories.

The ACL will feature competitions across popular gaming titles such as Counter Strike 2, DotA 2, and League of Legends, with live broadcasts in multiple languages during the grand finals from 16 to 18 May 2025. This partnership aims to expand the tournament’s reach, reinforcing Asia’s status as a global esports hub. In 2024, esports viewership in Asia reached over 1.03 billion, up from 793 million in 2022.

Jonny Wang, CEO of ACL, expressed enthusiasm about the collaboration, stating, “We’re excited to partner with Redd+E. This collaboration combines our expertise in digital content innovation with Redd+E’s cutting-edge fan engagement solutions.” Yip Ren Kai, Managing Director & Co-founder of Redd+E, added, “The ACL represents a milestone not only for Asian esports, but for the industry as a whole.”

As esports continues to grow, this partnership is set to deliver immersive competition experiences, further solidifying the region’s influence in the industry. The ACL will provide a platform for top-tier competition, allowing Asian players to showcase their skills on the global stage.
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The Executive Centre (TEC), Asia’s leading premium flexible workspace provider, has unveiled its 11th centre in Singapore, located on level 22 of the Ocean Financial Centre. This new facility, spanning over 21,000 square feet and accommodating more than 300 workstations, marks TEC’s third centre at this iconic Central Business District property. The expansion is part of TEC’s strategic initiative to meet growing demand, with more centres planned for later this year.

The new centre is designed with contemporary elegance, featuring organic curves and warm wood elements in the main lounge area. High-end finishes, height-adjustable standing desks, and ergonomic Herman Miller chairs ensure a premium working environment. A standout feature is the debut of Origo Café and Bar, which offers a unique selection of refreshments, including a dedicated ice cream bar and craft beers on tap. This centre is TEC’s first in Singapore to hold a liquor licence, enhancing the traditional TEC Barista Bar experience.

Yvonne Lim, Managing Director of Southeast Asia at TEC, stated, “We are profoundly excited to unveil our new centre at Ocean Financial Centre. This expansion not only epitomises our commitment to providing exceptional workspace solutions but also enriches our community with innovative offerings such as Origo Café and Bar.”

The centre also incorporates Framery phone booth pods, which are environmentally friendly, providing soundproofing and optimal ventilation whilst minimising energy consumption. These booths are fully recyclable, reflecting TEC’s dedication to sustainable innovation.

The Executive Centre’s latest location is set to redefine the flexible workspace experience in Singapore, fostering collaboration and innovation among its members.
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AIA Singapore has announced its role as the Official Title Partner for the AIA HYROX Open Asian Championships 2025, set to take place on 28 and 29 June at the Singapore National Stadium. This partnership with HYROX Singapore aims to promote holistic wellness and active living by offering complimentary personal accident insurance to participants and spectators throughout June.

Following the success of HYROX Singapore’s debut in October 2023, which attracted over 16,000 participants, the 2025 championships promise an even more thrilling experience. The event will feature singles, doubles, and relay races, with the addition of the Mixed Relay Open Asian Championship Invitationals and corporate relays, encouraging teamwork and employee wellbeing.

Gary Wan, APAC Managing Director of HYROX APAC, expressed enthusiasm for the partnership, stating, “We knew that securing the right title partner would be key to elevating the event, and with HYROX and AIA, we’ve found the perfect match.”

AIA Singapore’s CEO, Wong Sze Keed, highlighted the company’s commitment to active living, noting, “This dynamic partnership underscores our unwavering commitment to holistic wellbeing and builds on the momentum of our AIA One Billion movement mission.”

In addition to insurance, AIA Vitality members can enjoy a 25% discount on race tickets. Grab, a Premium Partner, is also offering up to 10% discounts on HYROX tickets through GrabPay or PayLater.

