Industry News

Hong Leong Finance (HLF) has launched its next-generation branch at Punggol Coast Mall, aiming to capitalise on the rapidly growing residential and commercial area. The branch introduces digital innovations such as an LED art wall and augmented reality (AR) features to enhance customer engagement. Additionally, HLF has revamped its corporate website to improve user experience, reflecting its commitment to digitalisation and customer-centric transformation.

The Punggol Coast Mall branch is designed with comfort and accessibility in mind, featuring privacy-enhanced teller booths and a dedicated SME Centre for business consultations. Ang Tang Chor, President of HLF, highlighted the district’s growth potential, stating, “Punggol’s population has been rising rapidly… we see demand potential for our financial products and services.”

The branch’s digital LED art wall serves both aesthetic and functional purposes, engaging customers and delivering information before they enter. The AR feature introduces “Ray,” a dinosaur character that educates customers about the HLF Digital app. This interactive approach aims to simplify complex information, making it more accessible and engaging.

Sustainability and inclusivity are integral to the branch’s design, with energy-efficient lighting and green-certified materials. The revamped website, alongside the HLF Digital app and a new digital platform for vehicle loan applications, enhances the customer journey across all touchpoints.

As Singapore’s largest finance company, HLF continues to innovate, blending digital advancements with personalised service to meet the evolving needs of its customers.

Banyan Group and Mandai Wildlife Group celebrated a significant milestone on 26 November with the grand opening of the Mandai Rainforest Resort by Banyan Tree. The event, officiated by President Tharman Shanmugaratnam, also marked the launch of the inaugural Rainforest Festival, which opens to the public today.

Situated in the Mandai Wildlife Reserve, the resort is Banyan Group’s 100th and its first within a major wildlife and nature destination in a capital city. The opening ceremony featured a musical prelude by Wolfgang Violin Studio and a guided tour showcasing the resort’s sustainable design and biodiversity corridors. Attendees previewed the Rainforest Festival, which includes the Discovery Trail, Banyan Gallery Showcase, and the GREEN-HOUSE HangOut market.

The festival, running from 27 November to 3 December, offers discovery trails, artisanal crafts, and wellbeing sessions. Proceeds from ticket sales will support the President’s Challenge, with Banyan Group matching donations dollar-for-dollar. Additional contributions will come from paid experiences and merchandise sales, further supported by the SG60 Matching Grants.

The event concluded with an appreciation dinner featuring performances by local artists, including Min Lee and MICappella. The festival promises a diverse programme, with activities such as yoga, nature walks, and creative workshops, aiming to engage visitors of all ages.

The Mandai Rainforest Resort also introduces a Silver Staycation for seniors, offering special rates and amenities until April 2026. This initiative, alongside the festival, underscores Banyan Group’s commitment to sustainable tourism and community support.

August Global Partners, a leading independent healthcare and technology investor in Asia, has successfully closed its second fund, the AGP Healthcare Fund (AGPHC), at $150m. This achievement surpasses initial fundraising targets despite ongoing challenges in the global private equity and venture capital sectors. The firm, known for its role in shaping Singapore’s biomedical sector, has now expanded its assets under management to $350m.

The AGPHC fund has attracted commitments from a diverse range of financial, institutional, and strategic limited partners across Asia, Europe, and North America. This success builds on the performance of the AGP Continuation Growth Fund (AGPCG), which supports local champions in healthcare and deep technology sectors. AGPCG has consistently delivered strong returns, evidenced by meaningful Distribution to Paid-In Capital (DPI) to its investors.

AGP’s investment strategy is anchored by the theme “Living Better, Ageing Better,” targeting high-growth opportunities in healthtech, advanced manufacturing, digital health, and precision medicine. The fund has already deployed capital into a portfolio of high-impact growth companies, demonstrating early value creation for its investors.

Chair and Founding Partner Chu Swee Yeok highlighted AGP’s “deep sector expertise, trusted global networks, and commercial agility” as key differentiators. Founding Partner Basil Lui noted the convergence of medical technology, digital health, and AI as presenting unprecedented opportunities for innovation and growth, particularly in addressing the needs of ageing populations and chronic disease management.

AGP remains committed to partnering with visionary founders to drive breakthroughs in next-generation care delivery, from genomics and oncology to AI-powered wearables and medtech.

A recent survey conducted by UnaFinancial across Singapore, the Philippines, Vietnam, and Indonesia reveals that 84% of Southeast Asians trust fintech services, with Singapore leading at 92%. The survey highlights that the primary factors influencing trust include the security of financial data, transparent fees, and brand reputation.

