Industry News

Sharon Tan has been appointed as the Country Officer of DWS Singapore and CEO of DWS Investments Singapore Limited, the company announced on 2 April 2025. Tan will maintain her roles as APAC Client Coverage Chief Operating Officer and APAC Head of Business Development, furthering Singapore’s role as a regional hub for alternative investments and wealth sales distribution.

With over 25 years in the asset management industry, Tan has been with DWS for 11 years, joining in 2014 as APAC Head of Private Banks & Intermediaries. Her career at DWS has seen her take on roles such as APAC Head of Client Servicing & Implementation and APAC Client Coverage COO. In 2023, she was named APAC Head of Business Development, where she led strategic growth and marketing initiatives.

Before her tenure at DWS, Tan spent a decade at Goldman Sachs Asset Management, focusing on institutional client servicing and private bank sales in Asia, excluding Japan. Her career began at Ernst & Young in Transaction Advisory.

Vanessa Wang, Head of APAC and Head of Coverage APAC at DWS, commented on Tan’s appointment, stating, “Sharon’s deep industry knowledge, leadership, and unwavering commitment to our clients will be key to expanding our presence across APAC.”

DWS Group, with EUR 1,012bn in assets under management as of 31 December 2024, aims to be a leading global asset manager. The appointment of Tan underscores the strategic importance of Singapore in DWS’s regional and global operations.
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FS-ISAC, a global organisation dedicated to enhancing cybersecurity for financial institutions, has launched a new Cyber Fraud Prevention Framework to bolster collaboration between fraud and cybersecurity teams. This initiative comes as Singapore faces a staggering S$1.1b loss due to a record 51,501 scams in 2024, highlighting the urgent need for robust fraud prevention strategies.

The framework, titled “Levelling Up: A Cyber Fraud Prevention Framework for Financial Services,” aims to facilitate real-time intelligence sharing and proactive fraud prevention among financial firms. It outlines a structured approach to detect vulnerabilities earlier in the attack cycle, enhance threat visibility, and strengthen fraud controls. Linda Betz, Executive Vice President of Global Community Engagement at FS-ISAC, emphasised the importance of breaking down silos within organisations to combat the growing interconnectedness of fraud and cyber threats.

The framework divides the lifecycle of a cyber-fraud attack into five phases: reconnaissance, initial access, positioning, execution, and monetisation. This segmentation provides a common language for teams to share information and coordinate their efforts effectively. Dave Daniel, Vice President of Cybersecurity Operations at Nationwide Mutual Insurance Company, noted that the framework marks significant progress in the cyber fraud domain by enhancing teams’ abilities to prevent, detect, and respond to fraud.

By unifying teams and leveraging intelligence at every stage of an attack, organisations can better anticipate and thwart fraudulent activities. The framework also offers best practices for secure intelligence sharing among financial institutions, aiming to fortify defences across the entire sector. As cyber fraud continues to rise, FS-ISAC’s framework provides a critical tool for financial firms to safeguard their assets and reputation.
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Nokia, in collaboration with StarHub and Dell Technologies, has successfully completed Southeast Asia’s first 5G Cloud Radio Access Network (RAN) trial. This significant milestone supports StarHub’s Cloud Infinity programme, which aims to leverage cloud infrastructure to enhance digital experiences for enterprise customers. The trial demonstrated the flexibility of Nokia’s anyRAN approach, seamlessly integrating with leading cloud and server infrastructures.

The adoption of Cloud RAN is pivotal for the future evolution of mobile networks, setting the foundation for AI-RAN infrastructure. This technology supports AI workload management, allowing mobile network operators like StarHub to scale network resources more efficiently. With Cloud RAN, StarHub can support use cases such as time-of-day services and ultra-low-latency applications, opening new revenue streams and enhancing network performance.

Nokia’s commercial 5G Cloud RAN solution was used to place a carrier-grade call during the trial, showcasing feature consistency with existing purpose-built RAN. The solution integrates seamlessly with all leading cloud infrastructures, utilising Nokia’s virtualised Distributed Units and Centralised Units on Dell PowerEdge servers. StarHub also employed Red Hat OpenShift to support cloud-native RAN functions.

Ayush Sharma, Chief Technology Officer at StarHub, stated, “This partnership will enhance our network’s performance, efficiency, and resilience, whilst future-proofing it for emerging technologies.” Andrew Vaz, Vice President at Dell Technologies, added, “By combining our strengths, we can deliver a comprehensive Cloud RAN solution that improves efficiency, performance and scalability.”

This successful trial marks a crucial step in StarHub’s journey towards advanced 5G and 6G, preparing its network for future AI-RAN capabilities.
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Knight Frank Singapore’s latest report reveals a cautious start to 2025, with total investment sales reaching S$5.5b in the first quarter. This marks a 41.1% decline from the S$9.3b recorded in Q4 2024, yet a 16.6% increase from Q1 2024’s S$4.7b. Despite the slow start, CEO Galven Tan notes that investor interest remains robust, particularly from private wealth.

