Industry News

New research from KnowBe4 reveals that 46% of Singaporean IT decision-makers struggle to distinguish between legitimate and phishing emails, highlighting a significant cybersecurity challenge. The study, conducted in January 2025, indicates that phishing attacks are becoming increasingly sophisticated, with 72% of IT leaders mistakenly identifying genuine emails as phishing attempts.

Despite this confusion, fewer IT decision-makers express concern about phishing and business email compromise (BEC) risks compared to previous years, with only 36% acknowledging it as a threat. This decline in awareness could leave organisations vulnerable to costly cyber threats. Dr Martin Kraemer, Security Awareness Advocate at KnowBe4, emphasised the financial threat posed by BEC, stating, “These latest insights are deeply concerning, as organisations see a decline in individual accountability for cybersecurity, the risk of BEC attacks only grows.”

The research also highlights a shift in cybersecurity responsibility, with 47% of organisations placing the burden on IT teams, up from 42% in 2024. Meanwhile, 42% believe the government should be more involved, reflecting a growing expectation for government intervention. An overwhelming 89% of respondents call for increased government action, including public education on cyber risks and funding for business protection.

Dr Kraemer stressed the need for a culture of cybersecurity awareness, stating, “Now more than ever, businesses must prioritise comprehensive email security, employee training, and multi-layered defences to prevent costly breaches.”

The study underscores the urgent need for enhanced cybersecurity measures and shared responsibility within organisations to combat the evolving threat landscape.
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Audience Analytics has announced a 29% year-on-year increase in net profit, reaching $4.4m (S$6.0m) for the financial year 2024, driven by improved margins. The company also reported a 6% rise in revenue to $11.4m (S$15.6m). In line with its new dividend policy, the firm has proposed a final cash dividend of 1.50 Singapore cents per share, committing to distribute at least 50% of profits attributable to equity holders.

The company maintains a robust net cash position of $15.8m (S$21.6m), which constitutes approximately a third of its market capitalisation, valued at around $49.1m (S$67m). Datuk William Ng, Chairman and Managing Director of Audience Analytics, attributed the success to the team’s dedication and strategic vision. “Our relentless focus on innovation, efficiency, and expanding our market presence has delivered strong profit growth and set a solid foundation for even greater opportunities ahead,” he stated.

Audience Analytics, a business enabler with a presence across Asia and the Middle East, offers a diverse portfolio including publications, online portals, and business award programmes. The company’s strong financial performance underscores its commitment to creating lasting value for shareholders and positions it for future growth.

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German fast-moving consumer goods (FMCG) wholesaler Famobra GmbH is intensifying its expansion into Southeast and Northern Asia, with Singapore as its strategic hub.

The company has appointed Lars Lund Rasmussen as General Manager to oversee operations in the region. Rasmussen, who brings extensive experience from his roles in logistics and as Consul General for the Danish Foreign Ministry in China, will be based in Singapore.

Famobra, known for distributing European A-brands like Haribo and Guinness Beer, aims to capture the growing demand for these products in Asia. CEO Morten Ryholl Skjerning highlighted Rasmussen’s appointment as a strategic move following an extensive recruitment process. “Lars’ experience, his skills in innovation, and his commercial acumen make him the right person for the task,” Skjerning stated.

The company, part of the Fleggaard Group, has experienced consistent annual revenue growth of 15 to 30 per cent over the past decade. This growth is fuelling its ambitions in Asia, particularly in China, Singapore, and Hong Kong. “We’re investing heavily and moving fast because that’s what is needed to take the lead on a global scale,” Skjerning added.

Rasmussen’s immediate focus will be on building the Singapore team and enhancing local presence. “Our next goal is to find the right talents, who can carry these significant growth ambitions,” Rasmussen said. Famobra plans to double its Singapore team and increase visibility by participating in key industry events like the FHA in Singapore and SIAL in China.
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CSE Global Limited, a global systems integrator based in Singapore, announced a robust financial performance for the fiscal year ending 31 December 2024. The company reported an 18.8% increase in revenue, reaching $861.2m, primarily driven by its Electrification and Automation business segments. The group’s EBITDA rose by 29.1% to $82.2m, whilst net profit before exceptional items surged 63.2% to $36.8m.

