Industry News

DBS has signed a groundbreaking Memorandum of Understanding (MOU) with the Institute of Banking and Finance Singapore (IBF) to enhance the AI skills of Singapore’s financial sector workforce. This partnership, announced on 24 August 2026, marks the first collaboration of its kind between IBF and a financial institution, aiming to uplift, upskill, and upbuild the workforce in preparation for the AI era.

The MOU outlines three key areas of collaboration. Firstly, the “Uplift” initiative will see DBS and IBF provide foundational AI competencies through IBF-recognised programmes, covering AI governance, responsible AI, and practical applications. Secondly, the “Upskill” initiative will focus on adapting employees to roles reshaped by AI, leveraging IBF’s Job Redesign and Reskilling Career Conversion Programme. Lastly, the “Upbuild” initiative aims to strengthen the pipeline of young talent by offering students exposure to AI in finance, with DBS committing to welcoming over 500 local young talents in 2026.

In addition to these initiatives, DBS has launched a Career Advisory Service to guide employees through AI-driven changes. This service combines AI-powered career development tools with human-led guidance, supported by over 100 Career Advisers within the bank.

Lee Yan Hong, Head of Group Human Resources at DBS, emphasised the bank’s commitment to integrating AI whilst maintaining a human-centric approach. Carolyn Neo, CEO of IBF, highlighted the importance of such collaborations in building a skilled, future-ready workforce.

This partnership underscores the strategic importance of AI in the financial sector and sets a precedent for future collaborations aimed at workforce transformation.

Frasers Property Limited and Tan & Tan Developments Berhad have announced a strategic partnership to develop a 5.15-hectare site in Section 13, Petaling Jaya, Malaysia. The project, named PJ Quarter, aims to transform the area into a vibrant, pedestrian-friendly lifestyle destination. The development will be executed in two phases, with the first phase featuring residential units, retail spaces, and a park, set to launch next year.

The site, equivalent to seven football fields, is strategically located in a well-established residential area, benefiting from nearby offices and amenities. The retail component will be a low-rise, open-air lifestyle hub, designed to encourage community interaction and walkability. “We aim to set a new benchmark for vibrant urban living,” said Soon Su Lin, CEO of Frasers Property Singapore.

Tan Yee Seng, CEO of Tan & Tan, highlighted the project’s alignment with government efforts to rejuvenate Section 13, enhancing its liveability with green connectors and pedestrian-friendly infrastructure. The site is well-connected, with proximity to major highways and public transport, including the Phileo Damansara MRT station.

The development is part of a broader transformation of Section 13 into a dynamic residential and commercial hub, supported by long-term rezoning initiatives. This collaboration marks Frasers Property’s first partnership with Tan & Tan, aiming to create lasting value and set a new standard for urban living in the region.

Singapore has announced significant changes to its housing framework during the National Day Rally 2026, increasing the monthly household income ceilings for subsidised public housing and Executive Condominiums (ECs). The adjustments, effective from 24 August 2026, raise the income ceiling for families from S$14,000 to S$16,000 and for singles from S$7,000 to S$8,000. For new ECs, the ceiling increases from S$16,000 to S$18,000.

These changes reflect the need to align housing eligibility with the 34.8% rise in median household incomes since 2019. Mohan Sandrasegeran, Head of Research & Data Analytics at SRI, noted that the revised ceilings apply to a broader range of housing and mortgage support schemes, including HDB loans and CPF Housing Grants. “The measures broaden access to affordable housing options across different stages of the housing journey,” he stated.

The increase in income ceilings is expected to impact the resale market by allowing more households to consider subsidised new flats, potentially easing demand pressures on resale prices. Additionally, the EC income ceiling adjustment could gradually expand the buyer pool, particularly for dual-income households.

Future EC projects, such as those at Canberra Drive, Admiralty Walk, and Jurong East Avenue 1, could benefit from the expanded eligibility pool, potentially yielding approximately 1,370 units. These developments are set to test the market impact of the revised income ceilings.

Overall, the changes signify a broader recalibration of Singapore’s housing policies, ensuring eligibility parameters evolve alongside income growth and household circumstances.

The Singapore Economic Development Board (EDB) and the Infocomm Media Development Authority (IMDA) have provisionally allocated 200 megawatts (MW) of new capacity to four data centre operators as part of the second Data Centre – Call for Application (DC-CFA2) exercise. This initiative aims to bolster Singapore’s strategic, economic, and sustainability goals by partnering with the data centre sector for sustainable growth.

