Industry News

DBS Group has reported a 1% increase in net profit for the first quarter of 2026, reaching S$2.93b. The bank’s total income hit a new high of S$5.95b, driven by exceptional performance in wealth management, which boosted fee income and treasury customer sales. Despite challenges from lower interest rates and a stronger Singapore dollar, DBS maintained a cost-income ratio of 39% and a stable non-performing loan (NPL) ratio of 1.0%.

Compared to the previous quarter, DBS’s net profit surged by 24%. Non-interest income saw a 41% rise, with significant gains in fee income and treasury customer sales, whilst markets trading income more than doubled. Expenses decreased by 3%, and specific allowances were reduced by more than half.

DBS CEO Tan Su Shan commented, “We had a strong start to the year, with record total income and a return on equity of 17% despite continued rate headwinds and heightened geopolitical uncertainty.” She highlighted the bank’s resilience and ability to support client needs in a challenging environment.

The bank remains vigilant about potential uncertainties, such as the Iran war, but stress tests indicate a sound credit portfolio. DBS continues to invest in growth initiatives, including transformational technology, to enhance customer service and seize long-term opportunities.

Looking ahead, DBS’s solid balance sheet, strong capital position, and robust liquidity are expected to underpin its resilience amidst ongoing global uncertainties.

Singapore’s Minister for Foreign Affairs, Dr Vivian Balakrishnan, underscored the importance of the Singapore-European Union (EU) partnership during the European Chamber of Commerce (EuroCham) Singapore’s Annual General Meeting (AGM) on 29 April. Held at the Amara Hotel, the event gathered EuroCham’s Board of Governors, senior government officials, and diplomatic stakeholders, including Artis Bertulis, the EU Ambassador to Singapore.

In his address, Dr Balakrishnan highlighted the necessity for consensus in dealing with global diversity, stating, “The key point for the principle of consensus and deliberations is when you’re dealing with such diversity, getting everyone on board is critical.” He also called for accelerated EU-ASEAN free trade agreements, noting the shared belief in the rule of law amidst global disruptions.

EuroCham President Jens Rübbert echoed the sentiment, advocating for increased communication in Europe about the value of globalisation and free trade. He remarked, “At the end of the day, there’s no alternative.”

Ambassador Bertulis praised the EU-Singapore partnership for creating jobs, driving innovation, and generating wealth. He highlighted the EU-Singapore Digital Partnership and collaboration on decarbonisation as key areas of cooperation.

The AGM also marked EuroCham’s 25th anniversary, unveiling a new brand identity and website. Rübbert emphasised EuroCham’s commitment to thought leadership and public-private engagement, stating, “Our role has never been more relevant.”

As both regions approach significant anniversaries in 2027, the focus remains on strengthening ties and addressing global challenges collaboratively.

Sheng Siong Group, one of Singapore’s leading supermarket chains, has announced a 12.4% increase in revenue for the first quarter of the financial year 2026, reaching S$452.8m. This growth is attributed to the opening of 12 new stores in FY2025 and robust festive sales during the Lunar New Year and Hari Raya Puasa.

The group’s net profit also rose by 12.6% to S$43.4m, supported by a 15% increase in gross profit to S$140.3m. The gross profit margin improved by 0.7 percentage points to 31%, reflecting a better sales mix that helped offset rising business costs.

Sheng Siong secured three new store locations, with two expected to open in the second quarter and one in the third quarter of FY2026. The company is also awaiting the results of five tenders from the Housing Development Board (HDB).

CEO Lim Hock Chee stated, “The Group remained resilient amid macroeconomic uncertainties and delivered steady performance in the first quarter, reflecting our operational strength and solid fundamentals.”

Despite challenges such as geopolitical tensions and rising energy costs, Sheng Siong is focused on refining its sales mix, diversifying its supplier base, and investing in automation to enhance operational efficiency. The company aims to continue its expansion in areas with limited presence, ensuring its value-for-money proposition meets evolving consumer needs.

International travel is experiencing a significant surge this Labour Day holiday, with outbound flight bookings from Singapore and China rising by 15% year-on-year, according to data from Trip.com Group. The extended five-day holiday in China, from 1 to 5 May, has encouraged more Chinese travellers to explore international destinations, often visiting multiple cities in one trip.

Edmund Ong, Senior Regional Director at Trip.com, noted, “Singaporeans are making use of the long weekend for quick international escapes, whilst Chinese travellers are not just venturing abroad, but often exploring two or more cities within a single overseas trip.” Popular destinations for Chinese travellers include Seoul, Bangkok, Singapore, Kuala Lumpur, and Tokyo.

