Industry News

Visa has teamed up with Singapore-based Travelgoogoo to offer an enhanced travel experience for cardholders across 23 Asia Pacific countries. This collaboration introduces the Travelgoogoo eSIM Travel Club, providing users with 365-day unlimited global messaging across 123 countries and exclusive rates for high-speed data boosts, all through a single eSIM.

Travelgoogoo’s CEO, Richard Bok, highlighted the importance of seamless connectivity for travellers, stating, “We are so used to staying connected over messaging apps with friends, family, and colleagues. Yet, the moment we travel, we are often left stranded, hunting for SIM cards or paying too much just to stay online.” The partnership aims to eliminate these challenges, offering ease, reliability, and freedom to explore.

The eSIM service allows instant activation and reliable coverage, enabling users to access unlimited messaging, data voice calls, and photo sharing on popular apps without a data plan. High-speed 4G/5G data can be purchased as needed, providing flexibility and control for travellers.

Visa cardholders benefit from exclusive offers, including a complimentary Travelgoogoo365 Annual Plan for Visa Infinite and Signature members, and a 50% discount for Visa Platinum members. Additional perks include extra high-speed data and discounts on data boosts.

This partnership reflects growing confidence in Travelgoogoo’s ability to deliver reliable travel connectivity. Bok added, “Together, we are unlocking a new kind of travel freedom, where access and connection follow wherever you go.”

PaxOcean, a prominent shipyard group under the Kuok Maritime Group, has inaugurated a new shipyard at 5 Jalan Samulun in Singapore. The S$200m investment underscores the group’s commitment to enhancing Singapore’s status as a global leader in maritime engineering, innovation, and sustainability.

The newly opened facility, known as 5JS, represents a significant milestone for PaxOcean and the broader maritime industry in Singapore. This development is expected to contribute to the country’s maritime sector by providing advanced engineering solutions and promoting sustainable practices.

5JS replaces PaxOcean’s previous location at 33 Tuas Crescent. The new yard occupies a significantly larger footprint, giving PaxOcean the ability to handle more complex projects with faster turnaround.

PaxOcean has also committed more than S$3.5m in R&D investments over the next three years, supported by EDB’s Research and Innovation Scheme for Companies. A key investment will be PaxOcean’s new Centre of Excellence (COE) in Engineering R&D.

The opening of 5JS not only marks a significant investment but also reinforces Singapore’s reputation as a hub for maritime excellence. As the industry evolves, such initiatives are vital in maintaining the country’s competitive edge and fostering sustainable growth in the maritime sector.

Standard Chartered has launched SC Shop and Earn, a pioneering integrated shopping cashback programme for its credit and debit cardholders in Singapore. This initiative, available through the SC Mobile app, is the first of its kind by a bank in Singapore, consolidating over 250 online merchants and cashback opportunities into one digital platform. The programme aims to simplify the rewards process, allowing clients to browse merchants, shop online, and track rewards effortlessly.

Grace Chan, Managing Director of Personal Banking & Credit Cards and Personal Loans at Standard Chartered, highlighted the programme’s development, stating, “Our insights showed that one in two clients value simplicity in reward programmes, whilst nearly 70% prefer cashback over vouchers, reward points, or airline miles.” This feedback led to the creation of SC Shop and Earn, which integrates shopping and cashback into a single ecosystem, offering a streamlined experience.

The programme features a tiered loyalty structure, enabling Priority Private and Priority Banking clients to earn up to 6.9% cashback on travel sites like Agoda and Expedia. This supports the bank’s strategy to reward clients who deepen their relationship with the institution. Cashback is automatically credited to clients’ accounts, adding convenience to the process.

SC Shop and Earn also includes seasonal upsized offers and requires no minimum spend per transaction. The platform’s merchants are curated based on affluent consumer preferences, with a focus on travel-related partners. Cashback is typically credited within 30 to 120 days, depending on merchant-specific terms.

The Singapore Institute of Directors (SID) has announced the appointment of Emily Poon as its new Chief Executive Officer (CEO), following an extensive search process. Poon will join as CEO-designate on 1 March and officially take over from Terence Quek on 1 May.

Poon brings over 20 years of experience to the role, having previously served as President, Asia Pacific, at Ogilvy Public Relations. Her extensive background includes shaping governance standards across corporate, academic, and public sectors. She is actively involved with the Industry Advisory Council at the National University of Singapore, the Families for Life Council, and the executive committee of Singapore Management University’s Leading Executives and Directors Alumni Group.

SID Chair Yeoh Oon Jin expressed enthusiasm about Poon’s appointment, stating, “We were looking for someone with the right attributes to take SID forward: industry experience across geographies, passion about our mission, and a firm commitment in the belief that SID has an important role to play in raising standards of governance here and in the region.”

