Industry News

Ocean Network Express (ONE) and the Singapore Maritime Foundation (SMF) have signed a Memorandum of Understanding (MoU) to foster a talent pipeline for the maritime industry. The agreement, effective from 2025 to 2027, will see ONE sponsor at least two MaritimeONE scholarships and two internships annually, enhancing its collaboration with SMF.

The scholarships and internships, managed by SMF, aim to connect young individuals with the maritime sector through immersive learning experiences. This initiative is part of SMF’s broader MaritimeONE programme, which includes company visits, participation in the Maritime Youth Forum, and exclusive opportunities like the MaritimeONE VIP Pass.

Tan Beng Tee, Executive Director of SMF, highlighted the importance of this partnership, stating, “The deepening of our partnership through the signing of the MoU demonstrates our collective commitment to nurturing future maritime talent. It comes at a pivotal juncture as the industry transitions into a future where technology is pervasive and shipping becomes greener, requiring a workforce with new skillsets.”

Tay Ai Lin, Senior Vice President of Global Human Resources and ONE Academy at Ocean Network Express, added, “This MoU further cements our commitment to work with our stakeholders in the industry to create opportunities for bright minds to transform challenges into opportunities.”

This collaboration underscores the commitment of both organisations to equip the next generation with the skills needed to navigate the evolving maritime landscape. As the industry embraces decarbonisation and digitalisation, such initiatives are crucial for sustaining growth and innovation.
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Indian fintech leader Razorpay has announced its expansion into Singapore, marking its second venture in Southeast Asia following successful operations in Malaysia. The company aims to empower Singaporean businesses with seamless, real-time payment solutions, reducing cross-border transaction fees by 30-40% and supporting the country’s digital economy.

Razorpay’s entry into Singapore comes as the nation leads a digital payments boom in Southeast Asia, with a 97% digital payment penetration rate. The fintech giant plans to bridge the gap between local and international payment gateways, enabling businesses to transact effortlessly across borders. Shashank Kumar, MD and Co-founder of Razorpay, stated, “Our expansion aligns with Singapore’s bold vision for a cashless, innovation-driven economy.”

The company’s payment technology platform for Singapore will include multi-currency transactions, real-time payments, and an AI-powered payments suite called Agentic-AI. This suite will transform financial operations by enabling AI agents to engage in transactions, enhancing operational efficiency. Additionally, Razorpay introduces RAY, an AI concierge for payments, and Magic Checkout, which offers a one-click payment experience.

Angad Dhindsa, Southeast Asia Head of Razorpay Singapore, highlighted the importance of addressing the unique challenges faced by small and medium businesses in Singapore. “With 30-50% of online payments being cross-border, businesses need seamless, cost-effective solutions,” he said.

Razorpay will collaborate with banks, financial institutions, and regulatory bodies to ensure compliance with Singapore’s financial landscape. This expansion is expected to strengthen Razorpay’s presence in the Southeast Asian market, following its 10X growth in Malaysia.
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Mediacorp has announced the appointment of Susan Ho to its Board of Directors, effective 1 March 2025. With more than three decades of experience in international branding, strategic corporate positioning, and reputation management, Ho is set to bring a fresh perspective to the media giant. Her career includes significant roles such as Corporate Banking Head of Creative Industries and Global Head of Brand and Sponsorships at Standard Chartered Bank, as well as senior leadership positions at Brunswick and Airwallex.

Mediacorp Chairman Niam Chiang Meng expressed enthusiasm about Ho’s appointment, stating, “Susan is a key addition to Mediacorp’s Board, given her extensive expertise and leadership experience across different sectors within the region. Her presence will enhance the diversity of perspectives crucial for navigating the challenges and opportunities in our competitive industry.”

The appointment follows the departure of former Board Directors Robin Hu and Roy Quek, who stepped down at Mediacorp’s Annual General Meeting on 30 August 2024. Niam acknowledged their contributions, noting that their insights have strengthened the company’s strategic decisions and audience engagement.

Joining Ho on the Board are notable figures including Tham Loke Kheng, CEO of Mediacorp, and Eng Chin Chin, Non-Executive and Independent Director at Olam Agri Holdings Limited, amongst others. This diverse group is expected to guide Mediacorp through its ongoing journey of innovation and growth.
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DBS Vickers Securities has released its latest Singapore Market Focus report, identifying new opportunities beyond the traditional index leaders. The report, dated 6 March 2025, highlights the Monetary Authority of Singapore’s (MAS) equity market support measures as a significant factor benefiting certain stocks. Additionally, the report provides insights into the fourth quarter (Q4) results season, recommending five stocks to buy and two to avoid.

