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Independent Singapore
19-07-2025
- Business
- Independent Singapore
Singaporeans least worried about AI travel scams, global study finds
Photo: Freepik/ jcomp SINGAPORE: Singaporeans are the least concerned in the world about AI-powered scams in the travel industry, with only 37% consumers in the city-state saying they lack confidence in the industry's ability to protect them from identity fraud, compared to 44% globally and 55% in the United States, Singapore Business Review reported, citing Jumio's 2025 Online Identity Study. The study's findings suggest that despite growing awareness of AI-related threats, Singaporeans remain relatively trusting when booking trips online. The share of Singaporeans willing to spend more time on identity checks when using travel platforms stands at 78%, a 6% drop from last year. It's a similar story with sharing economy platforms like holiday rentals. While 85% of Singaporeans were willing to verify their identities last year, that number has since dropped to 74% in 2025. Meanwhile, global figures showed little change or only a slight decline in people's willingness to go through identity checks. The study also found that 74% of Singaporeans see AI-powered scams as a bigger threat to personal security than traditional forms of identity theft, compared to the global average of 69%. It looked at varying levels of trust in digital security across markets, especially as more people travel and use online platforms to book or manage their trips. /TISG Read also: 1 in 3 Singaporeans cuts back on American products spending amid Trump's tariff move () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
Independent Singapore
17-07-2025
- Business
- Independent Singapore
Knight Frank: F&B surge in S'pore could hurt profitability, waste resources, and destabilise the retail sector
Depositphotos/sasimoto SINGAPORE: The surge of food and beverage (F&B) outlets in the city-state could not only hurt profitability and waste resources but also destabilise the retail sector without intervention, Knight Frank warned in its Q1 2025 Retail Report, as reported by Singapore Business Review . In April, Knight Frank already warned that the F&B business boom could do more harm than good as businesses are having a harder time staying profitable with more players competing for the city-state's 'limited pie.' Last year, more than 3,000 F&B outlets shut down , with monthly closures crossing 200 in October —above the pandemic average of 170 closures per month. At the same time, 3,793 new outlets opened, the second-highest figure in over 30 years, Singapore Business Review reported. Across the island, prime retail rents edged up just 0.3% quarter-on-quarter (QoQ) to S$27.90 per square foot per month in Q1 2025. Orchard Road outperformed with a 2.7% increase, but rents in the City Fringe slipped 0.3%. Knight Frank expects overall retail rents to rise by only 1% to 3% this year if no major disruptions occur. Business sentiment took a hit after US President Donald Trump announced a new wave of tariffs, affecting trade and market confidence globally. Still, F&B brands keep entering the market, with little sign of slowing down. In 2023, Singapore recorded 22,747 licensed food establishments—the highest on record, raising real concerns of oversupply amid limited regulation. /TISG Read also: June 2025 NODX jumps 13% YoY: Singapore beats forecasts as PCs, ICs, and gold shipments climb Featured image by Depositphotos (for illustration purposes only) () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
Independent Singapore
15-07-2025
- Health
- Independent Singapore
Less than half of Singapore's HNWIs feel financially ready for healthcare costs later in life
Photo: Depositphotos/ glowonconcept (for illustration purposes only) SINGAPORE: Less than half of high-net-worth individuals (HNWIs) in Singapore feel they're financially prepared to handle future healthcare needs, with only 44% saying they feel 'very' or 'extremely' confident about being able to afford long-term care and medical expenses in later life, Singapore Business Review reported, citing a study from Manulife. Despite 94% of respondents valuing health above everything else and having access to world-class healthcare and wellness resources, only 44% believe they will remain healthy and active in retirement. Meanwhile, only 47% feel confident that their financial plans cover potential disability or health issues, with many unsure how to include healthcare costs in their long-term financial and estate planning. Notably, the report also found a shift in priorities among the wealthy in the city-state. More than half of HNWIs said they value wellness and meaning over simply living longer, with 58% saying a 'meaningful life' is their top priority in ageing well. When it came to barriers that make ageing with confidence harder, respondents pointed to concerns of mental health (34%), navigating healthcare