Industry News

The New York-based studio, Orange Cap Games, has selected Singapore as the location for its inaugural Vibes pop-up, coinciding with the global launch of Vibes Set 3: Birb & Pengu on 18 June. This event, running from 14 to 30 June, is hosted by PlaySpace at 220 River Valley Road, a new enrichment venue in Singapore.

The pop-up marks the first physical retail activation for the Vibes trading card game, which has sold over four million cards worldwide since its debut in December 2024. The latest set, Birb & Pengu, introduces new card mechanics and ultra-rare Sketch cards, with only ten of each in existence. Singapore has been chosen as the Asia flagship market for this release, reflecting the city’s vibrant trading card community.

Gary Mao, co-founder of Orange Cap Games, expressed enthusiasm for the event, stating, “Singapore has one of the most passionate and knowledgeable card communities in Asia. It was the obvious choice for our first physical home.”

PlaySpace, co-founded by siblings Teri Tan and Titus Chia, is set to formally open in July 2026. The venue offers a variety of play experiences, from Lego and mechanical puzzles to board games, guided by a licenced early childhood educator. The pop-up event is free and open daily from 11am to 7pm, providing an opportunity for enthusiasts to engage with the Vibes community and explore the new card set.

Embed Financial Group Holdings Pte Ltd (EFGH) and Kingston International College have announced a strategic partnership to enhance financial services and educational pathways for international students, particularly from emerging markets in Asia and Africa. The collaboration, revealed on 9 June, aims to address disparities in access to trusted financial services and digital economy pathways.

Both organisations, headquartered in Singapore, will focus on payments, insurance, digital identity for students, and curriculum development in artificial intelligence, cybersecurity, embedded finance, and blockchain. The partnership will operate under a legal and commercial framework, with specific projects defined through individual Statements of Work.

Dennis Ng, Executive Chairman of EFGH, highlighted the partnership’s goal: “EFGH builds the infrastructure. Kingston builds the people. This agreement is about making sure both serve the same communities.” Ivan Khua, Chairman of Kingston International College, added, “Our partnership with EFGH is a commitment to ensuring that a student from Jakarta, Hanoi, or Nairobi has the same access to quality education, trusted financial services, and industry-relevant skills as anyone else.”

The agreement is set for an initial term of three years, with automatic annual renewals. It allows both parties to enter similar agreements with third parties, ensuring flexibility in their collaborative efforts. This partnership marks a significant step towards bridging the gap in educational and financial access for students from underrepresented regions.

The recent SGX Market Updates report shows Singapore’s financial and technology sectors experienced selective net institutional inflows on June 8, despite regional market declines. Financial sector inflows were led by United Overseas Bank (UOB), Oversea-Chinese Banking Corporation (OCBC), Singapore Exchange (SGX), Yangzijiang Maritime, and UOB Kay Hian, with these stocks averaging a 1.6% decline. The technology sector saw inflows in companies like UMS Holdings, Venture Corporation, and AEM Holdings, averaging a 0.7% decline.

The outlook for the second half of 2026 suggests moderating but resilient growth in Singapore, supporting demand for electronics and capital expenditure-linked segments. However, rising energy and logistics costs, along with renewed trade frictions, are creating tighter conditions and more selective market behaviour.

Global conditions also tightened, with the US Dollar Index rising above 100, 10-year US Treasury yields increasing by 10 basis points, and Brent crude prices climbing by $2 (US$2) per barrel. This contributed to a cautious market tone, with the Straits Times Index (STI) declining by 1.7%.

Despite overall net outflows from Singapore-listed exchange-traded funds (ETFs), 35 ETFs recorded net inflows totalling S$20m. The SPDR Straits Times Index ETF led with S$6m in inflows.

The selective institutional flows reflect targeted positioning rather than broad-based risk appetite. Financial services and technology sectors anchored the day’s positive net institutional flows, securing S$26m and S$9m, respectively. This pattern aligns with a resilient yet tightening macroeconomic backdrop, with manufacturing conditions supporting demand even as input costs rise.

Grab Singapore has unveiled the Grab Full House Mission, a programme designed to support small food and beverage (F&B) merchants in attracting customers and strengthening their digital capabilities. This initiative comes as smaller F&B operators face challenges due to rising costs and competitive consumer spending.

The programme, launched in collaboration with Enterprise Singapore (EnterpriseSG), includes consumer initiatives such as Dine Out precinct campaigns and nationwide delivery deals. These efforts aim to increase visibility and attract new customers both online and offline. The first precinct campaign is set to launch in Tanjong Pagar, with plans for Holland Village and Jalan Besar later this year.

