Industry News

ServiceNow has launched the ServiceNow Protected Platform Singapore (SPP-SG), a secure cloud platform aimed at boosting AI innovation across Singapore’s government and regulated sectors. In a strategic move, ServiceNow has partnered with Nanyang Polytechnic (NYP) to provide students with practical AI experience, aligning with Singapore’s digital economy goals.

The collaboration aims to train over 1,500 students by 2030, equipping them with in-demand AI skills. Students will develop real-world AI solutions on the SPP-SG platform, addressing public sector challenges. This initiative bridges academic learning with practical application, contributing to Singapore’s Smart Nation vision.

The SPP-SG platform, built on Microsoft Azure, meets Singapore’s stringent data residency and security requirements, offering a trusted environment for innovation. Pat Casey, ServiceNow’s Chief Technology Officer, stated, “This marks a pivotal moment in our commitment to Singapore – a nation that has long set the standard for secure, responsible innovation.”

NYP students will also benefit from industry certifications and applied research projects, enhancing their employability in an AI-driven economy. The platform’s robust security processes are certified against international standards, with plans to achieve Singapore’s MTCS Level 3 certification, ensuring compliance and security for public sector data.

This collaboration not only supports Singapore’s digital transformation but also positions NYP as a testbed for new innovations from the ServiceNow Digital Innovation Hub, fostering a future-ready workforce.
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TerraPay, a global money movement company, has announced a strategic partnership with Whalet, a leading smart payment provider, to facilitate seamless cross-border payouts worldwide. This collaboration is designed to improve payment efficiency for Whalet’s core clientele—cross-border sellers from the Asia-Pacific region—by simplifying international financial transactions.

Whalet offers small and medium-sized enterprises (SMEs) a suite of global payment solutions, including one-click store setup, pay-ins, payouts, global accounts, currency exchange, and card issuance. With payment licences in Singapore, the US, and Hong Kong SAR, Whalet ensures compliance and cost-effective operations for businesses expanding globally. Nicholas Liao, Founder and CEO of Whalet, stated, “Partnering with TerraPay strengthens our ability to offer reliable payouts for cross-border trade enterprises and e-commerce marketplace sellers.”

TerraPay will enable Whalet to scale its payout capabilities, providing secure and compliant payment corridors across multiple regions. By integrating TerraPay’s technology, Whalet can streamline transactions, reducing settlement complexities and operational inefficiencies. Sukesh Malliah, Vice President – IMT (APAC) at TerraPay, commented, “This partnership enhances global payouts, ensuring businesses can move funds effortlessly.”

The collaboration addresses the growing demand for scalable, multi-rail payment solutions that support diverse financial ecosystems. With digital wallets playing an increasing role in simplifying cross-border transactions, this partnership ensures businesses can access reliable payout networks tailored to their expansion needs. TerraPay and Whalet are committed to building a global financial ecosystem that supports SMEs in their growth journey.
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Investbanq, a Singapore-based AI-powered wealth management platform, has successfully raised $3m in a Pre-Series A funding round. The investment, led by Constructor Capital, Orvel, and Big Sky Capital, highlights the increasing demand for advanced WealthTech solutions. This funding will enable Investbanq to expand its team, enhance its platform with cutting-edge asset management tools, and accelerate growth across Asia and the Middle East and North Africa (MENA) region.

Investbanq has gained international recognition by winning the “Meet The Drapers” startup show and receiving the Global Private Banker’s Best WealthTech AI award. The company’s WealthOS product is designed to manage the growing capital pools of affluent millennials and digitally native investors, offering real-time portfolio diversification and rapid onboarding processes.

Dr Serg Bell, Founder and Chairman of Constructor Capital, noted the exponential growth in demand for advanced wealth management, driven by generative AI. Yerkin Tatishev, Chairman of the Board at Kusto Group, expressed confidence in Investbanq’s strategic and responsible approach, stating, “I invested because I believe in him and the team he’s built.”

Investbanq’s co-founder and CEO, Oz Zhiyenkul, emphasised the company’s mission to create a world where wealth can be mastered, grown, and passed on with confidence. The platform’s AI-powered advisory services, combined with strategic regulatory coverage across Singapore, Dubai, and Kazakhstan, aim to fill a market gap in emerging markets where traditional private banking solutions are often lacking.
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Singapore is emerging as a leader in artificial intelligence (AI) investment, with 27% of its businesses allocating over S$1.28m annually to AI initiatives, according to Colt Technology Services’ latest IT Priorities Research. This places Singapore ahead of the UK and the US, where only 18% and 14% of businesses, respectively, invest similar amounts.

The research, which surveyed over 1,200 IT leaders from companies with annual revenues of at least $100m (US$100m) across 13 countries, highlights Singapore’s strategic focus on AI-driven innovation and cybersecurity. The city-state’s commitment is bolstered by national initiatives such as the S$1b National AI Strategy 2.0 and a robust ecosystem of public-private collaboration.

