Industry News

The Singapore government has announced the extension of the 4% interest rate floor on Special, MediSave, and Retirement Account (SMRA) monies until 31 December 2027. This decision, effective from 1 January 2027, aims to help members grow their retirement savings by ensuring stable returns in an uncertain economic climate.

The interest rate for SMRA will remain at 4% per annum from 1 October to 31 December 2026, as the pegged rate remains below this floor. The rate is linked to the 12-month average yield of 10-year Singapore Government Securities plus 1%. Meanwhile, the Ordinary Account (OA) interest rate will stay at 2.5% per annum for the same period, with the Housing Development Board (HDB) concessionary interest rate for housing loans remaining at 2.6%.

To further support retirement savings, CPF members will continue to earn extra interest. Those below 55 will receive an additional 1% on the first $60,000 of their combined balances, whilst members aged 55 and above will earn an extra 2% on the first $30,000 and an additional 1% on the next $30,000. The extra interest on OA balances will be channelled into the member’s Special or Retirement Account.

This extension provides CPF members with a measure of financial security, ensuring their savings continue to grow despite fluctuating market conditions.

Singapore General Hospital (SGH), Synapxe, and Iota MedTech have introduced iScreen, an AI-powered tool that provides rapid analysis of head Computed Tomography (CT) scans for intracranial haemorrhage (ICH). This marks the first deployment of a head CT model on AimSG, Singapore’s national AI medical imaging platform.

iScreen instantly analyses CT scans to detect signs of ICH, alerting radiologists to urgent cases. This innovation reduces the time between scanning and preliminary diagnosis, allowing faster prioritisation and treatment for patients with brain bleeds. All AI findings are reviewed by expert radiologists to ensure accuracy and patient safety.

SGH conducts approximately 50 head CT scans daily, with about 10% revealing acute ICH, a potentially life-threatening condition. Rapid identification and intervention are crucial, especially for vulnerable patients like the elderly or those on anticoagulants. Dr Robert Chen of SGH noted, “With iScreen, accurate AI test results are consistently ready in about six minutes, enabling faster decision-making.”

Since its integration in January, iScreen has significantly improved report turnaround times for CT brain scans with acute ICH, reducing them to within 30 minutes from a previous range of 30 to 60 minutes. Henry Kang of Synapxe highlighted the potential for expanding this technology across other public healthcare institutions, stating, “We remain committed to improving the efficiency and accuracy of AI in medical imaging.”

AimSG, developed by Synapxe, supports multiple AI models across Singapore’s public healthcare system, facilitating the adoption of AI in radiology and other medical fields. It is currently used in several public healthcare institutions, including Changi General Hospital and Tan Tock Seng Hospital.

BDx Data Centres, a Singapore-based operator backed by I Squared Capital, has commenced construction on a 640MW AI data centre campus in Jatiluhur, West Java, Indonesia. The project, known as CGK4, is supported by 845MVA of grid capacity from the state utility PLN, forming part of BDx’s 1.2GVA+ secured power position across its Indonesian sites.

The first of six planned buildings at the CGK4 campus will deliver 120MW of IT capacity in phases, starting from early 2027. This facility is designed to accommodate high-density AI workloads for hyperscalers, AI-native cloud providers, and enterprises throughout Southeast Asia. The groundbreaking ceremony was attended by West Java Governor Dedi Mulyadi and Purwakarta Regent Saepul Bahri Binzein, highlighting government support under Indonesia’s Special Economic Zone incentives.

CGK4 is strategically located approximately five kilometres from the Jatiluhur Dam and aims to utilise lower-carbon power options, including a hydroelectric arrangement with PJT. The campus has already achieved certification under the NVIDIA DGX™-Ready Colocation Data Centre programme, underscoring its readiness for advanced AI infrastructure.

Mayank Srivastava, CEO of BDx Data Centres, stated, “Indonesia is entering a new phase of digital and AI development, and CGK4 is a long-term investment in the infrastructure that phase requires.” The project is part of BDx’s broader AI-focused expansion in Indonesia, supported by a US$320m loan facility secured in 2026.

BDx’s initiative comes as power and water supply considerations increasingly influence the approval and construction of AI data centres across Southeast Asia, with countries like Malaysia and Thailand tightening environmental regulations. The CGK4 campus is expected to play a pivotal role in meeting the region’s growing demand for AI-ready capacity.

