Industry News

UOB Kay Hian, one of Asia’s largest securities brokerage firms, has partnered with FNZ, a global leader in wealth management technology, to launch a next-generation digital platform designed to transform Unit Trust investing in Singapore. This innovative platform offers a direct-to-consumer (D2C) channel that simplifies the investment process, providing clients with an intuitive and seamless digital experience.

The platform includes a comprehensive suite of Unit Trust investment solutions such as customer servicing, an intuitive client portal, order management, cash management, Central Provident Fund (CPF) administration, and advanced reporting tools. By streamlining operations and enhancing client centricity, the platform empowers investors to grow their wealth more effectively.

Oh Whee Mian, Senior Executive Director at UOB Kay Hian, stated, “Partnering with FNZ has allowed us to develop a Unit Trust Platform that redefines the investment experience by combining innovative digital tools and intuitive investment solutions.”

FNZ’s commitment to the Asia-Pacific region is underscored by its recent appointment of Anthony Habis as Group Head of APAC. Habis commented, “This partnership is a testament to FNZ’s dedication to delivering world-class digital wealth management solutions.”

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Singapore’s retail sector is expected to face a slowdown in sales growth in the second half of 2025, according to RHB’s latest economic research.

The report, released on 5 May, highlights that whilst retail sales are projected to remain robust through the first half of the year, economic challenges could dampen momentum in the latter half.

Retail sales in Singapore saw a 1.1% year-on-year increase in March, recovering from a 3.5% decline in February. However, on a month-on-month basis, sales fell by 2.8% in March, following a 3.0% growth in February. Barnabas Gan, RHB’s Group Chief Economist and Head of Market Research, noted that the retail climate is currently buoyed by government support measures outlined in Budget FY2025, upcoming retail events, and strong online sales.

Despite these positive indicators, Gan cautioned that “economic headwinds expected for the year ahead” could lead to a slowdown in retail sales growth in the second half of 2025. The report suggests that whilst the first half of the year will benefit from supportive factors, the latter half may not sustain the same level of growth.

The anticipated slowdown in retail sales is significant as it reflects broader economic trends and challenges that Singapore may face in the coming months. As the year progresses, stakeholders in the retail sector will need to navigate these potential headwinds to maintain stability and growth.
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Symbio Holdings Limited, part of the Aussie Broadband Group, has unveiled a new API stack in Singapore, enhancing its digital experience offerings for communication service providers across the Asia-Pacific (APAC) region. This development builds on the January launch of Symbio’s Connect Portal, a self-service platform that facilitates seamless number management.

The new API stack, integrated with Symbio’s Tier 1 voice network, allows service providers to efficiently manage number provisioning through automated tools. It supports real-time bulk number ordering and reservation, offering greater control and transparency. This innovation enables providers to lease and assign numbers to SIP trunks in a single workflow, significantly reducing errors and delays.

Symbio’s latest offerings mark a significant milestone in its mission to provide scalable digital solutions. The company’s infrastructure supports high-volume number portability and emergency services, addressing the evolving needs of service providers. Dylan Brown, CEO of Symbio’s Connect Division, stated, “By combining Tier 1 infrastructure with flexible tools set to scale with the industry, Symbio delivers the first consistent number management experience across Australia, New Zealand, and Singapore.”

This initiative is part of Symbio’s broader strategy to strengthen its position as a leading provider in the region. With a focus on innovation, Symbio continues to set new benchmarks for automation, transparency, and regulatory-ready number provisioning, ensuring service providers can scale communications with ease.
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CapitaLand Integrated Commercial Trust (CICT) and its joint venture partners have announced the divestment of CapitaSpring’s serviced residence component to unrelated third parties for S$280m. CICT, which holds a 45% interest in the property, expects to complete the transaction by the second quarter of 2025, generating estimated net proceeds of S$37.8m and an exit yield of approximately 3.6%.

The divestment is part of CICT’s strategy to reconstitute its portfolio by shedding non-core assets and reinvesting in more distribution per unit (DPU)-accretive opportunities. Tan Choon Siang, CEO of the manager of CICT, stated, “We have divested the serviced residence, a non-core asset, at a premium to its last valuation. This reflects our disciplined approach to portfolio reconstitution, enabling us to redeploy capital into more DPU-accretive opportunities and strengthen CICT’s leadership position as the proxy for Singapore commercial real estate.”

