Industry News

Temasek-owned Nurasa has teamed up with UK-based New Wave Biotech to address the significant challenge of scaling food-tech innovations from the lab to market. This partnership integrates New Wave Biotech’s bioprocess simulation tools into Nurasa’s ecosystem, enabling companies to predict production costs, yields, and environmental impacts before committing to large-scale investments.

The collaboration is set to enhance Singapore’s role as a hub for sustainable food technologies, tackling high capital costs and scale-up failures that often hinder progress. By combining digital modelling with pilot facilities and market access across Asia, Nurasa aims to reduce risks and accelerate the commercialisation of resilient, sustainable food supply chains.

New Wave Biotech’s Bioprocess Foresight platform will allow companies within Nurasa’s network to virtually test thousands of downstream processing scenarios. This includes automated techno-economic analysis and life-cycle assessment functions, providing clear insights into cost, yield, and environmental trade-offs. The software has demonstrated its ability to cut physical experiments by up to 90% and halve unit costs, offering a clearer path to market for ingredient companies.

Samson Lee, Strategic Partnerships Manager at Nurasa, highlighted Singapore’s growing position as a hub for scalable, sustainable nutrition. He stated, “Integrating New Wave Biotech’s bioprocess simulation capabilities into our platform strengthens our ability to guide both startups and corporates towards commercially viable production.”

Zoe Yu Tung Law, Co-Founder and CEO of New Wave Biotech, added, “Our platform predicts technical outcomes and contextualises them through TEA and LCA, giving teams clear, data-driven insight at every stage of development.”

This partnership aims to strengthen the commercial pathway for sustainable nutrition and biomanufactured ingredients across Asia and Europe, linking digital modelling with real-world scale-up environments and market opportunities.

Global IoT cybersecurity leader Nozomi Networks has announced the establishment of its new Asia Pacific and Japan (APJ) headquarters in Singapore. This strategic move comes on the heels of Nozomi’s recent US$1b acquisition by Mitsubishi Electric, marking a significant milestone in operational technology security. The decision to base the headquarters in Singapore is driven by the city-state’s strategic location, skilled workforce, and leadership in industrial cybersecurity.

Nozomi Networks, which serves nearly 100 customers across the APJ region, aims to leverage Singapore’s role as a leading business hub to accelerate innovation and provide enhanced support to its growing customer base. The company is committed to strengthening critical infrastructure security through collaboration with Singapore’s Cyber Security Agency (CSA) and adherence to frameworks like the Cybersecurity Act.

David Hope, Nozomi’s regional vice president, highlighted the increasing awareness of critical infrastructure cybersecurity and the role of regulatory requirements in driving organisations’ investment in cybersecurity solutions. “Nozomi Networks has worked hand in hand with Singaporean industry, critical infrastructure, and government leaders to raise the bar on industrial cyber security, and it’s fitting now to make the country our APJ headquarters,” Hope stated.

The new headquarters will also enable Nozomi Networks to expand its partner network in the region, supporting its mission to deliver robust cybersecurity solutions. This development further solidifies Nozomi’s global presence and underscores its commitment to supporting the CSA’s vision of a secure and resilient operational technology system for Singapore’s critical infrastructure.

Avestar Capital, a prominent US-based multi-family office, has officially launched its Singapore operations under Avestar Singapore PLC PTE. LTD., marking a significant step in its global expansion strategy. The new office will serve as the Asia-Pacific hub, offering tailored wealth management services to ultra-high-net-worth families across the region. This move underscores Avestar’s commitment to providing comprehensive financial solutions that cater to the complex needs of families with multi-jurisdictional wealth.

Founded by Xerxes Mullan, Avestar Capital is renowned for integrating investment advisory, tax and estate planning, philanthropy, and next-generation education into a cohesive platform. Mullan stated, “Singapore represents a natural extension of our global vision. Asia’s families are increasingly seeking an advisory partner who understands the complexity of multi-jurisdictional wealth.”

The Singapore office will be led by Zal Devitre, who brings over 20 years of experience in wealth management and family office advisory. Devitre emphasised the importance of the Singapore presence, noting, “Our presence in Singapore enables us to serve clients in one of the world’s most dynamic and sophisticated wealth centres.”

Avestar Capital plans to collaborate with leading partners in investment management, tax, and legal advisory to support families with cross-border interests. This initiative aligns with Singapore’s emergence as a premier destination for family offices, supported by a robust regulatory framework and stable economic environment.

The establishment of Avestar Singapore signifies a pivotal step in the firm’s mission to deliver tailored wealth strategies, global connectivity, and enduring value for families across generations.

