Industry News

The Maritime and Port Authority of Singapore (MPA) and the CMA CGM Group have renewed their Memorandum of Understanding (MoU) to advance sustainable shipping and digital innovation. Signed by Teo Eng Dih, Chief Executive of MPA, and Rodolphe Saadé, Chairman and CEO of CMA CGM, the agreement builds on a previous MoU from 2022, reinforcing Singapore’s position as a leading maritime hub.

Under the MoU, CMA CGM plans to expand its fleet with more vessels registered under the Singapore flag, including four 23,000 TEU LNG vessels. This expansion supports CMA CGM’s goal of achieving Net Zero Carbon by 2050, with nearly $20 billion invested in LNG and methanol-powered ships. By 2029, the company aims to have 153 ships capable of using low-carbon energies.

The collaboration will also see CMA CGM register and bunker alternative-fuel vessels in Singapore, participating in bunkering trials. Notably, CMA CGM Iron, the first of 12 dual-fuel methanol vessels, made its maiden call in Singapore in March 2025. MPA and CMA CGM will explore pilot trials for carbon accounting and data exchange standards, alongside cybersecurity initiatives to enhance maritime digital security.

The partnership aims to strengthen Singapore’s maritime innovation ecosystem by connecting CMA CGM’s entities with local platforms like PIER71. Additionally, CMA CGM will expand intra-Asia shipping services, using Singapore as a regional transshipment hub.

Workforce development is also a focus, with plans for leadership programmes, internships, and a seafarers’ training programme in collaboration with the Maritime Energy Training Facility. This initiative aims to equip the workforce with skills for handling new fuels like ammonia and methanol.

Teo Eng Dih highlighted the MoU as a milestone in collaboration, aiming to create a sustainable maritime ecosystem. Rodolphe Saadé expressed commitment to leveraging expertise for resilient global trade.
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QBE Insurance has unveiled findings from its latest Singapore SME Survey, highlighting a concerning gap between perceived business risks and actual insurance coverage.

Conducted between December 2024 and January 2025, the survey gathered insights from 600 decision-makers on issues such as workplace safety, talent retention, and insurance.

The survey revealed that nearly three-quarters of Singapore SMEs are worried about financial losses from business interruptions, inventory damage, and fraud. However, only about 20% have insurance policies to cover these risks. Shun Quan Goh, Head of Underwriting, Retail & SME at QBE Singapore, noted the surprisingly low uptake of insurance despite the potential financial consequences, emphasising the importance of adequate coverage.

Workplace safety and health (WSH) remain a priority, though attention has slightly decreased from last year. The survey found that 78% of SMEs communicate coverage and benefits to employees, down from 81% in 2024. Meanwhile, mental health is gaining focus, with 93% of respondents acknowledging its importance, up from 89% last year. Flexible working hours and work-from-home arrangements have increased, with 59% and 45% of SMEs offering these options, respectively.

Talent retention is a growing challenge, with 49% of respondents identifying it as a key issue, up from 37% in 2024. Flexible working is now the top strategy for retaining skilled staff, cited by 51% of respondents. The survey also explored attitudes towards older workers, revealing that 41% of SMEs employ a workforce comprising 10% or more of individuals aged 65 or older.

QBE Singapore CEO Ronak Shah highlighted the importance of supporting an ageing workforce and the value of non-monetary benefits like work-life balance in attracting top talent. As Singapore’s labour force evolves, SMEs are encouraged to adopt policies that address the needs of older workers and consider comprehensive insurance solutions to mitigate risks.
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A recent survey by CyberArk has highlighted significant security challenges faced by Singaporean organisations due to compromised machine identities. The report, which surveyed 150 senior security professionals in Singapore, found that 75% of security leaders reported incidents or breaches linked to compromised machine identities over the past year. These breaches have led to delays in application launches, outages affecting customer experience, and unauthorised access to sensitive data.

The survey underscores the rapid growth of machine identities, which now outnumber human identities significantly. A staggering 91% of Singaporean security leaders anticipate an increase in machine identities within their organisations over the next year, with many predicting growth rates of up to 50% or more.

As artificial intelligence (AI) continues to evolve, 87% of surveyed leaders believe that securing machine identities will be pivotal in safeguarding AI’s future. The rise of AI agents, seen as the next major computing wave, further emphasises the need for robust machine identity security.

Despite the critical nature of these security measures, the report reveals that many organisations’ machine identity security programmes lack maturity. Challenges include the absence of a cohesive strategy, difficulties adapting to shorter machine identity lifecycles, and the risk of adversaries exploiting stolen identities.

Kevin Bocek, SVP of Innovation at CyberArk, stated, “Machine identities of all kinds will continue to skyrocket over the next year, bringing not only greater complexity but also increased risks.” He stressed the urgency for security leaders to develop comprehensive machine identity security strategies to mitigate these risks.

The findings highlight the pressing need for organisations to address machine identity security to prevent future breaches and outages, especially as AI technologies advance.
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M1 Limited has signed a non-binding memorandum of understanding with Airbus and CitiCall Communications to introduce Agnet, a next-generation communication platform, to Singapore. This collaboration aims to advance secure and reliable communications for public safety and enterprise sectors, leveraging M1’s True 5G network.

