Industry News

Singapore has introduced OCEANS-X, a cutting-edge data and Application Programming Interface (API) exchange platform, developed by the Maritime and Port Authority of Singapore (MPA). This platform facilitates secure system-to-system connectivity within the maritime sector, enabling companies and government agencies to exchange trusted data directly. The initiative is set to enhance digital services, improve port operations, and strengthen global port connectivity.

One of the primary features of OCEANS-X is digital port clearance. Previously, ship masters and agents submitted documents through digitalPORT@SGTM. Now, they can connect their systems directly to OCEANS-X, allowing for seamless data transmission to MPA’s digital platforms. This advancement is expected to save time, reduce errors, and enable more efficient ship arrivals at the Port of Singapore.

Additionally, OCEANS-X supports the electronic exchange of ship certificates between Singapore and partner ports, including those with established Green and Digital Shipping Corridors. This reduces reliance on paper documents, streamlining port clearances and enhancing global supply chain coordination.

The platform currently hosts over 100 APIs and datasets and is open for industry players and startups to develop new services, including analytics and AI tools. Public access to maritime datasets is also available for research and innovation purposes.

OCEANS-X represents a significant step forward in maritime digitalisation, promising to support a wider range of digital services over time. Some of these solutions will be showcased at Expo@SMW from 21 to 23 April.

The latest retail report from Knight Frank Singapore highlights the importance of collaboration between landlords and retailers to navigate the current economic challenges. Galven Tan, CEO of Knight Frank Singapore, emphasised that geopolitical shocks could reshape demand flows, benefiting adaptive retail destinations. He noted that early cooperation could help protect occupancy and capture diverted demand.

Prime retail rents in Singapore saw a modest increase, with Orchard Road rents at S$31.80 per square foot per month and suburban areas at S$27.50. The island-wide average gross rent of prime retail space rose by 0.8% quarter-on-quarter in Q1 2026, marking a 3% year-on-year increase.

International visitor arrivals (IVAs) in Singapore reached 4.4 million in Q1 2026, boosting retail spending. This figure represents a 9.8% increase from the previous quarter and a 2.8% rise from Q1 2025. The tourism sector is expected to surpass the record S$29.8b in receipts set in 2024.

Despite a challenging cost environment, the number of retail outlets and food and beverage establishments grew in 2024. However, many operators face pressure on profit margins. The report also noted closures of several well-known brands, whilst others, like Scarpetta and Molly Tea, introduced new concepts to adapt to changing consumer preferences.

The retail sector is increasingly shifting towards social commerce, supported by initiatives from the Singapore Retailers Association and TikTok Shop. This move aims to enhance digital engagement and revenue channels for retailers.

Looking ahead, Knight Frank maintains its forecast for prime retail rents to grow between 2% and 4% in 2026, driven by potential increases in tourist demand and new attractions despite ongoing geopolitical uncertainties.

Singapore has been ranked 177th out of 193 countries in the 2026 Global Outsourcing Talent Index, published by Ataraxis. The index evaluates countries based on labour cost, English proficiency, talent availability, digital infrastructure, and political stability. Singapore’s position is the lowest among Southeast Asian nations, with the Philippines and Malaysia taking the top two spots.

The primary factor dragging down Singapore’s ranking is its labour cost, scoring 46 out of 100, placing it 186th globally. This positions Singapore among the world’s most expensive economies, alongside the United States, Switzerland, and Monaco. If Singapore’s labour cost were comparable to China’s score of 90, it would leap to 18th place globally. Despite its world-class scores in English proficiency (100), infrastructure (70), and stability (80), the high labour cost significantly impacts its overall competitiveness.

Additionally, Singapore’s talent availability score is 30, indicating that 114 countries have more abundant talent pools. This further contributes to its low ranking in the index. Comparatively, Singapore’s labour cost is lower than that of Germany, Japan, and the UK, but slightly higher than the US.

The findings highlight the challenges Singapore faces in the global outsourcing market, primarily due to its labour cost. The comprehensive index and methodology can be explored further on the Ataraxis website.

Standard Chartered and the Agency for Science, Technology and Research (A*STAR) have embarked on a three-year partnership to accelerate artificial intelligence (AI) innovation in the financial sector. This collaboration, announced on 21 April 2026, involves a joint investment of S$15m to establish an AI for Banking Innovation Lab in Singapore.

The partnership aims to leverage A*STAR’s expertise in applied AI research alongside Standard Chartered’s banking knowledge to develop advanced AI applications. These include projects in portfolio optimisation, fraud detection, and natural language processing. A notable initiative is the creation of a natural-language interface that allows relationship managers to query databases without coding, thereby enhancing productivity.

