Industry News

DBS Bank has announced the expansion of its foreign exchange service, DBS SecureFX, to all corporate customers in Singapore. Initially launched in March 2025 for small and medium-sized enterprises (SMEs), the service allows businesses to lock in FX rates directly within DBS IDEAL, providing greater certainty in managing foreign exchange risk. This expansion comes as 83% of SMEs plan to internationalise in 2026, according to DBS’ Business Pulse Check Survey.

The service’s popularity is evident, with approximately 60% of DBS Singapore’s SME FX customers already utilising it for cross-border payments. The expansion aims to support more businesses amidst rising implied volatility in currencies such as the euro, Japanese yen, and British pound, driven by ongoing macroeconomic uncertainties.

Eileen Chia, Regional Head of Corporate Advisory, Global Financial Markets at DBS, stated, “Whilst global markets are moving through a period of heightened volatility, this also presents opportunities for businesses that are ready to scale beyond their home markets. Companies that take a more strategic approach to managing their foreign exchange exposures are often better positioned to seize regional opportunities, strengthen supplier relationships and plan with greater clarity.”

DBS SecureFX enables businesses to lock in preferred FX rates for five currency pairs, including USD/SGD and EUR/USD, up to one month in advance. This service supports payments up to $1m without requiring credit lines or upfront cash commitments. The expansion is part of DBS’s commitment to leveraging digital capabilities and financial market expertise to aid enterprises in their overseas growth efforts.

City Square Mall (CSM) has completed a S$50m Asset Enhancement Initiative (AEI), transforming it into a vibrant community hub. Officially launched by Eric Chua, Senior Parliamentary Secretary for the Ministry of Law and Ministry of Social and Family Development, the revamp introduces CONNECT @ City Square Mall, a community space developed with the National Council of Social Service. This space unites five social service agencies to support children and families.

The mall, which opened in 2009 as Singapore’s first eco-mall, now features enhanced green spaces, including the updated City Green park with two revamped playgrounds. The refurbishment also includes new dining and lifestyle concepts, such as Gastro Square, a 24,000 square foot dining destination offering international cuisines and hosting events and workshops.

Sherman Kwek, Group CEO of City Developments Limited, stated, “City Square Mall now offers a more dynamic retail experience, with vibrant spaces and a refreshed tenant mix.” The mall has achieved nearly 100% occupancy, supported by strong footfall and leasing momentum.

Sustainability remains a core focus, with upcycled materials used in interior upgrades and the expansion of the CDL MicroForest. The mall aims to become the first in Singapore to achieve certification under the Singapore Environment Council’s Eco Spaces framework by 2026.

With its refreshed interiors, expanded green areas, and enhanced programming, City Square Mall reemerges as a vibrant, inclusive community hub, blending heritage, community, and sustainability.

Moomoo Singapore has launched its third physical store in Bugis, marking its largest location in Southeast Asia. This new store is part of Moomoo’s “phygital” strategy, which blends digital trading with offline engagement to offer a comprehensive experience for investors. Alongside the store opening, Moomoo Singapore has entered a strategic partnership with the Securities Investors Association (Singapore) (SIAS) to advance investor education and literacy.

The Bugis store, following successful openings at 313@Somerset and Jem, aims to transform into a learning ecosystem for investors. Jeyson Ng, CEO-Designate of Moomoo Singapore, highlighted the demand for meaningful investor engagement, stating, “Our physical stores allow us to complement our digital platform with real-world engagement.”

The partnership with SIAS will broaden outreach to retail investors through investment literacy programmes, workshops, and community engagements. Selected SIAS-led programmes may be hosted at the Bugis hub, enhancing access to structured learning opportunities. Ang Hao Yao, Vice President of SIAS, emphasised the importance of investment literacy for informed market participation.

Moomoo Singapore’s efforts extend beyond education, aiming to strengthen connections within Singapore’s capital markets ecosystem. By fostering engagement between listed companies and retail investors, Moomoo Singapore seeks to enhance market discovery and contribute to a vibrant investment landscape.

Seatrium Limited has finalised the divestment of its Karimun Yard on Karimun Island, Indonesia, as of 9 March 2026. This move is part of a broader strategy to offload non-core assets, which is anticipated to result in annualised cost savings exceeding S$50m.

