Industry News

American Express and Singapore Airlines have unveiled enhanced benefits for their joint Business Credit Card, aimed at providing small and medium enterprises (SMEs) with improved travel rewards and redemption options. Starting 23 April 2025, cardholders will enjoy a higher conversion limit of 150,000 HighFlyer points to KrisFlyer miles, up from the previous cap of 100,000 miles. Additionally, SMEs can now redeem 100,000 HighFlyer points for KrisFlyer Elite Gold status, a reduction from the standard 125,000 points requirement.

The updated card also offers a welcome bonus of 10,000 HighFlyer points for new businesses completing their first flight booking through the Singapore Airlines HighFlyer portal. Furthermore, cardholders can accelerate their KrisFlyer Elite Gold status upgrade for one corporate traveller with a minimum spend of $11,000 (S$15,000) on eligible Singapore Airlines and Scoot flights within the first year.

Other benefits include a bonus of 6,000 HighFlyer points upon annual membership renewal and an earn rate of up to 8 HighFlyer points per $0.73 (S$1) spent on Singapore Airlines or Scoot flights. Cardholders will also continue to enjoy existing perks such as 0% interest on instalments over six months for Singapore Airlines flights, Accor Plus membership, and Hertz Gold status.

Marlin Brown, Singapore Country Manager for American Express, expressed excitement about the refreshed card, stating it offers “greater rewards, travel benefits, and financial flexibility” to support business growth. Ng Yung Han, Vice President of Global and Corporate Sales at Singapore Airlines, highlighted the collaboration’s success in delivering enhanced benefits to customers.

The card’s annual fee will be $292 (S$400), inclusive of GST, effective from 23 April 2025.
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Singapore’s job market is showing signs of recovery, with a 3% month-on-month increase in hiring activity in February 2025, according to the latest foundit Insights Tracker report. Despite a 5% annual decline, the Advertising, Public Relations & Media sector, along with the Education sector, led the growth with a 7% increase. The report, published by foundit, highlights a resurgence in hiring activity, driven by digital marketing efforts and a focus on workforce upskilling.

The report reveals that the Software, Hardware, and Telecom roles saw the highest growth at 2% month-on-month, reflecting the ongoing demand for tech talent amid digital transformation initiatives. The Legal sector recorded the strongest annual growth, with a 19% year-on-year increase, indicating a rising need for legal professionals due to evolving regulatory landscapes and corporate expansions.

V Suresh, CEO of foundit, commented, “The February 2025 foundit Insights Tracker signals a promising recovery in Singapore’s job market. The robust expansion of sectors such as Advertising, Media, and Education underscores shifting industry priorities and workforce evolution.”

Other sectors also showed positive trends, with the Engineering, Construction, and Real Estate sector experiencing a 6% month-on-month growth, and the Retail, Trade, and Logistics sector seeing a 5% increase. However, sectors like Oil and Gas, Import/Export, and Consumer Goods/FMCG remained stagnant with no month-on-month change.

The foundit Insights Tracker provides a comprehensive analysis of online job posting activity, offering a snapshot of recruitment trends across Singapore. As the job market stabilises, the emphasis on upskilling and adaptability remains crucial for future-ready talent.
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The latest report from Edmund Tie & Company (ETC) highlights a nuanced landscape for Singapore’s luxury home market in the second half of 2024. Whilst the number of transactions for luxury landed homes fell from 43 in the first half to 36 in the second, the total transaction value rose to $750m (S$1.02b) from $625m (S$0.85b). This suggests a shift towards higher-value deals, particularly in the Good Class Bungalow (GCB) segment, which saw sales jump by 126.6% compared to 2023.

Luxury detached houses remained the dominant force, accounting for 75% of landed home transactions. The average transaction quantum for these homes reached $25.1m (S$34.16m), the highest in five years. Notably, a GCB in Tanglin Hill set a record with a land rate of $4,550 (S$6,197) per square foot.

In contrast, the non-landed luxury home segment experienced a slight decline in both transaction volume and value, with 16 transactions totalling $160m (S$216.9m), down from $197m (S$267.6m) in the first half. Despite this, developments like Ardmore Park and Park Nova continued to attract interest, with Park Nova achieving near-record prices.

Foreign demand for luxury homes showed a slight increase in volume but a decrease in transaction value, reflecting a preference for prime locations. Non-permanent residents remained largely absent due to high Additional Buyer’s Stamp Duty (ABSD) barriers.

