Industry News

Singaporean organisations are rapidly adopting artificial intelligence (AI), yet many remain uncertain about managing the associated risks, according to a recent poll by Okta, a leading independent identity partner. Conducted in November 2025 at Okta’s Oktane on the Road event in Singapore, the poll surveyed technology and security leaders, highlighting a significant gap between AI deployment and the maturity of governance and identity controls.

The findings reveal that whilst AI awareness and usage are on the rise, accountability and monitoring are lagging. Notably, 53% of respondents believe AI security risk falls under the Chief Information Security Officer (CISO) or security function, but 25% reported no clear ownership of AI risk within their organisations. Additionally, only 31% of leaders are confident in detecting AI agents operating outside their intended scope, with 33% not monitoring AI activity at all.

Data leakage through integrations emerged as the top security concern, identified by 36% of respondents, followed by Shadow AI—unapproved or unmonitored tools—at 33%. Furthermore, just 8% of organisations have identity systems fully equipped to secure non-human identities like AI agents, with 58% describing their capabilities as only partially equipped.

Stephanie Barnett, Vice President, Asia Pacific & Japan at Okta, commented, “Organisations in Singapore are adopting AI at speed, which signals growing maturity in how the technology is being used. The next step is ensuring governance and security evolve at the same pace.”

The poll underscores the need for clearer accountability, stronger governance frameworks, and modern identity systems to secure both human and non-human identities as AI becomes integral to enterprise operations.

COURTS Singapore has launched the nation’s first in-store Sleep Clinic at its revamped Toa Payoh store, aiming to provide customers with tailored sleep solutions. This innovative concept includes Wellness and Experience Hubs, designed to enhance sleep quality through personalised guidance and product recommendations.

The Wellness Hub focuses on creating an ideal sleep environment, offering products such as calming aromas, sound therapy speakers, and luxurious massage chairs. Meanwhile, the Experience Hub guides customers through a personalised sleep product discovery journey. This includes a customised sleep questionnaire and a hands-on area to test various mattress types, helping customers find the perfect fit for their sleep preferences and needs.

In addition to the Sleep Clinic, COURTS has introduced the Mattress Satisfaction Guarantee (MSG) Programme, offering a 60-night free trial for selected mattresses. This initiative, the first of its kind in Singapore, allows customers to experience COURTS’ mattresses at home, risk-free.

Harry Higashiura, Country CEO of COURTS Singapore, stated, “With Sleep Clinic and the Mattress Satisfaction Guarantee Programme, we’re redefining what it means to shop for sleep. This is more than a retail experience – it’s a personalised journey towards better rest.”

Currently exclusive to COURTS Toa Payoh, the Sleep Clinic concept is set to expand to more locations across Singapore. The MSG Programme is available for selected Dunlopillo mattresses at all participating COURTS stores, including Megastore, The Heeren, Jem, NEX, Causeway Point, and Jurong Point.

Singapore has emerged as the most premium flexible office market in the Asia Pacific region, with prime desk rates averaging US$800 per month, according to research by Workthere, part of Savills Impacts programme. This positions Singapore ahead of other major cities like Tokyo and Sydney, driven by strong demand and limited supply in prime areas.

Globally, London leads with the highest average prime flex office desk rates at US$1,320 per month, followed by New York and Los Angeles. The Asia Pacific region, however, boasts the highest global attendance in flex offices, with an average of 4.13 days per week, highlighting the region’s emphasis on in-person collaboration.

The demand for flexible office spaces is accelerating, particularly from multinational corporations seeking agility in an uncertain business climate. In Asia Pacific, these corporates account for 41% of the demand, the highest globally, as they expand into emerging talent hubs like Bengaluru and Ho Chi Minh City.

Piers Mallitte, Head of Workthere Asia Pacific at Savills, noted, “Multinational’s use of flex offices across Asia Pacific has risen sharply, driven by the need to access cost-efficient talent pools and enter new markets quickly and efficiently.”

The evolving work patterns and employee expectations are reshaping corporate demands for flex office spaces. Features such as meeting rooms, phone booths, and collaboration spaces are highly valued, particularly in Europe, Asia Pacific, and the UK, supporting hybrid work models.

Looking forward, the emphasis on sustainability is growing, with Singapore and Australia leading retrofit activities in the region. This trend is expected to continue as companies seek to attract talent and meet net-zero commitments.

Abu Dhabi’s economic delegation, led by the Abu Dhabi Department of Economic Development (ADDED), has concluded a successful visit to India and Singapore, signing agreements aimed at strengthening partnerships across various sectors. The delegation’s efforts are part of Abu Dhabi’s strategy to enhance its Falcon Economy, focusing on smart, diversified, and sustainable growth.

