Industry News

Alibaba Group has launched Wukong, a new AI-native platform designed to streamline business operations by integrating advanced agentic capabilities directly into enterprise workflows. The platform, announced on 17 March 2026, is built on robust security infrastructure and aims to enhance productivity in business environments.

Wukong is the flagship product of the Wukong Business Unit under the newly established Alibaba Token Hub (ATH) Business Group. This launch underscores Alibaba’s commitment to advancing AI solutions for the enterprise market. Currently, Wukong is available for invitation-only beta testing and can be accessed as a standalone desktop application or as an embedded AI agent within DingTalk, Alibaba’s enterprise collaboration platform.

The platform is engineered to handle complex tasks such as document editing, spreadsheet updates, and meeting transcriptions by coordinating multiple agents within a single interface. It also offers enterprise-grade security features, including identity authentication and access controls, making it suitable for business environments where security is paramount.

Wukong will progressively integrate with other messaging platforms like Slack, Microsoft Teams, and WeChat, allowing users to access its features across various devices. Additionally, Alibaba plans to incorporate its broader ecosystem, including Taobao and Alibaba Cloud, into Wukong as modular agent skills, further expanding its functionality.

To cater to specific industry needs, Wukong has introduced One-Person Team (OPT) solutions across ten sectors, including e-commerce and legal services. These solutions provide industry-specific skills to help individuals and startups manage workflows efficiently.

This development is part of Alibaba’s broader strategy to integrate AI capabilities into practical applications, following the recent upgrade of its consumer AI application, the Qwen App.

Savills Singapore has announced the sale of a prime freehold landed redevelopment plot at 5 Jalan Khairuddin, located in the sought-after Opera Estate of District 15. This exclusive opportunity, marketed solely by Savills, presents a rare chance to acquire a sizeable plot of approximately 17,413 square feet, zoned for “2-Storey Mixed Landed” use.

The property is uniquely positioned at the end of a tranquil cul-de-sac, elevated above its surroundings, providing privacy, exclusivity, and unblocked views. These features are increasingly scarce in today’s market, making the plot particularly appealing to both homeowners and developers. Buyers have the flexibility to create a bespoke detached residence or explore redevelopment options for cluster housing or subdivided schemes, pending approval from relevant authorities.

Strategically located, the plot offers excellent connectivity, being close to Kembangan and Bedok MRT stations and accessible via major roads like the East Coast Parkway and Pan-Island Expressway. Nearby amenities include Bedok Mall and Djitsun Mall, alongside a variety of dining and lifestyle options in the East Coast district. The area is also home to reputable educational institutions, enhancing its appeal to families.

Nick Chan, Associate Director of Investment Sales & Capital Markets at Savills Singapore, stated, “5 Jalan Khairuddin represents a prime opportunity to secure a sizeable freehold landed plot within the highly sought-after District 15. Situated on elevated ground within a quiet cul-de-sac, the property offers privacy, a serene environment and unblocked views.”

The guide price for the property is set at $25m, or $1,435 per square foot on land area. The sale will be conducted through an Expression of Interest exercise, closing on 22 April 2026 at 3pm.

Serial Achieva Limited has entered into a non-binding memorandum of understanding (MOU) with UFCT Technology Co., Limited to establish a strategic partnership aimed at expanding their presence in the artificial intelligence (AI) and cloud computing sectors. Announced on 16 March 2026, the collaboration seeks to leverage UFCT’s industrial resources and expertise to support Serial Achieva’s business development.

The MOU outlines plans for joint enterprise business development, focusing on cloud service providers, data centres, and system integrators. It also includes cooperation in AI infrastructure, cloud computing, and storage solutions. Additionally, the partnership aims to optimise product and supply chain synergies and expand regionally across ASEAN and selected markets.

Sean Goh, Chairman of Serial Achieva, highlighted the complementary strengths of both companies, stating, “This collaboration brings together highly complementary strengths and marks an important step in positioning Serial Achieva within the rapidly expanding AI and cloud value chain in Asia.”

UFCT, a subsidiary of Shenzhen-listed Shannon Semiconductor Technology Co., Ltd., is a leading distributor of electronic components in the semiconductor industry. The company holds distribution rights for major microchip brands and serves prominent cloud service providers like Alibaba and Tencent.

The MOU also considers potential capital collaboration, with UFCT possibly increasing its shareholding in Serial Achieva over the next two to three years, subject to due diligence and regulatory approvals. This strategic move aligns with UFCT’s recent subscription agreement to acquire 21,004,873 new ordinary shares in Serial Achieva, reflecting its commitment to the partnership and the company’s growth trajectory.

