Industry News

Montblanc has unveiled its latest boutique at Singapore Changi Airport’s Terminal 1, marking a significant collaboration with the renowned retailer, GASSAN. This new venture aims to enhance the luxury shopping experience for travellers passing through one of the world’s busiest airports.

The boutique, strategically located in Terminal 1, offers a wide range of Montblanc’s luxury products, including writing instruments, watches, leather goods, and accessories. This opening is part of Montblanc’s ongoing efforts to expand its presence in key international travel hubs, providing customers with convenient access to its premium offerings.

Jean-Sébastien Géreondeau of Montblanc expressed enthusiasm about the partnership, stating, “We are thrilled to collaborate with GASSAN to bring Montblanc’s timeless elegance and craftsmanship to travellers at Changi Airport.” The partnership with GASSAN, a prominent name in luxury retail, is expected to attract a diverse clientele, further solidifying Montblanc’s position in the global luxury market.

The boutique’s opening is a testament to Montblanc’s commitment to innovation and customer engagement, offering an immersive shopping experience that reflects the brand’s heritage and dedication to quality. As international travel continues to rebound, the new boutique is poised to become a key destination for discerning travellers seeking luxury goods.

This development underscores the importance of strategic partnerships in expanding brand reach and enhancing customer experiences in dynamic environments like airports. Montblanc’s collaboration with GASSAN is set to elevate the luxury retail landscape at Changi Airport, catering to the sophisticated tastes of global travellers.

Independent Reserve, a digital asset firm licensed under Singapore’s Payment Services Act, has expanded its platform to facilitate real-time cross-border payments for businesses. This new service allows companies to make payments in fiat currencies or stablecoins, streamlining transactions with overseas suppliers, international payroll, and fund transfers between corporate entities.

Businesses can now fund their accounts in Singapore Dollars (SGD) or United States Dollars (USD) and pay recipients in their local currencies, supporting over 20 currencies, including most G10 and several ASEAN currencies. Payments can be sent instantly to bank accounts, e-wallets, or cards, enhancing transaction efficiency.

Additionally, businesses can accept customer payments in stablecoins like USDC or USDT directly into their Independent Reserve accounts. By integrating their systems through an API, companies can automate and track transactions, simplifying reconciliation processes.

Lasanka Perera, CEO of Independent Reserve Singapore, highlighted the demand for stablecoins in cross-border payments, stating, “Stablecoins have found clear product-market fit in cross-border payments. They allow businesses to settle transactions around the clock and rotate capital across markets more efficiently.”

This service aims to reduce the friction associated with cross-border settlements, which often involve multiple intermediaries and processing delays. By connecting digital asset settlement with local payment rails, Independent Reserve ensures same-day payment settlements, regardless of the number of countries involved. This development promises to enhance the speed and simplicity of navigating different currencies and payment systems for businesses operating across multiple markets.

Knight Frank Singapore has announced the sale of a prime redevelopment plot at Jalan Merbok, located in the Bukit Timah–Beauty World precinct. The site, measuring approximately 8,817.1 square metres, is available through an Expression of Interest exercise, closing on 6 November 2026. With a fresh 103-year leasehold tenure, the land is earmarked for senior living and care facilities, subject to planning approvals.

The site is strategically positioned within a tranquil, elevated setting, offering views of Bukit Batok Nature Park. It is envisioned as a complementary care and community campus to the existing spirituality centre operated by the Canossian Sisters. This unique co-location aims to foster a differentiated environment focused on care, wellbeing, and community engagement.

Mary Sai, Executive Director of Capital Markets at Knight Frank Singapore, highlighted the scarcity of purpose-built senior living assets in the city-state. “With Singapore officially declared a super-aged society, demand for age-friendly housing and care solutions is expected to increase,” she noted. The site offers investors the chance to create a senior living proposition centred on improved care and quality of life.

Melvin Chay, Interim Head of Capital Markets at Knight Frank Singapore, emphasised the site’s accessibility and appeal. “Located within a mature residential catchment and easily accessible via Beauty World and Bukit Batok MRT stations, the site supports active ageing and overall wellbeing,” he said.

The sale presents a significant opportunity for investors to address the growing needs of Singapore’s ageing population, offering a long-term platform for senior living and care solutions.

The Energy Market Authority (EMA) is set to commission a study to evaluate the feasibility of establishing an energy infrastructure cluster on Pulau Tekong. This initiative aims to bolster Singapore’s energy security and facilitate the nation’s energy transition as electricity demand is projected to rise with economic growth.

The study will explore the potential for siting various energy infrastructures on the reclaimed land of Pulau Tekong. These infrastructures may include hydrogen-ready natural gas-fired power plants, a liquefied natural gas terminal, and other low-carbon energy technologies. This forward-planning is crucial to meet Singapore’s long-term power demands.

