Industry News

Singlife has announced the expansion of its Singlife Shield and Singlife Health Plus plans to include foreigners living, working, and studying in Singapore. This move aims to address the unique healthcare cost challenges faced by non-citizens, who often encounter higher out-of-pocket expenses compared to locals eligible for subsidies.

The enhanced Singlife Shield Plan 1 offers up to S$2m in annual coverage for private hospital treatments. This plan, in collaboration with IHH Healthcare Singapore, provides access to over 700 specialists. Meanwhile, Singlife Shield Plan 2 covers up to S$1.2m for Class A wards in public hospitals, marking it as the highest coverage available for foreigners in Singapore’s public hospital plans.

Additionally, Singlife Health Plus offers supplementary benefits for cancer treatment, critical illness, and mental wellness. These plans are available to holders of various passes, including Employment Pass, S Pass, and Student Pass, among others.

Helen Shen, Group Head of Products at Singlife, emphasised the importance of these plans, stating, “For many foreigners, Singapore is more than a place to work – it’s where they have chosen to build their lives. By extending Singlife Shield and Singlife Health Plus to eligible foreigners, we’re giving them greater choice and control to better manage unexpected medical costs.”

Singlife’s initiative not only provides comprehensive healthcare protection but also offers critical illness plans with lump-sum payouts, ensuring financial security against unforeseen medical challenges. Families can benefit from discounted premiums and free coverage for children up to 20 years old under specific conditions.

Certain Energy, a UK-based long-duration energy storage company, has successfully raised £10m in a Series A funding round to advance its pioneering manganese flow battery technology. The funding, which includes investment from Temasek Trust’s Catalytic Capital for Climate and Health (C3H), aims to commercialise the technology and facilitate its deployment to stabilise power grids during periods of low renewable energy production.

The funding round was led by the British Business Bank, with participation from Centrica and Ceres Power Holdings. The investment will support the development of a grid-connected system in India, expansion of research facilities in the UK, and the establishment of a supply chain for replicable projects. Certain Energy’s technology, which uses manganese, an abundant element, offers a scalable and cost-effective solution for long-duration energy storage, crucial for integrating renewable energy into power grids.

Mark Selby, Executive Chair of Certain Energy, highlighted the importance of long-duration energy storage, stating, “The renewable power market is held back by its vulnerability to external factors.” He noted that the UK Government spent £1.5b last year to manage peak renewable production, a cost expected to rise significantly by 2030.

The technology promises over 75% round-trip efficiency and a 20-year operating life, making it competitive with lithium-ion batteries. Tim von Werne, CEO of Certain Energy, emphasised the potential impact, saying, “Long-duration storage is the missing piece of the clean energy system.”

As renewable energy deployment accelerates globally, the need for reliable, long-duration storage solutions becomes increasingly critical. Certain Energy’s innovative approach could play a significant role in achieving energy security and reducing reliance on fossil fuels.

Toku Ltd, a Singapore-based AI-powered customer experience platform, has announced a significant new engagement with a leading Malaysian banking group. This five-year contract, secured in August 2026, marks Toku’s second project with the bank, highlighting the company’s growing influence in Malaysia’s regulated industries. The financial terms and the bank’s identity remain confidential.

The deal underscores the increasing demand for compliance, security, and locally hosted infrastructure in the banking sector. Toku’s CEO, Thomas Laboulle, noted, “Enterprises in regulated industries choose partners they can trust, and a repeat mandate is the strongest form of that trust.” He emphasised that this contract reflects Toku’s growth strategy, where initial engagements often lead to expanded partnerships.

This new contract contributes to Toku’s commercial momentum, as reported in its H1 2026 results. The company’s order book grew by 25% to approximately $293m by 30 June 2026, and the number of Tier 1 customers—those generating annual revenue above $500,000—more than doubled. Toku anticipates that its organic revenue growth in the second half of 2026 will exceed the 130% recorded in the first half.

The announcement aligns with Toku’s strategic focus on converting investments into tangible results, as outlined in their half-year results. The company continues to expand its footprint in regulated industries, reinforcing its position as a trusted partner for enterprises seeking robust customer experience solutions.

Indonesian travellers are increasingly purchasing travel insurance at the last minute, with a significant 30% buying on the day of travel, according to a new report by Igloo, a leading insurtech firm in Southeast Asia based in Singapore. The report highlights that 92% of these travellers prioritise medical cover over other concerns such as accidental death protection, travel delays, and lost baggage.

The data, drawn from Igloo’s direct-to-consumer platform in Indonesia, reveals that international trips account for 65% of policies sold, with Japan being the top destination at 26%. The report also notes a peak in travel insurance purchases during November and December, coinciding with year-end travel, whilst demand dips in April and May.

Raunak Mehta, Igloo’s Co-founder and CEO, commented on the findings, stating, “Last minute travel insurance purchase tells us people do not plan for travel protection. They buy when something reminds them, usually in the evening, often on the day they travel.”

