Industry News

MoneyMax Financial Services Ltd., a prominent financial services provider in Southeast Asia, has reported a record profit attributable to owners of the parent of S$71.7m for the financial year ending 31 December 2025. This marks an 87.6% increase from the previous year, supported by strong business fundamentals and strategic expansion in Singapore and Malaysia.

The company’s revenue soared by 38.9% to S$541.9m, largely due to a 42.6% rise in its retail and trading of gold and luxury items segment, which reached S$420.1m. This growth was attributed to increased sales volume, an expanding customer base, and favourable gold prices. Additionally, the pawnbroking segment contributed significantly, with a 46.2% increase in revenue to S$97.1m, driven by higher interest income from an expanded receivables portfolio.

Profit before income tax also saw a substantial rise, increasing by 82.4% to S$95.8m. In recognition of its strong performance, MoneyMax declared a final tax-exempt dividend of 1.50 Singapore cents per share and a special dividend of 0.50 Singapore cents per share for FY2025.

The company continues to focus on growth through strategic expansion and product innovations aimed at enhancing customer experiences. As MoneyMax builds on its strong financial foundation, it remains poised for further growth in the coming years.

The Singapore Department of Statistics has reported a 0.5% decrease in the Consumer Price Index (CPI) for January 2026 compared to the previous month, whilst noting a 1.4% increase from January 2025. This fluctuation highlights the ongoing shifts in consumer prices across various sectors in Singapore.

The year-on-year rise was significantly influenced by the health sector, which saw a 4.4% increase, and the transport sector, which rose by 2.4%. Health insurance costs notably surged by 16.4%, contributing to the overall increase in the health category. Meanwhile, the transport sector’s growth was driven by a 4.2% rise in land transport services.

Conversely, the month-on-month decline was largely attributed to the housing and utilities sector, which fell by 1.4%. This drop was mirrored in the accommodation and utilities subcategories, both experiencing a 1.4% decrease. The information and communication sector also saw a decline, with a 1.9% reduction in prices.

Food prices showed a modest increase of 1.2% year-on-year, with specific items like fish and other seafood experiencing a notable 2.7% rise month-on-month. However, oils and fats saw a decrease of 1.1% in the same period.

These changes in the CPI reflect the dynamic nature of consumer prices in Singapore, influenced by various economic factors. The data serves as a crucial indicator for policymakers and businesses to understand inflationary trends and make informed decisions. As the year progresses, monitoring these trends will be essential for anticipating future economic conditions.

QBE Insurance Group has announced the appointment of Carles Tondo as Head of Property for Asia, effective immediately. Based in Singapore, Tondo will report to Stephen Geisler, CEO of South Asia. He will be responsible for driving the strategic growth of QBE’s property portfolio across the region, focusing on product strategy, pricing, and portfolio management.

Tondo’s appointment comes at a time when property development and infrastructure resilience are accelerating across Asia, with an increasing complexity in risk. With over 17 years of experience in international underwriting and leadership across Europe and Asia, Tondo is expected to strengthen client relationships and ensure compliance with legal and regulatory requirements. He will also manage regional performance for designated business lines, working closely with stakeholders to maximise growth and profitability.

Previously, Tondo served as Head of Property and Technical Lines for Singapore at another insurer and has held various leadership roles in Spain, Switzerland, and Malaysia. Stephen Geisler expressed confidence in Tondo’s ability to deliver exceptional value to QBE’s property clients, stating, “His extensive international exposure and leadership experience will be instrumental in helping QBE deliver exceptional value to our property clients, as they navigate increasingly complex risks.”

Tondo will take over the property portfolio from Brendan Dunlea, who will continue to lead the Construction, Engineering, Renewables, and Power Generation businesses at QBE Asia. Tondo remarked on his new role, “As the momentum of property development accelerates across Asia, it is now more important than ever that resiliency is at the forefront of our clients’ priorities.”

QBE Asia is part of the International Division of QBE Insurance Group Limited, headquartered in Sydney and listed on the Australia Securities Exchange.

Indeed’s 2026 Best Jobs list highlights the most resilient roles in Singapore amidst increasingly selective hiring practices. The list, which ranks jobs based on overall quality, reveals that resilience is shaped by adaptability and stable demand for specialised skills. The top positions include Financial Adviser, Piano Teacher, Sales Manager, Project Manager, and IT Analyst.

