Industry News

Economic instability is reshaping the global workforce, with more than half of workers worldwide living paycheck to paycheck, according to the ADP Research’s People at Work 2025 report. The study, which surveyed nearly 38,000 workers across 34 markets, reveals that 23% of workers globally hold two or more jobs to cover necessary expenses. This trend is mirrored in Singapore, where 60% of respondents report living paycheck to paycheck, exceeding the Asia Pacific average of 48%.

Jessica Zhang, Senior Vice President of APAC at ADP, noted, “Although Singapore’s core inflation rate has stabilised over the past two years, the impact of cost-of-living pressures remains evident. Our findings indicate that many people are earning just enough to meet their needs, with some taking on additional work to manage daily and future expenses.”

The survey indicates that workers take on multiple jobs primarily to cover necessary expenses, save for future spending, and build retirement savings. In regions with low average wages relative to living costs, such as parts of Africa, Latin America, and Asia, holding multiple jobs is often a necessity. In Singapore, workers with three or more jobs cite covering necessary expenses and the inability to secure full-time employment as reasons for their multiple roles.

ADP’s chief economist, Nela Richardson, emphasised the need for employers to adopt a holistic approach to compensation, suggesting that benefits like health insurance and subsidised childcare could alleviate financial pressures and enhance employee loyalty and productivity.
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Singapore is set to become a pivotal hub in Southeast Asia’s renewable energy landscape, as it shifts from its heavy reliance on natural gas to regional grid interconnections. According to Rystad Energy, these interconnections, primarily through subsea cables, could unlock up to 25 gigawatts (GW) of renewable energy capacity, potentially attracting over $40b (£32b) in investments. This move aims to decarbonise Singapore’s energy supply and stabilise electricity prices by reducing dependency on the volatile global gas market.

The proposed interconnections could significantly reduce Singapore’s carbon emissions by up to 13 million tonnes of CO₂e annually. This initiative not only supports Singapore’s sustainability goals but also enhances its energy resilience by diversifying its energy sources. “Singapore stands to benefit the most from Southeast Asia’s emerging regional grid,” said Raksit Pattanapitoon, Lead Renewables & Power Analyst at Rystad Energy. However, he emphasised the need for coordinated cooperation with neighbouring countries to realise these benefits.

Currently, natural gas accounts for 96% of Singapore’s power generation. The Electricity Market Authority (EMA) is crucial in ensuring a reliable supply of imported low-carbon electricity, requiring projects to achieve a 60% load factor within five years. Solar-plus-storage hybrid systems, which can achieve load factors above 90%, are seen as a viable alternative to traditional gas turbines.

Nevi Cahya Winofa, an analyst at Rystad Energy, highlighted that these hybrid systems could offer lower costs than anticipated. As Singapore engages with its neighbours, it must secure unique advantages to maximise shared value in the potential regional power grid.
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A consortium led by Hong Leong Holdings Limited, including GuocoLand Limited and CSC Land Group, has secured a $692m green loan to fund a pioneering urban development in Tengah, Singapore’s first “forest” town. The loan, anchored by DBS with $484mand supported by OCBC, will finance the project’s green infrastructure and ecological initiatives, aligning with international Green Loan Principles.

The development marks Tengah’s first private mixed-use project, set to launch in 2026. It will feature approximately 860 homes and integrated retail amenities, designed to enhance biodiversity and reduce environmental impact. Located in Tengah Garden Avenue, the project aims to create a vibrant, eco-conscious community.

Key features include biodiversity-enhancing designs, ecological integration with Tengah’s future forest corridor, and sustainable smart technologies. These elements aim to mitigate the urban heat island effect and promote ecological networks.

Loke Kee Yeu, General Manager of Hong Leong Holdings, emphasised the project’s role in fostering an eco-conscious community, stating, “We aim to anchor and grow an eco-conscious private housing community whilst partnering with like-minded investors and sustainable financiers.”

Chew Chong Lim, Group Head of Real Estate and Shipping, Aviation, Logistics and Transportation at DBS, highlighted the importance of integrating nature into urban development, noting, “DBS is pleased to support Hong Leong Holdings by providing financing and green loan advisory, to bring this milestone project to life.”

This development aligns with Singapore’s Green Plan ambitions, demonstrating a commitment to sustainable urban living and private-sector partnerships in achieving national climate goals.
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As healthcare costs continue to rise in Singapore, employees are being urged to take a more active role in assessing their employer-sponsored benefits during the upcoming mid-year enrolment period. According to the 2025 Health on Demand report by Mercer Marsh Benefits, one in three individuals with a household income below the median are not confident in their ability to afford healthcare, highlighting the importance of understanding available benefits to mitigate financial strain.

