💻 Bytes Of This Week (27 May - 02 Jun)

📊 Market bytes

⬆️ Straits Times Index up from 3313.34 on Monday (27th May) to 3336.59 before closing on Friday (31st May)
→ This was up from 3316.56 which was closed on the previous week

📈 Top Performing Stocks of the week includes

1. Azeus Systems Holdings SGX:BBW

2. NIO Inc. OV SGX:NIO

3. DBS Group Holdings SGX:D05

4. United Overseas Bank SGX:U11

5. Oversea-Chinese Banking Corp SGX:O39

6. LHT Holdings SGX:BEI

7. Hongkong Land Holdings SGX:H78

8. Singapore Tech Engineering SGX:S63

🌟 Exclusive bytes 🌟

Unlocking the Future at Asia Tech x Singapore: Exclusive Highlights and Innovations

We are thrilled to bring you exclusive insights from Asia Tech x Singapore (ATxSG), Asia's flagship tech event.

This year, our team had the privilege of attending as part of the media, and we are excited to share the highlights with you!

Asia Tech x Singapore: A Premier Event

Jointly organized by the Infocomm Media Development Authority (IMDA) and Informa Tech, with support from the Singapore Tourism Board, ATxSG is a hub for technological innovation and collaboration.

The event is divided into two main segments: ATxSummit and ATxEnterprise.

ATxSummit: Exploring the Frontiers of Technology

Held at Capella Singapore from 30-31 May, ATxSummit, led by IMDA, was an invitation-only event focusing on key themes like Artificial Intelligence, Governance and Safety, Quantum Computing, and Sustainability.

The summit also featured the ATxAI and Women and Youth in Tech conferences, along with closed-door roundtables for government and business leaders.

ATxEnterprise: A Marketplace of Ideas and Innovations

From 29-31 May, ATxEnterprise took place at Singapore EXPO, organized by Informa Tech.

This segment catered to B2B enterprises across various sectors, including Technology, Broadcast Media, Infocomm, and Satellite Communications.

Highlights included BroadcastAsia, CommunicAsia, SatelliteAsia, TechXLR8, InnovFest x Elevating Founders, and the new AI Summit Singapore.

Innovations That Caught Our Eye

Among the myriad of groundbreaking technologies showcased, Telrad Networks stood out with their new comprehensive Partner Program.

This program is designed to provide partners with access to Telrad’s advanced BreezeAIR product line, offering end-to-end communication solutions for diverse industries such as municipalities, education, oil & gas, and more.

Telrad Networks’ New Comprehensive Partner Program

• Launch Announcement: Telrad Networks has unveiled a comprehensive Partner Program aimed at empowering partners with their future-proof BreezeAIR product line.

• Program Tiers: The program offers four tiers – Silver, Gold, Platinum, and Diamond – each providing unique benefits and advantages.

• CEO Insight: Eyal Zafrir, CEO of Telrad Networks, emphasized the importance of mutual success through loyal partnerships.

• CTO Insight: Raz Kivelevich-Carmi, CTO, highlighted the program’s ability to meet complex requirements across diverse industries.

• Partner Benefits: Partners will gain access to resources, support, and incentives to help them grow and succeed in the marketplace.

To learn more about Telrad Networks' Partner Program and how you can benefit, visit Telrad Partner Program.

Conclusion

ATxSG 2024 was a resounding success, showcasing the latest in technological advancements and fostering meaningful connections. We hope you enjoyed this sneak peek into the event and the exciting innovations that are shaping the future.

🇸🇬 Main bytes

1️⃣ HDB Resale Flat Listing Service Officially Launched with Over 600 Units for Sale

The Housing and Development Board (HDB) has launched its official resale flat listing service, providing prospective HDB flat buyers and property agents with a streamlined platform to browse and transact directly with sellers.

As of the launch on May 30, over 600 units are already listed for sale.

This new service allows sellers to list and market their flats independently or through appointed property agents.

