Industry News

AM Best has elevated the Financial Strength Rating of MS First Capital Insurance Limited (MSFC) in Singapore to A+ (Superior) from A (Excellent) and its Long-Term Issuer Credit Rating to “aa-” (Superior) from “a+” (Excellent). The outlooks have also been revised to stable from positive, reflecting the company’s robust balance sheet, strong operating performance, and effective enterprise risk management.

The upgrade is attributed to MSFC’s improved balance sheet strength, bolstered by a prudent capital management strategy. The company’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, was at its strongest at the end of 2024 and is expected to remain stable. Over the past decade, MSFC has significantly increased its capital size, with shareholders’ equity reaching S$1.4 b by the end of 2024, up from S$501.1m in 2014.

MSFC’s operating performance is considered strong, with a return-on-equity ratio of 14.2% in 2024, supported by solid underwriting and investment results. The company’s conservative investment portfolio, primarily consisting of cash, term deposits, and high-quality bonds, contributes to its financial stability. Despite a high reliance on reinsurance for large risks, the credit risk is mitigated by the good credit quality of its reinsurance partners.

As a dominant non-life insurer in Singapore, MSFC maintains a neutral business profile with a well-diversified underwriting portfolio across Asia. The company benefits from strong branding, technical expertise, and long-standing relationships with brokers and reinsurers, enhancing its access to quality business. The ratings also reflect the support from its parent company, Mitsui Sumitomo Insurance Company Limited, part of the MS&AD Insurance Group Holdings, Inc.

Asia-Pacific has slipped from third to fourth place globally in fraud protection, according to the latest Global Fraud Index released by Sumsub, a leader in verification and anti-fraud solutions. The region now trails Europe, the Middle East, and the Americas, with countries like Singapore, Japan, Indonesia, and Malaysia experiencing significant declines in their rankings. This drop highlights the growing gap between rapid digital growth and the implementation of effective fraud prevention measures.

Despite the overall decline, Singapore stands out by leading globally in the Government Intervention pillar, reflecting its commitment to building a robust anti-fraud infrastructure and fostering public-private collaboration. New Zealand, Singapore, and Australia are among the top Asia-Pacific countries most protected against fraud, with New Zealand ranking seventh globally.

Penny Chai, Vice President of APAC at Sumsub, noted that the findings “underscore the unique challenges faced by APAC’s fast-growing digital economies, where rapid innovation is increasing exposure to sophisticated fraud.” The Index, which benchmarks fraud exposure and government responses across 112 countries, combines Sumsub’s internal verification data with insights from external sources like the World Bank and Transparency International.

In response to these challenges, Sumsub will host its inaugural What The Fraud (WTF) Summit in Singapore from 19 to 20 November 2025, aiming to advance public-private collaboration on fraud prevention. This event will bring together regional experts to discuss compliance trends and strategies to bolster fraud defences in the Asia-Pacific region.

Westcon-Comstor, a global technology provider, has announced an expanded distribution agreement with cybersecurity firm CrowdStrike to bring the AI-native CrowdStrike Falcon platform to Singapore. This partnership aims to address the growing demand for cybersecurity consolidation and cloud-native security solutions in the region. The collaboration will enable Westcon-Comstor’s network of resellers to drive the adoption of CrowdStrike’s platform, which is designed to combat AI-driven threats and digital complexities.

The agreement extends Westcon-Comstor and CrowdStrike’s partnership in Southeast Asia, adding Singapore to existing agreements in Indonesia, Malaysia, and Thailand. Westcon-Comstor will offer CrowdStrike’s leading security solutions, including Endpoint Security and Falcon Cloud Security, to its partners and customers, alongside new enterprise and SMB clients. The partnership will also leverage Westcon-Comstor’s expertise in cybersecurity and value-added services, such as technical enablement and data-led insights.

Jacquie Young, Managing Director, Cloud, APAC, at Westcon-Comstor, highlighted the importance of the partnership, stating, “Singapore’s digitalisation drive has raised the bar for infrastructure and cybersecurity, putting pressure on businesses to modernise quickly.” She emphasised the role of Westcon-Comstor in helping businesses consolidate their security and create revenue opportunities for channel partners.

Girsih Gargeshwari, Senior Director, Distribution and Alliances, CrowdStrike Asia Pacific and Japan, noted that the partnership would strengthen CrowdStrike’s channel reach and partner-first strategy in the region. The collaboration aims to accelerate the adoption of the Falcon platform, enabling partners to reduce security complexity and costs whilst preventing breaches.

Westcon-Comstor was recently named the 2024 CrowdStrike Global Distributor Partner of the Year, recognising its success in promoting the Falcon platform across EMEA and APAC.

FairPrice Group (FPG) has become the first organisation in Singapore to receive approval from the Land Transport Authority (LTA) to operate autonomous vehicles (AVs) on public roads for supply chain operations. In collaboration with Zelos Technology, FPG plans to integrate nearly 30 AVs into its fleet, aiming to automate routine tasks such as transporting goods between distribution centres.