To conduct the feasibility study, EMA will appoint a consultant through a tender process initiated on 5 October 2026. The consultant will be tasked with developing a master plan for the proposed energy infrastructure cluster, which is expected to cover approximately 200 hectares. The selection of the consultant is anticipated by mid-2027, with the study projected to take around two years to complete.

Puah Kok Keong, Chief Executive of EMA, emphasised the importance of energy planning for Singapore’s future development. “Energy is a critical resource to support Singapore’s continued development and growth. It is vital that we plan ahead for our future energy infrastructure needs,” he stated. If realised, the energy infrastructure cluster on Pulau Tekong will be instrumental in addressing Singapore’s increasing energy requirements.

OCBC has announced its collaboration with Ant International to introduce a tokenised deposit solution, marking a significant advancement in treasury management between Singapore and Malaysia. This innovative solution, available through Ant International’s WhaleRTP platform, leverages blockchain technology to enable 24/7 liquidity movement and real-time treasury transactions.

Tokenised deposits, which are digital representations of commercial bank deposits on a distributed ledger, offer enhanced transparency and efficiency. By utilising blockchain, these deposits create an immutable audit trail, reducing the need for manual reconciliation and improving operational efficiency. Initially, Ant International will manage SGD- and USD-denominated tokenised deposits, facilitating near real-time settlements across its entities.

The launch addresses the growing demand for real-time treasury and liquidity management, overcoming traditional constraints such as batch processing cycles and currency cut-off times. This development builds on OCBC’s history of innovation in blockchain and digital assets, following its recent successful cross-border tokenised deposit transactions with Citibank and other local banks.

Carmen Chan, Deputy Head of Global Transaction Banking at OCBC, highlighted the bank’s commitment to innovation: “By combining OCBC’s blockchain capabilities and transaction banking expertise with Ant International’s Whale platform, we are enabling businesses to manage liquidity with greater speed, visibility, and efficiency.”

Kelvin Li, General Manager of Platform Tech at Ant International, expressed enthusiasm for the partnership: “Through the Whale platform, we are enabling more efficient cross-border treasury across our ecosystem to unlock near real-time liquidity.”

This collaboration signifies a step towards scalable adoption of tokenisation, aiming to build a more connected and efficient financial ecosystem.

Fortress Minerals Limited, a high-grade iron ore producer from Malaysia, reported a significant 78.4% year-on-year increase in net profit, reaching US$3.5m for the second quarter of FY2027. This growth was bolstered by a 22.3% rise in revenue to US$20.2m, attributed to higher sales volumes and stronger average realised selling prices.

The company’s gross profit surged by 38.2% to US$12.5m, with the gross profit margin expanding by 7.1 percentage points to 62.0%. This improvement was largely due to enhanced cost efficiency and increased sales of high-grade iron ore. The average realised selling price rose by 8.5% to US$93.69 per dry metric tonne, reflecting the company’s strategic focus on high-value products.

Fortress Minerals’ EBITDA also saw a substantial increase of 71.3% to US$7.2m. The company continues to focus on improving production capabilities and diversifying its mineral base to ensure long-term sustainable growth. Executive Director and CEO, Dato’ Sri Ivan Chee, stated, “Our continued improvement in profitability reflects resilient demand and the benefits of our operational excellence and cost discipline.”

Looking ahead, the company remains committed to enhancing its mining and processing capabilities whilst exploring new investment opportunities, such as its increased stake in Norwest Minerals. Despite mixed global steel market conditions, Fortress Minerals is poised to leverage its strong domestic and regional demand to drive future growth.

Revolut, a global financial leader, has announced plans to open a new office at Collyer Quay Centre in Singapore by early 2027. This move is part of a broader commitment to invest nearly S$350m in the country over the next five years. The investment aims to support product innovation, business growth, and workforce expansion, with the local team expected to grow to over 300 employees.

The new office, located in Singapore’s financial district, will serve as a central hub for Revolut’s operations in Southeast Asia. The company has signed a five-year lease for an 8,880 sq ft space, which will feature prominent branding on the building’s façade. This expansion follows a significant increase in Revolut’s Singapore workforce, which nearly doubled in 2025.

Revolut’s investment reflects its confidence in the Singapore market, bolstered by its second consecutive year of net profitability in 2025. The company has seen strong growth in both retail and business sectors, with domestic transaction volumes increasing by over 30% year-on-year. Additionally, Revolut’s business customer base in Singapore grew fivefold in 2025, with deposit balances and transfer volumes tripling.

