Industry News

The Life Insurance Association, Singapore (LIA Singapore) has unveiled its newly elected Management Committee and outlined its strategic priorities for 2025, focusing on consumer advocacy. The announcement was made during the Association’s Annual General Meeting on 27 March 2025, where Wong Sze Keed was appointed as President, succeeding Dennis Tan. The committee’s agenda includes enhancing financial literacy, simplifying legacy planning, and fostering trust within the industry.

Wong Sze Keed emphasised the industry’s robust performance in 2024, achieving a 19.7% growth with S$5.87 billion in Total Weighted New Business Premiums, despite economic challenges. She stated, “As an industry, we will build on that momentum in 2025 by prioritising consumers and addressing key consumer challenges by enhancing financial literacy, simplifying legacy planning and the claims journey, strengthening trust, and supporting a sustainable healthcare ecosystem.”

The committee’s priorities include enhancing customer financial literacy to bridge protection gaps, simplifying legacy planning and the claims journey for families, elevating industry culture and conduct to build greater trust with consumers, and collaborating with stakeholders to ensure a sustainable healthcare ecosystem.

With Singapore’s ageing population, the LIA plans to publish consolidated legacy planning resources and update its Nomination of Insurance Nominees guide in Q2 2025. Additionally, the industry aims to prevent unintended policy lapses through digitalisation efforts whilst ensuring inclusivity for seniors.

The LIA’s initiatives are set against a backdrop of projected 12% medical inflation in Singapore, highlighting the need for collaboration among insurers, the medical community, and government stakeholders to maintain healthcare affordability.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Singapore Post Limited (SingPost) has announced the successful completion of its divestment of Freight Management Holdings (FMH) to Pacific Equity Partners, marking a pivotal step in its strategic review. The transaction, valued at A$1.02b (approximately S$867m), received overwhelming support with a 99% shareholder vote at the Extraordinary General Meeting on 13 March 2025.

The sale, resulting from a competitive international bidding process, generated gross proceeds of approximately A$781.5m (S$664.2m) and is expected to yield a gain of S$289.5m for SingPost. This reflects a remarkable levered return on equity of about four times the company’s A$93.6m investment in FMH over the past four years.

SingPost plans to utilise the proceeds to reduce debt, including repaying A$362.1m (S$307.8m) in borrowings related to the FMH acquisition. The company also intends to announce a Special Dividend in compliance with SGX-ST listing rules.

This divestment necessitates a strategic reset for SingPost, with future earnings relying on its Singapore Postal and eCommerce Logistics business, as well as its International eCommerce Logistics operations. The company also holds two major non-core assets, SingPost Centre and Famous Holdings, which continue to perform well.

The successful sale of FMH, along with potential future divestitures, is expected to create a significant cash pool, enabling SingPost to reinvest in its future, reduce debt, or return proceeds to shareholders, aligning with shareholder interests.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

The Monetary Authority of Singapore (MAS) has unveiled a proposed regulatory framework designed to enable retail investors to access private market investment funds. This initiative, announced on 27 March 2025, seeks to broaden the investment landscape for retail investors, who currently have limited access to private equity, private credit, and infrastructure investments.

MAS has observed a rising interest from retail investors in private market investments, alongside a willingness from experienced industry players to offer such products. In response, MAS has proposed the Long-term Investment Fund (LIF) framework, which adapts existing fund requirements to better suit the characteristics of private market investments and the needs of retail investors.

The framework outlines two potential fund structures. The first is a Direct Fund, allowing for direct private market investments with greater transparency of underlying assets. The second is a long-term investment fund-of-funds (LIFF) structure, which invests in other private market funds, leveraging the expertise of LIFF managers to select and monitor a diversified portfolio.

MAS is consulting on the necessary regulatory safeguards for each structure and is seeking feedback on the types of private market investment assets suitable for retail investors. The proposed framework aims to foster a robust market for retail private market investment funds, offering investors more options for diversified portfolios and potentially paving the way for the listing of such funds.

Interested parties are invited to submit their views on the consultation paper by 26 May 2025.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Singapore and Vietnam have taken a significant step towards enhancing their energy collaboration by signing a letter of intent to strengthen cross-border electricity trade. This agreement aims to support the ASEAN Power Grid initiative, which seeks to improve energy security and sustainability across the region.

