Industry News

GXS Group, comprising GXS Bank in Singapore and GXBank in Malaysia, has reported a significant financial upturn for the fiscal year ending 31 December 2025. The Group’s asset base tripled, and revenue doubled, driven by strategic expansions in retail and micro, small, and medium enterprises (MSMEs).

The Group’s total loans surged by 323% to S$1.03b, reflecting a diversified strategy across various segments. Despite a challenging interest rate environment, total deposits grew by 38% to S$2.3b, with an 84% increase in Net Interest Income. The Expected Credit Loss improved from 6.8% to 4.6%, attributed to enhanced credit modelling and a balanced mix of secured and unsecured assets.

Following the completion of its regional technology infrastructure in 2024, GXS Group managed to halve its cost-to-income ratio from 695% to 313%, maintaining flat operating expenses. This operational efficiency highlights the Group’s strategic focus on scaling its financial services.

In 2025, GXS Group expanded its Business Banking services to MSMEs, offering interest-bearing accounts and flexible credit lines. The acquisition of GXS Capital, formerly Validus Capital, marked a milestone as the first successful acquisition of a local fintech by a homegrown digital bank in Singapore. This move accelerated GXS Bank’s market reach, particularly in trade finance and working capital loans.

The Group’s regional expansion included a capital injection of over S$54m into GXBank in Malaysia and a minority stake in Indonesia’s Superbank, which successfully launched its IPO in December 2025. GXS Group’s efforts underscore its commitment to financial inclusion and innovation in Southeast Asia’s digital banking landscape.

HTX (Home Team Science and Technology Agency) and ST Engineering have signed a five-year Memorandum of Understanding (MoU) to develop a space technology programme aimed at bolstering Singapore’s public safety operations. Announced at the Milipol TechX Summit 2026, the collaboration will focus on leveraging space-based science and technology, including satellite missions, to improve observational and early-warning capabilities.

The programme will utilise satellites to detect and monitor hazardous gas plumes offshore, providing first responders with crucial lead time to react and mitigate incidents. Chan Tsan, Chief Executive of HTX, highlighted the potential of space technologies, stating, “This capability enables faster and more effective responses to save lives and safeguard public safety.”

Low Jin Phang, Chief Operating Officer for Defence & Public Security and President for Digital Systems at ST Engineering, emphasised the strategic importance of satellite missions in public safety. “We are applying our expertise in Earth observation satellites, geospatial services, and advanced digital technologies to jointly develop space-based capabilities that strengthen public safety outcomes,” he said.

This initiative builds on the existing partnership between HTX and ST Engineering, which has been instrumental in advancing innovation in critical science and technology areas for public safety in Singapore. A model of the new satellite under this MoU is currently on display at the MTX 2026 summit.

The collaboration underscores the commitment of both organisations to harnessing technology for real-world applications, aiming to make Singapore one of the safest places globally.

BlackRock has announced the launch of its ASEAN Systematic Active Equity Strategy under Singapore’s Equity Market Development Programme. Approved by the Monetary Authority of Singapore, the BF1 Advantage ASEAN Equity Fund will target both institutional and retail investors, focusing on capturing opportunities within the ASEAN equity universe, including both developed and emerging markets.

The fund employs a systematic, liquidity-aware approach, regularly rebalancing its portfolio to leverage new information from vast datasets. This strategy is designed to benefit from structural tailwinds such as resilient domestic demand and improving corporate fundamentals in ASEAN markets. Singapore is highlighted as a key gateway due to its market depth and liquidity.

Andrew Landman, Deputy Head of Asia Pacific for BlackRock, emphasised Singapore’s role as a critical capital markets hub, stating, “We welcome the opportunity to reaffirm our long-term commitment to supporting EQDP’s objectives in enhancing market liquidity, broadening investor participation, and attracting global capital to Singapore.”

The fund’s portfolio will typically hold 100-300 securities, with about half allocated to Singapore equities, focusing on small- and mid-cap companies. It also invests in other ASEAN markets like Malaysia, Thailand, Indonesia, and the Philippines. Filip Mena-Berlin, Senior Investment Strategist at BlackRock, noted, “The strategy differentiates itself through a systematic, liquidity-aware approach that harnesses large-scale data and machine learning techniques.”

This initiative builds on BlackRock’s $20b Pan-Asian SAE franchise and its broader $334b global SAE platform, supported by over 130 portfolio managers and researchers. The strategy is managed by Ryan Kim and Filip Mena-Berlin, combining local insights with BlackRock’s global capabilities.

