Industry News

OCBC has announced a donation of $50,000 to support emergency relief efforts in Myanmar following a devastating earthquake. The funds, channelled through the Singapore Red Cross, aim to provide immediate humanitarian assistance, including essential supplies such as food, water, blankets, and hygiene kits.

Helen Wong, Group Chief Executive Officer of OCBC, expressed the bank’s condolences, stating, “We are deeply saddened by the significant loss of lives and damage caused by the devastating earthquake. Our hearts go out to those who have lost their loved ones and homes. We hope our donation will help those affected in some way.”

OCBC has a long-standing relationship with Myanmar, dating back to 1923 when the Oversea-Chinese Bank, one of the three banks that merged to form OCBC in 1932, opened its first branch in Rangoon. The bank has maintained a presence in Myanmar for 70 years, operating as a branch until 1963 and later as a representative office in Yangon from 1994 to 2015. In April 2015, OCBC was among the first foreign banks to receive regulatory approval to operate a branch in Myanmar.

In addition to the donation, OCBC has launched a staff support programme to ensure the welfare of its Myanmar branch colleagues and their families. From 3 April 2025, OCBC customers will be able to contribute to the relief efforts via the bank’s ATMs, internet banking, and mobile banking platforms, with all donations directed through the Singapore Red Cross.
“`

Carlsberg Singapore’s premium beer brand, 1664, has teamed up with CLOT, the urban fashion label founded by Edison Chen, for their inaugural regional collaboration. This partnership will be showcased in a pop-up event at Plaza Singapura from 17 to 27 April 2025, offering a blend of fashion and premium beer.

The collaboration, themed ‘Celebrate with a Twist’, features limited-edition merchandise including caps, tote bags, ceramic tumblers, and t-shirts. The pop-up, inspired by a fabric shop, promises an immersive experience with interactive touchpoints. Visitors can engage in activities such as creating a digital avatar and tapping their own 1664 beer, collecting stamps on a 1664 Journey Postcard to unlock rewards.

Fang Qing Yao, Marketing Director of Carlsberg Singapore, expressed enthusiasm about the collaboration, stating, “1664 has always drawn inspiration from fashion, art, and design, so we’re thrilled to partner with CLOT, a brand that has always been at the forefront of creativity.”

The pop-up will also feature exclusive giveaways, including flight tickets to Paris and 1664 x CLOT merchandise sets. For those unable to attend, there are opportunities to participate in lucky draws and gift-with-purchase promotions at various retailers.

This collaboration marks a significant step in 1664’s brand evolution, aiming to redefine itself as a lifestyle and cultural icon whilst expanding its presence in the Asia-Pacific market.
“`

The Community Foundation of Singapore (CFS) has announced a significant leadership change with the appointment of Paul Tan as its new Chief Executive Officer. This transition, effective today, coincides with the unveiling of a refreshed brand identity, vision, and mission aimed at fostering a more caring and connected society in Singapore.

Paul Tan succeeds Catherine Loh, who led the foundation since 2012. Tan brings a wealth of experience from the public sector, particularly in corporate services, sector development, marketing, and communications. Under his leadership, CFS aims to deepen its impact through initiatives like the Collective for a Stronger Society, Legacy Giving Initiative, and the SG60: Everyday Heroes of Philanthropy campaign.

The foundation’s updated vision, “A generous society where communities care and thrive,” underscores its commitment to empowering purposeful giving. The new brand identity, featuring an infinity symbol, represents continuity, growth, and the limitless potential of generosity. “This refreshed mission and vision sharpen our commitment to unlocking generosity,” Tan stated, emphasising the foundation’s role in shaping communities for the greater good.

Christine Ong, Chairperson of CFS, highlighted the foundation’s dedication to fostering a society where generosity fuels lasting happiness and shared prosperity. “Philanthropy is not just about giving – it’s about shaping a future where no one is left behind,” Ong remarked.

As Singapore celebrates its 60th birthday, CFS continues to champion local philanthropy, having raised over $337 million in donations and disbursed more than $197 million to various charitable causes by the end of 2024. The foundation’s efforts reflect its belief in empowering local giving to build resilient, inclusive, and future-ready communities.
“`

United Microelectronics Corporation (UMC), a global leader in semiconductor foundry services, has officially opened its new fab facility in Singapore. The first phase of the facility, located in the Pasir Ris Wafer Fab Park, is set to commence volume production in 2026, significantly increasing UMC’s production capacity in Singapore to over 1 million wafers annually. This expansion is anticipated to generate approximately 700 local jobs, including roles for process and equipment engineers as well as research and development engineers.

