Industry News

Singapore’s Chief Financial Officers (CFOs) remain optimistic about their own businesses and the local economy, even as they express concerns about the global economic outlook, according to Deloitte’s inaugural Asia Pacific CFO Pulse Survey. The survey, which included responses from 462 CFOs across the region, found that Singapore CFOs are net pessimistic about the global economy with a net optimism of -41%, yet they are more positive about the Singapore economy (+26%) and their own companies (+37%).

The survey highlights that 96% of Singapore CFOs anticipate the Middle East conflict will negatively impact the global economy, with 82% expecting repercussions for Singapore and 81% for their own businesses. However, only 7% foresee a significant impact on their organisations. In response to these uncertainties, CFOs are adopting a disciplined approach, with 74% tightening cost controls, 56% monitoring developments, and 37% reprioritising or deferring capital investments.

Looking forward, CFOs are focusing on growth within familiar markets. Acquiring new customers in existing geographies is a top priority for 63%, whilst 44% aim to increase sales to existing customers. AI adoption is progressing, with 74% of CFOs reporting some level of implementation, though only 11% report extensive use. Challenges remain in scaling and realising value, with talent and skills gaps and data issues cited as significant barriers.

Ho Kok Yong, CFO Programme Leader at Deloitte Asia Pacific and Southeast Asia, noted, “Singapore CFOs are looking at the global environment with caution, but they are not standing still. What comes through strongly is disciplined confidence.” The survey underscores the resilience of Singapore’s CFOs amidst global challenges, as they continue to focus on performance and adaptability.

Thales has announced its collaboration with Visa as the first partner in the Asia Pacific region under the Visa Digitalisation Ready Programme (VDRP). This partnership aims to expedite the adoption of Visa’s advanced digital payment solutions among financial institutions across the region. By leveraging Thales’ Digital Issuance (D1) platform, issuers can deploy Visa’s Click to Pay and Payment Passkeys services, enhancing customer experiences with faster and more secure payment options.

The collaboration is set to streamline the integration of Visa’s digital services, allowing issuers to reduce implementation complexity and accelerate deployment. This initiative is crucial as financial institutions in Asia Pacific face increasing demand for seamless and secure payment experiences amidst digital transformation and evolving cyber threats.

Thales’ D1 platform, recognised for its expertise in digital issuance and tokenisation, will play a pivotal role in this collaboration. It enables issuers to quickly activate Visa’s digital payment capabilities whilst maintaining high levels of security and performance. This ensures that financial institutions can offer frictionless checkout experiences without compromising trust.

Nassir Ghrous, Vice President of Banking & Payment Services for Asia, Middle East & Africa at Thales, stated, “As digital payments continue to evolve, issuers need a trusted technology partner that can combine innovation, security and speed to market. Through our collaboration with Visa, we are enabling payment providers across Asia Pacific to deliver next-generation payment experiences that combine the highest levels of security with the seamless convenience consumers expect.”

This partnership underscores a shared commitment by Visa and Thales to support issuers in their digital transformation journey, ultimately benefiting consumers with enhanced convenience and security in digital payments.

Gprnt has announced a strategic partnership with SGX Group to enhance its ESGenome digital disclosure portal, aiming to simplify climate reporting for SGX-listed companies. This collaboration, unveiled at the SGX Group-Gprnt Climate Action Forum, seeks to align with the International Sustainability Standards Board (ISSB) standards and improve corporate transition planning.

The partnership is designed to help companies meet mandatory climate-related disclosure requirements, focusing on Scope 3 emissions and corporate transition planning. By integrating Gprnt’s digital infrastructure, the ESGenome portal will automate Scope 1 and 2 emissions calculations using government data, reducing the reporting burden on companies. The portal will also introduce AI-powered capabilities to assist in disclosure preparation and climate risk assessments.

This initiative complements efforts by the Council for a Competitive Climate Transition (C3T) to foster robust transition planning and supply chain engagement. C3T will work with Gprnt and SGX Group to provide resources and identify gaps in climate risk information, encouraging SGX-listed companies to participate in the Green 100 national movement.

Chan Kum Kong, Head of Capital Market Development at SGX Group, emphasised the importance of integrating climate-related risks into business strategies. He stated, “Done well, this is not just climate action – it is part of value unlock; strengthening resilience, competitiveness and long-term enterprise value.”

Lionel Wong, CEO of Gprnt, highlighted the evolution of sustainability reporting into a nationwide infrastructure, stating, “Through ESGenome and the Green 100, we are creating a shared foundation for ESG reporting, trusted data, transition planning, value-chain engagement, and sustainable finance.”

This partnership marks a significant step towards enhancing Singapore’s sustainability ecosystem, enabling businesses to actively participate in the low-carbon transition.

