Industry News

The World Gold Council’s latest report reveals that Singapore’s demand for gold bars and coins soared by 42% year-on-year to 3.5 tonnes in the first quarter of 2026, marking the highest quarterly demand on record. This surge occurred despite escalating gold prices, which have deterred jewellery purchases globally.

Globally, the demand for gold bars and coins increased by 42% to 474 tonnes, driven by retail investors seeking a safe haven amidst geopolitical tensions. In contrast, gold jewellery consumption in Singapore fell by 13% to 1.5 tonnes, aligning with a broader global trend as high prices discouraged consumer purchases. However, the value of jewellery demand rose, indicating a sustained willingness to invest in gold.

The report highlights that Asian markets, including China, India, South Korea, and Japan, experienced significant increases in bar and coin purchases, contributing to a structural shift in gold demand. Central banks also bolstered global reserves by adding 244 tonnes in the first quarter, underscoring gold’s role as a strategic asset during market volatility.

Shaokai Fan, Head of Asia-Pacific (ex-China) and Global Head of Central Banks at the World Gold Council, noted, “Q1 2026 saw investors across the Asia-Pacific region lead the charge in global gold demand.” He emphasised the strong investment momentum in Singapore and Southeast Asia, driven by geopolitical uncertainty and trade risks.

Looking ahead, the World Gold Council anticipates that geopolitical risks will continue to support gold demand, with central banks expected to maintain net buying. However, high interest rates may pose challenges, particularly in Western markets.

Cognition, the AI coding agent company known for creating Devin, the first AI software engineer, has announced its expansion into Singapore. This move positions Singapore as the company’s Asia-Pacific hub, centralising its regional leadership, operations, and growth. Richard Spence, Vice President and General Manager for APAC, will lead the operations from Singapore, focusing on regional strategy, customer engagement, and market expansion.

Cognition’s decision to establish its headquarters in Singapore follows its acquisition of Havana, a local start-up specialising in AI agents. This acquisition aims to bolster Cognition’s engineering and market capabilities in the region. The company plans to open its Singapore office in the Central Business District later this year and will build a team across engineering, operations, product, sales, and marketing over the next two years.

The company’s platform is already in use by leading enterprises in Singapore, including OCBC. Michael Chung, Head of Group Wealth Engineering at OCBC, noted that the partnership with Cognition has resulted in productivity gains of up to 30% and has empowered the bank to deliver superior products to its customers.

Cognition’s expansion into Singapore is part of a broader strategy to support enterprise transformation in the AI era, enabling organisations to accelerate development timelines and improve code quality. The company is backed by global investors and has raised over US$400m, achieving a valuation of US$10.2b.

Singapore’s small and medium-sized enterprises (SMEs) experienced a slight relief in borrowing costs in 2025, with average unsecured lending rates dropping to 8.18% from a high of 8.47% in 2024, according to Linkflow Capital’s latest survey. The return of larger loans, particularly those above $500,000, marked a significant change after their absence in 2024.

Despite this improvement, the recovery was uneven. Bank loan processing times increased to an average of 33 days, compared to 22 days in 2024, whilst nonbank funders managed to disburse loans in just seven days. This disparity has reshaped the competitive landscape for lenders, with nonbank entities gaining traction due to their speed.

The survey revealed that 82% of SMEs seeking financing in 2025 had no prior bank loan facilities, indicating a substantial untapped market. The loan approval rate improved to 74%, up from a five-year low of 70% in 2024. However, personal credit-related rejections for unsuccessful applicants nearly tripled, rising from 3% to 11%, highlighting increasing personal credit stress among SME owners.

Benjamin Teo, spokesperson for Linkflow Capital, noted, “2025 was the year SME credit conditions began to thaw after the 2024 squeeze, but the recovery was uneven.”

Looking ahead, the Middle East conflict, which began in February 2026, poses a new challenge. The conflict has increased freight, energy, and shipping costs, potentially reversing the modest gains of 2025 if tensions escalate. This situation could lead to tighter credit conditions for Singapore’s SMEs in the coming year.

Singapore’s economic outlook for the first quarter of 2026 has been upgraded by RHB Bank, with the Group Chief Economist and Head of Market Research, Barnabas Gan, forecasting a 5.3% year-on-year growth in GDP. This revision comes in light of stronger-than-expected industrial production (IP) figures, which surged by 10.1% in March, significantly exceeding Bloomberg’s forecast of 6.0% growth.

The Ministry of Trade and Industry (MTI) had previously estimated a 4.6% GDP growth for the same period. Despite the upward revision, RHB maintains its full-year GDP projection at 3.0%, with a 4.0% growth forecast for industrial production, acknowledging modest upside risks.

