Industry News

SIA Engineering Company (SIAEC) and Safran Aircraft Engines (SAE) have signed a Letter of Intent (LOI) to enhance their collaboration on CFM LEAP engine maintenance services in Singapore. This agreement aims to explore expanding the current scope of services, potentially establishing a joint venture for Maintenance, Repair and Overhaul (MRO) operations. Currently, SIAEC conducts LEAP engine Quick Turn maintenance at its Changi North facility.

The partnership seeks to address the increasing global demand for LEAP engine maintenance. Wong Yue Jeen, Chief Commercial Officer of SIAEC, expressed enthusiasm about deepening the partnership, stating, “This collaboration builds upon SIAEC’s longstanding relationship with the Safran Group, and would potentially enable us to enhance our contribution to SAE’s LEAP maintenance network.”

Nicolas Potier, Executive Vice President Support & Services for SAE, highlighted the commitment to expanding the global MRO network, saying, “By combining SIAEC’s recognised expertise in LEAP engine maintenance with our own capabilities, we aim to deliver excellence and innovation in MRO.”

As of now, no definitive agreements have been reached, and there is no certainty that such agreements will be finalised. Both companies will announce any significant developments regarding the collaboration’s expansion.

SIAEC is a prominent provider of MRO services in the Asia-Pacific region, serving over 80 international carriers. Meanwhile, Safran Aircraft Engines, part of the international high-technology group Safran, is a leading supplier of engines for commercial jets through CFM International, a joint venture with GE Aerospace.

ART SG, Southeast Asia’s leading international art fair by Founding and lead partner UBS, will return for its fourth edition from 23 to 25 January 2026 at the Sands Expo and Convention Centre, Marina Bay Sands, Singapore. For the first time, the fair will include S.E.A. Focus, a platform championing Southeast Asian contemporary art, bringing together 106 exhibitors from over 30 countries and territories. The event aims to reinforce Singapore’s status as a cultural capital and hub for artistic exchange.

The inclusion of S.E.A. Focus introduces a new curatorial theme, “The Humane Agency,” highlighting Southeast Asian artists as agents of compassion. ART SG will also launch the ART SG FUTURES Prize, presented by UBS, to recognise outstanding emerging artists. Additionally, the SAM ART SG Fund will support acquisitions for the Singapore Art Museum’s collection.

Magnus Renfrew, Co-founder of ART SG, expressed excitement about the fair’s growth and the debut of S.E.A. Focus, stating, “We are delighted to present the fourth edition of ART SG, which continues to grow as the leading platform for contemporary art in Southeast Asia and beyond.”

The event will feature prominent international galleries such as White Cube and Thaddaeus Ropac, alongside regional galleries like Richard Koh Fine Art and Gajah Gallery. Newcomers include Castelli Gallery and Ashvita’s, expanding the fair’s international scope.

Visitors can expect an expanded programme of events during Singapore Art Week, enhancing the cultural experience. The fair aims to strengthen connections between artists, collectors, and the global art community, offering a comprehensive view of Southeast Asia’s vibrant contemporary art scene.

A recent study by Semperis reveals that 59% of Singaporean organisations have experienced ransomware attacks during holidays, weekends, and major corporate events. This figure is higher than in the US, UK, and Australia and New Zealand (ANZ), highlighting a significant vulnerability during these periods. The 2025 Holiday Ransomware Risk Report indicates that cybercriminals exploit reduced cybersecurity staffing during these times.

Semperis Vice President for APAC/Japan, Gerry Sillars, emphasised the importance of protecting identity systems, stating, “The holidays may bring downtime for companies, but cybercriminals don’t take days off.” The report found that 79% of ransomware attacks in Singapore occurred after significant corporate events, such as mergers or layoffs, with 63% of companies targeted following a merger or acquisition.

The study also highlights that 67% of Singaporean organisations reduce their security operations centre (SOC) staffing during holidays to provide employees with work/life balance. However, this reduction leaves them vulnerable, as 30% did not anticipate attacks during these periods. Additionally, whilst 96% of organisations have identity threat detection and response (ITDR) plans, only 39% include procedures for vulnerability remediation.

The findings underscore the need for enhanced vigilance and robust cybersecurity measures, particularly during times of organisational disruption. As ransomware attacks continue to target periods of reduced security focus, organisations must prioritise both detection and response strategies to safeguard their critical assets.

Lion Global Investors, part of the OCBC Group, has unveiled the LionGlobal Singapore Physical Gold Fund, marking Singapore’s first insured physical gold fund securely vaulted within the nation. Launched in conjunction with Singapore’s 60th anniversary celebrations, this initiative aims to leverage Singapore’s strengths as a global financial centre and a leading gold hub. The fund, distributed by OCBC, MariBank Singapore, Great Eastern, and Singlife Group, with Standard Chartered Bank Singapore as custodian, represents a significant collaboration within the financial sector.

