Industry News

Singapore LNG Corporation Pte Ltd (SLNG) has commenced construction on its third jetty at the SLNG Terminal on Jurong Island, marking a significant expansion in its LNG infrastructure. The groundbreaking ceremony, held today, was attended by SLNG Chairman Gan Seow Kee, CEO Leong Wei Hung, and Roger Chia, Chairman of Rotary Engineering Pte. Ltd.

Jetty 3 is designed to accommodate small and mid-scale LNG vessels, ranging from 5,800m³ to 80,000m³. Upon completion by the second half of 2028, it will support approximately two million tonnes per annum (MTPA) of LNG bunker reload demand. This development aligns with the growing global demand for LNG bunkering infrastructure, as an estimated 1,700 LNG dual-fuelled vessels are expected to operate worldwide by 2029.

In tandem with the construction, the SLNG Terminal has achieved certification under the International Sustainability and Carbon Certification EU (ISCC EU) scheme for Bio-LNG handling. This certification covers various services, including storage, regasification, and bunkering, ensuring that Bio-LNG can be traced and accounted for under the ISCC EU framework. This move is set to bolster the maritime and energy sectors’ transition towards lower-carbon fuels.

Leong Wei Hung, CEO of SLNG, stated, “Jetty 3 will strengthen Singapore’s ability to support the next phase of growth and reinforce its position as a leading global bunkering and LNG trading hub.” The new jetty and certification are expected to enhance SLNG’s capacity and operational flexibility, supporting the evolving energy needs of the maritime sector.

HSBC Singapore has announced the appointment of Henry Tong as the new Head of Customer, International and Marketing, effective 19 October 2026. With over 35 years of experience in wealth management and international banking, Tong is set to enhance HSBC’s customer engagement across the wealth continuum in Singapore.

In his new role, Tong will oversee Customer Proposition, Customer Experience, and integrated Brand & Marketing priorities for HSBC’s International Wealth and Premier Banking business. His focus will be on strengthening customer propositions, deepening relationships, and supporting the growth of HSBC’s international wealth franchise.

Ashmita Acharya, Head of International Wealth and Premier Banking at HSBC Singapore, highlighted the importance of Tong’s role, stating, “Henry’s extensive experience in developing cross-border and customer-centric propositions will further strengthen how we serve the evolving international wealth needs of our customers in Singapore.”

Singapore remains a priority market for HSBC, being the fifth-largest geographic contributor to Group profit before tax. The bank continues to invest in its capabilities, including doubling technology spend over five years and expanding its physical network with four new Wealth Centres since 2024. HSBC also plans to hire over 100 AI specialists and additional relationship managers to bolster its services.

HSBC, one of the world’s largest banking and financial services organisations, serves customers in 56 countries and territories, with assets totalling US$3,438b as of 30 June 2026.

Singapore-headquartered Epsilon Telecommunications has partnered with Megaport to extend its network reach across the United States and Canada, offering enhanced global connectivity for its customers. This collaboration allows Epsilon’s clients to access Megaport’s compute, network, and storage services, providing seamless connectivity to key data centres, cloud, and internet exchange hubs throughout North America.

The North American market is projected to account for 43% of a global IT market valued at over $6t by 2026, according to Omdia. This partnership addresses the increasing demand for flexible, low-latency connectivity in the region, simplifying access for organisations from Asia-Pacific and other international markets. Warren Aw, Chief Commercial Officer at Epsilon, stated, “By partnering with Megaport, we’re simplifying how our customers can connect and accelerate their growth in the United States and Canada.”

The collaboration not only enhances connectivity but also improves global content delivery performance and business continuity through geo-redundant backup environments. Misha Cetrone, Executive VP at Megaport, emphasised, “We’re combining our strengths for unparalleled global connectivity, whilst creating new compute, network, and storage possibilities for businesses around the world.”

This strategic alliance offers businesses operating in the US and Canada more options to connect their locations, cloud environments, and data centres with added network resilience. For organisations in Europe, Asia-Pacific, and other global markets, the partnership provides a consistent, high-performance interconnection fabric to facilitate expansion into North America. Epsilon and Megaport are delivering on-demand connectivity to hundreds of global cloud regions, supporting hybrid and multi-cloud architectures.

StarHub has announced its acquisition of MyRepublic’s mobile business in Singapore, a move aimed at bolstering its multi-brand mobile strategy and enhancing the nation’s connectivity infrastructure. This acquisition will allow MyRepublic Mobile customers to continue enjoying their current services without disruption, supported by StarHub’s extensive and reliable mobile network.

