Industry News

Ley Choon Group Holdings Limited has announced a strategic joint venture with The Tunnel Company (Aust) Pty Ltd (TTCA), marking a significant expansion in its pipe-laying business. The joint venture company, Ley Choon TTC (Aust) Tunnelling International Pte. Ltd., was incorporated in Singapore on 8 June 2026, following the agreement between Ley Choon’s subsidiary, Ley Choon Constructions and Engineering Pte Ltd, and TTCA.

The newly formed joint venture aims to engage in pipe jacking operations both in Singapore and internationally. Ley Choon holds a 51% stake in the joint venture, whilst TTCA holds the remaining 49%. The board of directors will comprise five members, with Ley Choon appointing three and TTCA two.

TTCA, an Australian company established in March 2024, specialises in trenchless infrastructure construction, including micro tunnelling and pipe jacking. Its sole director, Tony Guinan, brings 32 years of industry experience. This collaboration allows Ley Choon to leverage TTCA’s expertise and resources, potentially enhancing project execution and long-term shareholder returns.

The joint venture is funded through Ley Choon’s internal resources and is not expected to materially impact the company’s earnings per share or net tangible assets for the financial year ending 31 March 2027. The Board believes this partnership will diversify and grow Ley Choon’s business, aligning with the company’s long-term strategic interests.

The Singapore Institute of Technology (SIT) has unveiled two significant initiatives in collaboration with Applied Materials to enhance Singapore’s semiconductor talent pipeline. Announced on 10 June 2026, these initiatives coincide with the opening of Applied Materials’ new campus in Tampines and are supported by a $3m endowed gift.

The first initiative, the Applied Materials Professorship, marks SIT’s inaugural industry-based professorship. Professor Stefan Winkler, a leading figure in AI and robotics, has been appointed to this role. His research will focus on advancing semiconductor technologies, aiming to address critical challenges such as rare defect detection and precision automation in manufacturing.

The second initiative, the Applied Materials Scholarship, is designed to support financially disadvantaged SIT Engineering undergraduates. With a $2m endowment, the scholarship will cover educational expenses, including tuition and overseas immersion programmes. Starting in the 2026 academic year, four scholarships will be awarded, increasing to at least six by 2028.

Professor Chua Kee Chaing, President of SIT, highlighted the importance of these initiatives, stating they “deepen how we connect education, applied research and industry collaboration.” Brian Tan, Regional President of Applied Materials in South East Asia, emphasised the company’s commitment to developing industry-ready talent.

These initiatives build on Applied Materials’ longstanding support for SIT, which includes bursaries and collaborative programmes. The partnership aims to create a robust pipeline of skilled professionals ready to meet the evolving demands of the semiconductor industry.

Alta Exchange, Southeast Asia’s leading securities exchange for alternative assets, and Phillip Securities have announced the relaunch of their Liquidity Programme for Income Insurance shares. This initiative, first introduced in January 2024, provides accredited investors with a structured pathway to trade shares of Income Insurance Limited, a prominent Singaporean insurer that remains unlisted on public exchanges.

The programme allows holders of Income Insurance shares to sell their shares through Phillip Securities, with trading facilitated on Alta Exchange’s platform. This collaboration leverages Phillip Securities’ extensive investor network and Alta Exchange’s digital infrastructure, licenced by the Monetary Authority of Singapore (MAS), to streamline transactions and broaden market participation.

Khai Lin Sng, CEO of Alta Exchange, highlighted the importance of the programme, stating, “The best companies are staying private longer than ever. The Liquidity Programme for Income Insurance Shares bridges that gap, combining tokenisation with a fully regulated secondary market on Alta Exchange to give Income Insurance’s eligible shareholders an orderly and digital path to liquidity on their own terms.”

Luke Lim, Managing Director of Phillip Securities, added, “As custodian and facilitating broker for this programme, PSPL is committed to supporting Income Insurance shareholders through every step of this process.”

The relaunch underscores Alta Exchange’s mission to enhance access to alternative assets through digital market infrastructure, offering a more efficient and secure trading experience for accredited and institutional investors.

Sunrate, a global payment and treasury management platform, has launched SunrateAI, a pioneering AI-native global payment infrastructure designed to automate and manage complex enterprise workflows. As traditional payment systems struggle with the demands of a real-time, multi-market global economy, SunrateAI offers a transformative approach by turning isolated payment actions into a continuously operating intelligent system.

