Industry News

Organisations across the Asia-Pacific (APAC) region are facing significant financial losses due to downtime incidents, with an average annual cost of US$300m, according to new research by Splunk and Oxford Economics. The study reveals that lost revenue alone accounts for US$104m of this impact, as businesses grapple with the challenges posed by AI risks and cloud complexity.

The research comes at a crucial time for Singapore, following the AI Verify Foundation’s initiative to enhance trusted AI deployment. Despite the rapid adoption of AI, many businesses express concerns about operational risks, including outages and unpredictable AI behaviour. Notably, 75.6% of surveyed organisations report that rising customer expectations for uninterrupted digital services have heightened the priority of reducing downtime.

Human error remains a prevalent cause of downtime, even as AI adoption increases. Alarmingly, 41.1% of organisations acknowledge that their AI usage has elevated the risk of downtime. Kamal Hathi, SVP and GM of Splunk, emphasised, “Downtime is inevitable; prolonged disruption is not. The most resilient organisations align technology with business outcomes.”

The study also highlights the broader impact of downtime, with financial and market erosion, customer churn, and escalating ransomware costs being significant concerns. The average cost of downtime has reached US$15,000 per minute, and organisations experience an average 3.4% drop in stock price following such incidents.

As businesses increasingly rely on AI for resilience, the need for robust governance and human oversight becomes paramount. The report underscores the importance of end-to-end visibility and proactive investment strategies to mitigate downtime risks.

Agilent Technologies has entered a two-year research collaboration with Singapore’s Nucleic Acid Therapeutics Initiative (NATi), hosted by the Agency for Science, Technology and Research (A*STAR), to advance research into complex oligonucleotide candidates. This collaboration seeks to expand the delivery of these therapies beyond liver tissues, potentially addressing cardiovascular-metabolic, rare, and infectious diseases.

The oligonucleotide therapeutics market, valued at over $7b(£5.4b) in 2025, is expected to grow to $18b (£13.9b) by 2030. This growth is driven by DNA- and RNA-based therapies, which face challenges in delivery beyond liver tissues. The partnership will focus on developing workflows to support ligand-conjugated strategies, enabling access to extrahepatic tissues and expanding the therapeutic market.

NATi’s expertise in nucleic acid and chemical modifications will be combined with Agilent’s advanced technologies, including the 1290 Infinity III Bio UHPLC system and Seahorse XF technologies. This collaboration aims to enhance the characterisation, purification, and quality assessment of lipid-modified oligonucleotides, crucial for efficient preclinical development.

Dr Mohamed ElSayed, Executive Director of NATi, stated, “Lipid-conjugated oligonucleotides represent a promising next frontier in nucleic acid therapeutics, particularly in expanding beyond hepatic delivery.” Bharat Bhardwaj, Vice President of APAC Sales at Agilent, added, “Our priority remains to help existing and new biopharma customers accelerate new discoveries through research advancement.”

The agreement includes training and access to Agilent’s Global Solution Development Centre in Singapore. Agilent’s long-term commitment to Singapore is evident in its investment in local scientific capabilities and talent development, reinforcing the country’s status as a biomedical innovation hub.

Global Healthcare Opportunities (GHO) and CBC Group have announced a definitive agreement to merge, creating the world’s largest dedicated healthcare investment firm with over US$21b in assets under management (AUM). This strategic alliance unites two leading healthcare investors, aiming to enhance global healthcare access and innovation.

The new firm will operate with more than 200 professionals across 13 offices in North America, Europe, and the Asia-Pacific region, which collectively account for 90% of global healthcare research and development spending. This extensive network is set to capitalise on high-growth, innovation-led opportunities in the world’s largest healthcare markets.

The merger will empower portfolio companies to scale internationally, offering investors access to private equity, private credit, and real estate assets focused on healthcare and life sciences. GHO’s North American and European portfolio will gain enhanced access to Asia-Pacific’s dynamic healthcare market, whilst CBC’s Asian portfolio will benefit from global market insights and execution support.

Mike Mortimer, Co-Chief Executive of the new firm, stated, “We are reinforcing our position as dedicated healthcare specialists, expanding our global reach, and empowering our portfolio companies to compete and win in an increasingly dynamic global healthcare market.”

The transaction is expected to close in early 2027, subject to customary conditions and regulatory approvals. Until then, GHO and CBC will continue to operate independently, focusing on their existing fund mandates. This merger marks a pivotal moment for both firms, aiming to accelerate patient access to affordable care and support innovation in addressing unmet medical needs globally.

Bizcap, a rapidly growing alternative lender, is celebrating its first year of operations by increasing its lending limit to $1m. This move aims to provide small and medium-sized enterprises (SMEs) in Singapore with faster and more flexible funding solutions. Since its launch in early 2025, Bizcap has experienced significant growth, driven by the demand for quick and responsive financial options from local businesses and brokers.

