Industry News

Singapore-based Golden Gate Ventures has announced its first Japanese investment from Fund IV, leading a $1.8m Pre-Series A funding round in Tokyo-based healthtech company I.W.G Inc. The investment, supported by existing investor Antler and radiologist Dr. Toshihiko Sato, will accelerate the development of I.W.G’s AI-powered platform for medical data interoperability and support its expansion across Asia.

I.W.G Inc. addresses a significant challenge in the healthcare sector—fragmented legacy systems that hinder efficient data exchange. The company’s platform allows seamless sharing of medical information across hospitals, clinics, and insurers without the need for complex hardware or costly integrations. It supports various data formats and automatically maps information into the required format for receiving institutions, overcoming system incompatibilities and language barriers.

The Asia-Pacific region is poised to be the fastest-growing market for healthcare interoperability solutions, projected to reach $14.7b by 2034. I.W.G’s technology aims to bridge the gap in digital maturity among healthcare institutions, facilitating smoother AI adoption.

Jussi Salovaara, Co-founder and Managing Partner at Antler, highlighted the importance of I.W.G’s infrastructure layer in overcoming regional compatibility and language challenges. “It’s exciting to see the team validate their approach through real customer adoption beyond Japan and backing from global investors like Golden Gate Ventures,” he said.

Founded by Xiaoyan Zhou and Xiaoxi Guo, I.W.G Inc. has been at the forefront of medical AI since 2016. The company plans to use the new capital to enhance its AI capabilities, expand its team, and deepen integrations with healthcare providers across Asia.

London, New York, and Singapore have emerged as the top cities in the 2026 Savills Global Talent Cities Index. The index evaluates global business hubs based on talent pool, liveability, competitive landscape, economic resilience, and cost efficiency. Singapore stands out as the highest-ranked city in Asia, reflecting its strong position as a global command hub for capital, talent, and decision-making.

The report categorises cities into six archetypes, with Singapore classified as a Global Business Leader city. This classification highlights its role in hosting corporate headquarters and leadership teams. However, Singapore faces challenges such as rising talent costs, high operating expenses, and intense competition for skilled professionals.

Alan Cheong, Executive Director of Savills Research and Consultancy, noted, “Singapore’s strengths in protecting intellectual property and providing a safe environment for expatriates to live has attracted a critical mass of multinational companies to set up a regional base.”

The index also points out that cities with deep talent pools often face high living and working costs, intensifying competition for skilled labour. Conversely, cities excelling in liveability may benefit from lower competition for talent, fostering stronger retention and employee satisfaction.

Sarah Brooks, Associate Director in Savills World Research, commented on the evolving corporate geography, stating that whilst major global cities remain crucial, they are now part of wider office networks supporting growth and cost efficiency. Michelle Needles, Global Head of Enterprise Solutions at Savills, added that companies are increasingly moving to cities where the right talent is available, rather than relocating talent to traditional hubs.

This shift in strategy is expected to drive demand for prime office space in key global cities, despite rising costs and limited new developments.

ONERHT Foundation, the philanthropic arm of RHTLaw Asia LLP and the RHT Group of Companies, celebrated its 11th anniversary by raising over S$280,000 for local charities during a Charity Golf and Gala Dinner at Sentosa Golf Club on 28 May 2026. The event, attended by over 120 golfers from Singapore’s legal and professional community, also marked a leadership transition within the Foundation.

The funds raised will benefit four local charities: PCF Sparkle Care, Singapore Road Safety Council, Singapore Golf Association, and Bethel Community Services. The evening also saw the stepping down of Kaylee Kwok as Chairman, who has led the Foundation for four years. Kwok expressed gratitude for the support received, stating, “What began as a conviction that the legal and professional community could do more has grown into something truly meaningful.”

Nandakumar Renganathan has been appointed as the new Chairman, effective from 28 May 2026. He emphasised the Foundation’s mission, saying, “ONERHT Foundation stands for something bigger than any one of us—a belief that those of us in the legal and professional community have a responsibility to give back.”

The event also featured the signing of a Memorandum of Understanding between RHTLaw Asia and the Association for Persons with Special Needs, highlighting the Foundation’s commitment to building lasting partnerships. Since its inception, ONERHT Foundation has raised over S$6m, supporting more than 40 beneficiaries across various sectors.

