Industry News

The Singapore International Foundation (SIF) has significantly enhanced mental healthcare services in Cambodia by equipping over 150 mental health professionals in Phnom Penh with advanced skills and knowledge. This initiative, part of the Enhancing Mental Healthcare Services project, is expected to benefit more than 225,000 patients. Launched in 2022 in collaboration with the Khmer-Soviet Friendship Hospital (KSFH), the project aligns with Cambodia’s Mental Health Strategic Plan 2023 to 2032.

A notable achievement of the project is the development and pilot implementation of a Suicide Risk Assessment Framework and Guidelines at KSFH. This framework, created with the help of Singapore International Volunteers (SIVs), aims to improve early detection and intervention for at-risk individuals. The initiative also focused on obsessive-compulsive disorder (OCD) treatment, introducing the Yale-Brown Obsessive Compulsive Scale (Y-BOCS) to enhance diagnosis and management.

Participants in the project received specialised training, including visits to Singaporean healthcare institutions, to gain insights into evidence-based interventions. The project also produced videos to raise mental health awareness and combat stigma in Cambodia.

Prof Yim Sobotra of KSFH highlighted the collaboration’s impact, stating it has expanded their capacity to manage suicide risk and improve OCD treatment. Dr Jared Ng, SIV Team Lead, expressed hope that the project would foster more open conversations about mental health.

The SIF plans to launch a new initiative later this year to further improve health outcomes across Southeast Asia.
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Tesla has unveiled the New Model Y 110 in Singapore, expanding its electric vehicle (EV) offerings tailored for the Category A Certificate of Entitlement (CoE). This launch, announced on 28 March 2025, introduces a rear-wheel drive variant designed to enhance affordability and sustainability in the region.

The New Model Y 110 joins the Model 3 110, providing Singaporean drivers with two exclusive options that cater specifically to the local market. Priced from $197,978, including a $94,502 Category A CoE, the vehicle benefits from the EV Early Adoption Incentive and Vehicular Emission Schemes, offering rebates up to $40,000.

Tesla’s latest model boasts an updated exterior optimised for aerodynamics, accelerating from 0 to 100 km/h in 9.6 seconds and offering a range of up to 466 km on a single charge. This range is sufficient for 11 round trips between Toa Payoh Experience Centre and Jewel Changi Airport. Additionally, all new Tesla vehicles registered in Singapore come with a warranty covering the Malaysian peninsula, ensuring peace of mind for owners travelling across the border.

To further support EV adoption, Tesla Singapore has launched the Tesla Home Charging Programme, providing a complimentary Tesla Wall Connector and a two-year warranty for new owners. The company is also expanding its Supercharging Network, adding four new locations across Singapore’s East, West, and South regions.

Tesla enthusiasts can experience the New Model Y first-hand by visiting Tesla Experience Centres in Toa Payoh and Millenia Walk or scheduling a test drive through Tesla’s official channels.
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Signify, formerly known as Philips Lighting, has partnered with Toa Payoh East Community Club to enhance energy efficiency in Singapore by distributing over 2,000 energy-efficient Philips LED light bulbs to 770 low-income households in Toa Payoh East. The initiative, aimed at promoting sustainability and reducing energy consumption, commenced on 23 March and will continue on 12 April.

The distribution effort is spearheaded by Saktiandi Supaat, Adviser to Bishan-Toa Payoh GRC Grassroots Organisations, and Chandra Vaidyanathan, Managing Director of Signify Singapore and President of Consumer Commercial AMEA. A team of Signify employees is also involved, assisting with the collection and recycling of old light bulbs to minimise electronic waste.

Residents have responded positively to the initiative, appreciating the improved lighting in their homes. The project not only aims to brighten living spaces but also to contribute to a Green and Resilient Singapore by reducing energy consumption.

The initiative’s success underscores the importance of community collaboration in achieving environmental goals. As the project progresses, it is expected to further raise awareness about energy efficiency and sustainable living practices amongst residents.
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Kroll, a leading provider of global financial and risk advisory solutions, has announced the launch of its Fixed Asset Advisory Service (FAAS) in the Asia Pacific (APAC) region. This strategic move comes in response to the increasing investments and demand for asset valuations across the region. The service will be led by Masha Lewis, who joins Kroll as the Managing Director of APAC after a distinguished career at PwC Australia.

Masha Lewis, who previously established and grew PwC’s Tangible Asset Valuation and Advisory practice, expressed her enthusiasm about the new role. “I am excited to join Kroll’s world-leading FAAS team and to bring these valued services to the APAC market. The evolving economic landscape, plus increasing infrastructure investments in Australia and across the wider APAC region, underscore the importance of regular and accurate fixed asset valuations,” she stated.