For merchants, Grab is offering workshops, masterclasses, and industry insights to help improve business operations and digital tool usage. The initiative also includes “Ready, Set, Grab!”, a modular onboarding programme to assist new F&B operators in joining Grab’s platform with ease.

Alejandro Osorio, Managing Director of Grab Singapore, emphasised the importance of the initiative, stating, “A full house means more than just filled tables or more delivery orders. For many small merchants, it represents stability, confidence, and the ability to keep doing what they love.”

Jeannie Lim, Assistant Managing Director at EnterpriseSG, highlighted the significance of supporting local businesses, noting that food culture is central to Singapore’s identity. The partnership with Grab aims to equip businesses with the necessary tools to adapt and thrive in the evolving F&B landscape.

Merchants interested in participating can register their interest through Grab’s platform.

Abbott has announced that its FreeStyle Libre 2 Plus continuous glucose monitoring system is now part of Singapore’s Ministry of Health (MOH) Continuous Glucose Monitoring Subsidy Programme. This inclusion, recommended by the Agency for Care Effectiveness (ACE), allows eligible individuals with Type 1 diabetes to apply for subsidised sensors through the public healthcare system.

The FreeStyle Libre 2 Plus, known for its 15-day sensor life and high accuracy, is available for people aged two and older, including pregnant women. The subsidy specifically targets those with Type 1, monogenic, or pancreatogenic diabetes who meet ACE’s criteria. For the estimated 2,258 people with Type 1 diabetes in Singapore, this development offers enhanced convenience and timely response to severe hypoglycaemia events.

Candy Gan, a patient advocate with Type 1 diabetes, remarked, “With the inclusion of Abbott’s sensor in the MOH subsidy, people living with diabetes can benefit from more choice, convenience and peace of mind.” The system’s real-time readings empower users to manage their condition more effectively.

Sven Seyffert, divisional vice president of Abbott’s diabetes care business in Asia Pacific, noted, “Singapore was among the earliest countries to use Libre technology in the region, and the latest inclusion of Libre 2 Plus system into the ACE’s subsidy list demonstrates our continued commitment to innovation and access.”

The subsidy can be accessed through public healthcare institutions, requiring a clinical assessment by a specialist diabetes team. The level of subsidy is determined by means testing. This initiative marks a significant step in improving diabetes management and patient autonomy in Singapore.

ib vogt has successfully closed a US$75m financing deal for its 99 MWp solar-plus-storage project in Barangay Luca, Iloilo, Philippines. The financing, secured through an Omnibus Loan and Security Agreement, is provided by Rizal Commercial Banking Corporation (RCBC), with RCBC Capital Corporation as the lead arranger.

The project, ib vogt’s first hybrid solar-plus-BESS development in the Visayas, combines 99 MWp of solar photovoltaic capacity with a 4 MW/16 MWh battery energy storage system. Construction began in early 2026, with commissioning expected by Q2 2027. Once operational, the plant will generate over 160 GWh of clean electricity annually, enough to power more than 85,000 households and reduce CO₂ emissions by over 70,000 tonnes per year. The integrated BESS will enhance grid stability and improve energy dispatchability across the Visayas grid.

David Ludwig, CEO of ib vogt APAC, stated, “This is our first power plant in the Visayas—a market with significant demand fundamentals and strong potential for renewable growth.” He highlighted RCBC’s confidence in the project’s structure and ib vogt’s track record in the Philippines.

RCBC Executive Vice President Elizabeth Coronel emphasised the bank’s commitment to sustainable finance, noting the project’s role in advancing the Philippines’ energy transition. As the fifth largest privately owned bank in the Philippines, RCBC continues to support projects that drive sustainable growth and create long-term value.

ib vogt, headquartered in Singapore, has been active in Asia since 2012 and is committed to supporting the decarbonisation of the global electricity sector. The company manages a pipeline of around 29 GWp of photovoltaic projects, 970 MW of BESS, and 190 MW of wind projects worldwide.

Singapore’s Government Land Sale (GLS) programme for the second half of 2026 will maintain a robust residential supply, with 9,200 units planned, according to CBRE Research. The Confirmed List supply has increased slightly to 4,745 units, whilst the Reserve List has been adjusted downwards to 4,455 units. This distribution supports both private residential units and long-stay serviced apartments, catering to diverse housing demands.

The Confirmed List will see the launch of 4,010 private housing units across seven residential sites and one white site, alongside 735 Executive Condominium (EC) units. Notably, the Town Hall Link site in Jurong Lake District (JLD) has been moved to the Confirmed List, signalling a renewed push to develop Singapore’s second central business district. This site, carved from the original JLD tender, offers a potential yield of 186,000 square metres, including office space, residential units, and complementary uses.

