Industry News

The Institute of Singapore Chartered Accountants (ISCA) will make history by leading Singapore’s accountancy profession in the National Day Parade (NDP) 2026. This marks the first time the profession will be represented in the parade, featuring a civilian contingent of accountants, aspiring Chartered Accountants, students, educators, and partners from across the sector.

The contingent, led by ISCA Council member Koh Wee Kwang, includes representatives from 10 partner organisations, such as public sector agencies, professional services firms, and institutes of higher learning. This diverse group highlights the profession’s role in upholding trust and accountability in Singapore’s economy.

Ng Heng Kuan, a Chartered Accountant of Singapore and Reserve Contingent Commander, expressed the significance of this opportunity. “Taking part in NDP has given me the chance to reflect on my journey in the profession and to contribute in a different way,” he said. Vincent Lye Kim Hee, a Finance Manager and SCAQ candidate, added, “NDP has shown me another side of teamwork, one built on discipline, trust, and shared commitment.”

As Singapore celebrates its 61st year of independence, ISCA’s participation underscores the accountancy profession’s contributions to nation-building. ISCA President Lee Boon Teck remarked, “Marching at NDP is a meaningful way to recognise those contributions and to show younger Singaporeans that accountancy is a profession with purpose.”

ISCA’s involvement aims to inspire young Singaporeans to consider careers in accountancy, highlighting the diverse opportunities within the field.

Singapore has been ranked among the world’s ten most resilient food systems, according to the inaugural Resilient Food Systems Index (RFSI) by Economist Enterprise, supported by Cargill. The index evaluates 60 countries on food system resilience across affordability, availability, quality and safety, and climate risk responsiveness. Singapore scored 73.0 overall, placing it 9th globally and leading Southeast Asia.

The RFSI highlights Singapore’s strengths in affordability, with a score of 85.2, and a near-perfect 99.9 for healthy diet affordability. This reflects the effectiveness of Singapore’s food pricing and social support infrastructure. In terms of availability, Singapore ranks 7th globally, underscoring its successful import diversification and supply chain efficiency, crucial for a nation that imports 90% of its food.

However, the index also warns of a significant blind spot: climate risk responsiveness. Singapore scores 57.4 in this area, ranking 35th globally, indicating a need for improved disaster preparedness and agricultural adaptation. This is a common issue across the Asia-Pacific region.

John Fering, Group President of Food APAC at Cargill, commented, “The results offer an independent, data-driven endorsement of Singapore’s Food Story 2 strategy, confirming that a city-state without agricultural land can build a world-class food system through trade, partnership and targeted investment rather than production alone.”

As Singapore designates 2026 as the Year of Climate Adaptation, the nation aims to bolster its import ecosystem and reinforce trade resilience through global partnerships. The RFSI serves as a reminder of the need for collaborative efforts to enhance food system resilience worldwide.

The Services Producer Price Indices (SPPIs) for the first quarter of 2026 reveal a notable increase in prices across several service sectors in Singapore. The Department of Statistics reported that freight forwarding experienced the most significant rise, with a 4.5% increase compared to the previous quarter. This surge was primarily attributed to a 9.1% jump in air freight forwarding costs, influenced by disruptions in the Middle East affecting flights and sea shipments.

Other sectors also saw price increases. Postal and courier services rose by 3.3%, with both local and international services contributing to the growth. Sea freight transport prices increased by 1.5%, driven by a substantial 16.3% rise in liquid bulk and gas freight transport costs, although containerised and dry bulk freight transport saw declines.

Conversely, telecommunications services and computer consultancy and information services experienced slight decreases of 0.2% and 0.3%, respectively. The decline in computer consultancy was due to reductions in both computer programming and information services sub-indices.

These changes in service prices are crucial for understanding macro-economic conditions and are used as price deflators in national accounts to estimate real growth in Singapore’s services sector. The ongoing conflicts in the Middle East have notably impacted freight costs, highlighting the interconnectedness of global events and local economic indicators. As these indices continue to fluctuate, they will play a vital role in shaping economic strategies and business decisions in the coming months.

The Lorong Puntong site, part of the Government Land Sales (GLS) programme for the first half of 2026, is expected to generate significant interest from developers, according to Huttons Asia CEO Mark Yip. Located near Bright Hill MRT station and opposite Ai Tong School, the site is the smallest in the current GLS programme, offering only 140 units.

This marks the first GLS site in the Thomson area since the Bright Hill MRT station opened on the Thomson East Coast line. The area has seen limited new private home supply since the JadeScape project launched in 2018. The upcoming enbloc project, Thomson Reserve, is already attracting strong interest ahead of its expected launch in September or October 2026.

