Industry News

Grab has announced an exclusive partnership with Nuitée, a travel accommodation booking platform, to offer seamless travel booking services directly within the Grab app. This collaboration aims to simplify the process for users seeking accommodation options, enhancing the overall travel experience.

The integration of Nuitée’s platform into the Grab app will allow users to book a wide range of accommodations, from budget-friendly options to luxury stays, without leaving the app. This partnership leverages Grab’s extensive user base and Nuitée’s comprehensive accommodation offerings to provide a convenient and efficient service.

According to the announcement, the partnership is set to streamline the booking process, making it more accessible for users across Southeast Asia.

Paul-Eric Licari, Regional Head, Group Business Development at Grab, said: “By bridging the gap between mobility, payments, and accommodation, we are creating a more rewarding journey for consumers and a powerful engine for our partners to scale their reach within our ecosystem.”

Med Benmansour, Founder and CEO of Nuitée, said: “This partnership demonstrates how travel can be delivered as infrastructure rather than a standalone product. By enabling embedded, programmable distribution, we support partners like Grab in integrating travel seamlessly into their existing ecosystems.”

The move is expected to bolster Grab’s position in the travel sector, providing users with a one-stop solution for their travel needs. By integrating travel bookings into its app, Grab aims to increase user engagement and retention, offering added value beyond its core ride-hailing services.

Looking ahead, the partnership may pave the way for further collaborations between Grab and other service providers, potentially expanding its ecosystem of services. As the travel industry continues to recover post-COVID-19, such integrations could become increasingly vital in meeting the evolving demands of consumers.

OxPay Financial Limited has announced the appointment of Joey Chang Wei Nang as a Non-Executive Independent Director, effective 12 May 2026. Chang, the founder and former CEO of AXS, brings 25 years of experience in developing AXS into a leading digital payment platform in Singapore.

Chang’s expertise is expected to bolster OxPay’s efforts as it advances its phased recovery plan, which includes launching a B2C payment service in Singapore by the fourth quarter of 2026. His experience in building consumer-facing payment platforms aligns with OxPay’s strategic goals, particularly as the company seeks to expand its services across various markets.

OxPay’s recovery plan is focused on three key areas: introducing a crypto payment service in Bhutan, reactivating merchant acquisition in Thailand, and launching the B2C payment service in Singapore. The company is enhancing its board-level expertise to support these initiatives. Ching Chiat Kwong, Non-Executive Non-Independent Chairman of OxPay, highlighted the value of Chang’s industry insights, stating, “Mr. Chang’s experience building a digital payment platform gives the Board a perspective we are specifically looking to add at this stage.”

Chin Mun Chung, Executive Director and CEO of OxPay, added, “Having seen first-hand what Mr. Chang built at AXS, a payment platform trusted by millions of Singaporeans, I know the depth of experience he brings.”

OxPay provides merchant payment services and digital commerce solutions, operating in Singapore, Malaysia, Thailand, Bhutan, and Indonesia. The company aims to offer comprehensive solutions for merchants through its integrated platform, catering to both online and offline presences.

Asia Pacific’s commercial real estate sector experienced a significant upswing in the first quarter of 2026, with investment volumes rising 22% year-over-year to US$51.1b, according to MSCI’s latest report. The recovery, which began in mid-2025, has continued into 2026, with Singapore emerging as a standout performer, achieving a fivefold increase in deal volume to a record US$7.9b.

The growth was widespread across most markets, with China and Hong Kong showing signs of recovery from prolonged declines. In contrast, Australia and Japan faced modest contractions due to rising interest rates. Benjamin Chow, Head of Private Assets Research for Asia at MSCI, noted, “Asia Pacific’s commercial real estate markets have entered 2026 on a strong footing, with Singapore the clearest illustration of how falling interest rates have contributed to improved market liquidity.”

Singapore posted a record-high quarter with US$7.9b in deal volume, unseating Tokyo as Asia Pacific’s most active metro for the first time since 2021. Deal volume for its office, retail and industrial sectors each ranked top across the region in Q1 2026. Buildings such as 78 Shenton Way and i12 Katong, which had been on the market for a long time, finally found buyers, while the materially lower cost of financing was evident in Link REIT’s pending sale of Thomson Plaza, priced at a tight 3.7% cap rate, 180 basis points lower than at its acquisition three years ago.

The office sector led the charge with US$21.0b in transactions, a 25% increase from the previous year. Industrial and retail sectors also saw substantial gains, with industrial transactions rising 33% to US$10.3b and retail volumes climbing 31% to US$9.7b. Data centre investments more than doubled to US$4.0b, reflecting sustained interest in this asset class.