A personalised dashboard for property agents facilitates the management of clients' activities, enabling them to offer value-added services such as budgeting advice and guidance on subsequent steps.

Notably, listing units on HDB's Flat Portal is free for sellers.

The resale flat listing service had a soft launch on May 13 to familiarise users with the platform.

During this period, no transactions were permitted, but it allowed sellers and agents to start listing their units.

One significant feature is the automatic prompt for sellers when their listing price exceeds the highest recent transacted price for similar units by at least 10%, fostering a more sustainable property market.

Additionally, HDB ensures secure and accurate listings by requiring a valid Intent to Sell and limiting sellers to one listing to avoid duplicates.

Only users with a valid HDB Flat Eligibility (HFE) letter can access sellers' contact details and schedule viewings, enhancing the security and integrity of the marketplace.

For more details, interested buyers and sellers can visit the HDB Flat Portal or the HDB website.

2️⃣ Condo Resale Prices Surge by 1.5% in April, Sales Hit 13-Month High

Singapore’s condominium resale market saw a notable uptick in April, with prices rising by 1.5% after a six-month plateau.

The resurgence was driven by a significant increase in sales volume, reaching a 13-month high.

According to data from SRX and 99.co, 1,122 condo units were sold in April, up from 911 in March, marking a 25.8% year-on-year increase and a 17.6% rise compared to the five-year average for the month.

The core central region (CCR) experienced a 23.3% jump in transactions, influenced by a rise in foreign buyers.

These transactions constituted 22.8% of total resale volumes, while the outside central region (OCR) and the rest of central region (RCR) led with 45.4% and 31.8%, respectively.

Notably, developments such as The Residences at W Singapore Sentosa Cove offered attractive deals, selling at an average of $1,789 per sq ft, nearly 40% below launch prices.

Analysts suggest that ultra-high-net-worth individuals are drawn to Singapore's stable political and business-friendly environment.

Despite a year-on-year drop in foreign buyer transactions due to increased additional buyer’s stamp duty, local demand remains robust.

PropNex’s Ismail Gafoor highlighted that Singaporeans and permanent residents continue to drive home sales.

Christine Sun from OrangeTee Group noted that new project launches have spurred demand for resale condos, as potential buyers consider older, more affordable options.

April saw price increases across all regions, with the RCR leading at 2%. Year-on-year, resale prices rose by 5.1%, with the OCR recording the highest gain at 7.2%.

The month’s priciest resale was a $13 million unit at The Marq on Paterson Hill.

For more insights and detailed data, readers can explore the full report on the HDB and property portals.

3️⃣ NUS Law Returns to Kent Ridge Campus After 19 Years

Singapore’s National University of Singapore (NUS) Law faculty will relocate to the Kent Ridge campus in August 2025, marking its return after 19 years at the Bukit Timah campus.

This move follows the graduation of the final batch of Yale-NUS students, as the law faculty will take over the Yale-NUS College premises in University Town.

The transition aims to enhance interdisciplinary education, allowing law students easier access to non-law electives and minors from other colleges.

NUS Law Dean Andrew Simester highlighted the increasing interconnection of law with fields such as healthcare, AI, and sustainability.

This relocation is expected to integrate NUS Law’s distinctive programmes more comprehensively into the university's broader undergraduate education.

The move also promises greater interaction opportunities with the main campus community of 50,000 students.

The NUS Law community, consisting of around 1,000 undergraduates, 250 postgraduates, and 160 faculty and staff, will benefit from being in closer proximity to other disciplines.

Additionally, the NUS Centre for International Law will move to Kent Ridge.

The current Bukit Timah law school building will be repurposed, with NUS exploring various options to meet its needs.

The Lee Kuan Yew School of Public Policy will remain at Bukit Timah.

Students and faculty have mixed feelings about the move.

Second-year law student Nasha Marican expressed excitement about the new facilities at Kent Ridge but noted she will miss the serene Bukit Timah campus.