Agnet, built on Airbus’ globally trusted platform, offers secure push-to-talk and push-to-video functionalities, alongside real-time messaging and location services over broadband networks. The platform is designed to support mission-critical communications, enhancing operational efficiency and safety protocols.

Andrew Cheng, Chief of Enterprise Services at M1, stated, “M1 is committed to providing cutting-edge communication solutions that support Singapore’s digital transformation.” The partnership with Airbus and CitiCall aims to empower businesses and public safety agencies with a robust communication platform.

The introduction of Agnet aligns with M1’s mission to facilitate digital transformation through advanced 5G solutions. By integrating Agnet into M1’s SMARTsuite Industry solutions, the company continues to offer bespoke solutions tailored to industrial needs.

Alain Ruinet, Airbus Head of APAC, Public Safety and Security, expressed excitement about the collaboration, noting that Singapore’s strong digital ecosystem and demand for secure communications will benefit from this partnership. Francis Ng, CEO of CitiCall, highlighted the role of CitiCall as Agnet’s local reseller, ensuring businesses have access to this state-of-the-art solution.

This partnership is set to redefine mission-critical communication standards in Singapore, providing industries with the tools needed for effective digitalisation and operational excellence.
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Equinix, the global digital infrastructure company, has issued its inaugural green bonds in Singapore, raising S$500m. This marks the first time in over five years that a US corporate has accessed the Singapore dollar market. The funds will be used to bolster Equinix’s sustainability initiatives and improve operational efficiency across its portfolio.

The green bonds, which are 3.50% senior notes due in 2030, were successfully closed on 13 March 2025. This issuance contributes to Equinix’s global total of approximately US$7.3b in green bonds. Yee May Leong, Managing Director of Equinix Singapore, highlighted the importance of energy-efficient infrastructure, stating, “The issuance of our inaugural green bonds in Singapore underscores our commitment to designing and building energy-efficient infrastructure, and reducing our carbon footprint.”

The proceeds from the bonds will finance or refinance projects under Equinix’s Eligible Green Projects, which include green building development, renewable energy innovations, and advanced energy efficiency solutions. These projects are part of Equinix’s broader mission to address global climate change and enhance resource efficiency.

Clifford Lee from DBS Bank, which served as a joint global coordinator, noted the significance of this issuance in advancing a greener digital economy. Maria-Lisa Farmakidis from Standard Chartered added that the transaction establishes Equinix’s presence in the Singapore dollar bond market and sets the stage for future issuances.

Equinix’s commitment to sustainability aligns with Singapore’s National AI Strategy and Green Plan 2030, reinforcing its role in supporting the nation’s AI vision responsibly.
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Manulife Singapore has launched two new insurance plans aimed at addressing the critical illness protection gap in the country, which currently stands at 74%. The new offerings, Manulife Early CompleteCare (MECC) and Manulife EarlyCancer Protect (MECP), are designed to provide comprehensive and affordable coverage for critical illnesses and cancer, respectively.

MECC offers extensive coverage for 126 critical illness conditions across early, intermediate, and advanced stages. It includes a Continuous Cancer Income option, providing a monthly payout of 4% of the sum insured for up to 60 months, and a Cover Me Again benefit, allowing for up to four additional claims. The plan also guarantees a death benefit of at least eight times the annual premium.

MECP, on the other hand, provides straightforward and affordable cancer coverage. The policy covers all stages of cancer with a 100% payout upon diagnosis or death. It features a simplified underwriting process, requiring answers to just four questions, and guarantees renewal every five years without a health check-up, provided no claims have been made.

Mark Czajkowski, Chief Marketing Officer of Manulife Singapore, stated, “With the launch of MECC and MECP, we want to initiate a conversation on what holistic health looks like for our customers.” Thomas Lee, Chief Product Officer, added, “The financial impact of a critical illness can be devastating. With MECC and MECP, we hope to give our customers more options to ensure that their financial well-being is protected.”

These new plans aim to provide Singaporeans with greater financial security, allowing them to focus on recovery rather than financial strain.
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Confidence amongst Singapore’s CEOs regarding growth prospects for 2025 has notably declined, according to the latest EY-Parthenon CEO Outlook Survey.

The survey, which included 1,200 global business leaders, found that Singapore’s CEO confidence fell to 54% from 72% in September 2024, primarily due to concerns over prices and inflation. In contrast, global CEO confidence rose to 73.5% from 70.5%.

The survey highlights that 44% of Singapore respondents believe they will not fully achieve their transformation goals, compared to 43% globally. Despite this, 56% of Singapore CEOs remain optimistic about reimagining their business models through transformation. Janet Truncale, EY Global Chair and CEO, emphasised the importance of adaptability, stating, “Organisations that embrace transformation can turn disruption into opportunity.”