Rebecca Fuller, Managing Director and Global Fixed Asset Advisory Service Leader, highlighted the growing need for reliable asset valuations in the APAC markets. “With increasing investor interest in APAC markets, there is a growing need for reliable asset valuations to support investment decisions. This trend is set to continue,” Fuller noted.

Kroll has been serving clients in the APAC region for over 40 years, with a team of more than 1,500 experts across 16 locations, including Sydney, Hong Kong, and Singapore. The expansion of FAAS is seen as a critical step in enhancing Kroll’s market-leading fixed asset valuation practice, providing businesses with essential tools for risk mitigation and informed investment decisions.
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Hyundai Card, a leading financial and technology company in Korea, has received upgraded credit ratings from major global agencies, including Fitch, Standard & Poor’s (S&P), Moody’s, and the Japan Credit Rating Agency (JCR). These upgrades reflect Hyundai Card’s robust integration with its parent company, Hyundai Motor Group, and its innovative use of data science in credit card services.

The company has strategically balanced its General-Purpose Credit Card (GPCC) and Private Label Credit Card (PLCC) businesses, achieving significant growth in both sectors. Hyundai Card’s flagship GPCC products, such as Hyundai Card M, have become popular for their customer-focused features, including the innovative M Points system. Meanwhile, its PLCC partnerships have expanded, commanding a 78% market share in Korea.

Hyundai Card’s investment of KRW 1 trillion in data science over the past decade has culminated in the development of its AI platform, UNIVERSE. This platform, which predicts customer behaviour and preferences, has been successfully exported to Japan’s Sumitomo Mitsui Card Company, marking Korea’s largest software export deal.

The company’s strong ties with Hyundai Motor Group have been pivotal, with credit purchase services supporting 40% to 45% of the group’s domestic vehicle sales. Hyundai Card’s proactive risk management and financial soundness have also been highlighted by rating agencies, maintaining industry-leading delinquency rates.

Looking ahead, Hyundai Card plans to leverage its improved credit ratings to raise capital in global markets, aiming for stable capital acquisition and reduced funding costs. As the company continues to expand internationally, its strategic use of data science and strong industry partnerships remain central to its growth strategy.
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CBRE’s latest report, “Decarbonising Asia Pacific’s Office Buildings,” reveals that over half of the office space in the Asia Pacific region now holds green building certification, marking a 6.5% increase from the previous year. This development underscores the growing commitment to sustainability within the real estate sector, as both landlords and occupiers strive to meet global climate targets.

Green buildings are pivotal in the decarbonisation efforts of the real estate industry, offering opportunities for innovation and economic growth. Ada Choi, Head of Research, Asia Pacific for CBRE, noted, “Despite some occupiers delaying their 2030 net zero targets due to business growth and energy demand from AI adoption, more companies are showing strong commitment to achieving net zero by setting up their goals.”

The report highlights several key trends:

– **Green Building Adoption Rates**: Major cities such as Sydney, Singapore, and Tokyo are leading in green building adoption, with mainland China and India also making significant progress.

– **Green Rental Premiums**: Green buildings command rental premiums of up to 4% over non-green buildings, with the highest premiums observed in Mumbai, Hong Kong SAR, and Bangalore.

– **Occupancy Rates**: Grade A green buildings in the region boast an average occupancy rate of 83% as of Q2 2024, outperforming non-green buildings by approximately 2%. Seoul, Taipei, and Singapore have the highest occupancy rates.

As the gap between what landlords offer and what occupiers commit to narrows, the alignment on net-zero timelines is expected to improve, further advancing the region’s sustainability goals.
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Rolls-Royce and the Singapore Institute of Technology (SIT) have announced a new research partnership to develop advanced technologies for autonomous and hybrid ships. The collaboration, unveiled during Singapore Maritime Week, focuses on improving Equipment Health Management and Fleet Management systems to boost the efficiency and sustainability of maritime operations.

The project, supported by a $20m investment from the Singapore Maritime Institute and Rolls-Royce, will use the Maritime and Port Authority of Singapore’s patrol craft, ‘MPA Guardian’, as a pilot vessel. This hybrid ship, equipped with two mtu 16V2000 engines, will be fitted with the mtu NautIQ Foresight system to collect data and optimise operations, demonstrating the potential application of this technology across other vessels.

Professor Susanna Leong, Vice President (Applied Research) at SIT, highlighted the partnership’s focus on leveraging artificial intelligence and advanced analytics to enhance ship autonomy and reduce carbon emissions. “SIT’s collaboration with Rolls-Royce will drive the future of intelligent and sustainable maritime operations,” she stated.