The selected data centres, which include Digital Realty, Equinix, Keppel Data Centres, and ST Telemedia Global Data Centres, have committed to surpassing the minimum sustainability requirements set for DC-CFA2. Each will power more than 50% of their capacity using green energy sources and will implement advanced technologies such as liquid cooling and 100% energy-efficient IT equipment to enhance energy efficiency.

Launched on 1 December 2025, DC-CFA2 sought proposals to strengthen Singapore’s position as a trusted hub for artificial intelligence and data centre investments, enhance infrastructure resilience, and contribute to economic objectives through innovation and talent development. The call attracted over 20 proposals from both local and global players.

The awarded proposals were chosen for their comprehensive approach to meeting strategic, economic, and sustainability goals. Highlights include anchoring advanced compute capabilities in Singapore, significant economic contributions beyond direct investments, and utilising green energy pathways like biomethane and low-carbon hydrogen.

To further support sustainable operations, JTC is developing a low-carbon data centre park on Jurong Island, where the supported data centres will be located. EDB and IMDA plan to engage with industry stakeholders and may consider another Call for Application in 18 to 24 months to continue aligning with Singapore’s strategic priorities.

Singapore-based fintech company Liquid Group and PagBrasil have successfully launched the first phase of their cross-border QR payment service, RoamQR, allowing users in Asia to make QR payments across Brazil using the Pix network. This marks RoamQR’s initial operational entry into Latin America, extending its reach beyond Asia. The collaboration follows a Memorandum of Understanding signed at the Singapore FinTech Festival in 2025 and has now moved to live commercial service.

The launch is significant as it connects Liquid Group’s RoamQR network with Brazil’s Pix ecosystem, one of the world’s largest real-time payment systems. Jeremy Tan, CEO of Liquid Group, stated, “Today’s launch marks an important milestone in RoamQR’s global expansion, bringing our first live interoperability connection into Latin America.”

Brazilian merchants can now accept payments from international visitors using their existing Pix QR codes without needing additional hardware or software. This integration supports growing tourism and commercial exchanges between Asia and Latin America, allowing travellers to use familiar payment applications abroad.

Phase 2 of the collaboration will enable Brazilian Pix users to make QR payments in Singapore and other markets connected through the RoamQR network, pending regulatory approvals. Ralf Germer, CEO of PagBrasil, highlighted the value of real-time payments, noting that they allow travellers to pay abroad using familiar apps, with transactions displayed in their home currency.

This initiative is part of a broader effort to create a globally interoperable QR payment network, enhancing cross-border payment acceptance and strengthening economic connections across regions.

ST Telemedia Global Data Centres (STT GDC) has been chosen by Singapore’s Economic Development Board (EDB) and Infocomm Media Development Authority (IMDA) to develop a 50MW data centre in Singapore. This initiative, part of the second Data Centre Call for Application (DC-CFA2), aims to bolster Singapore’s position as a hub for artificial intelligence (AI) and digital infrastructure.

The new facility will be designed to support advanced computing and AI workloads, incorporating technologies such as liquid cooling and energy-efficient IT equipment. It is expected to meet the Green Mark for Data Centres Platinum certification, with over 50% of its power sourced from green energy pathways.

Bruno Lopez, President and Group CEO of STT GDC, expressed the company’s commitment to using Singapore’s resources prudently. “We are deeply honoured to be selected under DC-CFA2. We recognise the privilege and responsibility that come with being entrusted to develop critical digital infrastructure,” he stated. Lopez emphasised the company’s dedication to creating lasting economic value for Singapore and supporting its digital economy.

This development aligns with STT GDC’s broader initiatives, including the FutureGrid Accelerator and partnerships aimed at AI adoption and workforce development. The project will proceed following the necessary approval and implementation processes, further enhancing Singapore’s digital infrastructure and international connectivity.

The Institute of Singapore Chartered Accountants (ISCA) and the Institute of Chartered Accountants of India (ICAI) have announced a deepened collaboration to enhance artificial intelligence (AI) fluency and professional recognition among accounting professionals. This initiative, formalised on 21 August, involves two key components: the Global AI Fluency Initiative and a proposed Module Exemption Agreement (MEA).

ISCA’s AI Fluency Programme, which is at the heart of the Global AI Fluency Initiative, aims to extend its reach to ICAI’s community of over 1.5 million members and students. The programme, comprising approximately 30 hours of training with 180 hands-on cases, is designed to build essential AI skills across accounting, audit, finance, and tax functions. The collaboration will explore promoting these AI programmes to members of both institutes, facilitating knowledge exchange, and encouraging responsible AI adoption.

In addition to AI training, ISCA has approved a proposed MEA with ICAI to provide specified exemptions under their qualification pathways. This agreement aims to enhance the recognition of professional qualifications between the two institutes, although formal execution is pending necessary approvals in India.