Singapore’s CEOs are also showing reduced interest in mergers and acquisitions (M&A), with only 40% planning to pursue such activities in the next 12 months, down from 48% in September 2024. Conversely, global CEOs’ appetite for M&A increased to 56%. Andre Toh, EY Asean and Asia-Pacific Valuation Leader, noted that Singapore’s open economy makes it vulnerable to supply chain shocks, influencing cautious decision-making.

Investment in people and technology remains a priority, with 85% of CEOs recognising the need to address capability gaps. However, 55% of Singapore CEOs expressed concerns about potential workforce reductions due to declining profitability. The survey also revealed that Singapore CEOs are focusing investments locally, with top markets including the US, Malaysia, Indonesia, and Hong Kong.
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NTT DATA announced the commissioning of its Malaysia, India, Singapore Transit (MIST) submarine cable system by June 2025.

The 8,100-kilometre cable, capable of carrying over 200 terabits per second (Tbps), will directly connect Malaysia, Singapore, and Thailand with India, marking NTT DATA’s first cable system to establish direct connectivity to and from India.

The MIST cable system is a significant step in enhancing global connectivity and supporting the rapid growth of India’s digital economy. It was first connected to NTT DATA’s Mumbai landing station in February 2023 and its Chennai landing station in May 2023. This initiative aligns with Singapore’s plans to double its subsea cable landings, further boosting the city-state’s global connectivity.

NTT DATA is also expanding its presence in India with the launch of its largest data centre campus, capable of holding over 500 megawatts of power. The company aims to operate all its data centres on 100% renewable energy by 2030. Additionally, NTT DATA is upgrading its Innovation Centre in Bengaluru, focusing on AI, digital twin, and quantum computing projects.

Akira Shimada, President and CEO of NTT, stated, “India is key in our global strategy, fuelled by its rapid economic and digital expansion.” Abhijit Dubey, CEO of NTT DATA, Inc., added, “Our USD 3 billion investment in India’s digital infrastructure over the last decade reflects our confidence in the region’s exceptional talent and robust tech ecosystem.”

With these strategic initiatives, NTT DATA aims to elevate India to one of its top five markets within the next three years, driving transformation across key industries such as banking, manufacturing, and automotive.
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Singapore’s mid-cap stocks experienced a notable rise in trading activity during the first quarter of 2025, according to data from the Singapore Exchange (SGX) and Refinitiv. This surge is highlighted by the impressive performance of several stocks, with YF8 leading the pack with a 488% increase in average daily trading turnover (ADT).

The top five mid-cap stocks with the highest ADT growth include YF8, U10, ACV, Japfa, and S07. YF8, with a market capitalisation of S$2,332m, recorded an ADT of S$14.05m, whilst U10, with a market cap of S$1,674m, saw a 248% growth in ADT. ACV and Japfa also showed significant increases, with ADT growth of 233% and 188%, respectively.

This uptick in trading activity is significant as it reflects increased investor interest in mid-cap stocks, which are often seen as offering growth potential whilst being less volatile than smaller-cap stocks. The data also indicates a shift in investor focus towards these stocks amidst broader market trends.

In addition to the mid-cap stock performance, the SGX has introduced three new Hong Kong Stock Depository Receipts (SDRs), allowing investors to trade Hong Kong blue chips like Xiaomi, Meituan, and Ping An Insurance on the Singapore market. This move is part of SGX’s strategy to provide investors with diversified investment opportunities and thematic exposures to global trends such as AI transformation and e-commerce.

As the market progresses through 2025, the continued interest in mid-cap stocks and the introduction of new trading instruments like the Hong Kong SDRs could shape investment strategies and market dynamics in Singapore.
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Geo Energy Resources Limited has announced a significant step forward in its infrastructure development in Sumatra, following the signing of a non-binding Memorandum of Understanding (MOU) with Resource Invest AG (ResInvest). The agreement, which outlines a potential investment of between US$50m and US$100m, aims to bolster the MBJ Integrated Infrastructure project, a strategic initiative designed to enhance coal logistics in the region.

The MOU, which is expected to be finalised by the end of 2025, positions MBJ as a pivotal player in the coal industry, with a projected valuation exceeding US$1.5b at full capacity. This development is set to unlock substantial value from Geo Energy’s TRA mine, providing a crucial market route for third-party commodity producers.

In addition to the investment, MBJ has entered into non-binding term sheets with two major mining groups, securing long-term infrastructure usage agreements for up to 25 million tonnes annually. These agreements, with PT Thriveni and PT Astaka Dodol, underscore MBJ’s role as a key logistics hub in South Sumatra, supporting Geo Energy’s strategy to monetise its infrastructure assets.

Charles Antonny Melati, Executive Chairman and CEO of Geo Energy, remarked, “MBJ is more than just an infrastructure project; it’s a game-changer for Sumatra’s natural resources industry, unlocking market access for over 2 billion tonnes of reserves in the region.”

The MBJ project, featuring a 92km hauling road and a jetty, is set to be the largest coal infrastructure in Sumatra, with completion targeted for the first half of 2026. This initiative is expected to significantly enhance Geo Energy’s production capacity and competitive edge, whilst also diversifying its revenue streams as an infrastructure provider.
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