Industry News

SGInnovate and FusionX have launched FusionX:Singapore, marking the city-state’s inaugural event dedicated to the global fusion energy industry. The event, held on 30 October, brought together investors, innovators, and policymakers to discuss the commercialisation of fusion energy and Singapore’s potential role in this emerging sector.

The event featured a keynote by Phil Larochelle from Breakthrough Energy Ventures, who outlined the global fusion investment landscape, highlighting recent funding trends and the pathways towards commercialisation. A panel discussion, moderated by Stuart Allen of FusionX Group, explored the potential of fusion markets in Singapore and globally, with contributions from leaders at Khosla Ventures, Lowercarbon Capital, and TRIREC.

Hsien-Hui Tong of SGInnovate noted that whilst Singapore has the potential to be a first mover in fusion, regulatory barriers need addressing. Presentations from innovators such as Enable Fusion and Astral Systems showcased fusion’s applications in fields like medical imaging and artificial intelligence.

The event also addressed talent development, with experts from MIT and A*STAR discussing workforce needs and collaboration models. Minister of State for Trade and Industry Gan Siow Huang engaged with experts to understand the challenges and opportunities in the fusion sector.

In conjunction with the event, TRIREC and A*STAR released a whitepaper examining the fusion landscape and its commercial viability. Stuart Allen remarked, “Singapore is in an ideal position to play a catalytic role in the global fusion ecosystem.”

FusionX:Singapore, part of the Singapore Week of Innovation and Technology 2025, aims to foster ongoing dialogues and partnerships to grow the fusion ecosystem in the region.

DFI Retail Group Holdings Limited has announced a robust performance for the third quarter of 2025, with a 48% year-on-year increase in underlying profit. This growth is attributed to strategic enhancements in value offerings and a focus on high-margin categories. The group’s underlying subsidiary sales, excluding cigarettes, rose by 3% year-on-year, with significant contributions from the Health & Beauty and Food segments.

The group’s financial health has improved markedly, transitioning from a net debt of $468m at the end of 2024 to a net cash position of $648m by 30 September 2025. This financial turnaround enabled the declaration of a special dividend of US¢44.30 per share, amounting to $600m, paid in October 2025.

In the Health & Beauty division, like-for-like (LFL) sales increased by 5%, bolstered by strong growth in healthcare categories and e-commerce expansion. The Convenience division faced a 2% decline in LFL sales due to reduced cigarette volumes, yet non-cigarette categories remained stable. The Food division saw a 3% rise in LFL sales, aided by strategic pricing and promotional efforts.

The group’s omnichannel strategy has driven double-digit growth in e-commerce sales, with DFIQ Media completing 290 targeted advertising campaigns by September 2025. Looking ahead, DFI Retail Group aims to enhance its market share and profitability through data-driven insights and a sharpened business focus. The group maintains its full-year profit guidance of $250m to $270m, with organic revenue growth projected between 0.5% and 1.0%.

Sunway Property, Malaysia’s Master Community Developer, has announced that its Singapore operations will now operate under the name Sunway MCL. This rebranding follows Sunway Group’s acquisition of MCL Land for S$738.7m, marking a significant expansion in the company’s regional property portfolio.

The merger of Sunway’s five decades of expertise with MCL Land’s six-decade legacy in Singapore aims to create a robust platform for delivering premium and sustainable developments. Datin Paduka Sarena Cheah, Executive Deputy Chair of Sunway Group, stated, “The establishment of Sunway MCL marks an important milestone in Sunway’s growth journey.”

Sunway MCL is now positioned as one of Singapore’s leading residential developers, with nine ongoing projects valued at approximately S$4.5b. The projects, including ELTA, Nava Grove, and Tembusu Grand, will continue under the Sunway MCL brand, reinforcing its presence in the city-state’s residential market.

Under the leadership of Managing Director Chung Soo Kiong and CEO Lee Tong Voon, Sunway MCL will focus on creating homes that embody “timeless elegance and enduring warmth.” The acquisition also includes MCL Land’s Malaysian assets, further strengthening Sunway Property’s regional footprint.

This strategic move aligns with Sunway Property’s long-term vision of building connected communities across Malaysia and Singapore, supported by Sunway’s integrated ecosystem in property, construction, healthcare, education, and hospitality.

Calvin Kuan has been named the new client service manager for Southeast Asia at FM, a commercial property insurer, effective 1 November. Based in Singapore, Kuan will oversee FM’s underwriting and client service teams, aiming to enhance the delivery of insurance products and services whilst managing both existing and new business relationships.