Cross-border investment reached US$18.2b, a 64% increase, with EMEA investors deploying a record US$5.3b into the region. Despite geopolitical uncertainties, such as the recent Iran conflict, the structural drivers of recovery remain intact, with capital values improving and global investors seeking diversification. The outlook for Q2 remains cautiously optimistic, although potential interest rate hikes could pose challenges.

SIA Engineering Group has announced a significant financial achievement for the fiscal year ending 31 March 2026, with a 21% rise in net profit to $168.9m. This increase, the highest since the COVID-19 pandemic, is attributed to robust demand for maintenance, repair, and overhaul (MRO) services, which drove a 14.3% rise in revenue to $1,422.9m.

The Group’s operating profit saw a substantial improvement, increasing by 101.4% to $29.4m, despite a 13.2% rise in expenditure due to new subsidiary setup costs and increased manpower and material expenses. The associated and joint venture companies also contributed positively, with a 22.5% increase in profit share, reaching $145.3m.

The Group’s strategic focus on expanding its geographical presence and enhancing MRO capabilities has been pivotal. Notable developments include the commencement of operations at Techo International Airport in Cambodia and the expansion of services in Manila. Additionally, a joint venture in China aims to bolster the Group’s MRO services across several airports.

Looking ahead, SIA Engineering Group remains committed to its growth strategy, focusing on Asia-Pacific expansion, capacity scaling for next-generation aircraft, and core service strengthening. The Group is also set to pay a final dividend of 8.5 cents per share, pending shareholder approval, bringing the total dividend for the year to 11.0 cents per share.

The Institute of Singapore Chartered Accountants (ISCA) has unveiled a new taskforce designed to bolster financial reporting and investor confidence in Singapore. Announced at the ISCA Value Unlock Forum, the Strengthening Financial Reporting Taskforce will bring together leaders from business, finance, academia, and investor groups to review and enhance the country’s financial reporting ecosystem.

Chaired by Euleen Goh, ISCA Distinguished Lifetime Member and Chairman of Singapore Institute of Management Group Ltd, the taskforce aims to address the growing focus on corporate transparency, financial controls, and trust in capital markets. This initiative aligns with national efforts to strengthen Singapore’s capital markets and business ecosystem, as highlighted by recent reviews from the Accountancy Workforce Review Committee and the Monetary Authority of Singapore.

The taskforce will explore ways to improve how companies communicate financial performance, business risks, and long-term value creation to investors and stakeholders. Euleen Goh emphasised the importance of clear and useful financial reporting, stating, “Financial reporting has always been the language of business. As markets evolve, it must speak more clearly and more usefully to the stakeholders who rely on it.”

The taskforce includes prominent figures such as Liew Nam Soon from EY, Leong Yung Chee from United Overseas Bank, and Lawrence Loh from the National University of Singapore. ISCA President Lee Boon Teck highlighted the critical role of finance professionals in maintaining trust in business and capital markets.

The taskforce will engage with stakeholders over the coming months to provide recommendations aimed at strengthening Singapore’s financial reporting ecosystem.

Accenture’s latest report reveals that whilst Singaporean enterprises are advancing in artificial intelligence (AI) technology, they are lagging in workforce transformation, which is crucial for real growth. The report, titled “Singapore’s Growth Mandate: Why the AI future will be won or lost on people, not technology,” underscores the importance of treating workforce transformation with the same urgency as technology spending.

The study, conducted between December 2025 and February 2026, highlights that 90% of companies have moved beyond AI awareness to implementation, with half deploying Generative AI in specific units. However, only one-third have a talent strategy aligned with their AI strategy, and 46% of technology leaders have not addressed job role redesigns. Accenture argues that organisations focusing on people-centric AI transformation saw revenue and profit growth surpassing their peers by 1.8 and 1.4 percentage points, respectively.

Entry-level talent remains underutilised, with job postings rebounding by 8% in 2025, yet entry-level ICT roles fell by 38% since 2022. The demand for skills in AI, machine learning, and data management is rising, indicating a shift towards a skills-based workforce. Despite 95% of young Singaporeans believing in the country’s AI leadership potential, only 31% agree it is people-centric.

Mark Tham, Accenture’s Country Managing Director, emphasised, “Singapore’s AI future will not be won or lost on algorithms or the latest technology, but on our ability to equip people, redesign work and build trust.” The report calls for CEOs to prioritise workforce transformation, viewing AI as a redesign of work rather than just a technological upgrade.

Syfe, a leading investment platform in the Asia Pacific, has launched Joint Accounts in Singapore, a pioneering feature for digital wealth platforms in the region. This new offering allows two individuals, such as spouses or family members, to co-manage investments with full transparency and shared ownership via the Syfe app. Initially available to an early-access group, the feature will be rolled out to all users in the coming weeks.