Toku, a Singapore-based AI-powered customer experience platform, has announced its initial public offering (IPO) on the Catalist Board of the Singapore Exchange (SGX). The offer document was registered today, with trading expected to commence on 22 January 2026. This marks the first IPO of the year on SGX.

Toku’s platform offers a comprehensive 360° customer experience solution, integrating voice, chat, email, and other digital channels. The company aims to address the unique challenges of complex and fragmented markets, particularly in the Asia Pacific region. “The way enterprises manage customer engagement is undergoing a fundamental shift,” said Thomas Laboulle, CEO of Toku. He highlighted the convergence of separate systems into unified platforms, with AI playing a crucial role.

The IPO involves 65 million shares, priced at S$0.25 each, with 2 million shares available to the public and 63 million through placement. The offer period runs from 14 to 20 January 2026. PrimePartners Corporate Finance is the sponsor and issue manager, whilst CGS International Securities serves as the co-placement agent.

Toku plans to use the IPO proceeds to expand its AI-powered platform, enhance its technology, and pursue strategic acquisitions. The company also aims to strengthen its financial position and support operational needs. Non-Executive Chairman Lim Hwee Hua expressed confidence in Toku’s ability to meet the growing demand for compliant customer engagement solutions.

CapitaLand Integrated Commercial Trust (CICT), alongside CapitaLand Development and UOL consortium, has won the tender for the Hougang Central Government Land Sales site for approximately S$1.5b. This development marks a strategic expansion of CICT’s retail footprint into Singapore’s northeast region, with CICT set to develop and own the entire commercial component.

The project, a significant milestone for CICT, will feature a mixed-use development with around 300,000 square feet of retail and lifestyle space, making it the largest mall in Hougang. The development aims to serve as a key anchor for the precinct’s growth, tapping into Hougang’s population of nearly 230,000 residents and its connectivity to neighbouring areas like Kovan and Punggol.

Tan Choon Siang, CEO and Executive Director of the manager of CICT, highlighted the strategic value of the investment, stating, “This move strengthens CICT’s portfolio exposure in Singapore, aligning with our value creation strategy and maintaining a Singapore-centric focus.” He emphasised the opportunity to shape the mall’s design and leasing strategy, unlocking Hougang’s untapped potential.

The development will also include approximately 830 residential units, integrated with Hougang MRT station and a new bus interchange. With direct links to major transport lines, the site is poised to become a key transport node by 2030. CICT plans to finance the project through a mix of debt and other options, ensuring a strong balance sheet and sustainable returns for unitholders. Completion is targeted for 2030 or 2031.

Etiqa Insurance Singapore is spearheading a fire safety initiative in Toa Payoh, targeting 500 senior households to enhance awareness of household fire risks and the importance of basic home protection. Partnering with Care Corner Senior Services, the initiative will take place on 15 and 23 January 2026, focusing on equipping seniors with the knowledge and tools to manage fire risks effectively.

The programme responds to a rise in household fires in Toa Payoh throughout 2025, as highlighted by the Singapore Civil Defence Force’s 2024 annual report. Common fire causes include unattended cooking and overloaded electrical sockets. The initiative aims to address these risks through education and preparedness, particularly for seniors living independently in one of Singapore’s highest senior-concentration areas.

Participants will attend a fire safety session led by Fire Armour, a leader in fire protection solutions, covering fire prevention and management at home. Each household will receive a lightweight one-kilogramme dry powder fire extinguisher. Volunteers will assist seniors in transporting the extinguishers, with direct distribution to selected households to ensure wider community reach.

Raymond Ong, CEO of Etiqa Insurance Singapore, stated, “At Etiqa, we believe insurance should help people feel ready for everyday risks, not only support recovery after something goes wrong. Fires are a real and immediate concern for many households, especially seniors living independently.”

Sharon Tang, Deputy Director of Care Corner Senior Services, added, “Together with Etiqa, we are bringing fire safety education and support directly into the community to help seniors feel more confident and reassured in their daily lives.”

This initiative underscores Etiqa Insurance’s commitment to supporting seniors in ageing safely within their communities, providing practical support for greater confidence and peace of mind.

SEC Newgate has unveiled the fifth edition of its global research report, the SEC Newgate 2025 Impact Monitor, highlighting a significant demand for climate action and local impact among Singaporeans. The survey, which included over 20,000 participants from 20 countries, shows that 77% of Singaporeans believe transitioning to renewable or clean energy is crucial, reflecting a strong awareness of the climate imperative.

The report, initially launched as the “ESG Monitor” in 2021, has been renamed to the “Impact Monitor” for 2026, acknowledging the shift from global narratives to local priorities. It underscores the public’s increasing desire for positive outcomes from businesses, particularly in environmental sustainability and local economic contributions.