Demand for homes in the Thomson area remains robust due to its central location and limited supply. JadeScape, for instance, sold over 60% of its launched units during its first weekend, with prices exceeding $2,600 per square foot (psf) in 2026.

Yip anticipates that the Lorong Puntong site could attract a top bid ranging from $1,400 to $1,500 psf per plot ratio (ppr), with the total cost remaining under $200m. This makes it an accessible entry point for developers, potentially drawing up to eight bidders. However, developers may not trigger the Kitchener Link site, given the availability of other Rest of Central Region (RCR) sites in the second half of 2026 GLS programme.

VICOM Ltd has announced a leadership transition with Deputy CEO Chung Tying Chun set to become CEO on 1 January 2027, following the retirement of current CEO Sim Wing Yew on 31 December 2026. This move is part of VICOM’s structured succession planning aimed at ensuring continuity and strengthening its Testing, Inspection, and Certification (TIC) capabilities.

Chung, who joined VICOM in 2013, has been instrumental in expanding the company’s testing capacity and capabilities in high-growth areas such as medical devices and consumer electronics. He was appointed Deputy CEO on 1 May 2026 and will step down as CEO of Setsco Services Pte Ltd on 1 July 2026 to focus on his new role at VICOM.

Sim, who has served as CEO for 14 years, expressed gratitude for the support he received during his tenure, stating, “Together, we have strengthened VICOM’s position as a trusted TIC partner.” Dr Tan Kim Siew, Chairman of VICOM, praised Sim’s leadership and expressed confidence in Chung’s ability to lead the company into its next phase of growth.

Chung commented on his new role, saying, “I am deeply honoured to be entrusted with leading VICOM into its next chapter.” He aims to leverage the company’s existing strengths and drive growth in the evolving TIC sector.

The transition will also see Ng Soon Lee take over as Acting CEO of SETSCO, ensuring a smooth handover and continued focus on VICOM’s strategic objectives.
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HSBC has unveiled HSBC TradeCash, a new digital trade finance solution designed to expedite access to working capital for businesses. Launched in Singapore, the service allows customers to upload sales invoice data online and secure a loan against it, with funds available within minutes once all necessary information is submitted and approved via HSBCnet.

The introduction of HSBC TradeCash aims to address the challenges businesses face with extended payment cycles, often exceeding 30 days, which can strain liquidity and hinder growth. By eliminating the need for traditional trade documentation, the solution helps bridge cash-flow gaps, reduce administrative burdens, and support business expansion.

Vivek Ramachandran, Global Head of Trade at HSBC, highlighted the strategic importance of the solution, stating, “HSBC TradeCash is designed to help customers unlock cash tied up in receivables, with a digital journey that helps reduce administrative burden. By providing fast access to funding, we’re helping businesses spend less time on paperwork and more time fulfilling orders, investing and expanding.”

The launch comes amid increasing global economic volatility, with a recent HSBC survey revealing that 91% of Singaporean business leaders have adjusted their capital allocation strategies in response to these challenges. The survey also found that 86% are boosting capital deployment in high-growth markets.

Runa Baksi, Head of Southeast Asia for Global Trade Solutions at HSBC, expressed enthusiasm for the rollout, noting, “HSBC TradeCash will provide sellers a simpler, digital route to financing — helping customers to unlock their working capital and save time on manual effort so they can focus on growing their businesses.”

HSBC has been recognised as the top provider of trade finance globally and the leading trade bank in Singapore, according to the 2026 Euromoney Trade Finance Survey.

Rockwell Automation’s Singapore manufacturing facility has been named a member of the World Economic Forum’s (WEF) Global Lighthouse Network, highlighting its advanced manufacturing capabilities. This accolade acknowledges the site’s successful implementation of over 50 digital and AI-enabled solutions, including intelligent automation and predictive maintenance, which have significantly enhanced productivity, quality, and workforce enablement.

The recognition underscores Rockwell’s commitment to scaling AI-driven transformation across its global operations. Bob Buttermore, senior vice president and chief supply chain officer at Rockwell Automation, stated, “We are focused on turning data into decisions and AI into outcomes—helping manufacturers build Factories of the Future that are more resilient, adaptive, and productive.”

The WEF’s Global Lighthouse Network connects leading manufacturers who are pioneering industrial transformation. By joining this network, Rockwell Automation will collaborate with other industry leaders to share best practices and accelerate the adoption of advanced technologies across various sectors and regions.