Public sales dominated the quarter, accounting for S$2.8b, or 50.8% of total sales, driven by six Government Land Sale (GLS) sites. Private sales contributed S$2.7b, with residential transactions leading the charge. The residential sector saw a 45.7% quarterly increase, totalling S$3.6b, largely due to GLS sites at locations like Dairy Farm Walk and Bayshore Road.

Commercial property sales rose 14.5% from the previous quarter to S$1.4b, though they fell 8.0% year-on-year. Notable transactions included Frasers Centrepoint Trust’s acquisition of Northpoint City South Wing for S$1.1 billion. Conversely, industrial property sales plummeted 93.1% quarter-on-quarter to S$230.3m, with the largest deal being a S$70.1m factory sale at 23 Lok Yang Way.

Outbound investment from Singapore surged to S$6.3b, a 52.0% increase from the previous quarter, spurred by interest rate cuts in late 2024. Looking ahead, Knight Frank anticipates total investment sales for 2025 to range between S$27b and S$30b, mirroring 2024’s S$29.3b. Despite global economic uncertainties, Singapore remains a favoured investment hub for stable returns.
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Endowus, Asia’s leading fee-only digital wealth platform, has announced a strategic partnership with Man Group, a global alternative investment manager, to provide institutional-grade credit solutions to investors in Hong Kong and Singapore. This collaboration marks Man Group’s first strategic alliance with a digital wealth platform in these markets, granting Endowus clients access to Man Group’s extensive $35 billion credit platform.

The partnership aims to enhance Endowus’ suite of alternative investments, offering deep value-oriented credit strategies to help investors diversify their portfolios amidst changing market conditions. Man Group’s credit platform, managed by over 130 investment professionals, includes a range of discretionary long-only and alternative credit strategies.

Mark Bedford, Global Head of Wealth at Man Group, highlighted the significance of the partnership, stating, “Asia’s private wealth market is expanding rapidly, and Singapore and Hong Kong are at the forefront of this growth. As investors increasingly seek credit strategies of an institutional quality, to diversify their portfolios, we see an immense opportunity to bring our expertise to this area.”

Samuel Rhee, Chairman and Group Chief Investment Officer of Endowus, expressed pride in the collaboration, noting that it strengthens Endowus’ position as a leading wealth platform in the region. “Man Group has an established history and legacy globally, and Endowus is proud to be their first strategic partnership with a digital wealth platform in Hong Kong and Singapore,” he said.

This partnership is expected to broaden investment opportunities for Endowus clients, further solidifying the platform’s commitment to providing comprehensive and resilient investment solutions.
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The Nature Conservancy (TNC) has announced the appointment of Tamara Singh as Managing Director, Singapore and Senior Adviser, Regional Programmes, effective 1 April 2025. Singh will spearhead TNC’s initiatives to enhance climate action and conservation impact from Singapore, leveraging its strategic position as a hub for innovation and partnerships.

Singh brings over 20 years of experience in energy, finance, and sustainability, having worked with major firms such as Centrica, BP, Deutsche Bank, and Macquarie Bank. Since returning to Singapore in 2012, she has led digital transformation and sustainable finance initiatives. Her role will involve accelerating Nature-based Solutions (NbS) across Asia-Pacific and globally, aligning with Singapore’s 2030 Green Plan.

Will McGoldrick, Regional Managing Director, Asia-Pacific at TNC, stated, “Tamara’s appointment strengthens TNC’s ability to drive tangible climate action and conservation impact across Asia-Pacific. Her expertise in sustainable finance and ability to bridge the private and public sectors will be invaluable.”

Singh expressed her commitment, saying, “Joining one of the world’s most respected conservation organisations at a time when the need for bold, science-driven climate action has never been more urgent is both an honour and a responsibility.”

TNC’s programme in Singapore, established in late 2022, focuses on catalysing NbS and carbon markets, fostering research collaborations, and supporting regional corporate partnerships. In 2023, TNC joined the Southeast Asia Climate and Nature-based Solutions Coalition to accelerate high-quality, triple-benefit NbS projects across the region. Singh’s leadership is expected to further these efforts, reinforcing Singapore’s role as a global conservation and climate finance hub.
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ETC Travel Retail has inaugurated its first store at Changi Airport’s Terminal 2, aiming to introduce Singaporean food brands to international travellers. The store, located in the Transit/Departure Lounge, is part of ETC’s strategy to market local small and medium enterprises (SMEs) globally. By partnering with SME brand owners, ETC selects key products for travel retail, allowing these brands to focus on local operations whilst ETC handles international marketing.