Key findings indicate that 68% of Singaporeans would view businesses more favourably if they adopt renewable energy, whilst 66% appreciate clear commitments to environmental sustainability. Additionally, local impact remains a priority, with 62% favouring businesses that source materials locally, 65% supporting local manufacturing, and 64% preferring companies headquartered in Singapore.

Despite the emphasis on local production, cost considerations remain significant. The survey reveals that 64% of respondents favour global sourcing if it results in lower consumer prices, highlighting the ongoing influence of cost-of-living pressures.

The SEC Newgate 2025 Impact Monitor provides valuable insights into the evolving expectations of Singaporeans, emphasising the importance of aligning business practices with local and environmental priorities.

Seven in ten real estate professionals in Singapore have seen their salaries increase by an average of 14% as they entered 2026, according to the latest ‘Salary, Rewards and Sentiments’ survey by Macdonald & Company. The survey, which included data from 445 professionals, highlights significant salary growth, with the median annual pay now at S$158,000.

The report reveals that whilst annual reviews are the most common reason for pay rises, affecting 49% of respondents, they offer the smallest increase at 7%. In contrast, changing employers, though less frequent at 14%, results in the largest salary boost, averaging 32%. Will Buck, Singapore Managing Director at Macdonald & Company, noted, “It’s clear that those changing roles are capturing the greatest gains.”

Despite the salary increases, only 9% of respondents cited pay as a reason for feeling valued at work. Recognition of work and relationships with managers were more significant factors, at 37% and 21% respectively. For those feeling undervalued, company culture and values were the primary concerns, surpassing salary and career growth opportunities.

The survey also highlights gender disparities, with women more likely to receive a pay rise (79% compared to 70% for men) and experiencing a higher average uplift (17% versus 14%). However, men are more likely to attribute their pay rise to promotions.

AI adoption is on the rise, with 67% of respondents reporting its use at work, though only 52% feel confident using it. The findings suggest a need for further training and support. Additionally, 85% of professionals consider bonuses the most important employment benefit, followed by healthcare at 51%.

Singapore’s economy, which expanded by 4.8% in 2025, is expected to see a moderation in growth to 2.6% in 2026, according to UOB Global Economics and Markets Research. The growth in 2025 was largely fuelled by AI-driven demand for semiconductors and export front-loading due to tariff concerns. However, the outlook for 2026 suggests a more tempered pace as the effects of these factors begin to stabilise.

The labour market is projected to remain stable, with a slowdown in hiring and smaller wage increments anticipated. Core inflation is expected to rise to 1.5% in 2026, up from 0.7% in 2025, primarily due to low base effects. UOB suggests that the Monetary Authority of Singapore (MAS) may consider adjusting its policy in April or July 2026 to align the Singapore dollar’s real effective exchange rate closer to equilibrium levels.

AI-related demand continues to bolster the electronics sector, with Singapore’s electronics Purchasing Managers’ Index (PMI) showing improvement in December 2025. This trend is expected to persist into the first half of 2026, supported by increased orders and employment in the sector.

Despite the positive outlook, UOB highlights potential risks, including geopolitical events or macroeconomic shocks that could impact AI-related capital expenditure plans. Such disruptions could lead to a tightening of financial conditions and potentially trigger a recession led by the US.

In conclusion, whilst Singapore’s economy is poised for continued growth, albeit at a slower rate, the focus remains on leveraging AI and digitalisation to sustain productivity gains and economic resilience amidst global uncertainties.

Cordlife has announced the renewal of its cord blood banking service (CBBS) licence for one year and its human tissue banking service licence for two years, effective from 14 January 2026. The Ministry of Health’s decision includes conditions imposed last November, focusing on the storage, retrieval, and disposal of cord blood units, as well as facilitating client-requested transfers.

Cordlife’s Group Executive Director and CEO, Shally Chen Xiaoling, expressed gratitude for the renewal, stating, “The team has worked very hard in the last year to strengthen our operations, bring in experienced staff and retrain our existing team.” She emphasised the company’s commitment to complying with all conditions and restoring stakeholder confidence.

The conditions apply solely to Cordlife’s Singapore operations, leaving its regional businesses unaffected. Cordlife continues to enhance its governance, operational controls, and compliance processes, ensuring high standards of safety and care. The company is also actively searching for a new Clinical Governance Officer.

In response to a previous temperature excursion incident, Cordlife has offered affected customers refunds and an enhanced package, which includes five additional years of free storage and compensation of up to $100,000 for medical conditions requiring stem cell transplants.

Cordlife, founded in 2001, operates Asia’s largest network of private cord blood banks and is a market leader in several countries, including Hong Kong, Indonesia, and the Philippines. The company remains focused on innovation, quality, and customer satisfaction in its services.