Patrick Lee, CEO of Standard Chartered Singapore, highlighted the significance of this collaboration, stating, “Digital-first banking models have reshaped client expectations across all segments.” He emphasised the importance of integrating AI research with real-world applications to deliver scalable and responsible AI solutions.

Dr Su Yi, Executive Director of A*STAR IHPC, expressed the shared goal of translating AI innovation into practical banking solutions. Meanwhile, Alex Manson, CEO of SC Ventures, noted the potential for creating AI-native business models through this partnership.

This initiative builds on previous successful collaborations between SC Ventures and A*STAR IHPC, aiming to bridge the gap between advanced research and practical banking applications. The partnership is expected to drive next-generation financial services and enhance client experiences through innovative AI solutions.

The London Stock Exchange Group (LSEG) has revealed that Singaporean consumers are among the most financially vulnerable to scams in the Asia Pacific (APAC) region, with a significant portion unaware of protections against such fraud. The findings come from LSEG’s latest report, “Scammed and Changed: How Fraud is Rewriting Trust in APAC,” which surveyed 7,000 consumers across five APAC markets.

Singapore ranks second in susceptibility to financial loss from scams, with 49% of those targeted losing money, trailing only China at 56%. The report highlights that 23% of Singaporeans have been targeted by scams in the past two years, and 11% have suffered financial losses. Younger adults, particularly those aged 25-34, are the most at risk, with an 18% personal loss rate.

Despite the high exposure to scams, only 26% of Singaporeans feel well-educated in protecting themselves against financial fraud. Males are more likely to feel confident in their scam-spotting abilities than females, with 29% versus 21% respectively. Interestingly, confidence decreases among those who have already fallen victim to scams.

The emotional impact of scams is significant, with 44% of victims reporting feelings of anger or frustration. Gender differences are evident, as males predominantly feel anger, whilst females experience higher levels of anxiety and fear.

The sophistication of scams, often appearing professional and reliable, is a major factor in their success. Females are particularly susceptible to urgency tactics, with 32% driven by time pressure compared to 21% of males. As scams become more sophisticated, the need for increased awareness and education is critical to protect consumers in Singapore.

Singapore Management University has announced the launch of the Longevity Societies and Economies Institute (LSEI) to tackle the economic and societal shifts brought about by an ageing population. Unveiled on 14 April at the World Ageing Festival 2026, the institute aims to consolidate SMU’s existing ageing-related research and drive interdisciplinary efforts to create resilient societies and economies.

The LSEI will focus on two main research pillars: Building Longevity Economies and Cultivating Holistic Wellbeing. These pillars will explore how labour markets, retirement systems, and fiscal frameworks can adapt to ageing populations, as well as how preventive health behaviours and social participation can shape ageing outcomes. SMU has committed over S$10m to support the institute’s initiatives.

Interim Co-Director Dr Cheong Wei Yang emphasised the importance of viewing ageing not just as a cost but as an opportunity for economic and social growth. “Through LSEI, SMU is taking a more strategic approach to understand these shifts and work with partners to translate research into innovative solutions,” he said.

The institute will also collaborate with government and private sector stakeholders, including the Agency for Integrated Care and Workforce Singapore, to strengthen policy-practice integration. SMU President Professor Lily Kong highlighted the need for systems to evolve with longer lifespans, noting that the traditional “learn, earn, retire” model no longer fits modern realities. The LSEI aims to bridge this gap, ensuring that individuals remain engaged and productive throughout their extended lifespans.

The Maritime and Port Authority of Singapore (MPA) and the Singapore Shipping Association (SSA) have signed a Memorandum of Understanding (MOU) to accelerate the adoption of artificial intelligence (AI) in Singapore’s maritime sector. This initiative aims to enhance productivity and competitiveness across various maritime operations.

Under the MOU, MPA and SSA will assist maritime companies in integrating AI into key functions such as ship agency, management, chartering, and bunkering operations. Companies will have access to a comprehensive knowledge base of maritime AI use cases, enabling them to connect with solution providers and pilot AI applications within their operations. Additionally, the AI Readiness Index (AIRI) framework by AI Singapore will guide companies in assessing their AI maturity.

To facilitate this transition, MPA and SSA will collaborate with Institutes of Higher Learning and service providers to develop training programmes. These programmes are designed to equip employees with the necessary skills for evolving job roles. SSA has already initiated AI training with 21 companies and plans a full rollout later in 2026.