Poon, who has been a member and Accredited Director of SID, said, “I look forward to working with the Council and team at the Singapore Institute of Directors to further our mission at a time when the role of directors is transforming and becoming even more critical in a rapidly changing world.”

During Quek’s tenure, SID’s membership grew from 3,300 to over 5,500, and several initiatives were launched, including the SID Accreditation Programme and SID Board Academy. Quek remarked on his time at SID, highlighting the organisation’s growth and expressing confidence in Poon’s leadership.

Poon aims to build on the foundation laid by Quek, focusing on supporting SID members and expanding the institute’s influence both locally and internationally.

Singapore has been ranked second globally for real estate resilience, according to WiredScore’s inaugural Global Cities Resilience Index. The report, released today, evaluates cities based on digital, cyber, and physical resilience, drawing on data from over 1,650 buildings worldwide. Singapore’s strong performance is attributed to its advanced digital infrastructure and cybersecurity measures, which have been embedded into buildings from the outset.

The index, which places Chicago first, followed by Singapore, Dubai, Madrid, Hong Kong, and Bangkok, underscores the importance of resilience in attracting global occupiers. Tommy Crowley, VP Asia Pacific at WiredScore, stated, “Sophisticated asset owners across Singapore’s real estate market have recognised that resilience is not just about backup power or physical robustness. It’s about secure, adaptable digital foundations that keep buildings operational under pressure and protect occupiers from growing cyber risk.”

Singapore’s high ranking is further bolstered by its coordinated approach to digital infrastructure and cybersecurity, including a nationwide fibre network and the Infocomm Media Development Authority’s standards for robust telecommunications infrastructure. This alignment between public policy and private sector execution has accelerated the translation of resilience standards into real-world building performance.

The report warns of the increasing vulnerability of smart buildings to cyberattacks, with global cybercrime costs projected to reach $23t by 2027. Despite the demand for automation, only 5% of occupiers have successfully deployed AI at scale due to building-level constraints. As digital connectivity becomes essential, Singapore’s example sets a precedent for future-ready buildings globally.

CapitaLand Ascendas REIT (CLAR) reported a 1.4% increase in distributable income for the financial year ending 31 December 2025, reaching S$678.3m. This growth was attributed to strategic acquisitions in Singapore and the United States, alongside effective management of operating and interest expenses. However, the increase was partially offset by divestments completed in 2024 and 2025.

Despite an enlarged unit base from equity fundraising in June 2025, CLAR’s distribution per unit (DPU) decreased slightly to 15.005 Singapore cents from 15.205 cents in the previous year. Unitholders can expect a 2H 2025 DPU of 7.528 cents, payable on 13 March 2026. The REIT’s distribution yield for FY 2025 stands at 5.3%, based on a closing unit price of S$2.83.

Gross revenue and net property income rose by 1.0% and 1.7% respectively, supported by a 0.4% reduction in property operating expenses. The portfolio’s valuation increased by 8.6% to S$18.2b, driven by new acquisitions and redevelopment completions. The portfolio includes properties in Singapore, Australia, the US, and the UK/Europe.

Chairman Beh Swan Gin highlighted the REIT’s disciplined growth strategy, noting a 33% portfolio increase over five years. CEO William Tay emphasised the REIT’s resilience amid economic uncertainty, citing a 12.0% positive rental reversion and strong leasing commitments for redevelopment projects.

Looking ahead, CLAR plans to continue its portfolio rejuvenation strategy, focusing on developed markets with robust fundamentals. The REIT maintains a healthy leverage ratio of 39.0% and a high level of green financing, reflecting its commitment to sustainable growth.

Singapore’s Budget 2026, set to be unveiled by Prime Minister and Finance Minister Lawrence Wong on 12 February, will be the first under the new Cabinet following the May 2025 General Elections. This budget arrives amidst significant global shifts, including rising geopolitical tensions and the challenges posed by AI-driven economic changes. UOB Global Economics and Markets Research anticipates a fiscal surplus of S$8.1b (1.0% of GDP) for FY2026, driven by robust revenue collections.

The expected surplus for FY2025 has been revised upwards to S$7.6b (1.0% of GDP), surpassing the initial projection of S$6.8b (0.9% of GDP). This adjustment is attributed to stronger corporate income tax, stamp duty, and Vehicle Quota Premiums. Despite higher-than-expected expenditures, the fiscal outlook remains positive.

Budget 2026 is likely to focus on three primary themes: targeted support for low-income households, fostering an AI-ready economy through skills and innovation, and enhancing market access for SMEs and MNCs. These initiatives aim to address the K-shaped economic recovery, where benefits from a tech-led market may not be evenly distributed, and to mitigate AI-related job displacement concerns.

