Industry News

ST Engineering has launched its latest enterprise-grade quantum-safe cybersecurity solutions at the Singapore FinTech Festival 2025. These innovations are designed to help financial services organisations in Singapore achieve cryptographic agility and integrate quantum security measures into their operations.

The Quantum-Safe Encryptor, developed with post-quantum cryptography (PQC), is engineered to protect sensitive data and communications from quantum decryption threats. It is designed to integrate with future third-party Quantum Key Distribution (QKD) systems, ensuring ultra-low-latency, high-assurance encryption for critical infrastructure, government, defence, and enterprise networks.

Additionally, the Quantizant PQC-readiness platform assists organisations in planning and implementing their multi-year migration to quantum-safe cryptography. It features an intelligent discovery engine for cryptographic inventory management and an AI-powered quantum risk engine for risk assessment. The platform also includes a PQC migration playbook, sandbox environments for testing, and modules for third-party integration.

Tan Bin Ru, President for Enterprise (Digital) at ST Engineering, stated, “As quantum computing approaches an inflection point, organisations will have to migrate to quantum-resistant cryptographic algorithms to secure their systems before adversarial quantum capabilities mature.”

ST Engineering’s showcase at the festival also included AI-powered solutions aimed at enhancing operational efficiency and cyber resilience. The company’s Cyber business has developed deep capabilities across hardware, solutions, and services, supporting customers in 19 countries and 11 critical sectors.

With these advancements, ST Engineering continues to position itself at the forefront of national and enterprise cyber resilience, aiding financial institutions in transitioning from proof-of-concept to real business deployments.

Mastercard has unveiled an ambitious plan to make online shopping across Asia Pacific password-free and number-free by 2030, with Singapore set for full adoption by 2027. Announced at the Singapore FinTech Festival, this initiative leverages tokenised payments and biometric authentication to combat card-not-present fraud, which is currently seven times higher than in-store transactions.

The move is expected to significantly benefit Singapore businesses by enhancing security, improving customer experience, and increasing revenue. Tokenised payments are projected to boost approval rates, potentially increasing merchant sales by billions. Mastercard is collaborating with banks, merchants, digital wallets, and technology partners to facilitate this transition, aiming for full adoption in Singapore, Malaysia, and Vietnam by 2027.

Sandeep Malhotra, Executive Vice President of Core Payments for Asia Pacific at Mastercard, stated, “The vision is simple: no passwords, no manual card entry, no friction.” He emphasised that by uniting the industry, Mastercard is accelerating the adoption of tokenisation and payment passkeys to create a secure, seamless payment experience.

The initiative builds on Mastercard’s successful implementation of tokenisation in India, where collaboration with regulators, banks, and merchants has led to near-complete adoption for e-commerce. This regional roadmap is part of Mastercard’s broader strategy to transform digital payments into intelligent commerce, powered by AI and connected networks.

As the e-commerce market in Asia Pacific is projected to exceed $7t by 2030, Mastercard’s initiative could redefine online shopping, offering a smarter, more secure future for consumers and businesses alike.

The Monetary Authority of Singapore (MAS) and United Kingdom’s Financial Conduct Authority (FCA) have announced a strategic partnership to advance artificial intelligence (AI) in finance between Singapore and the United Kingdom. Revealed at the Singapore FinTech Festival, the UK-Singapore AI-in-Finance Partnership is set to promote safe and responsible AI innovation, allowing AI solution providers in both countries to scale their operations effectively across these key financial markets.

The collaboration will focus on joint testing of AI solutions, sharing regulatory insights, and hosting events to highlight best practices in AI. This initiative builds on existing programmes, MAS PathFin.ai and FCA AI Spotlight, to enhance AI collaboration between the two financial centres. Kenneth Gay, Chief FinTech Officer at MAS, emphasised the importance of this partnership, stating, “This new UK-Singapore AI-in-Finance Partnership with the Financial Conduct Authority creates an important bridge for our financial institutions, innovators and regulators to collaborate on trustworthy AI.”

Jessica Rusu, Chief Data, Information and Intelligence Officer at the FCA, highlighted the global influence of the partnership, noting that it will enable UK and Singapore firms to explore new cross-border opportunities and shape the future of responsible AI innovation in finance.

AI innovators from the UK and Singapore are encouraged to participate in future FCA-MAS AI Spotlight and PathFin.ai events by applying through the respective programmes. This partnership is poised to set global benchmarks for responsible AI use in the financial sector, strengthening connectivity between the UK and Singapore’s financial ecosystems.

The Accounting Entities Survey 2025 has highlighted significant growth in Singapore’s accountancy sector, with a 7.5% revenue increase in 2024, largely driven by Audit and Assurance services. The survey, which included responses from 233 accounting entities (AEs), representing 92% of the sector’s total revenue, also noted a rise in the resident workforce for the first time since 2020.