The divestment aligns with Seatrium’s ongoing efforts to streamline operations and focus on its core business segments, which include Oil & Gas Newbuilds and Conversions, Offshore Wind, and Repairs & Upgrades. The company, headquartered in Singapore, is a key player in the global offshore, marine, and energy sectors, with a presence in 15 countries and a workforce of over 24,000 employees.

Seatrium’s strategic repositioning comes amidst a global shift towards sustainable energy solutions. The company is enhancing its capabilities in new technologies, such as Carbon Capture & Storage and New Energies, to support the energy transition. Seatrium’s commitment to innovation and sustainability is underscored by its longstanding relationships with major energy companies and asset operators worldwide.

The completion of the Karimun Yard divestment marks a significant step in Seatrium’s strategy to optimise its asset portfolio and reinforce its role in the evolving energy landscape. The company continues to prioritise safety, quality, and timely delivery in its operations, aiming to create lasting value for its stakeholders.

CBRE has announced the sale of a premium freehold office unit at Southpoint, located at 200 Cantonment Road in Singapore’s Central Business District (CBD). The sale will be conducted through an Expression of Interest (EOI) exercise, closing on 21 April at 3pm. The office, spanning 6,415 square feet, is situated on a high floor with sea views and features a prominent lobby frontage and a column-free layout.

The property is currently fully tenanted, providing immediate and stable rental income for potential investors. Its versatile design allows for future subdivision to accommodate multiple tenancies. The office is strategically positioned at the intersection of the CBD and the Greater Southern Waterfront, an area undergoing significant transformation into a vibrant lifestyle and commercial hub.

Clemence Lee, Executive Director of Capital Markets at CBRE, highlighted the robust interest in freehold strata offices due to their potential for long-term wealth preservation and capital appreciation. “These opportunities are increasingly rare in the CBD,” Lee stated, noting the limited existing stock and restrictions on new strata commercial subdivisions.

The indicative guide price for the property is S$20.5m, or approximately S$3,195 per square foot. As a commercial property, it is open to foreign buyers without the imposition of Additional Buyer’s Stamp Duty or Seller’s Stamp Duty. With its prime location and strong rental demand, the Southpoint office is expected to attract significant interest from investors.

Singaporean organisations are rapidly embracing artificial intelligence (AI), with 66% expecting to deploy more than five AI-enabled applications within the next three years, according to Nutanix’s latest Enterprise Cloud Index. However, 77% of these organisations believe their current infrastructure is not fully prepared to support AI workloads on-premises, prompting a significant push towards infrastructure modernisation.

The report highlights that AI is accelerating the adoption of containers, with 82% of Singaporean firms using them to enhance speed, reliability, and scalability. Containers have become essential in modern application strategies, with 88% of organisations anticipating increased usage over the next three years.

Operational challenges are also emerging, as 93% of organisations cite silos between business units and IT as obstacles to effective technology deployment. Additionally, shadow IT poses risks, with 78% encountering AI applications implemented by non-IT employees, and 94% acknowledging the potential exposure of sensitive data.

Data sovereignty remains a critical concern, with 86% prioritising it in infrastructure decisions. This is driven by compliance obligations and security concerns, necessitating that data remains within the country of origin.

Jay Tuseth, Vice President and General Manager of Asia-Pacific and Japan at Nutanix, stated, “As Singaporean organisations race to scale AI, they are hitting a wall of operational complexity, from data sovereignty requirements to the risks of shadow IT.”

The findings underscore the need for a unified operating platform to bridge the gap between containers and virtual machines, ensuring secure and efficient AI deployment across hybrid environments.

Stacked Store, a leading home goods retailer in Singapore, has announced its partnership with IMBA as the exclusive retail partner for the IMBA Store. This new gift shop, located within IMBA’s immersive exhibition space at Gardens By The Bay, will open to the public on 3 April 2026. The store aims to enhance the visitor experience by offering a range of thoughtfully designed merchandise and collectibles inspired by the exhibitions.

The IMBA Store will feature exclusive in-house merchandise collections developed by Stacked Store, drawing inspiration from artists showcased at IMBA. The initial collections will include interpretations from the works of Fernando Botero and David Hockney. These limited-edition items are designed to capture the essence of each artist’s work, providing visitors with a tangible connection to the exhibitions.

