Industry News

The Singaporean-German Chamber of Industry and Commerce (SGC) held its Annual General Meeting on 14 March, electing a new board for the 2025/2026 term and reinforcing its dedication to fostering innovation and collaboration between Singapore and Germany. Under the theme ‘Driving Innovation, Empowering Partnerships’, the chamber emphasised its commitment to six decades of bilateral cooperation and future economic growth.

Shirley Qi, re-elected as President for a third term, highlighted the chamber’s vision amidst digitalisation and sustainability challenges. “In an era defined by digitalisation and sustainability, we remain steadfast in our mission to champion bilateral business growth and innovation,” she stated. Executive Director Tim Philippi echoed this sentiment, noting, “The strength of the Singaporean-German business community lies in its ability to adapt, innovate, and collaborate.”

Following the AGM, a Lunch Dialogue featured Kok Ping Soon, CEO of the Singapore Business Federation, who underscored Singapore’s strategic position as a gateway to ASEAN and Asia for German businesses. He remarked on Singapore’s robust financial ecosystem and its role as an innovation hub, stating, “With its multitude of free trade agreements, Singapore is strategically positioned as a gateway to ASEAN and Asia for German businesses.”

Looking forward, the SGC remains committed to creating a business-friendly environment that champions innovation and strengthens economic collaboration between the two nations. The newly elected board, including Vice-Presidents Holger Lindner and Jens Rübbert, will lead these efforts.
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CGS International has released its latest Singapore equities strategy note, indicating a cautious approach in the near term due to rising recession concerns and uncertainties surrounding trade tariffs. The firm is adopting a more risk-off strategy, with a particular emphasis on Real Estate Investment Trusts (REITs) as a safer investment option. The strategy note, authored by Lock Mun Yee, Lim Siew Khee, and Melvin Lim, suggests that the market could mimic the downturn experienced during the Trump administration in 2018.

The strategy note outlines a bullish stance on REITs, predicting a 1% growth in distribution per unit (DPU) for 2025. This optimism is driven by peaking fund costs and positive rental reversions, alongside a pivot in interest rates that could lower capital costs and enhance acquisition opportunities for REITs. The note also highlights Singapore’s appeal for its dividend yield, which is expected to increase from 4.1% in FY24 to 4.6% in FY25.

CGS International’s top Singapore stock picks include UOL, KDCREIT, iFAST, and CLAR, among others. The firm has removed previous picks such as SCI and UOB, citing limited near-term catalysts. The strategy note also reports mixed results from the 4Q24 earnings season, with Capital Goods, Finance, and Technology sectors outperforming, whilst Property and REITs lagged behind.

In conclusion, CGS International’s strategy reflects a cautious yet opportunistic approach, with a focus on sectors and stocks that offer stability and growth potential amidst economic uncertainties. The firm’s emphasis on REITs and dividend yield growth underscores its strategy to navigate the current market landscape.
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McCann Worldgroup Singapore and Simmons have unveiled their latest campaign, “Advance Your Sleep,” in celebration of the 100th anniversary of Simmons’ Beautyrest brand. The campaign, launched on World Sleep Day, aims to highlight the brand’s commitment to innovation and superior sleep experiences across Southeast Asia, including Singapore, Malaysia, Indonesia, the Philippines, Vietnam, and Thailand.

Singapore, identified as the third most sleep-deprived city in a 2023 study, sees only 25% of its population getting more than seven hours of sleep each night. This campaign seeks to address the detrimental effects of poor sleep on health and productivity, particularly targeting young adults in their 20s and 30s, who are known for their poor sleep habits.

Samantha Vong, Managing Director of Simmons SEA, noted the campaign’s success in resonating with its target audience, stating, “The creatives and headlines were cleverly crafted to relate with our 20s to 35s audience… Accompanied by a well thought-out media plan, we are confident it will drive desirability for Simmons brand amongst these younger audiences.”

The campaign utilises social media platforms like TikTok and YouTube, as well as shopping centre activations, to promote the benefits of quality sleep. Fathrul Fazakir, General Manager of McCann Singapore, emphasised the importance of the initiative, saying, “On World Sleep Day, we’re advocating for better sleep for the region by partnering with Simmons, experts in rest with a 100-year old legacy.”

As Simmons and McCann Worldgroup Singapore collaborate once again, the campaign aims to advance sleep quality in the region, leveraging the latest in sleep technology.
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Hybrid working is significantly advancing gender parity and supporting women’s career progression, according to new research by International Workplace Group. The study, conducted with over 1,000 female workers, found that 64% of women consider hybrid work almost twice as important as parental leave in supporting their careers. Over half of the respondents reported that hybrid work has led to promotions into more senior roles.