The report identifies five traveller profiles, with group travellers paying the highest average premium of $45. It also highlights that 41% of customers are repeat buyers, who tend to plan further ahead and spend more per policy.

In response to these trends, Igloo launched Igi, an AI travel insurance assistant, in June 2026. This tool guides users through the entire insurance purchase process, significantly increasing the likelihood of completing a purchase. Despite the recovery in outbound travel post-pandemic, travel insurance remains underpenetrated in Indonesia due to various barriers, which Igloo aims to address with its innovative solutions.

StashAway, a digital investment platform, has announced the acquisition of MakeGoodwill, a Singapore-based digital wills platform, to expand its wealth management services into legacy planning. This strategic move addresses a significant gap, as only 22% of Singaporeans currently have a legally drafted will, according to a YouGov study.

MakeGoodwill simplifies the will creation process, allowing users to complete a will online in about an hour through guided questions in plain language. This acquisition enables StashAway to support clients not only in building wealth but also in protecting and passing it on to their loved ones. MakeGoodwill will continue to operate as a standalone brand.

The need for such services is evident, with 3 in 4 StashAway clients lacking a will, and over 40% of those with a will reporting it as outdated. Barriers such as procrastination, time constraints, and uncertainty about will content have been cited by more than 8 in 10 individuals. However, 9 in 10 expressed willingness to create a will if the process were simpler.

Michele Ferrario, co-founder and CEO of StashAway, stated, “Bringing MakeGoodwill into StashAway means we can support clients through some of their most important financial decisions, from investing to planning their legacy.”

MakeGoodwill has facilitated the creation of over 1,100 wills since its inception, using templates developed by Singapore lawyers to ensure compliance with local laws. The service costs S$179, significantly lower than traditional law firms, and includes one year of unlimited edits and secure lifetime access to documents.

This acquisition marks StashAway’s first venture beyond wealth building into legacy planning, further enhancing its comprehensive financial services.

HSBC Private Bank has announced a series of senior appointments to strengthen its leadership across Global India and Singapore, aiming to better serve entrepreneurs and business-owning families with international interests. The bank’s strategy focuses on connecting clients’ business and personal wealth needs across multiple markets.

The Global India franchise, which spans India and key wealth hubs such as Dubai, Hong Kong, Singapore, and the UK, has seen significant leadership enhancements. Vivek Pandohi has been appointed as Head of Middle East – Global India, bringing over 23 years of experience with HSBC. He will focus on expanding coverage across the Gulf Cooperation Council and strengthening coordination within the Middle East.

In Singapore, Harjeet Singh joins as Senior Desk Head for Global India. With over two decades of private banking experience, Singh will lead one of HSBC’s Global India Desks, focusing on growing the business in the region. He previously held senior roles at Bank of Singapore.

Additionally, HSBC is strengthening its Singapore and Offshore China coverage. Lay Hong Tan, with over 30 years in the financial industry, joins as Desk Head for the Singapore Market. Jay See, with 18 years of experience, will lead the Offshore China Market desk in Singapore.

Tommy Leung, Head of Private Bank, South Asia, HSBC, stated, “Our job is to make those borders easier for our clients to navigate. By strengthening leadership in the Middle East and Singapore, we are building deeper market expertise whilst making HSBC’s international network more accessible.”

These appointments are part of HSBC’s broader strategy to enhance client coverage and capabilities across the region, including the addition of experienced Relationship Managers in Singapore, Australia, Taiwan, and Indonesia.

Oishi Manufacturing has partnered with Nestlé Professional to launch a new range of dessert and soft serve products in Singapore, reimagining beloved flavours like MILO®, KITKAT®, and SJORA® into formats such as soft serve, lava cakes, and muffins. This collaboration aims to provide foodservice operators with practical solutions to introduce familiar flavours efficiently and consistently.

The new ArtisertZ line leverages Oishi’s local research and development, manufacturing, and distribution capabilities to deliver these products to cafés, hotels, caterers, and restaurant chains. Erik van Keulen, co-owner of Oishi, highlighted the timeless appeal of these flavours, stating, “They remain relevant because people continue to recognise, enjoy and return to them and the memories they evoke.”

Nestlé Professional’s Business Manager, Taimur Ahmed, emphasised the importance of delivering trusted brands in practical formats, saying, “Through our collaboration with Oishi Manufacturing, we are bringing the appeal of iconic brands such as MILO® and KITKAT® into practical formats that help operators create differentiated menu offerings whilst maintaining operational excellence.”

To support the launch, buyers can opt for a soft serve machine on a free-on-loan basis, subject to a minimum purchase commitment. The initial product range includes ArtisertZ Chocolate Lava Cake Made with MILO®, ArtisertZ Chocolate Lava Cake Made with KITKAT®, and ArtisertZ Wholegrain Choco Muffin Made with MILO®.

