Industry News

Crescendo Lab, a Taiwan-based AI technology company, is expanding its operations into Singapore to revolutionise conversational commerce across Southeast Asia. With the conversational AI market expected to surpass US$18b by 2026, Crescendo Lab aims to enhance customer engagement through AI-powered tools integrated with popular messaging platforms like WhatsApp.

The company’s expansion into Singapore is set to empower local businesses by streamlining operations and boosting sales through enhanced customer interactions. Co-founder and CEO Jin Hsueh emphasised Singapore’s pivotal role, stating, “Singapore isn’t just a hub—it’s the heartbeat of Southeast Asia’s digital evolution.”

Crescendo Lab’s Singapore hub will focus on optimising WhatsApp for better customer engagement, leveraging the platform’s 80% penetration rate in the region. The company aims to transform customer interactions into business outcomes, positioning itself as a leader in Southeast Asia’s conversational commerce ecosystem.

Key features of Crescendo Lab’s offering include cross-channel conversation and data consolidation, AI-driven operational efficiency, and reliable high-capacity message delivery. The company’s Message Delivery System ensures 99.99% uptime, handling high-volume outreach whilst prioritising security and fraud prevention.

Crescendo Lab’s innovations have already driven significant growth for businesses such as Click Broker in Thailand and Nissan Taiwan, showcasing the potential for increased user engagement and market reach. As the company continues to expand its global footprint, it remains committed to empowering businesses with AI-driven solutions that foster deeper customer relationships and drive sustainable growth.
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Singapore’s services sector, excluding wholesale trade, retail trade, accommodation, and food services, experienced an 8.5% increase in business receipts in the fourth quarter of 2024 compared to the same period in 2023.

The Singapore Department of Statistics reported that all services industries saw higher business receipts year-on-year, with notable growth in the finance and insurance, transportation and storage, and health and social services sectors.

The finance and insurance industry led the charge, reflecting robust economic activity and increased demand for financial services. Similarly, the transportation and storage sector benefited from heightened logistics and supply chain activities, whilst the health and social services industry saw increased business due to ongoing healthcare demands.

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MSCI has released its Women on Boards and Beyond Progress Report 2024, highlighting notable advancements in gender diversity across corporate boards globally. The report, which has been tracking board gender diversity since 2009, shows that women now hold 27.3% of board seats at publicly listed large- and mid-cap companies worldwide, marking a 1.5 percentage point increase from the previous year.

In the Asia Pacific (APAC) region, significant progress has been made, with Hong Kong and Singapore eliminating all-male boards in 2024. Japan also saw a reduction, with only one all-male board remaining. Moeko Porter, APAC Corporate Governance Research Lead at MSCI, noted that 11 out of 13 APAC markets covered by the MSCI AC Asia Pacific Index experienced an increase in companies with at least 30% female directorships.

Despite these gains, the report highlights a decline in female representation at the CEO and CFO levels in APAC, with a decrease of 0.2 and 0.8 percentage points, respectively. However, New Zealand, Japan, and Hong Kong recorded increases in female CEOs, whilst Thailand, Malaysia, and New Zealand saw rises in female CFOs.

The report also emphasises the importance of nomination committees in shaping board composition. In APAC, only 18.1% of companies had nomination committees chaired by women, compared to 26.3% globally. Porter stated, “Nomination committees can be pivotal in shaping board composition.”

MSCI’s findings suggest that companies with at least 30% female directors achieved cumulative returns 18.9% higher than those without, indicating a positive correlation between gender diversity and financial performance. As gender diversity continues to improve, the report underscores the ongoing challenges in achieving balanced representation in leadership roles.
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7-Eleven Singapore has unveiled a new mobile application designed to enhance customer convenience and offer exclusive deals. The app, launched on 27 February 2025, integrates seamlessly into users’ daily routines, providing features such as EasyCollect, SaverStamps, ValuePacks, and the Kawaii Collection.

EasyCollect allows customers to order and pay ahead, picking up items from over 450 stores across Singapore in just three steps. SaverStamps rewards loyalty by allowing users to collect stamps with purchases, redeemable for free products and exclusive rewards. ValuePacks offers bulk-buy vouchers for popular items like Betagro Chicken and Hanjuku eggs, enabling significant savings. The Kawaii Collection gives users first access to exclusive 7-Eleven merchandise, including Pokémon and Sanrio favourites.

