Industry News

Kallang Alive Sport Management (KASM) has announced a significant upgrade to the Singapore Sports Hub’s digital infrastructure by introducing Wi-Fi 7, in collaboration with M1 and Cisco. This next-generation network aims to provide seamless, high-density, and low-latency connectivity, enhancing fan experiences during major sports, entertainment, and lifestyle events. The phased implementation is expected to be completed by the first half of 2026.

The introduction of Wi-Fi 7 is set to transform the Singapore Sports Hub into a digitally empowered venue, offering patrons robust and high-performance wireless internet access. This upgrade is crucial as Singapore continues to attract international events and visitors. Quek Swee Kuan, CEO of KASM, stated, “This new Wi-Fi network is an important infrastructure investment that will lay a strong foundation for our digital transformation at the Singapore Sports Hub.”

M1, as the network system integrator, will lead the deployment, ensuring an agile and future-ready infrastructure. The network will feature lightning-fast, low-latency connectivity and next-generation firewalls for security. M1 and KASM will also explore AI analytics to further enhance operational efficiency and visitor experiences.

Cisco’s Wi-Fi 7 technology, featuring the industry’s first enterprise-grade, high-density access point, will support this transformation. Tay Bee Kheng, President of Cisco ASEAN, remarked, “With Cisco’s Wi-Fi 7 technology, we are setting a new benchmark for secure, high-performance networks that power immersive fan experiences.”

The project underscores Singapore’s commitment to becoming a global leader in redefining live event experiences through cutting-edge technology.

Singapore’s National Quantum Office (NQO) has entered a strategic partnership with Quantinuum, a leading quantum computing company, to accelerate quantum computing advancements in Singapore. Announced on 6 November 2025, the agreement will see Singapore become the first country outside the US to host Quantinuum’s Helios quantum computer by 2026.

The partnership, facilitated through the National Quantum Computing Hub (NQCH), aims to strengthen Singapore’s position as a global hub for quantum computing. It will focus on advancing quantum hardware, software, and talent development. Researchers in Singapore will gain immediate cloud access to Helios, fostering deeper research collaboration and innovation.

Quantinuum will also establish a Research and Development (R&D) and Operations Centre in Singapore. This centre will collaborate with local researchers and industry partners to develop middleware and applications that integrate classical and quantum systems. The initiative aims to translate quantum technologies into commercially viable solutions, enhancing Singapore’s long-term R&D capabilities.

The partnership will further bolster Singapore’s quantum ecosystem through industry programmes and talent development initiatives, including internships and workshops. These efforts will target areas such as computational biology, financial modelling, and advanced materials, aiming to nurture a community of quantum specialists.

Ling Keok Tong, Executive Director of NQO, stated, “This partnership marks an important step in building Singapore as a leading quantum computing hub.” Quantinuum’s CEO, Rajeeb Hazra, added, “Together, we’re strengthening a hub that will accelerate the commercialisation of quantum computing.”

This collaboration builds on previous agreements with Singapore’s quantum ecosystem, setting the stage for future advancements in the field.

DBS, the largest bank in Southeast Asia by assets, has successfully implemented the Multifonds Fund Accounting Platform in Singapore, Hong Kong SAR, and Indonesia. This move, completed in 15 months by a joint team from DBS and Multifonds, aims to streamline the bank’s operations and enhance service quality in the region’s dynamic markets.

The Multifonds platform supports both traditional and alternative funds, integrating asset servicing, position keeping, valuation, and accounting functions. This comprehensive solution allows DBS to achieve high rates of straight-through processing (STP), improving operational efficiency. Notably, DBS is the first client in Asia to adopt the latest version of this platform, which includes the Workflow and Exception Manager (WEM) and integration of Fund Accounting and Transfer Agency systems to streamline the Net Asset Value (NAV) process.

DBS selected Multifonds after a rigorous evaluation process, recognising its capability to handle market-specific requirements with multi-asset coverage, including complex derivatives. The platform supports a wide range of fund structures, such as advanced profit and loss allocation per share class. Additionally, Multifonds is collaborating with DBS to develop regulatory reports tailored to the Indonesian market, ensuring compliance with evolving regulations.

Oded Weiss, CEO of Multifonds, expressed enthusiasm about the partnership, stating, “We are delighted to be chosen as the fund accounting platform for such a prestigious and world-leading bank.” The collaboration is expected to strengthen DBS’s technology capabilities and expand functionalities to meet the needs of other Asian markets.

