Industry News

A recent report by ESET has revealed that 79% of organisations in Singapore encountered at least one AI-related cyber threat in the past year. The ESET Enterprise Cybersecurity Report 2026, based on a survey of 400 cybersecurity decision-makers, highlights the growing risks as AI becomes more integrated into business operations. Nearly all surveyed organisations (97%) are either using or piloting AI across various functions, including customer service and risk management.

The report underscores the need for better oversight, as only 49% of organisations have implemented measures to monitor AI tool access and outputs. Parvinder Walia, President of the APAC region at ESET, emphasised the importance of knowing how and where AI is used, stating, “AI is becoming deeply embedded in how businesses operate. Organisations must ensure the right oversight and safeguards are in place.”

AI-related risks are not only internal but also stem from external attackers. Common threats include AI-generated phishing and impersonation attacks, reported by 46% of organisations, and deepfake or voice cloning attacks, affecting 39%. Financial services and technology companies reported the highest levels of these threats.

Beyond AI-related issues, 71% of organisations experienced at least one major cybersecurity incident last year, with cloud breaches and insider threats being prevalent. The report also noted that 76% of organisations could detect and respond to threats within 24 hours, though delayed detection remains a challenge.

As AI adoption grows, organisations are shifting their cybersecurity priorities, with 43% planning to adopt Managed Detection and Response (MDR) capabilities in the next year. Cyber insurance is also gaining traction, despite challenges in obtaining coverage due to stricter security requirements.

China-Singapore Guangzhou Knowledge City (CSGKC) has unveiled three new partnerships with Singapore institutions during the 16th Singapore-Guangdong Collaboration Council meeting. These collaborations aim to enhance cooperation in healthcare, artificial intelligence (AI), and talent development between Singapore and China.

The Singapore University of Social Sciences will collaborate with CSGKC on senior care solutions through Aged+ Living Labs. Meanwhile, the Singapore Institute of Technology will focus on smart healthcare technologies, applied research, robotics, and care delivery. Business China will facilitate connections between Singapore-China businesses and innovation communities.

CSGKC, established in 2010, has been a cornerstone of Singapore-China cooperation, fostering over 70,000 registered market entities and establishing industrial clusters in biomedicine, integrated circuits, and new energy vehicles. It serves as a gateway for businesses, institutions, and talent across Singapore, Guangzhou, and the Greater Bay Area.

The city is home to more than 40 biopharmaceutical projects and plans to establish an International Hub for Innovative Healthcare, modelled after Singapore’s HealthCity Novena. This hub will integrate medical care, elderly care, rehabilitation support, and medical tourism.

Samuel Ng, CEO of CSGKC Investment & Development Co., Ltd., stated, “Deeper collaboration between Singapore and China offers significant potential for innovation. We welcome partners to join us in advancing healthcare innovation, accelerating the translation of technology into real-world applications, and strengthening talent development.”

As CSGKC continues to grow, it remains a model of Singapore-China cooperation, integrating industry, innovation, and liveability, and reinforcing its role in advancing shared national priorities.

Tech Data, a TD SYNNEX company, has been appointed as the distributor for CloudCasa by Catalogic Software in Singapore and Malaysia. This collaboration aims to meet the increasing demand for Kubernetes data protection, disaster recovery, and workload mobility in cloud-native environments. The partnership builds on the companies’ successful collaboration in Australia and New Zealand.

The growing investment in cloud, AI, and digital infrastructure in the region is driving the need for secure and resilient application environments. As organisations adopt Kubernetes and containerised applications, traditional data protection solutions often fall short in protecting modern workloads across hybrid environments. CloudCasa offers a purpose-built platform for Kubernetes data protection, disaster recovery, and migration, which can be integrated into broader hybrid and multi-cloud solution architectures through Tech Data’s ecosystem.

Tech Data will leverage its local market reach, technical expertise, and enablement programmes to support resellers, managed service providers, and enterprise partners. Mark Tan, Vice President of Tech Data Singapore and Tec D Malaysia, stated, “For our partners, this creates an opportunity to expand beyond traditional backup and deliver higher-value services around Kubernetes protection, disaster recovery, and workload mobility.”

CloudCasa’s key capabilities include multi-tenancy support, file-level recovery granularity, and flexible deployment models. Aravind Kurapati, Head of Channels and Alliances at Catalogic Software, emphasised the importance of Singapore and Malaysia in Catalogic’s APAC growth strategy, highlighting the urgent need for data protection tailored for cloud-native environments.

This partnership is set to equip more partners to deliver resilient and secure Kubernetes environments, addressing emerging customer requirements and building scalable services for modern application environments.

