Industry News

The Institute of Singapore Chartered Accountants (ISCA) and its Professional Services (PS) Centre Alliance partners have inaugurated a new Professional Services Centre in Nanjing, China. This marks the alliance’s second centre in China and third globally, designed to aid enterprises in expanding across China, Singapore, and Southeast Asia.

The centre was established in response to increasing demand from businesses seeking international growth. It serves as a platform to connect enterprises with professional services and in-market networks, facilitating smoother cross-border expansion. Nanjing’s strategic location, with links to universities and ecosystem builders like the Singapore-Nanjing Eco Hi-tech Island, supports this initiative.

Since their inception, the PS Centres in China and Vietnam have supported over 100 businesses. Prior to the Nanjing launch, the centre assisted several small and medium-sized enterprises (SMEs) in establishing operations. BIPO, a HR solutions provider, successfully set up its presence in Nanjing with the centre’s support. Michael Chen, CEO of BIPO (Asia), stated, “The launch of the Professional Services Centre marks an important step in enabling more efficient and scalable global expansion for enterprises.”

The launch event, titled “Bridging Singapore and Nanjing, Charting Opportunities from ASEAN to China,” was attended by government representatives and business leaders. Xu Feng, Vice Mayor of Nanjing, emphasised the economic linkages between China and Southeast Asia, noting the importance of professional services in international expansion.

ISCA President Teo Ser Luck highlighted plans to expand this model to other regions, including Shenzhen and Bangkok, to continue supporting cross-border business growth.

Singapore has unveiled a comprehensive plan to strengthen its status as a leading gold trading centre. The initiative, announced by the Monetary Authority of Singapore (MAS), focuses on several key areas to bolster the nation’s gold trading capabilities. This strategic move aims to attract more international players and increase the volume of gold traded through Singapore.

The MAS has identified three primary areas of focus: enhancing market infrastructure, promoting innovation, and fostering collaboration among industry stakeholders. By improving the existing infrastructure, Singapore seeks to provide a more efficient and secure environment for gold trading. This includes upgrading technological systems and ensuring robust regulatory frameworks are in place.

Innovation is another critical component of the strategy. The MAS plans to encourage the development of new financial products and services related to gold trading. This could involve leveraging digital technologies to streamline processes and create more accessible trading platforms.

Collaboration is also at the forefront of the initiative. The MAS intends to work closely with industry players, including banks, trading firms, and refineries, to build a cohesive ecosystem that supports the growth of the gold trading sector. This collaborative approach is expected to enhance Singapore’s competitiveness on the global stage.

The working group comprises key private sector stakeholders that are integral to growing Singapore’s gold market and attracting more investor interest. The working group is co-chaired by MAS and SBMA, and comprises members from DBS Bank, ICBC Standard Bank, JPMorgan Chase Bank, UBS AG, United Overseas Bank, SGX Group, and the World Gold Council. The working group is supported by technical workstreams with a broader group of stakeholders including banks, vault operators, a precious metals refinery, and trading houses.

RHB Bank’s Group Chief Economist, Barnabas Gan, has released a report detailing the impact of black swan risks on global and ASEAN economies. The report, dated 27 March 2026, indicates a shift in risk sentiment, with the RHB Risk Sentiment Index suggesting a return to risk-on attitudes. However, the report warns of significant challenges ahead, particularly for Singapore.

The report identifies Malaysia as the least negatively impacted economy in the ASEAN region. Malaysia’s dual role as both an importer of Middle Eastern crude oil and an oil producer with refining capabilities positions it to weather potential disruptions more effectively. “Malaysia’s economic outlook remains relatively resilient,” the report states.

Conversely, Singapore faces heightened risks due to its heavy reliance on energy imports. The report cautions that any escalation in global conflicts could severely affect Singapore’s economy. “An escalation of the conflict poses significant risks to global energy markets, with direct implications for Singapore’s highly import-dependent economy,” Gan notes.

Indonesia is expected to maintain stability, benefiting from its diversified energy sources. In contrast, Thailand may experience more pronounced effects due to its greater external dependencies and energy demands.

The report underscores the importance of monitoring geopolitical developments and their potential impacts on regional economies. As the situation evolves, the insights provided by RHB’s economists will be crucial for stakeholders navigating these uncertain times.