The app also links with the yuu Rewards Club, allowing customers to earn points with every purchase. Anushree Khosla, Managing Director of 7-Eleven Singapore, stated, “We wanted to elevate convenience for our customers by bringing our stores, products, and offerings even closer to them through EasyCollect and help them save money through our SaverStamps and ValuePacks.”

Available on the Apple App Store and Google Play Store, early adopters can enjoy welcome coupons offering discounts on minimum spends. To celebrate the launch, 7-Eleven has partnered with YouTube sensation Jian Hao Tan to release a new jingle, “Just One App,” across social media platforms.

The app promises to revolutionise the shopping experience for Singaporeans, offering a blend of convenience, savings, and fun.
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ResMed’s fifth annual Global Sleep Survey has highlighted a significant sleep crisis in Singapore, with one in three residents choosing to endure poor sleep rather than seek help.

The survey, which included 1,000 Singaporean respondents out of 30,026 globally, reveals that stress is the leading cause of sleep disruption for 65% of Singaporeans, followed by anxiety at 51% and financial pressures at 35%.

The findings underscore the broader implications of sleep deprivation, linking it to workplace burnout, relationship issues, and long-term health risks. Despite the global trend of 71% of employed individuals calling in sick due to poor sleep, Singaporeans report a lower tendency, with more than half stating they rarely or never take sick leave for this reason.

The survey also sheds light on the phenomenon of “sleep divorce,” where nearly half of Singaporean couples have opted to sleep separately to improve sleep quality. This trend is more pronounced in Singapore compared to the global average of 18% of couples sleeping apart due to snoring and restlessness.

Carlos M. Nunez, ResMed’s Chief Medical Officer, emphasised the importance of addressing sleep issues: “Sleep is as vital to health as diet and exercise, yet millions struggle in silence.” The survey calls for increased awareness and proactive measures to tackle sleep health, as 89% of respondents acknowledge the benefits of good sleep, yet only 24% take immediate action to address sleep issues.

The survey’s insights highlight an urgent need for both individuals and employers to prioritise sleep health, potentially improving productivity and overall well-being.
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Winking Studios, a leading game art outsourcing and development company, has announced an 8.9% increase in revenue for the financial year ending 31 December 2024. This growth is attributed to strong demand and strategic acquisitions, including On Point Creative and Pixelline, which contributed significantly to the company’s performance.

The company reported a revenue of $31.9m, up from $29.3m in FY2023. Despite the integration costs of new acquisitions, the gross margin slightly increased to 29.7%. The company maintained a healthy balance sheet with cash and cash equivalents of $41.3m and no borrowings by the end of the year.

Johnny Jan, Executive Director and CEO of Winking Studios, highlighted the company’s robust performance, stating, “We have continued to benefit from strong demand for our services from our blue-chip customer base, which, together with our team’s exceptional operational execution, has driven both revenue growth and resilient performance during FY2024.”

The company also completed a dual listing on the London Stock Exchange and a private placement in Singapore, raising $29.9m to support its global growth and merger and acquisition strategy. Looking ahead, Winking Studios plans to expand its market share in the art outsourcing sector with the proposed acquisition of Mineloader, enhancing its presence in the console games market.

With a strong project pipeline and a focus on diversifying its customer base in the US, Europe, UK, and Japan, Winking Studios is poised for continued growth in the rapidly expanding global gaming industry.
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City Developments Limited (CDL) is embroiled in a corporate governance crisis as its Executive Chairman, Kwek Leng Beng, has raised serious concerns over recent boardroom manoeuvres. In a statement, Kwek accused Sherman Kwek, Philip Lee, Wong Ai Ai, and other directors of attempting to consolidate control of the board by bypassing the Nomination Committee (NC) and making unauthorised changes to board composition and governance.

The controversy began on 28 January 2025, when an email was sent nominating two additional independent directors without prior NC consultation. Despite objections from NC Chairman Chong Yoon Chou, a board meeting was requisitioned to push through these appointments. Legal advice received by the board highlighted that bypassing the NC could lead to non-compliance with governance codes, yet a Directors’ Resolution in Writing was circulated and approved on 7 February 2025.