Vicplas International Ltd, listed on the SGX Mainboard, has announced a 14.9% increase in revenue for the first half of 2026, reaching S$62.4m. This growth was driven by higher sales in both its medical devices and pipe and pipe fittings segments. However, the company reported a loss after tax of S$3.4m, a significant decline from a profit of S$0.2m in the same period last year.

The medical devices segment, whilst showing signs of recovery with increased orders and new project commercialisations in Singapore, China, and Mexico, faced short-term constraints impacting its profitability. The Mexico plant, which began small-scale production, has been awarded new projects expected to boost future revenues. Despite these developments, the segment’s results were negatively affected by the costs associated with new investments in cleanrooms and machinery.

The pipes and pipe fittings segment benefited from robust construction activities in Singapore, particularly in public housing and civil engineering projects. However, the segment continues to face challenges from intensified competition and volatile raw material costs. The company plans to focus on green building materials and local manufacturing to enhance supply chain resilience.

CEO Walter Tarca noted the complex operating environment, citing geopolitical conflicts and supply chain disruptions as ongoing challenges. He emphasised the company’s commitment to prudent cost management and exploring new business opportunities to strengthen its foundation for long-term growth.

Ookla’s latest Connectivity Report for the second half of 2025 highlights Singapore’s mobile and fixed network performance, with Singtel emerging as the top provider. The report, based on Speedtest data, reveals that Singtel recorded a median download speed of 310.26 Mbps and a median 5G download speed of 402.16 Mbps, securing its position as the Best Mobile Network and Best 5G Network in Singapore.

SIMBA Telecom also performed well, achieving the highest network consistency with a score of 96.6%. This indicates a reliable performance across various network conditions, a crucial factor for users who demand stable connectivity.

Singtel further distinguished itself by offering the best mobile video streaming and gaming experiences, according to Speedtest Intelligence data. This suggests that users can expect smoother video playback and more responsive gaming sessions on Singtel’s network.

The report underscores the competitive landscape of Singapore’s telecommunications sector, with providers striving to enhance their offerings. As mobile and internet usage continues to grow, these insights are vital for consumers making informed choices about their service providers. The findings also highlight the importance of network performance in delivering quality user experiences, particularly in an increasingly digital world.

AirTrunk, a hyperscale data centre specialist, has officially opened its new regional headquarters at the Ocean Financial Centre in Singapore. This marks a significant milestone as the company celebrates ten years in the city-state, reinforcing its commitment to Singapore as a pivotal regional gateway and global digital infrastructure hub.

The new headquarters, designed by Woods Bagot, is located in Singapore’s financial and technology district and features panoramic views of Marina Bay. It incorporates wellness zones, flexible collaboration spaces, and energy-efficient design, reflecting AirTrunk’s focus on a high-performance, people-first culture. The office is housed within a BCA Green Mark Platinum Super Low Energy Building, underscoring the company’s dedication to sustainability and talent investment.

Since 2016, AirTrunk has invested billions in Singapore, establishing three hyperscale facilities with a total IT load of 180MW. In August 2025, the company secured a landmark S$2.25b green loan for its second data centre, SGP2, marking Singapore’s largest-ever green loan for a data centre.

Robin Khuda, AirTrunk’s Founder and CEO, stated, “Singapore has been fundamental to AirTrunk’s growth over the past decade and remains central to our long-term Asia Pacific strategy.” He highlighted the company’s confidence in Singapore’s leadership in digital infrastructure and AI ecosystems.

The opening ceremony was attended by Josephine Teo, Minister for Digital Development and Information, who discussed Singapore’s strategy for sustainable digital infrastructure. The Singapore Economic Development Board’s Executive Vice President, Pee Beng Kong, emphasised Singapore’s role as a hub for global technology companies.

AirTrunk’s social initiatives in Singapore include partnerships with organisations like Daughters of Tomorrow and WWF-Singapore, focusing on digital literacy, conservation, and community resilience.

Price Forbes Singapore has announced the appointment of four senior executives to its newly established treaty reinsurance team. Bruce Ford, Goh Thian Leong, Mark Foster, and Florence Lam Puoy Yin join the team, reporting to Dick Heath, managing director of reinsurance and wholesale. This move follows Heath’s recent hire and aims to bolster Price Forbes’ reinsurance and wholesale capabilities in the region.

Bruce Ford, appointed as chief commercial officer, brings extensive experience from his previous roles, including regional head of treaty at Allied World Re and Australian CEO at St Paul Re. Goh Thian Leong, with five decades in the industry, takes on the role of head of speciality. He previously played a pivotal role at Arthur J Gallagher in establishing its treaty division.