The research highlights the importance of flexibility, with 84% of women considering it a key factor when applying for new roles. Additionally, 58% would leave their job if required to endure long daily commutes. The flexibility of hybrid work also enables 68% of women to remain in the workforce despite caretaking responsibilities.

In Singapore, flexible work arrangements have contributed to narrowing the employment gap between men and women, which decreased from 20.1 percentage points in 2013 to 12.4 percentage points in 2023. The Tripartite Guidelines on Flexible Work Arrangements Requests have further supported women in balancing professional and personal commitments.

Fatima Koning, CCO of International Workplace Group, stated, “IWG’s latest study shines a light on the key role hybrid and more flexible ways of working opportunities can play in achieving parity.” Mark Dixon, CEO of International Workplace Group, added, “Companies that prioritise flexible and hybrid ways of working will gain a competitive edge in attracting and retaining top female talent.”

The study underscores that hybrid work not only supports women’s career advancement but also boosts productivity, with 82% of women feeling more productive when working from a location of their choice. This flexibility is crucial for businesses aiming to retain talent and enhance productivity.
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GROW with Singlife, an integrated investment platform under Singlife, has partnered with abrdn Investments to launch an exclusive share class of the abrdn SICAV II Global Income Bond Fund. The fund, available only on GROW’s platform, aims to deliver a compelling yield to worst of 6.5% USD hedged, offering attractive monthly payouts and potential capital appreciation.

The fund strategically invests in a globally diversified portfolio of crossover bonds, rated between BBB and BB, to balance stability and higher returns. This approach caters to conservative investors seeking stability and those pursuing higher yields. The launch comes as inflation eases globally and central banks are expected to cut rates, making traditional short-term cash management instruments less appealing. Fixed income investments are gaining traction for their ability to provide higher yields and sustainable returns.

Tim Wong, Head of Product at GROW with Singlife, stated, “This fund represents a compelling option for those seeking attractive, stable income solutions with controlled risks.” The fund addresses the growing need for reliable retirement income, especially as Singapore’s population ages. A 65-year-old today requires an estimated $685,000 to fund 20 years of retirement, highlighting the importance of stable payouts.

Natalie Tan, Head of Wholesale Southeast Asia at abrdn Investments, expressed enthusiasm for the partnership, noting that the fund offers a valuable addition to income-focused portfolios. With a strong history of delivering consistent income and competitive performance, the fund ranks among the top performers in its category, according to Morningstar.

The abrdn SICAV II Global Income Bond Fund was officially introduced at a launch event at Marina One, attended by industry leaders and financial advisers. Investors can learn more by contacting their financial advisers or visiting GROW’s website.
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Oracle has announced the launch of its AI Centre of Excellence in Singapore, designed to serve as a regional hub for AI innovation and collaboration across Southeast Asia. The centre, unveiled during the Oracle CloudWorld Tour, aims to help organisations adopt the latest AI technologies and remain competitive in a rapidly evolving digital landscape.

The centre will provide a platform for organisations to access cutting-edge cloud and AI technologies, world-class training, and a dynamic environment for experimentation. Garrett Ilg, executive vice president of Oracle Japan and Asia Pacific, stated, “The Oracle AI Centre of Excellence will empower individuals and organisations of all sizes across Southeast Asia with cutting-edge cloud and AI technologies, world-class training, and a dynamic environment for experimentation and innovation.”

The initiative is part of Oracle’s commitment to train 10,000 students and professionals in Singapore by 2027, equipping them with the latest digital skills. The centre will offer training sessions and certifications led by Oracle University and ecosystem partners, supporting workforce transformation in the region.

In collaboration with partners such as Accenture, Deloitte, and PwC, the centre will enable organisations to test AI innovations in secure cloud environments, conduct proof-of-concept projects, and rapidly implement AI features across various industries, including healthcare, financial services, and telecommunications.

The Oracle AI Centre of Excellence reflects Oracle’s ongoing commitment to driving AI adoption and success in Southeast Asia, fostering a future-ready workforce and enhancing business operations through advanced AI solutions.
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ST Telemedia Global Data Centres (STT GDC), a leading data centre colocation service provider based in Singapore, has announced that two of its facilities—STT Singapore 6 and STT Bangkok 1—have achieved certification under the NVIDIA DGX-Ready Data Centre programme. This certification marks STT GDC as an NVIDIA colocation partner, enabling it to offer advanced AI infrastructure to its clients.

The NVIDIA DGX platform is designed for enterprise AI, supporting workloads such as analytics, training, and inference. The certification allows STT GDC to provide state-of-the-art facilities for AI workloads, ensuring robust infrastructure and expertise for high-performance AI deployment. Daniel Pointon, Group Chief Technology Officer at STT GDC, stated, “Achieving this certification underscores our commitment to supporting the rapid growth of AI adoption across industries.”

