Industry News

ASMPT, a leading provider of semiconductor and electronics manufacturing solutions, has announced a significant repeat order for eight Thermo-Compression Bonding (TCB) tools from a prominent global integrated device manufacturer. These tools will be instrumental in producing advanced client and datacentre CPUs, as the industry increasingly adopts chiplet-based architectures to meet the growing demands of heterogeneous computing.

The order underscores ASMPT’s leadership in TCB chip-to-wafer applications and highlights the strong relationship with its customer. Robin Ng, Group CEO of ASMPT, stated, “This latest achievement reinforces our established leadership in TCB chip-to-wafer applications and underscores the strength of our relationship with the customer and their confidence in ASMPT’s ability to support high-volume manufacturing.”

ASMPT’s continued momentum in TCB solutions aligns with advancements in other key growth areas, such as TCB for chip-to-substrate, high bandwidth memory, and photonics die bonders. These developments position ASMPT favourably as artificial intelligence ecosystem requirements evolve from training to inference.

Headquartered in Singapore, ASMPT is a global supplier of hardware and software solutions for semiconductor and electronics manufacturing. The company is listed on the Hong Kong Stock Exchange and is part of several key indices, including the HKEX Tech 100 Index and the Hang Seng Composite MidCap Index.

OCBC has announced the expansion of its gold services to include physical gold trading, allowing institutional clients and high-net-worth individuals from its subsidiary, Bank of Singapore, to buy, sell, and store gold in a secure vault in Singapore starting 10 June 2026. This move comes in response to a 50% increase in global demand for gold bars in Q1 2026, as reported by the World Gold Council.

The decision to offer physical gold trading is part of OCBC’s strategy to enhance its capabilities in the precious metals market. The bank aims to cater to clients’ growing preference for local transactions amid geopolitical tensions and economic uncertainties. Previously, Bank of Singapore clients had to transact with a US-based entity for physical gold.

OCBC will offer two sizes of gold bars: large bars weighing approximately 12.4kg and kilobars weighing 1kg. These bars are individually numbered and allocated to clients, providing more security compared to unallocated gold offerings. The expansion is part of OCBC’s broader strategy to strengthen its position as a trusted gold trading centre in Singapore.

Jason Moo, CEO of Bank of Singapore, highlighted the strategic importance of gold in wealth preservation, especially for ultra-high-net-worth clients. Kenneth Lai, Head of Global Markets at OCBC, noted that the new capabilities represent a significant expansion of the bank’s market-making abilities in precious metals. OCBC plans to extend these services to other client segments in the future.

NTT DATA, a global leader in AI and digital business services, has signed a Memorandum of Understanding (MOU) with AXS, Singapore’s leading payment solutions provider, to develop secure and seamless cross-border bill payment services. The partnership will initially focus on interoperability between Singapore and Malaysia, allowing users to pay bills through their domestic platforms.

The collaboration will see e-pay, a bill payment aggregator in Malaysia under NTT DATA Payment Services, serve as the access point for Malaysian billers. In Singapore, AXS will utilise its extensive biller network and digital platforms to facilitate payments. This initiative aims to address the growing demand for convenient cross-border bill payments, particularly for individuals managing expenses across borders.

Jeffrey Goh, Group CEO of AXS, stated, “This collaboration with NTT DATA marks another step in extending AXS’ payment connectivity beyond Singapore.” Masanori Kurihara, Head of Payment at NTT DATA, added, “By combining our strengths, we are creating new value that enhances convenience and improves everyday experiences.”

The MOU also outlines plans to expand the collaboration to additional markets, subject to regulatory approvals. Beyond bill payments, AXS and NTT DATA intend to explore further opportunities in payment-related services. This partnership reflects a long-term commitment to enhancing payment solutions across East and Southeast Asia.

UMS Integration Limited has signed a Memorandum of Understanding (MOU) to establish a joint-venture company in Vietnam, aiming to bolster its growth in the semiconductor and precision engineering sectors. The Singapore-based company intends to invest approximately $3.6m for a 51.6% stake in the new venture, which will consolidate three local precision engineering and metal plating firms.

The MOU, which is non-binding, was signed with Viet Nguyen Mechanical Precision Company Limited, Central Metal Mechanical Company Limited, and Global Metal Plating Company Limited. These companies will be restructured into a new entity, with UMS taking a majority stake. The investment will be funded through UMS’s internal resources and is part of its strategy to expand its manufacturing capabilities and tap into the booming semiconductor market.

