Industry News

OCBC Group has extended its coaching programme to Malaysia and Hong Kong, aiming to train 100 senior leaders to achieve the International Coaching Federation Associate Certified Coach (ICF-ACC) accreditation by the end of 2027. This initiative, launched in April 2026, builds on OCBC’s commitment to fostering a coaching culture across its operations.

The programme, initially announced in 2025 through a partnership with the ICF Singapore Chapter, requires participants to complete 60 hours of coaching education, 100 hours of practice, and 10 hours of mentor coaching. Currently, 25 senior leaders from Malaysia and Hong Kong are joining 62 colleagues in Singapore, expanding OCBC’s internal coaching pool to over 85 leaders.

Employees across the Group can engage in one-on-one coaching sessions, which provide a confidential environment to discuss career goals and resilience. Since its inception, nearly 300 employees in Singapore have benefited from the programme. The expansion allows for cross-border coach-coachee pairings, offering broader perspectives and opportunities.

Ainul Yakin Binti Azizi from OCBC Malaysia highlighted the mutual growth aspect of the programme, stating, “Becoming a coach is a two-way journey that allows leaders to grow beyond their own roles.” Alfred Ho from OCBC Hong Kong added, “This programme has given me a structured path to develop practical coaching skills.”

Lee Hwee Boon, Head of Group Human Resources at OCBC, emphasised the shift in leadership focus towards people development, noting, “We have quickly expanded to Malaysia and Hong Kong to accelerate the build-up of our internal coaching pool.” This expansion marks a significant step in enhancing resilience and agility within the OCBC Group.

Savills Singapore has announced the launch of 623 Collins, a new residential development in Melbourne’s Central Business District (CBD), set to open on 9–10 May 2026. Developed by Sterling Global, the project will transform the historic State Savings Bank of Victoria site into a 42-storey mixed-use tower, featuring 320 residences, office spaces, and retail outlets.

The development will retain and restore two heritage-listed buildings, the State Savings Bank of Victoria and Batman’s Hill Hotel, reflecting a trend of integrating historical assets into urban regeneration. Brandon Yeoh, Director at Sterling Global, emphasised the project’s significance, stating, “At 623 Collins, we’ve taken a heritage building that has been part of Melbourne’s story for a century and reimagined it for modern living.”

The project will offer a variety of residences across four collections, complemented by lifestyle amenities such as a wellbeing retreat, gym, and private dining facilities. Additionally, the development includes over 2,700 square metres of office space and approximately 900 square metres of retail and hospitality offerings. Prices are expected to start from around A$610,000.

Adrian Lim, Senior Director at Savills Singapore, highlighted Melbourne’s appeal to Singapore investors, citing its steady population growth and strong university ecosystem. He noted, “Melbourne continues to stand out as a well-balanced market for Singapore investors.”

The launch event will take place at Voco Orchard Hotel, Singapore, from 11am to 6pm, with a seminar starting at 2.30pm.

Acrophyte Hospitality Trust (ACRO-HT) has announced a 2.6% decrease in gross revenue for the first quarter of 2026, amounting to $32.6m. This decline is primarily due to the divestment of two hotels, renovations at four properties, and management transitions at five hotels, alongside disruptions caused by severe winter weather in the US.

The operational challenges faced by ACRO-HT in Q1 2026 were compounded by increased operating expenses, including higher commissions, labour costs, energy expenses, and insurance premiums. These factors contributed to a reduction in both Gross Operating Profit (GOP) and Net Property Income (NPI), which stood at $8.4m and $4.5m, respectively.

In a strategic move to optimise its portfolio, ACRO-HT completed the sale of Hyatt Place Detroit Livonia for $10m on 10 March 2026. The proceeds from this sale are intended to support ongoing renovations, reduce existing bank borrowings, and address general working capital needs.

Lee Jin Yong, CEO of the Managers, highlighted the challenges posed by macroeconomic uncertainties, inflationary pressures, and geopolitical volatility. He emphasised the trust’s commitment to enhancing portfolio resilience through proactive asset management and operational improvements. “We will continue to explore operational repositioning opportunities to maintain the relevance of our hotels and support sustainable long-term value creation across our portfolio,” he stated.

As of 31 March 2026, ACRO-HT reported cash reserves of $23.2m, earmarked for upcoming capital expenditures, amidst a cautious outlook for the US lodging sector.