The fund seeks to track the London Bullion Market Association (LBMA) Gold Price AM and invests in LBMA Good Delivery gold, fully safeguarded in Singapore. This launch is timely, as gold remains a reliable safe haven amid geopolitical uncertainties. Singapore’s strategic location, near 25% of the world’s gold mining supply, positions it well to emerge as a leading gold hub.

Teo Joo Wah, CEO of Lion Global Investors, stated, “We are thrilled to be launching the LionGlobal Singapore Physical Gold Fund, which addresses growing demand for alternative assets in diversified portfolios.” The fund offers digital accessibility, making gold investment more accessible to a broader investor base.

The fund is available for subscription through various partners, including OCBC and MariBank Singapore, with availability dates ranging from late November to December 2025. This initiative not only enhances Singapore’s status as a gold hub but also provides investors with a secure and innovative investment option.

CIMB Singapore has partnered with ESGpedia to launch the SME Sustainability-Linked Loan/Financing Programme, making sustainability-linked financing more accessible to small and medium-sized enterprises (SMEs). Since its inception in August 2024, the programme has enabled over 100 companies to set greenhouse gas reduction targets and benefit from preferential interest rates.

Traditionally reserved for large corporations, Sustainability-Linked Loans (SLLs) are now available to SMEs through a simplified and cost-effective approach. The programme aligns with the Loan Market Association’s Sustainability-Linked Loan Principles and leverages ESGpedia’s digital platform, allowing SMEs to calculate and monitor their greenhouse gas emissions independently.

Adam Lim, Head of Commercial Banking Product and Strategy at CIMB Singapore, emphasised the importance of the partnership: “To make sustainability-linked financing truly scalable, we needed a trusted partner who could simplify the process and lower the cost of carbon accounting and verification.”

The programme incentivises SMEs with tiered interest rate discounts based on their achievement of Sustainability Performance Targets. Participants like Bespoke Cleanpro Pte Ltd and SN Real Estate Pte Ltd have praised the intuitive design of the ESGpedia platform, which facilitates the calculation of baseline emissions and sustainability reporting.

CIMB’s initiative contributes to its sustainable finance target of RM300b by 2030, reinforcing its commitment to a lower-carbon economy. As the global economy shifts towards sustainability, CIMB plans to expand these digital tools regionally, further integrating technology into its sustainability strategies.

Redux, a Singapore-based recycling company, has announced the launch of an advanced automated solar panel recycling facility to address the anticipated surge in photovoltaic (PV) waste. This initiative comes as Singapore’s solar panel projects, part of the Clean Energy Vision launched in 2007, near maturation. The company estimates that the number of solar panels to be decommissioned annually will increase from 138,522 to 143,000 over the next two years.

The new facility is part of Redux’s Project SolaREV, which aims to efficiently manage the solar panel decommissioning process. This project underscores the importance of responsible e-waste management as the nation transitions towards a circular economy in renewable energy. “The expected increase in PV waste highlights the need for sustainable solutions,” Redux stated.

Solar panels, globally, experience an efficiency reduction of up to 80% over time, necessitating their replacement and recycling. Redux’s facility will employ advanced automation to ensure efficient recycling, reducing environmental impact and supporting Singapore’s sustainability goals.

The launch of this facility marks a significant step in managing the environmental footprint of solar energy projects in Singapore. As the nation continues to expand its renewable energy capacity, initiatives like Redux’s are crucial in ensuring that the benefits of clean energy are not offset by waste management challenges. This development also positions Redux as a leader in the stewardship of solar panel recycling, setting a benchmark for other nations to follow.

United Overseas Bank (UOB) has successfully priced EUR850m in covered bonds, set to mature in 2030, with a 2.718% annual coupon. The issuance, which was oversubscribed with an order book exceeding EUR1.2b, attracted significant interest from asset managers, banks, central banks, and official institutions. This marks the first 5-year EUR covered bond from a Singapore bank since October 2021.

The bond issuance represents the tightest 5-year non-EU EUR covered bond since September 2022, with UOB managing to reprice the Singapore curve tighter by 1 basis point. The final pricing was set at mid-swap plus 30 basis points, landing 1 basis point inside fair value. This achievement underscores UOB’s ability to secure competitive pricing in the EUR covered bond market compared to its USD Senior new issue curve.