The budget will also consider long-term challenges such as rising healthcare costs due to an ageing population and the need for increased defence spending amid heightened geopolitical tensions. The Net Investment Returns Contribution continues to play a crucial role in supplementing operating revenues, highlighting the government’s commitment to fiscal prudence.

As Singapore navigates these complex challenges, Budget 2026 will be pivotal in securing the nation’s future economic stability and growth.

Primer Group has partnered with Mastercard to launch PrimerStar, a pioneering loyalty and payment application, at Funan in Singapore. This marks the Asia-Pacific region’s first deployment of Mastercard’s Next Generation Point-of-Interaction (NGP) experience, which combines digital and in-store shopping into a unified, secure journey.

PrimerStar allows shoppers to use a single app across brands like Hydro Flask and Toms, offering instant checkout and loyalty rewards. The app uses dynamic QR codes to identify membership profiles, apply rewards, and process payments securely with encrypted digital tokens. Transactions are authenticated using biometric passkeys, ensuring both security and convenience.

Jimmy Thai, CEO and President of Primer Group, stated, “At Primer, we are reimagining the way we work with partners like Mastercard to better cater to customer demands and putting digital innovation at the forefront.” Safdar Khan, Division President of Southeast Asia at Mastercard, added, “This collaboration with Primer Group demonstrates how next-generation acceptance capabilities can be deployed in a live retail environment.”

To celebrate the launch, the first 100 shoppers spending $200 or more via the PrimerStar app at Funan will receive a limited-edition Hydro Flask. This offer is valid until March 2026 or whilst supplies last.

Following its Singapore debut, PrimerStar is set for regional expansion, starting with the Philippines and Malaysia. This strategic rollout highlights Primer Group’s commitment to enhancing the retail experience through innovative and secure digital solutions.

Liberty, part of Liberty Mutual Insurance Group, has announced the appointment of Jimmy Tong as the Chief Executive Officer of its Singapore operations, effective 27 April 2026, pending regulatory approval. Tong, a seasoned executive with over 25 years of experience in the insurance sector, will lead the newly unified Liberty Singapore, reporting to Matthew Jackson, President of Asia Pacific.

Liberty Mutual has consolidated its two distinct businesses in Singapore—Liberty Insurance and Liberty Specialty Markets—under a single insurance licence as of 1 January 2026. This strategic move aims to create a more streamlined and robust organisation for customers and partners in the region. “In Asia Pacific, our goal this year is to operate as one Liberty in each market,” said Jackson, highlighting the importance of the consolidation and Tong’s leadership.

Jimmy Tong is well-regarded within Singapore’s insurance and business communities, having previously led Great Eastern’s General and Group Insurance for a decade. His leadership is expected to drive Liberty’s unified Singapore business, which ranks among the top three general insurers in the country.

Following the unification, former Liberty Insurance CEO Yasar Fistikci has transitioned to the role of Chief Product Officer for Singapore. Meanwhile, Nicole Lim, the current CEO of Liberty Specialty Markets, will be leaving the company at the end of April to pursue other opportunities.

The newly branded Liberty in Singapore will offer a comprehensive range of general insurance and reinsurance products, catering to personal, commercial, and bespoke needs for major construction projects, corporate clients, and government entities.

Eaton, an intelligent power management company, unveiled its latest aerospace innovations and strategic partnerships at the 2026 Singapore Airshow, held from 3 to 6 February. The event underscored Eaton’s commitment to delivering top-tier aerospace solutions and enhancing regional support for customers across the Asia-Pacific region.

At the airshow, Eaton showcased a wide array of advanced technologies for both commercial and military aviation, designed to meet stringent performance standards and evolving customer needs. Matt Norman, Vice President of Aftermarket and Commercial Services at Eaton’s Aerospace Group, stated, “Through reinforced regional capabilities and business presence, we remain focused on delivering customer-centric solutions and driving operational excellence.”

Eaton also highlighted its two regional joint ventures that provide aftermarket repair services to airlines and Maintenance, Repair, and Overhaul (MRO) providers. This expansion reflects Eaton’s dedication to offering tailored, cost-effective solutions for regional customers.

In addition, Eaton participated in the Singapore Aerospace Technology and Engineering Conference (SATEC) 2026, where Armen Baronian, Director of Power Systems and Engineering Technologies, presented on emerging trends in aerospace technologies.

During the airshow, Eaton celebrated significant milestones, including a Memorandum of Understanding with Satair to distribute Eaton-repaired OEM-quality Used Serviceable Material in China. This collaboration aims to deliver safer and more efficient solutions to the Chinese market. Furthermore, Eaton entered a two-year pricing agreement with ST Engineering’s Commercial Aerospace business, covering MRO services starting in 2026.

Eaton continues to expand its regional aftermarket network, reinforcing its role as a leader in aerospace innovation and support.