Fraser and Neave, Limited (F&N) has reported a 6% decline in revenue for the first half of 2026, amounting to $1,135.4m, primarily due to unfavourable foreign exchange impacts and lower food and beverage sales. Despite these challenges, the company has maintained its interim dividend at 1.5 pence per share, underscoring confidence in its business fundamentals.

The group’s profit before interest and taxation (PBIT) rose by 6% to $174.8m, bolstered by stronger contributions from Vinamilk and improved earnings in its Beer and Publishing & Printing (P&P) segments. However, profit after tax fell by 9% to $113m, attributed to a higher effective tax rate in the absence of prior years’ tax write-backs.

F&N’s investment strategy included increasing its stake in Vinamilk to 24.99%, enhancing its presence in Southeast Asia’s dairy market. Additionally, F&N has committed up to $15m to acquire a 19.99% shareholding in Comvita, a New Zealand-based natural health company, to strengthen its health and wellness portfolio.

The Beverages segment saw a 12% revenue decline due to forex impacts, although Soft Drinks experienced growth driven by festive demand and product innovation. Meanwhile, the Dairies segment faced a 4% revenue drop, with geopolitical factors affecting Thailand’s exports, though this was partially offset by growth in Malaysia and Singapore.

CEO Rahul Colaco noted the challenging market conditions but highlighted the company’s steady performance and focus on long-term growth through innovation and strategic investments. The interim dividend is set to be paid on 5 June 2026.

CMC Markets has announced the merger of its CMC Invest legal entity into the main CMC Markets entity in Singapore, paving the way for the launch of its multi-asset platform in the coming months. This strategic move aims to streamline operations and enhance the trading experience for its clients.

The new platform will introduce features allowing clients to invest in shares, wealth products, Contracts for Difference (CFDs), options, and cryptocurrencies, all whilst managing their credit cards on a single platform. Christopher Forbes, Head of Asia and the Middle East at CMC Markets, stated, “The Singapore market demands a multi-asset platform which places choice above all else; owning a niche is no longer the answer as clients want a single platform.”

Clients currently using the CMC Invest stockbroking platform will experience no changes and can continue using it as usual. The company, which has been operating in Singapore for 20 years, remains committed to investing in platform development, education, and local engagement as it gears up for its next growth phase in the region.

This development underscores CMC Markets’ dedication to meeting the evolving needs of its clients by providing a comprehensive and integrated trading and investing solution. As the company simplifies its structure, it aims to deliver a platform that combines trading and investing, a long-awaited feature in the market.

The Competition and Consumer Commission of Singapore (CCS) has approved Zuellig Pharma Holdings Pte Limited’s proposed acquisition of certain assets from Eli Lilly and Company. The decision, announced on 5 May 2026, follows an assessment that the transaction will not significantly reduce competition in Singapore’s market for erectile dysfunction (ED) medications.

CCS’s evaluation of the acquisition proposal and feedback from third parties concluded that the market would stay competitive. The commission noted that Cialis, a prescription medication for ED, is not essential for distributors aiming to sell other products. Furthermore, Zuellig Pharma will not have the ability to favour Cialis over other ED medications it distributes.

This clearance ensures that the acquisition will not disrupt the supply and distribution dynamics of ED medications in Singapore. The CCS’s decision reflects its commitment to maintaining a competitive market environment, allowing consumers to benefit from a variety of choices and competitive pricing.

Centurion Asset Management Pte. Ltd., the manager of Centurion Accommodation REIT (CAREIT), announced that its net property income for the first quarter of 2026 reached S$37.5m, surpassing the prospectus forecast by 2.4%. This performance was attributed to increased occupancy and rental rates, alongside favourable currency movements in the British pound and Australian dollar.

Gross revenue for the period from 1 January to 31 March 2026 was S$52.5m, exceeding expectations by 2.7%. The positive results were further bolstered by the progressive ramp-up of new capacity at Westlite Toh Guan and Westlite Mandai, which experienced strong leasing demand.

CAREIT’s strategic entry into the Sydney Purpose-Built Student Accommodation (PBSA) market through the acquisition of EPIISOD Macquarie Park also contributed significantly. This acquisition, supported by a two-year master lease, is expected to generate A$14.1m for the financial year 2026 and has increased the portfolio valuation by 16.5% to S$2.19b.