Kuan’s journey with FM began in November 2013 as a consultant engineer, later advancing to account engineer and most recently serving as an account manager. His prior experience in the electronics and semiconductor industries has equipped him with a robust engineering background. James Thompson, senior vice president and division manager for Asia Pacific at FM, expressed confidence in Kuan’s appointment, stating, “His deep client experience over 12 years with FM makes him the ideal choice for the CSM role. He truly understands the unique risks and challenges faced by our Southeast Asia clients.”

Kuan’s educational credentials include a bachelor’s degree in chemical engineering and a Master of Business Administration from the National University of Singapore. He also holds professional certifications in risk management and insurance.

FM, established nearly two centuries ago, is a mutual insurance group dedicated to property risk management and resilience. The company collaborates with many of the world’s largest organisations, including one in every four Fortune 500 companies, to enhance business continuity through effective risk management strategies.

The Asian Infrastructure Investment Bank (AIIB) has entered into agreements with Maybank, CIMB, AmBank, and BPMB to mobilise up to $6b for sustainable infrastructure projects across the ASEAN region. Announced after the ASEAN Summit in Kuala Lumpur on 31 October 2025, the partnerships aim to advance green and inclusive infrastructure, enhance regional connectivity, and attract private capital to meet ASEAN’s infrastructure demands.

The collaboration will focus on investments in renewable energy, power transmission, transport, digital infrastructure, and telecommunications. AIIB’s Chief Investment Officer, Kim-See Lim, stated, “These agreements reaffirm our shared commitment to financing infrastructure that is green, technology-enabled, and regionally connected.”

Maybank’s Group CEO of Global Banking, Dato John Chong, highlighted the bank’s role in accelerating investments in digitalisation and energy resilience through initiatives like the ASEAN Power Grid (APG). CIMB’s CEO of Group Wholesale Banking, Chu Kok Wei, emphasised the bank’s commitment to sustainable finance, targeting RM300b by 2030.

AmBank’s Group CEO, Jamie Ling, expressed the bank’s dedication to projects that drive economic growth and climate resilience. BPMB’s Managing Director, Wee Yee Tat, noted the alignment with AIIB in promoting equitable development and energy transition.

The agreements, valid until October 2031, align with AIIB’s strategy to leverage private sector expertise for sustainable solutions. The initiative also supports the APG, aiming to enhance energy interconnection in Southeast Asia.

CapitaLand Ascendas REIT (CLAR) has announced a stable performance for the third quarter of 2025, bolstered by its diversified portfolio primarily based in Singapore. The real estate investment trust reported a portfolio occupancy rate of 91.3% as of 30 September 2025, with an average rental reversion of 7.6% for leases renewed during the period. This positive trend is expected to continue, with rental reversion for the full year anticipated to be in the low double-digit range.

CLAR’s proactive portfolio management strategy included S$1,317.2m in investments for five accretive acquisitions in Singapore, expected to yield between 6% and 7%. Notable acquisitions completed in August 2025 include 5 Science Park Drive and 9 Tai Seng Drive, valued at S$724.6m. Additionally, the trust announced plans to acquire three industrial and logistics properties for S$592.6m, with completion anticipated in the first quarter of 2026.

The trust also completed the redevelopment of 5 Toh Guan Road East into a logistics building, increasing its gross floor area by 71% at a cost of S$107.4m. In the US, an asset enhancement initiative at Perimeter One in Raleigh was completed for S$1.3m.

CLAR’s capital management efforts saw the raising of S$1 billion to refinance existing borrowings, including the issuance of S$700m in green notes. The trust maintains a healthy aggregate leverage of 39.8% and a weighted average debt tenure of 3.3 years. With a strong balance sheet, CLAR continues to seek investment opportunities to enhance its portfolio and deliver sustainable returns to its unitholders.

The National Council of Social Service (NCSS) has unveiled ‘grovve’, Singapore’s inaugural youth-focused integrated wellness centre, at *SCAPE in Orchard. This pioneering initiative offers a safe and accessible environment for youths to receive professional support and early intervention for mental health challenges. The centre, launched on 1 November 2025, is a collaborative effort involving four Social Service Agencies (SSAs): SHINE Children and Youth Services, Brahm Centre, Limitless, and TOUCH Community Services.

‘grovve’ provides a comprehensive range of services, including on-site support and intervention programmes, as well as online services like a Digital Wellness Concierge. The centre aims to address the mental health needs of young people, with NCSS’s 2025 Quality of Life Study highlighting that 32% of Singaporeans aged 18 to 29 experience mild symptoms of depression or anxiety.

The centre’s integrated approach focuses on convenience, care, and community. Youths can seamlessly access multiple services in one location, participate in wellbeing activities, and receive guidance from ‘grovve’ guides. The initiative also seeks to normalise seeking help early, with outreach efforts promoting the centre’s offerings.