SunrateAI aims to simplify the intricacies of cross-border B2B payments, which are often hindered by complex workflows, regulatory compliance, and dynamic foreign exchange (FX) management. Paul Meng, co-founder and CEO of Sunrate, stated, “With SunrateAI, we are defining Agentic Global Payments—introducing an intelligent ecosystem capable of autonomously navigating these enterprise complexities.”

The system features a suite of specialised agents that work as a unified system, autonomously orchestrating end-to-end workflows and optimising execution decisions in real time. Li Yilong, Head of AI at Sunrate, highlighted the significance of this innovation, stating, “Agentic Global Payments enable a fundamentally new operating model—one that is not only faster and more scalable but inherently smarter.”

Founded in 2016, Sunrate operates in 190 countries and partners with major financial institutions such as Citibank and Barclays. The launch of SunrateAI marks a significant step towards a more efficient and intelligent global payment landscape.

The iEdge Singapore Next 50 Index (Next 50) has undergone its June 2026 review, resulting in the addition and removal of four constituents. This change reflects strong market activity across global supply chains, with new inclusions such as AEM, Top Glove, UI Boustead REIT, and PC Partner. These changes will take effect from 22 June.

The review highlights a notable shift towards technology within the index. The liquidity-weighted framework has increased the technology sector’s weight to 26.2% from 15.8%, indicating stronger trading intensity in hardware and fintech sectors. This shift is accompanied by a reduction in income-oriented segments, such as S-REITs, telecommunications, and utilities.

The Next 50 Index, which tracks 50 of the largest and most traded stocks on the SGX Mainboard beyond the top 30 by market capitalisation, now includes recent debutant UI Boustead REIT. The eligible universe for the index expanded to 91 stocks from 87 since the March review, with selections based on market capitalisation.

The technology sector’s growing influence is evident, with five of the seven largest weights as of 29 May belonging to this sector. The Next 50 Reserve List also supports this trend, featuring technology-focused companies like Nanofilm Technologies International and Aztech Global.

The new entrants to the index are supported by robust trading activity, with AEM driven by AI-led test demand and PC Partner benefiting from high-end GPU supply constraints. The changes in the index composition reflect a broader shift towards growth and global flow-driven sectors, potentially surpassing income-led exposures like S-REITs.

Singapore Post Limited (SingPost) has launched a S$30m automated parcel sortation facility at its Regional eCommerce Logistics Hub, alongside the islandwide rollout of its neighbourhood service, SingPost@MyBlock. These initiatives, unveiled on 10 June 2026, mark significant milestones in SingPost’s strategy to enhance operational efficiency and public convenience.

The new facility, featuring a 3D Sorter and an Intelligent Flexi Sorter (IFS), will triple SingPost’s small and medium parcel processing capacity from 100,000 to 300,000 parcels per day. Combined with existing operations, the hub can now handle up to 400,000 parcels daily, positioning SingPost as Singapore’s leading parcel delivery network. This upgrade aims to manage seasonal spikes, such as 11.11 and Black Friday, with improved speed and efficiency.

Previously, SingPost operated across two facilities, leading to increased transit times and costs. The consolidation of operations at the Tampines hub streamlines parcel flow, reducing complexity and enhancing network efficiency.

In addition to the facility, SingPost will expand its SingPost@MyBlock service by 30 September. This service allows residents to drop off letters and small packets at designated letterbox nests in their residential blocks, reducing the need to visit post offices. This initiative leverages SingPost’s existing network, which serves over 1.9 million addresses daily.

Mark Chong, CEO of SingPost, stated, “This centralised automated hub for parcels unlocks an improved operating model, enabling us to move towards a highly flexible network that scales with market demand.” He emphasised the dual focus on backend efficiency and public convenience, aiming to modernise infrastructure for greater reliability and agility.

Singapore’s Purchasing Managers’ Index (PMI) increased by 0.3 point in May 2026 from the previous month to 51.0, indicating a faster pace of expansion in the overall manufacturing sector.

This marks the tenth consecutive month of growth and the highest PMI reading since December 2024. The improvement was driven by stronger expansion in new orders, new exports, factory output, input purchases, and employment.

The supplier deliveries index contracted at a faster pace and for the fifth consecutive month, reflecting extended lead times and ongoing supply chain constraints. Meanwhile, imports, input prices, order backlog, and future business recorded stronger growth. The finished goods index posted a slower expansion.

