Industry News

Allianz Asia Pacific has marked a significant milestone with the graduation of 200 agents and agency leaders from its Pinnacle Excellence Programme (PEP), developed in collaboration with INSEAD. This pioneering initiative aims to enhance the skills of Allianz’s agency force, aligning with the company’s Pinnacle 2030 strategy for sustainable growth and improved client engagement.

The inaugural cohort of PEP graduates has already demonstrated impressive results, with a 40% increase in productivity and nearly 40% qualifying for the Million Dollar Round Table, a prestigious benchmark in financial advisory. These achievements have contributed to a 19% rise in New Business Value and an 8% growth in Annualised Premiums for Allianz in the first nine months of 2024.

Notably, the Annualised Premiums per active agent increased by 11%, highlighting the programme’s impact on developing a high-performing, client-focused network.

PEP stands out by integrating academic and practical learning, crafted with input from Allianz’s top agents and leaders across Asia Pacific. The programme includes:
– Blended learning combining case studies, projects, and role-playing.
– Skill modules covering Customer Psychology, Leadership, Communication, and Entrepreneurial Strategies.
– Real-world application to translate classroom learning into practical results.

Anusha Thavarajah, Regional CEO of Allianz Asia Pacific, stated, “The Pinnacle Excellence Programme is a key pillar of our Pinnacle 2030 strategy, designed to elevate our agency force, enhance client engagement, and drive long-term growth.”

This initiative not only transfers knowledge but also shapes the future of financial advisory by equipping agents with essential skills for sustainable success.
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Yangzijiang Financial Holding Ltd. has reported a remarkable 51% increase in net profit for FY2024, reaching S$304.6m. This growth is attributed to strategic portfolio adjustments and a substantial rise in maritime fund assets. The company, listed on the SGX Mainboard, has successfully reduced its exposure to Chinese debt investments, aligning with its diversification strategy.

The maritime fund assets have seen a 150% increase since FY2023, contributing S$57.2m in income, nearly 1.5 times higher year-on-year. The firm has also reduced its China debt investment exposure to 29% of its assets under management (AUM), surpassing its mid-term target. This strategic move is part of Yangzijiang Financial’s efforts to mitigate risks associated with single-country investments.

In addition to these achievements, the board has proposed a final dividend of 3.45 Singapore cents per share, representing a 40% payout ratio and a 6.1% dividend yield. This proposal is subject to approval at the upcoming Annual General Meeting in April 2025.

Yangzijiang Financial’s Executive Chairman and CEO, Ren Yuanlin, expressed satisfaction with the company’s progress, stating, “We are pleased with the progress made in reshaping our portfolio, successfully reducing our exposure to China whilst expanding our presence in high-growth sectors.”

Looking ahead, the company plans to continue refining its sector rotation strategy, focusing on maritime investments and private credit funds in Southeast Asia. This approach aims to enhance resilience and capitalise on global investment opportunities.
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The Institute of Singapore Chartered Accountants (ISCA) has entered into a partnership with Xi’an Jiaotong-Liverpool University (XJTLU) in Suzhou, China, to introduce the Singapore Chartered Accountant Qualification (SCAQ) programme. This collaboration, formalised through a Memorandum of Understanding (MOU), marks ISCA’s first university partnership in China since opening its Nanjing office in November 2024.

Under this agreement, eligible accounting undergraduates from XJTLU’s International Business School Suzhou (IBSS) will receive exemptions for certain subjects in the Foundation Programme (FP) of the SCAQ. Upon completing the FP, students will earn the Professional Business Accountant title, advancing them towards becoming Chartered Accountants of Singapore. Additionally, ISCA will award 20 scholarships annually to the top 5% of students, covering FP fees.

The partnership aims to connect IBSS students with leading companies in China, such as Tencent, DBS China, and PwC China, which are recognised as Accredited Training Organisations by ISCA. This network is expected to expand, enhancing students’ career prospects in the accountancy field.

Professor Jorg Bley, Dean of IBSS, expressed pride in the programme’s accreditation by ISCA, highlighting its global recognition and commitment to developing future-ready accounting professionals. The MOU was signed by Tan Wei Luo, ISCA’s Divisional Director for Qualification Market Growth, and Professor Bley at XJTLU’s Suzhou Industrial Park campus.

ISCA plans to establish Professional Services Centres in 10 cities globally by June, promoting professional services and accounting expertise. Claire Qian, ISCA Chapter Chairperson for Shanghai, emphasised the partnership’s role in nurturing a robust pipeline of accounting professionals to meet China’s business ecosystem needs.
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Traveloka, the prominent travel platform, is celebrating its 13th anniversary with a special Birthday Sale, offering significant discounts and promotions across several countries.

Running from 24 February to 4 March 2025, the sale includes up to 50% off on flights, hotels, and attractions in Indonesia, Singapore, Malaysia, Thailand, and Vietnam. This initiative aims to make travel more accessible and rewarding for its users.

The Birthday Sale features a range of exclusive deals, including special hotel vouchers available throughout the event and an All-Day Flash Sale from 28 February to 2 March. Additional flash sale slots will be available from 12:00 PM to 2:00 PM on 2 March to 4 March. These offers are designed to help travellers maximise their 2025 travel plans with greater ease and flexibility.