The report’s key takeaway is the revised year-end target for the Straits Times Index (STI), now set at 4,080. DBS advises investors to consider buying on pullbacks, suggesting confidence in the market’s upward trajectory. This adjustment reflects a positive outlook on Singapore’s economic environment and the potential for growth in specific sectors.

Amongst the beneficiaries of the MAS equity market support measures, DBS identifies several stocks poised for gains. The report does not specify these stocks in detail, but it emphasises the importance of looking beyond the index titans to uncover hidden opportunities in the market.

The report also delves into the Q4 results season, offering strategic advice on stock selection. Whilst it recommends five stocks for purchase, it cautions against investing in two others, though specific names are not disclosed in the press release.

In conclusion, DBS Vickers Securities’ report underscores a bullish sentiment towards the Singapore market, driven by supportive measures from MAS and strategic stock selection. Investors are encouraged to stay informed and consider the report’s insights for potential investment opportunities.
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In 2024, Singapore’s Central Business District (CBD) Grade A office rents grew by approximately 2% and are projected to continue this trend in 2025. This growth is attributed to the limited availability of new office spaces and sustained demand for premium locations. The report also notes a slight rise in office vacancy to 9.4% in 2024, largely due to the addition of the 1.25-million-square-foot IOI Central Boulevard Towers.

Chris Carver, Executive Managing Director and Head of Asia-Pacific Valuation & Advisory at Newmark, stated, “Increasing office-using employment and declining office supply should help to better balance the market’s supply and demand over the next 12 months, supported by steady economic growth and export growth.”

Newmark has unveiled a report forecasting a positive outlook for Singapore’s office leasing market in 2025, buoyed by stable economic growth and a constrained supply of new office spaces. The study, conducted by Newmark’s Valuation & Advisory and Leasing & Brokerage teams, anticipates moderate rental growth and increased demand for high-quality office spaces.

The “Flight to Quality” trend remains a significant factor in office relocations, as businesses focus on talent acquisition and retention. Key service sectors, including information and communications, financial, and professional services, experienced growth in 2024 and are expected to drive further office demand in 2025.

Newmark’s comprehensive analysis underscores the resilience of Singapore’s office market, with implications for continued investment and development in the sector.
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YouBiz, a leading multi-currency corporate card and spend management platform, has teamed up with TikTok for Business to support the growth of Singapore’s e-commerce sector. This strategic partnership, announced on 6 March 2025, aims to provide local businesses with enhanced advertising and financial operations, as the sector’s gross merchandise value is projected to rise from US$8b in 2023 to US$9b in 2024.

The collaboration seeks to address the increasing demands of the market by offering targeted support to maximise marketing and advertising return on investment (ROI) and streamline financial processes. Benedict Khong, General Manager of YouBiz, stated, “This partnership with TikTok for Business is designed to bridge that gap. By seamlessly integrating YouBiz’s innovative financial solutions with TikTok’s dynamic advertising platform, we are empowering businesses to not only survive but thrive in the fast-evolving digital economy.”

A key feature of the partnership is an exclusive cashback scheme, offering new TikTok advertisers up to U$100 in ad credits. Additionally, businesses can benefit from up to 3% upsized cashback on TikTok ad spend with YouBiz, enhancing ROI and freeing up capital for reinvestment.

The partnership was unveiled at an event featuring a panel discussion titled “Unlocking Growth on TikTok: Content, Ad and Financial Strategies for Success.” Speakers, including Genecia Alluora, co-founder of Alluora, shared insights on leveraging digital platforms for effective marketing and the importance of financial tools in reducing foreign exchange fees.

By integrating financial and marketing solutions, YouBiz and TikTok for Business aim to empower e-commerce businesses in Singapore, driving growth and innovation in the digital economy.
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StarHub has announced its exclusive partnership with Xiaomi to launch the Xiaomi 15 Ultra in Singapore, offering a range of promotions for customers. The pre-order period, which runs until 7 March, allows customers to enjoy a S$50 discount when ordering online through StarHub. Additionally, those who pre-order the Xiaomi 15 Ultra will receive a complimentary Camera Kit valued at $199 and a Redmi Pad SE (6+128GB) worth S$229.

From 8 to 23 March, customers purchasing the Xiaomi 15 Series with a 2-year Device Plan can take advantage of further launch promotions. Buyers of the Xiaomi 15 Ultra will receive a free Photography Kit Legend Edition, valued at S$199, and a Redmi Pad SE worth S$299. Meanwhile, purchasers of the Xiaomi 15 will receive a Redmi Pad SE worth S$229.

