Industry News

DBS has announced the launch of tokenised physical gold for its customers in Singapore, marking a first in the market. The new offering will be available to retail customers via DBS digibank in the latter half of 2026. This initiative allows customers to digitally access, hold, and trade tokenised physical gold through a single platform. DBS plans to list the token on its Digital Exchange, catering to accredited investors and institutional partners.

The introduction of tokenised gold reflects a broader trend of asset tokenisation, which is transforming how investors engage with traditional asset classes. By leveraging blockchain technology, DBS enables fractional ownership of physical gold, making it more accessible and cost-effective for a wider range of investors. Each token represents one gram of physical gold, securely stored in a DBS vault in Singapore.

The service offers several benefits, including 24/7 trading convenience, near-instant transactions through atomic settlement, and the flexibility to redeem tokens for physical gold. This move is part of DBS’s strategy to expand its gold investment solutions, which already include funds and physical bullion.

James Tan, Group Head of Investment Product and Advisory at DBS, highlighted the enduring value of gold as a safe haven and portfolio diversifier. “Whilst our retail investors have been able to buy gold funds, access to physical gold has been largely available to only institutional and accredited investors,” he said.

This development comes as gold prices hit an all-time high of US$5,600 per ounce earlier this year, with continued demand driven by its role as a hedge against inflation and market volatility. The tokenisation of gold is the latest step in DBS’s efforts to harness digital asset technology, following its expansion of blockchain capabilities in 2025.

Singapore has been recognised as the leading market for Business Environment in the Savills 2026 Nearshoring Index, highlighting its strengths in logistics infrastructure, trade facilitation, and ease of doing business. The index evaluates 54 countries based on factors crucial for companies seeking to diversify supply chains or reduce reliance on foreign imports. Singapore ranks 11th overall and is the highest-ranked Southeast Asian nation.

The country’s top Business Environment score is attributed to its high performance in the Logistics Performance Index, absence of trade barriers, and global competitiveness. Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted, “The findings reinforce Singapore’s position as a regional trade and logistics hub, supported by its connectivity, efficient infrastructure, and ease of doing business.”

Globally, Canada, Japan, Taiwan, Austria, and the UK are the top locations for industrial occupiers aiming to nearshore production amidst economic and geopolitical uncertainties. These countries excel due to their balance of resilience, cost competitiveness, business environment, and ESG (environmental, social, and governance) considerations.

In the Asia Pacific region, Japan and Taiwan are notable performers, whilst China and Vietnam benefit from cost competitiveness and manufacturing scale. In the Americas, Canada leads the index, partly due to its access to the US market. In Europe, Austria ranks highest, followed by Portugal and the UK, due to their strong access to the EU market.

Connor Chilton, Associate at Savills World Research, commented on the complexity of location decisions for global manufacturing firms, emphasising the need to balance resilience, energy security, and policy environments.

OCBC has announced a groundbreaking service allowing Singaporeans and Singapore permanent residents to open business accounts with OCBC Malaysia using Singpass, the national digital identity. This new digital process reduces the account opening time from three weeks to just five working days, marking the first instance of Singpass being utilised beyond Singapore’s borders.

The initiative comes as more Singaporeans and Singapore PRs are establishing or expanding businesses in Malaysia, particularly in sectors like food and beverage and manufacturing. From 2023 to 2025, OCBC Malaysia experienced over 10% annual growth in SMEs with Singaporean or Singapore PR owners. This trend is expected to continue with the development of the Johor-Singapore Special Economic Zone.

Previously, opening a business account in Malaysia required manual documentation or an in-person visit, taking up to three weeks. Now, the process is fully digital, with OCBC conducting necessary Know Your Customer checks after the application is submitted. For businesses with Malaysian directors, identity verification will be done using MYKAD, Malaysia’s official identification.

Carmen Chan, Deputy Head of Global Transaction Banking at OCBC, stated, “Leveraging Singpass, which the Singaporean directors are already familiar with, makes sense. It streamlines the process greatly and frees our customers to focus on what matters most – leading their teams and driving business growth.”

This service is expected to enhance cross-border business activities and provide a seamless banking experience for customers with accounts in both Singapore and Malaysia, offering single sign-on access to view accounts on a unified dashboard.

Hydrantula, a Singapore-based company, is set to introduce a groundbreaking modular approach to coastal protection during the Singapore International Water Week 2026. This innovative method, which assembles most of the structure on land before completing it at sea, promises to significantly reduce both construction time and costs.

The new system utilises lightweight permanent formwork made from standard HDPE pipes, connected by moulded plastic nodes. Approximately 90% of the construction occurs onshore, after which the frame is positioned at sea and filled with reinforced concrete. This approach not only accelerates the building process but also cuts costs to about a third of traditional methods. Additionally, the lifecycle carbon footprint is estimated at 5 tonnes of CO2 per metre over 60 years, compared to 25 tonnes for conventional structures.