Caesar Indra, President of Traveloka, reflected on the company’s journey, stating, “For over a decade, Traveloka has redefined travel—not just in Southeast Asia, but across key global markets, combining deep market expertise, strong industry partnerships, and a commitment to advancing tourism.”

Traveloka’s commitment to innovation is evident in its enhanced Traveloka 5.0 platform, which offers a more intuitive interface and expanded offerings, including Cruise and Tour Packages. The platform also features AI-driven search capabilities and an upgraded Traveloka Points system for greater rewards.

In addition to customer-focused initiatives, Traveloka has partnered with the Global Sustainable Tourism Council (GSTC) to provide sustainability training to over 150 hotels in Southeast Asia. The company also supports digital literacy through its Traveloka Goodwill programme, benefiting over 96,000 individuals in the hospitality and tourism sector.

As Traveloka continues to expand its partnerships with airlines, accommodation providers, and travel activity partners, it remains committed to delivering comprehensive travel solutions and supporting the growth of tourism businesses and local communities.
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ST Telemedia Global Data Centres (STT GDC) has commenced construction on its first data centre facility, STT Johor 1, at the STT Johor data centre campus in Iskandar Puteri, Johor. The groundbreaking ceremony was officiated by Johor’s Chief Minister, highlighting the state’s dedication to enhancing digital infrastructure and economic growth. The facility, part of a 22-acre campus, is set to be operational by the end of 2026 with an IT load capacity of 16MW.

Located just 15 kilometres from Singapore, the campus offers a strategic position for seamless connectivity, including integration with STT Singapore 5, STT GDC’s regional interconnection hub. This connectivity will enable the facility to support high-performance computing demands from enterprises, government agencies, and cloud service providers, facilitating advanced research and data-driven decision-making.

In a move to support the burgeoning data centre sector, STT GDC has signed a Memorandum of Understanding (MOU) with the Johor Talent Development Council. This initiative aims to develop a skilled workforce in line with the Johor-Singapore Special Economic Zone’s objectives, positioning Johor as a hub for data centre expertise in Southeast Asia.

The campus will be powered by renewable energy sources, aligning with Malaysia’s green energy goals. STT GDC is in discussions with renewable energy providers like Ditrolic Energy to supply electricity, underscoring its commitment to sustainable practices. Darryll Sinnappa, STT GDC’s Country Head for Malaysia, stated, “We look forward to STT Johor 1 playing a pivotal role in delivering tangible economic growth to the region, sustainably, whilst nurturing the next generation of data centre professionals.”

Malaysia’s data centre market is projected to grow significantly, with a development pipeline of 1.4GW over the next five years, potentially driving industry revenue to $760m (RM3.6b) by 2025.
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Singapore’s core inflation rate experienced a significant decline to 0.8% year-on-year (YoY) in January 2025, down from a revised 1.7% in December, according to latest government statistics.

This decrease is attributed to the recent rebasing of the Consumer Price Index (CPI), which altered the composition of the CPI basket, resulting in broad-based disinflation across key categories such as food, clothing and footwear, health, and recreation, sport and culture.

The rebasing notably increased the weight of accommodation, which is excluded from the core CPI, by 4.59 percentage points to 26.56%. This adjustment reflects a surge in both actual and imputed rentals for housing. Additionally, the weight of healthcare rose by 3.57 percentage points to 10.08%, aligning with an ageing population where the percentage of citizens aged 65 and above has increased from 16% in 2019 to 19.9% in 2024.

Conversely, the weight of private transport saw a significant reduction, dropping from 12.21% in 2019 to 9.06% in 2024. This change is primarily due to lower total spending on motor cars, despite rising prices driven by an uptrend in Certificate of Entitlement (COE) premiums and other car-related taxes.

With the subdued core and headline inflation readings, UOB Global Economics and Markets Research has adjusted its full-year inflation forecast to 1.3% YoY for both core and headline inflation in 2025, down from previous estimates of 1.7% YoY. The Monetary Authority of Singapore (MAS) is expected to maintain its current Singapore Dollar Nominal Effective Exchange Rate (S$NEER) settings for the remainder of the year, although further easing could occur if core inflation continues to decelerate.
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Singapore Management University (SMU) graduates continue to be highly employable, with an 89.8% overall employment rate, according to the 2024 Graduate Employment Survey.

Despite a lower hiring demand, SMU graduates are commanding higher salaries, with the average gross monthly salary increasing by 3.4% to S$5,057. The survey, conducted by SMU and other Autonomous Universities, highlights the university’s strong industry connections and the effectiveness of its experiential learning model.

SMU’s mandatory internship programme has been pivotal in preparing students for the workforce, with 79.9% of graduates completing more than one internship. Notably, 31.6% of those who secured full-time employment did so with companies they interned with. This reflects the university’s robust industry linkages, particularly in sectors such as Finance & Insurance, Legal, Accounting & Auditing, and Information & Communication.