Joseph Lim, Bizcap’s Managing Partner for Asia, stated, “When we launched, we had a vision to become Singapore’s most open-minded lender, and I truly believe we’ve brought that vision to life over the past year.” The company has introduced four new funding products and facilitated over $40m in funding for Singapore SMEs. Additionally, Bizcap has built a network of more than 300 partners and expanded its local team from one to seven employees.

The company recently hosted a partner event in Singapore, attended by over 150 key partners, to celebrate its one-year milestone. During the event, Bizcap announced the launch of its Bizcap Frequent Funders (BFF) programme, a loyalty initiative offering tiered incentives to partners who reach funding milestones. The company also recognised high-performing partners who achieved Platinum Partner status in 2025.

Tony Truong, Bizcap’s Chief Credit Officer for APAC, emphasised the importance of the increased lending limit, stating, “By lifting our lending limit to $1m, we can now support larger deal sizes and help more businesses access the capital they require.” Looking ahead, Bizcap Singapore aims to facilitate over $100m in funding in the next 12 months as it continues to expand its presence in the local market.

Traveloka, Southeast Asia’s leading tech travel platform, has signed a Memorandum of Understanding (MoU) with Resorts World Sentosa (RWS), Singapore’s premier integrated resort, to enhance regional tourism connectivity. The collaboration, announced on 20 May 2026, is driven by Traveloka’s data indicating a surge in demand from Indonesian travellers for Singapore’s unique experiences.

The partnership will leverage Traveloka’s data intelligence and platform scale to provide RWS with direct access to millions of high-intent travellers from Indonesia and Southeast Asia. This initiative aims to streamline the process for tourists to discover, plan, and book luxurious stays, iconic dining, and world-class attractions at RWS through Traveloka’s seamless booking system.

Stefanus Syalom Hasudungan, Director of Commercial at Traveloka, and Jenny Wang, Acting Senior Vice President of Resort Sales & Marketing at RWS, were present at the MoU signing. The collaboration reflects a shared commitment to enhancing how travellers experience Singapore, thereby strengthening the region’s tourism sector.

This strategic move is expected to significantly boost the influx of tourists to Singapore, particularly from Indonesia, by offering a more integrated and user-friendly travel planning experience. As the demand for experience-led travel continues to grow, this partnership positions both Traveloka and RWS to capture a larger share of the Southeast Asian travel market.

Singapore’s retail sector has maintained a stable vacancy rate of 6.3% in the first quarter of 2026, according to Savills Research. Despite a decline in leasing demand and increased tenant turnover, the limited supply pipeline has supported occupancy, particularly for well-located retail properties.

Savills estimates that the supply of retail space will be approximately 427,000 square feet of net lettable area in 2026, slightly below the five-year average. New completions are expected to decrease further in 2027, with a significant increase anticipated from 2028 due to major redevelopment projects. This limited supply is projected to keep annual retail completions at an average of 270,000 square feet over the next two years.

The suburban retail market has shown resilience, with a net absorption of 140,000 square feet in the first quarter, supported by stable demand and limited new supply. Prime shopping areas continue to attract interest, with units like the one vacated by T2 Tea at 313@Somerset quickly re-leased to Goldheart.

However, smaller malls and less visible locations face challenges, with Bugis Street seeing only 20% of its second-floor shops in operation. Retail rental performance has softened, with average monthly rents in prime Orchard Area malls edging up 0.1% to S$23.60 per square foot, whilst suburban rents increased by 0.2% to S$14.90 per square foot.

Savills’ Executive Director, Sulian Tan-Wijaya, noted that retailers are focusing on malls with stable footfall and good accessibility. Looking ahead, landlords are expected to optimise tenant mixes and enhance experiential offerings to maintain traffic and sales, with rents for Orchard Road and suburban malls projected to rise by up to 2% this year.

Google and the Ministry of Digital Development and Information have announced an expanded collaboration through a new National AI Partnership. This initiative is part of Singapore’s National AI Strategy and seeks to leverage advanced AI to address societal issues, develop an AI-ready workforce, drive innovation, and ensure a secure digital ecosystem.

A significant aspect of the partnership is the introduction of “Triadic Care” in healthcare. Google DeepMind is exploring a collaboration with public health clusters on an AI co-clinician research initiative, which aims to integrate AI agents in patient care under the supervision of physicians. This could revolutionise healthcare delivery by enhancing patient support.

In the realm of scientific discovery, Google DeepMind is teaming up with the National Research Foundation to train local researchers on agentic AI tools. Additionally, Google and the Agency for Science, Technology and Research are working together to transform lab discoveries into valuable innovations in materials and life sciences.

