Industry News

KPMG in Singapore and The Institute of Internal Auditors Singapore have launched a new playbook titled “The Agentic Opportunity: Governing AI for Trust, Integrity and Impact”. This guide is designed to assist organisations in responsibly governing artificial intelligence (AI) as it becomes increasingly integrated into business operations. The launch event gathered leaders from governance, risk, and internal audit sectors to address the growing challenge of AI-related risks.

The playbook draws on insights from IIA Singapore’s Risk in Focus 2026 report, supplemented with local data, to provide a comprehensive approach to AI governance. It focuses on three key areas: human capital, cybersecurity, and digital disruption. The guide emphasises the evolving role of internal audit, suggesting a shift from traditional oversight to acting as strategic advisers in AI governance.

Jonathan Ho, Head of Risk Consulting at KPMG in Singapore, highlighted the importance of internal audit as a strategic partner in AI adoption. “Organisations that govern AI responsibly—not simply adopt the most technology—will thrive,” he stated. The playbook also outlines the need for building AI fluency across all organisational levels and integrating AI risk and security into a unified framework.

The playbook has been selected for use in Workforce Singapore’s programmes, extending its impact on workforce transformation efforts. As AI continues to reshape business landscapes, this playbook aims to equip organisations with the tools needed to navigate the complexities of AI governance effectively.

Franklin Templeton has announced the appointment of Jiun Wen Chee as Head of Private Markets, APAC Wealth. Based in Singapore, Chee will spearhead the expansion of Franklin Templeton’s private markets franchise across the Asia Pacific region. He will collaborate with investment, distribution, and product teams to enhance the firm’s private equity, private credit, real estate, and infrastructure offerings for wealth clients. Chee reports to Jeff Masom, Head of US Distribution and Global Wealth Management Private Markets, and Christian Bucaro, Head of Wealth, Asia.

The appointment comes amid increasing demand for private market strategies among wealth clients in Asia Pacific. Franklin Templeton’s alternatives assets under management (AUM) reached US$286b as of 30 April 2026. The firm raised approximately US$23b in private markets over the past two quarters, with significant contributions from the Asia Pacific wealth channel.

Jeff Masom commented, “Jiun Wen brings deep private markets experience and a strong understanding of the Asia Pacific wealth market. His expertise will help us build on our relationships across the region and deliver solutions that are well structured, scalable, and relevant for clients.”

Chee, with over two decades of experience in alternatives, private wealth, and institutional advisory, previously served as a Managing Director at Bank of Singapore. He played a pivotal role in expanding client adoption of private markets there. Chee holds a Bachelor of Science (Honours) in Economics from the University of Warwick, UK.

Chee’s appointment is subject to regulatory approval by the Monetary Authority of Singapore.

The London School of Business and Finance (LSBF) Singapore Campus has announced a strategic partnership with the University of Chichester to enhance access to internationally recognised postgraduate degrees in Singapore. This collaboration combines the University of Chichester’s academic heritage with LSBF’s industry-driven approach, aiming to provide professionals with the skills needed in a competitive global economy.

The partnership is set to address the growing demand for expertise in digital marketing and psychotherapy, fields that are becoming increasingly important as businesses undergo digital transformation and societies focus more on mental wellbeing. Katie Akerman, Director of Education Policy, Quality, and Partnerships at the University of Chichester, stated, “Our collaboration with LSBF enables us to deliver programmes that are both academically rigorous and highly relevant to the evolving needs of professionals in this dynamic market.”

LSBF has already submitted the partnership to the Singapore SkillsFuture Agency (SSG) and anticipates strong demand, targeting over 100 applications within the first year. Sunil Gideon, Senior Director of Commercial at LSBF Singapore Campus, emphasised the importance of the partnership, saying, “This is about equipping learners with the capabilities to stay relevant and competitive in a rapidly evolving landscape.”

This initiative reinforces LSBF’s commitment to broadening educational pathways and strengthening Singapore’s position as a hub for quality international education, offering students a gateway to global opportunities and career progression.

The Monetary Authority of Singapore (MAS) has announced the appointment of Ong Pang Thye to its Board of Directors for a three-year term starting 1 June 2026. This appointment coincides with the re-appointment of several key figures, including Chairman Gan Kim Yong and Managing Director Chia Der Jiun.

Gan Kim Yong, who also serves as Deputy Prime Minister and Minister for Trade and Industry, will continue as Chairman of the MAS Board for another three years. Chia Der Jiun will remain as Managing Director and a board member for an additional two years. Lucien Wong, the Attorney-General, and Chaly Mah, Chairman of NetLink NBN Management Pte Ltd, will also continue their roles on the board, with Mah serving a final one-year term and retaining his position as Chairman of the Audit Committee.