The company’s strong performance is attributed to its strategic focus on urbanisation, electrification, and decarbonisation trends, according to Group Managing Director and CEO Lim Boon Kheng. “Despite market uncertainty, CSE demonstrated resilience through strong revenue and net profit growth,” he stated. The acquisition of RFC Wireless, Inc. has also allowed CSE to penetrate the US data centre communications market, further expanding its capacity in the Electrification business.

Key highlights from the financial results include a stable order book of $672.6m as of 31 December 2024 and a recommended final dividend of 1.15 Singapore cents per ordinary share. The company also reported improved working capital efficiencies, with a reduction in cash conversion days from 52 to 50 days.

Looking ahead, CSE Global plans to capitalise on the growing demand for data centres and continue expanding its engineering capabilities to meet evolving market demands. The company aims to strengthen its position in the Electrification and Communications sectors, particularly in the Americas and Asia Pacific regions.

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TIH Limited, a private equity fund company listed on the SGX Mainboard, has announced a total comprehensive income of $17.72m for the financial year ending 31 December 2024. This figure represents a significant performance driven by various financial activities and strategic management decisions.

The company’s income was primarily bolstered by a net income tax reversal of $15.43m and a fair value gain on equity investments at fair value through profit or loss (FVTPL) amounting to $11.65m. Additionally, the company reported other operating income of $5.77m. These gains were partially offset by operating expenses of $8.86m and a fair value loss on debt investment at FVTPL of $6.98m.

Executive Director Allen Wang highlighted the company’s strategic focus amidst macroeconomic uncertainties, stating, “Our experienced team has been instrumental in navigating macroeconomic uncertainties, driving the growth of our Fund Management business.” Chairman Kin Chan added that the company is well-positioned to leverage opportunities in Southeast Asia and Greater China, aiming to deliver sustainable value to shareholders.

TIH also reported an increase in its net asset value to $136.50mand proposed a final dividend of 1.0 Singapore cent per share. The company’s recurring fee income from its fund management business rose by 13% to $5.77m, reflecting its robust performance in the sector.

The financial results underscore TIH’s strategic positioning and its ability to adapt to evolving economic landscapes, with a focus on capitalising on investment opportunities in the region.
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Singapore’s mid-to-small cap stock market, comprising nearly 150 companies with market capitalisations between $100m and $1b, has seen significant influence from the technology sector. Over the past eight weeks, technology stocks have contributed $14m, or 35%, to the $40m average daily trading turnover, according to the latest data from the Singapore Exchange (SGX).

Among the top 10 most traded companies in this group are four technology firms: AEM Holdings, Frencken Group, UMS Integration, and CSE Global. Notably, UMS Integration and CSE Global also ranked among the top 10 stocks with the highest net institutional inflow, alongside Valuetronics.

PC Partner Group, a manufacturer of computer electronics, has achieved the second-highest year-to-date price gain among the mid-to-small caps, with a 72.6% increase. The company is expected to report its FY24 results by 28 February, projecting a net profit of at least HK$250m, a substantial rise from approximately HK$60m in FY23. This growth is attributed to strong demand for new video graphics cards and reduced marketing expenses.

The technology sector’s impact on Singapore’s mid-to-small cap stocks highlights the growing importance of tech companies in the market. As PC Partner Group plans to expand its presence in Southeast Asia, including moving its global headquarters to Singapore, the sector’s influence is likely to continue shaping the market dynamics.
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The Singapore Land Authority (SLA) has announced two strategic partnerships aimed at utilising space-based technologies and data to develop geo-enabled solutions for climate mitigation and adaptation. This announcement was made at the Global Space Technology Convention Exhibition 2025, held on 26 February at Marina Bay Sands Expo and Convention Centre.

These partnerships are set to harness advanced space technologies to address pressing climate challenges. By integrating space-derived data, the SLA aims to enhance its capabilities in monitoring and responding to environmental changes, thereby contributing to Singapore’s broader climate strategy.

The initiative underscores the growing importance of space technology in tackling global environmental issues. By collaborating with leading space technology entities, the SLA seeks to pioneer innovative solutions that can be applied both locally and globally.

The partnerships are expected to facilitate the development of sophisticated tools for climate monitoring, which will be crucial in formulating effective climate policies. This move aligns with Singapore’s commitment to leveraging technology for sustainable development and environmental resilience.