The partnership will also see the organisation of industry engagements, including the Maritime AI Forum in the second half of 2026. This forum aims to raise AI awareness and showcase real-world applications. MPA Chief Executive Ang Wee Keong emphasised the importance of AI in enhancing maritime operations, stating, “Artificial intelligence will increasingly shape how maritime operations are planned and executed.”

SSA President TS Teo highlighted the transformative potential of AI, noting, “AI is reshaping industries, and our maritime sector must move decisively to forge ahead.” This partnership is set to position Singapore’s maritime industry at the forefront of AI innovation, ensuring its continued competitiveness on the global stage.

StashAway has unveiled its Regular Investing Advantage, a new initiative providing lifetime benefits for regular investors without a minimum investment requirement. This move aims to encourage consistent investing amidst market volatility, which often challenges investor discipline.

The Regular Investing Advantage offers two key benefits: an additional 0.15% per annum return on cash for those investing in a diversified portfolio, and unlimited free buy orders on over 90 expert-selected exchange-traded funds (ETFs). These incentives are designed to reward and reinforce consistent investment habits, helping investors avoid the pitfalls of emotional decision-making during market fluctuations.

Michele Ferrario, Co-founder and CEO of StashAway, emphasised the importance of regular investing, stating, “Investing like clockwork isn’t exciting – but it’s the surest way to build serious wealth. Invest every month, stay invested, and let time compound your returns. That’s the strategy. The data proves it.”

The initiative is not a limited-time offer but a permanent commitment from StashAway to support regular investing. By investing through market volatility, investors can capture long-term returns, as historical data shows that the best market days often follow the worst ones.

StashAway’s platform offers a comprehensive suite of investment solutions, including cash management, expert-built portfolios, and DIY ETF investing. This integrated approach aims to make consistent investing easier by providing clear insights and personalised guidance, allowing clients to automate their investments and focus on long-term goals. For more details, visit stashaway.sg/regular-investing-advantage.

Ascentium, a Singapore-based global business services platform, has acquired Dezan Shira & Associates, a professional services firm with over 30 years of experience in Asia. This strategic acquisition expands Ascentium’s operations to 27 markets, including new locations such as Mongolia, Poland, Germany, and Italy, enhancing its ability to support cross-border investments and multi-jurisdictional operations.

The acquisition strengthens Ascentium’s presence across the Chinese mainland, adding offices in Suzhou, Tianjin, and Zhongshan, bringing the total to 15 locations. This expansion allows Ascentium to better serve foreign investors entering or scaling in the Chinese market. The integration of Dezan Shira’s expertise in regulatory analysis, business intelligence, and tax advisory complements Ascentium’s existing services, creating a comprehensive platform for clients from market entry to long-term growth.

Dezan Shira’s Asia Briefing, a business intelligence and research arm, is also part of the acquisition. It provides insights on market entry, compliance, and regulatory developments, enhancing Ascentium’s advisory capabilities. Alberto Vettoretti, Managing Partner of Dezan Shira, expressed enthusiasm about the merger, stating it marks “an exciting new chapter” for the firm.

Lennard Yong, CEO of Ascentium, highlighted the acquisition’s role in creating a “fully connected advisory platform across Asia and beyond,” enabling the company to guide businesses through expansion stages. This move positions Ascentium as a leading advisory platform supporting foreign investment in Asia.

The iEdge Singapore Next 50 Liquidity Weighted Index has outperformed the Straits Times Index (STI) with a 9.7% total return in 2026 through to 16 April, compared to STI’s 8.9%. This performance highlights the growing influence of technology stocks within the index. UMS Integration and iFAST Corporation, leading the technology sector, have weights of 5.6% and 5.0%, respectively, contributing to technology’s 19% share of the index.

The index’s 50 constituents have seen a 43% increase in average daily turnover, reaching S$275m, and a rise in median price-to-book ratio from 1.05x to 1.23x. This liquidity-driven approach contrasts with traditional market capitalisation methods, allowing stocks with consistent trading activity to hold greater index weight.

UMS Integration exemplifies this trend, with its weight in the liquidity index at 5.6%, compared to 2.4% in the market capitalisation index. This reflects its sustained traded value and participation, particularly in the AI-driven semiconductor sector, where it has invested over S$155m in recent years.

The index’s composition, weighted by six-month median traded value, showcases where market attention is concentrated, rather than just company size. As technology and digital infrastructure sectors grow, they are increasingly shaping the liquidity landscape, alongside traditional real estate investment trusts (REITs). This shift underscores the evolving dynamics of Singapore’s mid-cap market.