Industry News

Star Alliance has announced a new partnership with Austria’s ÖBB, enabling seamless air-rail connectivity for its 25 member airlines. This collaboration allows passengers to travel conveniently between Graz, Linz, Salzburg, and Innsbruck using ÖBB’s eco-friendly Railjet trains, connecting to flights at Vienna Airport.

Theo Panagiotoulias, CEO of Star Alliance, expressed enthusiasm for the partnership, noting, “With a single ticket, customers can now reach from Singapore to Salzburg, switching from a flight to Railjet at the Vienna airport.” Andreas Matthä, CEO of ÖBB, added, “This initiative allows us to offer our passengers an environmentally friendly way to travel to and from Vienna Airport – completely car-free.”

Peter Hanke, Austria’s Federal Minister for Innovation, Mobility and Infrastructure, highlighted the importance of cooperation between transport providers, stating, “The partnership between ÖBB, Austrian Airlines, and Star Alliance perfectly symbolises my understanding of a minister’s role as a bridge-builder between the various mobility options.”

The partnership builds on the existing AIRail service, launched in 2014 by ÖBB and Austrian Airlines, which integrates rail and air travel with combined ticketing and check-in services. This new collaboration expands the Star Alliance Intermodal Partnership model, first introduced with Germany’s Deutsche Bahn in 2022, to include ÖBB.

Benefits for customers include a single booking process for combined tickets, online check-in, and the ability to earn frequent flyer points for train journeys. This initiative marks a significant step in enhancing global connectivity and offering more travel options for passengers.
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A recent survey by Randstad Singapore has highlighted the critical role of workplace belonging in employee retention, with 62% of Singaporean workers indicating they would leave their jobs if they did not feel a sense of belonging. The 2025 Workmonitor research, which surveyed 750 local employees, found that younger generations, particularly Gen Z, are the most likely to resign under such circumstances.

The study underscores the importance of a positive workplace community, which not only enhances employee engagement but also boosts productivity and job satisfaction. David Blasco, Country Director at Randstad Singapore, noted, “Job satisfaction has evolved far more than checking off to-do lists and taking home a salary. For younger generations, the total employee experience is a rich tapestry of meaningful relationships, work-life harmony, lifelong skilling, and opportunities for progression.”

Key findings from the survey include that 21% of respondents have left a job due to a lack of friendships at work, with Gen Z and Millennials being the most affected. Additionally, 43% of workers expressed willingness to earn less if they had good friends at work, and 45% would accept a lower salary if their work contributed to their social lives.

Despite the value placed on workplace community, only 49% of respondents trust their employers to foster a thriving culture, with a notable generational divide—only 37% of Gen Z workers share this trust. Blasco emphasised the importance of trust, stating, “A culture of trust is a powerful magnet for attracting and retaining top talent, as it signals that the organisation believes in their people.”

The survey also revealed that 26% of respondents have quit their jobs because they did not feel comfortable sharing personal views at work, highlighting the need for inclusive and supportive workplace environments. As companies strive to retain talent, fostering a sense of belonging and trust remains paramount.
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JTC has announced the awarding of the industrial site at Kaki Bukit to Primetop Engineering Pte Ltd, following a tender process that concluded on 21 January 2025. The site was secured with a tendered sum of $11.84m, marking the sole bid received for this parcel.

The Kaki Bukit site, zoned as Business 2, spans an area of 80,363 square metres. It comes with a 30-year tenure and a gross plot ratio of 2.5. Primetop Engineering is expected to complete the project within a 60-month timeframe, aligning with the terms set out in the tender launched on 26 November 2024.

This development is significant as it underscores the continued interest and investment in Singapore’s industrial sector, particularly in strategic locations like Kaki Bukit. The successful bid by Primetop Engineering highlights the company’s commitment to expanding its footprint and capabilities within the region.

The awarding of this tender is part of JTC’s ongoing efforts to facilitate industrial growth and development in Singapore, ensuring that key areas are optimised for business and industrial use. The project is anticipated to contribute to the economic landscape by enhancing infrastructure and providing new opportunities for businesses operating in the area.
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Singapore banks are poised to reduce their capital buffers, which currently stand at double the regulatory requirement, according to a report by S&P Global Ratings. The adjustments will be influenced by loan growth and emerging opportunities, as outlined in the report titled “Banking Brief: High Capital Levels A Double-Edged Sword For Singapore Banks,” published on 19 March 2025.

The report notes that the increase in banks’ capital ratios, following Basel reforms in July 2024, offers both advantages and challenges. Whilst robust capitalisation provides a safeguard against unexpected losses and bolsters public confidence, excessively high levels may suggest inefficiencies in capital utilisation for growth and expansion. S&P Global Ratings suggests that Singapore banks are already planning short to mid-term strategies to address this issue.

