Industry News

SIA Engineering Company (SIAEC) and Safran Aircraft Engines have announced a joint venture to establish a comprehensive CFM LEAP engine maintenance, repair, and overhaul (MRO) facility in Singapore. This collaboration, marked by a joint venture agreement, follows a letter of intent signed in November 2025, aiming to enhance LEAP engine support in the region.

The new facility will integrate SIAEC’s existing Quick Turn maintenance operations at Changi North, expanding its capacity and service scope for LEAP-1A and LEAP-1B engines. This development is expected to meet the growing global demand for LEAP engine maintenance. Wong Yue Jeen, Chief Commercial Officer of SIAEC, stated, “The new LEAP MRO JV combines Safran Aircraft Engines’ OEM expertise and SIAEC’s MRO excellence, strengthening the LEAP maintenance network.”

Safran Aircraft Engines will hold a 51% stake in the joint venture, with SIAEC owning the remaining 49%. The total investment from both parties will reach US$118m, with SIAEC contributing up to US$57.8m, including US$13.7m in-kind contributions. Nicolas Potier, Executive Vice President Support & Services of Safran Aircraft Engines, commented, “This new MRO facility brings together the expertise of both companies to provide world-class performance.”

Financially, SIAEC anticipates a 6.5% increase in consolidated earnings per share and a 0.6% rise in net asset value per share following the full contribution to the joint venture. The completion of the transaction is contingent on regulatory approvals.

Moomoo Singapore has announced the appointment of Jeyson Ng as its new Chief Executive Officer, marking a pivotal moment for the company as it seeks to bolster its presence in Singapore’s financial sector. Ng, who has previously held senior roles in financial services and capital markets, brings a wealth of experience in exchange development, market strategy, and institutional engagement to his new position.

Under Ng’s leadership, Moomoo Singapore will focus on four strategic pillars: enhancing investor education and financial literacy, integrating AI-driven investing tools, expanding access to global investment opportunities, and strengthening partnerships within Singapore’s financial ecosystem. Echo Zhao, Country Head of Moomoo Singapore, expressed confidence in Ng’s ability to lead the company into its next growth phase, highlighting his expertise in capital markets and strategic leadership.

Moomoo Singapore has been actively working to empower investors through technology and education. The company launched Moo Academy, an initiative aimed at fostering a vibrant financial ecosystem by connecting financial institutions, companies, and investors. Additionally, Moomoo has accelerated its AI-driven transformation with innovations like Moomoo AI and Moomoo API Skills, reflecting its vision of providing intelligent, data-driven investing experiences.

Ng emphasised the transformative role of AI in investing, stating, “At Moomoo Singapore, we believe AI will play a transformative role in reshaping the future of investing.” As Moomoo Singapore continues to grow, it remains committed to offering sophisticated insights and tools to everyday investors, reinforcing Singapore’s status as a trusted financial centre.

The Singtel Group has announced a strategic partnership with Digital Industry Singapore (DISG) to accelerate its AI transformation programme. This initiative aims to enhance AI-enabled operations, digital infrastructure, and workforce development across Singtel’s businesses. As part of the first phase, Singtel Singapore will receive up to S$28m in funding from DISG to bolster its foundational AI capabilities.

This collaboration aligns with Singapore’s National AI Strategy 2.0, which seeks to strengthen digital capabilities and develop globally competitive AI leaders. Singtel Group CEO Yuen Kuan Moon stated, “This grant is a strong vote of confidence in the Group’s role in advancing Singapore’s AI ambitions.” The initiative will embed AI technologies across Singtel’s operations, providing secure platforms and digital infrastructure to support industry-wide adoption.

Singtel Singapore CEO Ng Tian Chong highlighted the company’s commitment to transforming operations and helping enterprises innovate with confidence. The partnership will focus on developing a roadmap to become an AI-native telco, cultivating AI talent, and establishing a trusted AI operating model.

The initiative is expected to create new AI-related roles and accelerate upskilling efforts. Singtel plans to train all Singapore-based employees in AI, with 3,000 to become AI practitioners and 300 as AI specialists. Beyond its operations, Singtel supports enterprises and communities in strengthening AI and digital capabilities through various programmes.

This partnership marks a significant step in Singtel’s journey to future-proof industries and enhance Singapore’s digital ecosystem.

