Industry News

The Institute of Singapore Chartered Accountants (ISCA) has unveiled a new taskforce designed to bolster financial reporting and investor confidence in Singapore. Announced at the ISCA Value Unlock Forum, the Strengthening Financial Reporting Taskforce will bring together leaders from business, finance, academia, and investor groups to review and enhance the country’s financial reporting ecosystem.

Chaired by Euleen Goh, ISCA Distinguished Lifetime Member and Chairman of Singapore Institute of Management Group Ltd, the taskforce aims to address the growing focus on corporate transparency, financial controls, and trust in capital markets. This initiative aligns with national efforts to strengthen Singapore’s capital markets and business ecosystem, as highlighted by recent reviews from the Accountancy Workforce Review Committee and the Monetary Authority of Singapore.

The taskforce will explore ways to improve how companies communicate financial performance, business risks, and long-term value creation to investors and stakeholders. Euleen Goh emphasised the importance of clear and useful financial reporting, stating, “Financial reporting has always been the language of business. As markets evolve, it must speak more clearly and more usefully to the stakeholders who rely on it.”

The taskforce includes prominent figures such as Liew Nam Soon from EY, Leong Yung Chee from United Overseas Bank, and Lawrence Loh from the National University of Singapore. ISCA President Lee Boon Teck highlighted the critical role of finance professionals in maintaining trust in business and capital markets.

The taskforce will engage with stakeholders over the coming months to provide recommendations aimed at strengthening Singapore’s financial reporting ecosystem.

Accenture’s latest report reveals that whilst Singaporean enterprises are advancing in artificial intelligence (AI) technology, they are lagging in workforce transformation, which is crucial for real growth. The report, titled “Singapore’s Growth Mandate: Why the AI future will be won or lost on people, not technology,” underscores the importance of treating workforce transformation with the same urgency as technology spending.

The study, conducted between December 2025 and February 2026, highlights that 90% of companies have moved beyond AI awareness to implementation, with half deploying Generative AI in specific units. However, only one-third have a talent strategy aligned with their AI strategy, and 46% of technology leaders have not addressed job role redesigns. Accenture argues that organisations focusing on people-centric AI transformation saw revenue and profit growth surpassing their peers by 1.8 and 1.4 percentage points, respectively.

Entry-level talent remains underutilised, with job postings rebounding by 8% in 2025, yet entry-level ICT roles fell by 38% since 2022. The demand for skills in AI, machine learning, and data management is rising, indicating a shift towards a skills-based workforce. Despite 95% of young Singaporeans believing in the country’s AI leadership potential, only 31% agree it is people-centric.

Mark Tham, Accenture’s Country Managing Director, emphasised, “Singapore’s AI future will not be won or lost on algorithms or the latest technology, but on our ability to equip people, redesign work and build trust.” The report calls for CEOs to prioritise workforce transformation, viewing AI as a redesign of work rather than just a technological upgrade.

Syfe, a leading investment platform in the Asia Pacific, has launched Joint Accounts in Singapore, a pioneering feature for digital wealth platforms in the region. This new offering allows two individuals, such as spouses or family members, to co-manage investments with full transparency and shared ownership via the Syfe app. Initially available to an early-access group, the feature will be rolled out to all users in the coming weeks.

The introduction of Joint Accounts is a response to findings from a recent Syfe survey, which highlighted a “coordination gap” in family financial management. Over 40% of respondents currently invest separately, facing challenges in coordinating their efforts. Furthermore, in 30% of households, a single person manages all investments, often resulting in a lack of transparency and shared financial literacy. Contrary to the common belief that joint accounts are primarily for managing shared expenses, only 15% of respondents cited this as their reason for wanting a joint account. Instead, 55% expressed a desire to build long-term family wealth.

Jack Prickett, Chief Commercial Officer at Syfe, stated, “Investing as a family—whatever that family set-up looks like—shouldn’t feel like a second job.” He emphasised that Syfe aims to provide the necessary digital infrastructure to facilitate growth-oriented family portfolios.

Key features of the Joint Accounts include shared ownership and visibility, seamless integration with individual accounts, no minimum balance requirements, and goal-based investing options. This initiative is designed to empower users to save for their children’s future and facilitate wealth transfer across generations.