More than 60% of SMU graduates secured employment before graduation, showcasing the market’s confidence in SMU’s talent pipeline. The university’s emphasis on interdisciplinary approaches and real-world problem-solving is credited for this success. SMU Provost Timothy Clark stated, “SMU’s graduate success is no accident—it is the result of an education model designed for relevance and lifelong impact.”

The survey also revealed that 98% of graduates felt their time at SMU positively influenced their personal growth, with significant improvements in interpersonal, collaboration, and communication skills. As Singapore’s economic landscape evolves, SMU remains committed to equipping students with the necessary skills and industry experience to thrive.
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Golf enthusiasts are in for a treat as top golfers Paul Casey, Jimmy Walker, and Robert MacIntyre prepare to compete in the Porsche Singapore Classic from 20 to 23 March 2025. The prestigious DP World Tour event, held at the Laguna National Golf Resort Club, promises a star-studded line-up, including Asian title contenders, vying for the coveted title and a Porsche Taycan Turbo S.

Paul Casey, a former world No. 3 and Porsche Brand Ambassador, expressed his excitement about returning to Singapore. “I am excited to return to Singapore for the Porsche Singapore Classic,” he said. Casey, who has previously triumphed at a Porsche event in 2019, is aiming for his 16th DP World Tour title.

Jimmy Walker, the 2016 PGA Championship winner, also shared his enthusiasm for the event. “It’s always exciting to play in new events, and the Porsche Singapore Classic is no exception,” Walker remarked. He praised Porsche’s commitment to golf, which enhances the tournament experience for players and fans.

Robert MacIntyre, who enjoyed a successful week at the Singapore Classic in 2023, is eager to return. “The fans were amazing last time, and Laguna National is a great course to start the season’s Asian Swing,” he noted.

The tournament will also feature notable Asian golfers, including Haotong Li from China and Kiradech Aphibarnrat from Thailand. Singapore’s own Brayden Lee, a 17-year-old amateur, will compete after securing his spot through a qualifying tournament.

In addition to the competition, players and fans can look forward to the hole-in-one prize—a Taycan Turbo S—and a fleet of Porsche courtesy cars available during the event. The Porsche Singapore Classic has quickly established itself as a highlight on the global golf calendar, further cementing Porsche’s involvement in professional golf.
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ECOsubsea, a pioneer in sustainable hull cleaning, has secured a $62m loan from Innovation Norway to expand its operations in Singapore, the world’s second-busiest port. The funding will support the construction of next-generation hull cleaning robots, including the Pink Panther, which debuted in Singapore last autumn. These robots, built in Norway, will be deployed from specially adapted tug vessels to clean ships whilst they are bunkering at anchor, significantly reducing fuel consumption and CO2 emissions.

The Green Growth Loan, part of a NOK 150m project, aims to incentivise private capital for climate-friendly solutions. Håkon Haugli, CEO of Innovation Norway, stated, “ECOsubsea’s results have surpassed all expectations, and this year will be the first full year of operation for the Pink Panther.” The loan will be matched with equity from private investors over the next six months, with new robots expected to be operational by the end of 2025.

ECOsubsea’s Managing Director, Tor Mikal Østervold, emphasised the importance of scaling eco-friendly solutions, saying, “The loan provides a catalyst for us to scale faster and make an even bigger contribution to preserving the environment.” The Pink Panther technology cleans hulls in 7.66-metre swathes, reducing cleaning time from 40 hours to just four, whilst collecting fouling debris to prevent environmental pollution.

ECOsubsea aims to reduce global shipping emissions by 100 million tonnes of CO2 annually, with a target of two million tonnes in 2025. The company plans to expand its network to 250 cleaning robots globally, including in key locations such as Panama, Suez, and Gibraltar.
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Manulife Investments and Maybank have unveiled the Manulife Empower Solutions, a suite of customisable investment funds aimed at revolutionising retirement planning for individuals at various life stages.

The Empower Solutions, available exclusively through Maybank in Singapore, are designed to adapt to the evolving financial goals and risk appetites of investors, ensuring financial security from wealth accumulation to retirement income preservation.

The Empower Solutions employ a glide path approach, allowing portfolios to evolve with investors’ changing needs. Hui-Jian Koh, CEO of Manulife Investments Singapore, highlighted the flexibility of the solutions, stating that they address the limitations of traditional retirement plans which often fail to adapt to changes in an investor’s circumstances.

Alvin Lee, Maybank Singapore Country CEO, emphasised the importance of these solutions in a rapidly ageing society, noting that they cater to the financial priorities of Singaporeans as the nation approaches “super-aged” status by 2026.

The suite includes four funds: Empower Income, Empower Conservative, Empower Moderate, and Empower Growth, each tailored to different risk tolerances and financial goals. Marc Franklin, Senior Portfolio Manager at Manulife Investments, explained that the funds offer both a baseline evolution and a personalised approach, allowing investors to customise their allocations.

Additionally, the Empower Solutions integrate advanced digital tools such as Goal-based Investment Tools and Portfolio Simulation, enhancing the customer experience by providing personalised advice and scenario analysis. This digital integration aims to keep clients on track to achieve their financial objectives.
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