The acquisition is part of a strategic effort to integrate MyRepublic Mobile into StarHub’s existing operations, with customers already being progressively migrated onto StarHub’s network. This transition is designed to ensure a seamless service experience for MyRepublic users. The completion of the acquisition is contingent upon the fulfilment of certain conditions by both parties.

Nikhil Eapen, CEO of StarHub, stated, “Our acquisition of MyRepublic Mobile completes a multi-year journey that began with our investment in MyRepublic Broadband in 2021, culminating in full ownership of MyRepublic across both broadband and mobile.” He emphasised that the consolidation will enable StarHub to invest more effectively in network resilience and innovation, providing consumers with meaningful choices in connectivity.

Matt Williams, CEO-designate of StarHub, highlighted that the acquisition aligns with their multi-brand, multi-segment strategy, allowing them to offer distinct brands and propositions. He added, “With our 5G+ network, we are continuing to invest in faster speeds, stronger indoor coverage, and a better overall mobile experience.”

Vaughan Baker, Group CEO of MyRepublic, reassured customers that their existing plans and services will remain unchanged, with continuity and quality of service being a priority. This acquisition underscores StarHub’s commitment to expanding its reach and enhancing service offerings in Singapore’s growing digital landscape.

The Competition and Consumer Commission of Singapore (CCS) has opened a public consultation regarding the proposed acquisition of Chevron Singapore Pte Ltd by ENEOS APAC Pte Ltd. The application for this acquisition was accepted by CCS on 2 October 2026, and the commission is now seeking feedback on whether the transaction would breach section 54 of the Competition Act 2004.

ENEOS APAC, a subsidiary of Japan-based ENEOS Holdings Inc, is involved in various energy sectors in Singapore, including crude oil trading and solar energy solutions. Meanwhile, Chevron Singapore, a subsidiary of Chevron Corporation, operates in the marketing and distribution of fuels and lubricants, with significant operations in Singapore and Vietnam.

Post-acquisition, Chevron Singapore will continue to operate under its existing brands, such as Chevron and Caltex, with ENEOS taking over its operations in Singapore. ENEOS APAC has stated that the acquisition will not significantly impact competition, citing the presence of numerous competitors and low entry barriers in the lubricant market.

CCS is inviting public submissions on the potential competitive impact of the acquisition until 16 October 2026. Feedback can be submitted via the CCS website, where further details on the consultation process are available.

Wise has announced a significant upgrade to its app, integrating global QR payments and customisable eSIM plans to simplify international travel. This innovation addresses common travel challenges, such as local payment access and mobile connectivity, and is available to Wise customers in Singapore ahead of the year-end travel season.

The app’s new features aim to alleviate issues faced by 40% of global travellers who miss out on local experiences due to payment barriers. A Wise-commissioned YouGov survey highlighted that 87% of Singaporean travellers encountered payment hurdles abroad, with 51% missing local experiences like street food due to these challenges.

Wise’s app now supports QR payments in over 50 destinations, thanks to a partnership with Alipay+. This allows users to pay at millions of merchants across China and other regions without needing a local bank card or mobile number. “With Scan to Pay, we’re bringing these local QR networks together in the Wise app,” said SK Saraogi, Asia Pacific CEO at Wise.

Additionally, the app introduces a “build-your-own” eSIM model across 150+ destinations, offering one-time installation, custom controls, and refunds for unused data. This flexible approach contrasts with traditional roaming plans, providing travellers with a tailored connectivity solution.

Beyond payments and connectivity, the Wise app offers features like airport lounge passes and a global ATM map, enhancing the travel experience. These updates position Wise as a comprehensive travel companion, enabling users to manage their travel needs from a single platform.

Prudential Singapore has introduced PRUActive Family Care, a comprehensive protection plan designed to support multi-generational families. As Singapore transitions into a super-aged society, with over 21% of its population aged 65 and above, the plan aims to alleviate the financial and caregiving burdens faced by families. It provides lifetime protection for children and includes a Parent Guard benefit for ageing parents up to age 100, covering conditions like Alzheimer’s and Parkinson’s without medical underwriting.

The plan addresses a significant gap highlighted by Prudential’s research, which found that whilst 72% of Singaporeans consider financial support crucial for caregivers, only 13% believe they have adequate savings if a caregiver stops working. PRUActive Family Care offers critical illness coverage for 182 conditions, including juvenile and mental illnesses, and allows for enhanced coverage through the Multiplier Benefit.