Tricia Song, CBRE Head of Research for Singapore and Southeast Asia, noted that the smaller parcel size and increased residential quota should attract more interest from developers. “The government will undertake some infrastructure requirements, providing relief to developers,” she added.

The GLS programme also features attractive new sites, including Orchard Boulevard and Tanjong Rhu Close, known for their prime locations and amenities. Future transport enhancements, such as the Jurong Region Line and Cross-Island Line, are expected to enhance site accessibility.

The tender for the Town Hall Link site will test developers’ interest in decentralised office developments, amidst a buoyant office sector focused on prime CBD assets.

Singapore’s employment outlook has taken a hit, with the latest ManpowerGroup Employment Outlook Survey revealing a significant decline in hiring sentiment for Q3 2026. The Net Employment Outlook (NEO) stands at 13%, marking an 11-point drop both quarter-on-quarter and year-on-year. This figure is notably below the Asia Pacific and Middle East regional average of 28% and the global average of 26%.

The survey, which gathered responses from 599 employers across Singapore, highlights a growing demand for specific skills despite the overall softer hiring sentiment. Two-thirds of employers expressed a willingness to pay a premium for AI literacy skills, with 66% prioritising these capabilities. Similarly, 64% of employers are keen on investing in AI model and application development skills. Traditional IT and data skills also remain in demand, with 56% of employers ready to offer higher wages for these competencies.

In addition to technical skills, soft skills are highly valued. The survey indicates that 66% of employers are prepared to pay more for critical thinking and problem-solving abilities, as well as communication, collaboration, and teamwork skills. Leadership and social influence skills are also sought after, with 64% of employers willing to invest in these areas.

The Manufacturing sector leads in hiring intentions with an NEO of 25%, although this represents a slight decrease from previous quarters. As Singapore navigates these challenging times, the emphasis on AI and critical thinking skills suggests a strategic focus on future-proofing the workforce.

GDS Global Limited has successfully completed the acquisition of Asiabuild Metal Engineering and Integrated Aluminium, marking a significant expansion of its business operations. The acquisition, approved by shareholders on 29 May 2026, positions GDS to diversify its revenue streams and enhance its presence in Singapore’s built environment and infrastructure sector.

The newly acquired subsidiaries, previously part of the Teambuild Construction Group, generated a combined revenue of S$12.13m and a net profit of S$1.63m in FY2025. They bring with them an order book valued at approximately S$24.4m, expected to be fulfilled between 2026 and 2028. This acquisition complements GDS’s existing door and shutter systems business by adding expertise in structural steel, metal engineering, and architectural aluminium solutions.

Tang Hee Sung, Non-Executive Non-Independent Chairman of GDS, stated, “This marks a transformative milestone in the Group’s growth journey as we expand our capabilities into broader engineering and building solution sectors.” He emphasised that the acquisition would enable GDS to capture more opportunities across Singapore’s infrastructure sectors.

SAC Capital Private Limited acted as the sponsor and financial adviser for the acquisition. Tan Kian Tiong, COO of SAC Capital, remarked on the strategic importance of the acquisition, highlighting its role in broadening GDS’s growth platform and reinforcing its development foundations.

With this strategic move, GDS aims to leverage the complementary engineering expertise and established customer relationships of its new subsidiaries to strengthen its long-term growth prospects and enhance its recurring revenue channels.

SJ Group has announced the appointment of Kelvin Wong as Group Chief Commercial Officer and Region Head, Asia, effective 1 July 2026. Wong, a prominent figure in the built environment sector, will spearhead SJ’s commercial strategy and oversee operations in Asia, which accounts for over half of the company’s global workforce and 60% of its revenue in 2025.

Wong’s role will involve leading SJ’s commercial strategy across the client lifecycle, from market positioning to client management, and aligning technical delivery with commercial outcomes. He will report directly to Group CEO Sean Chiao. SJ Chairman Chaly Mah expressed confidence in Wong’s appointment, highlighting the strength of SJ’s leadership.

Wong brings a wealth of experience from his tenure as CEO of the Building and Construction Authority (BCA) in Singapore, where he led a transformation focused on sustainability and digital adoption. Prior to BCA, he spent 24 years at the Singapore Economic Development Board, shaping policy and building national capabilities.

Wong stated, “SJ has the ambition and what it takes to make the built environment sustainable, resilient, AI-driven and talent-centric.” His career has spanned policy, promotion, and industry engagement, making him a valuable addition to SJ’s leadership team.