The letter of intent, signed by representatives from both countries, outlines their commitment to explore opportunities for electricity trade and cooperation. This move is expected to facilitate the integration of renewable energy sources and improve the efficiency of electricity distribution between the two nations.

The ASEAN Power Grid is a key regional initiative designed to promote energy connectivity and sustainability. By enhancing cross-border electricity trade, Singapore and Vietnam aim to contribute to the grid’s development, ensuring a more resilient and sustainable energy future for the region.

The collaboration between Singapore and Vietnam is expected to bring several benefits, including increased energy security, reduced carbon emissions, and the promotion of renewable energy sources. This partnership aligns with the broader goals of the ASEAN Power Grid, which seeks to create a more interconnected and sustainable energy network across Southeast Asia.

As both countries work towards implementing this agreement, they will explore various avenues for cooperation, including the development of infrastructure and the integration of renewable energy sources. This initiative marks a significant step forward in regional energy collaboration and sets the stage for future advancements in cross-border electricity trade.

In conclusion, the signing of the letter of intent between Singapore and Vietnam represents a crucial development in the pursuit of a more sustainable and interconnected energy future for the ASEAN region. As the two nations work together to enhance cross-border electricity trade, they are poised to make significant contributions to the ASEAN Power Grid and the broader goals of regional energy security and sustainability.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Singapore’s industrial production (IP) experienced a significant decline in February, contracting by 7.5% month-on-month seasonally adjusted, according to a report by UOB Global Economics and Markets Research. This decline translates to a 1.3% year-on-year decrease, falling short of Bloomberg’s median forecast of a 7.0% year-on-year increase and UOB’s own estimate of 9.5%.

The report highlights a notable downturn in electronics output, which fell by 6.4% year-on-year, primarily due to a drop in semiconductor production. Biomedical output also saw a decline of 14.3% year-on-year, attributed partly to unfavourable base effects, although this was somewhat offset by improvements in medical technology.

UOB’s analysis suggests that the industrial production slowdown could signal a moderation in Singapore’s GDP growth for the first quarter of 2025. The report notes that the electronics cycle in South Korea and Taiwan, which often serves as a regional indicator, peaked in the third quarter of 2024. This trend, coupled with escalating trade tensions and tariffs, could further depress manufacturing activity in the coming months.

The report also points out that the average industrial production for the last six months showed a noticeable slowdown, with electronics output dropping from 15.8% in January to 7.7% in February. Overall output also decreased from 9.2% in January to 5.7% in February, indicating potential fatigue from earlier production and export front-loading.

As trade tensions continue to rise, UOB warns that manufacturing activity could face further challenges due to weaker global demand, particularly in the second half of 2025.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Thales has unveiled its 2025 Digital Trust Index, highlighting a global decline in consumer trust for digital services compared to last year. The study, which surveyed over 14,000 consumers across 14 countries, found that only the insurance, banking, and government sectors saw stable or slightly increased trust levels. In Singapore, government organisations topped the trust index at 67%, followed by banking at 49% and healthcare at 41%.

The report indicates that privacy concerns are a significant factor in consumer decisions, with 85% of Singapore consumers abandoning brands in the past year due to excessive personal data demands. Daniel Toh, Chief Solutions Architect for Asia Pacific & Japan at Thales, commented, “Trust in digital services is decreasing or remaining stagnant at best, even among highly regulated industries.”

The survey also revealed that 62% of Singapore consumers feel too much responsibility is placed on them for data protection. Despite these concerns, 75% of consumers indicated that their confidence in a brand would increase if it adopted advanced technologies like passwordless authentication and responsible AI use.

John Tolbert, Director of Cybersecurity Research at KuppingerCole Analysts, emphasised the importance of deploying modern security solutions to rebuild consumer trust. The findings underscore the need for brands to enhance their security measures to address evolving cyber threats and consumer scepticism.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Energy management firm Ampotech has introduced an internet of things (IoT) based fleet management platform for Singapore’s largest electric supply vessel, the PXO ESupply Boat Voltai. Developed by the Coastal Sustainability Alliance (CSA) and led by the Kuok Maritime Group, the vessel is expected to reduce annual fuel costs by approximately 40% due to its electric drivetrain and enhanced payload capacity.

