Regional News

Aon plc has released its 2026 Global Medical Trend Rates Report, indicating that employee medical plan costs in the Asia Pacific (APAC) region are expected to stabilise with an 11.3% increase. This follows two years of significant rises. Key markets such as China, India, Singapore, the Philippines, and Vietnam are forecasting lower increases than in 2025. The global average medical trend rate is projected at 9.8%.

Medical trend rates, which represent the annual percentage increase in medical plan costs per employee, are crucial for organisations to budget and adapt their benefits strategies. Tim Dwyer, head of Human Capital for APAC at Aon, noted, “The challenge and opportunity for employers lies in moving from reactive cost control to proactive health strategy.”

Approximately one third of APAC markets anticipate a slight decrease in trend rates, driven by moderated utilisation and wellbeing initiatives. However, the remaining two thirds face upward pressure due to chronic disease burdens and increased healthcare utilisation. Cardiovascular diseases, gastrointestinal conditions, and cancer are the primary medical conditions influencing costs.

Employers are responding by adopting flexible benefit plans and wellbeing programmes. Alan Oates, head of global benefits for APAC at Aon, emphasised the importance of leveraging data and partnering with insurers to support a healthier workforce.

The report is based on insights from over 100 Aon offices, reflecting expectations from interactions with clients and carriers across the region.

NTT DATA and Fortanix have announced a global partnership to launch a Cryptography-as-a-Service offering, aimed at helping enterprises secure sensitive data against emerging AI threats and prepare for post-quantum cryptography challenges. The collaboration combines Fortanix’s Data Security Manager Platform with NTT DATA’s cybersecurity expertise to provide a comprehensive solution for data protection across AI, cloud, and hybrid environments.

The new service focuses on several key areas, including unified encryption and compliance, crypto-agility for quantum readiness, and data sovereignty and privacy. It offers centralised visibility and policy control, simplifying audits and regulatory requirements. The Fortanix platform, powered by Confidential Computing technology, ensures data is protected at rest, in motion, and in use, allowing enterprises to transition smoothly to quantum-resistant cryptography.

Cathy Huang, senior research director at IDC, emphasised the importance of preparing for the post-quantum era, stating that organisations must begin with cryptographic discovery and risk assessments. Sheetal Mehta, Head of Cybersecurity at NTT DATA, highlighted the pressure on enterprises to safeguard data whilst navigating AI opportunities and risks.

The partnership targets highly regulated industries such as financial services, healthcare, government, and telecommunications. Key use cases include multicloud key management, post-quantum readiness, and secure AI and machine learning processes.

Anand Kashyap, CEO of Fortanix, noted that the partnership empowers enterprises to manage cryptographic risks proactively, leveraging industry-leading Confidential Computing technology. This collaboration aims to future-proof data security strategies and ensure business continuity as organisations transition to quantum-safe standards.

The Housing & Development Board (HDB) has announced its final Build-To-Order (BTO) sales exercise for 2025, unveiling ten new projects with approximately 9,144 flats across eight towns. This significant launch marks the debut of public housing in the Greater Southern Waterfront and Mount Pleasant, areas poised for growth and development.

The introduction of these new BTO projects is expected to influence both private homeowners and new flat applicants. Christine Sun, Chief Researcher & Strategist at Realion (OrangeTee & ETC), noted that high demand could drive unsuccessful applicants towards the secondary market, impacting private homes and HDB resale flats nearby. The addition of amenities, such as pre-schools and healthcare facilities, is anticipated to enhance the appeal of these areas, catering to diverse demographic needs.

Among the projects, Berlayar Residences in the Greater Southern Waterfront is expected to attract significant interest. Offering around 880 units, it is conveniently located near Telok Blangah and Labrador MRT stations. Similarly, Redhill Peaks, with 1,021 units, is strategically positioned near Redhill MRT and Bukit Merah Town Centre, appealing to young families due to its proximity to schools.

Mount Pleasant Crest, featuring 1,348 units, introduces the “white flat” layout, offering homeowners flexibility in customising their living spaces. This project is close to reputable schools, making it attractive to families.

With shorter completion periods for about a third of the flats, areas like Telok Blangah, Bukit Merah, and Mount Pleasant are expected to see heightened competition. This BTO exercise not only addresses housing needs but also aims to create balanced and inclusive living environments across Singapore.

The OCBC SME Index for the third quarter of 2025 held steady at 50.5, indicating continued expansion, as reported by OCBC Bank. This stability reflects a robust performance in externally oriented sectors such as Wholesale Trade, ICT, and Manufacturing, which saw significant growth in collections and payments. However, domestic-facing industries like Food & Beverage and Building & Construction experienced contractions due to softer local demand.