Changi General Hospital (CGH) has become the first hospital in Singapore to completely eliminate the use of desflurane, a potent greenhouse gas, from all surgical procedures. This initiative, part of CGH’s broader sustainability efforts, has resulted in a 99.4% reduction in desflurane usage since 2019, cutting approximately 895 tonnes of CO₂-equivalent emissions.

Desflurane, previously favoured for its clinical advantages, has a global warming potential 20 times greater than its alternative, sevoflurane. The hospital’s Department of Anaesthesia and Surgical Intensive Care initiated the reduction process in 2019, gradually transitioning to alternative gases through staff education and changes in clinical practice. By 2025, desflurane usage had dropped from 242 litres to just 1.44 litres, with the gas no longer used since September 2025.

In addition to desflurane, CGH has significantly reduced nitrous oxide emissions, another greenhouse gas. Research revealed that up to 73% of nitrous oxide was lost through pipeline leakage. The hospital switched to portable gas cylinders, reducing procurement by 91.4% and confirming that most prior procurement was wasted.

CGH’s sustainability efforts extend beyond anaesthetic gases. The hospital has upcycled 178kg of retired scrubs into reusable theatre caps, reducing CO₂ emissions by 5,041kg. Food waste initiatives have further cut 57,518kg of CO₂ emissions annually. CEO Ng Kee Chong emphasised that these efforts reflect CGH’s commitment to responsible healthcare, linking patient health with environmental sustainability.

International law firm Withers has announced the appointment of 12 new partners across its global offices, effective from 1 July 2026. This includes three new partners in Singapore at Withers KhattarWong LLP, subject to regulatory approvals, and two new special counsellors.

The newly appointed partners in Singapore are Shaun Ho, Tom McElligott, and Jonathan Tan. Shaun Ho specialises in family law, focusing on complex financial and international child matters. Tom McElligott advises high-net-worth individuals on international private wealth, tax, and succession planning. Jonathan Tan is a commercial litigator and arbitrator, known for handling shareholder and commercial disputes.

Shashi Nathan, Joint Managing Partner at Withers KhattarWong, expressed enthusiasm for the new appointments, stating, “We are delighted to welcome Shaun, Tom and Jonathan to the partnership. Their promotions reflect the strength of our Singapore team and the calibre of talent we continue to develop within the firm.”

In addition to the partners, Joyce Lee and Claire Tian have been appointed as special counsellors in Singapore. Joyce Lee is part of the technology and intellectual property team, whilst Claire Tian focuses on non-contentious financial regulatory issues.

The appointments extend beyond Singapore, with new partners in the US and the UK, including Di Fu and Andrea Zakko in New Haven, Marsha Levinson in San Francisco, Sara Pike in San Diego, Vahe Mesropyan in Los Angeles, and Sarfraz Ali, Daniel Gore, Perveen Hill, and Caroline Thompson in London.

Ceri Vokes, CEO of Withers, remarked, “It’s a real pleasure, as one of my first duties as CEO, to congratulate our new cohort of partners. They reflect the strength of our talent pipeline and the scale of our ambition for the future.”

Singapore’s public healthcare apps, including HealthHub, NHG Health, NUHS, and SingHealth Health Buddy, will be consolidated into an enhanced HealthHub app by November 2026. This initiative, announced by Senior Minister of State for Health and Digital Development and Information, Tan Kiat How, at the NHG Health’s 10th Centre for Healthcare Innovation Innovate Conference 2026, aims to streamline digital healthcare access for residents.

The unification of these apps is designed to simplify the process of accessing public healthcare services, allowing users to manage their healthcare needs through a single platform. This move addresses the growing demand for a more straightforward digital healthcare management system, as highlighted by ongoing engagement with residents and healthcare professionals.

The enhanced HealthHub app will incorporate feedback from users to create a more intuitive experience. It will also provide support for residents, particularly seniors and those less familiar with digital technology, to transition smoothly to the new system. The existing cluster-specific apps will continue to operate alongside the enhanced HealthHub until February 2027, allowing users ample time to switch over.

Further details regarding the launch date, new features, and capabilities of the enhanced HealthHub app will be announced in due course. This development marks a significant step towards improving the accessibility and efficiency of public healthcare services in Singapore.

The Monetary Authority of Singapore (MAS) and the China Securities Regulatory Commission (CSRC) have reaffirmed their commitment to enhancing capital markets and supervisory cooperation. This was announced following their 10th annual supervisory roundtable held in Singapore on 29 June 2026. Co-chaired by MAS Deputy Managing Director Ho Hern Shin and CSRC Vice Chairman Liu Haoling, the meeting marked a decade of collaboration between the two regulatory bodies.

During the roundtable, MAS and CSRC exchanged insights on developments in their respective equity markets, including Singapore’s Equity Market Development Programme and China’s STAR Market and ChiNext reforms. Discussions also focused on the operational resilience of financial infrastructure amid technological advancements, trends in market misconduct, and regulatory approaches to digital assets.

