Industry News

SingSaver has launched an innovative “Guess and Win” World Cup 2026 Campaign, offering Singapore residents the chance to win a share of a S$30,000 cash pool. Participants can enter by predicting the World Cup champion and exploring financial products such as credit cards, personal loans, and online brokerages. The campaign runs until 28 June 2026.

The prize pool is divided equally among three product categories, with S$10,000 allocated to each. Participants must apply for a selected product and correctly predict the tournament winner to qualify for a share of the prize. Ayush Goyal, Country Manager at SingSaver, stated, “With this campaign, we wanted to bring that same energy into personal finance by giving consumers a more engaging way to discover products that may suit their needs, whilst also rewarding them for taking that step.”

The campaign includes daily flash deals and social media challenges, such as the Golden Ticket and Golden Play, to engage participants. Major financial institutions like Citibank, DBS, and HSBC are involved, providing a wide range of eligible products.

Open to Singapore residents aged 21 and above, including those with EP, S Pass, or work permits, participants must have a PayNow account for prize disbursement. Winners will be announced after the World Cup concludes on 19 July 2026. For more details, visit SingSaver’s website.

Yealink, a leader in Unified Communications and Collaboration solutions, has inaugurated its Global Operational Headquarters and Customer Experience Centre (CEC) in Singapore. This move underscores Yealink’s commitment to enhancing its global operations and local service capabilities, leveraging Singapore’s strategic location and robust infrastructure.

The opening ceremony, attended by key figures such as Jay Liu, Executive Vice President of Yealink, and Ng Ming Liang from the Singapore Economic Development Board, highlighted the significance of Singapore as a strategic hub for Yealink’s global operations. Jay Liu stated, “Singapore represents more than a regional office for Yealink. It is an important operational hub that supports our global service capabilities, trusted operations, and localised customer engagement.”

The new headquarters will facilitate various strategic functions, including market enablement, operational coordination, and cloud service management. The CEC will offer hands-on product demonstrations and training programmes, enhancing local customer engagement and collaboration with Singapore’s business ecosystem.

Yealink’s decision to expand in Singapore is driven by the city-state’s mature operational capabilities and stringent data protection regulations, making it an ideal location for the Yealink Management Cloud Service. This expansion marks a new chapter in Yealink’s global journey, focusing on trust, innovation, and long-term partnerships.

With over 25 years in the industry, Yealink continues to be a trusted global technology partner, serving customers in more than 140 countries. The Singapore expansion reinforces its commitment to customers and partners across Southeast Asia and the Asia-Pacific region.

Maybank has announced a strategic partnership with Evooq to launch an AI-powered advisory platform, Advisor Assist, aimed at bolstering its wealth management services across Southeast Asia. This collaboration seeks to integrate advanced technology with human expertise to provide personalised and insightful financial advice to clients.

Advisor Assist, developed on Evooq’s technology, will equip Maybank’s relationship managers with intelligent insights, portfolio risk analytics, and next-best-action recommendations. This will enable them to better understand client needs, identify opportunities, and engage in more meaningful conversations. Alice Tan, Head of Group Wealth Management at Maybank, stated, “Through our partnership with Evooq, we are enhancing our ability to serve our clients across the region with more personalised advice and helping them better understand and manage the risks within their portfolios.”

Evooq’s platform will offer a unified view of client portfolios and investment opportunities, supporting Maybank’s wealth management teams across key markets. Gery Dachlan, Managing Director of Evooq, remarked, “This partnership not only reflects the strength of our platform but also reinforces our commitment to support leading financial institutions in the region as they accelerate their digital transformation.”

This initiative underscores Maybank’s ambition to lead in wealth management within Southeast Asia, aligning with its strategy to humanise financial services. Evooq, meanwhile, continues to expand its presence in the Asia Pacific, delivering scalable, AI-driven solutions for modern investors.

The Institute of Singapore Chartered Accountants (ISCA) will make history by leading Singapore’s accountancy profession in the National Day Parade (NDP) 2026. This marks the first time the profession will be represented in the parade, featuring a civilian contingent of accountants, aspiring Chartered Accountants, students, educators, and partners from across the sector.

The contingent, led by ISCA Council member Koh Wee Kwang, includes representatives from 10 partner organisations, such as public sector agencies, professional services firms, and institutes of higher learning. This diverse group highlights the profession’s role in upholding trust and accountability in Singapore’s economy.

