Industry News

Singapore’s services sector is maintaining a positive outlook for the first half of 2026, according to the latest Business Expectations Survey by the Singapore Department of Statistics. The survey reveals that 15% of firms anticipate improved business conditions, whilst 11% foresee a decline, resulting in a net weighted balance of 4% expecting a favourable outlook.

The Retail Trade industry is particularly optimistic, buoyed by the upcoming Chinese New Year festivities. Supermarkets are leading this positive sentiment, expecting increased consumer spending. Similarly, the Wholesale Trade industry is hopeful, driven by the ongoing Windows 11 refresh and corporate hardware renewals, alongside growth in Artificial Intelligence-related products.

The Recreation, Community & Personal Services industry also projects a positive outlook, with childcare centres and health services providers expecting sustained demand. However, the Transportation & Storage industry anticipates challenges due to an oversupply of vessels and weakening cargo demand, compounded by global economic uncertainties and geopolitical tensions.

For the first quarter of 2026, the services sector expects a 3% net weighted balance increase in operating revenue. Retail and Recreation, Community & Personal Services industries foresee higher revenues, with the former benefiting from festive spending and the latter from increased demand for healthcare and childcare services.

Employment prospects are also promising, with a net weighted balance of 8% of firms planning to increase hiring. The Retail Trade and Recreation, Community & Personal Services industries are expected to lead this trend, preparing for heightened demand during the festive season and beyond.

Soon Hock Enterprise Holdings Limited has announced an anticipated significant increase in revenue and net profit for the financial year ending 31 December 2025 (FY2025), compared to the previous year. This improvement is largely due to the partial Temporary Occupation Permit (TOP) received on 11 December 2025 for its industrial development project, Stellar@Tampines. The permit allowed the company to recognise sales revenue as customers gained control of their units.

The company’s Board of Directors revealed that the eligible customers of units on Levels 1 to 8 of Stellar@Tampines received their Notice of Vacant Possession (NOVP) by FY2025, contributing to the financial upturn. This marks a notable change from FY2024, which saw no comparable completed industrial development projects.

Soon Hock Enterprise is currently finalising its unaudited consolidated financial results for FY2025, with a detailed announcement expected around 23 February 2026. The company advises shareholders and potential investors to exercise caution when dealing with its shares and to seek professional advice if needed.

Singapore is set to become the world’s first airport testbed for next-generation propulsion technologies, following a Memorandum of Understanding (MOU) signed by the Civil Aviation Authority of Singapore (CAAS), CFM International, and Airbus. The agreement, signed at the Changi Aviation Summit on 2 February 2026, focuses on testing CFM’s Revolutionary Innovation for Sustainable Engines (RISE) technologies, particularly the Open Fan engine architecture.

The collaboration aims to develop a comprehensive readiness framework for integrating Open Fan engines into existing airport operations. This includes considerations for aircraft system design, infrastructure modifications, operational procedures, safety standards, and regulatory measures. The framework will serve as a global blueprint for airframers, airports, and airlines.

The RISE programme, led by CFM, seeks to advance commercial aircraft engine technologies, promising over 20% better fuel efficiency than current engines. The Open Fan architecture, a key feature, is designed to reduce emissions and noise whilst being compatible with future hybrid-electric systems.

Operational trials of the Open Fan engine demonstrators are planned at Singapore Changi Airport or Seletar Airport to validate the framework and assess the technology’s feasibility. Han Kok Juan, Director-General of CAAS, highlighted Singapore’s role as an integrated air hub, stating that the partnership underscores the country’s regulatory expertise and capability to testbed new technologies.

Gaël Méheust, CEO of CFM International, emphasised the importance of real-world demonstrations to build confidence in the new technology’s safety and efficiency. Remi Maillard of Airbus expressed excitement about advancing propulsion technologies in Singapore’s state-of-the-art aerospace ecosystem.

The Association of Banks in Singapore (ABS) has announced that banks will cease using NRIC numbers for authentication by 1 January 2027, in compliance with advisories from the Personal Data Protection Commission (PDPC) and the Monetary Authority of Singapore (MAS). This move aims to enhance security and privacy in financial transactions.

Currently, NRIC numbers are not used for most financial transactions such as payments and funds transfers, which require multi-factor authentication. However, some banks still use NRIC numbers for non-transactional purposes, like opening encrypted email attachments. These banks will transition to alternative authentication methods in the coming months.

Ong-Ang Ai Boon, Director of ABS, stated, “Banks are committed to phasing out the use of NRIC numbers for authentication, in line with advisories from PDPC and MAS.”

