Industry News

HL Assurance has become the first insurance provider in Singapore to launch a combination of core travel insurance add-ons, enhancing its comprehensive travel protection suite. The new offerings, available from 13 March 2025, include coverage for pre-existing medical conditions, reduced flight delay payout time, and protection for loss of frequent flyer miles, catering to the evolving needs of today’s travellers.

The introduction of these add-ons comes as travel resumes to pre-pandemic levels, with Changi Airport recording 67.7 million passenger movements in 2024. With 37% of flights worldwide experiencing delays, HL Assurance aims to provide faster claims processing and flexible coverage. CEO Kelvin Lim stated, “Our new travel add-ons are designed to address real concerns—whether it’s ensuring pre-existing medical conditions are covered, allowing earlier claims for flight delays, or protecting valuable travel rewards.”

The pre-existing medical conditions add-on offers expanded protection for travellers with ongoing health issues. The reduced flight delay payout time add-on allows claims after just three hours of delay, down from the standard six. Additionally, the loss of frequent flyer miles add-on safeguards accumulated miles due to cancellations.

To celebrate the launch, HL Assurance is offering single-trip plans at a reduced rate of up to 55% and reduced premiums for returning customers through a No Claim Discount benefit. Travellers purchasing Travel Protect360 plans before June 2025 may also win complimentary flight tickets.

HL Assurance’s commitment to a customer-first approach aims to transform the travel insurance experience, making it more flexible and relevant for every journey. For more information, visit the HL Assurance website or contact an authorised agent.
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ChopNow, a Buy Now Pay Later (BNPL) platform by Singapore-founded Capital C Corporation, is broadening its reach by forming strategic partnerships with several prominent retailers. The new collaborations include Rozel Furnishing, Lushcacia Fabrics, AdapTABLE, and YY Ebike, aiming to make a wide range of products more accessible to Singapore’s underserved market.

The partnerships are set to offer greater flexibility for shoppers, enabling them to purchase products on instalment across various lifestyle categories. Rozel Furnishing, one of Singapore’s largest furniture retailers, provides high-quality designer furniture at affordable prices, helping consumers create stylish and comfortable living spaces. Lushcacia Fabrics, known for premium home furnishing and window treatments, offers expert renovation consultancy for seamless interior makeovers, including window treatments, wall coverings, and flooring solutions.

AdapTABLE, a provider of high-quality ergonomic workspace solutions, and YY Ebike, a trusted electric bike retailer, are also part of this expansion. These partnerships are designed to enhance the financial flexibility ecosystem that ChopNow is building, making it easier for consumers to access a variety of products and services.

ChopNow’s expansion into these new partnerships underscores its commitment to providing financial solutions that cater to the needs of Singapore’s underserved market. By offering more products on instalment, ChopNow aims to empower consumers with greater purchasing power and flexibility.
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ST Telemedia Global Data Centres (STT GDC), a leading data centre colocation service provider based in Singapore, has announced its partnership with NVIDIA as a colocation partner. Two of its facilities, STT Singapore 6 and STT Bangkok 1, have been certified under the NVIDIA DGX-Ready Data Centre programme. This marks a significant milestone as these are the first in STT GDC’s portfolio to receive this certification.

The NVIDIA DGX platform is designed for enterprise AI, supporting workloads such as analytics, training, and inference. This certification allows STT GDC to provide customers with access to advanced data centre facilities for AI workloads. Daniel Pointon, Group Chief Technology Officer at STT GDC, stated, “The DGX-Ready Data Centre certification helps ensure that our customers have access to the robust infrastructure and expertise required to deploy and scale high-performance AI workloads.”

STT GDC is among the first Singapore-headquartered companies to achieve this certification, highlighting its commitment to supporting businesses as they transition to the intelligent era. The company’s AI-ready data centres are equipped to handle the thermal demands of cutting-edge technology, featuring immersion and direct-to-chip cooling technologies.

Tony Paikeday, senior director of AI systems at NVIDIA, commented, “STT GDC’s achievement of the NVIDIA DGX-Ready Data Centre certification empowers enterprises in Southeast Asia to simplify their AI initiatives with optimised, high-performance infrastructure.”

As AI continues to drive global innovation, strategic investments in AI infrastructure are crucial for businesses aiming to gain a competitive edge. With worldwide AI spending projected to exceed $632 billion by 2028, STT GDC’s certification positions it as a key player in the AI landscape.
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Wiggle Wiggle, the popular Korean design brand, has launched its first-ever pop-up in Singapore at Plaza Singapura, running from 13 March to 30 March. The 2,287 square foot space at the Level 1 Atrium has been transformed into a colourful and immersive wonderland, marking the brand’s largest pop-up in Southeast Asia.

