Industry News

Ascend Asia Financial Services Group has announced the addition of three new member firms—Infinity Financial Advisory, SG Alliance, and PromiseLand Financial Advisory—expanding its network to over 2,000 financial consultants. This strategic move aims to strengthen the financial advisory industry in Singapore by offering consumers greater choice and value.

The acquisitions, facilitated through Ascend Asia Singapore Advisory, have received regulatory approval from the Monetary Authority of Singapore. Tomas Urbanec, CEO of Ascend Asia, expressed enthusiasm about the expansion, stating, “We are pleased to welcome Infinity FA, SG Alliance, and PromiseLand to Ascend Asia, a much-anticipated milestone that expands our financial advisory network.”

Each firm will continue to operate under its own brand, ensuring no disruption to existing client relationships. The integration aims to leverage Ascend Asia’s strategic expertise and industry network to enhance the value propositions of its member firms. Urbanec highlighted the group’s commitment to “uplift Singapore’s financial advisory industry and empower financial consultants to deliver greater value and long-term benefits to consumers.”

Infinity FA’s CEO, Poh Choon Kia, noted the significance of this partnership, emphasising the opportunity to enhance fintech capabilities and professional development. Similarly, SG Alliance’s CEO, Caster Ong, and PromiseLand’s Managing Director, David Choo, expressed optimism about the potential for growth and improved client services.

Established by global investment firm KKR, Ascend Asia continues to invest in professional development and technology to support its member firms. The group aims to provide comprehensive solutions and tools, enabling financial consultants to offer personalised advice and empower clients to make informed decisions.

Singapore Airlines (SIA) is set to revolutionise its in-flight Wi-Fi experience by partnering with Starlink, a satellite broadband service, beginning in the first quarter of 2027. This collaboration will see the introduction of Starlink’s low Earth orbit (LEO) satellite-based broadband across SIA’s Airbus A350-900 long-haul, A350-900 ultra-long-range, and A380 aircraft.

The integration of Starlink’s technology promises faster and more seamless connectivity for passengers across all cabin classes. This enhanced service will support activities such as video streaming, social media sharing, gaming, and the transfer of large files, ensuring passengers remain connected from take-off to landing.

SIA’s Senior Vice President of Customer Experience, Yeoh Phee Teik, emphasised the importance of connectivity in modern travel, stating, “Fast, seamless connectivity is, today, an essential part of the travel experience. Starlink will take this to the next level by delivering next-generation high-speed connectivity.”

The rollout is expected to be completed by the end of 2029, with all customers on Starlink-enabled aircraft continuing to enjoy SIA’s unlimited complimentary Wi-Fi. This includes passengers in Suites, First Class, Business Class, and KrisFlyer members in Premium Economy and Economy Class.

Jason Fritch, Vice President of Starlink Enterprise Sales at SpaceX, expressed enthusiasm about the partnership, noting that Starlink aims to redefine connectivity for both leisure and business travellers, making flights more enjoyable and connected.

This strategic move by SIA underscores its commitment to enhancing passenger experience through cutting-edge technology, setting a new standard for in-flight connectivity.

The latest quarterly report from Huttons Asia reveals a decline in the number of landed homes sold in the first quarter of 2026, with 418 units transacted—a 13.3% drop from the previous quarter and a 3% decrease year-on-year. Despite this, the total transaction value reached $2.7b, marking a 7.1% increase compared to the same period last year.

The report suggests that uncertainties stemming from the Middle East conflict may have prompted some buyers and sellers to delay transactions. However, the average price of a landed home rose significantly to $6.5m, up 10.9% from the previous quarter. Detached homes, in particular, saw a notable price increase, driven by demand from affluent buyers.

The price disparity between 999-year leasehold/freehold homes and 99-year leasehold homes widened to 43% in Q1 2026, up from 38.6% in 2025. This indicates a stronger value retention for the longer leasehold properties.

Looking ahead, the report highlights potential challenges, including rising construction costs, which could deter buyers from purchasing older homes for redevelopment. Nonetheless, the influx of new citizens to Singapore is expected to inject more wealth into the landed property market.

Overall, Huttons anticipates that whilst the volume of transactions may dip slightly, landed home prices are likely to remain stable throughout 2026.

Sincere Healthcare Group has announced the termination of its acquisition agreement with Landmark Medical Centre, effective 30 April 2026. This decision follows a strategic review of the Group’s regional partnerships, ensuring that Landmark Medical Centre is no longer a subsidiary of Sincere Healthcare Group.