Ng Heng Kuan, a Chartered Accountant of Singapore and Reserve Contingent Commander, expressed the significance of this opportunity. “Taking part in NDP has given me the chance to reflect on my journey in the profession and to contribute in a different way,” he said. Vincent Lye Kim Hee, a Finance Manager and SCAQ candidate, added, “NDP has shown me another side of teamwork, one built on discipline, trust, and shared commitment.”

As Singapore celebrates its 61st year of independence, ISCA’s participation underscores the accountancy profession’s contributions to nation-building. ISCA President Lee Boon Teck remarked, “Marching at NDP is a meaningful way to recognise those contributions and to show younger Singaporeans that accountancy is a profession with purpose.”

ISCA’s involvement aims to inspire young Singaporeans to consider careers in accountancy, highlighting the diverse opportunities within the field.

Singapore has been ranked among the world’s ten most resilient food systems, according to the inaugural Resilient Food Systems Index (RFSI) by Economist Enterprise, supported by Cargill. The index evaluates 60 countries on food system resilience across affordability, availability, quality and safety, and climate risk responsiveness. Singapore scored 73.0 overall, placing it 9th globally and leading Southeast Asia.

The RFSI highlights Singapore’s strengths in affordability, with a score of 85.2, and a near-perfect 99.9 for healthy diet affordability. This reflects the effectiveness of Singapore’s food pricing and social support infrastructure. In terms of availability, Singapore ranks 7th globally, underscoring its successful import diversification and supply chain efficiency, crucial for a nation that imports 90% of its food.

However, the index also warns of a significant blind spot: climate risk responsiveness. Singapore scores 57.4 in this area, ranking 35th globally, indicating a need for improved disaster preparedness and agricultural adaptation. This is a common issue across the Asia-Pacific region.

John Fering, Group President of Food APAC at Cargill, commented, “The results offer an independent, data-driven endorsement of Singapore’s Food Story 2 strategy, confirming that a city-state without agricultural land can build a world-class food system through trade, partnership and targeted investment rather than production alone.”

As Singapore designates 2026 as the Year of Climate Adaptation, the nation aims to bolster its import ecosystem and reinforce trade resilience through global partnerships. The RFSI serves as a reminder of the need for collaborative efforts to enhance food system resilience worldwide.

The Services Producer Price Indices (SPPIs) for the first quarter of 2026 reveal a notable increase in prices across several service sectors in Singapore. The Department of Statistics reported that freight forwarding experienced the most significant rise, with a 4.5% increase compared to the previous quarter. This surge was primarily attributed to a 9.1% jump in air freight forwarding costs, influenced by disruptions in the Middle East affecting flights and sea shipments.

Other sectors also saw price increases. Postal and courier services rose by 3.3%, with both local and international services contributing to the growth. Sea freight transport prices increased by 1.5%, driven by a substantial 16.3% rise in liquid bulk and gas freight transport costs, although containerised and dry bulk freight transport saw declines.

Conversely, telecommunications services and computer consultancy and information services experienced slight decreases of 0.2% and 0.3%, respectively. The decline in computer consultancy was due to reductions in both computer programming and information services sub-indices.

These changes in service prices are crucial for understanding macro-economic conditions and are used as price deflators in national accounts to estimate real growth in Singapore’s services sector. The ongoing conflicts in the Middle East have notably impacted freight costs, highlighting the interconnectedness of global events and local economic indicators. As these indices continue to fluctuate, they will play a vital role in shaping economic strategies and business decisions in the coming months.

The Lorong Puntong site, part of the Government Land Sales (GLS) programme for the first half of 2026, is expected to generate significant interest from developers, according to Huttons Asia CEO Mark Yip. Located near Bright Hill MRT station and opposite Ai Tong School, the site is the smallest in the current GLS programme, offering only 140 units.

This marks the first GLS site in the Thomson area since the Bright Hill MRT station opened on the Thomson East Coast line. The area has seen limited new private home supply since the JadeScape project launched in 2018. The upcoming enbloc project, Thomson Reserve, is already attracting strong interest ahead of its expected launch in September or October 2026.

Demand for homes in the Thomson area remains robust due to its central location and limited supply. JadeScape, for instance, sold over 60% of its launched units during its first weekend, with prices exceeding $2,600 per square foot (psf) in 2026.

Yip anticipates that the Lorong Puntong site could attract a top bid ranging from $1,400 to $1,500 psf per plot ratio (ppr), with the total cost remaining under $200m. This makes it an accessible entry point for developers, potentially drawing up to eight bidders. However, developers may not trigger the Kitchener Link site, given the availability of other Rest of Central Region (RCR) sites in the second half of 2026 GLS programme.