The partnership with Zelos marks a significant step in FPG’s strategy to enhance its supply chain efficiency and sustainability. The Zelos Z10 AVs, which are fully electric and driverless, boast a load capacity of up to 1.5 tonnes and a range of 210km. These vehicles are expected to reduce FPG’s CO2 emissions by 27 tonnes annually and free up staff for more complex tasks.

Vipul Chawla, Group CEO of FairPrice Group, highlighted the initiative’s role in supporting Singapore’s supply resilience. “Through this initiative with Zelos, we are bolstering our capability to support the nation’s supply resilience by introducing innovation that makes our supply chain operations more efficient, sustainable, and digitally-enabled,” he stated.

The initiative is part of FPG’s broader efforts to ensure a sustainable and digitally-enabled supply chain, which includes expanding its electric vehicle fleet to over 160 by 2030. Terry Zhou, Managing Director of Zelos Technology, noted the deployment as a milestone in Zelos’s global expansion, emphasising its potential to reduce logistics costs and enhance transportation capacity in Singapore.

Enterprise Singapore facilitated the collaboration, underscoring the potential for greater productivity and sustainability in the logistics sector. This development paves the way for exploring more commercially viable use cases within the industry.

Xiaomi is set to open its largest store in Singapore at Jewel Changi Airport on 11 October 2025. The 203-square-metre store will be the company’s 10th in Singapore, offering over 400 Stock Keeping Units (SKUs) that include smartphones, smart home products, and ecosystem devices. A highlight of the store is a new “Smart Home” section showcasing popular home appliances like air conditioners, refrigerators, and washing machines.

The store’s opening marks a significant milestone for Xiaomi as it introduces its “Human x Car x Home” concept to both local and international customers. As of Q2 2025, Xiaomi has established around 200 stores globally, excluding China, and plans to expand to over 15 stores by the end of 2025 and more than 20 by the end of 2026. The store will also host various activities such as photography exhibitions and workshops.

To celebrate the opening, Xiaomi is offering exclusive promotions on 11 and 12 October. Customers can enjoy 50% off on the Xiaomi Mix Flip and the Xiaomi Robot Vacuum E10, with limited units available each day. Other promotions include discounts on the Xiaomi Smart Band 9 and a free REDMI Pad Pro with the purchase of a Xiaomi 15 Ultra.

This expansion into smart home appliances is part of Xiaomi’s global strategy, which has already seen strong sales in Southeast Asia. Since March 2025, over 10,000 units of appliances have been sold in the region, including more than 8,500 air conditioners. The new store at Jewel Changi Airport will further enhance Xiaomi’s presence and offer customers an integrated experience with its ecosystem.

Singapore’s financial institutions are at the forefront of adopting artificial intelligence (AI) for compliance, with a remarkable 92% integration rate, according to the 2025 Fenergo Financial Crime Industry Trends Report. Despite this, Singapore reports the world’s highest client loss rates, with 76% of firms losing clients due to onboarding inefficiencies.

The report, based on a global survey of 600 senior decision-makers in banks, asset managers, and fund administrators, highlights the paradox of Singapore’s financial sector. Whilst leading in AI-powered know your customer (KYC) and anti-money laundering (AML) adoption, the country struggles with onboarding delays, a critical factor in client retention.

Globally, AML fines have surged, reaching $1.23b in the first half of 2025, a 417% increase from the previous year. Singapore’s average AML costs stand at $68.2m per firm, reflecting ongoing regulatory pressures following a significant money-laundering scandal.

Cengiz Kiamil, Managing Director for Asia Pacific at Fenergo, emphasised the importance of embedding AI throughout the client lifecycle to meet the Monetary Authority of Singapore’s (MAS) heightened expectations. “Our survey shows Singaporean firms lead the world in AI adoption at 92%. Whilst more Singaporean FIs lost clients due to inefficient onboarding (76%) compared to other countries, this has changed significantly since 2024 when 87% of firms lost clients due to subpar onboarding,” Kiamil stated.

The report underscores the need for financial institutions to streamline operations and enhance client experiences to reduce abandonment rates whilst maintaining compliance with global standards. As Singapore continues to navigate these challenges, the integration of AI remains a pivotal strategy for improving efficiency and client satisfaction.

Global software company monday.com has announced the opening of a new office in Singapore, marking a significant step in its expansion across Southeast Asia. The office, located at 21 Collyer Quay, will serve as the company’s strategic hub for the region, where the digital economy is projected to reach $300b by the end of the year.

The move underscores monday.com’s commitment to the Asia-Pacific and Japan (APJ) region, with plans to expand its Singapore team by fourfold next year. The company aims to bolster its regional partner ecosystem, which currently includes over 20 partners such as Acepak Technology and iZeno. With more than 1,000 customers in Singapore, including notable names like Brother International, Unilever, and CloudMile, monday.com is poised for regional growth.

Dean Swan, Vice President and General Manager for APJ at monday.com, highlighted the importance of being closer to customers and partners to better understand and address their unique challenges. “Our culture of collaboration, innovation, and customer focus has been key in democratising the power of AI,” he stated, emphasising the company’s role in empowering teams with intelligent tools.

