Industry News

Artificial intelligence (AI) is set to play a pivotal role in Singapore’s energy transition, according to a survey by the Sustainable Energy Association of Singapore (SEAS). The survey, conducted between July and August 2026, revealed that 92% of energy professionals believe AI will significantly impact the sector over the next five years. Despite this optimism, 6% of respondents have yet to explore AI solutions.

The survey, which included 100 professionals from the ASEAN region, found that 60% are already running AI pilot projects or implementing AI, with 24% reporting successful outcomes. However, challenges such as data quality and availability, and the cost of implementation, each cited by 58% of respondents, remain significant hurdles. Additionally, 31% expressed concerns over regulatory uncertainty.

The anticipated growth of data centres is expected to strain Singapore’s energy supply and infrastructure, with 44% of respondents predicting increased pressure. Whilst 31% foresee a rise in demand for storage and grid upgrades, only 13% expect an expansion in renewable energy production.

Er Edwin Khew, Chairman of SEAS, highlighted the transformative potential of AI, stating, “AI will revolutionise how the industry manages output and weather forecasting, demand and grid responses, intelligent battery storage and microgrids, as well as predictive maintenance.”

The survey also indicated that 78% of respondents feel the energy transition in the region is progressing slower than desired, largely due to geopolitical setbacks. The Asia Clean Energy Summit, focusing on energy security and AI, will take place from 27 to 29 October 2026 at the Sands Expo and Convention Centre, Singapore.

Southeast Asia has emerged as a powerhouse in the global e-commerce app market, with Singapore, Indonesia, and Vietnam leading the charge. According to Adjust’s Shopping App Insights Report: 2026 Edition, these countries have seen remarkable growth in app installs during the first half of 2026. Singapore topped the list with a 67% year-over-year increase, followed by Vietnam at 42% and Indonesia at 36%.

The report highlights a rapidly evolving e-commerce landscape in the region, driven by major shopping events and a shift towards paid acquisition strategies. As acquisition costs rise, marketers are focusing on channels and campaigns that attract high-value, long-term users. “E-commerce apps had a strong first half of 2026 with major shopping events continuing to grow in scale,” said April Tayson, Regional Vice President, INSEA, Adjust. “Reliable measurement is key to making that possible.”

Indonesia and Singapore also recorded the highest session growth globally, with increases of 62% and 58% respectively. Meanwhile, Malaysia showed the highest reliance on paid acquisition, with a paid/organic install ratio of 1.11 in H1 2026. In contrast, Vietnam and the Philippines reduced their reliance on paid installs.

The report underscores the importance of strategic marketing and reliable measurement in sustaining growth in these fast-paced markets. As Southeast Asian countries continue to refine their strategies, the region is set to maintain its position as a leader in global e-commerce app growth.

Klook, a prominent experiences platform in Asia Pacific, has partnered with Mastercard to enhance travel experiences through a Memorandum of Understanding (MoU). This collaboration aims to offer more rewarding and seamless travel experiences by focusing on three strategic pillars: enhancing cardholder value, unlocking new travel and lifestyle opportunities, and advancing innovative payment experiences.

The partnership is informed by Klook’s Travel Pulse 2026, which highlights a shift in traveller preferences towards experience-led journeys. According to the research, 47% of Asia Pacific consumers actively seek deals and discounts, whilst 42% book earlier for better prices. Notably, more than half of travellers now choose destinations based on specific activities rather than the location itself, with 73% willing to visit lesser-known cities for unique events.

Eric Gnock Fah, Co-Founder and President of Klook, stated, “Experiences give travel meaning, creating moments that become lasting memories.” He emphasised the synergy between Klook’s platform and Mastercard’s global network, which aims to help travellers discover more and spend less time planning.

Peter Robejsek, Executive Vice President of Market Development at Mastercard, added, “The future of travel will be shaped by ecosystems that bring together the best of technology, payments, and experiences.” He noted that the collaboration with Klook would create more personalised and rewarding journeys.

As the partnership progresses, Klook and Mastercard plan to explore further opportunities, including deepening data collaboration and evaluating next-generation payment innovations. This initiative is set to provide travellers with exclusive discounts and privileges, particularly for Mastercard cardholders, during the year-end travel period.

Indonesian travellers are increasingly purchasing travel insurance at the last minute, with a significant 30% buying on the day of travel, according to a new report by Igloo, a leading insurtech firm in Southeast Asia based in Singapore. The report highlights that 92% of these travellers prioritise medical cover over other concerns such as accidental death protection, travel delays, and lost baggage.

