Industry News

Visa has unveiled its Agentic Ready programme in Singapore, collaborating with 13 banks and fintech partners to enhance the payments ecosystem in the era of agentic commerce. This initiative aims to support issuer readiness by providing a structured path for testing and validating agent-initiated transactions within a controlled environment.

The programme, powered by Visa’s trust layer—which includes tokens, identity, risk, and controls—will initially focus on issuer readiness. Participating partners include Bank of China Singapore, CIMB Singapore, DBS Bank, DCS, GXS Bank, HSBC Singapore, Maybank Singapore, OCBC, Standard Chartered, StraitsX, Trust Bank, UQPay, and UOB. Additional partners are expected to join as the programme expands.

Adeline Kim, Visa’s Country Manager for Singapore and Brunei, highlighted Singapore’s role as an innovation hub, stating, “Singapore is an innovation hub where ideas move quickly from concept to real-world impact, making it the ideal market to progress agentic commerce.” A Visa-commissioned study revealed that 77% of Singapore residents already use generative AI tools, with eight in 10 relying on AI assistance for online shopping.

The Agentic Ready programme builds on Visa Intelligent Commerce, aiming to enable trusted AI-driven commerce experiences at scale. Visa is also working with merchants and ecosystem partners to identify consumer-relevant use cases. As the programme progresses, Visa plans to ensure trust and control are embedded across the payments ecosystem to facilitate secure and transparent commerce experiences.

This initiative marks a significant step in advancing digital payments, with Visa and its partners poised to explore the potential of agent-initiated transactions in a secure and scalable manner.

New research from PlanRadar indicates that artificial intelligence (AI) could play a crucial role in retaining talent within Singapore’s construction sector, which is currently grappling with manpower shortages. The study, involving 1,728 construction professionals, found that 58% believe AI can alleviate significant challenges such as project delays and managing changes. More than half of the respondents expressed a higher likelihood of staying with their employer if there was increased investment in AI tools.

The survey highlights that nearly half of the professionals spend over 11 hours weekly on tasks they believe AI could streamline. Those already utilising AI report saving at least two hours per project each week. Despite these benefits, adoption remains slow, with nearly half of the respondents indicating no current plans to invest in AI-enabled tools.

Trust and cost are the primary barriers to AI adoption in Singapore, with cost concerns ranking higher than the global average. This suggests that firms are carefully evaluating the return on investment before committing to new technologies. “Construction professionals are not resistant to AI. They are asking for tools they can trust,” said Sander van de Rijdt, Co-Founder and CEO of PlanRadar.

The findings come as the sector prioritises productivity and digitalisation under initiatives like the Built Environment Industry Transformation Map. With the Project Management Institute estimating a need for nearly 2.5 million additional project professionals by 2035, AI investment could serve as a vital retention strategy.

Landmark Real Estate Investment Trust (REIT) has announced a strong performance for the first quarter of 2026, with gross revenue rising by 4.6% to S$52.2m compared to the same period last year. This growth is attributed to increased rental revenue and a significant rise in carpark income, which jumped by 29.1% following a change in management arrangements.

The REIT’s net property income also saw a boost, climbing 5.7% to S$30.8m. In Indonesian Rupiah terms, gross revenue and net property income grew by 14.3% and 15.6%, respectively. The increase in carpark income, from IDR28.6b to IDR40.4b, was a notable contributor, now recognised on a gross basis rather than net of operating expenses.

The portfolio’s occupancy rate remains robust at 87.5%, surpassing the industry average of 78.4%, according to data from Cushman & Wakefield. This high occupancy rate underscores the REIT’s resilience and strategic enhancements in its portfolio management.

Looking ahead, Landmark REIT continues to focus on maintaining its strong market position amidst a slightly softening Indonesian economy. The World Bank and OECD have adjusted their growth projections for Indonesia, but the REIT remains confident in its strategic direction and operational resilience.

DBS Group has reported a 1% increase in net profit for the first quarter of 2026, reaching S$2.93b. The bank’s total income hit a new high of S$5.95b, driven by exceptional performance in wealth management, which boosted fee income and treasury customer sales. Despite challenges from lower interest rates and a stronger Singapore dollar, DBS maintained a cost-income ratio of 39% and a stable non-performing loan (NPL) ratio of 1.0%.