The termination of the agreement comes as part of Sincere Healthcare Group’s ongoing evaluation of its partnerships in the region. Despite this change, the Group has assured patients and partners in Johor and beyond that its commitment to cross-border healthcare services between Singapore and Malaysia remains steadfast. The Group emphasises that there will be no disruption to patient care, maintaining consistent clinical standards and support from its specialists and care teams.

Sincere Healthcare Group’s IVF Centre in Medini, located within Gleneagles Hospital Medini in Iskandar Puteri, Johor, will continue its operations as usual. The Group remains focused on providing multidisciplinary specialist care, particularly in men’s and women’s health, fertility, and wellness, across its facilities in Singapore and Malaysia.

Founded by Dr Robert Luk Tai Kong, Landmark Medical Centre is currently led by Managing Medical Director Dr Lucas Luk Tien Wee. Sincere Healthcare Group continues to prioritise quality of care, patient safety, and adherence to clinical and operational protocols, ensuring that its services remain uninterrupted and of high quality.

Covenant Chambers LLC has announced the appointment of Ching Meng Hang as its new Director, effective 21 April 2026. This strategic move aims to bolster the firm’s capabilities in international arbitration and construction disputes. Meng Hang, who previously served as a partner at Rajah & Tann Singapore, brings a wealth of experience in handling complex cases across the Greater China and Southeast Asian regions.

Meng Hang’s legal career spans over a decade, with a focus on high-value commercial and construction disputes. His expertise is particularly noted in international arbitration, having managed cases under the Singapore International Arbitration Centre (SIAC), International Chamber of Commerce (ICC), and United Nations Commission on International Trade Law (UNCITRAL) rules. Notably, he represented a Chinese state-owned enterprise in an SIAC arbitration exceeding $50 million (US$50 million) concerning a major solar power plant project.

Lee Ee Yang, Managing Director of Covenant Chambers, expressed confidence in Meng Hang’s addition to the team, stating, “Meng Hang’s proven tenure in managing contentious matters demonstrates our ethos of being trusted counsel who provide astute legal services.” Meng Hang’s advocacy has been praised by the Singapore courts for his ability to distil complex issues and master legal authorities and evidence.

Meng Hang, who also serves on the Reserve Panel of Arbitrators at SIAC and the Panel of Arbitrators at the Hainan International Arbitration Court, remarked on his new role: “I find a kindred spirit in Covenant Chambers – its collegiate culture and its steadfast commitment to clients’ best interests.” His appointment is expected to contribute significantly to the firm’s growth and commitment to justice.

MoneyHero Group, a leading personal finance platform co-headquartered in Singapore, announced its financial results for the fourth quarter and full year of 2025, marking a significant milestone with its first-ever quarterly net profit of US$0.5m. The company also reported an adjusted EBITDA gain of US$0.7m, highlighting its financial turnaround since listing.

The group’s Q4 revenue surged by 27% year-on-year to US$20m, driven by strong performances in its core markets, Singapore and Hong Kong, which saw revenue increases of 56% and 27% respectively. This growth was accompanied by a strategic shift towards high-margin products, with insurance and wealth products accounting for 30% of total Q4 revenue.

Operational efficiencies played a crucial role in the company’s profitability. Total operating costs, excluding foreign exchange impacts, decreased by 15% year-on-year in Q4 and 27% for the full year. Notably, technology costs were reduced by 71% in Q4, and employee expenses fell by 33% over the year.

The integration of artificial intelligence (AI) into customer service has been a success, with AI handling 70% of queries and resolving 47% without human intervention by December 2025. This technological advancement has contributed to the company’s expanding user base, which grew by 30% year-on-year to 9.4 million members.

MoneyHero Group remains financially robust, ending the year debt-free with US$31.2m in cash and cash equivalents. The company continues to focus on sustainable growth and innovation in the digital finance sector across Southeast Asia.

iWOW has announced its strategic acquisition of The Gentle Group, a therapeutic nutrition provider for seniors, for S$11.2m. This move is set to accelerate iWOW’s expansion into the longevity economy, marking a significant shift from AgeTech to a comprehensive platform encompassing safety, social connection, and sustenance.

The Gentle Group has shown strong growth, with a 51% revenue compound annual growth rate (CAGR) projected from FY2022 to FY2025. The acquisition is expected to be earnings-accretive as the business scales, introducing a subscription-based revenue model that enhances customer engagement and cross-selling opportunities.