In Singapore, 91.8% of respondents expressed trust in fintech platforms, with 69.1% somewhat trusting and 22.1% highly trusting these services. Key drivers of trust in Singapore include transparency of fees and terms (60.3%), security of financial data (58.8%), and brand reputation (57.4%). Recommendations from family and friends also play a role, influencing 35.3% of respondents.

The Philippines follows with 88.1% of respondents expressing trust, where brand reputation is particularly significant, affecting 73.8% of participants. In Vietnam, 37.2% of respondents report high trust, with data security being the most critical factor for 76.9% of them. Indonesia shows a more varied trust landscape, with 29.4% highly trusting and 22.4% remaining neutral, emphasising transparency and security.

UnaFinancial analysts note that regional trust is bolstered by growing digitalisation and market maturity. Singapore’s high trust levels are attributed to widespread smartphone and internet access, strong digital literacy, and familiarity with online services. As fintech continues to evolve, these factors are expected to further influence consumer trust across Southeast Asia.

Statrys, a prominent provider of integrated business and financial services for small and medium enterprises (SMEs), has expanded its operations in Singapore with the launch of its unified Company-Accounting-Business Account (CAB) platform. This development follows Statrys’ approval as a Major Payment Institution by the Monetary Authority of Singapore, marking a significant step in simplifying business processes for SMEs.

The CAB platform is designed to address the challenges SMEs face in managing multi-currency accounts, cross-border payments, and compliance. Bertrand Théaud, Founder and CEO of Statrys, stated, “Our mission has been clear from the start: to remove the complexities of global operations and empower businesses to grow faster with full confidence and control.” The platform consolidates company incorporation, accounting, and payment management into a single system, enhancing efficiency and compliance.

Statrys, established in 2020 in Hong Kong, serves over 5,000 clients across more than 70 countries, processing over US$5 billion in payment volume and US$2 billion in foreign exchange volume. The company is also a licensed Money Service Operator in Hong Kong and registered as a Small Payment Institution with the Financial Conduct Authority in the UK.

The CAB platform offers SMEs services such as company creation, comprehensive accounting, and multi-currency business accounts. It also includes competitive foreign exchange services and payment cards, all aimed at simplifying global financial operations. Statrys emphasises innovation and security, integrating artificial intelligence for enhanced customer experience and security measures.

Théaud added, “Our expansion in Asia is about setting a new standard for how fintechs can truly serve the needs of SMEs, entrepreneurs, and startups without ever compromising on compliance.” As SMEs continue to drive innovation and employment, Statrys’ expansion in Singapore positions it as a strategic hub for SME growth across Asia and Europe.

Aster has announced a strategic agreement with Hitachi Asia Ltd to acquire advanced compressor solutions, aiming to double its ethylene export capacity at the Bukom Island facility by January 2027. This significant investment is set to bolster Aster’s ability to meet the increasing regional and global demand for ethylene, a crucial component in products such as plastics, textiles, and speciality chemicals.

The collaboration will see Hitachi deliver two new compressor units from its Japanese factory, operated by Hitachi Industrial Products, Ltd. This will facilitate the installation of a parallel ethylene chiller system, expand outbound logistics, and enhance operational flexibility and efficiency. Additionally, the project will strengthen the synergy between Bukom and the Chandra Asri cracker facility in Cilegon, optimising the regional C2 derivatives value chain.

Mashhad Dohadwala, Aster’s Director for Projects & Technology, highlighted the project’s role in reinforcing Singapore’s status as a key petrochemical export hub. “With the installation of a parallel chiller to double ethylene export capacity, Aster is strengthening the regional supply network,” he stated. This initiative aligns with Aster’s ongoing focus on efficiency, reliable supply, and innovation.

Chew Huat Seng, General Manager of Industrial Products Business Unit at Hitachi Asia Ltd, expressed honour in participating in this expansion project, emphasising the long-standing partnership with Aster. “We remain focused on delivering meaningful goals and shaping a sustainable future together,” he added.

Aster, a joint venture led by Chandra Asri and Glencore, continues to expand its asset base, including a 1.1 million metric tonne naphtha cracker on Bukom Island, supporting its growth as a reliable partner in the energy and chemical sectors.

The recent government land sales (GLS) tender for the Bedok Rise site attracted ten bids, with the highest bid reaching S$464.8m or S$1,330 per square foot per plot ratio (psf ppr). This top bid, submitted by an undisclosed developer, surpassed expectations and marked a significant 43% increase compared to the S$930 psf ppr for the Tanah Merah Kechil Link site awarded in November 2020.

The competitive bidding reflects a growing interest from developers, as noted by Alice Tan, Head of Consultancy at Knight Frank Singapore. She highlighted that the premium mark-ups in land rates among top bidders have been increasing, with recent tenders showing a stronger willingness to push pricing boundaries. “The brisk take-up of more than 10,000 new sales in the 10 months of 2025 could have spurred developers to ratchet up efforts in dedicating more financial resources in acquiring land,” Tan stated.