In line with its expansion, monday.com recently unveiled new product innovations at its annual customer conference, Elevate. These include the introduction of monday agents, as well as new AI capabilities like monday magic, monday vibe, and monday sidekick, alongside the launch of monday campaigns within its CRM suite.

As monday.com continues to invest in the SEA region, it is actively recruiting for its Singapore-based team to meet the growing demands of its customer base. Interested professionals can explore career opportunities on the company’s website.

Sentosa Development Corporation (SDC) has unveiled the Cooling Sentosa Roadmap, a strategic initiative aimed at enhancing thermal comfort for guests across the island. Announced on 7 October 2025, the roadmap leverages technological innovations, nature-based solutions, and collaborations with local businesses to transform Sentosa into a cooler oasis amidst rising urban heat concerns.

The roadmap introduces the Sentosa Cooling Network, featuring cool nodes and zones designed to reduce temperatures by at least 4 degrees Celsius, as measured by the Physiological Equivalent Temperature (PET). This initiative aligns with the Singapore Green Plan, focusing on sustainable strategies to moderate urban heat.

Key measures include installing shade canopies, enhancing airflow with fans and coolers, and increasing hydration points. The roadmap also builds on existing efforts, such as the Sentosa Sensoryscape, which utilises natural greenery and ventilation corridors to facilitate cooling.

A notable trial is underway at Siloso Beach, where cooling features like misting systems and cool coatings have been implemented. An interim survey showed that 75% of over 200 guests were satisfied with these features. Another cool node is planned for the Central Beach Bazaar, with construction set to begin later this year.

SDC is also exploring immediate “No Regrets” measures, such as installing new fans and water coolers, and planting trees to expand natural shade. These efforts are part of a broader strategy to position Sentosa as a sustainable premier destination, with potential applications for mainland Singapore.

Knight Frank Singapore’s latest report reveals a significant uptick in private home sales during Q3 2025, spurred by a wave of new project launches. Despite economic uncertainties, the demand for private homes remained robust, with sales increasing by 35% quarter-on-quarter (q-o-q) and 30.6% year-on-year (y-o-y), totalling 6,169 units.

The report highlights a 174.2% q-o-q surge in new sales, reaching 3,238 units, as developers rushed to launch projects before the Lunar Seventh Month. This surge offset a decline in secondary sales, which fell for the fifth consecutive quarter by 13.5% q-o-q and 19.9% y-o-y.

In the Core Central Region (CCR), new sales skyrocketed, with transactions increasing over 20 times to 894 units, driven by launches like River Green and The Robertson Opus. This activity led to a 127.4% q-o-q rise in non-landed home transactions, contributing to a 2.4% q-o-q and 9.1% y-o-y price growth.

The Rest of Central Region (RCR) also saw increased activity, with 1,065 new sales, a 21% q-o-q rise. Notably, Lyndenwoods sold 94.5% of its units on launch day. Meanwhile, the Outside Central Region (OCR) recorded a fivefold increase in new sales, with Springleaf Residence leading the way.

Despite healthy leasing activity, rents declined across all segments, with the ultra-luxury sector dropping by 6.1%. Knight Frank notes that landlords are prioritising occupancy amid cost-of-living concerns.

Looking ahead, Singapore’s residential market is expected to remain resilient, supported by low unemployment and strong household savings. However, global economic conditions and interest rates will be key factors to monitor.

JLL Hotels & Hospitality Group and CBRE have been appointed as exclusive joint marketing agents for the sale of QT Singapore, a luxury heritage hotel located at 35 Robinson Road. Following a comprehensive refurbishment in 2024, this 134-room property offers a unique investment opportunity in Singapore’s Central Business District (CBD), amidst increasing demand and limited supply in the hospitality sector.

The QT Singapore, housed in the former Eastern Extension Telephone Company building from the 1920s, combines architectural heritage with modern amenities. Its strategic location near four MRT stations and proximity to Marina Bay enhances its appeal to investors seeking to capitalise on the growth in both business and leisure travel. The sale is driven by renewed interest in Singapore’s hotel sector, bolstered by a decrease in benchmark interest rates and a scarcity of luxury hotels in the city.

Ling Wei Tan, Senior Vice President at JLL, highlighted the hotel’s potential, stating, “QT Singapore is ideally positioned to capture the growing demand for authentic, experiential-led stays whilst demonstrating robust investor interest for assets that blend architectural legacy and adaptive reuse within Singapore’s thriving hospitality sector.”

Andrew Hunter, Senior Director at CBRE Asia Pacific, added, “Located in the heart of the CBD, the QT Singapore represents the perfect investment opportunity due to its low future capex requirements and strategic positioning in the burgeoning lifestyle luxury submarket.”

The sale of QT Singapore presents a rare chance for investors to secure a foothold in one of Asia’s most vibrant luxury hotel markets, with future implications for growth in the hospitality sector.