Industry News

FairPrice Group (FPG) is set to provide NTUC and Link members with $5m worth of savings on essential items in celebration of May Day 2026. From 30 April to 17 May, members can enjoy 50% discounts on key daily essentials at FairPrice supermarkets and selected Kopitiam outlets. Additionally, NTUC members will have access to exclusive discounts through digital vouchers on the FPG app.

The initiative aims to support Singaporeans amidst rising costs due to global supply chain disruptions. FPG’s Group CEO, Vipul Chawla, emphasised the company’s commitment to keeping essentials affordable, stating, “These discounts on key essentials are our way of assuring Singaporeans that we stand with them.”

Ng Chee Meng, Secretary-General of NTUC, highlighted the importance of easing cost pressures for workers, saying, “The discounts on essentials from FairPrice Group demonstrate our shared commitment in doing our part to ease cost pressures in times of need.”

The May Day promotions include a 50% discount on a different essential item each week, with the first deal featuring Double FP Thai Hom Mali Rice. NTUC members using the FPG app will also receive discounts on a wider range of products, starting with FairPrice Canola Oil.

Moreover, FairPrice Foundation and Kopitiam are reintroducing the popular 50 cents hot kopi and teh deals at 70 outlets from 1 to 31 May. This initiative is part of FPG’s broader efforts to help Singaporeans manage inflation, including price freezes and special deals on various products throughout the year.

Changi Airport Group (CAG) and Shenzhen S.F. Taisen Holding (SF) have signed a Memorandum of Understanding (MoU) to develop Changi Airport as SF’s first overseas hub. This five-year strategic partnership aims to enhance Changi’s express cargo capacity and network, marking a significant step in SF’s global expansion plans.

The collaboration will leverage Singapore’s strategic location, positioning Changi Airport as a key air logistics hub for high-value cargo flows. SF Group, China’s largest integrated logistics service provider, will use Singapore as a base to expand its reach across Southeast Asia, South Asia, and Oceania. This move is expected to strengthen connectivity with major markets in these regions.

CAG’s Chief Executive Officer, Yam Kum Weng, expressed enthusiasm about the partnership, stating, “We are delighted that SF Group has selected Changi Airport as its first overseas hub, marking an exciting milestone for both organisations.” SF Group’s Chairman, Dick Wong, highlighted Singapore’s role in their global strategy, noting the aim to provide competitive cross-border logistics solutions amid a complex global trade environment.

SF Airlines, a subsidiary of SF Group, already operates freighter services to Singapore, further integrating into Changi’s robust express ecosystem. This ecosystem includes major players like DHL Express, FedEx Express, and UPS, ensuring swift and reliable movement of goods across Asia-Pacific and globally.

The partnership underscores Changi Airport’s position as a trusted air logistics hub, poised to support the evolving needs of international supply chains. As the collaboration progresses, it is expected to enhance Changi’s cargo network, facilitating faster and more secure handling of shipments.

In a significant shift within the tech industry, new research from International Workplace Group (IWG) indicates that hybrid working has become the leading strategy for attracting top tech talent, surpassing competitive pay. The study reveals that 78% of business leaders believe organisations offering hybrid work have a distinct advantage in recruitment, with 37% of firms prioritising this approach over competitive salaries, which stand at 35%.

The research highlights a fiercely competitive market for tech talent, with 67% of leaders acknowledging the increased difficulty in attracting skilled candidates. Furthermore, 68% of leaders recognise that competitive salaries alone are insufficient for retaining top talent, emphasising the importance of flexibility.

Advanced technology skills, such as AI, data analytics, and coding, are increasingly valued, with 83% of leaders considering them crucial for leadership promotions. Notably, 22% of leaders place higher importance on these skills than on traditional university degrees. This trend is reshaping hiring practices, with 23% of organisations promoting tech professionals under 30 into leadership roles earlier than usual, a figure that rises to 45% among Gen Z-led businesses.

In Singapore, efforts to build an AI-fluent workforce are intensifying, supported by initiatives like the National AI Impact Programme and the TechSkills Accelerator Programme. These efforts aim to address the persistent shortage of AI-related skills, which remain among the hardest to find.

Mark Dixon, IWG Founder and CEO, stated, “The message from leaders—and particularly from younger generations—is clear: companies that do not embed hybrid working into their culture risk losing out in the race for tech talent.”

The Asia-Pacific (APAC) hearing implants market is set to expand at a compound annual growth rate (CAGR) of approximately 1% from 2026 to 2036, according to a report by GlobalData. This growth is attributed to demographic changes, such as ageing populations and heightened awareness of hearing health across the region.

GlobalData’s report highlights that the APAC region accounted for nearly 23% of the global hearing implants market in 2025. This significant share is supported by improvements in healthcare infrastructure, increased access to advanced hearing technologies, and their adoption in key clinical settings.

In a bid to address the growing demand for advanced hearing care solutions, Switzerland-based Sonova has partnered with the Singapore Economic Development Board. This collaboration aims to support long-term development in the APAC markets by establishing an innovation centre focused on affordable hearing solutions. The initiative is expected to bolster Singapore’s medtech ecosystem, create engineering and product development opportunities, and advance healthcare technology across the region.

Nidhi Bharti, a Medical Devices Analyst at GlobalData, emphasised the importance of building strong regional capabilities. “With the need for hearing care continuing to rise, building strong regional capabilities is critical. Expanding regional footprint can improve the availability of advanced hearing solutions whilst addressing affordability and access challenges across diverse markets,” Bharti stated.

The collaboration between Sonova and Singapore’s Economic Development Board underscores APAC’s increasing significance in the global hearing care ecosystem. By enhancing regional capabilities and improving access to next-generation solutions, the initiative aims to support sustainable growth and reach underserved populations.

Frasers Property Singapore, in collaboration with the Singapore Management University (SMU) Centre for Research on Successful Ageing (ROSA), has unveiled a study highlighting the increasing importance of suburban malls in the daily lives of Singapore’s seniors. As the nation approaches a super-aged society by 2030, with one in four Singaporeans expected to be 65 or older, the study reveals that over 60% of older adults visit suburban malls weekly for dining, errands, and leisure.

The study underscores the significance of accessibility and comfort, with 69% of seniors prioritising easy access via public transport, 41% valuing proximity to home, and 40% considering a practical tenant mix. Adrian Tan, Managing Director of Retail at Frasers Property Singapore, stated, “This study highlights the increasingly vital role suburban malls play as everyday social spaces for older adults—beyond places for transactions.”

In response, Frasers Property is launching the FRx50+ initiative on 1 May, targeting shoppers aged 50 and above. This programme includes curated promotions, community activities, and enhanced shared spaces. Key features include Golden Deals, $1 coffee treats, complimentary off-peak parking, and senior-led programmes such as interest groups and community partnerships.

The initiative also introduces pilot projects like priority checkout lanes and micro-job opportunities, alongside Silver Social Spaces to foster community engagement. These efforts aim to create more accessible and comfortable environments for seniors, reflecting their evolving needs and enhancing their mall experiences.

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.