During the visit, His Excellency Ahmed Jasim Al Zaabi, Chairman of ADDED, emphasised the importance of impactful partnerships with global economic powerhouses. “Our visit to Singapore and India comes as we continue to strengthen ties with top trade partners,” he stated, highlighting the emirate’s commitment to fostering a business-enabling ecosystem through progressive policies and world-class infrastructure.

In 2024, Singapore’s investments in Abu Dhabi increased by 25%, with a focus on manufacturing, education, and technical activities. Similarly, Indian companies operating in Abu Dhabi experienced a 31% rise. The discussions during the visits centred on deepening partnerships in strategic sectors such as life sciences, AI, fintech, and sustainable energy.

The Abu Dhabi Investment Forum in Mumbai provided a platform for Indian businesses to explore opportunities in the emirate. UAE Ambassador to India, Dr Abdulnasser Alshaali, remarked, “Today, the UAE and India partnership is entering one of its most dynamic chapters.”

The initiatives, including the UAE-India Startup Series launched in June 2025, aim to connect India’s talent with the UAE’s strategic capital, fostering innovation and investment. These efforts are set to create a corridor for ideas and growth, strengthening the economic ties between the nations.

MoneyHero Group, a leading personal finance platform co-headquartered in Singapore, has announced its Q3 2025 financial results, revealing significant strides towards profitability. The company, which serves over 8.8 million users across Singapore, Hong Kong, Taiwan, and the Philippines, reported a 68% year-on-year reduction in its adjusted EBITDA loss, narrowing it to $1.8m. This improvement is attributed to a better revenue mix, an expanding partnership ecosystem, and AI-driven efficiency gains.

The group’s revenue increased by 17% quarter-on-quarter and 1% year-on-year, marking the second consecutive quarter of double-digit growth. This growth reflects the company’s focus on high-margin verticals such as insurance and wealth, which now contribute 23% of the group’s revenue. Additionally, MoneyHero’s total operating costs fell by 13% year-on-year to $23.9m, thanks to disciplined cost management and AI-enabled efficiencies.

MoneyHero’s platform membership grew by 27% year-on-year, reaching 8.8 million as of 30 September 2025. The company also reported 5.1 million monthly unique users and processed 370,000 applications in Q3, with 176,000 of these being approved.

CEO Rohith Murthy highlighted the company’s strategic focus on cost discipline and high-margin vertical expansion as key drivers for future growth. MoneyHero’s AI transformation initiative, Project Odyssey, is expected to further enhance operational efficiencies and reduce customer acquisition costs.

The company will discuss its financial results in a conference call and webcast on 5 December 2025, at 9:00 p.m. Singapore Standard Time. Looking ahead, MoneyHero anticipates achieving positive adjusted EBITDA in Q4 2025, marking a significant milestone since its listing.

Qingjian Realty and Forsea Holdings reported a robust turnout at the Coastal Cabana Executive Condominium (EC) sales gallery during its first preview weekend on 6-7 December. Over 4,000 visitors explored the development, which is set to become a significant addition to Singapore’s housing market. The previews will continue until 21 December.

The development, located along Jalan Loyang Besar, offers 748 units with panoramic sea views and resort-inspired living. Prices start from S$1,639 per square foot, with unit sizes ranging from 872 to 1,421 square feet. The project is strategically positioned near Downtown East and Pasir Ris MRT, providing residents with easy access to family-friendly amenities, schools, and parks.

Du Dexiang, Managing Director of Qingjian Realty, expressed optimism about the project’s reception, stating, “Coastal Cabana has seen an encouraging response during the first weekend of previews—even during the December holiday period.” He emphasised the importance of executive condominiums (ECs) in Singapore’s housing ecosystem, offering well-located and well-designed homes that are accessible to many aspiring homeowners.

Wang Xin, Director of Forsea Holdings, noted the interest from both first-time buyers and upgraders, highlighting the project’s diverse unit sizes and functional layouts that cater to various family needs and budgets.

The development’s strategic location and thoughtful design are expected to meet the strong demand for ECs in the area, especially given the uncertain future supply in Pasir Ris. Coastal Cabana is anticipated to achieve vacant possession by 31 March 2029, with sales launching on 17 January 2026.

Payment Options Pte Ltd, a Singapore-based payment solutions provider, has secured in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) licence under the Payment Services Act 2019. This approval marks a significant step for the company in its mission to support Singapore’s small and medium-sized enterprises (SMEs) with accessible digital payment solutions.