The grand opening ceremony was attended by prominent figures, including Singapore’s Deputy Prime Minister and Minister for Trade and Industry, Gan Kim Yong, and Senior Minister Teo Chee Hean. The facility represents a greenfield expansion adjacent to UMC’s existing fab, with an investment of up to $5 billion to achieve a full capacity of 30,000 wafers per month. The new fab will utilise UMC’s advanced 22nm and 28nm solutions, catering to global demand for premium smartphone display chips, power-efficient memory chips for IoT devices, and next-generation connectivity chips.

SC Chien, President of UMC, stated, “This new state-of-the-art facility in Singapore signals a new phase of growth for UMC. It enhances our ability to meet future chip demand, driven by continuous innovations in connectivity, automotive, and AI.”

The facility has been designed with sustainability in mind, achieving the Green Mark GoldPlus certification from Singapore’s Building and Construction Authority. It features 17,949 square metres of solar panels and includes amenities such as a new office building and a multipurpose sports hall for employees and the community.

Jermaine Loy, Managing Director of the Singapore Economic Development Board, remarked, “This significant investment underscores our long-standing partnership with UMC, and we look forward to deepening our collaboration to strengthen Singapore’s semiconductor ecosystem.”
“`

Singtel, in collaboration with Enterprise Singapore, has unveiled SPEED, a pioneering sustainability programme designed to assist small and medium-sized enterprises (SMEs) in Singapore. This initiative, launched on 2 April 2025, aims to provide SMEs with the necessary skills and tools to advance their sustainability goals through smart technologies and purpose-driven innovations.

SPEED, which stands for Smart technologies, Purpose-driven innovations, Enhanced capabilities, achieving Effective Digital transformation, is a 15-month programme developed in partnership with solution providers and Nanyang Polytechnic. It focuses on helping SMEs track and optimise their energy usage and carbon emissions using Internet of Things (IoT) solutions. Enterprise Singapore will subsidise up to 70% of eligible costs for participating SMEs.

Ng Tian Chong, CEO of Singtel Singapore, highlighted the programme’s holistic approach, stating, “We designed this holistic programme with businesses in mind, making knowledge acquisition, application and implementation of green solutions in the workplace easy.”

The programme includes an e-assessment to evaluate sustainability readiness, deployment of IoT services for real-time insights, and comprehensive progress reviews. Geoffrey Yeo, Assistant Managing Director of Enterprise Singapore, noted, “Singtel’s SPEED programme delivers practical IoT solutions that give SMEs real-time insights into their energy usage and emissions.”

Singtel’s SPEED is part of its broader 4D Environmental Sustainability Strategy, aiming to meet its net-zero target by 2045. The company has already made significant strides, reducing its total greenhouse gas emissions by 1,315,248 tCO2e for FY24 compared to FY23. Since 2022, Singtel has invested $227.84 million (local currency) towards climate action.
“`

RHB Singapore has announced the appointment of Goh Ken-Yi as its new Chief Executive Officer, effective 1 April 2025. This leadership transition aims to bolster the bank’s commitment to sustainable growth and customer-focused financial services, with a strategic emphasis on enhancing the Singapore-Malaysia corridor.

Goh, who previously served as Deputy CEO, succeeds Danny Quah. With over 20 years of experience in investment banking and financial services, Goh has been pivotal in RHB Singapore’s growth since 2016. His leadership has strengthened the corporate and investment banking sectors, improved operational efficiencies, and deepened client relationships. As CEO, Goh plans to advance digital capabilities and deliver innovative financial solutions.

Expressing his enthusiasm, Goh stated, “I am honoured to lead RHB Singapore and build on the strong foundation laid by Danny and the team. Our priority remains deepening client engagement, accelerating digital transformation, and expanding our offerings to meet customers’ evolving needs.”

Danny Quah, who has been CEO since 2019, will transition to Managing Director, Group International Business. He will focus on expanding RHB’s presence in high-potential markets across the region, including Singapore, Cambodia, Thailand, Laos, and Brunei. Quah remarked, “It has been a privilege to lead RHB Singapore through a transformative period. With Ken-Yi at the helm, I am confident that RHB Singapore will continue to deliver lasting value for our clients.”

This leadership change aligns with RHB’s new corporate strategy, PROGRESS27, which aims to become the Best Service Bank and uphold its commitment as a responsible financial institution.
“`

Grab has been awarded a Street-hail Service Operator Licence by the Land Transport Authority (LTA), allowing the ride-hailing giant to introduce GrabCab, a new taxi fleet. This initiative aims to complement Grab’s existing private hire services by addressing unmet consumer demand, particularly during peak hours and in areas accessible only by taxis.

The introduction of GrabCab is set to cater to the anticipated growth in point-to-point rides and the preferences of consumers who favour street-hailing. As part of its commitment to sustainability, Grab plans to launch a 100% green fleet, featuring low- and zero-emission hybrid and electric vehicles from leading manufacturers.