VICOM Ltd has announced a leadership transition with Deputy CEO Chung Tying Chun set to become CEO on 1 January 2027, following the retirement of current CEO Sim Wing Yew on 31 December 2026. This move is part of VICOM’s structured succession planning aimed at ensuring continuity and strengthening its Testing, Inspection, and Certification (TIC) capabilities.

Chung, who joined VICOM in 2013, has been instrumental in expanding the company’s testing capacity and capabilities in high-growth areas such as medical devices and consumer electronics. He was appointed Deputy CEO on 1 May 2026 and will step down as CEO of Setsco Services Pte Ltd on 1 July 2026 to focus on his new role at VICOM.

Sim, who has served as CEO for 14 years, expressed gratitude for the support he received during his tenure, stating, “Together, we have strengthened VICOM’s position as a trusted TIC partner.” Dr Tan Kim Siew, Chairman of VICOM, praised Sim’s leadership and expressed confidence in Chung’s ability to lead the company into its next phase of growth.

Chung commented on his new role, saying, “I am deeply honoured to be entrusted with leading VICOM into its next chapter.” He aims to leverage the company’s existing strengths and drive growth in the evolving TIC sector.

The transition will also see Ng Soon Lee take over as Acting CEO of SETSCO, ensuring a smooth handover and continued focus on VICOM’s strategic objectives.
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HSBC has unveiled HSBC TradeCash, a new digital trade finance solution designed to expedite access to working capital for businesses. Launched in Singapore, the service allows customers to upload sales invoice data online and secure a loan against it, with funds available within minutes once all necessary information is submitted and approved via HSBCnet.

The introduction of HSBC TradeCash aims to address the challenges businesses face with extended payment cycles, often exceeding 30 days, which can strain liquidity and hinder growth. By eliminating the need for traditional trade documentation, the solution helps bridge cash-flow gaps, reduce administrative burdens, and support business expansion.

Vivek Ramachandran, Global Head of Trade at HSBC, highlighted the strategic importance of the solution, stating, “HSBC TradeCash is designed to help customers unlock cash tied up in receivables, with a digital journey that helps reduce administrative burden. By providing fast access to funding, we’re helping businesses spend less time on paperwork and more time fulfilling orders, investing and expanding.”

The launch comes amid increasing global economic volatility, with a recent HSBC survey revealing that 91% of Singaporean business leaders have adjusted their capital allocation strategies in response to these challenges. The survey also found that 86% are boosting capital deployment in high-growth markets.

Runa Baksi, Head of Southeast Asia for Global Trade Solutions at HSBC, expressed enthusiasm for the rollout, noting, “HSBC TradeCash will provide sellers a simpler, digital route to financing — helping customers to unlock their working capital and save time on manual effort so they can focus on growing their businesses.”

HSBC has been recognised as the top provider of trade finance globally and the leading trade bank in Singapore, according to the 2026 Euromoney Trade Finance Survey.

Rockwell Automation’s Singapore manufacturing facility has been named a member of the World Economic Forum’s (WEF) Global Lighthouse Network, highlighting its advanced manufacturing capabilities. This accolade acknowledges the site’s successful implementation of over 50 digital and AI-enabled solutions, including intelligent automation and predictive maintenance, which have significantly enhanced productivity, quality, and workforce enablement.

The recognition underscores Rockwell’s commitment to scaling AI-driven transformation across its global operations. Bob Buttermore, senior vice president and chief supply chain officer at Rockwell Automation, stated, “We are focused on turning data into decisions and AI into outcomes—helping manufacturers build Factories of the Future that are more resilient, adaptive, and productive.”

The WEF’s Global Lighthouse Network connects leading manufacturers who are pioneering industrial transformation. By joining this network, Rockwell Automation will collaborate with other industry leaders to share best practices and accelerate the adoption of advanced technologies across various sectors and regions.

Kiva Allgood, managing director at the World Economic Forum, noted, “The newest Lighthouse sites show how intelligence is becoming embedded into the fabric of operations, enabling organisations to respond faster, learn continuously, and unlock new levels of performance across their value chains.”

This recognition not only highlights Rockwell’s innovative use of technology but also reinforces its role in advancing global industrial transformation, moving beyond pilot programmes to achieve scalable, measurable business outcomes.