This initiative addresses the growing need for productivity and consistency in Singapore’s fast-paced foodservice market. The collaboration may expand to other markets, leveraging Oishi’s manufacturing capabilities and regional relationships. The first phase of the launch is set for 15 July 2026, targeting HORECA chains, quick-service restaurants, and institutional accounts.

IBM has announced the successful completion of a significant payroll modernisation project for SingHealth, Singapore’s largest public healthcare group. The project, led by IBM Consulting, involved migrating SingHealth’s payroll and custom applications from the legacy SAP ECC system to the more advanced SAP S/4HANA on a Private RISE model. This transition marks SingHealth, along with NHG Health, National University Health System (NUHS), and the Ministry of Health Holdings (MOHH), as the first public healthcare clusters in Singapore to adopt SAP Private RISE.

The migration was executed with a focus on maintaining uninterrupted payroll operations, a critical requirement given the stringent statutory obligations such as Central Provident Fund (CPF) contributions and IRAS tax compliance. IBM Consulting, in partnership with SingHealth and payment processing partner 1FSS, ensured a secure migration path that adhered to risk and compliance requirements.

Key outcomes of the transformation include a seamless transition with zero disruption to payroll processing, reduced risk and audit exposure, and a future-ready architecture. The modernised infrastructure integrates with SingHealth’s HR and finance systems, reducing data failure risks and facilitating faster onboarding of new services. Additionally, the new system simplifies core architecture, reducing maintenance costs and adapting to regulatory changes.

Johnny Quah, DGCFO of SingHealth, expressed satisfaction with the transition, stating, “This collaboration with IBM Consulting, with the support of Synapxe, enabled us to upgrade our payroll infrastructure without any disruption to our operations.”

Abraham Thomas, Managing Partner of IBM Consulting, ASEAN, highlighted the resilience required by public healthcare institutions, noting that SingHealth’s experience demonstrates the feasibility of complex migrations without operational interruptions.

StorHub Self Storage Group, the largest self-storage operator in Asia Pacific, has launched its Group Sustainable Finance Framework and secured a S$406 million Sustainability-Linked Loan (SLL). This move, announced today, more than doubles its previous S$180 million SLL from 2023. The loan, arranged with CIMB Bank Berhad, Singapore Branch, Standard Chartered Bank (Singapore) Limited, and UOB, aims to integrate sustainability into StorHub’s financing strategy.

The Framework, developed with ERM, a global sustainability consultancy, outlines Key Performance Indicators (KPIs) and Sustainability Performance Targets (SPTs) that StorHub aims to achieve. These include reducing absolute Scope 1 and 2 greenhouse gas emissions and certifying occupational health and safety and information security management systems across its markets.

Raju Ruparelia, CEO of StorHub Group, emphasised the importance of sustainability in their growth strategy, stating, “Our Group Sustainable Finance Framework marks the natural step in that commitment, giving us a clear and credible pathway to reduce our environmental footprint.”

The SLL facility, which includes a S$150 million accordion option, will refinance existing debt and fund capital expenditure and asset enhancement initiatives. CIMB Singapore’s Head of Corporate and Investment Banking Coverage, Soh Wee Pheng, highlighted the bank’s commitment to responsible growth, whilst Standard Chartered’s Chow Wan Thonh and UOB’s Lim Lay Wah echoed the importance of sustainable finance in driving measurable outcomes.

StorHub’s sustainability efforts include 18 rooftop solar photovoltaic systems and 13 LEED-certified facilities, establishing the largest LEED-certified self-storage portfolio in Asia Pacific.

Lum Chang Creations has announced a remarkable 72% increase in its net profit for the financial year 2026, reaching S$22.3m. This surge comes as the company, in its first year as a listed entity, expanded its gross profit margin to 35.5% from 19.7% in the previous year. The Board has proposed a final dividend of 1.0 Singapore cent per share, resulting in a total payout ratio of approximately 65%.

The company’s order book stands at approximately S$141.7m, providing strong revenue visibility. A notable achievement for Lum Chang Creations was securing a new S$32.9m contract for Teck Ghee Station in July 2026. Additionally, the company successfully transferred its listing to the Mainboard of the Singapore Exchange (SGX) on 16 July 2026.

Managing Director Lim Thiam Hooi stated, “FY2026 was a defining year for Lum Chang Creations. In our first year as a listed company, we grew net profit attributable to equity holders of the Company by 72%, expanded our margins significantly and secured new contracts across the public and private sectors.”

With a robust order book and a strong balance sheet, Lum Chang Creations is well-positioned for sustainable growth. The company aims to continue creating long-term value for its shareholders, leveraging its expanded presence in Malaysia. The transfer to the SGX Mainboard underscores the company’s solid fundamentals and the confidence of its shareholders.