The portfolio’s performance highlights CAREIT’s robust market positioning and effective management strategies. With a portfolio occupancy rate of 94% for its Purpose-Built Worker Accommodation (PBWA) and 98.6% for its PBSA, CAREIT continues to demonstrate resilience and growth potential in the accommodation sector.

Looking ahead, CAREIT’s focus on expanding its portfolio and optimising asset performance is expected to sustain its growth trajectory, providing stable returns for investors.

Singapore’s retail sales are projected to grow by 2% in 2026, according to RHB Bank’s latest Global Economics and Market Strategy Report. The report, attributed to Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, highlights the sector’s resilience in the face of economic headwinds expected in the latter half of the year.

Retail sales in Singapore saw a 4.8% year-on-year increase in March, a slowdown from February’s 8.3% rise. When excluding motor vehicles, the growth was 3.3% year-on-year, down from February’s 11.3% expansion. This deceleration is attributed to several factors, including geopolitical uncertainties, rising cost pressures, and a softening labour market.

Gan emphasised the cautious outlook for Singapore’s retail climate, noting that these factors could weigh on sales growth as the year progresses. Despite these challenges, the retail sector is expected to maintain its momentum in the near term.

The report also mentioned an upgraded GDP forecast for the first quarter of 2026, now anticipated to grow by 5.3% year-on-year. This adjustment reflects a more optimistic view of Singapore’s economic performance in the early part of the year.

As the retail sector navigates these challenges, stakeholders will be closely monitoring economic indicators and adjusting strategies to sustain growth amidst a complex global landscape.

Trust Bank has announced that it reached profitability in March 2026, a little over three years since its inception. This achievement places Trust among the fastest digital banks worldwide to reach such a milestone. The bank attributes its success to a model grounded in rapid innovation, deep customer engagement, and sustainable, multi-product growth.

Key drivers of this success include strong customer engagement, an expanded product suite, and the use of AI and automation. Approximately 70% of Trust’s customers joined through referrals, with credit cards being used about 25 times a month. In 2025 alone, Trust disbursed over $900m in loans and saw more than 50,000 customers begin their investment journeys.

Trust has rapidly expanded its product offerings, creating an integrated ecosystem that covers saving, spending, budgeting, borrowing, insuring, and investing. This comprehensive range has helped Trust establish itself as a leading all-in-one digital bank in Singapore, with over 170,000 customers using it as their primary bank.

AI and automation have been pivotal in scaling operations sustainably. Since 2023, Trust’s customer base has grown by more than 1.5 times, and card transactions have increased by nearly 2.5 times, all whilst costs have declined. The bank’s AI chatbot now handles nearly 50% of customer interactions, enhancing efficiency and customer satisfaction.

CEO Dwaipayan Sadhu expressed gratitude for customer support, stating, “Profitability was never the end goal in itself. It’s the outcome of building a bank that customers genuinely use, trust and grow with.” Looking forward, Trust aims to continue innovating and expanding its product range to further integrate into customers’ financial journeys.

The Infocomm Media Development Authority (IMDA) and Tencent have launched “Beyond the Screen: Healthy Digital Play”, a campaign designed to promote healthy digital habits and strengthen real-world connections through gaming. The initiative, launched on 2 May 2026, is part of Singapore’s Digital for Life movement, focusing on safe and responsible digital engagement for youths, parents, and families.

The collaboration between IMDA and Tencent includes the development of educational content and practical tools to support healthy digital habits. Tencent will organise four community outreach events in Singapore, aiming to reach over 4,000 participants. Additionally, Tencent has pledged S$25,000 to the Digital for Life Fund, which will be matched by the government for a total of S$50,000.

Murphy Zhao, Country Manager of Tencent Singapore, emphasised the importance of digital spaces in young people’s lives, stating, “We want to play a constructive role by helping families build meaningful digital habits that extend beyond the screen.”

The launch event featured hands-on activities and a parenting talk, showcasing how gaming can support communication and teamwork at home. Insights from the Singapore launch will guide the campaign’s expansion across Southeast Asia later in 2026.

Joanna Lam, Cluster Director for Digital Readiness at IMDA, highlighted the significance of digital wellness, especially for children who are digital natives. She expressed gratitude for Tencent’s ongoing commitment to the Digital for Life cause.

The initiative aims to create a scalable digital wellbeing framework for Southeast Asia, equipping families with resources to build balanced digital routines and foster open communication.