A recent study by Blackbox Research has revealed that every young investor in Singapore now utilises artificial intelligence (AI) to guide their investment decisions. This comprehensive adoption signifies a major shift in how investment advice is accessed, posing a significant challenge to traditional financial institutions and human advisers. The study, titled “Algorithms and Ambitions,” highlights that 56% of young investors consider AI their top source of investment information, surpassing licensed advisers.

David Black, CEO of Blackbox Research, noted the inevitability of AI’s integration into daily life but expressed surprise at its universal adoption in investment decision-making. “Financial institutions will need to adapt fast — or risk being left behind,” he stated. Despite AI’s popularity, nearly half of the respondents reported negative experiences, primarily due to outdated data or inaccurate predictions.

The report urges financial institutions to move beyond superficial AI integration and develop specialised, high-trust AI solutions. High-value investors are already leveraging AI for complex tasks such as tax analysis, indicating a market gap for more sophisticated AI offerings. Investors are also demanding privacy, explainability, and human oversight in future AI iterations.

The study surveyed 276 Singapore Citizens and Permanent Residents aged 25 to 39, who have made at least one non-residential investment in the past two years. The findings offer a data-driven blueprint for financial service providers and technology developers navigating the evolving investment landscape.

Coliwoo, a leading player in Singapore’s co-living sector, has commenced trading on the Singapore Exchange (SGX) Mainboard under the stock code “W8W”. The initial public offering (IPO) saw significant demand, with the public offer of 5.3 million shares being oversubscribed by approximately 20.7 times. Additionally, the placement of 75,004,000 shares was oversubscribed by 7.3 times, attracting interest from both international and local investors.

The IPO raised gross proceeds of approximately $73.5m (S$101m), bolstered by the participation of nine cornerstone investors who subscribed to 88 million shares valued at $38.4m (S$52.8m). Executive Chairman and CEO Kelvin Lim expressed his gratitude for the robust investor support, stating that it reflects confidence in Coliwoo’s market-leading position and its track record in delivering quality living solutions.

Lim highlighted that the IPO marks a pivotal step in Coliwoo’s growth strategy, aiming to expand its portfolio to nearly 4,000 rooms by the end of 2026. The funds raised will be directed towards strategic priorities, including the development of pipeline properties and the pursuit of asset-light strategies through master lease arrangements and management contracts. With a 19.5% share of Singapore’s co-living market, Coliwoo is poised to leverage favourable sector dynamics to deliver sustainable value to stakeholders.

DBS Group has reported a record profit before tax of S$3.48b for the third quarter of 2025, marking a 1% increase from the previous year. The bank’s total income also hit a new high of S$5.93b, bolstered by robust deposit momentum and strategic hedging against lower interest rates. Despite a 2% decline in net profit to S$2.95b due to the global minimum tax, the return on equity stood at an impressive 17.1%.

The bank’s performance was underpinned by record highs in fee income and treasury customer sales, particularly in wealth management, alongside increased markets trading income. The cost-income ratio was maintained at 40%. Compared to the previous quarter, total income and net profit grew by 3% and 5%, respectively.

For the first nine months of the year, DBS saw a 5% rise in total income to SGD 17.6 billion and a 3% increase in profit before tax to S$10.3 billion. However, net profit was slightly down by 1% due to increased tax expenses.

DBS CEO Tan Su Shan commented, “We delivered a strong set of results for the third quarter with record pre-tax profit and ROE above 17%. Total income reached a new high as we sustained the strong momentum in wealth management and deposit growth whilst mitigating external rate pressures through proactive balance sheet hedging.”

As DBS looks ahead, it plans to continue navigating the challenges of declining interest rates with agile balance sheet management and capitalising on opportunities in wealth management and institutional banking.

Singapore’s retail sales experienced a decline of 1.4% month-on-month in September, according to a report by UOB Global Economics and Markets Research. This downturn follows a robust performance in July and August, where sales grew by 3.9% and 0.7% respectively. The contraction was observed across 10 out of 14 retail subcategories, with significant drops in sales of computers and telecommunications equipment, petrol service stations, and supermarkets.