Ong Pang Thye, who brings extensive experience from his roles at the Singapore Business Federation, Temasek, Singapore Power Limited, and MOH Holdings, is expected to provide valuable insights to the board. Previously, he was the Managing Partner at KPMG Singapore. Gan Kim Yong expressed confidence in Ong’s ability to contribute, stating, “His experience in accounting and consulting work in a broad range of industries will be valuable to the MAS Board as we navigate an increasingly complex and turbulent world.”

These appointments and re-appointments are set to strengthen the leadership of MAS as it continues to address the challenges of a dynamic global financial landscape.

Singapore Gulf Bank (SGB) has announced a strategic partnership with Standard Chartered to enhance cross-border clearing and settlement flows, particularly in emerging markets. This collaboration is designed to improve SGB’s multi-currency services and payment rails, reducing friction in international transactions and supporting the bank’s digital asset strategy.

The partnership targets the Middle East and Asia corridor, where digital asset adoption is growing rapidly. Clients in these regions will benefit from smoother correspondent banking flows, leading to faster settlements. Shawn Chan, CEO of SGB, highlighted the importance of reliable, high-speed settlement for global businesses, noting that emerging markets often face structural disadvantages due to complex intermediary routing. “By partnering with Standard Chartered, SGB is resolving the bottlenecks and providing the modern infrastructure required to power the digital asset economy across these vital corridors,” Chan stated.

Karine Zakhour, Head of Banks Brokers and Dealers at Standard Chartered MENA, emphasised the accelerating pace of cross-border payment flows and the evolving infrastructure supporting them. She noted that Standard Chartered’s global network and clearing capabilities enable real-time, transparent settlement where it is most needed.

This announcement follows a series of milestones for SGB, including the launch of its corporate banking service in 2024 and the introduction of SGB Net in 2025 for real-time, multi-currency settlement. The bank has also partnered with digital asset infrastructure provider Fireblocks to enhance its treasury management and digital asset custody services.

Singapore Management University (SMU) has unveiled the Master of Data Science in Economics (MDSE), the first master’s programme in Singapore to merge data science with economics. This initiative aims to address the increasing global demand for professionals skilled in applying artificial intelligence (AI) with domain expertise and analytical precision.

As AI and machine learning become integral to business and policy, the role of economists is shifting. The MDSE programme is designed to equip students with the skills to interpret complex data, assess uncertainty, and understand cause-and-effect relationships. Daniel Preve, Associate Professor of Economics Education and Programme Director of MDSE, emphasised the programme’s focus on causal inference and predictive uncertainty, which are crucial for informed decision-making.

The curriculum combines econometrics, AI, and data science, enabling students to handle large-scale datasets and translate insights into impactful decisions. The programme is tailored for both early-career and mid-career professionals, requiring no prior programming experience. It includes foundational courses in probability and statistical learning, alongside advanced modules for applied expertise.

Graduates will gain proficiency in key programming tools, exposure to real-world problem statements, and the opportunity to develop interactive portfolios. The MDSE also offers elective courses with industry practitioners, providing insights into Singapore’s fintech and digital economy.

This programme is part of SMU’s broader strategy to enhance AI education, complementing other initiatives like the Doctor of Business Administration and the Master of Science in Business AI. Applications for the inaugural August 2026 intake are now open, with scholarships and financial support available for eligible students.

Grab has announced an exclusive partnership with Nuitée, a travel accommodation booking platform, to offer seamless travel booking services directly within the Grab app. This collaboration aims to simplify the process for users seeking accommodation options, enhancing the overall travel experience.

The integration of Nuitée’s platform into the Grab app will allow users to book a wide range of accommodations, from budget-friendly options to luxury stays, without leaving the app. This partnership leverages Grab’s extensive user base and Nuitée’s comprehensive accommodation offerings to provide a convenient and efficient service.

According to the announcement, the partnership is set to streamline the booking process, making it more accessible for users across Southeast Asia.

Paul-Eric Licari, Regional Head, Group Business Development at Grab, said: “By bridging the gap between mobility, payments, and accommodation, we are creating a more rewarding journey for consumers and a powerful engine for our partners to scale their reach within our ecosystem.”

Med Benmansour, Founder and CEO of Nuitée, said: “This partnership demonstrates how travel can be delivered as infrastructure rather than a standalone product. By enabling embedded, programmable distribution, we support partners like Grab in integrating travel seamlessly into their existing ecosystems.”

The move is expected to bolster Grab’s position in the travel sector, providing users with a one-stop solution for their travel needs. By integrating travel bookings into its app, Grab aims to increase user engagement and retention, offering added value beyond its core ride-hailing services.

Looking ahead, the partnership may pave the way for further collaborations between Grab and other service providers, potentially expanding its ecosystem of services. As the travel industry continues to recover post-COVID-19, such integrations could become increasingly vital in meeting the evolving demands of consumers.