Lee Boon Teck, President of ISCA, highlighted the importance of AI fluency in reshaping the accountancy profession, stating, “Through the proposed Global AI Fluency initiative, we hope to share Singapore’s experience in practical and responsible AI capability development with a wider professional community.” Prasanna Kumar D, President of ICAI, echoed this sentiment, emphasising the potential for greater opportunities and professional recognition for members.

These initiatives reflect the longstanding relationship between ISCA and ICAI, aiming to create a future-ready and internationally connected accountancy profession.

Chandra Asri Group has announced the signing of a conditional sales and purchase agreement to acquire Cycle & Carriage’s automotive business in Singapore and Malaysia. This strategic move aims to bolster Chandra Asri’s mobility platform across Southeast Asia, complementing its existing energy and retail operations in the region.

The acquisition of Cycle & Carriage, a company with a long-standing presence since 1899, will allow Chandra Asri to expand its participation in the mobility value chain. Cycle & Carriage represents several global automotive brands, including Mercedes-Benz, Mitsubishi, and Kia, across Singapore and Malaysia. This acquisition follows Chandra Asri’s recent purchase of the Esso-branded retail fuel station network in Singapore, further solidifying its presence in the region.

Erwin Ciputra, President Director and CEO of Chandra Asri, stated, “The proposed acquisition of Cycle & Carriage will represent another important milestone in Chandra Asri Group’s transformation into a leading regional energy & chemicals, infrastructure, and mobility solutions provider. Cycle & Carriage has a strong heritage, trusted brands, and an experienced team. We look forward to supporting the business for its next phase of growth whilst continuing to serve customers and partners with the quality and reliability they have come to expect.”

The transaction is subject to OEM approvals and other customary conditions. Chandra Asri plans to maintain Cycle & Carriage’s established identity and relationships whilst fostering growth opportunities across its expanding regional platform.

The Assembly Place Holdings Ltd. has introduced its eighth brand, Gather House, marking its entry into the premium capsule hostel market. Following a soft launch in early August 2026, the first phase of Gather House, located at 65 South Bridge Road, has achieved over 90% occupancy and received positive reviews.

Gather House aims to cater to younger, independent travellers by offering competitively priced accommodation without compromising on quality. The hostel will eventually comprise 132 beds across two phases, with the second phase at 63 South Bridge Road pending its Temporary Occupation Permit.

Eugene Lim, Executive Director and CEO of The Assembly Place, expressed enthusiasm about the new venture, stating, “The launch of Gather House marks an exciting milestone for TAP as we introduce our eighth brand to broaden TAP’s platform beyond our established co-living offerings and into new segments of the hospitality market.”

The Assembly Place has been expanding its accommodation ecosystem, recently venturing into various segments, including migrant workers’ accommodation and AI-powered co-living spaces. This strategic growth is supported by partnerships with service providers, enhancing the guest experience through curated services and experiences.

With the success of Gather House’s initial phase, The Assembly Place is optimistic about its potential and looks forward to fully developing the hostel to accommodate more guests. The company’s continued expansion reflects its strategy to leverage operating capabilities and project management expertise across the real estate and hospitality sectors.

Singapore’s prime residential market is poised for significant growth in the second half of 2026, with capital values expected to increase by 2% to 3.9%, as reported by Savills’ World Cities Prime Residential Index. This projection places Singapore among the top seven of 30 global cities anticipated to experience growth of 2% or more, alongside cities like Cape Town and Seoul.

In the first half of 2026, Singapore’s prime capital values saw a modest rise of 0.4%, whilst prime rents climbed 1.7%, surpassing the global average rental growth of 1.1%. At $1,850 per square foot as of June 2026, Singapore remains the most expensive prime residential market in Southeast Asia, significantly outpacing Kuala Lumpur and Bangkok.

Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted, “The relatively modest growth in Singapore’s prime residential values in the first half masks a market that remains fundamentally well supported. Underlying demand remains resilient, whilst higher land prices over the past two years continue to support pricing expectations.”

Globally, the prime residential markets have shown resilience despite geopolitical uncertainties, with average capital values rising 0.6% in H1 2026. Savills anticipates continued positive but moderate growth into H2 2026, with 16 of the 30 cities expected to see capital value increases.

Kelcie Sellers, Associate Director at Savills World Research, highlighted the importance of selecting the right city for investment, stating, “Cities able to combine constrained supply, strong household wealth creation, and sustained international demand are likely to outperform.”

As Singapore’s market continues to show strength, it remains a key player in the global prime residential sector, with expectations of further growth in the coming months.