Gan highlighted the positive trajectory of Singapore’s manufacturing sector but cautioned about the potential impact of ongoing global trade policy uncertainties and geopolitical tensions. These factors, he noted, require vigilant monitoring as they could influence future economic performance.

The report underscores the resilience of Singapore’s economy amidst external challenges, with the March IP figures marking a notable acceleration from February’s revised 3.3% growth. This robust performance is a key driver behind the revised GDP forecast.

As Singapore navigates these complexities, the revised forecast reflects confidence in the country’s economic fundamentals, whilst also acknowledging the need for continued vigilance in the face of external uncertainties.

The Institute of Singapore Chartered Accountants (ISCA) held its 2025/2026 Annual General Meeting on 24 April 2026, revealing a strategic year of investment despite recording its first operating deficit in a decade. The institute focused on enhancing long-term member value and expanding its international presence.

ISCA’s membership grew by 11% to 43,500, with a renewal rate of 98.3%. The Singapore Chartered Accountant Qualification (SCAQ) saw a 37% increase in candidates, including 400 from overseas. ISCA expanded its regional footprint to 12 overseas chapters across nine countries, establishing six overseas offices and three Professional Services Centres.

The AGM also marked the election of the 2026 ISCA Council, with new members including Alan Chang Chi Hsung, Chua Siew Hwi, Quah Zheng Wei, Tan Aik Na, and Yong Zen Yun. Re-elected members include Jocelyn Goh Chern Ni, Koh Wee Kwang, and Lee Boon Teck, who was appointed as the new President.

ISCA’s investments were aimed at strengthening capabilities, growing the talent pipeline, and enhancing regional relevance. “The investments we have made over the past year lay the groundwork for a stronger, more connected profession,” said Lee Boon Teck, ISCA President.

Looking forward, ISCA plans to translate these investments into tangible outcomes for members, focusing on improving member experience and expanding international opportunities. The institute’s efforts to promote the SCAQ beyond Singapore, including its integration into Nanjing University of Finance and Economics, underscore its commitment to global reach.

NTT DATA has launched its Software Defined Infrastructure (SDI) Services Agent, a new tool designed to help Singaporean organisations overcome infrastructure bottlenecks as they accelerate AI adoption. This innovation addresses challenges posed by fragmented and outdated IT systems, which are often exacerbated by siloed tools and multi-vendor complexities.

The SDI Services Agent offers a conversational interface that allows IT teams to interact with infrastructure using natural language. It unifies visibility and action across various environments, including networking, cybersecurity, and digital workplaces. This system shifts from reactive to proactive and autonomous operations, providing real-time visibility and AI-driven insights across complex, multivendor settings.

Chris Barnard, Vice President at IDC, highlighted the significance of this development, stating, “Traditional infrastructure services are increasingly out of step with the demands of an AI-driven enterprise. NTT DATA is differentiating itself through an innovative-first multivendor agentic service experience.”

The agent also incorporates sustainability insights, enabling organisations to optimise the environmental impact of their infrastructure. According to NTT DATA’s Global AI Report, 34.5% of AI leaders are investing in rebuilding core applications with embedded AI capabilities.

Dilip Kumar, Global Head of Infrastructure Solutions at NTT DATA, emphasised the strategic importance of the new service, saying, “Our agentic SDI Services enable enterprises to move beyond ‘lights on’ operations and turn infrastructure performance into measurable outcomes.”

This launch marks a significant evolution in NTT DATA’s offerings, promising to enhance resilience, reduce operational costs, and accelerate the time to value for IT teams managing large-scale infrastructure estates.

GDS Global Limited, a prominent provider of door and shutter solutions in Singapore and South East Asia, has been awarded a two-year maintenance contract by a town council in Singapore’s central region. This contract involves comprehensive services such as preventive maintenance, 24/7 emergency response, and safety compliance checks for door and shutter systems.

The new contract is expected to bolster GDS’s existing portfolio of maintenance agreements across both private and public sectors. This expansion will enhance the company’s long-term revenue streams and customer retention, offering opportunities for system upgrades and replacements. The contract further solidifies GDS’s position as a lifecycle solutions specialist in the industry.

GDS’s subsidiary, Gilderol Doors (S) Pte. Ltd., will execute the contract, leveraging over 40 years of engineering expertise. The company currently maintains thousands of door and shutter systems across various sectors, including public infrastructure, commercial buildings, and healthcare facilities.

Non-Executive Non-Independent Chairman Tang Hee Sung stated, “This new contract reflects our established strengths and track record in maintenance and servicing capabilities, backed by over 40 years of engineering expertise.” He added that the contract positions GDS to capture future opportunities in system upgrades and compliance-driven enhancements.