UMS CEO Andy Luong highlighted the strategic benefits of the deal, stating, “This deal is both strategic and synergistic for UMS. We can gain from lower costs and better economies of scale in view of the strong growth in the global semiconductor industry.” He also noted that the investment would enhance UMS’s production facilities in Singapore and Malaysia, whilst broadening its geographical footprint to Vietnam.

Vietnam is positioning itself as a significant player in the global semiconductor industry, recently being removed from the US export control list, which could facilitate access to advanced chip-making technologies. The MOU is not expected to impact UMS’s financial results in the current year, but it marks a significant step in the company’s long-term growth strategy.

Retail and Food & Beverage (F&B) sectors in Singapore experienced growth in April 2026, with retail sales rising by 5.4% compared to the same month last year. The Food & Beverage services sector also saw a slight increase of 0.4% year-on-year, according to the latest Retail Sales Index (RSI) and Food & Beverage Services Index (FSI) figures.

The total retail sales value for April 2026 was estimated at $4.3b, with online sales accounting for 15.4% of this figure. Excluding motor vehicles, the retail sales value stood at $3.6b, with 18.2% attributed to online transactions. Notably, the Petrol Service Stations industry recorded a significant 14.4% increase in sales, driven by higher petrol prices. Recreational Goods and Motor Vehicles, Parts & Accessories also saw substantial growth, with sales up by 12.3% and 10.7% respectively.

In contrast, Department Stores and retailers of Food & Alcohol experienced declines of 1.1% and 0.1% respectively. On a month-on-month basis, seasonally adjusted retail sales rose by 0.3%, with a 0.4% increase when excluding motor vehicles.

The F&B sector’s total sales value reached $1.5b, with online sales making up 19.9%. Fast Food Outlets and Cafes showed year-on-year sales growth of 3.2% and 2.4% respectively. However, Food Courts & Other Eating Places saw a decline of 3.6%.

These indices provide a snapshot of the economic activity within Singapore’s retail and F&B sectors, reflecting consumer spending patterns and the ongoing shift towards online sales.

Singlife has announced that Fitch Ratings and Moody’s Investors Service have upheld its credit ratings for Singapore Life Holdings Pte. Ltd. and its subsidiary, Singapore Life Ltd., both with a stable outlook. This decision underscores Singlife’s robust financial position and improving profitability amidst competitive pressures in the insurance sector.

Fitch Ratings has maintained an “A” Issuer Default Rating for Singlife, citing its “Extremely Strong” Prism capital score and prudent financial management. The agency also regards Singlife as a “Very Important” subsidiary of Sumitomo Life, its parent company, due to its strategic significance in Southeast Asia. Moody’s has kept its “A2” Financial Strength Rating, noting Singlife’s growing market share in gross premiums and its strength in the financial advisory channel.

Singlife, the fifth-largest life insurer in Singapore, boasts total assets exceeding S$16b and a market share of approximately 9.5% in gross premiums. Both Fitch and Moody’s highlighted Singlife’s solid capital adequacy and low-risk investment mix, which contribute to its resilient business fundamentals.

Group CEO Pearlyn Phau commented, “These ratings affirm how our business is resilient, the strength of our balance sheet and the continued confidence of our parent company, Sumitomo Life.”

As Singlife continues to focus on value-added protection products, it remains well-positioned to seize growth opportunities in the region, further enhancing its financial freedom offerings for customers.

Singapore-listed Wee Hur Holdings Limited has announced its foray into Hong Kong’s purpose-built student accommodation sector with the launch of Starvia by Y Suites on Fortress Hill. The 246-bed, 19-storey facility is set to begin student leasing in the second half of 2026, strategically located opposite Fortress Hill MTR Station for easy access to Hong Kong’s top universities.

The project is a joint venture between Wee Hur Hospitality and Starvia Holdings Ltd. It aims to address the growing demand for student accommodation in Hong Kong, a market currently experiencing a significant shortfall in supply. According to Colliers, the city faces a projected shortfall of approximately 120,000 beds by 2028, driven by an increase in non-local student admissions and government policies positioning Hong Kong as an international education hub.

Starvia by Y Suites will offer a range of fully furnished flats, from Studio Deluxe units to multi-bedroom shared layouts, complete with amenities such as study areas, a gym, and 24/7 security. The development is part of Wee Hur’s strategy to expand its student accommodation platform beyond Australia, leveraging the Y Suites brand to capture demand in Hong Kong’s undersupplied market.

Eric Wang, Deputy General Manager of Wee Hur Hospitality, stated, “Hong Kong is one of Asia’s most compelling student accommodation markets, with strong, policy-backed demand and a clear shortage of quality, professionally managed supply.”