Singapore-based Golden Gate Ventures has announced its first Japanese investment from Fund IV, leading a $1.8m Pre-Series A funding round in Tokyo-based healthtech company I.W.G Inc. The investment, supported by existing investor Antler and radiologist Dr. Toshihiko Sato, will accelerate the development of I.W.G’s AI-powered platform for medical data interoperability and support its expansion across Asia.

I.W.G Inc. addresses a significant challenge in the healthcare sector—fragmented legacy systems that hinder efficient data exchange. The company’s platform allows seamless sharing of medical information across hospitals, clinics, and insurers without the need for complex hardware or costly integrations. It supports various data formats and automatically maps information into the required format for receiving institutions, overcoming system incompatibilities and language barriers.

The Asia-Pacific region is poised to be the fastest-growing market for healthcare interoperability solutions, projected to reach $14.7b by 2034. I.W.G’s technology aims to bridge the gap in digital maturity among healthcare institutions, facilitating smoother AI adoption.

Jussi Salovaara, Co-founder and Managing Partner at Antler, highlighted the importance of I.W.G’s infrastructure layer in overcoming regional compatibility and language challenges. “It’s exciting to see the team validate their approach through real customer adoption beyond Japan and backing from global investors like Golden Gate Ventures,” he said.

Founded by Xiaoyan Zhou and Xiaoxi Guo, I.W.G Inc. has been at the forefront of medical AI since 2016. The company plans to use the new capital to enhance its AI capabilities, expand its team, and deepen integrations with healthcare providers across Asia.

London, New York, and Singapore have emerged as the top cities in the 2026 Savills Global Talent Cities Index. The index evaluates global business hubs based on talent pool, liveability, competitive landscape, economic resilience, and cost efficiency. Singapore stands out as the highest-ranked city in Asia, reflecting its strong position as a global command hub for capital, talent, and decision-making.

The report categorises cities into six archetypes, with Singapore classified as a Global Business Leader city. This classification highlights its role in hosting corporate headquarters and leadership teams. However, Singapore faces challenges such as rising talent costs, high operating expenses, and intense competition for skilled professionals.

Alan Cheong, Executive Director of Savills Research and Consultancy, noted, “Singapore’s strengths in protecting intellectual property and providing a safe environment for expatriates to live has attracted a critical mass of multinational companies to set up a regional base.”

The index also points out that cities with deep talent pools often face high living and working costs, intensifying competition for skilled labour. Conversely, cities excelling in liveability may benefit from lower competition for talent, fostering stronger retention and employee satisfaction.

Sarah Brooks, Associate Director in Savills World Research, commented on the evolving corporate geography, stating that whilst major global cities remain crucial, they are now part of wider office networks supporting growth and cost efficiency. Michelle Needles, Global Head of Enterprise Solutions at Savills, added that companies are increasingly moving to cities where the right talent is available, rather than relocating talent to traditional hubs.

This shift in strategy is expected to drive demand for prime office space in key global cities, despite rising costs and limited new developments.

ONERHT Foundation, the philanthropic arm of RHTLaw Asia LLP and the RHT Group of Companies, celebrated its 11th anniversary by raising over S$280,000 for local charities during a Charity Golf and Gala Dinner at Sentosa Golf Club on 28 May 2026. The event, attended by over 120 golfers from Singapore’s legal and professional community, also marked a leadership transition within the Foundation.

The funds raised will benefit four local charities: PCF Sparkle Care, Singapore Road Safety Council, Singapore Golf Association, and Bethel Community Services. The evening also saw the stepping down of Kaylee Kwok as Chairman, who has led the Foundation for four years. Kwok expressed gratitude for the support received, stating, “What began as a conviction that the legal and professional community could do more has grown into something truly meaningful.”

Nandakumar Renganathan has been appointed as the new Chairman, effective from 28 May 2026. He emphasised the Foundation’s mission, saying, “ONERHT Foundation stands for something bigger than any one of us—a belief that those of us in the legal and professional community have a responsibility to give back.”

The event also featured the signing of a Memorandum of Understanding between RHTLaw Asia and the Association for Persons with Special Needs, highlighting the Foundation’s commitment to building lasting partnerships. Since its inception, ONERHT Foundation has raised over S$6m, supporting more than 40 beneficiaries across various sectors.

Octopus (APAC) Holdings has appointed its founder, Elaine Teh, as Group Managing Director, marking a pivotal step in the company’s strategy to expand its alcohol distribution and brand development across the Asia-Pacific region. Teh, who founded Octopus Distribution Networks in 2011, will spearhead the company’s growth initiatives, including partnerships with global beverage producers and the development of proprietary brands.