Compared to the previous quarter, DBS’s net profit surged by 24%. Non-interest income saw a 41% rise, with significant gains in fee income and treasury customer sales, whilst markets trading income more than doubled. Expenses decreased by 3%, and specific allowances were reduced by more than half.

DBS CEO Tan Su Shan commented, “We had a strong start to the year, with record total income and a return on equity of 17% despite continued rate headwinds and heightened geopolitical uncertainty.” She highlighted the bank’s resilience and ability to support client needs in a challenging environment.

The bank remains vigilant about potential uncertainties, such as the Iran war, but stress tests indicate a sound credit portfolio. DBS continues to invest in growth initiatives, including transformational technology, to enhance customer service and seize long-term opportunities.

Looking ahead, DBS’s solid balance sheet, strong capital position, and robust liquidity are expected to underpin its resilience amidst ongoing global uncertainties.

Singapore’s Minister for Foreign Affairs, Dr Vivian Balakrishnan, underscored the importance of the Singapore-European Union (EU) partnership during the European Chamber of Commerce (EuroCham) Singapore’s Annual General Meeting (AGM) on 29 April. Held at the Amara Hotel, the event gathered EuroCham’s Board of Governors, senior government officials, and diplomatic stakeholders, including Artis Bertulis, the EU Ambassador to Singapore.

In his address, Dr Balakrishnan highlighted the necessity for consensus in dealing with global diversity, stating, “The key point for the principle of consensus and deliberations is when you’re dealing with such diversity, getting everyone on board is critical.” He also called for accelerated EU-ASEAN free trade agreements, noting the shared belief in the rule of law amidst global disruptions.

EuroCham President Jens Rübbert echoed the sentiment, advocating for increased communication in Europe about the value of globalisation and free trade. He remarked, “At the end of the day, there’s no alternative.”

Ambassador Bertulis praised the EU-Singapore partnership for creating jobs, driving innovation, and generating wealth. He highlighted the EU-Singapore Digital Partnership and collaboration on decarbonisation as key areas of cooperation.

The AGM also marked EuroCham’s 25th anniversary, unveiling a new brand identity and website. Rübbert emphasised EuroCham’s commitment to thought leadership and public-private engagement, stating, “Our role has never been more relevant.”

As both regions approach significant anniversaries in 2027, the focus remains on strengthening ties and addressing global challenges collaboratively.

Sheng Siong Group, one of Singapore’s leading supermarket chains, has announced a 12.4% increase in revenue for the first quarter of the financial year 2026, reaching S$452.8m. This growth is attributed to the opening of 12 new stores in FY2025 and robust festive sales during the Lunar New Year and Hari Raya Puasa.

The group’s net profit also rose by 12.6% to S$43.4m, supported by a 15% increase in gross profit to S$140.3m. The gross profit margin improved by 0.7 percentage points to 31%, reflecting a better sales mix that helped offset rising business costs.

Sheng Siong secured three new store locations, with two expected to open in the second quarter and one in the third quarter of FY2026. The company is also awaiting the results of five tenders from the Housing Development Board (HDB).

CEO Lim Hock Chee stated, “The Group remained resilient amid macroeconomic uncertainties and delivered steady performance in the first quarter, reflecting our operational strength and solid fundamentals.”

Despite challenges such as geopolitical tensions and rising energy costs, Sheng Siong is focused on refining its sales mix, diversifying its supplier base, and investing in automation to enhance operational efficiency. The company aims to continue its expansion in areas with limited presence, ensuring its value-for-money proposition meets evolving consumer needs.

International travel is experiencing a significant surge this Labour Day holiday, with outbound flight bookings from Singapore and China rising by 15% year-on-year, according to data from Trip.com Group. The extended five-day holiday in China, from 1 to 5 May, has encouraged more Chinese travellers to explore international destinations, often visiting multiple cities in one trip.

Edmund Ong, Senior Regional Director at Trip.com, noted, “Singaporeans are making use of the long weekend for quick international escapes, whilst Chinese travellers are not just venturing abroad, but often exploring two or more cities within a single overseas trip.” Popular destinations for Chinese travellers include Seoul, Bangkok, Singapore, Kuala Lumpur, and Tokyo.

In Singapore, the three-day Labour Day break has prompted many to travel abroad, with a notable 16% increase in multi-city bookings. Destinations such as Kuala Lumpur, Bangkok, and Seoul remain popular, whilst cities like Shanghai, Guangzhou, Sydney, and Tokyo have seen over 30% growth in bookings.