Since its soft opening in April 2025, ‘grovve’ has engaged over 4,800 youths, with more than 80% aged 17 to 25. This promising start underscores the centre’s potential to significantly impact youth mental health in Singapore. As NCSS continues to forge strategic partnerships, ‘grovve’ is set to remain agile and future-ready, ensuring that youth mental health services evolve to meet emerging needs.

Visa, a global leader in digital payments, has unveiled data showing a significant rise in post-race tourism and spending following the Singapore Grand Prix. Travellers extended their stays by an average of 3.5 days and spent 40% more per person compared to their usual expenditure at home. This trend was particularly notable among affluent travellers, who spent 20% more than their counterparts.

Visa’s analysis highlighted that 20% of visitors made further travel plans after the Grand Prix, with popular destinations including Indonesia, Malaysia, Thailand, Australia, and Japan. Long-haul travellers, particularly from outside Asia, were more inclined to explore additional countries, with 35% visiting at least one other nation post-event.

Spending patterns revealed that restaurants and eateries were the top choice for visitors in Malaysia, Indonesia, and Thailand, whilst retail spending was higher in Australia and Japan. Affluent travellers, who made up 25% of those extending their trips, also favoured long-haul destinations such as Europe and North America, spending 65% more in department stores and 50% more on apparel.

The report also noted a strong preference for contactless payments, with 85% of face-to-face transactions made using this method. This trend was especially prevalent among travellers from Australia and the UK, where contactless usage reached 95%.

Prateek Sanghi, Head of Visa Consulting and Analytics Asia Pacific, stated, “Major events do not only drive tourism but also create positive spillover effects in neighbouring cities and regions.” Visa’s data capabilities enable businesses to tailor strategies to key segments, such as affluent travellers, enhancing visitor experiences and driving economic growth.

Singapore’s general insurance industry is set to experience significant growth, with projections indicating it will surpass $8b (S$8.6b) by 2030, according to GlobalData. The industry is expected to grow at a compound annual growth rate (CAGR) of 6.3%, rising from $6.2b (S$6.7b) in 2026. This growth is driven by economic expansion, increased demand for health insurance products, rising auto insurance premiums, and resilient property values.

The market’s robust growth is supported by key lines of business, including personal accident and health (PA&H), motor, property, and liability insurance, which are projected to account for 81.3% of the general insurance gross written premiums (GWP) in 2025. Swarup Kumar Sahoo, a senior insurance analyst at GlobalData, noted that “motor insurance premiums are expected to rise due to elevated claims costs,” whilst the demand for PA&H insurance will be bolstered by medical inflation and an ageing population.

PA&H insurance is anticipated to be the largest segment, accounting for 24.7% of the GWP in 2025, with a CAGR of 7.7% forecasted for 2026–30. The growth is attributed to rising healthcare spending and the prevalence of Integrated Shield Plans, covering 72% of Singapore’s population as of H1 2025.

Motor insurance, the second-largest segment, is expected to grow steadily, driven by increased vehicle sales and premium rates. Property insurance, the third-largest segment, will benefit from public infrastructure investments and housing market growth.

Sahoo concluded that Singapore’s general insurers are well-positioned to accelerate premium growth through economic tailwinds and targeted product innovation, closing protection gaps and enhancing risk management.

Alternate Futures, a fund-backed innovation centre, has been launched during the Singapore International Agri-Food Week. This initiative, formed through a strategic alliance with Agrifood Futures, seeks to address climate, food, and energy challenges across Asia and beyond by integrating venture investment with innovation orchestration. The centre aims to create deployable, system-level solutions by investing in interlocking portfolios of innovations rather than isolated startups.

Keith Loo, Co-Founder and Managing Partner of Alternate Futures, emphasised the need for a new kind of innovation architecture, stating, “The world doesn’t need another green fund. It needs a new kind of architecture for innovation.” The centre combines capital investment with hands-on deployment programmes to accelerate early-stage startups into market-ready ecosystems.

The alliance with Agrifood Futures allows Alternate Futures to collaborate with a global network, including Farmers2Founders, to accelerate the commercialisation and scaling of agrifood and climate innovations. Joshua Soo, Co-founder and Director of Agrifood Futures, highlighted the partnership’s potential, saying, “By linking Alternate Futures with our global ecosystem, we’re unlocking capital, capability and markets to enable solutions that regenerate entire systems, not just individual sectors.”

As part of its launch, Alternate Futures will raise a new fund to support founders in Agri-Food, Materials, Energy, and Data Infrastructure. This fund will back integrated “solution stacks” to drive system-level progress in Southeast Asia. The centre invites institutional investors, family offices, corporates, and ecosystem partners to join its mission in building sustainable systems for the future.