Located at Raffles Place, Singapore, the serviced residence’s sale underscores CICT’s commitment to enhancing the resilience and quality of its portfolio, aiming to create sustainable value for its unitholders. This move is expected to bolster CICT’s standing in the competitive Singapore commercial real estate market.

As CICT continues to seek opportunities for portfolio enhancement, the divestment of CapitaSpring’s serviced residence marks a significant step in optimising returns and maintaining its leadership in the sector. The completion of this transaction will further solidify CICT’s strategic objectives and financial health.
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Singapore-headquartered digital travel platform Agoda has unveiled its top family travel destinations in Asia for 2025, based on search data from January to March. The list is led by Tokyo, Osaka, and Bangkok, followed by Kuala Lumpur, Seoul, Singapore, Bali, Taipei, Okinawa, and Hong Kong. This comes as Agoda’s 2025 Trend Survey indicates a rise in family travel, with 34% of travellers planning to explore with their loved ones this year.

Families from South Korea, Taiwan, Japan, Malaysia, and Thailand are among the most enthusiastic travellers, seeking diverse experiences across Asia. For those who enjoy city life, Tokyo, Kuala Lumpur, and Singapore offer a mix of culture, entertainment, and child-friendly attractions. Beach enthusiasts can head to Bali or Okinawa, whilst adventure-seekers might prefer the vibrant streets of Bangkok or the lush landscapes around Taipei. Culinary explorers will find Osaka, Seoul, and Hong Kong particularly appealing.

Hiroto Ooka, Associate Vice President North Asia at Agoda, stated, “Family travel is all about creating memories that last a lifetime, and Agoda is here to make that as seamless and affordable as possible.” Agoda offers over 5 million holiday properties, 130,000 flight routes, and 300,000 activities, making family holiday planning straightforward. The Agoda mobile app further simplifies finding the best deals, ensuring families can easily book everything from a villa in Bali to theme park tickets in Tokyo.
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The Singapore Department of Statistics has reported a 1.1% increase in retail sales for March 2025 compared to the same month last year.

When excluding motor vehicles, the rise in retail sales was slightly lower at 0.7%.

However, the food and beverage services sector experienced a decline, with sales dropping by 2.8% over the same period.

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AVPN, Asia’s largest network of social investors, has announced the selection of 49 organisations to receive funding from its AI Opportunity Fund Asia Pacific, a $15m initiative supported by Google.org and the Asian Development Bank.

These organisations will train workers across the Asia Pacific region in artificial intelligence (AI) skills, addressing the challenges posed by the evolving job market. The initiative aims to prepare workers for an AI-driven future, with a focus on inclusivity and accessibility.

The AI Opportunity Fund is part of a broader effort to address the AI skilling awareness gap identified in AVPN’s report, “AI for All: Building an AI-Ready Workforce in Asia Pacific.” The report highlights that only 15% of surveyed individuals have engaged in AI skilling programmes, whilst 57% remain unaware of such resources. The fund will also focus on micro, small, and medium enterprises (MSMEs), which make up 96% of Asia Pacific’s companies but face barriers in AI skill development.

The initiative will see strategic partners, including Seoul National University and AI Singapore, train selected organisations.

These organisations will then reach out to diverse groups, such as migrant workers, women, and persons with disabilities. Among the funded organisations are JAIS India, BAOBAB Inc Japan, and TagTeam Singapore, each addressing unique community needs.

Naina Subberwal Batra, CEO of AVPN, emphasised the importance of bridging critical skills gaps, stating, “Our funded organisations are at the heart of this important component of the AI Work Transition.” Sanjay Gupta, President of Asia Pacific at Google, added, “AI has the potential to transform economies and unlock new opportunities, but its benefits must be accessible to everyone.”