Groz-Beckert, a leader in industrial machine needles and precision tools, has appointed MSQ Asia as its global creative agency of record. This decision follows a competitive pitch and coincides with Groz-Beckert’s strategic move to establish Singapore as its new global marketing hub. The partnership aims to enhance the company’s international brand presence and drive future growth.

MSQ Asia will spearhead the development of a new global campaign platform, integrating Groz-Beckert’s heritage with a forward-looking brand narrative. The campaign is set to launch globally in 2027. Kabilen Sornum, Vice President of Marketing & Digital for Asia Pacific at Groz-Beckert, stated, “MSQ demonstrated a strong strategic and creative approach, and we are excited to partner with them to shape the next phase of our brand globally.”

The collaboration marks a significant transition for Groz-Beckert, which previously worked with Publicis Group. Andy Edmonds, General Manager of MSQ Asia, expressed enthusiasm about the partnership, noting the opportunity to build a distinctive global creative platform that reflects Groz-Beckert’s precision and innovation.

The new campaign will focus on crafting a compelling global narrative that aligns Groz-Beckert’s technical expertise with a modern creative platform. Jason Braddy, Executive Creative Director at MSQ Asia, highlighted the potential of B2B brands like Groz-Beckert to tell compelling stories, emphasising the brand’s rich heritage and promising future.

The campaign development is underway, with plans to roll out across key markets starting in 2027.

Singapore has been ranked sixth globally in Savills’ Architecture and Engineering (A&E) Talent Index, highlighting its robust education system and established industry ecosystem. Despite this achievement, the city-state’s higher operating costs necessitate strategic workplace planning for firms aiming to attract and retain skilled talent.

The index places Singapore as the top-ranked location in the Asia Pacific region, alongside major hubs like Hong Kong and Tokyo. However, the cost of living remains a significant factor for companies considering Singapore as a base for their operations. According to a survey of Savills experts, 78% of respondents identified access to talent as the most crucial factor in shaping portfolio decisions, followed by real estate costs at 74% and the cost of talent at 61%.

Ashley Swan, Executive Director of Commercial & Industrial at Savills Singapore, noted, “As global uncertainties increase, Singapore’s stability, ease of operating, and strong talent base continue to make it an attractive location for architecture and engineering firms. However, rising occupancy and operating costs mean companies need to be more deliberate in how they plan and use their office space.”

Whilst Singapore remains a prime location for A&E talent, alternatives such as Dallas, Seattle, Oslo, and Helsinki are emerging as cost-effective options, offering high-quality talent at lower occupancy costs. This trend may lead firms to reassess their location strategies to balance talent access with operational efficiency. As the competition for space in top global cities intensifies, informed corporate real estate planning will play a crucial role in supporting business performance.

HTX (Home Team Science and Technology Agency) and NCS have signed a Memorandum of Understanding (MOU) at the Milipol TechX Summit 2026, establishing a Continuous Engineering Programme (CEP) framework. This initiative aims to enhance the operational systems of Singapore’s Home Team through long-term capability development.

The CEP framework builds on a five-year Master Agreement signed in July 2025, further strengthening the collaboration between HTX and NCS. The partnership will focus on five key technology areas: robotics, drones and unmanned aircraft, quantum-safe technologies, data architecture, and AI-enabled systems. These efforts are expected to accelerate the delivery of mission-ready capabilities for the Home Team.

Chan Tsan, Chief Executive of HTX, emphasised the importance of strong engineering partnerships in an evolving public safety landscape. “We are always working to empower the Home Team with operationally impactful science and technology capabilities,” he stated.

Sam Liew, CEO of NCS, highlighted the synergy between the two organisations. “This partnership brings together HTX’s operational expertise and NCS’ strengths in AI, data, cybersecurity, and quantum-safe technologies to deliver intelligent, mission-ready systems for Singapore’s public safety agencies,” he said. “Built for real-world operations, these systems strengthen frontline effectiveness and resilience.”

The collaboration between HTX and NCS is poised to significantly enhance the technological capabilities of Singapore’s public safety agencies, ensuring they remain at the forefront of innovation and operational readiness.

The Urban Redevelopment Authority has concluded the tender for a land parcel at Dunearn Road, with Winrich Investment and Metrobilt Construction emerging as the highest bidders. Their bid of S$532.999m, equivalent to S$1,625 per square foot per plot ratio (psf ppr), was 3.1% higher than the next highest bid from Frasers Property Phoenix, CSC Land Group, and Sekisui House. The site, which can accommodate approximately 330 residential units and 1,400 square metres of commercial space, attracted six bids in total.