Underserved borrowers in Singapore are demonstrating remarkable financial discipline, with 86% of loans repaid on time in 2025, according to a new analysis by Friday Finance, part of IFS Capital Group. This trend emerges as Singapore’s national credit card debt hits a record S$9.07b, highlighting the proactive financial management among borrowers traditionally overlooked by mainstream credit institutions.

The study, covering data from January 2020 to December 2025, reveals that underserved borrowers are increasingly engaging in debt consolidation to manage rising credit card rollover balances. This approach helps reduce interest costs and manage monthly debt obligations effectively. “Underserved borrowers can be sustainably served through data-driven underwriting and robust credit portfolio management,” the report notes.

Additionally, there is a growing demand for essential credit, with loan applications for medical expenses and self-improvement rising to 7% and 6%, respectively. This trend reflects households’ efforts to bridge a 16.9% medical inflation gap and invest in reskilling to safeguard future earning potential.

The findings also indicate that micro-SMEs are adopting a cautious ‘wait-and-see’ approach, with business expansion loans declining to 5% of applications amid global economic uncertainty. The report underscores the importance of product design in promoting responsible financial behaviour, suggesting that credit structures rewarding timely repayment can enhance borrower performance.

As Singapore’s credit market evolves, these insights highlight the potential for underserved borrowers to be more reliably integrated into the financial system, challenging traditional risk perceptions.

Global talent solutions firm Robert Walters has released its Talent Trends 2026 guide, highlighting a looming ‘engagement recession’ in workplaces. The report reveals that 85% of Singapore employers have observed employee disengagement impacting their organisations, with 64% describing the issue as “very widespread.” This disengagement, termed ‘quiet cracking,’ occurs when employees continue to work but struggle internally due to pressure, job uncertainty, and stalled growth.

The guide, launched in February, identifies eight workforce trends shaping leadership decisions in 2026. Among these, the engagement recession is a significant concern, as it leads to decreased productivity and a decline in workplace culture. Kirsty Poltock, Country Manager of Robert Walters Singapore, emphasised the importance of caring for employees to boost innovation and retain top talent. “Creating an environment where people are motivated to grow, collaborate, and succeed together can boost innovation, productivity, and eventually help retain top talent,” she stated.

The report also highlights that 50% of employers are considering career development initiatives, whilst 31% are exploring leadership training to combat quiet cracking. The engagement recession presents a competitive opportunity for companies to advance by prioritising employee engagement as a daily leadership discipline. As businesses adapt to changing environments, effective leadership and workforce strategies will be crucial for success in the year ahead.

Pinery Residences, a new integrated development in Tampines, has achieved a remarkable 92.5% sales rate during its launch weekend, selling 544 units. This makes it the best-selling integrated development by percentage in the area, according to Huttons Asia CEO Mark Yip. The project, with an average selling price exceeding $2,500 per square foot, highlights the strong market acceptance for such developments.

Located above Pinery Mall and directly connected to Tampines West MRT station, Pinery Residences offers unparalleled convenience. The MRT station, part of the Downtown line, provides easy access to the Central Business District and the Tampines Regional Centre, with Changi Airport just five stops away. The development is also within 1km of four primary schools, including Junyuan Primary School and St Hilda’s Primary School, making it attractive to families.

The launch follows a similar success for Rivelle Tampines, which also sold 92.5% of its units a week earlier. This trend underscores the popularity of Tampines as a residential location, with its strong locational attributes and the appeal of integrated developments. Yip noted that such projects offer good capital upside potential and high rentability.

The development attracted both owner-occupiers and investors, with all two-bedroom units sold out and only one three-bedroom unit remaining. Huttons Data Analytics estimates an 80:20 mix of owner-occupiers to investors. Pinery Residences is strategically positioned near major employment hubs like Tampines Regional Centre and Changi Business Park, further enhancing its appeal.

Cushman & Wakefield has announced the sale of a rare freehold mixed-use development site located at Bukit Timah Road and Duke’s Road in Singapore. The property, offered at an indicative price of $118m, is available through an Expression of Interest exercise closing on 5 May 2026.