The data, drawn from Igloo’s direct-to-consumer platform in Indonesia, reveals that international trips account for 65% of policies sold, with Japan being the top destination at 26%. The report also notes a peak in travel insurance purchases during November and December, coinciding with year-end travel, whilst demand dips in April and May.

Raunak Mehta, Igloo’s Co-founder and CEO, commented on the findings, stating, “Last minute travel insurance purchase tells us people do not plan for travel protection. They buy when something reminds them, usually in the evening, often on the day they travel.”

The report identifies five traveller profiles, with group travellers paying the highest average premium of $45. It also highlights that 41% of customers are repeat buyers, who tend to plan further ahead and spend more per policy.

In response to these trends, Igloo launched Igi, an AI travel insurance assistant, in June 2026. This tool guides users through the entire insurance purchase process, significantly increasing the likelihood of completing a purchase. Despite the recovery in outbound travel post-pandemic, travel insurance remains underpenetrated in Indonesia due to various barriers, which Igloo aims to address with its innovative solutions.

HSBC Private Bank has announced a series of senior appointments to strengthen its leadership across Global India and Singapore, aiming to better serve entrepreneurs and business-owning families with international interests. The bank’s strategy focuses on connecting clients’ business and personal wealth needs across multiple markets.

The Global India franchise, which spans India and key wealth hubs such as Dubai, Hong Kong, Singapore, and the UK, has seen significant leadership enhancements. Vivek Pandohi has been appointed as Head of Middle East – Global India, bringing over 23 years of experience with HSBC. He will focus on expanding coverage across the Gulf Cooperation Council and strengthening coordination within the Middle East.

In Singapore, Harjeet Singh joins as Senior Desk Head for Global India. With over two decades of private banking experience, Singh will lead one of HSBC’s Global India Desks, focusing on growing the business in the region. He previously held senior roles at Bank of Singapore.

Additionally, HSBC is strengthening its Singapore and Offshore China coverage. Lay Hong Tan, with over 30 years in the financial industry, joins as Desk Head for the Singapore Market. Jay See, with 18 years of experience, will lead the Offshore China Market desk in Singapore.

Tommy Leung, Head of Private Bank, South Asia, HSBC, stated, “Our job is to make those borders easier for our clients to navigate. By strengthening leadership in the Middle East and Singapore, we are building deeper market expertise whilst making HSBC’s international network more accessible.”

These appointments are part of HSBC’s broader strategy to enhance client coverage and capabilities across the region, including the addition of experienced Relationship Managers in Singapore, Australia, Taiwan, and Indonesia.

China-Singapore Guangzhou Knowledge City (CSGKC) has unveiled three new partnerships with Singapore institutions during the 16th Singapore-Guangdong Collaboration Council meeting. These collaborations aim to enhance cooperation in healthcare, artificial intelligence (AI), and talent development between Singapore and China.

The Singapore University of Social Sciences will collaborate with CSGKC on senior care solutions through Aged+ Living Labs. Meanwhile, the Singapore Institute of Technology will focus on smart healthcare technologies, applied research, robotics, and care delivery. Business China will facilitate connections between Singapore-China businesses and innovation communities.

CSGKC, established in 2010, has been a cornerstone of Singapore-China cooperation, fostering over 70,000 registered market entities and establishing industrial clusters in biomedicine, integrated circuits, and new energy vehicles. It serves as a gateway for businesses, institutions, and talent across Singapore, Guangzhou, and the Greater Bay Area.

The city is home to more than 40 biopharmaceutical projects and plans to establish an International Hub for Innovative Healthcare, modelled after Singapore’s HealthCity Novena. This hub will integrate medical care, elderly care, rehabilitation support, and medical tourism.

Samuel Ng, CEO of CSGKC Investment & Development Co., Ltd., stated, “Deeper collaboration between Singapore and China offers significant potential for innovation. We welcome partners to join us in advancing healthcare innovation, accelerating the translation of technology into real-world applications, and strengthening talent development.”

As CSGKC continues to grow, it remains a model of Singapore-China cooperation, integrating industry, innovation, and liveability, and reinforcing its role in advancing shared national priorities.

UOB and the China-Singapore Guangzhou Knowledge City Administrative Committee (KCAC) have signed a Memorandum of Understanding (MoU) to enhance cross-border business, investment, and financial collaboration between the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and ASEAN. The agreement was formalised during the 16th Singapore-Guangdong Collaboration Council meeting on 25 August in Singapore.

The partnership aims to leverage Guangzhou Knowledge City’s role as a flagship China-Singapore project and UOB’s extensive ASEAN network. It will focus on five key areas over the next three years, including supporting innovation-led economic transformation and promoting trade, investment, and supply chain connectivity. The collaboration will also enhance market access and capital market connectivity, support regional headquarters development, and deepen the local financial ecosystem.