Grab will support aspiring taxi drivers by sponsoring their Taxi Driver’s Vocational Licence course fees and offering a six-month National Taxi Association membership for new members joining GrabCab. Interested drivers can register at rentals.grab.com starting today.

In addition to expanding its fleet, Grab is committed to maintaining high service standards and leveraging technology to enhance safety and convenience. Planned initiatives include the deployment of Internet of Things devices to promote safe driving practices and the digitalisation of street-hail and relief driver matching experiences.

A Grab spokesperson stated, “Grab remains committed to maintaining an open and fair platform for all PHV and taxi drivers. We will continue to treat all drivers fairly, match them with optimal bookings, and empower them to maximise their productivity on our platform.”

The launch of GrabCab marks a significant step in Grab’s efforts to provide a more efficient and environmentally friendly ride-hailing experience in Singapore.
“`

The National University of Singapore (NUS) has announced a collaboration with Microsoft Research Asia aimed at advancing artificial intelligence (AI) research and nurturing computing talent across Asia. This partnership will focus on AI-driven research in key areas such as healthcare, societal AI, spatial intelligence and robotics, and data-intensive computing.

This collaboration is set to enhance cross-disciplinary research capabilities and strengthen the region’s influence in shaping the future of AI and computing on a global scale. By joining forces, NUS and Microsoft Research Asia aim to drive deep scientific exploration in AI, which is expected to lead to significant advancements in these fields.

The partnership is not only about research but also about fostering the next generation of tech talent. By working together, NUS and Microsoft Research Asia hope to cultivate a new wave of skilled professionals who will contribute to the evolving landscape of AI and computing.

This initiative underscores the importance of international collaboration in addressing complex challenges and pushing the boundaries of technology. As AI continues to transform various sectors, the outcomes of this partnership could have far-reaching implications for both academia and industry.

In conclusion, the collaboration between NUS and Microsoft Research Asia represents a significant step forward in AI research and talent development, with the potential to impact the global AI landscape positively.
“`

A recent survey by the Million Dollar Round Table (MDRT) has highlighted a paradox in Singaporeans’ financial behaviour. Whilst half of the population rates their financial literacy as “good” or “excellent,” a significant portion remains hesitant to utilise diverse financial tools. The survey, conducted between 30 January and 7 February 2025, involved 2,000 Singaporean adults and revealed that 81% still rely on basic savings accounts, despite being aware of other options like fixed deposits and high-yield savings accounts.

The survey also uncovered that younger Singaporeans, particularly millennials and Gen Z, are more inclined towards riskier investments such as cryptocurrencies and alternative assets. However, this risk appetite is not matched by adequate insurance coverage. Only 65% have hospitalisation insurance, and a mere 14% hold pet insurance policies, despite high awareness.

Jake Lim, an MDRT member, expressed concern over the willingness of younger individuals to take high-interest loans for stock investments. “This underscores the critical need to educate Singaporeans, not just about the financial tools available, but more importantly, the risks,” he stated.

The findings also show that Singaporeans continue to trust traditional sources for financial advice, with family, schools, and newspapers being more trusted than online platforms. Joyce Chan, another MDRT member, emphasised the importance of a diverse financial portfolio to safeguard against unforeseen situations.

The survey suggests that whilst Singaporeans are aware of their financial options, there is a need for better education on the risks and benefits of diversifying their financial portfolios.
“`

Veson Nautical has released a comprehensive analysis of the top Singapore-flagged vessel owners, operators, and beneficial owners, highlighting the significant players in the maritime industry. Moller Maersk leads the fleet with 119 vessels valued at $635b, whilst Wan Hai Lines, despite owning fewer vessels at 111, matches this value due to a modern fleet and substantial orderbook.

Pacific International Lines ranks third with 73 vessels valued at $287b. Evergreen Marine Corp, although fourth in fleet size with 58 vessels, boasts the highest fleet value at $647b, thanks to its modern container vessels. Grace Ocean Investment and NYK also feature prominently, with fleets valued at $22b and $45b, respectively.

In terms of operators, Ocean Network Express tops the list with 236 vessels valued at $2,217b. Eastern Pacific Shipping follows with 197 vessels worth $1,993b, and Pacific International Lines ranks third with 102 vessels valued at $591b. The container sector, in particular, has seen a notable increase in value, driven by heightened demand and strategic routing changes.

Among beneficial owners, Eastern Pacific Shipping leads with 205 vessels valued at $2,108b, largely due to its extensive orderbook. Pacific International Lines and Hafnia also rank highly, with fleets valued at $424b and $294b, respectively. The report underscores Singapore’s strategic role in global shipping, particularly within the container sector, which has experienced significant growth.
“`