The Bedok Rise site is expected to attract local homebuyers, particularly those looking to downgrade from landed properties in Bedok South and Simpang Bedok, as well as HDB upgraders from nearby estates. The site’s proximity to an MRT station and Bedok Town Centre’s retail amenities adds to its appeal.

As land prices rise, there is concern about the potential impact on future selling prices and the possibility of government cooling measures. Tan suggested that some restraint in GLS tenders could benefit the long-term health of the private home market, especially amidst global economic uncertainties.

Singaporean businesses are at the forefront of shadow AI usage, according to a new survey by ABBYY. The report, titled “State of Intelligent Automation: GenAI Confessions”, highlights the challenges faced by business leaders in implementing generative AI (GenAI) technology. The survey, conducted by Opinium Research, found that 40% of Singaporean business leaders encountered difficulties in training GenAI models and integrating them into business processes. Additionally, 30% cited cost concerns, 28% lacked proper governance, and 25% experienced issues with hallucinations—incorrect information provided by AI.

To address these challenges, many businesses have turned to complementary technologies. The survey revealed that 41% of leaders are using AI agents, 42% are employing process intelligence, 47% are utilising Document AI, and 34% have introduced retrieval augmented generation. These measures have reportedly led to improved trust, accuracy, and cost savings, with 99% of businesses noting better consistency and integration into workflows.

Maxime Vermeir, Senior Director of AI at ABBYY, emphasised the importance of evaluating current processes before adopting GenAI tools. “Businesses are spending money on GenAI tools that promise more than they can provide,” he stated. The survey also uncovered that 26% of Singaporean leaders reported shadow AI usage, where employees independently use AI tools for personal productivity, a figure higher than in the US, UK, and other countries.

The findings suggest a shift towards pragmatic investment in GenAI, with 99% of respondents planning to increase their budgets. This reflects a mature approach to GenAI adoption, focusing on secure and strategic implementation.

Singapore’s services industries, excluding Wholesale Trade, Retail Trade, Accommodation, and Food Services, experienced a 5.3% increase in business receipts in the third quarter of 2025 compared to the same period in 2024. This growth was primarily driven by the Recreation & Personal Services sector, which saw a significant 17.7% rise in revenue, largely due to the gaming segment.

The Information & Communications industry also contributed to the positive trend, registering a 12% increase in receipts. This was mainly attributed to growth in games publishing, data analytics processing, hosting and related activities, and internet search engines. In contrast, the Transportation & Storage industry faced a 7.5% decline in receipts, reflecting reduced earnings from shipping lines and freight transport arrangement services.

The Professional Services industry recorded a 10.4% increase in receipts, with notable growth in advertising and market research, research and development, and architectural and engineering services. Meanwhile, the Health & Social Services industry saw a 4.6% rise in turnover, driven by increased earnings from hospitals.

Despite the overall positive performance, the Administrative & Support Services industry experienced a 1.6% contraction, mainly due to a slowdown in the rental and leasing segment. Quarter-on-quarter, the overall business receipts rose by 0.7%, although some industries, including Information & Communications and Recreation & Personal Services, saw declines.

The Business Receipts Index provides valuable insights into the short-term performance of Singapore’s services industries, guiding business decisions and policy choices.

Singapore-based Precious Medical Group has announced the launch of the Tunku Laksamana Johor Cancer Centre and Hospital in Johor Bahru, a significant $106m (RM500m) investment aimed at enhancing cancer care in Malaysia. The facility, set to open on 5 December 2025, will feature state-of-the-art diagnostic and treatment technologies, including a PET-CT and radiotherapy centre.

The centre will house Malaysia’s first cyclotron outside the Klang Valley, enabling local production of medical radioisotopes for cancer imaging and therapy. This advancement is expected to improve early detection and treatment availability whilst reducing reliance on distant supply chains. The project is strategically located at Larkin Sentral within the Johor–Singapore Special Economic Zone (JS-SEZ), facilitating cross-border medical collaboration and talent mobility.

The development is projected to create approximately 1,000 direct and indirect jobs, contributing to the economic goals of the JS-SEZ. Following the cancer centre’s inauguration, Precious Medical Group plans to develop a 200-bed hospital on the same site, offering comprehensive inpatient oncology and integrated support services.

Named after the late Tunku Abdul Jalil, the fourth child of His Majesty Sultan Ibrahim of Johor, the hospital aims to strengthen Malaysia’s healthcare system, which already attracts over 1.5 million medical tourists annually. This initiative is poised to bolster the international reputation of Malaysia’s healthcare sector, enhancing its capacity and resilience.