The report also reveals significant generational and gender disparities in health priorities. Gen Z men, for instance, report high levels of mental health concerns, whilst Boomers are increasingly worried about cognitive decline. These findings underscore the need for tailored benefits that address diverse employee needs. Additionally, the report points out a gap in mental health support, with only 38% of men valuing mental health screenings, presenting an opportunity for employers to enhance mental well-being programmes.

Furthermore, the report highlights that only 50% of long-term foreign employees in Singapore are aware of where to find benefits information. This suggests a need for improved communication and personalised benefits to boost employee engagement and satisfaction.

As organisations navigate these challenges, the insights from the report serve as a crucial guide for developing effective benefits strategies. Employers are encouraged to foster a supportive work environment that meets the evolving needs of their workforce, ensuring that employees are well-informed and adequately supported in their health and well-being.
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KK Women’s and Children’s Hospital (KKH) has inaugurated Singapore’s first PlagioCentre, a specialised clinic dedicated to diagnosing and treating plagiocephaly and brachycephaly, collectively known as flat head syndrome. This initiative marks KKH as the first public hospital in Singapore to incorporate 3D-printed helmets into its treatment options.

The establishment of the PlagioCentre comes in response to a significant rise in awareness and cases of flat head syndrome. Over the past two years, KKH has observed a 36% increase in cases, with numbers climbing from over 800 in 2022 to more than 1,000 in 2024. Globally, the condition affects up to 22% of infants by the sixth week of life, escalating to nearly 30% by the fourth month.

Flat head syndrome occurs when an infant’s head becomes misshapen due to prolonged pressure on one side, often exacerbated by torticollis, a condition that restricts neck movement. The PlagioCentre offers comprehensive services, including physiotherapy and helmet therapy, particularly for moderate to severe cases. The 3D-printed helmets are custom-fitted using a scan of the infant’s head, applying gentle pressure to reshape the skull.

Dr Kavitha V Sothirasan, Lead of the KKH PlagioCentre, emphasised the importance of early intervention, stating, “Helmet therapy is most effective when started early, whilst the skull is still developing.” The centre’s multidisciplinary team ensures that infants receive tailored care to improve their condition.

Parents seeking more information about the PlagioCentre are encouraged to consult their child’s paediatrician or visit a polyclinic.
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Standard Chartered has announced the appointment of Yusuf Demiral as the Global Head of Data, Analytics & AI for its Wealth and Retail Banking division. Starting on 7 July, Demiral will be based in Hong Kong, reporting to Samir Subberwal, Global Head of Wealth Solutions, Deposits and Mortgages, and Chief Client Officer. This newly created role will see Demiral spearheading the bank’s strategy across the entire client journey, working closely with marketing, digital sales, and client experience teams.

Demiral brings over 25 years of banking experience, having previously served as the Group Head of Data Analytics and Customer Relationship Management (CRM) for Wealth and Personal Banking at HSBC. There, he led a global team of over 1,000 professionals across more than 20 markets, focusing on data platforms, advanced analytics, and CRM capabilities.

Samir Subberwal expressed enthusiasm about Demiral’s appointment, stating, “I am delighted to welcome Yusuf to Standard Chartered. As we continue to deliver innovative, digital-first personalised experiences for our clients, Yusuf will play a critical role in strengthening the use of data, analytics and AI capabilities to enhance the client journey.”

The appointment underscores Standard Chartered’s commitment to leveraging data and technology to deepen client relationships and meet evolving client needs. As the bank continues to innovate, Demiral’s expertise is expected to be pivotal in advancing its capabilities in data-driven client engagement.
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A recent survey by International Workplace Group (IWG) indicates that nine in 10 CEOs and CFOs are increasingly adopting hybrid working models to tackle macroeconomic instability. The study, which surveyed over 1,000 global executives, highlights that 86% are taking proactive financial measures, with hybrid work being a key strategy to reduce costs and enhance business resilience.

The survey found that 83% of business leaders believe hybrid working is crucial for cost savings, with 77% already experiencing reductions in overheads such as office space and utilities. This shift allows companies to redirect resources towards growth and manage economic uncertainties more effectively. In Singapore, where small and medium-sized enterprises (SMEs) form the backbone of the economy, businesses are also leveraging hybrid work to navigate rising operational costs and talent shortages.

Hybrid work is not only a financial strategy but also a means to improve employee satisfaction and productivity. According to the survey, 88% of leaders report increased employee satisfaction, whilst 83% note measurable productivity gains. Mark Dixon, CEO and Founder of IWG, stated, “By empowering their teams to work closer to home in local workspaces and offices, companies operating in the hybrid model are able to significantly reduce their costs and improve the work-life balance of their people.”