The store’s interior will be furnished with the USM Haller System, supported by Club Modular and Vanguard, creating a sleek and modular retail environment. This design aligns with IMBA’s immersive setting and Stacked Store’s commitment to a design-forward approach.

This collaboration underscores Stacked Store’s dedication to merging art, design, and everyday living, offering meaningful retail experiences that connect audiences with good design.

YY Group Holding Limited, a leader in on-demand workforce solutions and integrated facilities management, has announced its preliminary financial results for the fiscal year ending 31 December 2025. The company expects revenue to reach between US$57m and US$58m, marking a substantial increase of approximately 38.7% to 41.1% compared to the previous year. Gross profit is projected to be between US$7.5m and US$8m, reflecting a growth of 42.6% to 52.1% year-on-year.

The company attributes this impressive growth to its expanded operations in both on-demand staffing and integrated facilities management (IFM) sectors. CEO Mike Fu highlighted the company’s strategic acquisitions and investments in regional capacity as key drivers of this success. “Our preliminary fiscal year 2025 results demonstrate the significant progress we have made in scaling YY Group into a diversified, multi-market workforce outsourcing and facilities management platform,” Fu stated.

Chief Financial Officer Jason Phua echoed this sentiment, noting the disciplined execution and strategic investments made during the year. “Estimated full-year revenue growth of approximately 40% underscores our disciplined execution during a year of significant investment and expansion,” Phua said.

The company plans to release its full financial results for FY2025 by 31 March 2026. These preliminary figures are based on unaudited management accounts and are subject to final review. YY Group remains optimistic about maintaining its growth momentum into 2026.

EHL Hospitality Business School and UEFA Academy have announced a partnership to introduce a Sport Event Management Executive Course in Singapore. This initiative supports Singapore’s S$165m Major Sports Events Fund and Vision 2030, aiming to enhance the nation’s workforce as it prepares to host major events like the FIBA 3×3 World Cup 2027 and the 2029 SEA Games.

The four-day intensive course, set to debut from 9 to 12 July 2026 at EHL Campus Singapore, will offer participants exclusive insights into UEFA Champions League frameworks. It will be co-taught by senior UEFA practitioners and EHL faculty, targeting 25 mid-to-senior professionals from sports, hospitality, and travel sectors. The course is designed to equip participants with skills in planning, management, and delivery of major sports events, focusing on strategic intent, stakeholder management, and fan experience.

Stéphane Haddad, Associate Dean Executive Education at EHL Singapore, emphasised the importance of the programme in safeguarding taxpayer investment and creating job resiliency in the live event economy. “This joint programme with UEFA Academy brings hospitality and sport together in a highly applied format,” Haddad stated.

Thomas Junod, Head of UEFA Academy, highlighted the collaboration’s role in preparing professionals to shape the evolution of sport. “We are proud to support those who set the direction for sport events on the global stage,” he said.

Applications for the 2026 intake are now open, welcoming candidates from the Asia-Pacific and Middle East regions. This initiative positions Singapore as a global hub for sports event management education, supporting the region’s growing demand for skilled professionals.

Porsche Asia Pacific and the Institute of Technical Education (ITE) have signed a Memorandum of Understanding (MoU) to collaborate on sustainable mobility and next-generation automotive technologies. This five-year partnership aims to equip students and educators with industry-relevant skills, aligning with Singapore’s shift towards electrified mobility.

The collaboration will focus on key areas such as high-voltage battery technology, electric vehicle diagnostics, and digitalisation. Students will benefit from internships at Porsche Singapore and potential overseas attachments at Porsche’s regional facilities, including the assembly facility in Kedah, Malaysia. These opportunities provide a rare glimpse into top-level automotive production and technical innovations.

ITE educators will also gain from this partnership. Recently, two lecturers from ITE College West participated in specialised high-voltage battery training at the Porsche Service Centre in Singapore, gaining insights into Porsche’s unique EV battery repair concept.

Porsche will further support ITE by donating a Macan Electric for training purposes and sponsoring Book Prizes and Achiever Awards for top-performing students. Hannes Ruoff, CEO of Porsche Asia Pacific, emphasised the importance of equipping young talents with strong technical foundations and real-world exposure. Peter Lam, CEO of ITE, highlighted the partnership’s role in keeping students and educators at the forefront of emerging technologies, empowering them to shape the future of Singapore’s automotive industry.