Industry News

Watsons, the leading health and beauty retailer, has today launched its new Beauty & Wellness destination at Bugis Junction, marking a significant step in its nationwide retail transformation. This initiative aims to redefine how Singaporeans engage with beauty, health, and wellness products by introducing a dynamic retail concept featuring curated product ranges and innovative shopping experiences.

The Bugis Junction store, spanning over 3,700 square feet, is designed to reflect the youthful and trend-driven community it serves. It includes immersive zones such as BeautyVerse, Beauty Is You, and Aesthetic Beauty, alongside a GNC store-within-store concept. Notably, it also offers Singapore’s first retail pharmacy eConsultation, enhancing customer convenience and engagement.

Beyond Bugis Junction, Watsons is transforming its outlets across Singapore, tailoring each to the needs of its local community. For instance, the Watsons Health Store at Paragon focuses on specialised health zones, whilst the Punggol Coast store caters to young families with everyday wellness essentials and a full self-checkout concept. The Raffles Place Station Store provides quick shopping options for busy professionals.

Irene Lau, Managing Director of Watsons Singapore & New Markets, stated, “Watsons has always designed every touchpoint with our customers in mind. Our retail transformation is about making health, beauty, and wellness more approachable, engaging, and intuitive for everyone.”

This transformation underscores Watsons’ commitment to blending convenience, personalisation, and lifestyle relevance, meeting the evolving needs of modern consumers in Singapore.

The Monetary Authority of Singapore (MAS) and the Deutsche Bundesbank have signed a Memorandum of Understanding (MoU) to collaborate on cross-border digital asset settlement. Announced during the Singapore FinTech Festival on 13 November 2025, the partnership seeks to improve international financial transactions, particularly between Singapore and Germany, by fostering technological and financial innovation.

The MoU outlines a commitment to developing new settlement solutions that aim to reduce costs and processing times for cross-border transfers. Additionally, the agreement promotes common standards for payments, foreign exchange, and securities flows involving tokenised assets, enhancing interoperability across digital asset platforms.

This initiative builds on MAS’ Project Guardian, launched in May 2022, which aims to enhance liquidity and efficiency in financial markets through asset tokenisation. The Deutsche Bundesbank joined the Guardian Policymaker Group in November 2024, further strengthening ties between the two institutions.

Leong Sing Chiong, MAS Deputy Managing Director (Markets and Development), expressed optimism about the partnership, stating, “Through this new partnership with the Deutsche Bundesbank on digital asset settlement, we hope to enhance financial connectivity in ways that benefit individuals, corporates, and financial market participants in both our economies.”

Burkhard Balz, Executive Board member of the Deutsche Bundesbank, echoed this sentiment, highlighting the shared commitment to advancing financial infrastructures. “Together, we aim to foster technological innovation and set new standards for efficiency and interoperability in international payments and securities transactions,” he said.

The collaboration between MAS and the Deutsche Bundesbank is expected to lay the groundwork for future digital financial infrastructure, further strengthening economic and financial cooperation between Singapore and Germany.

Marco Polo Marine Ltd. has been awarded a landmark S$198m contract by Taiwan’s National Academy of Marine Research to design and construct a cutting-edge 4,000 GT oceanographic research vessel. This contract marks the largest shipbuilding award in the company’s history and highlights its advanced capabilities in specialised vessel construction.

The project, valued at NT$4.678b (approximately S$198m), will be executed over a period of 1,460 days, or roughly four years, at Marco Polo Marine’s shipyard in Batam, Indonesia. The vessel will feature state-of-the-art technology, including a Dynamic Positioning 2 system, diesel-electric propulsion, battery energy storage, and advanced laboratory facilities for scientific missions. It will be designed to dual class CR and ABS certification standards by the renowned Norwegian firm Skipteknisk AS.

The contract is fully self-financed through Marco Polo Marine’s internal cashflows, with no project-specific debt required. This strategic move not only complements the company’s existing growth in the offshore wind vessel segments but also positions it within the marine research and blue economy sectors.

This significant development underscores Marco Polo Marine’s commitment to expanding its footprint in specialised vessel construction and its ability to deliver complex projects on a global scale. The successful execution of this contract is expected to enhance the company’s reputation and open up new opportunities in the marine research sector.

The Singapore Fintech Association (SFA), in collaboration with Page Executive, has released the seventh edition of the Singapore Fintech Talent Report 2025, highlighting the sector’s shift towards AI adoption and evolving workforce strategies. The report, based on insights from industry leaders and professionals, reveals a 40% year-on-year increase in demand for AI-related roles, with a significant focus on AI engineers and data scientists.

The report underscores the importance of balancing technical skills with human capabilities, as 92% of hiring managers prioritise communication and teamwork over formal qualifications. Additionally, 85% emphasise adaptability and learning agility, reflecting a shift towards a “skills-first” hiring approach. Despite 90% of job seekers holding at least a bachelor’s degree, many are pursuing online courses in AI and data analytics to stay competitive.