Kevin Daffey, Senior Vice President of Mobile Automation at Rolls-Royce Power Systems, emphasised Singapore’s role as a hub for sustainable shipping, making it an ideal location for this project. “We are promoting the reduction of CO2 emissions and supporting our customers with digital systems in line with our strategic goals,” he explained.

This initiative marks a significant step towards the development of autonomous maritime technologies, with potential implications for reducing emissions and enhancing fleet performance globally.
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Brand Finance has released its Singapore 100 2025 report, showcasing the nation’s top 100 most valuable brands. The report highlights banking, tourism, and insurance as the key sectors driving the growth in Singapore’s total brand value.

The Brand Finance Singapore 100 2025 report, unveiled by the world’s leading brand valuation consultancy, underscores the significant contributions of these three sectors to the country’s brand landscape. Banking brands continue to dominate, reflecting their robust performance and strategic importance in Singapore’s economy. Meanwhile, tourism brands have shown resilience and adaptability, capitalising on the country’s appeal as a global travel destination. Insurance brands have also played a crucial role, leveraging Singapore’s reputation as a financial hub to enhance their value.

Vicneswary Balakrishnan, Marketing & Communications Executive at Brand Finance, emphasised the importance of these sectors in shaping Singapore’s brand identity. The report provides insights into how these industries are not only maintaining but also enhancing their brand equity amidst global challenges.

The findings of the Brand Finance Singapore 100 2025 report are expected to influence strategic decisions within these sectors, as companies seek to strengthen their market positions. As Singapore continues to navigate the complexities of the global economy, the performance of its leading brands will be pivotal in sustaining its economic growth and international reputation.
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The Straits Times Index (STI), a key market barometer for Singapore, has achieved a significant milestone by crossing the 4,000 mark. This achievement underscores the strength and resilience of Singapore’s financial markets. The STI, which comprises 30 of the largest and most liquid companies listed on the Singapore Exchange, has been a benchmark index since its inception in 1966.

Over the past three years, the STI has delivered a total return of 40%, with a compound annual growth rate (CAGR) of 11.9%, outperforming the S&P 500 Index, which recorded a total return of 31% and a CAGR of 9.4%. This performance highlights the robust returns that the STI has provided to investors over the years.

Two Exchange Traded Funds (ETFs) have been launched since 2002, allowing investors to track the performance of the STI. These ETFs have amassed a combined record of S$2.5b in assets under management, reflecting investor confidence in the index’s performance.

The Singapore Exchange (SGX) continues to support investors with comprehensive research reports available on their website, ensuring that investors remain informed about market developments. Elgin Seah from SGX’s Marketing & Communications department emphasised the importance of these updates in showcasing the resilience and performance of Singapore’s financial markets.

As the STI reaches this new milestone, it serves as a testament to the enduring strength of Singapore’s economy and its financial markets. Investors and market participants will be closely watching for further developments and opportunities as the index continues to evolve.
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A recent study by Morgan McKinley indicates that 55% of Singaporean professionals are actively seeking new employment opportunities in 2025, highlighting a fiercely competitive job market. This trend is compounded by the fact that 80% of employers are finding it challenging to attract talent due to uncompetitive salary and benefits packages.

The Morgan McKinley 2025 Salary Guide reveals that 50% of hiring managers plan to recruit within the next six months, intensifying the competition for skilled workers. The guide also notes that 85% of organisations found hiring to be ‘Very’ or ‘Quite’ competitive in 2024, with 63% of professionals expressing dissatisfaction with their current benefits.

Flexibility remains a significant concern for employees, yet many companies are increasing in-office requirements. Only 15% of organisations offer 1-2 remote workdays per week, whilst 39% require 3-4 days in the office, 35% mandate full-time office attendance, and 11% offer fully remote options. This shift towards more in-office work may clash with employee expectations.

Compensation strategies are under scrutiny, with 60% of organisations maintaining static salary bands in late 2024. However, 56% of employers plan to increase salaries for hard-to-fill roles, reflecting a necessary adjustment to attract talent. Despite this, only 50% of professionals expect a pay rise in 2025.

Andrew Evans, COO of Morgan McKinley Asia Pacific, stated, “The Singapore job market is currently experiencing a period of intense competition for talent. Organisations must adapt to evolving expectations of professionals to avoid missed hiring opportunities.”

The Morgan McKinley 2025 Salary Guide provides comprehensive salary data for various roles, aiding hiring managers in making informed compensation decisions and offering professionals insight into their earning potential.
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