The future business index remained in expansion territory for the seventh consecutive month, reflecting manufacturers’ continued confidence in near-term business prospects.

Duke-NUS Medical School has been awarded a €2m grant from the European Union to bolster Asia’s capacity to detect infectious disease outbreaks early. The funding will support the use of wastewater and environmental surveillance as a population-level early warning system, aiming to identify threats before clinical cases escalate.

The initiative, announced on 9 June 2026, is part of a broader effort to enhance public health preparedness across the region. The project will be led by Duke-NUS’s Centre for Outbreak Preparedness, with Professor Paul Pronyk at the helm. “This grant will enable us to develop robust systems that can provide critical data for early intervention,” said Pronyk.

The funding comes at a crucial time as countries continue to grapple with the challenges posed by infectious diseases. Wastewater surveillance has emerged as a valuable tool in monitoring public health, offering insights into the spread of pathogens within communities. By detecting viral particles in wastewater, authorities can gain a clearer picture of infection trends and respond more effectively.

The project was officially launched at the ADWANCE-Asia kick-off meeting on 8 June in Kuala Lumpur, attended by key figures from the European Commission, including Ludmila Nistor-Mihajlova and Angela Tessarolo. The collaboration underscores the importance of international partnerships in addressing global health challenges.

Looking ahead, the initiative is expected to play a pivotal role in strengthening the region’s health security infrastructure, potentially serving as a model for other parts of the world.

Credit Bureau Singapore (CBS) and Experian Information Services Malaysia have signed a Memorandum of Understanding (MOU) to establish a cross-border credit reporting service. This initiative, announced on 9 June 2026, seeks to facilitate the exchange of credit information for individuals with financial activities in both Singapore and Malaysia, thereby supporting economic integration and financial inclusion.

The collaboration aligns with the Johor-Singapore Special Economic Zone’s focus on digital industries and aims to bolster the digital financial services ecosystem. By enabling a structured exchange of credit data, the MOU is expected to improve access to financial products for consumers and provide financial institutions with a comprehensive view of applicants’ financial obligations.

Key elements of the proposed framework include secure mechanisms for consumer consent, data protection compliance, and commercial models for sustainable implementation. William Lim, Executive Director of CBS, highlighted the importance of evolving credit information systems to reflect cross-border realities, stating, “This collaboration represents an important step towards enabling more seamless and responsible access to credit for consumers.”

Dawn Lai, CEO of Experian Malaysia, emphasised the role of trusted data collaboration in strengthening digital financial ecosystems. The initiative is expected to benefit digital-native workers and entrepreneurs, offering them fairer credit assessments and reducing the risk of cross-border fraud.

Both CBS and Experian Malaysia are committed to adhering to legal and regulatory frameworks to ensure responsible implementation. The MOU includes confidentiality provisions to safeguard exchanged information, marking a significant step towards enhanced financial cooperation between the two nations.

HSBC has announced a collaboration with Mastercard to pilot innovative business-to-business (B2B) payment capabilities in Singapore. This initiative aims to streamline digital commerce by automating purchasing and payments through trusted digital agents, enhancing control and oversight for businesses.

The pilot project connects a multinational corporate buyer, Singapore-based procurement platform SourceSage, and eCommerce supplier FortyTwo. Utilising Mastercard Agent Pay, the project facilitates secure tokenised payments and offers Merchant Discovery and Referral capabilities. This integration showcases the potential of agentic commerce when buyers, suppliers, and payment platforms are seamlessly connected.

HSBC is committed to embedding payments into business processes, improving visibility and control, and enabling efficient cross-border operations. Key features include Digital Merchant Services, which allows merchants to accept various payment methods through a single interface, and the HSBC Mobile Virtual Card, which offers businesses enhanced spending control and easier tracking and reconciliation.

Winnie Yap, Head of Global Payments Solutions at HSBC Singapore, stated, “Commerce is being rewired around platforms, automation and always-on expectations. This pilot demonstrates how B2B transactions can be executed end-to-end with control, transparency and risk management from the start.”

Minsook Cho, Country Manager for Singapore at Mastercard, added, “Agentic commerce, when powered by Mastercard and delivered with HSBC, addresses complexity directly. Together, we are defining what trusted, intelligent commerce can look like for businesses across the region.”

This collaboration marks a significant step in redefining B2B commerce, with potential implications for businesses seeking streamlined and secure payment solutions.