HYROX, which began in Germany in 2017, has expanded to over 31 countries, with more than 335,000 participants in 2024. The 2025 season will feature over 93 events worldwide, including in Korea, Hong Kong, and Australia.
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The event “Navigating the Ever-Changing Clinical Trials Landscape in Southeast Asia” was held on 20 March 2025 at METRO @ ASCENT, DR Science Park, Singapore. Hosted by Intrinseque Health in collaboration with Biotech Connection Singapore and Geneo, the event attracted over 100 professionals from the biotechnology and pharmaceutical sectors. It featured keynote presentations, a panel discussion, and networking opportunities.

Nitin Jain, President and CEO of Intrinseque Health, delivered a keynote presentation highlighting the significance of robust clinical supply chain strategies in enhancing trial quality and efficiency. The panel discussion included insights from industry experts such as Dr. Antonio Bertoletti from LionTCR, Tracy Thia from PSI CRO, and Bayu Darmawan from Antris Management Solutions. They shared their perspectives on regulatory updates and operational challenges faced in clinical trials.

Attendees also engaged in an interactive “Spin the Wheel & Win” activity, adding a lively element to the proceedings. The event provided a platform for professionals to exchange ideas and explore the future of clinical trials in the region.

The gathering underscored the importance of collaboration and innovation in navigating the complexities of clinical trials in Southeast Asia. As the industry continues to evolve, such events play a crucial role in shaping the next phase of clinical research and development.
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Vietjet is significantly expanding its global network by introducing new direct routes from Ho Chi Minh City to Hyderabad and Bengaluru in India, as well as Nagoya and Fukuoka in Japan. Additionally, the airline will launch a Singapore-Phu Quoc route in May and increase its Singapore-Ho Chi Minh City flights to three times daily from 30 March 2025. This expansion aims to enhance Vietnam’s connectivity with key markets in Singapore, China, India, and Japan.

The airline’s latest routes to India, launched on 18 and 19 March 2025, include two weekly flights to Hyderabad and three weekly flights to Bengaluru. Vietjet now operates the largest Vietnam-India flight network, with 10 routes and 78 weekly flights connecting major cities such as New Delhi, Mumbai, and Ahmedabad.

In Japan, Vietjet will commence flights from Ho Chi Minh City to Nagoya and Fukuoka on 24 and 25 April 2025, respectively. The Nagoya route will operate four times weekly, whilst the Fukuoka route will run three times weekly. This expansion brings Vietjet’s total to 138 weekly flights across 10 direct routes between Vietnam and Japan.

From 30 May 2025, Vietjet will also offer direct flights between Singapore and Phu Quoc, with four return flights per week. This new route complements existing connections from Singapore to Ho Chi Minh City, Hanoi, and Da Nang, increasing the total number of weekly flights between Vietnam and Singapore to 78.

Passengers can enjoy Vietjet’s modern aeroplanes, in-flight menu, cultural performances, and loyalty rewards. For more information, visit the Vietjet website or mobile app.
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MoneyHero Limited, a prominent personal finance and digital insurance platform in Greater Southeast Asia, has introduced an AI agent to revolutionise its customer service operations. Developed in collaboration with Ada, a leader in AI customer service, the AI agent is now operational in Singapore, with plans to expand to Hong Kong, the Philippines, and Taiwan in the coming months.

The AI agent employs advanced technologies such as natural language processing and machine learning to provide instant and accurate responses to customer enquiries. This innovation is expected to reduce customer service requests by at least 50%, resulting in estimated annual cost savings of $100,000. Currently, MoneyHero’s customer service team manages over 35,000 enquiries monthly, with a significant portion related to reward fulfilment.

By automating routine enquiries, MoneyHero aims to enhance operational efficiency and maintain high standards of customer service without increasing costs. This initiative is part of the company’s broader strategy to leverage AI for improving digital customer experiences and service quality.

Rohith Murthy, CEO of MoneyHero, stated, “As we continue to scale, AI-driven automation is key to improving operational efficiency and customer experience. With this AI agent, we’re making it easier for customers to get quick resolution whilst alleviating the workload on our customer service team.”