Wee Hur plans to continue exploring opportunities to expand its portfolio in Hong Kong, aligning with its strategy to invest in alternative real estate asset classes that offer stable, long-term returns.

SIA Engineering Company (SIAEC) and Safran Aircraft Engines have announced a joint venture to establish a comprehensive CFM LEAP engine maintenance, repair, and overhaul (MRO) facility in Singapore. This collaboration, marked by a joint venture agreement, follows a letter of intent signed in November 2025, aiming to enhance LEAP engine support in the region.

The new facility will integrate SIAEC’s existing Quick Turn maintenance operations at Changi North, expanding its capacity and service scope for LEAP-1A and LEAP-1B engines. This development is expected to meet the growing global demand for LEAP engine maintenance. Wong Yue Jeen, Chief Commercial Officer of SIAEC, stated, “The new LEAP MRO JV combines Safran Aircraft Engines’ OEM expertise and SIAEC’s MRO excellence, strengthening the LEAP maintenance network.”

Safran Aircraft Engines will hold a 51% stake in the joint venture, with SIAEC owning the remaining 49%. The total investment from both parties will reach US$118m, with SIAEC contributing up to US$57.8m, including US$13.7m in-kind contributions. Nicolas Potier, Executive Vice President Support & Services of Safran Aircraft Engines, commented, “This new MRO facility brings together the expertise of both companies to provide world-class performance.”

Financially, SIAEC anticipates a 6.5% increase in consolidated earnings per share and a 0.6% rise in net asset value per share following the full contribution to the joint venture. The completion of the transaction is contingent on regulatory approvals.

Moomoo Singapore has announced the appointment of Jeyson Ng as its new Chief Executive Officer, marking a pivotal moment for the company as it seeks to bolster its presence in Singapore’s financial sector. Ng, who has previously held senior roles in financial services and capital markets, brings a wealth of experience in exchange development, market strategy, and institutional engagement to his new position.

Under Ng’s leadership, Moomoo Singapore will focus on four strategic pillars: enhancing investor education and financial literacy, integrating AI-driven investing tools, expanding access to global investment opportunities, and strengthening partnerships within Singapore’s financial ecosystem. Echo Zhao, Country Head of Moomoo Singapore, expressed confidence in Ng’s ability to lead the company into its next growth phase, highlighting his expertise in capital markets and strategic leadership.

Moomoo Singapore has been actively working to empower investors through technology and education. The company launched Moo Academy, an initiative aimed at fostering a vibrant financial ecosystem by connecting financial institutions, companies, and investors. Additionally, Moomoo has accelerated its AI-driven transformation with innovations like Moomoo AI and Moomoo API Skills, reflecting its vision of providing intelligent, data-driven investing experiences.

Ng emphasised the transformative role of AI in investing, stating, “At Moomoo Singapore, we believe AI will play a transformative role in reshaping the future of investing.” As Moomoo Singapore continues to grow, it remains committed to offering sophisticated insights and tools to everyday investors, reinforcing Singapore’s status as a trusted financial centre.

The Singtel Group has announced a strategic partnership with Digital Industry Singapore (DISG) to accelerate its AI transformation programme. This initiative aims to enhance AI-enabled operations, digital infrastructure, and workforce development across Singtel’s businesses. As part of the first phase, Singtel Singapore will receive up to S$28m in funding from DISG to bolster its foundational AI capabilities.

This collaboration aligns with Singapore’s National AI Strategy 2.0, which seeks to strengthen digital capabilities and develop globally competitive AI leaders. Singtel Group CEO Yuen Kuan Moon stated, “This grant is a strong vote of confidence in the Group’s role in advancing Singapore’s AI ambitions.” The initiative will embed AI technologies across Singtel’s operations, providing secure platforms and digital infrastructure to support industry-wide adoption.

Singtel Singapore CEO Ng Tian Chong highlighted the company’s commitment to transforming operations and helping enterprises innovate with confidence. The partnership will focus on developing a roadmap to become an AI-native telco, cultivating AI talent, and establishing a trusted AI operating model.

The initiative is expected to create new AI-related roles and accelerate upskilling efforts. Singtel plans to train all Singapore-based employees in AI, with 3,000 to become AI practitioners and 300 as AI specialists. Beyond its operations, Singtel supports enterprises and communities in strengthening AI and digital capabilities through various programmes.

This partnership marks a significant step in Singtel’s journey to future-proof industries and enhance Singapore’s digital ecosystem.