With an additional $10m from Google.org, the initiative will expand its efforts, introducing a dedicated track for MSMEs in Southeast Asia. The programme aims to train 720,000 workers and 100,000 MSMEs across the region, fostering a more equitable future in an AI-powered economy.
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Singapore’s banks are increasingly adopting artificial intelligence (AI) to transform customer experiences, according to SS&C Blue Prism. The move aims to meet rising consumer expectations for seamless, personalised, and cost-effective services. James Lucas, Vice President of Sales at SS&C Blue Prism for the ASEAN and Greater China Region, highlighted the growing demand for real-time solutions and meaningful engagement, particularly among younger generations accustomed to digital-first experiences.

A study by Forrester Consulting, commissioned by SS&C Blue Prism, revealed a 5.4% compound annual growth rate (CAGR) in incremental profit over three years for companies implementing automation solutions. This marks a shift from 2017, where 92% of automation value was realised through cost savings. Now, 73% of the value is captured as incremental profit, indicating that intelligent automation is not just a cost-saver but a growth driver.

AI technologies such as generative AI, machine learning, and advanced analytics are enhancing customer experiences by improving efficiency and adding a personal touch. Lucas noted that self-service AI solutions allow trained advisers to focus on complex interactions, thereby increasing customer satisfaction through speed and accuracy.

UOB serves as a prime example, having implemented digital banking initiatives that process mortgage applications 30% faster. Similarly, Spanish bank ABANCA achieved a 60% faster response time for customer enquiries using SS&C Blue Prism’s tools.

Lucas emphasised the need for finance leaders to embrace AI-driven automation to reclaim market share from FinTech companies. “Organisations delaying AI adoption risk being outpaced in customer satisfaction and operational efficiency,” he concluded.
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Lion Global Investors has announced the appointment of Seck Wai Kwong as its new Chairman, effective 1 May 2025. Seck, who brings over four decades of experience in the financial services sector, previously served as the CEO of Eastspring Investment Group until his retirement in August 2023. His extensive career also includes roles as CEO, Asia-Pacific of State Street Bank and Trust Company, and senior positions at Singapore Exchange, Monetary Authority of Singapore, GIC, Lehman Brothers, and DBS Bank.

Seck’s distinguished career has been recognised with the Public Service Medal in 2017 and the Public Service Star in 2023. He was appointed to the Public Service Commission in February 2024. Currently, he serves as a Board Director of OCBC and GIC and chairs the Investment Committee at the Ministry of Home Affairs Uniformed Services INVEST Fund.

Teo Joo Wah, CEO of Lion Global Investors, expressed enthusiasm about Seck’s appointment, stating, “His leadership and wealth of experience will be instrumental in advancing Lion Global Investors’ standing as one of the leading asset management companies in Southeast Asia.” Seck himself remarked on his excitement to join the company, highlighting the growth opportunities in Asia and the strong foundation established by Lion Global Investors.

Lion Global Investors, part of Great Eastern Holdings and a member of the OCBC Group, manages assets worth $53.4 billion (S$71.8 billion) as of 31 March 2025. The firm is a leading asset management company in Southeast Asia, specialising in Asian equities and fixed income strategies.
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Colliers has released its Q1 2025 report on Singapore’s industrial market, revealing a continued upward trend in rental indices despite global economic challenges. The JTC All Industrial rental index rose by 0.5% quarter-on-quarter, marking its 18th consecutive quarter of growth. This steady increase is attributed to the resilience of the single-user and business park segments, although overall industrial occupancy remained flat.

The report highlights a 1.5% rise in the price index, reaching its highest level since the fourth quarter of 2015. This growth reflects a 25.1% increase from the last trough in Q3 2020. Nicolas Menville, Executive Director and Head of Singapore-based Industrial Clients at Colliers, noted, “Singapore’s overall value proposition of a proactive government—offering companies incentives and support, efficient infrastructure, and a skilled talent pool—will ensure that it remains an attractive hub for industries.”

Looking ahead, the supply of industrial space is expected to surge, with an average of 1.1 million square metres anticipated annually until the end of 2027. This includes a significant influx of warehouses and single-user factories, which are largely pre-committed. Catherine He, Head of Research at Colliers Singapore, added that the relocation of manufacturing supply chains to Southeast Asia could benefit Singapore, as companies seek to leverage its position as a major re-export hub.

The report underscores the potential for Singapore to strengthen its regional ties and explore alternative markets to mitigate the impact of US tariffs, ensuring the industrial market’s long-term growth.
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