The findings underscore the delicate balance banks must maintain between ensuring financial stability and pursuing growth. As the report states, “Healthy capitalisation protects against unexpected losses and instils public confidence. However, very high levels could indicate that a bank is not effectively using its capital for growth and expansion.”

The report is accessible to RatingsDirect subscribers and can be purchased by non-subscribers through S&P Global Ratings’ website. This analysis does not constitute a rating action but provides critical insights into the strategic financial management of Singapore’s banking sector.

As banks navigate these adjustments, the implications for their growth strategies and market positioning will be closely monitored by industry stakeholders.
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Citi Private Bank has unveiled its new philanthropy advisory solutions in Asia, starting with Singapore, to cater to the growing interest among ultrahigh net worth clients in impactful giving. This initiative, led by the bank’s Global Family Office Group, complements existing wealth management services and aims to provide clients with bespoke philanthropic guidance. The solutions include establishing donor-advised funds and facilitating donations through partnerships with registered charities.

The decision to expand these services across Asia was driven by a significant intergenerational wealth transfer, estimated at $100 trillion, and the distinct philanthropic priorities of the next generation, such as climate change and social inequality. Lee Lung-Nien, Asia South Chairman of Citi Private Bank, noted, “Our new offering caters to a growing trend of clients who want a more structured and customised approach to giving.”

The bank’s annual Family Office survey in 2024 highlighted the need for strategic development and best practice sharing in philanthropy, with over 60% of Asia Pacific family offices identifying these as crucial areas of support. The survey also revealed an increase in family offices seeking external expertise for philanthropy, rising from 21% in 2023 to 24% in 2024.

Citi Private Bank has partnered with the Community Foundation of Singapore (CFS) and AVPN to align clients with meaningful programmes. Catherine Loh, CEO of CFS, expressed enthusiasm for welcoming Citi’s clients into their community of philanthropists. Meanwhile, Naina Subberwal Batra, CEO of AVPN, introduced ImpactCollab, an online platform developed with the Monetary Authority of Singapore and the Gates Foundation, to support strategic social impact.
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HEINEKEN has unveiled its first Global Generative AI (GenAI) Lab in Singapore, a strategic move aimed at revolutionising growth, productivity, and customer engagement through advanced AI technologies. This initiative, in collaboration with AI Singapore, positions HEINEKEN as a leader in AI-driven innovation within the beverage industry.

The Lab is set to become a global centre of expertise, focusing on developing scalable GenAI solutions across key business areas. These include automated marketing content creation, intelligent financial reporting, and next-generation customer support systems. By integrating human expertise with AI capabilities, HEINEKEN aims to create responsible and standardised solutions for global implementation.

Kenneth Choo, Managing Director, APAC, HEINEKEN, expressed enthusiasm about the collaboration, stating, “By harnessing Singapore’s exceptional AI ecosystem, skilled talent, and supportive government policies, we are excited to drive the development of innovative solutions that will transform the beverage industry for years to come.”

The Lab will foster continuous knowledge transfer and talent sharing between HEINEKEN and AI Singapore. By the end of 2025, it aims to assemble a specialised team of experts, combining HEINEKEN’s Digital and Technology specialists with talent from AI Singapore.

Laurence Liew, Director of AI Innovation at AI Singapore, highlighted the significance of the partnership: “By combining HEINEKEN’s industry expertise with AI Singapore’s cutting-edge AI capabilities and talent, we are creating a powerful model for how private and public sector collaboration can drive innovative solutions with real-world impact.”

The establishment of the GenAI Lab underscores HEINEKEN’s commitment to digital transformation and innovation, setting the stage for future advancements in AI technology within the company.
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Indonesian formal sector workers are increasingly prioritising Singapore as their top destination for employment abroad, according to a recent survey by Populix. The study, which surveyed 1,000 Indonesians, revealed that 82% of respondents favour Singapore over other Southeast Asian countries, with Malaysia, Brunei, and Thailand following behind.

Populix’s Co-Founder and CEO, Timothy Astandu, highlighted that Asian countries remain the primary choice for Indonesian workers seeking international employment, with 67% of respondents choosing Asia. Europe, Australia and Oceania, and the Middle East were also considered, but to a lesser extent. The appeal of these regions is largely due to higher salaries, career development opportunities, and perceived safety and stability.

In the context of Southeast Asia, Singapore stands out, with eight out of ten Indonesians considering it for work. Astandu noted, “Singapore is seen as one of the several countries with the strongest economy in Asia, offering the highest salary standards among its neighbours, including Indonesia.”