The meeting further addressed regulatory developments in the securities and futures industry. Industry participants shared their views on cross-border capital markets initiatives, such as the ETF product link and index collaboration, highlighting the progress made in these areas.

In a move to foster stronger institutional relationships, MAS and CSRC signed an agreement to facilitate staff exchanges, aiming to strengthen mutual understanding. Ho Hern Shin remarked, “The 10th Supervisory Roundtable marks a significant milestone in the longstanding partnership between MAS and CSRC. I look forward to further strengthening regulatory cooperation and advancing capital market connectivity to support the continued development of markets in Singapore and China.”

This collaboration underscores the ongoing efforts to bolster financial ties and regulatory frameworks between Singapore and China, paving the way for future market developments.

PwC Singapore has announced the appointment of 13 new partners, with a significant focus on artificial intelligence (AI), technology, and data. This strategic move aims to bolster the firm’s capabilities in delivering insight-led and outcome-driven solutions in an increasingly AI-driven world. The appointments, effective from 1 July 2026, highlight PwC’s commitment to integrating deep sector expertise with cutting-edge technology.

Among the new partners, eight specialise in AI, technology, and data, underscoring PwC’s investment in a future-ready partnership. These professionals bring diverse experience across sectors such as technology, energy, healthcare, banking, and capital markets. They are expected to play a crucial role in helping PwC stay ahead of AI trends by combining sound judgement, robust governance, and a strong sense of responsibility.

Executive Chairman of PwC Singapore, Marcus Lam, emphasised the importance of scaling capabilities in the AI era. “Beyond embedding technology and AI across how we think, work, and deliver, it is equally important that we stay grounded in what matters most—our people, our relationships, and the trust we build through every piece of work,” he stated.

The new partners include experts like Andrew Tan, who focuses on assurance in banking, and Audrey Tong, a financial reporting adviser in energy and healthcare. Others, such as Jack Chew and Bhagya Perera, bring expertise in assurance and cybersecurity, respectively. The appointments also cover areas like tax compliance, risk management, and mergers and acquisitions, with partners like Benjamin Tan and Bertrand Truong leading these efforts.

This expansion is set to enhance PwC’s ability to deliver quality decisions faster, as AI and emerging technologies become integral to business operations.

Singapore’s small and mid-cap (SMID) stocks, with market capitalisations between S$100m and S$10b, achieved a significant milestone in the first half of 2026 (H1 2026). These 240 stocks generated an average daily turnover (ADT) of S$696m, marking a 13% total return. This growth in trading activity outpaced the overall market returns, highlighting increased investor participation and liquidity.

The ADT for SMIDs listed before the past 12 months rose from S$362 million in the first half of 2025 (H1 2025) to S$663m in H1 2026. New listings contributed S$33m in H1 2026. Notably, AEM Holdings exemplified this trend, with a 519% total return, including a share price increase from S$1.72 to S$10.63.

Institutional buying was selective, with technology and industrial stocks leading the inflows. The technology sector alone attracted S$560m in net institutional inflow. Companies such as AEM Holdings, Info-Tech Systems, and Frencken Group recorded the highest net institutional inflow relative to market capitalisation.

The increase in trading activity and institutional interest underscores the growing appeal of SMID stocks in Singapore’s market. As global rate outlooks remain hawkish, the focus on technology and industrial sectors suggests a strategic shift towards sectors with promising growth potential. This trend is likely to continue influencing market dynamics in the coming months.

Canopius Group has announced the appointment of Winnie Tay as Underwriter for Financial Lines in Singapore, effective 1 July 2026. Tay, who previously worked at Allianz Global Corporate & Specialty, will report to Robert Barnum, Head of Financial Lines, APAC, and will play a key role in advancing Canopius’ underwriting capabilities across the region.

Tay brings over a decade of experience in Financial Lines roles across Singapore and Southeast Asia. Her most recent position was as Senior Financial Lines Underwriter and Professional Indemnity Lead for Southeast Asia, where she managed underwriting and portfolio management for a multi-market Professional Indemnity portfolio. Her expertise in disciplined pricing, rigorous risk selection, and strong broker relationships is expected to contribute significantly to Canopius’ growth strategy.

Robert Barnum commented on the appointment, stating, “Winnie brings deep Financial Lines expertise and a detailed understanding of the regional market. Her appointment further strengthens our Singapore platform as we continue to grow and enhance our Financial Lines capabilities across APAC.”

Canopius is a global speciality and property and casualty (re)insurer with operations in Australia, Bermuda, Singapore, the UK, and the US. The company underwrites through Lloyd’s Syndicate 4444 and other entities, providing insurance solutions in over 130 countries. Tay’s appointment is part of Canopius’ ongoing efforts to bolster its presence and capabilities in the Asia-Pacific region.