The PDPC’s directive, issued on 2 February 2026, mandates that organisations stop using NRIC numbers for authentication by the start of 2027. This initiative is part of a broader effort to protect personal data and enhance cybersecurity measures across various sectors.

ABS, established in 1973, represents over 150 local and foreign banks in Singapore. It plays a crucial role in promoting the interests of the banking community and works closely with government authorities to develop a robust financial system in Singapore. More information about ABS can be found on their website.

The Civil Aviation Authority of Singapore (CAAS), the Singapore Sustainable Aviation Fuel Company Ltd. (SAFCo), and nine prominent companies have initiated Singapore’s first voluntary Sustainable Aviation Fuel (SAF) procurement trial. This initiative, announced at the 3rd Changi Aviation Summit on 2 February 2026, involves companies such as Boston Consulting Group, Changi Airport Group, DBS Bank, and Singapore Airlines, among others. The trial aims to test the operational, commercial, and accounting processes necessary for a national SAF procurement system.

The trial is a crucial step in Singapore’s strategy to incorporate SAF into its aviation sector, with a goal of using 1% SAF for flights departing the country. From 1 October 2026, a SAF Levy will be applied to flights leaving Singapore to support this initiative. SAFCo, established by CAAS in October 2025, will manage the central procurement of SAF, aggregating both regulated and voluntary demand to create a scalable SAF ecosystem.

Participants in the trial will benefit from reduced emissions, practical insights into SAF procurement, and cost-effective access to SAF through SAFCo’s aggregated demand. Han Kok Juan, Director-General of CAAS, expressed optimism about the trial, stating, “We are encouraged by the strong commercial interest. By aggregating demand, we seek to grow a robust and efficient SAF ecosystem.”

This trial marks a significant move towards decarbonising Singapore’s aviation sector, with the potential to influence regional adoption of SAF.

Global agribusiness Golden Agri-Resources (GAR) has announced a strategic partnership with Singapore-based climate tech firm Arkadiah Technology to improve the monitoring and protection of Southeast Asia’s tropical forests. Supported by the Singapore Economic Development Board (EDB) and the Office for Space Technology and Industry (OSTIn), this initiative will deploy advanced Digital Monitoring, Reporting and Verification (DMRV) technologies over a five-year project in West Kalimantan, Indonesia.

The collaboration seeks to address the unique challenges of measuring carbon in the region’s mosaic tropical landscapes, which are crucial for climate change mitigation. By utilising Arkadiah’s cutting-edge solutions, the project will establish rigorous baseline measurements for land cover, biomass, and carbon stock. This will involve high-resolution satellite data, LiDAR scanning, and AI-enabled geospatial modelling to create 3D digital twins of forest areas.

Haryanto Kurniawan, Head of Carbon and Renewables at GAR, emphasised the importance of data-driven climate action, stating: “With Arkadiah’s technical capabilities and the support of EDB, we see an opportunity to improve transparency and integrity in measuring forest carbon.”

The initiative is part of EDB’s Corporate Venture Launchpad programme, which fosters corporate-startup partnerships. The collaboration will also produce technical insights to guide best practices in carbon measurement, reinforcing Singapore’s role as a regional centre for carbon services.

Reuben Lai, CEO of Arkadiah Technology, expressed pride in supporting GAR with advanced technologies, whilst Chen Yiwen, Vice President of EDB, highlighted the partnership’s role in strengthening Singapore’s participation in global carbon markets.

Knight Frank Singapore has reported a significant rise in auction listings for Q4 2025, with a total of 134 properties listed, marking a 24.9% year-on-year increase. The surge is attributed to improved financing conditions, encouraging more buyers to engage in deals both in traditional auction halls and via Knight Frank’s Bidding app.

The total gross sales value for Q4 2025 was S$7.4m, a sharp 73.1% decrease from the previous quarter, yet reflecting a 136.8% year-on-year increase. The quarter saw four successful sales, including non-landed homes and commercial properties, with a success rate of 3.0%.

Residential properties dominated the listings, comprising 49.3% of the total, followed by retail and industrial units. The rise in retail listings, up by ten from the previous quarter, is linked to operational cost pressures and evolving retail dynamics in Singapore.

Sharon Lee, Head of Auction & Sales at Knight Frank Singapore, noted the impact of technology on auctions, with two properties sold via the auction app. These included a two-bedroom flat at Adria and a condominium unit at Lakeshore, both achieving prices above their opening bids.