The survey also indicated that the decision to work abroad is driven by the desire to improve economic welfare, career prospects, and quality of life. However, challenges such as language barriers and cultural adaptation remain concerns for potential migrant workers. The IT sector, in particular, is a significant draw, with 91% of Indonesian IT professionals eyeing Singapore due to its high salaries and job stability.

Singapore’s recent initiatives, such as the New Enterprise Compute Initiative, which allocates S$150m to support AI adoption in businesses, further enhance its attractiveness. Additionally, the Tech:X programme, a collaboration between Indonesia and Singapore, offers a one-year work visa for tech talents, facilitating easier movement between the two countries.

The trend of Indonesian workers moving to Singapore is also reflected in citizenship transfers, with 3,912 Indonesians changing their nationality to Singaporean between 2019 and 2022. As the international job market becomes more competitive, Astandu advises prospective workers to prepare thoroughly for the challenges ahead.
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Sincap Group, listed on the SGX Catalist, has announced its acquisition of homegrown Skylink APAC for S$42.3m. The proposed reverse takeover (RTO) is spearheaded by corporate veteran Teh Wing Kwan, aiming to bolster Sincap’s strategic positioning in the market.

The acquisition is a notable development for Sincap, as it seeks to expand its footprint and capabilities. Skylink APAC, known for its robust operations, is expected to complement Sincap’s existing portfolio, enhancing its competitive edge. Teh Wing Kwan, a strategic investor, is leading the RTO, bringing his extensive experience to the table. This move is anticipated to drive growth and innovation within the company.

The transaction underscores Sincap’s commitment to strengthening its market presence and diversifying its business operations. By integrating Skylink APAC’s expertise, Sincap aims to leverage new opportunities and deliver enhanced value to its stakeholders. The acquisition is poised to create synergies that will benefit both entities, fostering a collaborative environment for future growth.

As the acquisition progresses, industry observers will be keenly watching the integration process and its impact on Sincap’s market performance. The strategic move is expected to set a precedent for similar transactions in the sector, highlighting the importance of strategic acquisitions in achieving business objectives.
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Salesforce’s latest Connected Financial Services report reveals that a significant 60% of Singapore consumers foresee artificial intelligence (AI) playing a pivotal role in financial services, surpassing its impact in other industries. This sentiment is particularly strong among millennials and Gen Z, with 63% and 53% respectively expressing optimism about AI’s potential. The report, which surveyed 500 financial services institution (FSI) consumers in Singapore, highlights a growing expectation for AI to expedite financial transactions, with 74% of respondents anticipating faster services.

Despite the enthusiasm for AI, only 17% of Singapore consumers report full satisfaction with the personalisation offered by their banks. This gap presents a substantial opportunity for FSIs to enhance customer experiences through AI-driven solutions. Sujith Abraham, Senior Vice-President and General Manager of Salesforce ASEAN, noted, “Consumers today expect highly personalised services, yet banks struggle to meet this demand. Agentic AI solutions like Agentforce can help by providing a limitless digital workforce for banks to scale personalised services at speed.”

Key findings from the report underscore the importance of differentiated service, with 44% of Singapore consumers willing to remain with a provider offering excellent service, even if fees increase. Additionally, trust in AI agents remains a concern, as only 12% of consumers are fully confident in their use. Transparency, accuracy, and validation of AI outputs are crucial factors in building consumer trust.

As FSIs navigate declining interest rates and evolving consumer expectations, leveraging AI to deliver standout digital experiences could be key to retaining customer loyalty and satisfaction.

Venturi Partners, a Singapore-based growth-stage investor, has announced the launch of its second fund, aiming to raise $225m with a hard cap of $250m. This initiative focuses on high-growth sectors such as retail, education, healthcare, and fast-moving consumer goods (FMCG) in India and Southeast Asia. The firm plans to achieve a first close of $130m by June 2025, supported by strong backing from existing investors.

Building on the success of its first fund, which raised $180m in April 2022, Venturi Partners has already invested in seven high-growth consumer companies, including Livspace, Country Delight, and Pickup Coffee. The new fund will continue Venturi’s strategy of supporting consumer brands that are disrupting their sectors and offering innovative solutions tailored to the evolving needs of Asian consumers.

Nicholas Cator, founder of Venturi Partners, stated, “Our investment philosophy remains unchanged, backing brands that create meaningful change and deliver innovative solutions to consumers. We take an active ownership approach with our portfolio companies, working closely with founders to help unlock growth and scale their businesses.”

Venturi’s hands-on approach involves collaborating closely with management teams to scale operations and create lasting value. This strategy has established the firm as a trusted partner for founders in the region. Founded in 2020, Venturi Partners continues to focus on consumer-centric, purpose-driven brands that aim to make a positive impact in Asia.
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