Singapore remains a key player in Asia’s fintech ecosystem, with 71% of companies prioritising local hiring for strategic roles. However, firms are increasingly adopting hybrid workforce models to enhance regional scalability. Looking ahead, 32% of organisations plan to increase headcount in 2026, whilst 21% aim to expand contract roles for greater flexibility.

The report also highlights a gap between employee salary expectations and employer constraints, with 67% of professionals citing salary as a primary job change motivator. Despite this, many are open to equity options over higher base salaries. As competition for talent intensifies, fintechs are focusing on strong culture and leadership trust to attract and retain employees.

Tawishi Singh, Vice-President of SFA, stated, “Future-proofing the sector means equipping employees with both hard and soft skills to thrive alongside evolving technologies such as AI.” The report concludes with recommendations for employers to adopt a skills-first hiring approach and invest in training to close skill gaps. The findings will be further discussed at the Singapore Fintech Festival 2025 on 13 November.

WeRide, a global leader in autonomous driving technology, and Grab, Southeast Asia’s leading superapp, have commenced autonomous vehicle (AV) testing in Singapore’s Punggol district. This follows approval from the Land Transport Authority (LTA) to test the entire Ai.R (Autonomously Intelligent Ride) fleet. The testing began in mid-October 2025, with plans to increase the number of AV test runs on shuttle service routes by up to four times by the end of the year.

The Ai.R fleet, operated by Grab in partnership with WeRide, consists of 11 autonomous vehicles, including 10 GXRs and one Robobus. This initiative aims to establish Punggol as Singapore’s first residential neighbourhood with an autonomous shuttle service, expected to launch for public use by early 2026. Alejandro Osorio, Managing Director of Grab Singapore, emphasised the importance of safety, stating, “We are excited to bring autonomous shuttle service to Punggol to boost connectivity.” He also added, “Safety remains our priority.”

During the testing phase, AVs will gather data on road infrastructure, traffic flows, and pedestrian behaviours to refine their AI driving models. The vehicles are equipped with LiDARs and cameras, providing 360-degree vision and the ability to detect objects up to 200 metres away, even in adverse weather conditions.

In support of the Ai.R service rollout, GrabAcademy and WeRide are training over 10 experienced Grab driver-partners as Safety Operators. These operators will provide real-time supervision during the initial phase of public rides. Azman Bin Rahmad, a trainee, expressed enthusiasm about the programme, noting the direct impact of feedback on vehicle performance.

The autonomous shuttle service will connect Punggol residents to key amenities, including the Punggol Coast MRT station and local malls, enhancing local connectivity and transport options.

The latest report from Savills Singapore reveals a 4.5% year-on-year decline in total industrial leasing volume in the third quarter of 2025, with 3,061 tenancies recorded. This figure aligns closely with the quarterly average of 3,065 deals over the past three years. The decline is attributed to cautious sentiment and slower leasing activity, particularly in the factory and warehouse segments.

The single-factory segment experienced a significant 17.5% drop in demand, whilst the multiple-user factory and warehouse segments saw marginal decreases of 4.0% and 1.6% respectively. Despite these declines, vacancy rates for single- and multiple-user factories remained stable at 10.9% and 9.0%. The warehouse vacancy rate improved slightly, dropping by 0.8 percentage points to 10.4%, largely due to the completion of Maersk’s World Gateway 2, which was fully pre-committed.

Rental trends varied across the sector. Prime warehouse and logistics properties saw a 4.3% quarterly increase in rents, reaching S$1.82 per square foot. In contrast, multiple-user factory rents showed minimal growth, with JTC’s rental index rising by just 0.4% and Savills’ prime multiple-user factory rents decreasing by 0.3% to S$2.25 per square foot.

Strata industrial sales remained steady with 406 transactions, slightly below the quarterly average of 444 deals. Investor sentiment is cautious due to tariff uncertainties, leading to a wait-and-see approach.

Tang Boon Kiat from Savills highlighted the resilience of the prime logistics segment amidst global economic uncertainty. Alan Cheong, also from Savills, noted that demand for modern, high-spec industrial spaces is expected to remain strong, with limited new supply keeping rents and vacancy rates stable.

Singapore has emerged as the most targeted country for job scams in the Asia Pacific (APAC) region, according to new research by cybersecurity firm Trend Micro. The study found that over half (53%) of Singaporeans have been targeted by job scams, with nearly one in five (18%) having fallen victim to such schemes.

The research highlights the impact of economic uncertainty and rising living costs on Singaporeans’ financial security, with 96% expressing concern over their financial situation. This anxiety has driven many to seek better job opportunities and shopping deals online, inadvertently increasing their exposure to scams. Trend Micro’s Consumer Education Director, Ashley Millar, noted, “Emotions are a powerful psychological tactic that scammers often capitalise on.”