If granted the licence, Payment Options will be authorised to offer three regulated payment services: Merchant Acquisition, Domestic Money Transfer, and Cross-Border Money Transfer. These services aim to empower SMEs by providing a comprehensive suite of payment capabilities, including online payment gateways, QR code payments, and the upcoming SoftPOS payments technology. “Our vision is to position digital payments as a growth enabler, not a challenge, for small businesses,” said Aaron Yip, Director of Payment Options.

The in-principle approval indicates that a licence may be issued upon meeting specified conditions, provided there are no adverse developments affecting the applicant. Payment Options plans to collaborate with local merchants, financial institutions, and technology partners to enhance payment accessibility and drive innovation within Singapore’s SME ecosystem.

The company reaffirms its commitment to regulatory compliance and innovation, contributing to Singapore’s journey towards a secure, inclusive, and cash-lite economy. The MAS reserves the right to rescind the approval if deemed appropriate.

HDI Global has announced the appointment of Peter Schraa as the new Head of Marine in Singapore, effective 1 December. This strategic move is part of the company’s efforts to enhance its service offerings and strengthen its presence in Southeast Asia, a crucial maritime hub in the Asia-Pacific region.

With over 20 years of experience in Europe and nearly a decade in Singapore, Schraa brings a wealth of expertise to his new role. He will work closely with local underwriters to expand HDI Global’s Marine portfolio, focusing on the region’s evolving supply chain and logistics risks. Schraa will report to Alex Tarantino, Managing Director and Principal Officer of HDI Global Singapore.

“I am thrilled to join HDI Global at such an exciting and important phase of growth,” Schraa stated. “It is a great opportunity to be part of a dynamic team dedicated to taking the marine business to new heights.”

Tarantino expressed confidence in Schraa’s leadership, noting his extensive international background and understanding of the regional market. “Peter’s appointment is an important step in deepening our Marine expertise on the ground,” he said. “I am confident that his leadership will help us build a strong Marine portfolio in the whole region and create even more value for our clients and broker partners.”

This appointment underscores HDI Global’s commitment to being a preferred partner in transformation, aiming to deliver tailored solutions to meet the specific needs of its clients in Southeast Asia.

Transport Ministers Jeffrey Siow of Singapore and Anthony Loke of Malaysia have announced key enhancements to cross-border taxi and bus services following their meeting on 4 December 2025. The discussions took place during the 12th Singapore-Malaysia Leaders’ Retreat, focusing on strengthening transport links between the two countries.

The ministers highlighted ongoing discussions between officials from both sides, aiming to improve the efficiency and reciprocity of cross-border transport services. These enhancements are expected to facilitate smoother travel for commuters and boost connectivity between Singapore and Malaysia.

The joint statement from the Ministry of Transport, Singapore, and the Ministry of Transport, Malaysia, underscores the commitment of both nations to enhance bilateral cooperation in transport. By improving cross-border taxi services and ensuring reciprocal bus services, the two countries aim to address the growing demand for efficient and reliable transport options.

These developments are part of broader efforts to strengthen ties and improve infrastructure between Singapore and Malaysia. The enhancements to the transport services are anticipated to have a positive impact on trade, tourism, and daily commuting for residents of both countries.

As the discussions progress, further details on the implementation of these enhancements are expected to be released, marking a significant step forward in regional cooperation and connectivity.

Manulife has inaugurated its Artificial Intelligence Centre of Excellence (AI CoE) in Singapore, aiming to streamline insurance processes and enhance customer experiences through advanced AI solutions. The launch, attended by Senior Parliamentary Secretary Hanyan Goh, showcased AI applications in sales, underwriting, and customer service, reinforcing Manulife’s position as a leader in AI-driven insurance.

The AI CoE will focus on developing use cases across various sectors, including underwriting and customer engagement, ensuring that AI advancements are transparent and secure. Manulife plans to collaborate with local institutions like the Institute of Banking and Finance and universities to build skills in AI governance and responsible development. “AI gives us the opportunity to deliver better, faster, and more personalised service to customers,” said Benoit Meslet, CEO of Manulife Singapore.

Singapore’s robust digital infrastructure and innovation ecosystem make it an ideal location for this initiative. The CoE will also contribute to workforce development, offering internships and training programmes to enhance AI literacy and skills among employees. Philbert Gomez, from Digital Industry Singapore, highlighted the CoE’s role in showcasing AI’s benefits in the insurance sector and creating opportunities for local talent.

Manulife’s global AI capabilities are already recognised, with the company ranked as the top life insurer in the Evident AI Index for Insurance. The Singapore CoE will further these efforts, enabling more efficient operations and higher-quality service delivery. This initiative underscores Manulife’s commitment to leveraging technology for improved customer experiences and value creation.