Kwek has responded by filing court papers to address what he describes as an “attempted coup” and restore corporate integrity. He also announced plans to replace the CEO at an appropriate time, citing past financial missteps under Sherman Kwek’s leadership, including a $1.9b loss in 2020 and a 94% profit decline in the first half of 2023.

To stabilise CDL, Kwek proposes appointing Kwek Eik Sheng as interim CEO and reinforcing governance frameworks. He emphasised the importance of transparency and due process, urging shareholders to support efforts to safeguard CDL’s future. The situation remains tense, with potential implications for the company’s governance and leadership structure.
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City Developments Limited (CDL) has successfully halted serious corporate governance lapses following a court hearing on 26 February 2025. Executive Chairman Kwek Leng Beng announced that the two directors, appointed irregularly on 7 February 2025, have agreed not to exercise their powers until further court notice. This decision comes amidst attempts by Sherman Kwek, Philip Lee, Wong Ai Ai, and other directors to alter board committees and management structures within CDL’s subsidiaries.

The court’s intervention has suspended the irregularly formed Nominating & Remuneration Committee, allowing CDL’s board and management to operate without further disruption. Kwek emphasised the importance of strong corporate governance, stating, “It ensures transparency, accountability, and responsible decision-making, which are critical to maintaining investor confidence and protecting the long-term interests of our shareholders.”

Kwek reiterated his commitment to upholding high governance standards, ensuring CDL’s stability and protecting shareholder interests. He expressed gratitude for the continued trust and support from shareholders and stakeholders, promising further updates as necessary.

This resolution marks a significant step in maintaining the integrity and functionality of CDL’s board and management, reinforcing the company’s dedication to sustainable business practices and long-term value creation.
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Singapore’s fintech sector saw a recalibration in 2024, with investments totalling $1.3b (US$1.3b), marking the lowest level since 2020. According to KPMG’s Pulse of Fintech H2’24 report, this shift aligns with a global trend towards sustainable growth, as investors prioritise proven business models and profitability, particularly in AI-integrated investments.

Despite the overall decline, Singapore remains a hub for fintech innovation. Investment in crypto and blockchain rose by 22% in H2 2024, reaching $267m (US$267m), driven by AI-powered digital asset solutions and blockchain infrastructure. AI-powered fintech also surged, with investments jumping from $24m (US$24m) in H1 2024 to $160m (US$160m) in H2 2024, reflecting strong interest in regtech and automation.

Anton Ruddenklau, Lead of Global Innovation and Fintech at KPMG International, noted, “AI could be a sleeping giant for fintech investment. Over the next year, AI-focused regtechs will likely see the most traction among investors.”

The H2 2024 period saw a 41% increase in the total value of fintech deals in Singapore, despite a 36% drop in deal volume. This indicates a focus on high-value, early-stage investments with clear paths to profitability. The payments sector, ranked third among fintech verticals, showed resilience with nine transactions totalling $57.4m (US$57.4m).

Looking ahead, Singapore’s focus on sustainable growth and innovation positions it at the forefront of fintech evolution. The Singapore Budget 2025 is expected to further accelerate this momentum by introducing initiatives to integrate AI at scale and attract entrepreneurial talent.

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Procurri, a global provider of IT services, has reported a notable financial recovery in FY2024, achieving a net profit of S$0.4m, a stark contrast to the S$8.5m net loss recorded in FY2023. The company attributes this turnaround to strategic cost optimisation and operational efficiencies, which have also led to an increase in gross profit margin from 21.2% to 22.5%.

The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) also saw a positive shift, reaching S$4.8m, reversing the previous year’s EBITDA loss of S$6.0m. This improvement is largely due to pricing adjustments and enhanced cost efficiencies.

Mat Jordan, CEO of Procurri, commented on the results, stating, “Our return to profitability in FY2024 is a testament to our focused execution and financial discipline. Whilst the industry landscape remains challenging, our ability to drive cost efficiencies, improve margins, and expand in high-growth areas positions us well for the future.”

Procurri, established in 2013, operates across three regional hubs—Asia Pacific, the Americas, and Europe, including the UK, the Middle East, and Africa—with its headquarters in Singapore. The company aims to leverage its expertise in sustainable IT solutions to capture growth opportunities within IT lifecycle services, hardware resale, and data centre spaces.

Looking ahead, Procurri plans to continue leveraging its global network and expertise to expand its presence in high-growth areas, ensuring a robust position in the competitive IT services market.
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