Kiva Allgood, managing director at the World Economic Forum, noted, “The newest Lighthouse sites show how intelligence is becoming embedded into the fabric of operations, enabling organisations to respond faster, learn continuously, and unlock new levels of performance across their value chains.”

This recognition not only highlights Rockwell’s innovative use of technology but also reinforces its role in advancing global industrial transformation, moving beyond pilot programmes to achieve scalable, measurable business outcomes.

FairPrice Group (FPG) has announced an expansion of its Protein Pledge initiative, aiming to improve nutrition access for seniors across Singapore. The FairPrice Foundation (FPF) will now include milk in its distributions of fresh eggs to vulnerable seniors, as part of its commitment to provide $1 million worth of fresh protein by 2030.

The initiative, first launched in March 2025, is being piloted with senior beneficiaries of FPF’s charity and community partners. This expansion follows feedback from the Stay Strong study, which highlighted that 67% of seniors recognise their need for more protein, yet many are not meeting recommended intake levels.

In addition to the Protein Pledge, FPG has introduced Xtra Senior Week, a monthly event across all FairPrice Xtra outlets. This initiative offers promotions on essential items such as milk powder, health supplements, and adult diapers, helping seniors and caregivers manage rising costs. Furthermore, FairPrice Xtra stores now feature Active Living Zones, providing a one-stop shop for senior essentials and mobility aids.

Vipul Chawla, Group CEO of FairPrice Group, emphasised the importance of these initiatives, stating: “We want to support all seniors in Singapore, regardless of background or circumstance, with getting the essentials they need to stay healthy and active in their silver years.”

These efforts are part of a broader strategy by FPG and FPF to enhance nutrition access and education for vulnerable Singaporeans, with various programmes already in place to support different community needs.

Asia-Pacific (APAC) investors are actively reshaping their portfolios in response to geopolitical uncertainties and market concentration risks, according to Schroders’ Global Investor Insights Survey 2026. The survey, conducted after the outbreak of war in Iran, highlights that 87% of APAC investors anticipate greater market volatility in the coming year, compared to 85% globally.

Geopolitical concerns, such as conflict in the Middle East and uncertainty over US foreign policy, are more pronounced among APAC investors than their global counterparts. These factors, coupled with energy security concerns, are driving a reassessment of traditional asset allocation strategies.

The survey, which included over 1,000 institutional investors and wealth managers with combined assets under management of $72t, found that APAC investors are prioritising downside protection and diversification. Only 5% plan to maintain their current strategic allocations, whilst 54% are seeking buying opportunities and 53% are increasing geographic diversification outside the US.

Active management is gaining traction, with 86% of APAC investors confident it can help achieve investment objectives. Johanna Kyrklund, Group Chief Investment Officer at Schroders, noted, “In an increasingly volatile world, investors are reshaping portfolios to put diversification and resilience front and centre.”

A holistic approach to public and private market allocations is also emerging, with more than half of APAC investors evaluating opportunities across equities, credit, and income holistically. This shift is reflected in portfolio allocations, with increased interest in private equity and credit alternatives.

Gopi Mirchandani, Head of Client Group, Asia, emphasised the need for nimble asset managers, stating, “Investors want asset managers who can be nimble, provide access to specialist exposures, and work across both public and private markets.”

The June 2026 Build-To-Order (BTO) application results reveal a total of 22,312 applicants for 6,952 flats, maintaining an application rate of 3.2, according to HDB application data as of 24 June. Realion (OrangeTee & ETC) Group noted this rate mirrors February 2026 and is slightly lower than October 2025’s 3.7, indicating that increased BTO supply is meeting current housing demand.

Bukit Merah’s Berlayar Rise project attracted the highest number of applicants, with 4,943 vying for 4-room flats. Despite higher prices and clawback rates for Prime flats, interest remains robust due to the area’s strong locational attributes and limited resale options. Christine Sun, Chief Researcher & Strategist at Realion, noted that the project’s proximity to an MRT station enhances its appeal.

Bishan’s Lakeview Cascadia project followed closely in popularity, drawing significant interest for both 2-room flexi and larger flats. The limited supply of new flats in Bishan, coupled with its proximity to top schools and an MRT station, makes it a desirable location for young families and singles.

Interestingly, Woodgrove Acres saw stronger demand than the more centrally located Kebun Baru Ridge and Breeze projects. This may be due to the longer Minimum Occupation Period and higher prices of the latter, despite their favourable locations.

The persistent high number of first-time single applicants across all projects suggests a strong interest in affordable and well-located BTO flats. This trend is expected to result in a spillover demand for future launches, as many singles may not secure a flat in this round.