In Singapore, the three-day Labour Day break has prompted many to travel abroad, with a notable 16% increase in multi-city bookings. Destinations such as Kuala Lumpur, Bangkok, and Seoul remain popular, whilst cities like Shanghai, Guangzhou, Sydney, and Tokyo have seen over 30% growth in bookings.

Chinese travellers are also showing a strong preference for international travel, with a 31% increase in multi-destination trips. Top international destinations include Seoul, Bangkok, and Singapore, whilst Shanghai, Beijing, and Chengdu are favoured for domestic travel.

For inbound travel to Singapore, China leads as the top source market, followed by Malaysia, Thailand, Indonesia, and the Philippines. This trend highlights the growing appeal of Singapore as a travel destination during the Labour Day holiday.

DKSH, a prominent market expansion services provider, has successfully obtained ISO 14001 and ISO 45001 certifications for its operations in Singapore and Malaysia. These certifications, awarded following a comprehensive multi-site audit, highlight DKSH’s commitment to environmental responsibility and workplace safety. The achievement aligns with the company’s global strategy to secure ISO certifications across its key markets.

The ISO 14001 certification focuses on minimising environmental impact, whilst ISO 45001 outlines the requirements for occupational health and safety management systems. DKSH has implemented these standards through routine risk assessments, structured incident reporting, and continuous safety performance monitoring. Additionally, the company has established emergency response procedures and provides ongoing safety training for employees and business partners.

By the end of 2025, DKSH had achieved global ISO certifications across nearly 40 facilities in seven markets, including Cambodia, Hong Kong, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. The recent certifications in Singapore and Malaysia further extend DKSH’s commitment to sustainability and safety within its supply chain network. Delia Sun, Head of Supply Chain Management and Member of the Executive Committee, stated, “Achieving ISO 45001 and ISO 14001 certifications in Singapore and Malaysia reflects our strong commitment to building a safe workplace whilst operating in an environmentally responsible manner.”

DKSH plans to continue expanding its certification coverage to additional markets, reinforcing its dedication to integrating sustainability and safety into all aspects of its operations.

MetaComp Group has announced the successful completion of a proof-of-concept for Tether Gold (XAUT), marking a significant step in its digital financial solutions. The initiative, aimed at institutional clients, explores three key use cases: cross-border payments, long-term value preservation, and gold-collateralised working capital. This development allows XAUT to function as a commodity-backed stablecoin, a cross-border payment tool, and a source of working capital liquidity.

The commercial launch includes 24/7 over-the-counter (OTC) trading through MetaComp Pte. Ltd. and lending against XAUT collateral via MetaComp Cayman Limited. This move comes as gold prices reach historic highs, driven by macroeconomic uncertainties and increased demand for safe-haven assets.

MetaComp’s platform, licensed by the Monetary Authority of Singapore (MAS), supports over 1,000 institutional clients globally. It offers T+0 settlement and access to USD, USDT, or USDC against pledged XAUT collateral. The proof-of-concept demonstrated the efficiency of XAUT in cross-border transfers, achieving faster settlement and cost-effective operations compared to traditional banking methods.

The tokenised commodity market has seen substantial growth, with XAUT and PAXG accounting for a significant portion. MetaComp’s initiative positions it at the forefront of integrating digital assets with traditional financial systems, offering a compliant infrastructure for international payments. The product is now available to accredited and institutional clients, expanding MetaComp’s digital asset ecosystem.

Thales has unveiled its 2026 Bad Bot Report, highlighting a significant shift in Singapore’s digital landscape, where bots now constitute 58% of all internet traffic. The report underscores the growing challenge for organisations as 52% of this bot traffic is classified as malicious, posing a threat to digital security.

The report reveals that financial services are particularly vulnerable, accounting for 80% of bot attacks in Singapore. As AI continues to blur the lines between legitimate and malicious activity, the focus is shifting from identifying bots to understanding their intent. Tim Chang, Global Vice President and General Manager of Application Security at Thales, stated, “AI is transforming automation from something organisations try to block into something they must also manage.”

The findings indicate a structural change in internet traffic, with bots increasingly outnumbering human activity. In 2025, bots made up 53% of global web traffic, a figure that rises to 58% in Singapore. This trend is not limited to specific events but represents a persistent presence across digital environments.

APIs and identity systems have become primary targets for bot attacks, with 27% of such attacks focusing on APIs. These attacks often exploit business logic and manipulate workflows, particularly affecting high-value sectors like financial services and IT.