Over the past year, Octopus has transformed from a local distributor into a regional platform, securing partnerships with international brands such as Spain’s Grupo Osborne and France’s ARVITIS. This strategic shift follows the company’s transition from its legacy food and beverage operations after acquiring Octopus Distribution Networks in May last year.

Teh, who holds a 23.7% stake in the company through her investment vehicle, Elanc Investment, is also a non-executive director of Australian Vintage Ltd and Asiatic (Group) Holdings Limited. Her extensive experience in entrepreneurship and regional business development positions her well to lead Octopus’ ambitious expansion plans.

“The beverage industry is becoming increasingly fragmented,” Teh noted. “Our goal is to build a leading Asia-Pacific platform that combines distribution, brand development, and strategic partnerships.”

Irwin Lim, Chairman of Octopus, praised Teh’s leadership, stating, “Elaine built the business that now forms the foundation of our growth strategy. Her dual role as operator and largest shareholder is crucial as we transition from distributing other people’s brands to building our own.”

Octopus aims to leverage its route-to-market infrastructure and industry relationships to become a preferred partner for both established and emerging beverage brands in the region.

Annica Holdings Limited, listed on the SGX Catalist, has announced a rights issue to raise up to S$5.23m in net proceeds. The company lodged an offer information statement detailing the rights issue, which is aimed at strengthening its financial standing and supporting future growth initiatives.

The rights issue will provide existing shareholders with the opportunity to purchase additional shares, thereby increasing their stake in the company. This move is part of Annica’s strategy to enhance its capital base and ensure long-term sustainability. The funds raised will be utilised to support the company’s operational needs and potential expansion plans.

Annica Holdings, which operates in various sectors including energy and resources, sees this capital raising effort as a crucial step in reinforcing its market position. The company is optimistic that the additional funds will enable it to explore new opportunities and improve its competitive edge.

Travellers and residents in Singapore can now use DBS Remit to fund Weixin Pay wallets globally, enhancing cross-border payment options. This development follows the initial launch in February 2026, allowing users to transfer funds directly to Weixin accounts verified by Chinese, Hong Kong, and Macau identification documents.

Since the February launch, DBS Remit has experienced significant growth, with the number of customers using the service quadrupling and transaction volumes increasing eightfold. The average transaction size has risen to over S$800, indicating growing customer confidence in using DBS Remit for everyday payments in China.

P’ing Lim, Regional Head of Ecosystems & Cross Border Payments at DBS Bank, highlighted the importance of seamless payment integration, stating, “Consumers today no longer view payments in isolation, especially in China, where digital wallet apps are ubiquitous and deeply woven into everyday life.”

The new feature not only facilitates payments but also extends to services such as transport bookings and food ordering, reducing transaction fees typically associated with credit card payments. By funding digital wallets directly through DBS Remit, users can avoid additional platform fees.

DBS continues to strengthen its cross-border payments ecosystem, reflecting rising consumer demand for intuitive payment experiences across Asia. The bank is seeing strong growth in regional scan-to-pay and cross-border payment linkages in markets like India, Indonesia, Malaysia, and Thailand. This expansion underscores DBS’s commitment to supporting customers’ evolving payment needs across interconnected digital ecosystems in Asia.

Fingular’s digital financial services brand in India, TrustPaisa, has transitioned to a fully AI-driven system for evaluating consumer financing applications. This move, announced on 4 June 2026, allows all customer applications to be processed in real time by artificial intelligence, removing the need for manual intervention.

The new AI-powered decisioning framework evaluates applications based on partner-approved credit policies, risk parameters, and regulatory requirements. This ensures that each application is assessed within seconds, regardless of the time or volume of applications. As a result, TrustPaisa’s specialists can now focus on strategic tasks such as monitoring processing quality and overseeing decision controls.

For customers, this transition means a faster and more straightforward application process, with immediate resolutions available at any time. The system maintains consistent evaluation standards across all applications, enhancing customer experience.

Pushkar Prasad, CEO of TrustPaisa, stated, “This transition marks an important step in the development of TrustPaisa’s technology platform. By strengthening AI-enabled decisioning, we are improving speed, consistency, and operational efficiency whilst ensuring that risk controls, governance, and customer protection remain central to our approach.”

The AI system also improves operational efficiency by reducing the cost of evaluating each application, thereby strengthening portfolio resilience. This transition is part of TrustPaisa’s broader technology roadmap, which includes further automation in customer onboarding, servicing, and collections.