Mike Murchison, CEO of Ada, added, “Through our partnership, MoneyHero is scaling personalised support and continuously improving the quality of customer interactions.” This development marks a significant step in MoneyHero’s AI-first strategy, with further automation planned across more business areas.
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Kai Tak Sports Park in Hong Kong is set to celebrate its grand opening with a month-long series of events starting 21 March. The festivities will include the first-ever “Kai Tak Dining Cove Carnival,” featuring nearly 30 food and craft beer stalls, alongside live music performances. Organised by the Hong Kong Markets Organisation, the carnival will take place every weekend until 27 April, offering a dynamic experience for locals and tourists alike.

The carnival will showcase a variety of culinary delights, from Texas-style barbecue by Smoke & Barrel to inventive gelato flavours by Verona Gelato. Local brands like Street Food Queen and Explicit Spices will present Hong Kong-style street snacks with modern twists. Additionally, nearly 10 craft beer brands, including Zhang Men Brewery and hEROES Beer Co, will offer unique brews.

On 29 March, the Hong Kong International A Cappella Festival 2025 will make a special stop at the park, featuring performances by international and local vocal groups. Visitors can also enjoy the dazzling evening transformation of Kai Tak Sports Avenue, adorned with LED-lit trees.

Beyond the carnival, the park will host a series of sports and cultural events. Highlights include the Kai Tak Art Week from 21 to 27 March, the Hong Kong Indoor Orienteering Challenge Cup on 22 and 23 March, and the Cathay/HSBC Hong Kong Sevens from 28 to 30 March. These events promise to blend sports, culture, and entertainment, making Kai Tak Sports Park a vibrant new destination in Hong Kong.
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Southeast Asian tech startups raised $909 million in the first quarter of 2025, marking a 30.79% increase from the previous quarter, according to the Tracxn Geo Quarterly Report. Despite this growth, the figure represents a 9.10% decline compared to the same period last year. The report highlights a significant surge in late-stage funding, which reached $700 million, up 110.21% from Q4 2024.

Singapore dominated the funding landscape, accounting for 95% of the total investments in the region. The city-state’s tech firms raised $865 million, with Thu Duc and Jakarta following at $28 million and $6.2 million, respectively. The quarter saw 13 acquisitions, including the $252 million purchase of Dropsuite by NinjaOne, the highest-valued acquisition of the period.

The Enterprise Infrastructure sector led the funding surge, attracting $640 million, a dramatic increase from the $19.5 million recorded in the previous quarter. Digital Edge was a standout performer, securing $640 million in a Series D round. However, seed-stage funding fell sharply to $44.8 million, a 43.07% decrease from Q4 2024.

The report also noted a decline in the number of companies going public, with none in Q1 2025 compared to one in the previous quarter. Despite these challenges, the SEA tech ecosystem shows adaptability and potential for long-term growth, with expectations of improved funding levels in the coming quarters.
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Moody’s Ratings has announced the withdrawal of China Life Insurance Singapore’s A3 insurance financial strength rating (IFSR) at the request of the issuer. The decision, made on 21 March 2025, follows a review of the insurer’s request to discontinue its rating. Prior to this withdrawal, the outlook for China Life Singapore was stable.

China Life Insurance Singapore, established in 2015, operates as a licensed life insurer under the regulation of the Monetary Authority of Singapore. It is an indirectly wholly owned subsidiary of China Life Group, and a wholly owned subsidiary of China Life Insurance Overseas Company Ltd, which holds an IFSR of A1 with a negative outlook. As of the end of 2023, the company reported total assets of $385m (SGD526m) and shareholders’ equity of $96 million (SGD131 million).

Moody’s decision to withdraw the rating aligns with its policy on credit ratings withdrawal, which is detailed on its website. The withdrawal of the rating does not reflect any change in the financial health or operational status of China Life Singapore but is purely based on the issuer’s request.

The implications of this withdrawal are primarily procedural, as it removes the public credit rating assessment from Moody’s, which could impact the transparency of the company’s financial strength to potential investors. However, the company remains a significant player in the Singaporean insurance market, backed by the substantial resources of its parent group.
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