Key findings from the study reveal that 69% of Singaporeans have received job or income offers via text or email, with many offers promising easy money for minimal work. The high digital connectivity in Singapore may be amplifying the reach of these scams. Additionally, 79% of Singaporeans are actively seeking promotions and discounts due to rising prices, making them prime targets for fraudulent online offers.

The report underscores the need for increased consumer awareness and digital hygiene. Simple measures such as verifying identities, avoiding suspicious links, and reporting irregular activities can help mitigate the risk of scams. With financial pressures unlikely to ease soon, Singaporeans are urged to remain vigilant against the growing threat of online scams.

EurewaX, a Singapore-based company, has unveiled its intelligent cross-border payment cloud platform at the Singapore FinTech Festival. This new Full-Stack Solution is designed to help financial institutions swiftly enter the high-growth cross-border payments market. Built on a modular architecture, the platform integrates global payment networks and compliance resources, addressing key challenges in financial digitalisation, particularly in Belt and Road markets.

The platform’s modular design allows institutions to expand globally by reducing system capacity limitations, back-office build cycles, and connectivity costs. Joseph Lee, Founding Partner at KAIROUS, highlighted that EurewaX’s approach “materially lowers the barrier for institutions to expand globally.” The platform supports various models, including cross-border e-commerce and B2B trade, and offers customisable SaaS solutions to overcome technical challenges.

EurewaX’s solutions have already shown significant impact. A Singapore payment agency reduced settlement costs by 30%, whilst an Indonesian trading company managed FX volatility risks through EurewaX’s dynamic FX management. Additionally, a partnership with Globebill has enabled global collections and fund distribution, enhancing cross-border capabilities.

As Southeast Asia’s digital payment infrastructure strengthens, EurewaX’s platform is poised to become a crucial link between traditional finance and the digital economy, driving the region’s payments industry towards greater intelligence and globalisation.

The Institute of Singapore Chartered Accountants (ISCA) has announced a new AI Fluency Programme aimed at equipping Singapore’s 120,000-strong accountancy sector with essential AI skills. Supported by a $1 million investment from ISCA’s $2m Artificial Intelligence for Accountancy Industry (AI for AI) initiative, the programme is designed to help non-tech professionals in accounting and corporate finance become proficient AI users, thereby transforming workflows and focusing on higher-value tasks.

Unveiled at the ISCA Conference by Indranee Rajah, Minister in the Prime Minister’s Office and Second Minister for Finance and National Development, the programme is set to roll out in 2026. It forms part of ISCA’s broader AI for AI initiative, which is built on three pillars: Learn AI, Govern AI, and Apply AI. This holistic approach aims to help the accountancy sector understand, adopt, and apply AI responsibly.

The AI Fluency Programme will be delivered online through engaging, bite-sized modules, with over 50% of the content focused on practical applications in accounting, auditing, and finance. Participants will earn Continuing Professional Education hours and an ISCA digital badge upon completion. Teo Ser Luck, President of ISCA, emphasised the importance of the initiative, stating, “By equipping them to learn, govern and apply AI responsibly, we are preparing the profession to thrive in an era where human judgement and digital intelligence work hand in hand.”

The initiative also includes the development of a Responsible Artificial Intelligence Framework in Accountancy, in collaboration with Nanyang Technological University, to ensure ethical AI use. Additionally, ISCA will establish an AI Nexus to facilitate collaboration and innovation among accountants, technology providers, and educators.

The AI for AI initiative underscores ISCA’s commitment to building an AI-enabled profession, ensuring accountants remain trusted, relevant, and ready for the future.

Mastercard and Thunes have announced a strategic collaboration at the Singapore FinTech Festival to facilitate near real-time payouts to stablecoin wallets. This partnership aims to bridge the gap between traditional and digital finance by integrating Thunes’ Direct Global Network with Mastercard Move, allowing banks, payment service providers, and end-users to send and receive funds with greater flexibility.

The collaboration introduces several key benefits, including 24/7 availability for near real-time payouts to stablecoin wallets, expanding the options for banks and payment providers. This move is expected to unlock new business models and corridors, whilst also promoting financial inclusion by reducing currency friction in underserved markets.

Pratik Khowala, Global Head of Transfer Solutions at Mastercard, stated, “As digital currencies become a bigger part of global money movement, this collaboration with Thunes reinforces our role as a trusted bridge between traditional and digital finance.” Mastercard Move, which already supports transfers in 150 currencies to over 10 billion endpoints, will now include stablecoin wallets, providing end-users with more choices.

Chloe Mayenobe, President and Chief Operating Officer at Thunes, added, “Collaborating with Mastercard Move to enable stablecoin payouts is another step forward in our mission to enable the next billion end users to take part in the global economy.”

This initiative marks a significant milestone in Mastercard Move’s commitment to facilitating stablecoin flows globally, addressing the growing demand for instant, stable digital currency payouts. The integration of Thunes’ Pay-to-Stablecoin-Wallets solution into Mastercard’s network is expected to enhance payment options for individuals and businesses worldwide.