The GDP growth Nowcast, based on the OCBC SME Index, suggests a growth rate slightly above 3.5%, a decrease from the previous quarter’s 4.4%. This aligns with the Ministry of Trade and Industry’s GDP advance estimates, which moderated to 2.9% in the same period. Eric Ong, Head of Enterprise Banking at OCBC, noted, “As global trade dynamics continue to evolve, we expect the outlook for SMEs to ease in the coming quarters as they contend with challenges from supply chains and US tariffs.”

Looking forward, SMEs are expected to face a more challenging environment. Cautious consumer sentiment and the normalisation of tourism growth are likely to impact consumer-facing sectors. Additionally, ongoing US tariff issues have affected 44% of SMEs, prompting many to explore alternative markets. Despite these challenges, opportunities remain in AI-related applications and manufacturing, offering potential growth for SMEs willing to pivot.

The OCBC SME Business Outlook poll revealed that 53% of SME business owners expect conditions to remain the same or worsen over the next six months, whilst 47% anticipate improvement. This sentiment reflects the mixed performance across sectors, with externally oriented industries showing resilience and domestic sectors grappling with cost pressures and weaker demand.

Trip.com Group and Google have unveiled a new report, “Why Travel?”, which identifies five major trends set to shape consumer travel in 2026 and beyond. The report, combining Trip.com’s booking data with Google’s search insights, highlights a shift towards experience-focused journeys driven by expression, purpose, health, connection, and technology.

The report reveals that travellers are increasingly seeking “fork-first” travel, with Singapore ranking among the top three destinations for food-related experiences. Food-related bookings on Trip.com have surged by 43% year-on-year. Additionally, wellness travel is on the rise, with searches for “onsens” in Singapore increasing by 80% as travellers prioritise healing and restoration.

Connection through shared experiences is also a significant trend, with two-thirds of travellers willing to travel abroad for concerts. Endurance sports tourism has seen a fivefold increase, with searches for “Hyrox” and “marathon” in Singapore growing by 100% and 143% respectively.

The report also highlights the growing importance of technology in travel. Searches for “help planning my trip” have risen by 190%, and bookings for immersive attractions like the Las Vegas Sphere have skyrocketed by 4014%. Joyce Zhang from Google noted that AI tools are becoming essential in helping travellers plan and make decisions.

Edmund Ong of Trip.com Singapore emphasised the importance of these insights in evolving travel offerings to meet consumer needs. As community and AI-driven travel become core motivators, Trip.com is expanding its AI-driven planning tools to deliver personalised journeys. The future of travel, the report suggests, will be driven by emotional alignment, cultural fluency, and tech-enabled flexibility.

Trust Bank Singapore has unveiled a significant expansion of its TrustInvest service, launching a new trading platform for US stocks and exchange-traded funds (ETFs). This development marks the first time a banking app in Singapore will offer fractional trading, allowing customers to invest in smaller portions of shares, thereby broadening their investment opportunities.

The platform, accessible via the Trust App, enables users to buy and sell US stocks and ETFs, which are investment funds traded on stock exchanges. ETFs offer an efficient way for investors to diversify their portfolios by investing in a variety of assets through a single transaction. These can include index-trackers, digital asset funds, and sector-specific investments.

Fractional trading is particularly noteworthy as it allows investors to purchase portions of shares rather than whole shares, making it more affordable to invest in high-value stocks like Netflix or Meta, which can cost over S$500 per share. This feature is designed to make investing more accessible and flexible for all customers.

The waitlist for the new trading platform opens today, with customers set to receive invitations to open trading accounts in the coming weeks. Trust Bank CEO Dwaipayan Sadhu expressed enthusiasm about the expansion, stating, “Following the success of our initial TrustInvest launch, we are excited to expand our offering so that customers can trade US stocks and ETFs. Offering fractional trading means that all our customers can access a wide range of investments, with the confidence of doing so through an easy to use and seamless banking app.”

This initiative is part of Trust Bank’s ongoing efforts to simplify and enhance the investment experience for its users, making it more seamless and secure.

The Housing Development Board (HDB) is set to launch 9,144 flats across 10 projects in its October 2025 Build-To-Order (BTO) exercise, marking the largest BTO offering since November 2022. This significant release includes a 5 percentage point increase in allocation for second-timers, potentially boosting applications from this group.

Among the offerings, 3,294 flats across four projects will feature a shorter waiting time of less than three years, which could attract demand from the resale market and help stabilise resale prices. The exercise includes projects in Bishan, Mount Pleasant, and Telok Blangah, with expectations that the total number of applicants could exceed 20,000.

The October 2025 BTO exercise categorises the flats into three types: Prime, Plus, and Standard. Prime flats account for 3,787 units (41.4%), Plus flats for 1,425 units (15.6%), and Standard flats for 3,932 units (43.0%).