As these partnerships progress, they are anticipated to yield significant advancements in the way climate data is collected and utilised, potentially setting a precedent for other nations to follow. The SLA’s proactive approach highlights the critical role of technology in addressing the challenges posed by climate change.
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LPA Law, a prominent French law firm, has announced the integration of APFL Partners Vietnam LLC into its network, marking a significant expansion in Asia. This strategic move, effective from March 2025, positions LPA Law as a leading Francophone legal group in the region, with new offices in Ho Chi Minh City and Hanoi.

The integration of APFL Partners, a well-established international law firm in Vietnam, enhances LPA Law’s service offerings, particularly in Corporate and M&A, Banking and Finance, and Dispute Resolution. APFL Partners, known for its expertise in Real Estate, Energy, and Manufacturing, brings valuable local knowledge combined with global experience.

With this expansion, LPA Law now operates in six key Asian cities, including Hong Kong, Shanghai, Tokyo, and Singapore, boasting a team of 50 multicultural and multilingual lawyers. This development allows the firm to provide seamless legal support for international investment projects and cross-border commercial activities, catering to clients from Western Continental Europe, the USA, Southeast Asia, Japan, and China.

Arnaud Bourrut-Lacouture, a distinguished corporate lawyer and co-founder of LPA Singapore, will lead the Vietnam offices as Managing Partner. He expressed enthusiasm for reuniting with former Vietnamese colleagues and embracing his new role.

Nicolas Audier, founder of APFL Partners, expressed delight at joining LPA Law, acknowledging the firm’s strong reputation in Vietnam. He will continue as Senior Legal Counsel, advising European clients entering the Vietnamese market.

This partnership marks a new era for both firms, reinforcing their ability to support international businesses in Asia and beyond.
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17LIVE Group Limited has reported a substantial decrease in its financial performance for the fiscal year ending 31 December 2024. The company’s operating revenue plummeted to $190.8m, a 31.6% drop from the previous year’s $278.9m. This decline was accompanied by a net loss of $3.3m, a slight improvement from the $247.9 million loss in 2023.

The financial statements reveal that the cost of revenue decreased to $108.3m from $164m in 2023, contributing to a gross profit of $82.5m. However, operating expenses remained high, totalling $73.6m, with significant allocations to selling, general and administrative, and research and development expenses.

Despite the challenging financial landscape, 17LIVE managed to reduce its loss before income tax to $958,000, compared to a staggering $245m loss in the previous year. The company also reported a comprehensive loss of $6.6m, reflecting foreign currency translation losses.

The company’s financial position showed total assets of $133.2m, down from $164.1m in 2023, with cash and cash equivalents standing at $79.2m. Total liabilities decreased to $48.4m from $73.6m, resulting in net assets of $84.8m.

Looking ahead, 17LIVE faces the challenge of reversing its revenue decline whilst managing its expenses. The company’s financial adjustments and strategic decisions in the coming year will be crucial in determining its future trajectory.
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Three cross-border teams emerged victorious at the Singapore International Foundation’s Climate Hack 2024 Pitch Day on 22 February 2025. The event marked the culmination of a five-month programme aimed at equipping Asian youths with digital skills to tackle climate change. The winning teams, comprising 13 youths from India, Indonesia, Malaysia, Pakistan, and the Philippines, presented innovative solutions that included strategic partnerships, personalised user experiences, and cost-effective alternatives.

Over 300 youths from 27 countries participated in the programme, receiving training from industry experts in digital skills, problem-solving, and entrepreneurial thinking. Notably, nine out of the ten shortlisted teams were international collaborations, highlighting the importance of cross-border cooperation in addressing climate issues.

Wan Muhamad Asyrad Wan Zaki, a member of the winning team Sustainloop, emphasised the value of diverse viewpoints and cultural understanding in fostering innovation. “Working with people from different cultures has taught us to value diverse viewpoints, communicate clearly to avoid misunderstandings, and respect local customs and practices,” he said.

The Pitch Day saw ten teams present their tech-driven solutions to a panel of judges, addressing challenges in areas such as natural resource management and waste systems. The winning teams—E-Connect, SustainIQ, and Sustainloop—were recognised for their creativity, teamwork, and the impact of their solutions.

Additionally, Ecovolve received the People’s Choice Award, voted by social media and the live audience. The programme, supported by partners like Action for Change in Southeast Asia and Cognizant, has trained nearly 1,000 youths since its inception in 2021, developing 130 digital prototypes to combat climate challenges.
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