Octopus (APAC) Holdings has appointed its founder, Elaine Teh, as Group Managing Director, marking a pivotal step in the company’s strategy to expand its alcohol distribution and brand development across the Asia-Pacific region. Teh, who founded Octopus Distribution Networks in 2011, will spearhead the company’s growth initiatives, including partnerships with global beverage producers and the development of proprietary brands.

Over the past year, Octopus has transformed from a local distributor into a regional platform, securing partnerships with international brands such as Spain’s Grupo Osborne and France’s ARVITIS. This strategic shift follows the company’s transition from its legacy food and beverage operations after acquiring Octopus Distribution Networks in May last year.

Teh, who holds a 23.7% stake in the company through her investment vehicle, Elanc Investment, is also a non-executive director of Australian Vintage Ltd and Asiatic (Group) Holdings Limited. Her extensive experience in entrepreneurship and regional business development positions her well to lead Octopus’ ambitious expansion plans.

“The beverage industry is becoming increasingly fragmented,” Teh noted. “Our goal is to build a leading Asia-Pacific platform that combines distribution, brand development, and strategic partnerships.”

Irwin Lim, Chairman of Octopus, praised Teh’s leadership, stating, “Elaine built the business that now forms the foundation of our growth strategy. Her dual role as operator and largest shareholder is crucial as we transition from distributing other people’s brands to building our own.”

Octopus aims to leverage its route-to-market infrastructure and industry relationships to become a preferred partner for both established and emerging beverage brands in the region.

Annica Holdings Limited, listed on the SGX Catalist, has announced a rights issue to raise up to S$5.23m in net proceeds. The company lodged an offer information statement detailing the rights issue, which is aimed at strengthening its financial standing and supporting future growth initiatives.

The rights issue will provide existing shareholders with the opportunity to purchase additional shares, thereby increasing their stake in the company. This move is part of Annica’s strategy to enhance its capital base and ensure long-term sustainability. The funds raised will be utilised to support the company’s operational needs and potential expansion plans.

Annica Holdings, which operates in various sectors including energy and resources, sees this capital raising effort as a crucial step in reinforcing its market position. The company is optimistic that the additional funds will enable it to explore new opportunities and improve its competitive edge.

Travellers and residents in Singapore can now use DBS Remit to fund Weixin Pay wallets globally, enhancing cross-border payment options. This development follows the initial launch in February 2026, allowing users to transfer funds directly to Weixin accounts verified by Chinese, Hong Kong, and Macau identification documents.

Since the February launch, DBS Remit has experienced significant growth, with the number of customers using the service quadrupling and transaction volumes increasing eightfold. The average transaction size has risen to over S$800, indicating growing customer confidence in using DBS Remit for everyday payments in China.

P’ing Lim, Regional Head of Ecosystems & Cross Border Payments at DBS Bank, highlighted the importance of seamless payment integration, stating, “Consumers today no longer view payments in isolation, especially in China, where digital wallet apps are ubiquitous and deeply woven into everyday life.”

The new feature not only facilitates payments but also extends to services such as transport bookings and food ordering, reducing transaction fees typically associated with credit card payments. By funding digital wallets directly through DBS Remit, users can avoid additional platform fees.

DBS continues to strengthen its cross-border payments ecosystem, reflecting rising consumer demand for intuitive payment experiences across Asia. The bank is seeing strong growth in regional scan-to-pay and cross-border payment linkages in markets like India, Indonesia, Malaysia, and Thailand. This expansion underscores DBS’s commitment to supporting customers’ evolving payment needs across interconnected digital ecosystems in Asia.

Fingular’s digital financial services brand in India, TrustPaisa, has transitioned to a fully AI-driven system for evaluating consumer financing applications. This move, announced on 4 June 2026, allows all customer applications to be processed in real time by artificial intelligence, removing the need for manual intervention.

The new AI-powered decisioning framework evaluates applications based on partner-approved credit policies, risk parameters, and regulatory requirements. This ensures that each application is assessed within seconds, regardless of the time or volume of applications. As a result, TrustPaisa’s specialists can now focus on strategic tasks such as monitoring processing quality and overseeing decision controls.

For customers, this transition means a faster and more straightforward application process, with immediate resolutions available at any time. The system maintains consistent evaluation standards across all applications, enhancing customer experience.