As companies continue to face economic headwinds, hybrid working models are being recognised for their long-term strategic value, offering a sustainable approach to workforce management that extends beyond mere cost savings.
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ION Orchard is set to host its third annual ION & YOU campaign, running from 7 June to 31 July 2025, inviting food enthusiasts and environmentally conscious shoppers to experience a blend of refined dining and sustainable practices. This initiative aligns with the Go Green SG 2025 movement, led by the Ministry of Sustainability and the Environment, to encourage collective climate action.

The campaign features a range of curated gastronomic experiences, exclusive shopping rewards, and limited-time culinary creations. Shoppers can engage in ‘A Day Like No Other’, a gamified adventure available on the ION Orchard mobile app, offering up to $120 in bonus rebates and exclusive in-store offers on 6 June.

ION Orchard CEO Yeo Mui Hong emphasised the campaign’s focus on making sustainability both desirable and attainable, stating, “Through ION & YOU, we aim to make sustainability both desirable and attainable, elevating everyday choices into meaningful acts of care for ourselves and the world we live in.”

As part of its commitment to sustainability, ION Orchard will also participate in Go Green SG 2025, offering workshops and sustainable practices until 29 June. Additionally, the mall will serve as the Official Luxury Mall Partner for the World Aquatics Championships in July, enhancing its international appeal.

New dining and lifestyle brands, including LÄDERACH, Stryv, Super Sushi, Twyst, and Violet Oon, will debut at ION Orchard, offering fresh experiences for visitors. The campaign underscores ION Orchard’s dedication to merging luxury with responsibility, promising a memorable experience for all attendees.
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Osome, a leading platform for business incorporation and finance management, has announced new product enhancements and strategic ecosystem partnerships aimed at helping entrepreneurs streamline their operations and scale effectively. The updates include a redesigned mobile experience with improved navigation, document upload processes, and real-time visibility across bookkeeping, tax, and corporate secretarial milestones.

The enhancements are designed to provide entrepreneurs with AI-enabled solutions that are simple, fast, and clear, according to Tamas Gögge, Chief Product Officer at Osome. “What truly sets us apart is our combination of intuitive interfaces and the peace of mind that comes from having access to experienced experts for complex business questions,” he stated.

Key updates include intelligent workflows that automate routine bookkeeping tasks, real-time business health metrics, and compliance updates to help businesses stay ahead of statutory deadlines. Additionally, Osome is expanding its partnerships with fintech leaders such as Airwallex and Tenity. These collaborations aim to provide seamless access to banking systems, automated cross-border workflows, and smart financial tools.

Osome has supported over 30,000 companies and processed more than 1 million bookkeeping transactions, valued at over $5.6b. The company will showcase its latest product roadmap and ecosystem initiatives at Echelon Singapore 2025, participating in panel sessions and discussions on AI and product strategy.

Vladimir Sitnikov, CEO of Agen, a health-tech startup, praised Osome for allowing his company to focus more on product and customer needs. Meanwhile, Gladys Yuen from Airwallex and Jonas Thuerig from Tenity highlighted the importance of their partnerships with Osome in simplifying global finance and accelerating fintech innovation, respectively.

Osome’s latest initiatives underscore its commitment to empowering entrepreneurs with the tools and partnerships necessary for sustainable growth.
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Palo Alto Networks has released its Unit 42 Extortion and Ransomware Trends report for January to March 2025, highlighting the evolution of threat actors’ tactics. The report reveals that cybercriminals are increasingly using aggressive methods, including collaboration with state-backed groups, to pressure victims into higher payouts. This trend underscores the urgent need for organisations to adopt a defence-in-depth strategy to counter these sophisticated attacks.

In Singapore, ransomware threats are evolving rapidly, with attackers employing increasingly deceptive tactics. Steven Scheurmann, Regional Vice President for ASEAN at Palo Alto Networks, emphasised the importance of a robust defence strategy, stating, “To stay ahead of these sophisticated threats, organisations must employ a defence-in-depth strategy and be prepared to encounter additional forms of pressure from these ransomware actors.”

The report identifies manufacturing as the primary target for ransomware attacks, followed by wholesale and retail, and professional and legal services. Notably, RansomHub has emerged as the leading ransomware variant, marking a significant rise since its first appearance in mid-2024. Additionally, the report highlights the rise of AI-generated insider threat extortion, with North Korean operatives using AI-generated identities to pose as remote IT workers, stealing proprietary code and threatening public leaks.

Philippa Cogswell, Vice President and Managing Partner of Unit 42, Asia-Pacific & Japan, stated, “We’re seeing a clear shift in how ransomware and extortion actors operate globally and across the Asia-Pacific and Japan region. Attackers are shifting from traditional encryption tactics to more aggressive and manipulative methods.”

The report also notes that attackers are increasingly targeting cloud systems and using “EDR killers” to disable endpoint security sensors. As cyber threats continue to escalate, organisations are urged to enhance their cybersecurity measures to protect against these evolving risks.
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