The report highlights that the moderation in retail sales aligns with a slowdown in tourist arrivals, which reached 86% of 2019 levels in September, down from 93% in August. Additionally, there was an increase in outbound air departures by Singapore residents, suggesting a shift in spending abroad. The initial boost from the SG60 vouchers, distributed in July, appears to be waning, as categories like supermarkets and convenience stores saw consecutive monthly declines.

Despite the September dip, retail sales for the third quarter of 2025 showed a year-on-year increase of 4.2%, a significant improvement from the 1.2% rise in the second quarter. Looking ahead, UOB anticipates a potential boost in October retail sales due to events like the Formula 1 Singapore Grand Prix and increased Chinese tourist arrivals during China’s October Golden Week holiday. However, the report cautions that wage growth may moderate, potentially leading to more restrained consumer spending.

Ascend Asia Asset Management, the asset management division of Ascend Asia Financial Services Group, has launched a new credit-focused investment strategy aimed at accredited investors. This initiative, announced on 6 November, provides access to funds managed by leading investment firms, including KKR, and marks a significant shift in offering institutional-grade credit investing to a broader client base.

The strategy is designed to tap into high-quality, income-generating opportunities across Asia’s corporate credit markets. Tomas Urbanec, CEO of Ascend Asia, highlighted the significance of this collaboration with KKR, stating, “We are proud to offer, for the first time, institutional-grade credit investing, traditionally available only to private banking clients, to AI clients of our member firms.”

Faith Chen, CEO of Ascend Asia Asset Management, emphasised the strategy’s potential to enhance the offerings available to financial consultants and their clients. “Through this new credit strategy, we are equipping member firms’ financial consultants with an institutional-grade product that offers greater choice and sophistication to their AI clients,” she said.

The launch comes at a time when demand for sophisticated investment solutions is on the rise. Ascend Asia aims to leverage its extensive network to bring more exclusive opportunities to its member firms, empowering financial consultants to better serve their clients. Established by KKR, Ascend Asia is committed to elevating the standards of financial advisory services in Singapore and beyond, providing a comprehensive range of solutions through its open-architecture model.

SingHealth Duke-NUS has announced the launch of two new global health centres designed to advance allied health and pharmacy practices throughout Asia. The centres, unveiled on 5 November, will focus on fostering innovation and improving healthcare delivery in the region. This initiative is part of a broader strategy to address the growing demand for skilled healthcare professionals and enhance the quality of care.

The centres will serve as hubs for research, education, and collaboration, bringing together experts from various fields to develop new approaches and solutions. By leveraging the expertise of SingHealth and Duke-NUS, the centres aim to create a platform for knowledge exchange and capacity building. This will not only benefit healthcare professionals but also improve patient outcomes across Asia.

According to the announcement, the centres will prioritise interdisciplinary collaboration and the integration of cutting-edge technology in healthcare practices. “These centres will play a crucial role in transforming healthcare delivery in Asia,” stated a spokesperson from SingHealth Duke-NUS. The initiative is expected to attract international partnerships and funding, further enhancing its impact.

The establishment of these centres marks a significant step in addressing the challenges faced by the healthcare sector in Asia, particularly in the areas of allied health and pharmacy. As the centres begin operations, they are poised to become key players in shaping the future of healthcare in the region.

UOB Group has announced an operating profit of S$1.9b for the third quarter of 2025, driven by robust franchise growth across loans, deposits, and wealth management. The bank’s strategic focus on Group Retail and Group Wholesale Banking has led to significant progress in wealth assets under management (AUM), card billings, and investment banking. Additionally, Global Markets capitalised on client demand for hedging and investment solutions.

Despite a 3% quarter-on-quarter decline in net interest income due to lower benchmark rates, UOB’s loan growth of 2% helped mitigate margin pressures. Fee income increased by 8% quarter on quarter, bolstered by growth in wealth, cards, and loan-related activities. The bank’s customer-related treasury income also reached a new high.

Net profit for the quarter stood at S$443m, as UOB proactively set aside additional general allowances to enhance provision coverage amidst macroeconomic uncertainties. This move increased performing loan coverage to 1% and non-performing asset coverage to 100%, or 240% including collateral. The bank assured that the final dividend payment for 2025 would remain unaffected by these allowances.

Looking forward, UOB aims to continue investing with discipline and delivering sustainable long-term value, reinforcing its position as a key player in the region’s financial landscape.