Hydrantula’s design also aims to support marine life. The open frame allows wave energy to pass through and encourages the colonisation of marine organisms, effectively turning the structure into an artificial reef. This aligns with Singapore’s research into hybrid coastal solutions that integrate natural and man-made elements.

Despite its potential, the technology is still in early commercial stages, with ongoing pilot discussions in Southeast Asia and California. Hydrantula is also collaborating with Singaporean academic partners to further test its structural and ecological performance. The company will showcase its system at SIWW 2026, held from 15 to 18 June at the Sands Expo and Convention Centre.

ST Telemedia Global Data Centres (STT GDC), headquartered in Singapore, has announced significant expansion milestones at its Jakarta data centre campus, including the launch of STT Jakarta 2 and the development of STT Jakarta 5 and 6. This expansion aims to deliver over 360MW of AI-ready IT capacity to support Indonesia’s burgeoning digital economy, projected to reach $130b by 2026. The initiative is driven by the increasing demand for cloud, AI, and digital infrastructure in the region.

The expansion of the Jakarta campus is designed to support high-density, AI-ready workloads and includes next-generation platforms with liquid cooling readiness. This development reflects STT GDC’s commitment to investing in scalable, high-performance digital infrastructure to meet Indonesia’s growing needs.

In parallel, STT GDC is focusing on talent development and community impact. The company has partnered with ATMI Cikarang to establish a Data Centre Laboratory Learning Centre in West Java, offering hands-on training with industrial-grade equipment. The programme includes globally recognised certification and structured internships, with student placements lasting up to 10 months within STT GDC’s operations.

Additionally, STT GDC is investing in community initiatives around its Jakarta campus. This includes the development of a badminton facility for 10,000 residents in Cikarang and environmental programmes like mangrove planting, benefiting over 150,000 villagers. These efforts aim to ensure that digital infrastructure development contributes positively to local communities.

Hendrikus Hendra Gozali, Country Head of STT GDC Indonesia, stated, “Our initiatives are designed to bridge the gap—equipping local talent with industry-relevant skills whilst ensuring that communities benefit meaningfully from the growth of the digital economy.” As STT GDC continues its expansion, these initiatives underscore its commitment to fostering inclusive growth and supporting Indonesia’s digital ecosystem.

Bank of Singapore has announced the appointment of Lim Leong Guan as Head of Private Banking for the Middle East, South Asia, and International, effective 1 July 2026. Based in Dubai, Lim will also serve as Chief Executive of the Dubai International Financial Centre Branch, pending regulatory approval. This move is part of the bank’s strategy to expand its ultra-high-net-worth (UHNW) segment, which saw a 9.4% growth in 2025, according to Capgemini Research Institute.

Lim, a veteran with 35 years in private banking, joined Bank of Singapore in 2020 and has been pivotal in doubling the assets under management (AUM) for the Financial Intermediaries segment. His leadership will be crucial as the bank aims for a 30% increase in UHNW AUM globally by 2028. Lim’s previous roles include Global Head of Financial Intermediaries, Family Office and Wealth Advisory, and Global Head of Products at Bank of Singapore. He also spent 25 years at UBS Wealth Management in senior roles.

Alongside Lim, Rickie Chan and Vi Sun Yang will drive the UHNW strategy in Greater China, North Asia, and ASEAN, respectively. Annabelle Chow will lead the Financial Intermediaries business globally, reporting to Yang. Chow has been instrumental in tripling the size of the FIMs team across Singapore, Hong Kong, and Dubai.

Bank of Singapore CEO Jason Moo expressed confidence in Lim’s ability to capture market opportunities, stating, “LG is a seasoned private banker with a proven track record.” The bank’s focus on UHNW and FIM segments is expected to be a key driver for its next phase of growth.

Applied Materials has officially launched its Tampines Campus in Singapore, marking a US$500m (S$600m) expansion of its manufacturing and research and development operations. This significant investment more than doubles the company’s advanced cleanroom capacity in Singapore, reinforcing its global manufacturing presence. The expansion is part of Applied Materials’ Singapore 2030 plan, which aims to enhance global manufacturing and R&D capabilities, broaden technology partnerships, and promote local workforce development. The company anticipates creating approximately 1,000 new local jobs over the next few years.

In conjunction with the campus opening, Applied Materials announced strategic partnerships with the National University of Singapore (NUS) and the Singapore Institute of Technology (SIT) to cultivate AI-ready talent for the semiconductor industry. The collaboration with NUS will focus on accelerating semiconductor process development through AI, addressing bottlenecks in chipmaking. NUS will also introduce a new specialisation in Applied AI for Materials and Process Engineering within its Master’s programme in 2026.