ETC, which stands for Engage, Transform, Connect, is the brainchild of Edmond Wong, a London-born Singaporean and former Chartered Accountant. Wong’s vision for ETC was inspired by his own travel experiences and the lack of Singaporean products available at airports. “When I started working with local brands for ETC, I also noticed there was a possibility to truly bring Singapore products to the international market through the ETC concept, and to bring truly great Singapore brands international is my dream,” Wong stated.

The Terminal 2 store is set to open in mid-March 2025, with a Terminal 1 outlet following in July 2025. These stores will be accessible to departing passengers, whilst non-travellers can find ETC products at Marina Square and a kiosk in Jewel, opening in May. Additionally, ETC’s products are available online through platforms like Shopee Mall and Lazada Mall.

ETC’s initiative not only boosts the visibility of Singaporean brands but also provides insights into international market preferences, paving the way for smoother global expansion for local SMEs.
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GXS Bank has unveiled an innovative savings initiative called “Pocket is Right,” designed to encourage customers to save more whilst offering them the opportunity to win a trip. The game, launched recently, combines the excitement of guessing with the practicality of saving, aiming to engage users in a fun and rewarding manner.

The “Pocket is Right” game invites participants to save a specified amount of money and then guess the total amount saved by all participants. Those who guess closest to the actual total will stand a chance to win a trip, adding an element of excitement to the savings process. This initiative is part of GXS Bank’s broader strategy to promote financial literacy and encourage better savings habits among its customers.

Eryka Rojas, Senior Campaign Executive at TEAM LEWIS, highlighted the bank’s commitment to innovative customer engagement. “We are thrilled to introduce ‘Pocket is Right’ as a unique way to motivate our customers to save whilst having fun,” she said.

The game is accessible to all GXS Bank account holders, and participants can join by visiting the bank’s website. This initiative not only aims to boost savings but also to enhance customer interaction with the bank’s digital platforms.

As GXS Bank continues to explore creative ways to engage its customers, “Pocket is Right” represents a significant step in combining financial responsibility with entertainment. The bank hopes this approach will foster a more engaged and financially savvy customer base.
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General Omi Beef Trading Company, renowned for its Omi beef exports from Shiga Prefecture, Japan, is set to open its second steak speciality store, STEAK SUDAKU, in Singapore on 4 April 2025. The new establishment, located at 302 Beach Rd, will operate under the company’s subsidiary, OMIGYU TRADING SINGAPORE PTE LTD, and aims to promote the Omi beef brand in the region.

The restaurant will feature a fast-casual dining experience, focusing on Omi beef steaks as its primary offering, with an emphasis on quick service and delivery. The brand name, STEAK SUDAKU, is derived from the Chinese characters 喜达聚, which convey the idea of gathering and enjoyment.

Takaoki Nishino, CEO of General Omi Beef Trading Company, expressed enthusiasm for the new venture, highlighting the potential for franchise opportunities. The company is actively seeking franchisees to expand the STEAK SUDAKU brand further.

The store will be open from 11:00 to 15:00, with last orders at 14:30, and from 17:00 to 21:00, with last orders at 20:30. This expansion marks a significant step in the company’s strategy to establish a strong presence in Singapore’s competitive dining scene.

As the company looks to the future, the opening of STEAK SUDAKU not only broadens the reach of Omi beef but also offers potential business opportunities for local entrepreneurs interested in joining the franchise.
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The Straits Times Index (STI) recorded a 5.3% total return in the first quarter of 2025, according to data from the Singapore Exchange (SGX) and Refinitiv. This performance comes despite a broader market downturn, highlighting the resilience of certain sectors and stocks within the index.

Amongst the top performers in Q1 2025 were stocks with codes S63, U96, and U14, which achieved total returns of 46%, 15%, and 15% respectively. Notably, Singtel and CapitaLand Integrated Commercial Trust also showed strong performances, with both achieving 11% total returns. The STI’s robust performance was supported by a net institutional inflow of S$50m, particularly benefiting larger-cap Singapore Real Estate Investment Trusts (S-REITs).

The Lion-CM CSI Dividend Index ETF, which provides exposure to high-yielding A-Shares on the Shanghai and Shenzhen Stock Exchanges, also played a role in the market dynamics. The ETF maintains a 6.2% indicative dividend yield and includes 100 constituents selected for high cash dividend yields and stability. The Energy sector, comprising 20% of the index, aligns with China’s ongoing energy transition efforts.

Looking ahead, the outlook for US Federal Reserve rates has shifted to a more dovish stance, with expectations of further rate cuts by 2026. This could influence future market conditions and investor sentiment. Additionally, China’s retail sales growth, projected to reach 5% in 2025, may positively impact S-REITs with retail assets in the Greater China region.

In summary, the STI’s performance in Q1 2025 underscores the resilience of certain sectors amidst market volatility, with implications for future investment strategies and economic conditions.
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