Globally, AI-driven innovation and product development are top priorities, with 34% of organisations focusing on these areas. Singapore mirrors these trends, with a strong emphasis on cybersecurity and operational task automation. The government has already invested S$500m in high-performance computing resources and over S$20m to nurture AI talent, aiming to triple the AI workforce in five years.

Shirley Heng, Country Manager of Colt Technology Services Singapore, noted the significance of the Johor-Singapore Special Economic Zone as a future hub for AI and data infrastructure. “There will definitely be a stronger need for high bandwidth network infrastructure that’s not just fast, but agile and ready to evolve,” she said.

Singapore’s advanced digital infrastructure has attracted global tech giants like OpenAI and Amazon Web Services, further reinforcing its status as a digital innovation hub. As businesses continue to expand their AI capabilities, Colt remains committed to supporting these ambitions with secure, high-performance digital infrastructure.

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NBA All-Star Domantas Sabonis and two-time WNBA champion Lauren Jackson are set to headline the inaugural NBA Rising Stars Invitational in Singapore from 25 to 29 June. The event, held at the Kallang Tennis Hub, will showcase boys’ and girls’ teams from 11 countries across the Asia-Pacific region, marking the league’s first regional high-school basketball tournament.

Joining Sabonis and Jackson are Phoenix Suns players Ryan Dunn and Oso Ighodaro, along with B.LEAGUE player Keisei Tominaga. NBA Legend Yao Ming will also make special appearances, including attending the opening ceremony on 25 June. Sabonis expressed his excitement, stating, “Basketball is a global game, and I look forward to watching the next generation of Asia’s top boys and girls players compete against their peers on this new stage.”

The tournament will feature a mix of round-robin play and single-elimination matches, culminating in the finals on 29 June. Participating teams include high schools from countries such as Australia, China, and the Philippines, with Singapore represented by Anglo-Chinese Junior College, Hwa Chong Institution, and United World College South East Asia Dover.

The NBA Rising Stars Invitational is part of a multi-year collaboration with Sport Singapore and the Singapore Tourism Board. It aims to promote skill development and cultural exchange among young athletes. Top performers will have the chance to attend future NBA development camps and programmes.

Fans can follow the event on Instagram and redeem free tickets via the NBA’s official website.
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V Mansion Boutique Hotel and Athena Hotel in Laos have transitioned to Hotelogix’s multi-property management system to streamline their operations. This move, announced by Hotelogix, a Singapore-based cloud-based hospitality technology provider, also includes Souphattra Serviced Apartment, another property under the Souphattra Hotels & Resorts brand. The upgrade aims to modernise management processes, automate daily functions, and support scalable growth through digital transformation.

The Souphattra Hotels & Resorts group, known for its luxury boutique properties in Laos, manages six hotels and has received accolades such as the ASEAN Green Hotel Standard 2024-2026 and the 2022 World Luxury Hotel Award. Douangchanh Chanhma, Manager at Souphattra Hotel Luang Prabang, stated, “We chose to move away from legacy, server-based systems because it couldn’t offer us the flexibility and central-level visibility we needed across properties.”

Hotelogix’s system provides centralised control over operations, crucial for maintaining brand standards and streamlining workflows. It also offers real-time data access via a Mobile Hotel PMS App, enabling faster decision-making. “With Hotelogix, we’re not just upgrading our technology platform—we’re future-proofing our operations,” Chanhma added.

Sivaprasad Gangadharan, Chief Sales Officer of Hotelogix, expressed excitement about the partnership, stating, “Popular and guest-centric brands like V Mansion Boutique Hotel, Athena Hotel, and Souphattra Serviced Apartment adopting Hotelogix underscores our solution’s usefulness for centralised operations.”

Hotelogix, trusted by over 12,000 hotels globally, continues to set benchmarks in efficient property management and guest service.
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Restaurant Asia 2025, co-organised by the Restaurant Association of Singapore and IEG Asia, is set to take place from 16 to 18 July at Marina Bay Sands, Singapore. This premier event will bring together foodservice professionals, chefs, and entrepreneurs from across ASEAN and APAC, focusing on innovation, sustainability, and regional collaboration.

The event will showcase a wide array of foodservice offerings, including ingredients, raw materials, and finished products like meat, seafood, and beverages. It will also highlight advanced technologies and equipment essential for modern F&B operations. A significant feature of the event is the RAS Symposium, which will explore smart business models and technology-driven productivity.

A key highlight will be the signing of a Memorandum of Understanding among members of the ASEAN Restaurant Associations Alliance, aiming to foster sustainable growth and cross-border cooperation. The International Food & Beverage Association will also host a roundtable on resilient sourcing and evolving consumer trends.