Looking ahead, Knight Frank anticipates steady auction sales in 2026, driven by easing interest rates and a diverse range of properties attracting buyers. Residential listings are expected to remain the largest category, with industrial and retail properties also maintaining activity. Success rates are projected to hover around 5%, supported by continued buyer confidence.

Brunei Darussalam and Singapore have announced a joint Pre-Tender Qualification Notice for consultancy services to conduct a feasibility study on establishing a Brunei-Singapore Agri-Tech Food Zone (ATFZ) in Brunei. This collaboration reflects both nations’ commitment to strengthening strategic cooperation in food security and supply chain resilience.

The feasibility study will explore the potential for an ATFZ, which aims to leverage agri-tech innovations to bolster food production capabilities. Interested parties can access further details through the Brunei Economic Development Board’s social media or Singapore’s Government Electronic Business System (GeBIZ).

This initiative underscores the shared goal of both governments to ensure a stable and resilient food supply chain amidst global challenges. The collaboration is part of broader efforts to enhance regional food security through technological advancements and strategic partnerships.

The Ministry of Sustainability and the Environment in Singapore, alongside its statutory boards, including the Singapore Food Agency (SFA), is actively involved in this project. The SFA’s mission is to secure a safe food supply through a multi-pronged approach, including diversifying imports and fostering global partnerships.

The outcome of the feasibility study could pave the way for future developments in agri-tech collaboration between Brunei and Singapore, potentially setting a precedent for similar initiatives in the region.

Tata Communications has introduced an AI-ready suite of platforms designed to help enterprises in Singapore and the Asia-Pacific (APAC) region scale their artificial intelligence (AI) initiatives. The suite, launched on 2 February 2026, aims to address the challenges of operationalising AI at scale by providing a secure and flexible infrastructure.

The suite includes the IZO+ Multi Cloud Network, Edge Distribution Platform, and ThreadSpan, each offering unique capabilities to support AI workloads. These platforms are designed to simplify operations, reduce costs, and enhance security, aligning with Singapore’s National AI Strategy 2.0, which focuses on scalable and trustworthy AI infrastructure.

A.S. Lakshminarayanan, Managing Director and CEO of Tata Communications, stated, “Digital infrastructure is becoming increasingly complex, and AI is amplifying that challenge. With our new suite of AI-ready offerings and our Digital Fabric, we are bringing together a secure, unified and intelligent foundation that simplifies how enterprises design and run their digital environments.”

The IZO+ Multi Cloud Network provides control over data movement and costs, whilst the Edge Distribution Platform enhances real-time digital experiences by reducing latency. ThreadSpan offers a unified view across networks, enabling proactive management and security.

This launch comes as 60% of APAC organisations explore AI systems, yet only 10% feel ready to scale, according to Lenovo’s CIO Playbook 2026 study. Tata Communications’ new suite aims to bridge this gap, supporting enterprises in navigating the complexities of AI deployment and maintaining a competitive edge in the digital economy.

The Civil Aviation Authority of Singapore (CAAS), Singapore Economic Development Board (EDB), GE Aerospace, and the International Centre for Aviation Innovation (ICAI) have signed a Memorandum of Understanding (MOU) to establish the Singapore Partnership for Aviation & Aerospace Research and Capability (SPAARC). Announced on 2 February 2026 at the Changi Aviation Summit, this collaboration seeks to advance next-generation aviation and aerospace technologies in Singapore.

The partnership will focus on several key areas, including the development of Artificial Intelligence (AI) applications to improve aviation safety and operational effectiveness. This involves creating AI governance frameworks to ensure compliance with aviation safety standards. Additionally, the initiative aims to modernise airspace operations by developing advanced analytical systems and digital platforms to enhance coordination between airports, airlines, and flight crews.

Another significant aspect of SPAARC is advanced aerodynamic research, which will support next-generation propulsion systems and improve aircraft performance. This includes exploring novel engine designs and their integration with existing aircraft and airport infrastructure.

The collaboration reflects a shared commitment to address future air traffic growth and enhance operational safety and efficiency. It also marks GE Aerospace’s significant expansion in Singapore beyond its existing Maintenance, Repair and Overhaul (MRO) operations.

Han Kok Juan, Director-General of CAAS, highlighted the potential of applying advanced technologies to aviation, stating that the partnership aims to establish new innovation pathways. Jermaine Loy, Managing Director of EDB, emphasised the partnership’s role in adding new capabilities to Singapore’s aviation sector. Rahul Ghai, Senior Vice President of GE Aerospace, and Patrick Ky, CEO of ICAI, also expressed their support for the collaboration, underscoring its potential to shape the future of flight.