Callam Pickering, Indeed’s Senior APAC Economist, noted the surprising inclusion of Piano Teacher in the top 10, attributing its high ranking to steady demand and strong performance across job quality dimensions such as compensation and flexible working arrangements. In contrast, roles like Finance Manager and Network Engineer, which rank lower, are more narrowly defined and potentially more vulnerable in a selective hiring environment.

For job seekers, the findings suggest focusing on roles that offer resilience through transferable or specialised skills. Employers are encouraged to design roles with opportunities for skill development and internal movement to attract talent and remain competitive.

Workday, Inc., a leading enterprise AI platform, has announced the appointment of Yen Yen Tan to its APAC International Advisory Board, effective immediately. This strategic move aims to bolster Workday’s AI impact in Southeast Asia, helping organisations accelerate their AI roadmaps in the evolving work landscape.

Yen Yen Tan, based in Singapore, brings over 30 years of senior executive and advisory experience from global technology giants such as Vodafone, Oracle, and HP. Her extensive network and operational expertise across ASEAN boardrooms will be instrumental in supporting businesses to realise their AI ambitions and foster innovation. Currently, she serves on the boards of OCBC Bank, Jardine Cycle & Carriage, ams-OSRAM AG, and EdgeConnex Inc.

Expressing her enthusiasm, Tan stated, “I admire Workday for its ability to combine a relentless focus on innovation with a deep commitment to customer success. As a ‘techie’ at heart, I am energised by Workday’s AI-first approach to solving the most complex workforce and financial challenges.”

Simon Tate, president of APAC at Workday, welcomed Tan, highlighting her mentorship as a significant asset to the company. “With her expertise, I am confident we will continue to drive growth and better support organisations across Asia as they accelerate AI-enabled workforce modernisation,” he said.

The appointment underscores Workday’s commitment to leveraging AI to empower organisations, enhancing productivity and facilitating digital transformation across the region.

Anaplan has announced the launch of its new Amazon Web Services (AWS) data centre in Singapore, a strategic move aimed at accelerating digital transformation across Southeast Asia. This expansion will empower businesses with advanced artificial intelligence (AI) capabilities for real-time planning and decision-making, enhancing Anaplan’s global infrastructure with faster data processing, improved security, and regulatory compliance.

The new data centre is particularly significant for industries such as the public sector and financial services, where protecting sensitive information and meeting local data sovereignty requirements are critical. Carol Potts, general manager for North America ISV sales at AWS, described the launch as a “strategic milestone” that reinforces Anaplan’s commitment to customers across the Asia-Pacific region.

Businesses leveraging the Anaplan platform will benefit from AI-driven insights, enabling more informed, data-driven decisions that streamline operations and improve efficiency. The centre ensures that data remains within Singapore, adhering to local regulations, and supports companies in embedding AI technology into planning processes, driving innovation and competitiveness.

Amit Bagga, managing director, APAC, at Anaplan, expressed delight in bringing the platform to Singapore, highlighting the importance of data sovereignty for clients. The new location allows businesses to optimise and unify their finance, workforce, sales, and supply chain planning processes with confidence.

This development is part of Anaplan’s $500m innovation roadmap, which includes other data centre expansions in India, Indonesia, and Australia, further solidifying its commitment to the Asia-Pacific region.

DBS, Southeast Asia’s largest bank, and Granite Asia, a leading multi-asset investment platform, have announced a strategic partnership to accelerate the growth of high-potential Asian companies. This collaboration, formalised through a memorandum of understanding, includes the launch of a $110m AI-focused initial public offering (IPO) fund, exclusively available to DBS’ wealth clients. The fund aims to bolster the region’s AI ecosystem by investing in high-growth AI-driven companies.

The partnership is a pioneering effort in the region, combining DBS’ banking expertise with Granite Asia’s investment acumen. The AI IPO fund, which has attracted investors from Southeast Asia, South Asia, and Europe, is the first in a series of planned funds. It reflects a strong global interest in Asia’s burgeoning AI sector, where over 13,000 AI-driven companies have been founded since 2015.

DBS will provide comprehensive support to Granite Asia’s funds and portfolio companies, offering services ranging from subscription financing to advisory for mergers and acquisitions. Tan Su Shan, CEO of DBS, highlighted the partnership’s significance, stating, “This partnership reflects our heritage as a development bank and our commitment to power Asia’s next generation of global category leaders.”