Whilst the contract is not expected to have a material financial impact for the financial year ending 30 September 2026, it underscores GDS’s commitment to providing reliable and efficient maintenance solutions across Singapore.

CapitaLand Investment (CLI), a prominent global real asset manager, has announced a total revenue of S$487m for the first quarter of 2026. The company reported a 10% year-on-year increase in fee-related revenue, reaching S$310m, bolstered by significant growth in its listed funds. During this period, CLI successfully raised approximately S$2.5b in equity across its listed and private funds, despite a challenging fundraising environment.

CLI’s strategic moves included S$6.9 billion in acquisitions, focusing on suburban and core retail, business park properties in Singapore, and strategic logistics assets in the US, Spain, and Singapore. Additionally, the company divested S$2.9b, including a commercial office in Singapore’s central business district and a suburban retail asset. CLI is also progressing towards a second C-REIT listing on the Shanghai Stock Exchange.

The company is expanding its capital-efficient private funds platform, securing a S$2.4b investment mandate to manage Income Insurance’s Singapore real estate portfolio. Furthermore, CLI achieved a final close with approximately S$400m in capital commitments for its APAC Credit Programme II, highlighting growing institutional interest in asset-backed real estate credit strategies.

The Ascott Limited, CLI’s lodging platform, continues its asset-light growth by signing around 1,800 units and opening over 2,250 units. The platform saw a 3% rise in RevPAU, driven by a 3 percentage point increase in occupancy. Ascott aims to open over 25 properties across Southeast Asia in the next year and is advancing AI transformation through strategic partnerships.

CLI remains committed to navigating the dynamic market environment with disciplined capital management, focusing on high-conviction themes in lodging, logistics, and real estate credit across resilient markets such as Singapore, Japan, and Australia.

GXS Group, comprising GXS Bank in Singapore and GXBank in Malaysia, has reported a significant financial upturn for the fiscal year ending 31 December 2025. The Group’s asset base tripled, and revenue doubled, driven by strategic expansions in retail and micro, small, and medium enterprises (MSMEs).

The Group’s total loans surged by 323% to S$1.03b, reflecting a diversified strategy across various segments. Despite a challenging interest rate environment, total deposits grew by 38% to S$2.3b, with an 84% increase in Net Interest Income. The Expected Credit Loss improved from 6.8% to 4.6%, attributed to enhanced credit modelling and a balanced mix of secured and unsecured assets.

Following the completion of its regional technology infrastructure in 2024, GXS Group managed to halve its cost-to-income ratio from 695% to 313%, maintaining flat operating expenses. This operational efficiency highlights the Group’s strategic focus on scaling its financial services.

In 2025, GXS Group expanded its Business Banking services to MSMEs, offering interest-bearing accounts and flexible credit lines. The acquisition of GXS Capital, formerly Validus Capital, marked a milestone as the first successful acquisition of a local fintech by a homegrown digital bank in Singapore. This move accelerated GXS Bank’s market reach, particularly in trade finance and working capital loans.

The Group’s regional expansion included a capital injection of over S$54m into GXBank in Malaysia and a minority stake in Indonesia’s Superbank, which successfully launched its IPO in December 2025. GXS Group’s efforts underscore its commitment to financial inclusion and innovation in Southeast Asia’s digital banking landscape.

HTX (Home Team Science and Technology Agency) and ST Engineering have signed a five-year Memorandum of Understanding (MoU) to develop a space technology programme aimed at bolstering Singapore’s public safety operations. Announced at the Milipol TechX Summit 2026, the collaboration will focus on leveraging space-based science and technology, including satellite missions, to improve observational and early-warning capabilities.

The programme will utilise satellites to detect and monitor hazardous gas plumes offshore, providing first responders with crucial lead time to react and mitigate incidents. Chan Tsan, Chief Executive of HTX, highlighted the potential of space technologies, stating, “This capability enables faster and more effective responses to save lives and safeguard public safety.”

Low Jin Phang, Chief Operating Officer for Defence & Public Security and President for Digital Systems at ST Engineering, emphasised the strategic importance of satellite missions in public safety. “We are applying our expertise in Earth observation satellites, geospatial services, and advanced digital technologies to jointly develop space-based capabilities that strengthen public safety outcomes,” he said.

This initiative builds on the existing partnership between HTX and ST Engineering, which has been instrumental in advancing innovation in critical science and technology areas for public safety in Singapore. A model of the new satellite under this MoU is currently on display at the MTX 2026 summit.

The collaboration underscores the commitment of both organisations to harnessing technology for real-world applications, aiming to make Singapore one of the safest places globally.