Raymond Ng, CEO of Revolut Singapore and Southeast Asia, stated, “Our nearly S$350m commitment reflects how far we’ve come and our confidence in the opportunities ahead.” The announcement coincides with the Singapore Grand Prix, where the Revolut Audi Formula 1 Team will race for the first time, marking a significant milestone for the company in the region.

PERSOL, a leading HR solutions provider in Asia Pacific, has released its Singapore Salary Guide for 2026/2027, underscoring the growing importance of AI and data skills across various sectors. Despite a cautious approach towards headcount and wage growth, the demand for professionals with these skills remains robust, as they are essential for business growth and technological advancement.

The guide, which covers 14 functions and industries, highlights that AI and data analytics rank among the top 10 in-demand skills. Monthly salaries for AI engineers range from S$6,000 to S$12,000, data scientists from S$7,500 to S$14,000, and cybersecurity managers from S$7,000 to S$15,000. Foo See Yang, Managing Director of PERSOL APAC, noted, “AI and data skills are no longer confined to technology roles, and professionals who invest in upskilling will be best positioned to stand out.”

Specialised talent continues to command a premium, particularly in banking, finance, and healthcare. Private banking relationship managers can earn between S$8,000 and S$20,000, with senior managers earning up to S$30,000. The healthcare sector is projected to grow by 20% by 2030, driven by a limited local talent pipeline.

Despite 19 consecutive quarters of employment growth, 51% of employers plan to moderate or freeze wages in 2027, up from 48% this year. Rising costs, including increased CPF contribution rates and the Occupational Progressive Wage, are influencing these decisions. Employers are advised to review hiring budgets and adopt AI-enabled workflows to maintain productivity.

The guide draws on PERSOL’s extensive experience and engagement with employers, providing valuable insights for businesses navigating changing market conditions.

Singlife, a prominent financial services company, has announced a partnership with NHG Health to improve access to specialist care for its customers in Singapore. This collaboration aims to address the growing need for digestive health services, as digestive scopes account for nearly 20% of Singlife Shield hospitalisation claims. Through NHG Health’s network, Singlife’s Integrated Shield customers have access to specialist digestive care across Khoo Teck Puat Hospital, Tan Tock Seng Hospital and Woodlands Hospital, including the newly opened Digestive Health Centre at Woodlands Hospital.

The initiative reflects the significant burden of gastrointestinal conditions in Singapore, with colorectal cancer being the second most commonly diagnosed cancer among both men and women. Between 2019 and 2023, nearly 13,000 new cases were recorded. The partnership will explore value-based care models, focusing on patient outcomes and recovery, whilst promoting consistency and value in healthcare delivery.

NHG Health’s experience with Enhanced Recovery After Surgery (ERAS) will be leveraged to support patients through consultation, surgery, and rehabilitation, contributing to shorter hospital stays and fewer complications. The collaboration also aims to develop bundled and fixed-rate models for selected procedures, such as total knee replacement surgery, to optimise healthcare resources.

Helen Shen, Group Head of Products at Singlife, expressed enthusiasm for the partnership, stating, “By bringing together our strengths, we are charting a better way towards a more sustainable healthcare system.” Adjunct Associate Professor Joe Hau, CEO of Woodlands Hospital, added, “Our partnership with Singlife brings together clinical expertise and financing perspectives to better support patients throughout their health journey.”

This partnership builds on the existing cooperative relationship between Singlife and NHG Health, which began in 2024, focusing on population health, integrated care, and healthcare innovation.

ETC has announced the sale of a two-storey factory and warehouse at 29 Changi South Street 1, with an indicative price of S$12.8m. The property, located in the established Changi South industrial precinct, is being marketed through an Expression of Interest exercise closing on 13 November 2026.

The factory sits on a regular-shaped site with a land area of approximately 7,175.6 square metres and a floor area of about 4,616.6 square metres. It is held under a JTC lease with a remaining tenure of around 30 years. The site is zoned for “Business 2” use under the URA Master Plan 2025, offering a plot ratio of 1.0.

Swee Shou Fern, Head of Investment Advisory at ETC, highlighted the property’s strategic location, noting its proximity to Changi Airport and major expressways like the Pan-Island Expressway, Tampines Expressway, and East Coast Parkway. “29 Changi South Street 1 presents an opportunity for businesses seeking an industrial facility in an established industrial precinct,” she stated. The site offers potential for redevelopment into a facility tailored to specific operational needs.

The ongoing development of Changi East, Changi Airport’s largest expansion project, is expected to enhance the area’s role as a logistics hub, adding long-term value for businesses and investors. The property is also conveniently connected to amenities such as Changi City Point, Singapore EXPO, and nearby MRT stations.

The sale of this property underscores ETC’s commitment to providing strategic real estate solutions, leveraging its regional and global capabilities as part of the Realion Group.