The introduction of Joint Accounts is a response to findings from a recent Syfe survey, which highlighted a “coordination gap” in family financial management. Over 40% of respondents currently invest separately, facing challenges in coordinating their efforts. Furthermore, in 30% of households, a single person manages all investments, often resulting in a lack of transparency and shared financial literacy. Contrary to the common belief that joint accounts are primarily for managing shared expenses, only 15% of respondents cited this as their reason for wanting a joint account. Instead, 55% expressed a desire to build long-term family wealth.

Jack Prickett, Chief Commercial Officer at Syfe, stated, “Investing as a family—whatever that family set-up looks like—shouldn’t feel like a second job.” He emphasised that Syfe aims to provide the necessary digital infrastructure to facilitate growth-oriented family portfolios.

Key features of the Joint Accounts include shared ownership and visibility, seamless integration with individual accounts, no minimum balance requirements, and goal-based investing options. This initiative is designed to empower users to save for their children’s future and facilitate wealth transfer across generations.

According to the SGX Research report, DBS, Oversea-Chinese Banking Corp (OCBC), and United Overseas Bank (UOB) have reported a combined non-interest income (NOII) of S$5.16b for the first quarter of 2026, setting a new record. This figure represents a significant increase from S$4b n the previous quarter and S$4.78b in the same period last year, accounting for 39% of their total income.

The growth in NOII was driven by robust contributions from fee income, treasury customer sales, trading income, and insurance. DBS achieved record fee income and treasury customer sales, largely due to wealth management. OCBC saw double-digit growth in wealth management fees, whilst UOB highlighted strong customer treasury flows. This diversified earnings mix has helped offset the impact of lower interest rates.

Despite a slight decline in net interest income (NII) to S$8.04b, the banks have maintained a stable asset quality with unchanged non-performing loan (NPL) ratios. DBS, OCBC, and UOB reported NPL ratios of 1.0%, 0.9%, and 1.5%, respectively, supported by low non-performing asset formation and disciplined provisioning.

Looking ahead, the banks’ guidance for 2026 focuses on balancing rate headwinds with funding discipline and fee-driven income growth. DBS expects total income to remain around 2025 levels, whilst OCBC and UOB anticipate stable to growing total income, supported by strong balance sheets and capital positions.

Quarterly sales of shophouses have plummeted to their lowest level since the third quarter of 1998, according to Huttons’ latest report. The decline is attributed to investors becoming more selective due to uncertain geopolitical and economic conditions. In the first quarter of 2026, only 13 shophouses were sold, marking a 40.9% decrease from the previous quarter and a 35% drop compared to the same period last year.

The total value of shophouses sold in Q1 2026 fell by 44.2% to $88.4m from $119.2m in Q4 2025. Year-on-year, this represents a 25.8% decrease. Notably, more than 60% of the shophouses sold were priced under $5m, the highest percentage since the second quarter of 2020, when the COVID-19 pandemic first impacted market sentiments.

The largest transaction in Q1 2026 involved three adjoining units on East Coast Road, with estimated gains of $7.5m. Districts 8 and 15 were particularly popular, accounting for nearly half of the total transaction volume. Additionally, 84.6% of the shophouses sold were on land with a 999-year or freehold tenure.

Despite steady interest in shophouses since the start of the year, the ongoing conflict in the Middle East is expected to dampen market sentiment in the short term. However, Huttons anticipates that transactions will increase once the geopolitical situation stabilises. Property owners are currently maintaining high asking prices due to market scarcity, whilst some investors are waiting for high-value opportunities.

HG Metal Manufacturing Limited has announced its unaudited financial results for the first half of 2026, revealing a stable net profit of S$6m. This performance comes amidst a challenging economic environment marked by declining steel prices and a moderating global economy. The company’s revenue for the period ending 31 March 2026 was S$81m, a slight decrease from S$85.4m in the same period last year.

The company’s gross profit margin improved significantly to 17.1%, up from 13.3% in the previous year. This increase is attributed to a reduction in the cost of sales, which fell by 9% to S$67.2m. Despite a 58% drop in other operating income, HG Metal managed to maintain its profitability, with profit before tax rising to S$7.2m from S$7m in 1H2025.

The financial results highlight HG Metal’s resilience in navigating economic headwinds. The company’s administrative expenses rose by 11% to S$4.8m, whilst other operating expenses increased by 20% to S$2.2m. However, finance costs were reduced by 30% to S$189,000, contributing to the overall stability of the net profit.

HG Metal’s performance underscores its ability to adapt to market fluctuations, maintaining profitability and improving efficiency. Looking ahead, the company will likely continue to focus on managing costs and enhancing its operational efficiency to sustain its financial health in a challenging market environment.