Doubt it. Ground effect vehicles are nothing new. You can make one at home yourself as well. No need to take an existing design and miniaturize it.
Checked the team, i don't happen to see someone who could design the shown aircraft from scratch with a good background knowledge on aerodynamics or WIG in particular. They should have done some wikipedia reading, found out about reverse delta wing* configuration and from there on found out the Singaporean design, and 'adopted' it.
*This is a patented design, per se.
For something innovative, see;
Regent has released video of its remarkable Seaglider prototype in flight testing. The first machine to combine the efficiency advantages of ground effect and hydrofoiling in a single design, it promises revolutionary speed and range in coastal areas.
newatlas.com
Moreover they have displayed the take off of a scaled model which definitely just jumps out of the water surface due to the propeller's unproportional lift/force.
The concept could be nice for fast logistic deliveries, but anything beyond that would be slightly questooned. Someone out there claimed a MPA design based on this, and a WIG aircraft contradicts the MPA doctrine, hence again likely they (company) claim this based on few articles related to ST Engineering design where it can be offered to an authority for fishery - port control. (And the article used MPA abbreviation).
AirX is to collaborate with the Maritime and Port Authority of Singapore to trial its AirFish WIG craft, ST Engineering announced on 9 April 2024.
euro-sd.com
But indeed good luck to the team. At least, at last we have a group who dares to think out of the box and not giving us good old VTOLs as 'new product'. A sea based MALE UAV could be much more beneficial in future allowing it to take off from any shore.