Following its launch in February and successful sea trials, Ampotech’s solution connects to the vessel’s onboard systems, including batteries and electric motors, to transmit data to its fleet management software. This system monitors vessel movement, energy usage, available range based on battery status, and carbon footprint. The onboard IoT devices utilise the coastal 5G network provided by CSA partner M1.

Ampotech CEO William Temple stated, “As the maritime sector electrifies, operators will need new ways to manage and improve vessel operations, and they will need new tools to support route planning and charging. Those are challenges we are well equipped to handle.”

The PXO ESupply Boat Voltai also features innovative technologies such as a hull design that reduces power consumption by up to 10% at 10 knots under full load and a digital twin. Tan Thai Yong, Managing Director and CEO of PaxOcean Group and Chairperson of CSA, remarked, “The integration of IoT-enabled fleet management solutions is an enabler for the future of maritime operations.”

The vessel will be showcased at Singapore Maritime Week before commencing operations. Additionally, work has begun on a sister vessel, the PXOACE1, which will be the first fully electric tug assembled, delivered, and operated in Singapore.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

The Laughing Cow, a leading cheese brand known for its commitment to healthy snacking, has partnered with KidZania Singapore to launch The Laughing Cow Cheese Factory. Situated at KidZania, Palawan Kidz City, Sentosa Island, this initiative allows children to role-play as cheesemakers, introducing them to the steps of cheese-making in an interactive and engaging environment.

The factory offers a hands-on experience where young participants can learn the intricacies of crafting The Laughing Cow’s soft and creamy cheese. Through role-play, children explore the art of cheese-making, understand the importance of high-quality ingredients, and learn about the innovative and hygienic processes involved. The Laughing Cow Cheese is highlighted as a nutritious snack, with two portions of its Creamy Cheese Triangles providing the same calcium as a glass of milk.

Alamjit Singh Sekhon, General Manager of Bel Southeast Asia, stated, “At Bel, we are passionate about creating meaningful partnerships that inspire and educate. Our collaboration with KidZania Singapore reflects our commitment to promote nutrition and education in ways that are interactive, enjoyable, and memorable.”

The educational journey aims to inspire young minds, fostering critical thinking and motor skills through role-playing activities. At the end of the session, each child earns the title of “The Laughing Cow Certified Cheesemaker,” making the experience both fun and memorable. This initiative aligns with The Laughing Cow’s philosophy of providing accessible, nutritious, and enjoyable food for all.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Singapore’s manufacturing sector experienced a notable downturn in February 2025, with output decreasing by 7.5% on a seasonally adjusted month-on-month basis. “`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

The Singapore International Foundation (SIF) and the Vietnam-Singapore Friendship Association (VSFA) have renewed their partnership with a Memorandum of Understanding (MOU) signed on 26 March 2025. This agreement, witnessed by Singapore Prime Minister Lawrence Wong and Vietnam’s Prime Minister Pham Minh Chinh, focuses on fostering people-to-people cooperation between the two nations.

Since their initial collaboration in 2017, SIF and VSFA have worked together to promote mutual understanding and cooperation. The renewed MOU aims to facilitate partnerships in areas such as climate adaptation, youth engagement, and development needs. It also seeks to support the identification and engagement of relevant stakeholders to participate in each other’s programmes and initiatives.

The collaboration will continue to strengthen knowledge exchange and dialogue between Singaporean and Vietnamese communities. Lian Wee Cheow, Vice Chairman of SIF, expressed honour in reaffirming the partnership, stating, “This MOU reflects our shared commitment to foster meaningful connections and collaborations between our peoples.”

Nguyen Duc Hung, Vice Chairman and General Secretary of VSFA, echoed this sentiment, highlighting the importance of the partnership in facilitating meaningful exchanges and strengthening community ties. He added, “We look forward to expanding our cooperation and working together on initiatives that enhance mutual understanding and drive sustainable development.”

This MOU is part of several bilateral agreements signed during Prime Minister Wong’s visit, aimed at enhancing multifaceted cooperation with Vietnam. The continued collaboration between SIF and VSFA is expected to contribute to a more inclusive and sustainable future for both nations.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.