Visitors to the pop-up are treated to a variety of engaging activities and giveaways that embody the brand’s playful spirit. A standout feature is the 3-metre Wiggle Bear Inflatable, which has become a must-visit photo spot. Additionally, the beloved Wiggle Wiggle mascot makes special appearances on select days.

The pop-up offers several interactive experiences, including:

– **Meet the Iconic Wiggle Bear**: Visitors can take selfies with the 3-metre Wiggle Bear Inflatable and meet the mascot in person on select days.
– **Complete the Mission, Win a Gift**: By completing three simple tasks—signing up for membership, following @wigglewiggle.singapore on Instagram, and uploading photos taken at the pop-up to Instagram—visitors can receive a complimentary Wiggle Wiggle product, with redemptions limited to 2,000.
– **Exclusive Wiggle Bear Stick Balloons**: The first 2,500 visitors will receive a limited-edition Wiggle Bear stick balloon, whilst supplies last.
– **Wiggle Wiggle Ambassadors**: On select days, brand ambassadors will be present at the Wiggle Wiggle Garden to ensure a delightful experience for all visitors.

This pop-up not only showcases Wiggle Wiggle’s unique design ethos but also strengthens its presence in the Southeast Asian market. For more updates, fans can follow the brand on Instagram or visit their website.
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The Society of Actuaries (SOA), the world’s largest actuarial professional organisation, has announced the opening of its first regional office in Singapore. This strategic move is part of the SOA’s global expansion efforts to better serve its members and actuarial candidates in Asia. Jessie Li, FSA, has been appointed as the Regional Director for East and Southeast Asia and will lead the new office located at Ocean Financial Centre in Singapore’s Central Business District.

The SOA, headquartered in Chicago, Illinois, empowers over 34,000 members worldwide to address financial risks in sectors such as insurance, healthcare, and financial services. The organisation’s decision to establish a presence in Singapore builds on its existing offices in Hong Kong, Beijing, and Dubai. SOA President and Chair Amanda Hug emphasised the growing need for the actuarial profession in addressing global challenges, stating, “As opportunities and challenges around the world evolve, the actuarial profession is needed more than ever.”

Greg Heidrich, SOA CEO, expressed enthusiasm about the new office, highlighting its role in providing resources and support to actuaries in the region. “Building on our established presence in Hong Kong, Beijing, and Dubai, the opening of our SOA office in Singapore marks a pivotal step in strengthening our commitment to supporting actuaries and candidates across Asia,” he said.

The SOA’s Affiliate Membership programme, which includes over 28,000 members globally, aims to inspire students to pursue actuarial careers by offering free resources and hosting industry events. The Singapore office will facilitate networking events and collaborations with universities and employers to foster the growth of the actuarial community in the region.
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Singapore has emerged as a significant contributor to Dubai’s foreign direct investment (FDI) landscape, with 41 projects announced in 2024, amounting to US$111m in investments and generating over 1,000 jobs. This development aligns with Dubai’s achievement of being the world’s leading destination for Greenfield FDI projects for the fourth consecutive year, according to the Financial Times’s ‘fDi Markets’ data.

In 2024, Dubai attracted a record-breaking 1,117 Greenfield FDI projects, with Singaporean companies playing a pivotal role in sectors such as Software & IT services, Financial Services, and Transportation & Warehousing. Notable Singaporean firms include Dymon Asia Capital, DBS Group, and Bank of Singapore, all of which have expanded their operations in Dubai, reinforcing the city’s status as a financial hub.

The Dubai FDI Monitor reported a 300% increase in reinvestment projects from Singapore compared to 2023. This surge highlights the growing confidence of Singaporean businesses in Dubai’s economic environment. Key reinvestment projects include DBS Group’s expansion in the Dubai International Financial Centre and Bank of Singapore’s team expansion to serve the Gulf Cooperation Council and Greater China markets.

Dubai’s strategic location, robust infrastructure, and favourable regulations continue to attract global investors. As the city maintains its top position for attracting Advanced Information Technologies-related FDI projects, the collaboration between Dubai and Singapore is expected to strengthen further, fostering economic growth and innovation.
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Singapore’s mid-cap stocks, with market capitalisations between S$1b and S$3b, have experienced a significant rise in trading activity in the first quarter of 2025. These stocks have collectively attracted S$71m in net institutional inflows, contrasting with the broader market’s net institutional outflow of S$1.4b. The average daily turnover for these stocks has increased by 35% to S$67m, compared to S$50m in 2024.