Coliwoo has reported a robust occupancy rate of 93.7% across its 3,568-room portfolio for the third quarter of FY2026. The company, which operates 28 properties in Singapore, has also announced the commencement of operations at its first resort-style co-living property, Coliwoo Resort Changi, located at 159 Jalan Loyang Besar. In a strategic move, Coliwoo has proposed a sale and leaseback of its 212-room Coliwoo Midtown development to CapitaLand Ascott Trust for S$134m.

The Executive Chairman and CEO of Coliwoo, Kelvin Lim, highlighted the resilience of the company’s co-living model and the sustained demand for flexible living solutions in Singapore. He stated, “Our performance in the third quarter of FY2026 reflects the resilience of our co-living model and the sustained demand for flexible living solutions in Singapore.”

The proposed sale and leaseback of Coliwoo Midtown, subject to shareholder approval and conditions outlined in the Put and Call Option Agreement, is part of Coliwoo’s capital recycling and growth strategy. This initiative aims to enhance capital efficiency and operational flexibility, ultimately supporting long-term value creation for shareholders.

As Coliwoo moves into the final quarter of 2026, the company remains focused on driving operational performance and optimising portfolio returns. The launch of Coliwoo Resort Changi and the proposed transaction with CapitaLand Ascott Trust mark significant milestones in Coliwoo’s ongoing efforts to strengthen its market position and deliver value to its stakeholders.

Agoda, the digital travel platform, has announced a significant step towards sustainability by ensuring that the electricity consumed by its IT infrastructure at NTT Global Data Centres in Singapore is matched with 100 locally generated renewable energy certificates. This initiative is part of a collaboration with NTT DATA, a leader in AI and digital business services, aimed at enhancing energy efficiency whilst maintaining the high performance needed to serve millions of travellers globally.

NTT Global Data Centres in Singapore, which holds BCA Green Mark Platinum and LEED Gold certifications, is working with Agoda to reduce electricity usage across its servers and cooling systems. According to Tadaaki Arimura, Singapore Country Head for NTT Global Data Centres, “Sustainable infrastructure is most effective when it is practical, measurable, and built into day-to-day operations.”

Agoda’s internal measurements for 2026 revealed a reduction in energy use by up to 16% for eligible workloads through dynamic power management. This approach allows servers to consume less power when full processing capacity is unnecessary. Additionally, cooling-related energy use was cut by approximately 40% per eligible server by adjusting fan speeds as needed.

Paolo Prinsecchi, VP of Global IT Infrastructure at Agoda, stated, “By partnering with the right colocation provider such as NTT Global Data Centres and optimising how we use our infrastructure and hardware, we can support more sustainable growth whilst maintaining the seamless experience our users expect from our platform.”

This collaboration aligns with Agoda’s commitment to the Science Based Targets initiative, supporting emissions-reduction targets approved by the initiative.

UOB and the China-Singapore Guangzhou Knowledge City Administrative Committee (KCAC) have signed a Memorandum of Understanding (MoU) to enhance cross-border business, investment, and financial collaboration between the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and ASEAN. The agreement was formalised during the 16th Singapore-Guangdong Collaboration Council meeting on 25 August in Singapore.

The partnership aims to leverage Guangzhou Knowledge City’s role as a flagship China-Singapore project and UOB’s extensive ASEAN network. It will focus on five key areas over the next three years, including supporting innovation-led economic transformation and promoting trade, investment, and supply chain connectivity. The collaboration will also enhance market access and capital market connectivity, support regional headquarters development, and deepen the local financial ecosystem.

Eric Lian, Head of Group Commercial Banking at UOB, highlighted the significance of the partnership, stating, “The Greater Bay Area is one of China’s most dynamic innovation and economic hubs, whilst ASEAN continues to be among the world’s fastest-growing regions. Through this partnership with the China-Singapore Guangzhou Knowledge City Administrative Committee, UOB will leverage our deep ASEAN expertise and network with Guangzhou Knowledge City’s role as a key platform for China-Singapore collaboration.”

The MoU establishes a framework for regular engagement between UOB and KCAC, aiming to create platforms for business exchange and facilitate access to professional and financial services. This collaboration is expected to strengthen trade and investment links and support sustainable growth between the GBA and ASEAN.

The Singapore Human Resources Institute (SHRI) has announced a refreshed positioning and visual identity, marking a new chapter in its over 60-year history of advancing the HR profession. The initiative, launched on 25 August 2026, aims to support HR professionals and organisations as they navigate the evolving world of work.

SHRI’s new positioning, “Beyond HR · Beyond Singapore”, underscores its commitment to connecting Singapore’s HR community with regional and global perspectives. Chief Executive Officer Alvin Aloysius Goh highlighted the critical role of HR in shaping workforce strategy and leading organisational transformation. “SHRI is committed to supporting HR professionals throughout their professional journey,” he stated.