Pushkar Prasad, CEO of TrustPaisa, stated, “This transition marks an important step in the development of TrustPaisa’s technology platform. By strengthening AI-enabled decisioning, we are improving speed, consistency, and operational efficiency whilst ensuring that risk controls, governance, and customer protection remain central to our approach.”

The AI system also improves operational efficiency by reducing the cost of evaluating each application, thereby strengthening portfolio resilience. This transition is part of TrustPaisa’s broader technology roadmap, which includes further automation in customer onboarding, servicing, and collections.

HDB resale prices in Singapore experienced a 0.3% increase in May 2026, reversing the previous month’s decline, according to the latest report by 99.co and SRX. The resale volume also saw a significant rebound, rising by 10.1% to 2,139 flats, although it remained 6.3% below the figures from May 2025.

The report highlights that the price increase was driven by 5-room and Executive flats, which saw rises of 0.9% and 1.0%, respectively. In contrast, 3-room flats experienced a slight decrease of 0.3%. The overall price index reached 208.9, reflecting a year-on-year growth of 0.2%.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the market’s range-bound nature is due to supply catching up with demand. An estimated 13,500 flats are reaching their five-year Minimum Occupation Period (MOP) in 2026, nearly double the number from 2025, which is helping to temper price growth.

In the high-end segment, the number of million-dollar flats transacted rose to 166, up from 138 in April. These transactions accounted for 7.8% of the total resale volume. Bukit Merah led the way with 22 million-dollar flats, followed by Toa Payoh and Queenstown, each with 21.

The highest recorded transaction for the month was a 5-room flat at The Pinnacle@Duxton, sold for S$1.63m. In Non-Mature Estates, the highest price was S$1.232m for an Executive flat in Hougang Street 21. As the market continues to adjust, the balance between supply and demand will be crucial in shaping future trends.

The latest Mulesoft Connectivity Benchmark report from Salesforce reveals that Singaporean organisations are set to increase their use of AI agents by 58% over the next two years. Despite this growth, 50% of these agents currently operate in isolated silos, posing significant orchestration and governance challenges for IT leaders.

AI agents are increasingly seen as vital to enterprise productivity, with 98% of Singapore IT leaders acknowledging their role in enhancing employee experiences. However, the report highlights that only 27% of the 1,002 applications used by enterprises are integrated, leading to concerns about disconnected workflows and the rise of shadow AI.

To tackle these issues, organisations are turning to API-driven architectures. APIs are described as the “connective tissue” that can transform fragmented AI tools into a cohesive system. Currently, 45% of Singaporean organisations are using APIs to connect and govern AI, with 96% of IT leaders agreeing that seamless data integration is crucial for AI success.

Gavin Barfield, Vice President and CTO of Solutions at Salesforce ASEAN, emphasised the importance of a unified foundation, stating, “Agents can only be as effective as the data and business logic they’re grounded in.” Kurt Anderson from Deloitte Consulting LLP added that success requires “reimagining integration strategies to build a foundation that is sustainable and secure.”

As Singapore moves towards becoming an Agentic Enterprise, the focus will remain on overcoming integration challenges to fully leverage the potential of AI agents.

CapitaLand Ascendas REIT has successfully acquired the industrial property at 5 Tuas Avenue 5, a transaction facilitated by CBRE’s Industrial Capital Markets team. This acquisition underscores the ongoing allure of Singapore’s industrial sector for both domestic and international investors, particularly in a low-interest rate environment where high-quality industrial assets are in demand.

The property, located in a strategic area, is expected to attract income-focused investors due to its strong specifications and reliable income streams. According to Loh Lee Fen, Head of Industrial Capital Markets at CBRE Singapore, “Investors recognise that quality industrial stock — particularly assets with strong specifications, strategic locations, and creditworthy tenants — remains in relatively short supply.”

Singapore’s industrial real estate market continues to benefit from its position as a regional hub and its safe haven status amidst global uncertainty. The ongoing investment in advanced manufacturing and logistics infrastructure further enhances its appeal. Loh added, “These fundamentals continue to draw long-term capital to the sector, and we expect that interest to remain well-supported over the medium term.”

This acquisition is a testament to the robust demand for industrial properties in Singapore, driven by structural tailwinds and strategic investments. As the market continues to evolve, such transactions are likely to remain a focal point for investors seeking stable returns.