Andy Zollo, APJ Senior Vice President at Thales, emphasised the need for a governance-based model to manage automation effectively. As AI-driven automation reshapes the digital landscape, organisations must adapt their security strategies to maintain trust and performance.

FairPrice Group (FPG) is set to provide NTUC and Link members with $5m worth of savings on essential items in celebration of May Day 2026. From 30 April to 17 May, members can enjoy 50% discounts on key daily essentials at FairPrice supermarkets and selected Kopitiam outlets. Additionally, NTUC members will have access to exclusive discounts through digital vouchers on the FPG app.

The initiative aims to support Singaporeans amidst rising costs due to global supply chain disruptions. FPG’s Group CEO, Vipul Chawla, emphasised the company’s commitment to keeping essentials affordable, stating, “These discounts on key essentials are our way of assuring Singaporeans that we stand with them.”

Ng Chee Meng, Secretary-General of NTUC, highlighted the importance of easing cost pressures for workers, saying, “The discounts on essentials from FairPrice Group demonstrate our shared commitment in doing our part to ease cost pressures in times of need.”

The May Day promotions include a 50% discount on a different essential item each week, with the first deal featuring Double FP Thai Hom Mali Rice. NTUC members using the FPG app will also receive discounts on a wider range of products, starting with FairPrice Canola Oil.

Moreover, FairPrice Foundation and Kopitiam are reintroducing the popular 50 cents hot kopi and teh deals at 70 outlets from 1 to 31 May. This initiative is part of FPG’s broader efforts to help Singaporeans manage inflation, including price freezes and special deals on various products throughout the year.

Changi Airport Group (CAG) and Shenzhen S.F. Taisen Holding (SF) have signed a Memorandum of Understanding (MoU) to develop Changi Airport as SF’s first overseas hub. This five-year strategic partnership aims to enhance Changi’s express cargo capacity and network, marking a significant step in SF’s global expansion plans.

The collaboration will leverage Singapore’s strategic location, positioning Changi Airport as a key air logistics hub for high-value cargo flows. SF Group, China’s largest integrated logistics service provider, will use Singapore as a base to expand its reach across Southeast Asia, South Asia, and Oceania. This move is expected to strengthen connectivity with major markets in these regions.

CAG’s Chief Executive Officer, Yam Kum Weng, expressed enthusiasm about the partnership, stating, “We are delighted that SF Group has selected Changi Airport as its first overseas hub, marking an exciting milestone for both organisations.” SF Group’s Chairman, Dick Wong, highlighted Singapore’s role in their global strategy, noting the aim to provide competitive cross-border logistics solutions amid a complex global trade environment.

SF Airlines, a subsidiary of SF Group, already operates freighter services to Singapore, further integrating into Changi’s robust express ecosystem. This ecosystem includes major players like DHL Express, FedEx Express, and UPS, ensuring swift and reliable movement of goods across Asia-Pacific and globally.

The partnership underscores Changi Airport’s position as a trusted air logistics hub, poised to support the evolving needs of international supply chains. As the collaboration progresses, it is expected to enhance Changi’s cargo network, facilitating faster and more secure handling of shipments.

In a significant shift within the tech industry, new research from International Workplace Group (IWG) indicates that hybrid working has become the leading strategy for attracting top tech talent, surpassing competitive pay. The study reveals that 78% of business leaders believe organisations offering hybrid work have a distinct advantage in recruitment, with 37% of firms prioritising this approach over competitive salaries, which stand at 35%.

The research highlights a fiercely competitive market for tech talent, with 67% of leaders acknowledging the increased difficulty in attracting skilled candidates. Furthermore, 68% of leaders recognise that competitive salaries alone are insufficient for retaining top talent, emphasising the importance of flexibility.

Advanced technology skills, such as AI, data analytics, and coding, are increasingly valued, with 83% of leaders considering them crucial for leadership promotions. Notably, 22% of leaders place higher importance on these skills than on traditional university degrees. This trend is reshaping hiring practices, with 23% of organisations promoting tech professionals under 30 into leadership roles earlier than usual, a figure that rises to 45% among Gen Z-led businesses.

In Singapore, efforts to build an AI-fluent workforce are intensifying, supported by initiatives like the National AI Impact Programme and the TechSkills Accelerator Programme. These efforts aim to address the persistent shortage of AI-related skills, which remain among the hardest to find.

Mark Dixon, IWG Founder and CEO, stated, “The message from leaders—and particularly from younger generations—is clear: companies that do not embed hybrid working into their culture risk losing out in the race for tech talent.”