Granite Asia’s Senior Managing Partners, Jenny Lee and Jixun Foo, emphasised the collaboration’s potential to support founders and companies as they expand internationally. With capital flows into Asia expected to rise, the initiative aims to create a vibrant funding ecosystem, enhancing access to growth capital for ambitious companies.

The partnership marks a significant step in fostering innovation and growth in Asia’s technology sector, with future plans to develop additional funds and co-investment opportunities.

CIMB Singapore has been recognised as one of the top 300 employers in the city-state and honoured as a “Career Builder” in the inaugural Singapore Opportunity Index (SOI) by the Ministry of Manpower. The SOI assessed nearly 1,500 of Singapore’s largest organisations across five dimensions: pay, progression, gender parity, retention, and hiring practices, with only the top 20% making the list.

The accolade highlights CIMB Singapore’s leadership in talent and career development. Andrew Boey, Chief Financial Officer and Officer-in-Charge, stated, “This achievement reflects the culture we’ve built together, where opportunity isn’t just a promise but a daily practice.” He emphasised the bank’s commitment to inclusive hiring and career progression.

CIMB Singapore has implemented various initiatives to enhance employee wellbeing, including annual health checks, vaccinations, a flexible wellness wallet, and employee engagement activities like festive lunch celebrations. Additionally, the bank has introduced a Generative AI bot to simplify work processes and offers AI, data, and analytics training to futureproof its workforce.

The bank’s efforts have also earned it the title of Top Employer in Singapore for 2025 and 2026 by Influential Brands and a Great Place to Work® certification in 2025, based on employee feedback. These recognitions underscore CIMB Singapore’s dedication to fostering a workplace where innovation and excellence thrive.

RafflesMedicalGroup has announced a robust financial performance for the second half of 2025, with Profit After Tax and Minority Interests (PATMI) increasing by 22% to S$38.5m compared to the same period in 2024. The full-year PATMI for 2025 also saw a 13.4% rise, reaching S$70.6m, bolstered by strong performances in the Hospital Services and Insurance divisions, as well as gains from investment properties.

The Group’s revenue for the full year grew by 1.8% to S$765.3m, attributed to higher patient volumes, improved average bill sizes, and operational efficiencies. The Hospital Services Division alone reported a 3.5% increase in revenue, amounting to S$357.8m, with profits rising by 15.3% to S$41.1m. This growth was supported by steady patient volumes and operational efficiencies in both Singapore and China.

RafflesHealthinsurance recorded a 4.1% revenue growth, reaching S$185.2m in 2025, driven by contract repricing and new contracts. Despite a challenging insurance environment, profitability improved by 50.6% due to disciplined claims management and expense control.

The Group maintained a healthy cash position with S$310.8m in cash and equivalents as of 31 December 2025, allowing for strategic growth initiatives and shareholder returns. A final dividend of 3.0 cents per share has been proposed, representing 84% of sustainable Group PATMI.

Looking ahead, RafflesMedicalGroup plans to expand its services across Asia and adopt advanced technologies, including AI, to enhance healthcare delivery. The upcoming RafflesHealthyLongevityCentre, set to open in Q1 2026, will focus on personalised and preventive care, aiming to help individuals achieve healthier, longer lives. The Group remains optimistic about its profitability in FY2026, as it continues to adapt to demographic and regulatory changes in its operating regions.

Seatrium Limited has announced plans to achieve over S$50m in operational cost savings by early 2026 through a series of non-core asset divestments. The Singapore-based engineering solutions provider is accelerating its asset portfolio optimisation strategy to streamline operations and enhance long-term shareholder value.

Recent divestments include the sale of the AmFELS yard in Texas and GNL Platform Supply Vessels, with all transactions expected to complete by early 2026. These moves are part of Seatrium’s efforts to optimise its cost structure and sharpen its competitive edge. The company is also divesting a fleet of 17 tugboats in Singapore for S$104m, with a towage services agreement ensuring continuity of services.

In January 2026, Seatrium sold its Can-Do 2 floating dock for S$16.9m, a transaction expected to eliminate vessel-related expenses. Additionally, the Karimun Yard in Indonesia was divested for S$22m in December 2025, centralising Seatrium’s operations on Batam Island.

The Crescent Yard in Singapore is also set for divestment, with completion expected by the first quarter of 2026. These strategic moves are designed to position Seatrium for greater agility and to capture emerging opportunities in the global offshore, marine, and energy industries.