The existing 4-storey development is fully occupied, featuring popular tenants such as Atlas Coffeehouse and The Assembly Place. The site, recently expanded to 1,719.80 sqm, is zoned for commercial and residential use with a gross plot ratio of 3.0. It has received permission for a new 5-storey development, including six strata commercial units and 30 residential units.

Located in District 10, the property is just 300 metres from the Botanic Gardens MRT Interchange and is surrounded by prestigious schools and amenities. Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, highlighted the scarcity of new retail and F&B developments in the area, noting that older strata developments have traded at $4,000 – $5,000 per square foot.

Poh emphasised the site’s potential, stating, “The owner has already unlocked substantial value by securing adjacent land and obtaining redevelopment permissions.” This offers a unique opportunity for purchasers to establish a presence in a sought-after area or retain the property as an income-generating asset.

RHB Bank’s latest Global Economics and Market Strategy Report, authored by Group Chief Economist Barnabas Gan, maintains a cautious stance on Singapore’s industrial production (IP) growth, projecting a 4% increase for 2026. The report highlights potential risks from global geopolitical tensions, particularly in the Middle East, which could impact Singapore’s economic growth and trade in the first half of 2026.

The report notes that Singapore’s IP experienced a slight decline of 0.1% year-on-year in February, following a significant 12.9% surge in January. This performance defied Bloomberg’s forecast of a 14.1% year-on-year increase. The month-on-month seasonally adjusted figure also fell by 7.2%.

Gan emphasises the importance of monitoring external risks, including ongoing tariff-related challenges, which could further influence Singapore’s economic trajectory. Despite these concerns, the report maintains a GDP growth forecast of 3% for the year, alongside a similar projection for non-oil domestic exports (NODX).

The report serves as a reminder of the volatile nature of global markets and the need for strategic caution in economic planning. As geopolitical tensions continue to evolve, Singapore’s economic outlook remains subject to change, with potential implications for trade and industrial production.

Singapore’s high-net-worth individuals (HNWIs) are leading the way in legacy planning across Asia and the Middle East, according to HSBC’s inaugural High-Net-Worth Legacy Planning Survey. The survey, which included over 900 HNWIs from nine markets, found that 45% of Singapore respondents have formal legacy plans, surpassing the 41% average across other regions.

The survey highlights a significant gap between intentions and actions, as more than half of the respondents are still in the early stages of planning. This is particularly crucial as Asia experiences one of the largest intergenerational wealth transfers in history. Singaporean HNWIs prioritise building a financial foundation for their families, with 40% emphasising this aspect in their planning.

Concerns about potential mismanagement and disputes are prevalent, with 50% and 37% of respondents, respectively, citing these as key issues in wealth planning. Professional advice plays a crucial role in decision-making, with financial advisers being the most influential for 47% of participants.

The survey also reveals that life insurance is now as mainstream as wills in legacy planning strategies, with 49% of respondents incorporating it. Privacy emerges as a significant differentiator, with 71% of Singaporean HNWIs valuing it in their planning processes.

As Singapore’s HNWIs continue to outpace their regional peers in legacy planning, the emphasis on professional advice and privacy is expected to shape future strategies.

Condo resale prices and transaction volumes in Singapore experienced a notable rebound in February 2026, according to the latest 99-SRX Media Flash Report. Prices increased by 1.4% month-on-month, with the Rest of Central Region (RCR) leading the gains at 2.8%. This recovery follows a seasonal slowdown in January, indicating a return of demand as the year progresses.

The report highlights a 17.5% rise in transaction volumes from January, with 954 units resold in February. Although volumes remain 6.2% below the same month last year, they are 6.7% above the five-year average for February, suggesting a healthy market recovery. Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the increase likely reflects pent-up demand rather than a surge in new interest.

In terms of regional performance, the Core Central Region (CCR) and Outside Central Region (OCR) saw price increases of 0.5% and 1.5%, respectively. Year-on-year, prices rose by 4.3%, with the RCR experiencing the highest annual growth at 6.4%.

The highest resale transaction in February was a unit at Leedon Residence, sold for S$16.3m. The overall median capital gain for resale condos was S$422,000, up by S$47,000 from January, with District 20 posting the highest median gain.

The data suggests a market regaining momentum, with buyers showing renewed intent and sellers maintaining firm pricing. As the year progresses, the market is expected to continue stabilising, supported by underlying demand for condo properties.