Chief Health & Protection Officer of Prudential Singapore, Manu Tandon, noted the increasing pressures on the “sandwiched generation” who care for both children and elderly parents. “These caregivers face financial and emotional stress as they fund education, meet healthcare needs, and save for retirement,” he said.

The Parent Guard Benefit provides financial support upon diagnosis of age-related conditions, income support for up to five years, and additional benefits for accidental fractures and family support. The plan also includes recovery and rehabilitation services, such as physiotherapy and traditional Chinese medicine, to aid long-term recovery.

With Singapore’s ageing population expected to rise further, PRUActive Family Care offers a timely solution for families navigating the complexities of caregiving across generations.

Singapore’s technology professionals are adept at identifying AI-generated phishing emails, yet a significant 58% have experienced successful attacks in the past year, according to Yubico’s 2026 Global State of Authentication Survey. The survey, conducted with Okta, highlights the persistent reliance on phishable methods despite the rise of AI-driven threats.

The survey revealed that whilst 81% of Singaporean organisations enforce multi-factor authentication (MFA), many still rely on vulnerable methods like passwords. Mobile TOTP or push authenticator apps are used by 49%, and 41% continue to use traditional usernames and passwords. This reliance begins early, with 58% of respondents issued passwords upon joining their organisations.

Geoff Schomburgk, Regional Vice President for Asia Pacific and Japan at Yubico, emphasised the need for a “human-in-the-loop approach” to maintain oversight over AI actions. He stated, “Businesses should adopt a human-in-the-loop approach that preserves human oversight and intervention for higher-risk AI actions.”

AI agents are increasingly taking on roles traditionally held by humans, with 51% of respondents comfortable with AI making low-risk decisions. However, 98% stress the importance of verifying AI identities, and 95% advocate for reviewing AI actions before execution.

As Singapore advances its AI initiatives under Smart Nation 2.0, the challenge remains to integrate secure authentication methods. Yubico and Okta are collaborating to embed phishing resistance into identity systems, aiming to reduce password dependency and enhance security without adding operational friction.

Standard Chartered Bank (Singapore) Limited has announced plans to introduce custody services for selected cryptoassets, stablecoins, and tokenised real-world assets to institutional and accredited corporate clients. This initiative, subject to regulatory approval, aims to meet the increasing demand for secure and regulated digital asset custody solutions.

The move is part of Standard Chartered’s broader strategy to enhance its digital asset capabilities across major financial centres, including the UAE, Luxembourg, and Hong Kong. Singapore’s status as a leading financial and innovation hub makes it a strategic location for this expansion. The bank’s new service will integrate with its existing Financing and Securities Services, offering a comprehensive asset lifecycle solution.

Patrick Lee, CEO of Standard Chartered in Singapore, highlighted the importance of robust infrastructure to support the secure handling of tokenised assets. “This marks a significant milestone as we prepare to bring our digital asset custody capabilities to clients in Singapore,” he stated.

Ole Matthiessen, Global Head of Transaction Services and Digital Assets, emphasised the role of secure custody in the digital asset ecosystem. “As client demand continues to grow, we will continue investing in our digital assets capabilities across key financial centres,” he added.

This development underscores Standard Chartered’s commitment to supporting a secure and well-regulated digital asset ecosystem, aligning with the growing institutional demand for trusted solutions.

The Monetary Authority of Singapore (MAS) has released new guidelines to ensure responsible adoption of artificial intelligence (AI) by financial institutions (FIs). Announced on 7 October 2026, these guidelines aim to help FIs manage AI-related risks effectively, allowing them to tailor their approaches based on their specific risk profiles.

AI technologies are rapidly evolving and increasingly used in financial services, prompting regulators to emphasise the importance of managing associated risks. Following a public consultation in November 2025, MAS has refined its guidelines to address feedback from industry stakeholders. The guidelines require FIs to manage AI risks at both enterprise and individual use case levels, strengthening oversight and building capabilities for responsible AI use.

Key expectations include strengthening AI risk oversight, identifying and managing AI risks throughout its lifecycle, and managing risks from third-party AI use. FIs are encouraged to apply these guidelines in a risk-proportionate manner, using existing governance structures where possible. The guidelines will be implemented in phases, starting from 7 October 2027.

Deputy Managing Director Ho Hern Shin highlighted AI’s potential to enhance financial services, stating, “Realising these benefits sustainably requires financial institutions to understand and manage the risks that come with increasingly capable AI systems.” She added that the guidelines provide regulatory clarity, enabling FIs to innovate confidently whilst maintaining customer trust and system resilience.

The guidelines are part of MAS’s ongoing efforts to promote sound AI risk management practices in Singapore’s financial sector.