Associate Professor Jaclyn Neo, an alumna and faculty member, views the move as a homecoming that will bolster NUS Law's interdisciplinary curriculum and research.

NUS President Tan Eng Chye described the relocation as a meaningful milestone, reaffirming NUS's commitment to integration, collaboration, and innovation in research and teaching.

This move marks a return to the main campus where NUS Law spent 25 years before moving to Bukit Timah in 2006.

🛰️Tech bytes

1️⃣ Singapore Boosts Quantum Leap with $300M Investment

Singapore is making a bold move to solidify its position in the global quantum computing race with a nearly $300 million investment over the next five years.

Announced by Deputy Prime Minister Heng Swee Keat at the Asia Tech x Summit, this investment aims to foster advanced research, develop local talent, and support the creation of quantum computing infrastructure.

The new $295 million allocation builds on the $400 million already invested in quantum technology since 2002.

The focus will be on scientific studies, talent development, enterprise growth, and engineering capabilities.

Notably, the plan includes grooming 100 local experts each at the PhD and master’s levels and offering grants for research efforts to build quantum computers and related equipment locally.

Quantum computers, leveraging the properties of light and atoms, promise to solve complex problems beyond the reach of traditional computers.

They are expected to drive breakthroughs in medicine, materials science, and artificial intelligence.

The global quantum sector could generate between $600 billion and $1.1 trillion in economic value over the next 30 years, according to Boston Consulting Group.

Singapore’s National Quantum Strategy underscores the country’s commitment to staying competitive in this cutting-edge field.

The National Quantum Office will oversee the development of quantum processors, ensuring the nation remains at the forefront of technological advancements.

This initiative also aims to build quantum sensors for biomedical imaging and environmental monitoring, and explore neural studies that could potentially translate thoughts.

Physicist Jose Ignacio Latorre from the Centre for Quantum Technologies emphasised the importance of this multi-platform approach to ensure Singapore's competitiveness.

2️⃣ Singapore Boosts Data Centre Capacity, Emphasises Green Energy

Singapore is set to expand its data centre capacity by over one-third to meet the growing digital and AI demands.

With a planned addition of at least 300MW and an extra 200MW reserved for operators utilising green energy, the island's data centre capacity will significantly increase from the current 1.4 gigawatts.

Deputy Prime Minister Heng Swee Keat announced the new Green Data Centre Roadmap, emphasising the importance of greening data centres in a carbon-constrained world.

He highlighted the challenge of balancing Singapore’s digital economy, which contributes nearly 20% to its GDP, with its net-zero target by 2050.

Senior Minister of State for Communications and Information Janil Puthucheary elaborated on plans to incentivise green energy use through grants and licenses.

Green standards in the roadmap include energy efficiency improvements and raising operating temperatures to 26°C. Innovative cooling solutions, like immersion cooling, are being promoted as they significantly reduce energy consumption.

ST Telemedia Global Data Centres and Digital Realty are leading the way in adopting green technologies, with strategies like immersion cooling and temperature management to cut energy footprints and costs.

The roadmap underscores the need for efficient software development to further reduce energy use, highlighting the interconnectedness of computing and energy infrastructures.

3️⃣ Grab Partners with OpenAI to Revolutionise AI Solutions

Grab has announced a groundbreaking collaboration with OpenAI to develop and implement advanced artificial intelligence (AI) solutions in Southeast Asia.

This partnership marks OpenAI's first collaboration of its kind in the region.

The collaboration will focus on three main areas: enhancing accessibility, improving customer support, and advancing mapping technologies.

Grab plans to utilise state-of-the-art text and voice capabilities to make its services more accessible, particularly for visually impaired and elderly users who may find navigating the app challenging.

One of the key initiatives includes building AI-powered customer support chatbots designed to understand and resolve user issues more efficiently.

Additionally, Grab will leverage OpenAI’s vision capabilities to automate and improve data extraction from visual images, thereby enhancing the quality and speed of updates for GrabMaps.