Customers opting for a 2-year Device Plan can also benefit from up to S$200 off when signing up for a new line or porting in from another telco, along with an additional $200 trade-in cashback for device upgrades. From 14 March, StarHub introduces a Buy Now, Pay Later option with the Star Plan, starting at S$50 per month, enabling customers to save up to S$628.

The Xiaomi 15 Series, designed for professional imagery, is aimed at creative professionals seeking to enhance their mobile photography. Customers can experience the devices in StarHub stores, with pre-orders available online via the StarHub app or website. For more information, visit StarHub’s website.
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Twilio, a leading customer engagement platform, has partnered with Singtel to offer businesses in Singapore a secure and branded messaging platform through Rich Communications Services (RCS). This collaboration aims to enhance customer trust, especially in light of the S$1.1b lost to scams in Singapore last year. According to Twilio’s 2024 Consumer Preferences report, 79% of Singaporean consumers are more likely to trust communications that include a verification badge.

RCS messaging provides an advanced alternative to traditional SMS, offering interactive and dynamic communications. Robert Woolfrey, Vice President of Communications at Twilio, stated, “RCS messaging offers an enhanced alternative to SMS and bridges the gap between traditional messaging and the interactive experiences offered by over-the-top channels.” Terence Lai, VP of Digitalisation at Singtel, added that the partnership allows businesses to deliver rich communications that improve customer engagement.

Key features of Twilio’s RCS service include automatic SMS upgrades to RCS on supported devices, immediate testing capabilities through branded profiles, and zero code changes for activation. Businesses can also access improved metrics, such as RCS read receipts, through existing Twilio dashboards.

This initiative marks Singapore as the first Asian country to adopt Twilio’s RCS Business Messaging, joining other nations like the US, UK, and Germany. The expansion highlights Twilio’s commitment to providing rich messaging capabilities globally, empowering businesses to deliver trusted and personalised communications at scale.
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Singlife has launched the Singlife Smart Saver, a new savings plan designed to adapt to policyholders’ changing financial needs. Introduced on 23 February 2025, this participating endowment plan offers a range of features aimed at medium- to long-term financial goals, such as funding education, retirement planning, or legacy planning.

The Singlife Smart Saver includes several innovative features. The Life Stage Add-On allows policyholders to enjoy lower premiums on the Singlife Smart Saver Plus, a separate plan with similar benefits, six months after the main policy begins. This feature enables users to build savings for various life events by adding multiple plans as needed.

Another key feature is the Legacy Distribution Option, which allows policyholders to split their policy into multiple sub-policies at no additional cost, facilitating efficient asset distribution. Additionally, the plan offers a Secondary Life Assured option, enabling a loved one to take over the policy if necessary, ensuring continued wealth growth.

The plan also includes a Redundancy Benefit, waiving premiums for up to 12 months in the event of involuntary unemployment. Policyholders can also benefit from a maturity payout and potential bonuses, with 100% capital guaranteed upon policy maturity.

Singlife Smart Saver replaces the Singlife Choice Saver, which will be discontinued from 24 March 2025. Existing policyholders of the Choice Saver will not experience changes in coverage. This new plan underscores Singlife’s commitment to providing tailored financial solutions for Singaporeans. For more details, visit Singlife’s website.
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Singapore organisations are enthusiastically adopting Generative AI (GenAI) to boost productivity, automation, and innovation, according to the latest Enterprise Cloud Index survey by Nutanix. However, over 70% of these organisations are encountering implementation challenges, with infrastructure modernisation emerging as a critical focus. Nearly 80% of Singapore firms report that their IT systems require significant upgrades to support GenAI applications.

The report highlights that whilst 85% of Singapore organisations have developed a GenAI strategy, 31% have yet to implement it. This mirrors trends across the Asia-Pacific-Japan (APJ) region and globally. Top GenAI workloads in Singapore include cybersecurity, fraud detection, and code generation.

Infrastructure modernisation is essential for scaling GenAI workloads from development to production. Singapore organisations are prioritising investments in IT infrastructure to support these initiatives. However, the country lags behind in application containerisation, with over 60% of organisations having containerised applications compared to more than 80% in APJ and globally.

Security and privacy concerns are also prominent, with less than half of Singapore decision-makers feeling prepared to handle ransomware and cyber threats. Only 42% of Singapore organisations report having the necessary skills to support GenAI adoption, compared to nearly 60% of their APJ and global peers.

Ho Chye Soon, Singapore country manager at Nutanix, emphasised the need for modernising applications and infrastructure to unlock GenAI’s full potential. “Many businesses in Singapore understand the urgency of this transformation but face challenges in integrating and scaling GenAI workloads due to infrastructure limitations,” he said.

As GenAI adoption accelerates, Singapore organisations must address these challenges to fully capitalise on the technology’s potential.
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