The refreshed identity includes a new logo featuring a shield and lion, symbolising SHRI’s dedication to safeguarding HR standards and embracing new opportunities. This change will be gradually implemented across SHRI’s programmes and communications from 26 August 2026.

As Singapore’s representative in the Asia Pacific Federation of Human Resource Management and the World Federation of People Management Associations, SHRI aims to bring global insights to local HR professionals. President Low Peck Kem emphasised the institute’s enduring purpose: “To advance the profession and support the people behind it.”

SHRI’s efforts to strengthen HR capability through learning, professional development, and industry engagement continue to be central to its mission. The institute remains a pivotal connector for Singapore’s HR community, fostering growth and excellence in the profession.

The Singapore Tourism Board and Mafengwo, China’s largest travel community, have launched the Singapore AI Inspiration Lab in Beijing. This initiative, inaugurated on 23 August, aims to revolutionise travel experiences for seniors, families, and new workforce entrants by leveraging AI technology to offer personalised itineraries and uncover hidden gems in Singapore.

The lab is part of a broader strategic partnership between the two organisations, which began in 2024 with the debut of Mafengwo’s AI travel assistant. The new lab continues the Singapore Tourism Board’s 2025 marketing theme, “Singapore: It’s All About Fun,” and focuses on breaking stereotypes about Singapore travel. The AI tools enable travellers to explore beyond classic landmarks, delving into neighbourhoods, night markets, and hidden natural spots.

At the launch event, Mafengwo travel influencers shared their experiences. Yuandawang Jiushi Wo highlighted how AI planning can reveal niche routes, whilst family travel influencer Guo Xiaoyan discussed AI’s ability to tailor family-friendly itineraries. Luo Gaga GAGA showcased AI’s potential to create relaxed, high-quality trips for older travellers.

The event featured interactive zones, including a traveller personality test, an AI travel assistant demo, and a Nanyang-style photo studio. Visitors could also experience AI robot dogs, which have been introduced at Singapore’s Sentosa and Mandai Wildlife Reserve.

Looking ahead, the Singapore Tourism Board and Mafengwo plan to continue their collaboration, using AI to enhance travel experiences and inspire more visitors to explore the Lion City.

Elite UK REIT Management Pte. Ltd. has announced a groundbreaking financial move by securing a £50m (S$87m-equivalent) Murabaha facility, marking Singapore’s first GBP-denominated sustainability-linked Shariah-compliant Murabaha facility. This 48-month agreement, facilitated through Elite Phoenix Limited, involves Malayan Banking Berhad and RHB Bank Berhad, with £22m already drawn to finance the acquisition of five government-leased properties.

The facility, aligned with Shariah principles, will also support refinancing existing loans and general corporate needs. Chief Executive Officer Joshua Liaw highlighted the significance of this financing, stating, “We are pleased to partner Maybank and RHB on this landmark financing, which brings together three important elements for Elite UK REIT – sustainability, Shariah-compliant finance and GBP funding.”

This initiative underscores Singapore’s role as a financial hub, connecting capital across Asia and the UK. Alvin Lee, CEO of Maybank Singapore, expressed commitment to innovative solutions, whilst Goh Ken-Yi, CEO of RHB Singapore, emphasised the strategic growth ambitions of Elite UK REIT.

The acquisition includes properties such as Queensway House and Griffin House, completed on 17 August 2026. This move not only diversifies Elite UK REIT’s capital sources but also broadens its appeal to investors seeking Shariah-compliant and sustainability-linked opportunities.

The latest earnings season has seen a significant shift for more than 20 companies listed on the Singapore Exchange (SGX), as they moved from losses to profits. This turnaround highlights a diverse range of factors driving these improvements, from operational enhancements to favourable market conditions.

Ouhua Energy Holdings reported a notable return to profitability in the first half of 2026, with a profit of RMB95.8m, compared to a loss of RMB33.5m in the same period last year. The company attributed this success to stronger liquefied petroleum gas (LPG) margins, driven by price increases following supply disruptions in the Middle East. The company also benefited from lower-cost inventory secured before the escalation of conflicts in the region.

Similarly, Food Empire Holdings achieved a profit of US$35.4m in the first half of 2026, reversing a loss of US$1.5m from the previous year. This improvement was supported by a 15% increase in revenue, reaching a record US$315.1m, with significant growth in Russia and Central Asia. The absence of a prior-period fair-value loss on its Renaissance Energy investment also contributed to the positive outcome.

Nera Telecommunications also returned to profitability, with a profit of S$0.5m compared to a loss of S$1.8m in the first half of 2025. The company’s revenue increased by 1.1%, whilst gross profit rose by 8.1%. The turnaround was further supported by reduced foreign-exchange losses, lower restructuring costs, and a 40.9% increase in order intake.

These results underscore the varied factors influencing profit recoveries across different sectors, providing a broader perspective on the earnings landscape for SGX-listed companies.