The integration of health, activity, and nutrition data will enable iWOW to offer proactive senior care insights, expanding its market reach in the rapidly growing eldercare sector. Dr. Shen Yiru, CEO of The Gentle Group, stated, “Food is one of the most powerful forms of care — yet it has remained one of the least transformed by technology. This partnership with iWOW changes that.”

Raymond Bo, CEO of iWOW, emphasised the importance of combining safety and nutrition, saying, “Safety earns trust in critical moments, but food builds trust every day. By bringing both together, we are creating a continuous relationship with families.”

This acquisition positions iWOW to redefine the ageing experience, leveraging technology to deliver high-quality, therapeutic food to seniors, thereby enhancing their quality of life. The move is expected to have lasting implications for the eldercare industry, setting a precedent for integrating technology with traditional care methods.

The Monetary Authority of Singapore (MAS) has announced enhancements to its regulatory framework to facilitate dual listings on the Singapore Exchange (SGX). The changes, revealed on 30 April 2026, follow a public consultation on amendments to the Securities and Futures Act 2001. These amendments support the Global Listing Board (GLB), a collaboration between SGX and Nasdaq, and aim to simplify the initial public offering (IPO) process for dual listings.

Respondents to the consultation expressed strong support for reducing friction in the IPO journey. Suggestions included harmonising regulatory requirements, particularly in investor outreach, prospectus registration timing, and post-listing activities. MAS has incorporated feasible suggestions into the new framework.

Under the updated rules, GLB issuers can prepare a single set of offering documents for simultaneous listing on SGX and Nasdaq. They are also permitted to conduct pre-marketing outreach with accredited and institutional investors in Singapore before lodging the preliminary prospectus. This early engagement allows issuers to assess market interest earlier in the IPO process.

The framework introduces safe harbours for GLB issuers, facilitating forward-looking statements, share repurchases, and pre-determined trades. These safe harbours serve as a defence against specified market misconduct provisions under the Securities and Futures Act for trading activities in both markets.

MAS will proceed with the proposed amendments, which apply to all offers made in conjunction with an SGX listing, including those on the GLB. Further details are available in MAS’ response paper, and SGX RegCo has also issued a response to its consultation paper on the GLB listing rules.

Grab has been awarded the first Cross-Border Ride-Hail Service Operator Licence by the Land Transport Authority, allowing it to launch a new cross-border taxi booking service. The Cross-Border SG-JB (Beta) pilot will enable passengers to book door-to-door rides from Singapore to various locations in Malaysia, including Johor Bahru, Iskandar Puteri, Forest City, Kulai, and Senai. Bookings can be made via the Grab app between 12 hours and seven days in advance.

The pilot, set to begin on 4 May 2026, aims to improve travel across one of the world’s busiest land borders. Alex Hungate, President and COO of Grab, stated, “Our passengers and business customers in both Singapore and Malaysia are eagerly awaiting door-to-door cross-border taxi services.” He emphasised the growing demand for transport options, particularly for group travel.

Key features of the service include fixed upfront fares, a choice of 4-seater and 6-seater vehicles, and comprehensive safety measures. Grab will offer an introductory discount of up to 20% to encourage users to try the service. Additionally, the service will expand as more licensed taxis are onboarded, with feedback from users helping to refine operations.

The initiative is part of a broader effort by the Singaporean and Malaysian governments to enhance cross-border connectivity, with 300 licences to be issued to taxi drivers in each country this year. This development is expected to streamline processes for drivers and expand earning opportunities.

The Singapore Department of Statistics has revealed that the services sector is bracing for a less favourable business environment from April to September 2026. The Business Expectations Survey indicates that 13% of firms are optimistic, whilst 17% foresee deteriorating conditions, resulting in a net weighted balance of 4% expecting a downturn.

The survey, conducted from March to April 2026, highlights the impact of geopolitical tensions, including the US-Israel-Iran conflict, on business sentiment. The Food and Beverage Services industry anticipates a challenging period due to fewer festive events and rising prices, which are expected to kerb consumer spending. Similarly, the Transport and Storage industry is concerned about overcapacity and lower freight rates, further exacerbated by geopolitical issues.

Retail Trade also predicts a tough six months, with concerns over reduced tourism and consumer spending due to ongoing Middle East tensions. Conversely, the Wholesale Trade industry remains optimistic, driven by sustained demand for AI-related products. The Recreation, Community and Personal Services industry also expects growth, particularly in healthcare and childcare services.

Operating revenue for the sector is expected to decline slightly in the second quarter of 2026, with a net weighted balance of 1% predicting a downturn. Employment levels are anticipated to remain stable, with no net change expected. The survey results are crucial for informing government policy and business planning in Singapore.