OxPay Financial Limited has announced the appointment of Joey Chang Wei Nang as a Non-Executive Independent Director, effective 12 May 2026. Chang, the founder and former CEO of AXS, brings 25 years of experience in developing AXS into a leading digital payment platform in Singapore.

Chang’s expertise is expected to bolster OxPay’s efforts as it advances its phased recovery plan, which includes launching a B2C payment service in Singapore by the fourth quarter of 2026. His experience in building consumer-facing payment platforms aligns with OxPay’s strategic goals, particularly as the company seeks to expand its services across various markets.

OxPay’s recovery plan is focused on three key areas: introducing a crypto payment service in Bhutan, reactivating merchant acquisition in Thailand, and launching the B2C payment service in Singapore. The company is enhancing its board-level expertise to support these initiatives. Ching Chiat Kwong, Non-Executive Non-Independent Chairman of OxPay, highlighted the value of Chang’s industry insights, stating, “Mr. Chang’s experience building a digital payment platform gives the Board a perspective we are specifically looking to add at this stage.”

Chin Mun Chung, Executive Director and CEO of OxPay, added, “Having seen first-hand what Mr. Chang built at AXS, a payment platform trusted by millions of Singaporeans, I know the depth of experience he brings.”

OxPay provides merchant payment services and digital commerce solutions, operating in Singapore, Malaysia, Thailand, Bhutan, and Indonesia. The company aims to offer comprehensive solutions for merchants through its integrated platform, catering to both online and offline presences.

Asia Pacific’s commercial real estate sector experienced a significant upswing in the first quarter of 2026, with investment volumes rising 22% year-over-year to US$51.1b, according to MSCI’s latest report. The recovery, which began in mid-2025, has continued into 2026, with Singapore emerging as a standout performer, achieving a fivefold increase in deal volume to a record US$7.9b.

The growth was widespread across most markets, with China and Hong Kong showing signs of recovery from prolonged declines. In contrast, Australia and Japan faced modest contractions due to rising interest rates. Benjamin Chow, Head of Private Assets Research for Asia at MSCI, noted, “Asia Pacific’s commercial real estate markets have entered 2026 on a strong footing, with Singapore the clearest illustration of how falling interest rates have contributed to improved market liquidity.”

Singapore posted a record-high quarter with US$7.9b in deal volume, unseating Tokyo as Asia Pacific’s most active metro for the first time since 2021. Deal volume for its office, retail and industrial sectors each ranked top across the region in Q1 2026. Buildings such as 78 Shenton Way and i12 Katong, which had been on the market for a long time, finally found buyers, while the materially lower cost of financing was evident in Link REIT’s pending sale of Thomson Plaza, priced at a tight 3.7% cap rate, 180 basis points lower than at its acquisition three years ago.

The office sector led the charge with US$21.0b in transactions, a 25% increase from the previous year. Industrial and retail sectors also saw substantial gains, with industrial transactions rising 33% to US$10.3b and retail volumes climbing 31% to US$9.7b. Data centre investments more than doubled to US$4.0b, reflecting sustained interest in this asset class.

Cross-border investment reached US$18.2b, a 64% increase, with EMEA investors deploying a record US$5.3b into the region. Despite geopolitical uncertainties, such as the recent Iran conflict, the structural drivers of recovery remain intact, with capital values improving and global investors seeking diversification. The outlook for Q2 remains cautiously optimistic, although potential interest rate hikes could pose challenges.

SIA Engineering Group has announced a significant financial achievement for the fiscal year ending 31 March 2026, with a 21% rise in net profit to $168.9m. This increase, the highest since the COVID-19 pandemic, is attributed to robust demand for maintenance, repair, and overhaul (MRO) services, which drove a 14.3% rise in revenue to $1,422.9m.

The Group’s operating profit saw a substantial improvement, increasing by 101.4% to $29.4m, despite a 13.2% rise in expenditure due to new subsidiary setup costs and increased manpower and material expenses. The associated and joint venture companies also contributed positively, with a 22.5% increase in profit share, reaching $145.3m.

The Group’s strategic focus on expanding its geographical presence and enhancing MRO capabilities has been pivotal. Notable developments include the commencement of operations at Techo International Airport in Cambodia and the expansion of services in Manila. Additionally, a joint venture in China aims to bolster the Group’s MRO services across several airports.

Looking ahead, SIA Engineering Group remains committed to its growth strategy, focusing on Asia-Pacific expansion, capacity scaling for next-generation aircraft, and core service strengthening. The Group is also set to pay a final dividend of 8.5 cents per share, pending shareholder approval, bringing the total dividend for the year to 11.0 cents per share.