Koh Chin Chin, Head of Group Treasury, Research and Customer Advocacy at UOB, expressed satisfaction with the market’s response, stating, “We are pleased to return to the EUR covered bond market and thank investors’ continued support in allowing us to extend the curve for Singapore at the tightest 5-year pricing for a non-EU issuer in recent years.”

The distribution of the bond saw robust demand from various regions, with Switzerland accounting for 28%, Germany 26%, the United Kingdom 19%, and the Nordic region 14%. The bonds are expected to be rated Aaa by Moody’s Investors Service and AAA by Standard & Poor’s Rating Services.

UOB’s successful issuance not only extends the pricing curve for Singapore issuers but also highlights the bank’s strategic positioning in the global bond market. The bonds are set to be listed on the Singapore Exchange, with the issue date expected on 1 December 2025.

A recent report by Rubrik Zero Labs highlights that 84% of Singapore leaders identify identity-based attacks as the most significant threat to their organisations. As AI agents proliferate in the workplace, the focus on identity resilience has intensified, with 90% of organisations planning to hire professionals to bolster defences against these attacks in the coming year.

The report, titled “Identity Crisis: Understanding & Building Resilience Against Identity-Driven Threats,” underscores the urgency for organisations to adapt to the evolving threat landscape. Ananth Nag, Vice President of APAC at Rubrik, emphasised the need for comprehensive identity resilience, stating, “Traditional security boundaries are no longer enough. Organisations must embed comprehensive Identity Resilience, using real-time intelligence to stop threats, govern AI behaviour, and recover quickly to protect business and trust.”

Key findings from the report reveal that 92% of Singapore organisations have integrated AI agents into their identity infrastructure, with 44% predicting that over half of cyberattacks next year will be driven by agentic AI. Additionally, confidence in recovery strategies is waning, with only 20% of respondents believing they could fully recover from a cyber incident within 12 hours, down from 52% in 2024.

The report also notes that 97% of organisations affected by ransomware attacks in the past year paid the ransom. This highlights the critical need for robust identity resilience strategies to ensure swift recovery and maintain operational integrity. As identity threats continue to evolve, Singapore organisations are urged to prioritise identity resilience to safeguard their most sensitive data.

CDW Holding Limited, listed on the SGX Mainboard, has announced a significant advancement in the development of an additive for anti-fouling ship hull bottom paint. This innovation is part of the company’s efforts to promote environmental sustainability and diversify its business operations. Recent tests have shown promising results, with the additive effectively preventing barnacle attachment in seawater immersion trials.

The additive, developed using CDW’s proprietary organic synthesis technology, aims to improve the performance of conventional anti-fouling paints by reducing the build-up of marine organisms such as barnacles and algae. This is crucial as biofouling increases hull friction, leading to higher fuel consumption and carbon emissions. The company conducted tests at Osaka Sakai Old Port, where plates coated with the additive showed no barnacle attachment over five months.

CDW is now seeking strategic partnerships to further develop and commercialise this additive, leveraging next-generation graphene. Chairman and CEO Kato Tomonori stated, “Our access to cutting-edge R&D through our research network enables us to develop product innovations that are both sustainable and have significant commercial potential. We believe a partnership approach is the best way to bring innovations like this new additive to market.”

The development of this additive aligns with the growing demand for environmentally friendly marine coatings, as regulations tighten and the shipping industry seeks to reduce its environmental impact. CDW’s initiative represents a step forward in creating sustainable solutions for the maritime sector.

Attika has been awarded three significant contracts totalling S$26m, marking a strategic milestone for the company. The largest of these is an interior fit-out services contract for a data centre in Singapore. Additionally, Attika has secured a clean-room contract for the automotive and industrial sector, and a 36-month term contract with the National Library Board (NLB) for library fit-out services.

These contracts align with Attika’s growth strategy to capture opportunities in high-specification projects with elevated entry barriers. Executive Chairman and Managing Director Steven Tan highlighted the importance of these sectors, stating, “Our focus on data centres and clean rooms is deliberate – these are high-growth sectors with significant barriers to entry, where technical excellence and proven track records are essential.”

The company received commendation from Fortis Construction, recognising its technical capabilities and operational excellence in complex data centre environments. Tan noted that this commendation is particularly meaningful given Fortis Construction’s reputation for demanding standards.

The new contracts are expected to bolster Attika’s diversified foundation, positioning the company for sustained growth. Tan added, “Together with our expanding partnership with the NLB, we are building a diversified foundation that positions Attika for sustained growth. We remain focused on delivering quality whilst strategically advancing our presence in sectors that will drive our long-term development.”

These developments underscore Attika’s commitment to expanding its presence in high-growth sectors, ensuring long-term development and success.