According to the SGX Research report, DBS, Oversea-Chinese Banking Corp (OCBC), and United Overseas Bank (UOB) have reported a combined non-interest income (NOII) of S$5.16b for the first quarter of 2026, setting a new record. This figure represents a significant increase from S$4b n the previous quarter and S$4.78b in the same period last year, accounting for 39% of their total income.

The growth in NOII was driven by robust contributions from fee income, treasury customer sales, trading income, and insurance. DBS achieved record fee income and treasury customer sales, largely due to wealth management. OCBC saw double-digit growth in wealth management fees, whilst UOB highlighted strong customer treasury flows. This diversified earnings mix has helped offset the impact of lower interest rates.

Despite a slight decline in net interest income (NII) to S$8.04b, the banks have maintained a stable asset quality with unchanged non-performing loan (NPL) ratios. DBS, OCBC, and UOB reported NPL ratios of 1.0%, 0.9%, and 1.5%, respectively, supported by low non-performing asset formation and disciplined provisioning.

Looking ahead, the banks’ guidance for 2026 focuses on balancing rate headwinds with funding discipline and fee-driven income growth. DBS expects total income to remain around 2025 levels, whilst OCBC and UOB anticipate stable to growing total income, supported by strong balance sheets and capital positions.

Quarterly sales of shophouses have plummeted to their lowest level since the third quarter of 1998, according to Huttons’ latest report. The decline is attributed to investors becoming more selective due to uncertain geopolitical and economic conditions. In the first quarter of 2026, only 13 shophouses were sold, marking a 40.9% decrease from the previous quarter and a 35% drop compared to the same period last year.

The total value of shophouses sold in Q1 2026 fell by 44.2% to $88.4m from $119.2m in Q4 2025. Year-on-year, this represents a 25.8% decrease. Notably, more than 60% of the shophouses sold were priced under $5m, the highest percentage since the second quarter of 2020, when the COVID-19 pandemic first impacted market sentiments.

The largest transaction in Q1 2026 involved three adjoining units on East Coast Road, with estimated gains of $7.5m. Districts 8 and 15 were particularly popular, accounting for nearly half of the total transaction volume. Additionally, 84.6% of the shophouses sold were on land with a 999-year or freehold tenure.

Despite steady interest in shophouses since the start of the year, the ongoing conflict in the Middle East is expected to dampen market sentiment in the short term. However, Huttons anticipates that transactions will increase once the geopolitical situation stabilises. Property owners are currently maintaining high asking prices due to market scarcity, whilst some investors are waiting for high-value opportunities.

HG Metal Manufacturing Limited has announced its unaudited financial results for the first half of 2026, revealing a stable net profit of S$6m. This performance comes amidst a challenging economic environment marked by declining steel prices and a moderating global economy. The company’s revenue for the period ending 31 March 2026 was S$81m, a slight decrease from S$85.4m in the same period last year.

The company’s gross profit margin improved significantly to 17.1%, up from 13.3% in the previous year. This increase is attributed to a reduction in the cost of sales, which fell by 9% to S$67.2m. Despite a 58% drop in other operating income, HG Metal managed to maintain its profitability, with profit before tax rising to S$7.2m from S$7m in 1H2025.

The financial results highlight HG Metal’s resilience in navigating economic headwinds. The company’s administrative expenses rose by 11% to S$4.8m, whilst other operating expenses increased by 20% to S$2.2m. However, finance costs were reduced by 30% to S$189,000, contributing to the overall stability of the net profit.

HG Metal’s performance underscores its ability to adapt to market fluctuations, maintaining profitability and improving efficiency. Looking ahead, the company will likely continue to focus on managing costs and enhancing its operational efficiency to sustain its financial health in a challenging market environment.

Luxury retail in Singapore has shown resilience amidst global economic challenges, with prime rental growth reaching 2% in 2025, according to Savills’ Global Luxury Retail Outlook 2026. This growth surpasses the global average of 0.9% across 27 core luxury destinations, highlighting Singapore’s status as a key player in the luxury retail sector.

The report indicates a shift towards more selective luxury retail strategies worldwide, driven by macro-economic headwinds and changing travel patterns. Despite these challenges, Singapore remains a top destination for luxury store openings, ranking among the top 10 cities globally. The city-state’s limited availability of prime retail space in areas like Orchard Road and Marina Bay continues to drive competition and support rental growth.