Revenue growth was observed across all firm sizes, with Big 4 firms seeing an increase of $112.5m, large AEs up by $54.8m, medium AEs by $49.6m, small AEs by $19.3m, and micro AEs by $8.4m. This growth reflects strong demand and opportunities within the sector.

The resident workforce expanded by over 1,300 positions, marking an 8.8% increase, despite a 17.7% decrease in the non-resident workforce. The sector also reported higher wages for experienced positions, with significant increases for senior associates, managers, and directors. Additionally, more than 1,500 job opportunities are expected, primarily in audit and assurance.

Future-focused skills development is a priority, with AEs aiming to enhance capabilities in advanced data analytics, sustainability assurance, and risk management. ACRA plans to partner with SkillsFuture Singapore to offer sustainability reporting training programmes, preparing professionals for upcoming climate-related disclosure requirements.

Enhancements to the Singapore Chartered Accountant Qualification (SCAQ) include new pathways for Accounting Diploma graduates, a curriculum refresh to incorporate ESG frameworks and technology-focused learning, and changes to the assessment format for the Foundation Programme. These initiatives aim to ensure the qualification remains relevant and accessible.

JTC has awarded Singapore’s inaugural public sector New Engineering Contract 4 (NEC4) collaborative contract to Eng Lam Contractors Co (Pte) Ltd for infrastructure works at CleanTech Park in Jurong Innovation District. This marks a significant shift in the construction sector, aiming to improve risk management and reduce project delays and cost overruns through enhanced collaboration.

The NEC4 framework, originating from the UK, has been successfully implemented in regions like Hong Kong, where it has led to time and cost savings. In Singapore, the Building and Construction Authority (BCA) began exploring NEC4 in 2024, adapting it to local legal and industry standards. Unlike traditional contracts, NEC4 promotes mutual trust and collaboration, incorporating features such as a “Pain-Gain Share” mechanism, an early warning system, and holistic dispute management.

The pilot project at CleanTech Park involves extending CleanTech Loop and constructing an elevated walkway to improve connectivity. Scheduled for completion in the second half of 2027, the project will serve as a testbed for assessing NEC4’s effectiveness in managing risks and controlling costs. JTC plans to share insights from this pilot with other public sector agencies to encourage broader adoption.

Nelson Liew, Group Director of New Estates at JTC, emphasised the importance of mutual trust in NEC4, stating it provides stakeholders with firsthand experience in collaborative contracting. Ang Lian Aik, Group Director at BCA, highlighted the milestone as a step towards better project outcomes through strengthened communication and balanced risk-sharing. Rekha Thawrani, Global Director of NEC Contracts, praised Singapore’s adaptation of NEC4, noting its potential to transform infrastructure project delivery.
“`

Eternal Mark, a leader in global health and wellness, is advancing its international growth strategy by expanding its flagship family nutrition brand, Gumazing. Founded in 2003 by Krishika and Suraj Bahirwani, the company has grown from a small Singapore-based operation to a global enterprise with a presence in over 50 countries. Gumazing, conceptualised in 2019, offers over 47 nutritional products for various demographics, including kids, teens, women, and men.

The brand’s next growth phase involves entering key markets such as Vietnam, Saudi Arabia, the UAE, and the United States. Additionally, Eternal Mark plans to launch 20 new products by Q2 2026, featuring patented hydration sachets and advanced probiotic solutions. This expansion highlights the company’s commitment to building sustainable global wellness ecosystems through innovation, accessibility, and strategic international partnerships.

Eternal Mark’s expansion into new territories and product lines is a significant step in its long-term vision to enhance global wellness. The company’s focus on innovation and strategic partnerships aims to make wellness products more accessible worldwide, reinforcing its position as a leader in the health and wellness industry.

Finmo, a global fintech company, has partnered with Standard Chartered to introduce Global Currency Account (GCA) capabilities, enabling businesses to manage pay-ins, pay-outs, and foreign exchange with enhanced control and visibility. Announced at the Singapore FinTech Festival 2025, this collaboration will initially launch in Singapore, with plans to expand to the UAE, Hong Kong, and the UK.

The partnership leverages Standard Chartered’s global infrastructure and Finmo’s Smart Treasury platform, allowing businesses to automate cross-border payments, execute foreign exchange transactions, and access real-time financial visibility. Richard Oh, Co-founder and Head of Strategy & Network Partnerships at Finmo, stated, “By connecting Standard Chartered’s global infrastructure with Finmo’s Smart Treasury platform, businesses can simplify global money movement and gain real-time visibility across entities and currencies.”

Integrating Standard Chartered’s banking APIs, Finmo will offer direct access to multi-market currency accounts, enabling finance teams to manage funds securely and efficiently. Luke Boland, Head of Fintech, ASEAN, South Asia and GCNA at Standard Chartered, commented, “Our collaboration with Finmo reflects our shared vision of helping businesses gain faster access to multi-currency liquidity, whilst improving transparency and control across global operations.”