Amongst the mid-cap segment, Yangzijiang Financial Holding, UOB Kay Hian Holdings, and Frasers Hospitality Trust have seen the most notable increases in trading activity. Yangzijiang Financial’s average daily turnover surged to S$14.1m from S$2.4m in 2024, with its share price gaining 61% and net institutional inflow reaching S$94.3m. The company reported a 51% increase in FY24 attributable net profit, driven by diversified asset allocation and gains from Singapore fund investments.

UOB Kay Hian Holdings also saw its average daily turnover rise to S$0.73m from S$0.21m in 2024. The company reported a 32% increase in FY24 attributable net profit, with commission and trading income up by 26%.

Frasers Hospitality Trust’s average daily turnover increased to S$1.33m from S$0.40m in 2024. The trust is actively seeking yield-accretive opportunities, particularly in Japan, despite challenges such as foreign exchange rates and interest rate outlooks.

The mid-cap stocks have averaged a 2% total return in 2025, following a 15% return in 2024, with a return-on-equity ratio of 6.7% and an indicative dividend yield of 4.8%. As the market progresses, these stocks continue to attract attention due to their robust performance and strategic initiatives.“`

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TechFin, a leader in emerging technology education in Singapore, has announced a strategic partnership with HeyGen, a US-based AI-powered video generation platform, to introduce AI video training in Singapore. Announced on 13 March 2025, this collaboration aims to empower professionals and small and medium enterprises (SMEs) to create studio-quality videos without the need for traditional filming or editing skills.

The partnership aligns with Singapore’s national initiatives to boost AI proficiency, providing practical, hands-on experience in AI-driven video creation. HeyGen’s platform, trusted by global brands such as McDonald’s and Salesforce, allows users to produce personalised, multilingual content using AI avatars and voice synthesis in 175 languages. This is particularly suited for Singapore’s diverse and globalised market.

Shaun Lai, Partner at TechFin, stated, “TechFin’s mission is to empower professionals with the latest AI tools and industry insights. Through this partnership with HeyGen, SMU Academy and all our participants will gain firsthand experience in AI-powered video production, equipping them with the skills to create impactful digital content for their businesses and careers.”

The initiative is designed to transform how Singapore’s professionals work and compete by enabling them to create high-quality videos quickly and reach international audiences. Kevin Raheja, Head of Product Partnerships at HeyGen, expressed excitement about the collaboration, saying, “We aim to equip learners with the tools they need to create compelling videos quickly and affordably, helping them thrive in today’s video-first world.”

This partnership underscores the growing role of AI in content creation and highlights the importance of upskilling professionals with next-generation digital tools.
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Eneco Energy, a prominent player in Singapore’s logistics sector through its subsidiary Richland Logistics, is set to broaden its business horizons. The company’s new executive director, Ang Jun Long, has announced plans to expand beyond their established expertise in airport cargo logistics to build a diversified portfolio of companies. This strategic move aims to leverage acquisitions for growth and position Eneco Energy ahead of its competitors.

Ang Jun Long, who recently took the helm, emphasised the importance of diversification in the company’s growth strategy. “We’re expanding beyond our expertise in airport cargo logistics to build a diversified portfolio of companies,” he stated. This shift is expected to enhance the company’s operational capabilities and open new avenues for revenue generation.

Eneco Energy’s decision to diversify comes at a time when the logistics industry is facing increasing competition and evolving market demands. By broadening its focus, the company seeks to mitigate risks associated with relying solely on logistics and tap into new business opportunities.

The expansion strategy will likely involve acquiring companies in complementary sectors, although specific targets have not been disclosed. This approach is intended to strengthen Eneco Energy’s market position and drive long-term growth.

As Eneco Energy embarks on this new chapter, the industry will be watching closely to see how the company’s diversification efforts unfold and what impact they will have on its overall performance.
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City Developments Limited (CDL) has announced the discontinuation of legal action concerning Board resolutions made since 7 February 2025. Executive Chairman Kwek Leng Beng confirmed the decision, stating that he will continue in his role, alongside Group Chief Executive Officer Sherman Kwek. All current directors, including Jennifer Duong Young and Su Yen Wong, will remain on the Board.

The Board members have collectively agreed to set aside their differences for the benefit of CDL and its stakeholders. This resolution aims to refocus efforts on strengthening the company’s business operations and adhering to good corporate governance practices. Key initiatives include completing significant developments in Singapore and globally, expanding the Millennium & Copthorne brands, and continuing the capital recycling initiative.

Kwek Leng Beng emphasised the Board’s commitment to maximising shareholder value, stating, “We will all continue to focus on strengthening CDL’s business, in accordance with good corporate governance, now and in the future.” This move is expected to stabilise the company’s leadership and reinforce its strategic objectives.
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