Meanwhile, the partnership with SIT includes the establishment of The Applied Materials Professorship and Scholarship, supported by a S$3m endowed gift. Professor Stefan Winkler has been appointed as the inaugural Applied Materials Professor, focusing on advancing semiconductor technologies, AI, and robotics. The scholarship will support engineering undergraduates from financially disadvantaged backgrounds, aiming to develop a skilled workforce equipped with competencies in semiconductor manufacturing and advanced automation.

Brian Tan, Regional President of Applied Materials, emphasised the importance of talent in the evolving semiconductor landscape, stating, “We are committed to creating more pathways for students to develop the skills needed to thrive in this industry.” These initiatives underscore Applied Materials’ commitment to strengthening its global manufacturing and R&D capabilities as demand for semiconductors continues to grow.

Singlife has been announced as a main sponsor for Mediacorp’s broadcast of the FIFA World Cup 2026 in Singapore, running from 12 June to 20 July 2026. This partnership will see Singlife’s new television commercial, “The Finals”, aired during live and repeat telecasts of the matches on mewatch and Channel 5. The commercial, themed around life’s unpredictability akin to football, underscores the importance of Long-Term Care planning and financial resilience.

Mediacorp, the official broadcast rights holder, will provide access to all 104 matches and official ceremonies via mewatch and partner platforms. This year marks a significant increase in free-to-air coverage, with 28 matches available on Channel 5 and mewatch, up from nine in 2022. The FIFA World Cup 2026 is set to be the most expansive edition yet, featuring 48 teams across Canada, Mexico, and the United States.

Debra Soon, Singlife’s Group Head of Brand, Communications, Marketing and Experience, expressed enthusiasm for the sponsorship, stating, “We’re proud to bring it to as many Singaporeans as possible, just as we did four years ago, to uplift local talent and enthusiasts through the love of the sport.”

Beyond football, Singlife continues to support Singapore sports, including Netball and Wheelchair Rugby. The company recently renewed its partnership with Netball Singapore and sponsors the Wheelchair Rugby Association Singapore, aiming to foster inclusivity and resilience in the sporting community.

HC Surgical Specialists Limited, listed on the Catalist of the Singapore Exchange, has acquired a 51% stake in NYK Endoscopy and Digestive Centre Pte. Ltd. for S$750,000. The acquisition, completed on 8 June 2026, marks a strategic expansion in the company’s endoscopic services, aligning with its focus on general surgery and endoscopy.

NYK Endoscopy, incorporated on 2 June 2026, is set to enhance HC Surgical’s offerings with its provision of endoscopic procedures. The centre will be managed by Dr. Ng Yi Kang, a seasoned gastroenterologist and hepatologist with over 15 years of experience. Dr. Ng, who will oversee operations for at least 11 years, brings expertise in disorders of gut-brain interaction, GERD, and advanced gastrointestinal physiology testing.

Dr. Heah Sieu Min, CEO of HC Surgical, expressed enthusiasm about the acquisition, stating, “We are delighted to welcome Dr. Ng to the Group, as we continue on our expansion in the endoscopic field, to serve the needs of our patients in view of the ageing population in Singapore.”

Dr. Ng also shared his excitement, saying, “I am excited to join HC Surgical Specialists and look forward to contributing to the Group’s commitment towards delivering high-quality, evidence-based and patient-centred care in gastroenterology and digestive health.”

The acquisition will be financed through internal resources and/or bank borrowings. HC Surgical plans to acquire the remaining 49% of NYK Endoscopy at a later date, further solidifying its position in the medical services sector.

The inaugural Singapore Data Festival (SDF) is set to take place from 20 to 24 July 2026 at the Sands Expo & Convention Centre, Marina Bay Sands. Organised by the Personal Data Protection Commission (PDPC) and Infocomm Media Development Authority (IMDA), the event will gather over 2,000 data and AI leaders to explore key issues such as data privacy, governance, and the effective use of data.

The festival aims to address the challenges posed by the rapid adoption of AI, which has led to increased collection and utilisation of personal data by companies. It seeks to empower businesses to use data responsibly whilst generating business value. The event will focus on three main areas: building trust in Singapore’s data ecosystem, equipping companies with privacy enhancing technologies (PETs), and promoting digital responsibility in the AI era.

Notable speakers include Nimish Panchmatia, Chief Data and Transformation Officer at DBS Bank, Markham Cho, Vice President of Government Affairs and Public Policy at Google, and Royce Wee, Privacy and Data Policy Director at Meta. Attendees will have the opportunity to engage in sessions covering regulatory developments, governance frameworks, and practical guidance on PETs and AI.

The Singapore Data Festival will also feature partner events on data governance, AI cybersecurity, and sector-specific regulations. Registration is now open, and further details can be found at go.gov.sg/sdf26-media.