Chinese travellers are also showing a strong preference for international travel, with a 31% increase in multi-destination trips. Top international destinations include Seoul, Bangkok, and Singapore, whilst Shanghai, Beijing, and Chengdu are favoured for domestic travel.

For inbound travel to Singapore, China leads as the top source market, followed by Malaysia, Thailand, Indonesia, and the Philippines. This trend highlights the growing appeal of Singapore as a travel destination during the Labour Day holiday.

DKSH, a prominent market expansion services provider, has successfully obtained ISO 14001 and ISO 45001 certifications for its operations in Singapore and Malaysia. These certifications, awarded following a comprehensive multi-site audit, highlight DKSH’s commitment to environmental responsibility and workplace safety. The achievement aligns with the company’s global strategy to secure ISO certifications across its key markets.

The ISO 14001 certification focuses on minimising environmental impact, whilst ISO 45001 outlines the requirements for occupational health and safety management systems. DKSH has implemented these standards through routine risk assessments, structured incident reporting, and continuous safety performance monitoring. Additionally, the company has established emergency response procedures and provides ongoing safety training for employees and business partners.

By the end of 2025, DKSH had achieved global ISO certifications across nearly 40 facilities in seven markets, including Cambodia, Hong Kong, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. The recent certifications in Singapore and Malaysia further extend DKSH’s commitment to sustainability and safety within its supply chain network. Delia Sun, Head of Supply Chain Management and Member of the Executive Committee, stated, “Achieving ISO 45001 and ISO 14001 certifications in Singapore and Malaysia reflects our strong commitment to building a safe workplace whilst operating in an environmentally responsible manner.”

DKSH plans to continue expanding its certification coverage to additional markets, reinforcing its dedication to integrating sustainability and safety into all aspects of its operations.

MetaComp Group has announced the successful completion of a proof-of-concept for Tether Gold (XAUT), marking a significant step in its digital financial solutions. The initiative, aimed at institutional clients, explores three key use cases: cross-border payments, long-term value preservation, and gold-collateralised working capital. This development allows XAUT to function as a commodity-backed stablecoin, a cross-border payment tool, and a source of working capital liquidity.

The commercial launch includes 24/7 over-the-counter (OTC) trading through MetaComp Pte. Ltd. and lending against XAUT collateral via MetaComp Cayman Limited. This move comes as gold prices reach historic highs, driven by macroeconomic uncertainties and increased demand for safe-haven assets.

MetaComp’s platform, licensed by the Monetary Authority of Singapore (MAS), supports over 1,000 institutional clients globally. It offers T+0 settlement and access to USD, USDT, or USDC against pledged XAUT collateral. The proof-of-concept demonstrated the efficiency of XAUT in cross-border transfers, achieving faster settlement and cost-effective operations compared to traditional banking methods.

The tokenised commodity market has seen substantial growth, with XAUT and PAXG accounting for a significant portion. MetaComp’s initiative positions it at the forefront of integrating digital assets with traditional financial systems, offering a compliant infrastructure for international payments. The product is now available to accredited and institutional clients, expanding MetaComp’s digital asset ecosystem.

Thales has unveiled its 2026 Bad Bot Report, highlighting a significant shift in Singapore’s digital landscape, where bots now constitute 58% of all internet traffic. The report underscores the growing challenge for organisations as 52% of this bot traffic is classified as malicious, posing a threat to digital security.

The report reveals that financial services are particularly vulnerable, accounting for 80% of bot attacks in Singapore. As AI continues to blur the lines between legitimate and malicious activity, the focus is shifting from identifying bots to understanding their intent. Tim Chang, Global Vice President and General Manager of Application Security at Thales, stated, “AI is transforming automation from something organisations try to block into something they must also manage.”

The findings indicate a structural change in internet traffic, with bots increasingly outnumbering human activity. In 2025, bots made up 53% of global web traffic, a figure that rises to 58% in Singapore. This trend is not limited to specific events but represents a persistent presence across digital environments.

APIs and identity systems have become primary targets for bot attacks, with 27% of such attacks focusing on APIs. These attacks often exploit business logic and manipulate workflows, particularly affecting high-value sectors like financial services and IT.

Andy Zollo, APJ Senior Vice President at Thales, emphasised the need for a governance-based model to manage automation effectively. As AI-driven automation reshapes the digital landscape, organisations must adapt their security strategies to maintain trust and performance.