Looking ahead, ETC anticipates continued momentum in the luxury home sector, bolstered by economic activity and potential interest rate cuts in 2025. The GCB market is expected to see increased investor confidence, whilst new Singapore Permanent Residents could drive activity in the non-landed segment.
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DBS Chief Investment Office has identified Treasury Inflation-Protected Securities (TIPS) as a promising investment option in the current economic climate marked by geopolitical tensions and inflationary pressures. TIPS, government-backed securities with maturities of 5, 10, and 30 years, adjust their principal and coupon payments in line with inflation, offering a hedge against stagnant growth and rising prices.

The report from DBS highlights that TIPS have previously underperformed during the inflation spike of 2022 due to negative real yields. However, with the US Federal Reserve now cutting rates, real yields have stabilised, presenting a more favourable environment for TIPS. “Unless the Fed makes a complete u-turn and hikes rates again, the biggest headwind for TIPS is largely behind us,” the report states.

DBS also points out that breakeven inflation rates have consistently underestimated actual inflation, suggesting that TIPS could offer valuable optionality in uncertain times. The bank notes that TIPS yields and gold, both inflation hedges, have diverged since 2022 due to geopolitical events, but expects this decoupling to be temporary.

The report concludes that ultra-long duration TIPS are particularly attractive due to the steep yield curve, providing adequate compensation for investors. Given the US’s debt sustainability concerns, TIPS offer a unique advantage as their principal adjusts with inflation, making them a robust choice for those seeking to protect against stagflation.
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The 19th Singapore Maritime Week (SMW) commenced today at the Suntec Singapore Convention and Exhibition Centre, marking a significant milestone with over 20,000 attendees from nearly 80 countries. Organised by the Maritime and Port Authority of Singapore, the event was inaugurated by Murali Pillai, Minister of State for the Ministry of Law and Ministry of Transport. This year’s SMW, running from 24 to 28 March, celebrates Singapore’s maritime contributions as part of the SG60 Signature Event.

The expanded EXPO@SMW features close to 200 exhibitors, including nine country pavilions, underscoring Singapore’s position as a leading maritime hub. A highlight of the opening was the Singapore Maritime Lecture delivered by Senior Minister Lee Hsien Loong, who discussed geopolitical trends and Singapore’s strategies for the maritime industry’s green transition.

A notable innovation unveiled at the event is Singapore’s first Maritime Digital Twin. Developed by the Maritime and Port Authority in collaboration with the Government Technology Agency of Singapore, this advanced simulation model integrates real-time data to enhance maritime operations. It aims to optimise port operations, improve energy efficiency, and support emergency responses.

Themed ‘Actions Meet Ambition’, SMW 2025 focuses on decarbonisation, digitalisation, maritime services, and talent development. The event includes high-level dialogues and conferences addressing key industry trends. Additionally, the Talent@SMW programme aims to connect individuals with career opportunities in the maritime sector.

The week-long event also features public engagement activities, offering tours and maritime heritage talks to showcase Singapore’s rich maritime history. As SMW 2025 unfolds, it promises to foster innovation and collaboration within the global maritime community.
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The Maritime and Port Authority of Singapore (MPA), alongside partners including the Singapore Maritime Officers’ Union (SMOU) and SkillsFuture Singapore (SSG), has unveiled an enhanced Tripartite Maritime Training Award (TMTA) to make seafaring a more appealing career for mid-career individuals. The programme, set to open for applications in April 2025, reduces training duration from 31 to 22 months whilst increasing monthly allowances from $1,600 (S$1,200) to $1,600 (S$2,200).

The TMTA, originally launched in 2009, supports individuals transitioning to roles such as 3rd Officers and 5th Engineers. The updated curriculum focuses on strengthening core maritime skills through advanced ship simulators and optimised onboard training. A structured mentorship programme will also be introduced, providing cadets with guidance from experienced seafarers.

A Memorandum of Understanding to enhance the TMTA will be signed on 25 March 2025, with a commitment of $6.3m (S$8.5m) over three years from government agencies, SMOU, and industry partners. Stephen Cotton, General Secretary of the International Transport Workers’ Federation, and other key figures will witness the signing.

Teo Eng Dih, Chief Executive of MPA, emphasised the significance of seafaring in global trade, stating, “The enhanced Tripartite Maritime Training Award provides mid-career individuals with the skills and financial support to make a successful transition into a rewarding maritime career at sea.” Mary Liew, General Secretary of SMOU, highlighted the programme’s role in strengthening the maritime workforce and ensuring seafaring remains an attractive career choice.