In Bukit Merah, two projects, Redhill Peaks and Berlayer Residences, are anticipated to be popular. Redhill Peaks, a former Selective En bloc Redevelopment Scheme (SERS) site, offers proximity to amenities and transport links. Berlayer Residences, located at the former Keppel Club site, promises high demand due to its prime location and potential views of the sea or city.

Mount Pleasant Crest in Toa Payoh and Bishan Terraces are also expected to draw significant interest. Mount Pleasant Crest benefits from excellent transport links, whilst Bishan Terraces is strategically located near Bishan centre and MRT interchange.

The largest project, Oak Ville @ AMK in Ang Mo Kio, is a Plus flat development, offering numerous educational facilities nearby. Meanwhile, Standard flats in Yishun, Jurong East, and Sengkang provide diverse options for potential homeowners.

As the October 2025 BTO exercise unfolds, the increased allocation for second-timers and the variety of projects available are likely to influence the dynamics of Singapore’s housing market.

The London Stock Exchange Group (LSEG) and the Islamic Corporation for the Development of the Private Sector (ICD) have unveiled the 2025 Islamic Finance Development Indicator (IFDI) report, which evaluates the Islamic finance industry’s progress across 140 countries. The report forecasts that global Islamic finance assets will soar to US$9.7 trillion by 2029, growing at an annual rate of 10%.

Malaysia has retained its top position in the global rankings, followed by Saudi Arabia and the United Arab Emirates, thanks to their strong governance and policy innovation. Other countries in the top rankings include Indonesia, Pakistan, and Kuwait. Mustafa Adil, Head of Islamic Finance at LSEG, highlighted the industry’s future, stating, “The industry will be shaped by cross-border connectivity, regulatory advancements, and strategic national initiatives.”

The report also notes the resilience of the sukuk market, which surpassed US$1t in outstanding value in 2024. Total global sukuk issuance increased by 11% year-on-year, reaching US$254.3b. ESG sukuk, which integrates sustainability into Islamic finance, has also grown significantly, with US$15.4b in new issuances.

Islamic banking remains dominant, accounting for 72% of total industry assets and expanding to 84 markets globally. The largest markets—Iran, Saudi Arabia, and Malaysia—represent US$4.3t of global Islamic finance assets. Khalid Khalafalla, Acting CEO of ICD, remarked, “The IFDI continues to serve as a vital benchmark for policymakers and market participants.”

The IFDI assesses Islamic finance development across five areas: Financial Performance, Governance, Sustainability, Awareness, and Knowledge, providing a comprehensive view of the industry’s landscape.

Workday, Inc., a leading AI platform, has released a report revealing that whilst AI agents are increasingly integrated into Singaporean workplaces, employees desire clear boundaries. The study, titled “AI Agents Are Here – But Don’t Call Them Boss,” highlights that 83% of Singaporean workers are comfortable collaborating with AI agents, yet only 8% are willing to be managed by them. This presents a challenge for businesses to leverage AI’s capabilities without compromising the human element.

The report indicates that 79% of organisations in Singapore are either deploying or operating AI agents, particularly in finance and human resources. However, ethical, security, and governance concerns are significant barriers to wider adoption, especially in sensitive areas like finance and compliance.

Jess O’Reilly, general manager of ASEAN at Workday, emphasised the importance of using AI as a partner rather than a leader, stating, “To drive productivity and trust, it is important that we rely on AI as a partner rather than a leader.”

CGS International Securities has announced a strategic expansion of its regional asset management capabilities, introducing initiatives aimed at revitalising ASEAN capital markets. The firm is facilitating secondary listings of Chinese companies in Singapore and dual listings, such as Singapore-listed UMS Holdings on Bursa Malaysia, to broaden investor access.

The company’s Asset Management team in Singapore has launched the CGSI Ascend Access Strategy, a discretionary portfolio mandate designed to offer investors access to initial public offerings (IPOs) and secondary markets, traditionally reserved for institutional investors. This strategy targets a minimum 50% allocation to Singapore, allowing investors to engage with ASEAN’s growth and Hong Kong’s IPO market resurgence.

James Ong, Group Head of Asset Management, highlighted the firm’s commitment to expanding regional investment capabilities. “CGS International is expanding our regional investment capabilities to give our clients access to rising opportunities in both public and private spaces in Asia,” he stated. The team, comprising seasoned professionals like Ong, Phua Zhenghao, and Grace Yan, leverages CGS International’s award-winning research and regional presence to provide comprehensive market insights.

The introduction of the CGSI Ascend Access Strategy marks a significant step in CGS International’s efforts to enhance market access and governance, with equities market veteran Chew Sutat appointed as Chair of the Investment Committee. This initiative is part of the firm’s broader strategy to deliver high-conviction deal participation and dynamic capital preservation for investors.