Sulian Tan-Wijaya, Executive Director of Retail & Lifestyle at Savills Singapore, noted, “Singapore is regarded by many as Asia’s most stable and sophisticated financial sanctuary for ultra-high-net-worth individuals. The city-state remains highly sought-after by luxury brands.”

Globally, Europe recorded a 1.2% rental growth, with cities like London, Paris, and Milan leading the charge. Anthony Selwyn, Co-Head of Global Retail at Savills, commented on the trend, stating, “With prime availability increasingly constrained, vacancy and quality of opportunity are now the key drivers of activity.”

Looking ahead, the luxury retail market is expected to stabilise, with selective growth anticipated in core European streets. As brands recalibrate their strategies, Singapore’s position as a luxury retail hub remains strong, bolstered by its appeal to high-net-worth individuals and international tourists.

Salt Investments Limited has successfully completed a private placement, raising approximately S$4.8m through the issue of 1,748,233,722 new ordinary shares at S$0.00275 per share. The placement attracted significant interest from institutional investors such as Ginko-AGT Global Growth Fund, Lion Global Investors Ltd, and Value Partners Hong Kong Limited.

The funds will be utilised to bolster Salt’s balance sheet and finance high-return growth initiatives, as the company aims to transform into a scalable, integrated marine and infrastructure platform. This strategic move is designed to enhance long-term shareholder value and accelerate Salt’s operational expansion.

Dennis Goh, Executive Director and CEO of Salt Investments, expressed satisfaction with the new investments, stating, “We are pleased to welcome our new institutional, corporate and high-net-worth shareholders, whose strong endorsement reflects confidence in our strategy to build an integrated, technology-enabled maritime platform.”

The capital injection will support Salt’s core businesses, including fuel supply chain operations such as bunkering and trading, oil waste recycling, and oil lubricants. Additionally, it will facilitate the development of Salt’s maritime tech platform, aiming to address structural gaps in the oil and gas industry and capture growth opportunities.

Salt Investments, listed on the Singapore Exchange, operates in the infrastructure, marine, and offshore sectors. The company combines capital efficiency, operational expertise, and digital innovation to drive sustainable growth across Southeast Asia.

HSBC Singapore has launched the nation’s first bank-led integrated health, wellness, and longevity service under its Premier offering. This new initiative provides Premier clients with priority access, preventive care, and healthy longevity services through partnerships with key healthcare providers such as IHH Healthcare Singapore and Raffles Medical Group.

The service includes a 24/7 health concierge from IHH, offering medical expertise, specialist referrals, and hospital admissions across a network of over 45,000 specialists in Singapore, China, Hong Kong, India, and Malaysia. Preventive care is enhanced with tailored health screening packages and exclusive access to the Parkway Shenton Health app, which provides personalised health management supported by human coaches and a 24/7 AI assistant.

Additionally, the healthy longevity component grants access to RMG’s new MediWellness facility, R17, which offers personalised programmes and health coaching. This facility is the first in Singapore to provide evidence-based assessments like the Raffles Clock, developed in collaboration with National University of Singapore researchers.

Ashmita Acharya, Head of International Wealth and Premier Banking, Singapore, stated, “Our clients are increasingly taking a more holistic view of wealth, looking beyond financial outcomes to ‘live’ their wealth through health, wellness and longevity.”

This innovative offering underscores HSBC’s commitment to enhancing client experiences by integrating health and financial services, potentially setting a new standard in the banking sector.

BRC Asia Limited, a leading steel reinforcement solutions provider in Singapore, has announced a 24% year-on-year increase in net profit for the first half of the financial year 2026, reaching S$52m. This growth is attributed to a record half-year revenue of S$931m, as reported for the period ending 31 March 2026.

The company experienced a 38% rise in gross profit to S$93.3m, with the gross margin improving from 9.4% to 10.0%. This was largely due to higher tonnage deliveries and increased contributions from value-added products that offer better margins. BRC Asia’s order book remains robust at S$1.76b, ensuring revenue visibility for up to five years.

In light of these results, BRC Asia has proposed an interim dividend of 8 cents per ordinary share, reflecting a payout ratio of 42% and a dividend yield of 4%. The company continues to benefit from the expansion of Singapore’s construction sector, driven by strong demand from both public and private sectors.

The group’s focus remains on capitalising on the growing opportunities presented by the current industry tailwinds. As BRC Asia continues to deliver on its projects, it positions itself to maintain its leadership in the market.