The initiative reflects Singapore’s commitment to developing a skilled maritime workforce, ensuring the nation remains a leading global hub port.
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ComfortDelGro Corporation Limited, a leading multimodal transport operator, has unveiled a refreshed corporate brand, including a new purpose statement and visual identity, marking a significant step in its evolution as a global transport leader. The company, which operates in 13 countries with a fleet of over 54,000 vehicles, aims to drive positive impact through its new purpose statement, “Mobility for a better future.”

The brand refresh comes as ComfortDelGro continues to expand its international business, securing bus and rail tenders in Europe and Australia. Managing Director and Group CEO Cheng Siak Kian stated, “Our purpose statement drives us to reimagine mobility as a catalyst for positive impact as we accelerate our growth and navigate new horizons.” This aligns the group’s diverse operations under a common goal of building a purpose-driven organisation.

Chairman Mark Greaves emphasised the company’s commitment to sustainable mobility, powered by innovation and collaboration. “This brand refresh underpins our journey forward as a global progressive and collaborative mobility company,” he said, highlighting the company’s role in shaping the future of transportation.

The updated brand identity features a refined blue hue symbolising reliability, a streamlined lowercase font for approachability, and an enhanced arrow motif representing a forward-thinking approach. The new identity will be gradually implemented across ComfortDelGro’s global operations, reinforcing its commitment to delivering innovative, world-class mobility solutions.
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ChainUp, a prominent digital asset solutions provider, has announced the launch of the “ChainUp Innovation Scholarship” in collaboration with the National University of Singapore (NUS) Business School Executive MBA (EMBA) programme. This initiative aims to address the increasing need for strategic leadership within the rapidly evolving Web3 ecosystem.

The scholarship, part of the NUS Business School EMBA 2025 intake, will honour exceptional entrepreneurs and executives who have demonstrated pioneering achievements in blockchain, Web3, and fintech. ChainUp CEO and NUS Business School EMBA alumnus, Sailor Zhong, emphasised the company’s commitment to nurturing future industry innovators. “We are proud to partner with NUS Business School EMBA to launch this scholarship, which reflects our belief in the transformative power of strategic innovation and leadership development,” Zhong stated.

The scholarship targets leaders advancing in areas such as decentralised finance (DeFi), NFTs, smart contracts, AI, and other cutting-edge technologies. This aligns with the NUS Business School EMBA’s mission to empower entrepreneurs with a global vision, as demonstrated by its comprehensive 2025 scholarship programme. The programme also includes scholarships focused on global entrepreneurship, ASEAN leadership, Singaporean SMEs, women in leadership, social impact, and ESG sustainability.

By fostering strategic leadership in the Web3 space, ChainUp and NUS Business School EMBA aim to contribute to the development of a robust and innovative digital economy. Founded in 2017 and headquartered in Singapore, ChainUp provides a wide range of digital asset solutions, serving diverse clients from Web3 companies to established financial institutions.
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Prudential Singapore has unveiled the Prudential Wealth Suite, a dedicated space for high net worth (HNW) clients seeking comprehensive wealth and financial planning services. Launched on 17 March 2025, the suite is located at Prudential Tower in Raffles Place, Singapore, and aims to cater to the increasing number of affluent individuals in the region.

The launch comes as Prudential reports a 16% rise in its HNW customer base from 2023 to 2024, alongside a sales increase of over 40% during the same period. With Asia’s millionaire population expected to more than double by 2030, Prudential plans to capitalise on this growth. The number of Prudential Private Client Advisers (PCAs) has expanded six-fold since 2018, highlighting the growing demand for specialised advisory services.

Chief Customer Officer Goh Theng Kiat stated, “The Prudential Wealth Suite is part of Prudential’s strategy to support the continued growth of wealthy individuals in Singapore and the region, and it is designed to deliver seamless and convenient holistic advisory to our high net worth customers.”

The Wealth Suite offers a private, by-appointment-only environment where clients can discuss their financial needs. It features an in-house adviser working alongside PCAs to address complex financial requirements. Clients can also access an external panel of experts for tax, legal, and estate planning services.

Prudential’s commitment to HNW clients includes the PRUVantage Legacy Index, an insurance product tailored for protection and legacy planning. The company also invests in its PCAs, providing training through the Wealth Management Institute to enhance their expertise in wealth structuring.

As Prudential continues to expand its services for HNW individuals, the Wealth Suite represents a significant step in meeting the sophisticated needs of this growing client segment.
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