Mark Foster, the new head of treaty, has over 40 years of experience, including two decades in Singapore, and has held senior roles at Cooper Gay and Asia Re. Florence Lam Puoy Yin, joining as director of speciality, has more than 45 years of experience and was formerly with Arthur J Gallagher.

Philip Johnson, CEO of Price Forbes Asia Pacific, expressed enthusiasm about the appointments, stating, “We’ve assembled a market-leading team with exceptional expertise.” Chris Bonard, president of Price Forbes Re, added that the new hires solidify the company’s position as a leading reinsurance broker in Asia.

These strategic appointments are part of Price Forbes’ ongoing efforts to expand its presence and capabilities in the Asia Pacific region, aiming to provide enhanced services to its clients.

Singapore Airlines (SIA) Group has announced its operating results for February 2026, revealing a 3.8% year-on-year increase in passenger traffic. This growth was slightly below the 4.9% rise in passenger capacity. The Group’s passenger load factor stood at 85.6%, with SIA and its low-cost subsidiary, Scoot, achieving monthly load factors of 84.9% and 88.1%, respectively.

The combined passenger carriage for the Group increased by 7.2% year-on-year, reaching 3.3 million passengers. This surge was largely attributed to the shift of the Lunar New Year period from January in 2025 to February in 2026, boosting holiday travel demand.

In the cargo sector, SIA Group reported an 8.8% increase in cargo loads, despite a 0.5% decrease in capacity. The cargo load factor improved by 4.8 percentage points, reaching 56.7%. This growth was driven by heightened demand ahead of the Lunar New Year celebrations.

Scoot, the budget arm of SIA, expanded its network by launching new services to Medan, Indonesia, during the month. By the end of February 2026, the Group’s passenger network encompassed 136 destinations across 37 countries and territories, with SIA serving 78 destinations and Scoot covering 82. The cargo network included 140 destinations in 38 countries and territories.

These results highlight the SIA Group’s continued recovery and expansion efforts, as it adapts to shifting travel patterns and demand.

AI-driven job creation is outpacing job losses globally, according to a new report by Snowflake and Omdia by Informa TechTarget. The study, which surveyed 2,050 business and technology leaders across 10 countries, including Singapore, reveals that 77% of organisations report AI-driven job creation, whilst 46% report job losses. However, only 33% of Singaporean professionals have quantified returns on AI investments, significantly lower than the global average of 49%.

The report highlights that Singaporean organisations are struggling to identify specific AI use cases, with 32% citing this as a top challenge, compared to 19% globally. This difficulty is reflected in the cautious budget allocations for AI, with Singaporean respondents estimating only 15% of their tech budgets will be allocated to generative AI over the next year, the lowest globally.

Jenny Koh, Country Manager for Snowflake in Singapore, noted, “The recurring challenge is not a lack of vision, but the need for a trusted data foundation to power it.” The report suggests that whilst Singapore matches the global average in AI activity, its application across departments is narrower, impacting operational efficiency and cost reduction gains.

Globally, AI is seen as a driver of job growth, particularly in technical roles such as IT operations, cybersecurity, and software development. The report underscores the importance of data readiness and governance as key factors in effectively scaling AI initiatives. As organisations continue to embed AI into core operations, the potential for positive workforce impacts and operational efficiencies remains significant.

February 2026 witnessed a significant drop in property launches in Singapore, with only 15 units introduced to the market. This represents a 98.1% decrease from the previous month and a 99.1% decline compared to February 2025, marking the lowest number of units launched since data collection began in 2007. The Chinese New Year, which fell in the middle of the week, was a major factor as developers opted to delay new launches.

Despite the limited launches, 246 units were sold in February 2026, a 47.2% decrease from January and an 84.6% decline from the same period last year. Mark Yip, CEO of Huttons Asia, noted that the underlying demand for properties remains robust. “Many buyers with school-going children did not travel overseas, allowing them to visit show galleries on weekdays,” he explained.

The Rest of Central Region (RCR) accounted for over 41% of sales, followed by the Outside Central Region (OCR) at 32.5%, and the Core Central Region (CCR) at 25.6%. Newport Residences, launched in January 2026, was a top choice in the CCR, with a median price of $3,059 per square foot (psf).

Looking ahead, March 2026 is expected to see a surge in sales, potentially exceeding 1,000 units, with two major project launches. River Modern, which sold 410 units on its launch weekend, and Pinery Residences in Tampines are anticipated to attract both owner-occupiers and investors. Despite potential cost pressures from geopolitical tensions, developers are likely to continue with project launches, with transaction volumes estimated between 8,000 and 10,000 units for 2026.