and insurance options (32%), and struggling with implementing necessary lifestyle changes (30%). Still, half of the respondents surveyed said they are working with wellness or longevity experts, and nearly half have upgraded to more advanced health insurance plans, while others are utilising technology and newer wellness practices, such as sleep tracking, intermittent fasting, and cryotherapy. According to the latest report from the Ministry of Social and Family Development (MSF), more than 87,200 seniors lived alone in 2024 , up from just around 43,000 ten years ago. Meanwhile, in households where the elderly require long-term care, many millennials and Gen X are shouldering the financial burden , as government support often falls short. /TISG Read also: About 6,000 vulnerable seniors to benefit from S$7.3M DBS Foundation programme, but netizens say it's just a 'band-aid measure' Featured image by Depositphotos (for illustration purposes only) () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
Independent Singapore
15-07-2025
- Business
- Independent Singapore
'Imagine what the non-wealthy are going through': Singapore is still the most expensive city in the world for the wealthy
Photo: Freepik(for illustration purposes only) SINGAPORE: Singapore has been named the most expensive city in the world for 'living well' among high-net-worth individuals (HNWIs) for the third year in a row, according to the 2025 Julius Baer Global Wealth and Lifestyle Report, which tracks the cost of luxury living across 25 cities. The ranking is based on the prices of 20 premium goods and services, including business-class flights, fine dining, high-end cars, luxury homes, and private school fees, as reported by Singapore Business Review . While prices for luxury items fell in some parts of the world—technology dropped by 22.6%, healthcare by 15.6%, and champagne by 4.2%—prices in the city-state remained elevated. According to a media release by Media OutReach Newswire on Monday (Jul 14), Singapore is the most expensive city for buying a car and women's handbag, second for women's shoes, and third for residential property and healthcare. It is, however, among the least expensive places to buy a treadmill. Still, the city remains 'highly liveable,' appealing to HNWIs and businesses due to its 'stable political climate, safety, and quality services, including education and healthcare,' the report stated. In the Asia-Pacific region, Hubbis reported that technology prices dropped by 21.4%. However, business-class flight prices rose by 12.6%, watches by 9%, and bicycles by 5.5%, Singapore Business Review reported. Notably, 59% of the wealthy in Asia-Pacific (APAC) spent more on leisure travel, with 40% increasing their business travel budgets as cross-border travel resumed. The biggest year-on-year spending increases in the region were on fine dining, healthcare, high-end fashion, hotels, and smartphones. Other costly cities in the region include Hong Kong (3), Bangkok (11), and Tokyo (17). Shanghai slipped from fourth to sixth, while Manila dropped to 23rd despite a 7.5% rise in local currency prices. However, many Singaporeans online said the city feels expensive for everyone, not just the wealthy. One commenter said, 'Imagine what the non-wealthy are going through!' Another wrote, 'Feels very high-cost for us middle to low net-worth people too!' while someone else added, 'Also most expensive for the no net worth ones.' /TISG Read also: Singapore's construction activity remains strong despite it being among the most expensive markets in Southeast Asia at US$3,104 per sq m () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
Independent Singapore
11-06-2025
- Business
- Independent Singapore
DBS becomes first Singapore-listed company to hit US$100B market capitalisation
Photo: Depositphotos/TKKurikawa SINGAPORE: DBS has surpassed the US$100 billion (S$128.62 billion) mark in market capitalisation, becoming the first Singapore-listed company to do so. On June 10, the bank's valuation crossed S$129 billion, thanks to a weaker US dollar, according to As of June 11, 2025, DBS's market capitalisation stood at S$128.39 billion, with its share price at S$44.86 at 4:43 p.m. SGT, based on data from the Singapore Exchange. According to Bloomberg data, DBS now ranks 22nd among global banks by market value. Morningstar analyst Michael Makdad said much of DBS's strong performance comes from the 'larger growth of its wealth management', which is starting to challenge top players in Asia. He also said that despite US tariffs, conditions remain 'relatively benign' for Singapore banks, with higher share dividends and more buybacks than expected a year ago. Singapore Business Review reported that a recent report by Moody's Ratings also projected continued strength in the bank's solvency and liquidity through 2025 and 2026. /TISG Read also: New DBS CEO says businesses should 'look at new opportunities where they can grow' amid trade tensions