Eric Lian, Head of Group Commercial Banking at UOB, highlighted the significance of the partnership, stating, “The Greater Bay Area is one of China’s most dynamic innovation and economic hubs, whilst ASEAN continues to be among the world’s fastest-growing regions. Through this partnership with the China-Singapore Guangzhou Knowledge City Administrative Committee, UOB will leverage our deep ASEAN expertise and network with Guangzhou Knowledge City’s role as a key platform for China-Singapore collaboration.”

The MoU establishes a framework for regular engagement between UOB and KCAC, aiming to create platforms for business exchange and facilitate access to professional and financial services. This collaboration is expected to strengthen trade and investment links and support sustainable growth between the GBA and ASEAN.

Indonesia, Malaysia, and Singapore have reaffirmed their commitment to keeping the Straits of Malacca and Singapore open and safe for international shipping. This was announced at the 17th Co-operation Forum held in Singapore, where the three nations underscored the importance of the straits as a vital passage for global navigation, as recognised by the 1982 United Nations Convention on the Law of the Sea (UNCLOS).

The forum highlighted the collaborative efforts of the Littoral States, User States, international organisations, and the maritime industry in ensuring navigational safety and environmental protection. Discussions included the introduction of new technologies and alternative fuels to enhance safety in the straits. The Co-operative Mechanism, established in 2007, continues to serve as the framework for these efforts, enabling collaboration among all stakeholders.

The Littoral States expressed their appreciation for the ongoing support from stakeholders and encouraged continued participation in the Co-operative Mechanism. This mechanism, which includes the Aids to Navigation Fund and Project Co-ordination Committee, facilitates dialogue on navigational safety and marine environment protection.

By renewing their commitment to the Co-operative Mechanism, Indonesia, Malaysia, and Singapore aim to uphold the principles of Article 43 of UNCLOS, which calls for co-operation in maintaining navigational aids and controlling pollution. The forum serves as a key platform for dialogue, ensuring the straits remain a secure and efficient passage for international shipping.

StoneBench, a Singapore-based advisory and editorial studio, has launched “Fragmentation Finance,” a research hub exploring how geopolitical tensions are reshaping financial dynamics across Asia. As tensions in the Middle East and US-China competition alter global capital flows, Asian financial institutions are increasingly integrating geopolitical risks into their treasury and credit decisions.

The research identifies five key structural changes affecting the region. These include the shift of geopolitical risk from periodic reviews to banks’ balance sheets, the acceleration of local currency settlements, and the migration of capital to perceived safe jurisdictions, with Asian hubs benefiting significantly. Additionally, climate risk is being factored into credit decisions, although high oil prices are pushing the region back towards coal. Southeast Asia is poised to benefit structurally due to its neutrality, demographics, and involvement in multiple trade corridors.

The hub’s centrepiece, a whitepaper titled “In the Eye of the Storm,” examines the impact of geopolitical developments on shipping, insurance, capital reallocation, wealth migration, and the energy transition. It provides insights for asset managers, banks, and policymakers on capital flow absorption and geopolitical risk mapping.

Siddharth Poddar, founder of StoneBench, stated, “Fragmentation Finance is where StoneBench’s own thinking meets the work we do for clients. We have spent years helping firms in Asia make sense of global megatrends.”

Oona Insurance, a rapidly growing digital general insurer in Southeast Asia, is set to expand its regional presence following a remarkable 130% growth in net income during the first half of 2026. The company is actively pursuing acquisitions across Southeast Asia, with immediate focus on Indonesia and the Philippines, and future plans for Thailand and Vietnam.

In Indonesia, where the general insurance market contracted by 2% in H1 2026, Oona achieved a 40% increase in Gross Written Premium (GWP), securing its place among the top 10 motor insurers. In the Philippines, Oona’s GWP surged by 80%, propelling it into the top 10 non-life insurers by net written premiums. The company’s profitability also saw significant improvement, with a 55% net income growth in Indonesia and a 200% increase in the Philippines.

Oona’s success is attributed to its multichannel distribution model and its ability to integrate insurance products into existing digital platforms such as e-wallets and ride-hailing apps. This approach allows for seamless customer experiences and rapid scaling across various channels. “Our technology and product architecture were built around how people in Southeast Asia already buy financial services,” said Abhishek Bhatia, Founder and Group CEO of Oona Insurance.

With insurance penetration in Indonesia and the Philippines below 2% of GDP, Oona sees substantial potential for long-term growth. The company, backed by Warburg Pincus, aims to continue leveraging its advanced technology and strong brand to expand access to affordable, convenient insurance solutions across the region.