This site is part of the long-term rejuvenation plan for Bukit Timah Turf City, following the first land parcel awarded in July 2025 at a rate of S$1,410 psf ppr. The current highest bid is 15.2% above the previous one, reflecting strong developer confidence in the area’s potential. Justin Quek, Deputy Group CEO of Realion (OrangeTee & ETC) Group, noted the site’s strategic location near Sixth Avenue MRT station and the upcoming Turf City station, as well as its proximity to reputable schools like Methodist Girls’ School and Raffles Girls’ Primary School.

The last major project in the vicinity, Fourth Avenue Residences, launched in 2019 and completed in 2022, has shown robust activity in both resale and rental markets. This suggests a pent-up demand for new developments in the area. As the Turf City estate evolves, future residents will benefit from a variety of amenities, including retail and dining options, and green spaces, enhancing the appeal of the new project.

JTC has announced the launch of a new industrial site at Kaki Bukit under the Industrial Government Land Sales (IGLS) Programme for the first half of 2026. The site, which spans 0.74 hectares, is part of the Confirmed List and is one of six sites to be released, contributing to a total of 8.39 hectares of industrial land available in this period.

The Kaki Bukit site is zoned for B2 industrial use, with a gross plot ratio of 2.5, and comes with a 33-year tenure. The tender for this site is set to close on 23 June 2026 at 11:00 am. This initiative is part of JTC’s ongoing efforts to meet the demand for industrial space and support economic growth.

Interested parties can purchase the Tenderers’ Packet, priced at $185.30 inclusive of GST, through the official JTC website. This packet provides comprehensive details necessary for potential bidders. The launch of this site is expected to attract significant interest from businesses looking to expand their operations in Singapore’s industrial sector.

The release of the Kaki Bukit site under the IGLS Programme highlights JTC’s commitment to facilitating industrial development and ensuring the availability of strategically located sites for businesses. This move is anticipated to bolster Singapore’s industrial landscape, providing opportunities for growth and innovation in the sector.

Research by global talent solutions partner Robert Walters highlights a significant disconnect between Singaporean employers and Gen Z professionals. Whilst 71% of organisations are open to hiring Gen Z employees, 67% of Gen Z professionals feel that companies are not adequately prepared to meet their needs. This sentiment is echoed by the fact that 47% of hiring managers face challenges in managing Gen Z effectively.

The study, which surveyed six Southeast Asian countries, found that Singaporean companies are the most hesitant to hire Gen Z professionals, with 4% expressing reluctance. Despite recognising Gen Z’s strengths in digital literacy and tech-savviness, companies struggle to integrate them into multi-generational teams due to differing work preferences and communication styles.

Gen Z professionals prioritise job security and well-being support, with 56% valuing stability and 33% seeking well-being initiatives. However, nearly half expect to leave their current employer within two years, indicating a need for improved retention strategies. On-the-job training and mentorship programmes are highly valued, with 50% of Gen Z professionals preferring practical learning experiences.

Kirsty Poltock, Country Manager of Robert Walters Singapore, suggests that businesses should adopt strategies aligned with Gen Z’s values, such as offering hybrid work options, prioritising practical skills training, and fostering mentorship. She notes, “Singaporean employers may be more selective, seeking Gen Zs who can prove their corporate readiness immediately.”

As Singapore’s workforce evolves, bridging the gap between Gen Z expectations and organisational readiness will be crucial for long-term engagement and growth.

GXS Bank has partnered with Funding Societies to introduce the GXS Biz Property-backed Loan, designed to provide small and medium-sized enterprises (SMEs) in Singapore with up to S$2m in financing. This initiative aims to help businesses unlock liquidity from residential or commercial properties, enabling them to seize growth opportunities and manage cash flow more effectively.

The collaboration leverages GXS Bank’s robust balance sheet and extensive ecosystem, which includes shareholders Grab and Singtel, alongside Funding Societies’ expertise in digital SME financing. The loan will initially be available to existing customers of GXS Bank and Funding Societies, as well as SMEs within the Grab and Singtel ecosystem.

Pei-Si Lai, Group CEO of GXS Bank, highlighted the importance of this offering, stating, “SMEs are the backbone of our economy, yet financing for many of them is either not available, not affordable or not adequate to support their growth meaningfully.” She emphasised that the new loan product allows business owners to convert illiquid assets into liquidity, facilitating timely growth opportunities.

Kelvin Teo, Co-founder and Group CEO of Funding Societies, noted the significance of the partnership in making property-backed financing more accessible. “This collaboration with GXS Bank brings together GXS Bank’s ecosystem playbook and Funding Societies’ digital financing experience to make property-backed financing more accessible to businesses navigating an increasingly uncertain market,” he said.

The GXS Biz Property-backed Loan is set to roll out progressively, aiming to support SMEs in navigating financial challenges and fostering sustainable growth.