Tony Paikeday, Senior Director of AI Systems at NVIDIA, highlighted the importance of optimised environments for AI infrastructure, noting that STT GDC’s certification empowers enterprises in Southeast Asia to streamline their AI initiatives.

The global AI market is rapidly expanding, with spending expected to exceed $632 billion by 2028, according to IDC. As AI continues to drive innovation across various sectors, strategic investments in AI infrastructure are crucial for businesses seeking to gain a competitive edge. STT GDC’s certification positions it as a key player in supporting these advancements, offering next-generation infrastructure capable of meeting the thermal demands of cutting-edge AI technologies.
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UTI International Singapore Pte. Ltd. has announced the appointment of Jermyn Wong as its new Chief Executive Officer. Wong, who will be based in the company’s Singapore office, joins from State Street Global Advisors (SSGA), where he was the Head of Intermediaries for Southeast Asia. His career includes significant roles such as Head of SPDR ETFs Singapore and positions at Nikko Asset Management and Genk Capital.

Wong expressed his enthusiasm for the new role, stating, “I am honoured and excited to take on the role of CEO at UTI International Singapore and to work alongside an extremely talented and passionate team. As an asset manager with deep roots of investing in India, I look forward to bringing UTI’s investment capabilities to our clients and investors.”

Praveen Jagwani, Global Head at UTI International, welcomed Wong, highlighting his expertise in distribution, capital markets, and product development. “We are delighted to have him helm our South Asian franchise, where he will undoubtedly take our brand to greater heights,” Jagwani said.

UTI International is a subsidiary of UTI Asset Management Company (UTI AMC), India’s oldest money manager, managing over $240 billion in assets. The firm focuses on India-centric strategies for various financial institutions across Europe, South Asia, and the Middle East. With Wong’s appointment, UTI International aims to strengthen its presence and expand its reach in the asset management industry.
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Singapore-headquartered OCBC, Southeast Asia’s second-largest financial services group by assets, has implemented Oracle Fusion Cloud Enterprise Resource Planning (ERP) to unify its global finance platform. This strategic move aims to increase efficiency, improve insights, and enhance compliance across its operations. The Singapore-headquartered bank, with nearly 420 branches in 19 countries, is transitioning from manual processes to digital solutions to support its growth in the ASEAN-Greater China network.

The adoption of Oracle Cloud ERP allows OCBC to automate its finance operations and reporting, fostering organisational effectiveness. Goh Chin Yee, group chief financial officer at OCBC, stated, “It is imperative that we work together as One Group to drive synergies that will foster growth.” The platform’s capabilities in data analytics and artificial intelligence (AI) are expected to help OCBC swiftly adapt to changes in the operating environment whilst maintaining regulatory compliance.

Oracle Fusion Cloud Enterprise Performance Management (EPM), part of the ERP suite, has further aligned OCBC’s financial consolidation and reporting processes. Adrian Johnston, senior vice president of Applications at Oracle Asia Pacific, highlighted the importance of embracing new technologies for innovation and transformation in the financial sector.

OCBC’s implementation of Oracle Cloud ERP is part of a broader trend, with over 10,000 organisations globally using the platform to enhance their business operations. The bank’s recent recognition with the Finance Innovation Award at the 2025 Oracle Customer Excellence Awards underscores its commitment to leveraging technology for financial excellence.
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The American Chamber of Commerce in Singapore (AmChamSG) has launched its newly expanded hub, marking a significant milestone in its commitment to fostering collaboration and innovation among its member companies. The grand opening, held on 13 March, was attended by Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, who highlighted the hub’s role in strengthening US-Singapore business relations.

The expansion of the AmChamSG Hub underscores the Chamber’s dedication to facilitating growth and innovation within the business community. Nilesh Shah, Vice President and General Manager of Emerging Markets at West, emphasised the hub’s importance, stating, “AmChamSG plays an important role in the business community and is a platform that enables industry leaders to connect, share insights, and address critical business challenges.”

In a bid to promote sustainable impact, AmChamSG collaborated with Sunray Woodcraft Construction to donate preloved office furniture to community partners, including Yio Chu Kang Grassroots and the Anglican Senior Centre PEACEConnect. Additionally, a wall mural was commissioned from artists Eunice Hannah Lim and Nur Sabrina Binte Rahim, a member of the Rainbow Centre’s Artability programme, to support differently-abled artists.

Dr HsienHsien Lei, CEO of AmChamSG, remarked, “The AmChamSG Hub is the heart of the American business community in Singapore. This expansion reflects our commitment to fostering and strengthening the enduring relationship between the United States and Singapore.”

Established in 1973, AmChamSG is the largest international business association in Singapore, with nearly 700 member companies. The hub’s expansion is set to further support the community through advocacy, thought leadership, and sustainable initiatives.
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