The partnership also focuses on inclusivity, with Google DeepMind and SG Enable testing a new Gemma-powered running assistant for blind and low vision athletes. This initiative underscores the commitment to making technology accessible to all.

In education, Google is collaborating with the Ministry of Education to bolster AI capabilities in teaching and learning, which includes training and upskilling programmes for educators.

To ensure responsible AI deployment, Google, the Cyber Security Agency of Singapore, GovTech Singapore, and the Infocomm Media Development Authority have released a joint whitepaper with findings and recommendations from their AI Agents Sandbox. This sets security benchmarks for AI use in Singapore.

These initiatives highlight the potential of AI to drive societal progress and innovation in Singapore, with future implications for various sectors.

Singapore’s developers are embracing artificial intelligence (AI) at an impressive rate, with 96% already integrating AI tools into their workflows, according to a new survey by Twilio. However, the research highlights significant challenges in moving beyond initial experimentation due to fragmented tools, siloed data, and a lack of strategic direction.

The survey, conducted among 196 developers and technology leaders at API Days Singapore, reveals that nearly half of the respondents experience friction from constant context-switching between disjointed tools. This issue is compounded by poor integration and incompatible systems, which hinder the productivity gains AI promises.

A significant finding is that fewer than 30% of organisations have a clear strategic vision for AI deployment. This lack of direction results in data silos and fragmented decision-making, with 41% of founders and start-up leaders operating without a formal AI adoption framework. Consequently, many AI projects remain stuck in ‘pilot purgatory’, unable to scale into full production.

The survey also indicates a shift towards more complex AI applications, with nearly 40% of respondents building autonomous agents and 25% integrating Voice AI. However, Michelle Duke, Senior Developer Evangelist at Twilio, warns that “running next-generation models on fragmented legacy architecture is becoming a liability,” emphasising the need for a unified infrastructure to unlock AI’s full potential.

As Singapore’s developers push the boundaries of AI, the challenge lies not in adoption but in orchestrating these tools effectively across the business landscape.

Strategic Marine, a prominent Singapore-based shipbuilder, has secured a significant contract with Mainprize Offshore for the construction of two 33-metre Supa Swath crew transfer vessels (CTVs). This order, announced on 19 May 2026, marks the third such collaboration between the two companies, bringing the total number of Supa Swath vessels delivered and on order to 10.

The new vessels, designed by Walker Marine Design, are an upgrade from the previous 26-metre model. They feature an extended waterline length of 30 metres, a broader 13-metre beam, and increased fuel capacity exceeding 63,800 litres. These enhancements allow for longer operational endurance and increased passenger capacity, accommodating up to 39 personnel compared to the previous 27.

Bob Mainprize, Managing Director of Mainprize Offshore, expressed confidence in the partnership, stating, “The Supa Swath design continues to perform well in the field, especially in terms of stability, safety and crew comfort, which are critical to our operations.” The vessels are powered by two Caterpillar C32B engines, enabling speeds of up to 30 knots whilst maintaining fuel efficiency and reducing emissions.

Strategic Marine’s CEO, Chan Eng Yew, highlighted the significance of the order as an endorsement of their capability to meet evolving offshore operational needs. The first two units are scheduled for delivery in Q3 2027, expanding Mainprize Offshore’s fleet to 21 vessels, supporting offshore wind operations across Europe and Asia.

April 2026 witnessed a notable rise in new home sales in Singapore, driven by strong demand in the suburbs, according to Realion (OrangeTee & ETC) Group. Despite ongoing conflicts in the Middle East, sales momentum remained robust, with the number of new home sales, excluding executive condominiums (ECs), climbing to 1,548 units. This marks a 19.1% increase from March’s 1,300 units, as reported by the Urban Redevelopment Authority (URA).

The surge in sales was largely attributed to the launch of two major projects: Tengah Garden Residences and Vela Bay. Tengah Garden Residences, the first private residential project in Tengah, sold 99.1% of its 863 units within the launch month. The development’s appeal was bolstered by its proximity to the upcoming Hong Kah MRT station and the promise of future capital and rental appreciation. Vela Bay also performed well, selling 71.8% of its 515 units, with many units offering sea views and easy access to Bayshore MRT Station.

The Outside Central Region (OCR) dominated sales, accounting for 87.7% of the total units sold, followed by the Rest of Central Region (RCR) and Core Central Region (CCR). In the luxury market, 26 non-landed homes were sold for between S$5m and S$10m, whilst three ultra-luxury condos exceeded S$10m.

Looking forward, potential interest rate hikes due to Middle East tensions may influence buyer behaviour. However, with mortgage rates still low compared to previous peaks, housing remains affordable for first-time buyers and HDB upgraders. Upcoming launches like Dunearn House and Lentor Gardens Residences are expected to sustain market interest.