This will provide a better experience for both consumers and driver-partners.

As part of the collaboration, Grab will also pilot the deployment of ChatGPT Enterprise among select employees to explore the potential benefits of generative AI within its operations.

Philipp Kandal, Grab's Chief Product Officer, emphasised the company's commitment to using AI to solve real-world problems at scale, aiming to create innovative and enjoyable experiences for customers while enhancing the efficiency of their operations.

OpenAI’s COO, Brad Lightcap, expressed excitement about the partnership and the potential benefits it could bring to Grab’s users, partners, and employees across Southeast Asia.

🚗 Transport bytes

1️⃣ QR Code Clearance for Malaysian Travellers Begins Trial at Johor Checkpoints

Starting June 1, Malaysian travellers will participate in a trial run for a new QR code immigration clearance system at Johor's Customs, Immigration, and Quarantine (CIQ) complexes.

Announced by Malaysia's Deputy Prime Minister Fadillah Yusof, the three-month proof of concept aims to streamline immigration processes.

Initially, the system will be tested with motorcycles and buses before expanding to other vehicles.

This new approach is expected to reduce waiting times by about 50% at both the Bangunan Sultan Iskandar (BSI) CIQ and the Sultan Abu Bakar Complex.

During a special inter-agency meeting addressing congestion at the Johor Causeway and Second-Link, Fadillah highlighted the potential of this system to significantly improve traffic flow.

The meeting included key officials like Home Minister Saifuddin Nasution Ismail and Johor Menteri Besar Onn Hafiz Ghazi.

Earlier this year, Singapore introduced a similar QR code system for motorists at the Woodlands and Tuas checkpoints.

Travellers generate a QR code via a mobile app for use at immigration counters, enhancing the efficiency of border crossings.

The QR code initiative is part of broader efforts to improve connectivity between Malaysia and Singapore, as discussed during the signing of the memorandum of understanding for the Johor-Singapore Special Economic Zone in January.

Both countries are committed to adopting innovative measures to facilitate smoother immigration clearance and boost regional connectivity.

2️⃣ Malaysia to Enforce Vehicle Entry Permit (VEP) for Foreign Cars from Singapore

Starting October 1, all foreign-registered vehicles entering Malaysia from Singapore will need a Vehicle Entry Permit (VEP).

This new requirement will be enforced at both Johor checkpoints: the Sultan Iskandar Building via the Causeway and the Sultan Abu Bakar Complex via the Second Link, announced Malaysia’s Transport Minister Anthony Loke.

Motorists are encouraged to register, install, and activate their VEP-RFID tags within the next four months to avoid a rush that could cause traffic congestion.

Currently, over 200,000 Singapore vehicles are registered with the VEP system, but only 70,000 have activated tags.

The Road Transport Department (JPJ) will have the authority to deny entry to vehicles without the tag and to impose fines up to RM2,000 or jail terms for non-compliance.

The VEP initiative, first announced in 2017, aims to track the number of foreign vehicles entering Malaysia, prevent car theft, and deter car-cloning syndicates.

Although enforcement was initially set for 2019, it was delayed due to installation issues.

Motorists can register online and collect their tags at designated VEP collection counters in Johor Bahru.

The VEP-RFID tag, which costs RM10, must be pasted on the vehicle’s headlamp.

It will also enable payment of the RM20 road charge and toll fees on Malaysia's expressways.

For those already familiar with the VEP, compliance will now be mandatory, ensuring a smoother and more secure entry process into Malaysia.

💬 Editor’s byte

Thank you for sticking with us! We are looking forward to provide you with more exciting coverage and exclusive bytes!

As always, your continued readership is greatly appreciated. If you have any feedback, whether it pertains to the content or any other aspect of bytedot, please don't hesitate to reach out to us at [email protected]

We're excited to bring you more insightful content in the next newsletter. Until then, stay safe and well-informed!

Cheers, D from bytedot

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