AsiaPhos Limited has announced the strategic appointment of two seasoned professionals to lead its foray into the data centre sector. Wong Ka Vin, formerly the Country General Manager for Malaysia and Indonesia at Singtel’s datacentre division, now known as Nxera, has been named Business Head of Datacentres. Alongside him, Goh Eng Teong, a veteran with over 20 years of experience in data centre technology and operations, has been appointed Head of Technology.

These appointments are a significant move in AsiaPhos’ diversification strategy, as the company seeks to build a comprehensive data centre platform across the Asia Pacific region. The initiative will initially focus on key markets such as Malaysia, Indonesia, Australia, and Japan.

Wong Ka Vin brings extensive leadership experience in data centre development and operations, having managed commercial and operational strategies for Singtel’s data centre portfolio. Goh Eng Teong, known for his expertise in technology architecture and cybersecurity, will contribute his strategic leadership to AsiaPhos’ growing team.

Chief Executive Officer Ong Eng Keong expressed confidence in the new appointments, stating, “Their combined experience positions AsiaPhos to move swiftly and decisively in establishing a credible and competitive data centre platform.”

The company plans to leverage its industry knowledge and networks to become a preferred partner for hyperscalers and enterprise cloud customers. This expansion marks a new chapter for AsiaPhos as it aims to tap into the region’s burgeoning digital infrastructure market.

A recent study by Experian and Forrester Consulting has revealed that 83% of Singaporeans are ready to let artificial intelligence (AI) assist in financial decisions, particularly in comparing loans across providers. This finding underscores a significant shift in consumer behaviour towards embracing AI for practical financial tasks.

The study surveyed 6,247 credit-active consumers across 13 markets, focusing on Singapore’s readiness to integrate AI into personal finance. It found that 89% of Singaporeans believe AI can help them explore more options than manual methods. However, whilst nearly half are comfortable with AI applying for loans or credit cards on their behalf, only 27% would allow AI full autonomy, indicating a preference for maintaining control over key decisions.

Trust remains a crucial factor, with 77% of respondents expressing comfort in using AI linked to trusted financial institutions. Cybersecurity concerns are prevalent, with 82% worried about AI manipulation through fake offers or impersonation.

Kabir Khanna, General Manager of Experian Singapore, noted the importance of balancing AI’s potential with robust security measures. “The opportunity for established banks and lenders to leverage AI is significant, provided they address consumer concerns around security and trust,” he said.

As Singapore’s household liabilities reach S$415b, the growing comfort with AI could influence the financial services landscape, driving innovation in how consumers manage their finances. The full report, “AI in Risk: The Rise of Agentic Commerce,” explores these trends further, offering insights into the future of AI in financial decision-making.

The latest analysis from UOB Global Economics and Markets Research indicates that Singapore’s labour market is experiencing increased slack, which may reduce the necessity for aggressive monetary policy tightening by the Monetary Authority of Singapore (MAS). The Labour Market Pressure Index (LMPI), constructed using principal component analysis from ten labour market indicators, highlights a decline in recruitment and a rise in redundancies, particularly in the services sector.

In the second quarter of 2026, the recruitment rate fell to 1.4% from 1.6% in the first quarter, whilst redundancies rose to 4,620, up from 3,830. The six-month re-entry rate into employment post-redundancy also decreased to 54.9% from 60.7%. Despite these challenges, the overall unemployment rate edged lower to 1.9% in June 2026, with job vacancies outnumbering job seekers.

UOB’s analysis suggests that the current labour market conditions could temper the impact of supply-side shocks, such as energy price increases due to Middle East conflicts and food inflation from a looming Super El Niño. “These shocks may not necessitate the aggressive pace of MAS tightening seen in 2021-2022,” the report states.

Looking ahead, UOB expects MAS to maintain its current Singapore dollar nominal effective exchange rate (S$NEER) policy settings, with a potential slight slope steepening to address imported inflation risks. This cautious approach reflects recent core inflation surprises and the reacceleration of energy prices.

Syfe, a leading digital wealth platform in the Asia-Pacific region, has announced that its assets under management (AUM) have surpassed S$20b. This achievement follows a pivotal year in 2025, during which Syfe reached group profitability, completed a S$100m (US$80m) Series C funding round, and acquired ASX-listed Selfwealth, now operating as Selfwealth by Syfe.

The platform’s growth is attributed to increased investments from existing customers and new customer acquisitions, alongside a series of product launches. These include enhancements in brokerage, wealth management, and cash management services. Dhruv Arora, Founder and CEO of Syfe, stated, “Crossing S$20b is a good milestone, but the most important signal is that customers keep choosing to invest more with us over time.”