Benjamin Boh, President of the Restaurant Association of Singapore, stated, “This show reflects the evolving needs of our restaurant operators, from sourcing to digital transformation.” Ilaria Cicero, CEO of IEG Asia, added, “It’s not about scale – it’s about strategy and substance.”

The event will also see the launch of MrBeast Burger in Singapore, a virtual dining concept by YouTube sensation MrBeast. Nichol Ng, CEO of Xolutions Int., expressed excitement about introducing this innovative concept to Singapore.

Restaurant Asia 2025 promises to be a strategic platform for industry professionals to engage, collaborate, and drive business outcomes, setting the stage for future advancements in the F&B sector.
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Coface’s Asia Payment Survey 2025 has highlighted a challenging landscape for businesses across the Asia Pacific, with payment behaviours expected to deteriorate amidst economic uncertainty. Conducted among 2,400 companies across nine markets and 13 sectors, the survey reveals that whilst Singapore’s economy showed resilience in 2024, the region faces significant hurdles due to tight liquidity conditions and intense market competition.

The survey found that payment terms in Asia Pacific increased slightly from 64 days in 2023 to 65 days in 2024, though still below the five-year average of 69 days. Notably, Singapore, Australia, and Taiwan reduced their payment terms, reflecting a cautious approach to cash preservation. Despite these tighter terms, the proportion of companies reporting overdues fell to a record low of 49%, down from 60% in 2023.

However, the report also noted a concerning rise in Ultra Long Payment Delays (ULPDs) exceeding 180 days, affecting 40% of companies, up from 23% in 2023. This trend indicates a sharp deterioration in credit risk, with India, Thailand, and China experiencing the most significant increases. Bernard Aw, Chief Economist at Coface, explained that “80% of these delays were irrecoverable,” underscoring the severity of the issue.

Looking ahead, 57% of respondents anticipate worsening payment behaviours, driven by slower demand, competitive pressures, and rising costs. Despite these challenges, a majority remain hopeful for improvement, particularly in India. The survey, conducted between December 2024 and March 2025, provides a comprehensive view of the evolving credit management practices in the region.
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Singapore has unveiled significant advancements in artificial intelligence (AI) at the Asia Tech x Singapore 2025 summit, organised by the Infocomm Media Development Authority (IMDA). The event focused on building a trusted AI ecosystem, emphasising AI adoption for enterprises and upskilling talent. Singapore is influencing global AI norms through initiatives like the Singapore Consensus on Global AI Safety Research Priorities, which aims to bridge research and policy on AI safety.

IMDA has collaborated with global partners to enhance AI governance, introducing frameworks such as the AI Verify Testing Framework, which aligns with US standards. This framework addresses generative AI risks and facilitates cross-border data flows through the Global Cross-Border Privacy Rules Certification, opening access to nine economies with a market size of approximately $40 trillion.

The summit also introduced the MERaLiON Multimodal Empathetic Reasoning and Learning in One Network, a large language model designed to understand Southeast Asia’s diverse languages and cultures. Developed by the A*STAR Institute for Infocomm Research, MERaLiON has seen over 90,000 downloads globally since its initial release. Its second version includes enhanced language coverage and emotional intelligence capabilities, paving the way for culturally aware AI applications in the region.

Singapore’s commitment to AI extends to talent development, with IMDA securing 800 job and training opportunities under the TechSkills Accelerator programme. This initiative aims to equip locals with AI practitioner skills, enabling them to engage in high-value work with leading companies such as AWS, Microsoft, and Oracle.

These efforts underscore Singapore’s strategic role in shaping AI’s future, fostering innovation, and ensuring responsible AI development and deployment.
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Singapore-headquartered EVONET Global Pte Ltd has launched a cross-border mobile wallet interoperability service in collaboration with KDDI Corporation and Tenpay Payment Technology Co Ltd. This initiative enables over 1.4 billion WeChat Pay users from China to make payments at au PAY-affiliated stores across Japan by scanning QR codes. This service, known as the Merchant-Presented Mode (MPM), aims to provide a seamless payment experience for Chinese tourists in Japan, eliminating language and currency barriers.

The collaboration marks the first time KDDI has opened its au PAY merchant network to non-Japanese users. Merchants can now accept WeChat Pay without installing new systems or making complex changes, thus capturing inbound demand more efficiently. James Zhao, CEO of EVONET Global, stated, “EVONET provides the technological platform that underpins this global collaboration, serving as a hub to address the complexities of international payment infrastructure.”

Looking ahead, EVONET plans to expand its network by partnering with more mobile wallet providers across Asia. The company also intends to introduce the Consumer-Presented Mode (CPM), where merchants scan the user’s QR code, offering more flexible payment options. EVONET envisions enabling Japanese users to make outbound payments at overseas merchants using their domestic mobile wallets, further enhancing global payment convenience.

EVONET aims to build an open network that allows multiple wallet operators to connect seamlessly across countries and regions, facilitating easy payments for users worldwide.
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