This strategic move positions Finmo as a trusted infrastructure partner for high-growth companies, combining Standard Chartered’s banking network with Finmo’s intelligent treasury platform. The collaboration aims to provide businesses with greater visibility, efficiency, and confidence in scaling international operations.

Antom, a division of Ant International, has unveiled EPOS360, an innovative app designed to streamline business operations for micro, small, and medium-sized enterprises (MSMEs). The app, which integrates point-of-sale (POS) systems, payments, banking, lending, and growth support, aims to help MSMEs efficiently transition from setup to scale. Supported by ANEXT Bank, one of Singapore’s pioneering digital banks, the app promises faster credit access and simplified financing management.

EPOS360 is set to transform the MSME landscape by addressing common challenges such as navigating fragmented digital ecosystems and accessing market insights. The app consolidates essential services, including digitisation and marketing, into a single platform. Available on iOS and Android in early 2026, it allows MSMEs to access these services within five minutes.

The app’s AI copilot, Antom Copilot, assists merchants in creating online stores, managing cash flow, and analysing market trends. It offers tailored support, suggesting inventory adjustments and marketing strategies. “With EPOS360, even a neighbourhood food & beverage stall can launch an online menu, access an instant small loan, and set up a weekend promotion in minutes,” said Ian Cheong, CEO of EPOS.

Initially launching in Singapore, EPOS360 will expand to Malaysia and other markets. It supports multiple languages and offers features like instant loan approval and multi-currency management. Gary Liu, General Manager of Antom, emphasised the app’s role in making advanced technologies accessible to businesses of all sizes, aiming to empower local MSMEs with innovative solutions for sustainable growth.

Artificial intelligence is increasingly central to advertising, yet a new report by MiQ highlights a significant gap between AI usage and readiness among marketers. The study, “The AI Confidence Curve,” surveyed 3,169 marketers across 16 countries, including Singapore, Japan, Thailand, and Australia. It found that whilst 72% of marketers globally plan to expand AI use in the next year, only 45% feel confident in their ability to apply it effectively.

Singapore emerges as a leader in AI adoption, with 86% of marketers intending to use AI more, the highest among surveyed countries. However, only 47% are fully confident in their AI knowledge. In contrast, Japan shows higher confidence, with 51% of marketers feeling knowledgeable, yet only 66% plan to increase AI usage. Thailand reports the lowest intention to expand AI use, with just 45% planning to do so.

MiQ JAPAC CEO Jason Scott noted, “The study demonstrates the varying levels of confidence and uptake in AI, although Southeast Asia has emerged as a transformative region when it comes to embracing AI.” The report identifies knowledge gaps and inadequate measurement systems as key challenges. In Singapore, only 38% of marketers are confident in their team’s ability to optimise performance against marketing KPIs.

The report suggests that to bridge the readiness gap, marketers should invest in AI literacy and integrate AI into performance measurement. MiQ’s Chief Marketing Officer, Jordan Bitterman, emphasised the opportunity to close the 27-point gap between usage and readiness, stating, “We’re at the start of a journey that will ultimately see us all move up the curve as we apply AI to more of our mission-critical work.”

Banking Circle S.A.’s subsidiary, BC Payments Pte. Ltd. (BC Payments Singapore), has been awarded a Major Payment Institution (MPI) licence by the Monetary Authority of Singapore (MAS). This development allows BC Payments Singapore to facilitate seamless and compliant cross-border payment flows for banks, fintechs, and global payment providers in Singapore.

The MPI licence is a pivotal step in Banking Circle’s global expansion strategy. Mishal Ruparel, Chief Commercial Officer of Banking Circle, highlighted the significance of this achievement, stating, “Securing the MPI licence from MAS is a crucial progression in Banking Circle’s mission to build the payments infrastructure for the global financial economy.” He emphasised Singapore’s role as a strategic hub for Asia Pacific operations due to its progressive regulatory framework and status as a leading global financial centre.

Marc Chua, CEO of BC Payments Singapore, noted the company’s growth since its inception in 2022, stating, “Singapore’s proximity to fast-growing digital economies enables us to stay ahead of client needs, and this achievement marks just the beginning of our journey to further strengthen cross-border payment connectivity.”

BC Payments Singapore will leverage Banking Circle’s global clearing infrastructure to connect international financial institutions with local clearing rails through a single API. The MPI licence underscores Banking Circle’s commitment to enhancing the reach and reliability of real-time global payments.

This move positions BC Payments Singapore to support clients’ global payment needs and accelerate instant, low-cost payments in the region, marking a significant milestone in the company’s journey to enhance cross-border payment connectivity.