Syfe is also introducing new features such as Lend & Earn, allowing investors to lend shares for passive income, and zero fees on US trading, eliminating commission and platform fees. These updates aim to make global investing more accessible and cost-effective for Singaporeans.

The company continues to expand its offerings with deeper brokerage tools and higher-yield cash products, reinforcing its position as a comprehensive wealth platform. Syfe’s ongoing innovations reflect its commitment to providing investors with tools that enhance their investment journey across Singapore, Hong Kong, and Australia.

Etiqa Insurance Singapore has introduced Travel Pass, an innovative rewards programme linked to its Tiq Travel Insurance. This initiative allows customers to earn rewards and unlock benefits across four membership levels—Bronze, Silver, Gold, and Platinum—based on their travel insurance spending. The programme aims to offer more value to customers beyond individual trips.

Customers can achieve Bronze membership after spending S$100 on eligible premiums, with benefits increasing as they progress through the tiers. These perks include global eSIM data, Etiqa Rewards Points multipliers, transport vouchers, and partner privileges. Gold and Platinum members receive additional benefits such as complimentary Personal Accident and Lifestyle Protection, whilst Platinum members can enjoy No Claims Cashback.

“Travel insurance should be more than a product customers purchase for a single trip,” said Claudia Soh, CEO of Etiqa Insurance Singapore. “With Etiqa’s Travel Pass, we reward customers each time they choose Tiq by Etiqa, creating greater value as they continue to protect their journeys with us.”

The Travel Pass can be accessed through the Etiqa+ SG mobile app, where customers can track their spending, membership tier, and available rewards. For Single Trip policies, rewards are reflected after the policy ends, subject to eligibility criteria.

Additionally, Tiq Travel Insurance offers automatic claims payouts for flight delays of three consecutive hours or more, with optional benefits for sports equipment protection and pre-existing medical conditions. Until 28 December 2026, customers can enjoy discounts on Tiq Travel Insurance plans, enhancing the affordability of their travel protection.

Kampung Senang Charity and Education Foundation has successfully raised S$720,000 at its recent “Love & Be Loved” charity dinner, moving closer to its S$1 million fundraising target. The funds are earmarked for community care and learning programmes that support seniors, particularly those from lower-income households, through initiatives such as active ageing, health and wellness, and mobility-aid support.

The charity, which has been serving the community since 1999, continues its efforts to raise the remaining S$280,000 needed to sustain these essential services. The funds will help maintain programmes that empower seniors to lead dignified and connected lives, as exemplified by 79-year-old Madam Tan. Previously isolated due to health concerns, she now actively participates in activities at Kampung Senang, improving her social engagement and well-being.

Guest-of-Honour Desmond Lee, Minister for Education and Minister-in-charge of Social Services Integration, emphasised the importance of collaboration between the government and community organisations. He praised Kampung Senang’s role in fostering a “We-First” society, where community partners play a crucial role in understanding and addressing local needs.

The charity dinner also featured a successful auction, raising S$115,000 through artworks by veteran artist Lim Lu Zai. Additionally, a calligraphy piece by former Ai Tong School principal Ting Beng Chin was auctioned and returned to Kampung Senang to continue generating funds.

Kampung Senang remains committed to its mission, inviting public support to reach its fundraising goal. The charity highlights that S$4,500 can provide a year of organic vegetables and care packs for a beneficiary, whilst S$2,500 supports a month of therapy for seniors. As Singapore’s senior population grows, the demand for such services is expected to rise, making the charity’s work increasingly vital.

Seatrium Limited has unveiled a new S$200m Share Buyback Programme, doubling the size of its recently completed S$100m initiative. The announcement follows the full utilisation of the previous programme on 1 September 2026. CEO Chris Ong highlighted the company’s strengthened fundamentals and robust global opportunities as key drivers for this decision.

The new programme, funded by Seatrium’s existing cash resources, will allow the company to repurchase up to 2% of its total issued shares. This is contingent upon shareholder approval at each annual general meeting. The buyback will be executed progressively, considering prevailing share prices, market conditions, and the Group’s capital management priorities.

Seatrium, a leading provider of specialised engineering solutions for the offshore, marine, and energy sectors, operates across 15 countries with a workforce of over 24,000 employees. The company plays a crucial role in the global energy transition, with a diversified business that includes oil and gas newbuilds, offshore wind, and repairs and upgrades.

Ong stated, “We remain committed to disciplined capital allocation and returning capital to our shareholders to drive long-term total shareholder returns.” This move underscores Seatrium’s confidence in its long-term prospects and its commitment to creating enduring value for stakeholders amidst the global energy transition.