Industry News

Greenlyzer, a Singapore-based deep tech company, has partnered with Cambodia’s Royal Group to accelerate the deployment of green hydrogen energy solutions across ASEAN. The Memorandum of Agreement (MOA), signed on 20 April in Singapore, aims to explore pilot deployment opportunities for Greenlyzer’s Green Moving Grid, a hydrogen-based energy system optimised by AI for data centres, industrial facilities, and remote locations.

The collaboration leverages Royal Group’s extensive operational reach in Cambodia’s banking, energy, telecommunications, and infrastructure sectors. This partnership builds on existing ties between Alpha Ladder Group’s payments subsidiary, MetaComp, and Wing Bank (Cambodia) for cross-border digital payment solutions.

Tin Pei Ling, Group Co-President of Alpha Ladder, highlighted the strategic importance of energy security, stating, “The ASEAN Power Grid is now more pertinent than ever as it will strengthen regional energy security and diversify supply.” Dr. Huang Kuan, CEO of Greenlyzer, added, “Our Green Moving Grid offers a next-generation, augmentative layer to the conventional grid anchored in green hydrogen that is faster and more flexible to develop and deploy.”

Neak Oknha Kith Meng, Chairman and CEO of The Royal Group, emphasised the partnership’s role in advancing clean energy innovation, noting, “This initiative represents an important step towards building future-ready energy infrastructure that supports Cambodia’s growth and contributes to the region’s long-term energy resilience.”

This agreement underscores Singapore’s position as a green innovation hub and aligns with ASEAN’s vision of an interconnected energy grid. As Singapore prepares to chair ASEAN in 2027, the partnership highlights Cambodia’s growing role in the region’s green and digital economy.

Singapore businesses are facing significant hurdles in achieving their objectives, with 71% missing key goals due to talent shortages, according to Remote’s Global Workforce Report. The report, based on a survey of 250 local HR leaders, highlights the challenges of finding the right talent and the complexities of international payroll systems. As a result, many firms are expanding their global workforce, with the average company now employing talent in three or more countries.

The report reveals that only 56% of Singapore’s business and HR leaders rate their company’s retention strategies as excellent, lagging behind the global average of 62%. This shortfall is compounded by the rising cost of living, which has led 80% of HR leaders to report increased pressure from employees for higher pay. Improved pay transparency is seen as a solution, with 81% of business leaders believing it fosters a healthier workplace culture.

Payroll complexities are also a significant barrier to growth. Remote’s data indicates that 45% of businesses have had to block international hires due to payroll setup issues, and 25% view their current payroll systems as a risk. Additionally, 41% of firms face stringent security and data protection requirements, whilst 36% struggle with compliance across various locations.

Barry Flanagan, Vice President of Payroll at Remote, emphasised the need for automated payroll tools to mitigate these risks and support sustainable growth. “Relying on fragmented, manual processes for international payroll exposes growing companies to unnecessary risks and slows down their momentum,” he stated. The report underscores the importance of reliable payroll systems and pay transparency in building trust and retaining employees.

Singapore Changi Airport reported a 2.3% year-on-year increase in passenger movements for the first quarter of 2026, reaching 17.6 million. This growth was primarily driven by strong demand in North Asia and Europe, despite an 80% decline in traffic to and from the Middle East due to geopolitical tensions. Aircraft movements also rose by 1.4% to 95,300 during the same period.

China led Changi’s top markets, followed by Indonesia, Malaysia, Australia, and India. Notably, Vietnam and China showed the strongest growth among the top 10 markets, with increases of 26.5% and 17.7% respectively. The busiest city links included Kuala Lumpur, Bangkok, Jakarta, Tokyo, and Hong Kong, with Shanghai, Taipei, and Tokyo experiencing the most significant growth.

Changi Airport handled 517,000 tonnes of airfreight in Q1 2026, marking a 7.6% increase from the previous year. This growth occurred amidst global trade uncertainties, with China, the United States, Australia, Hong Kong, and India being the top air cargo markets.

Changi Airport Group’s Executive Vice President for Air Hub and Cargo Development, Lim Ching Kiat, stated, “Travel demand in the quarter remained strong, bolstered by growth in North Asia and Europe.” In response to Middle Eastern route disruptions, airlines introduced approximately 90 additional flights to destinations such as Frankfurt, London, and Sydney.

Looking ahead, Changi Airport is expanding its connectivity with new services. Scoot has launched flights to Chiang Rai and Palembang, whilst Jetstar Airways has introduced routes to Australia’s Sunshine Coast and Newcastle. Additionally, Qantas Freight has commenced a new service, enhancing cargo options across Asia, Australia, and Europe.

Ascott Limited, the lodging arm of CapitaLand Investment, has reported its most successful year in Southeast Asia, with over 7,300 units signed in 2025. This represents a 55% increase from the 4,700 units signed in 2024, positioning Ascott among the top three hospitality companies in the region for new signings, according to Horwath HTL.

The company’s expansion is driven by Southeast Asia’s robust tourism recovery post-COVID-19, with increased intra-ASEAN travel and spending. Ascott’s strategy includes a diverse portfolio of over 200 operational properties and a pipeline of about 150 properties, reflecting strong owner confidence in its brands.

Serena Lim, Ascott’s Chief Growth Officer, highlighted the company’s strategic growth, stating, “Southeast Asia continues to be one of the most dynamic hospitality markets in the world, and Ascott is well positioned to capture the opportunity.”

Ascott’s development pipeline will introduce its presence in approximately 20 new cities, including Phu Quoc in Vietnam and Phuket in Thailand. The company is also focusing on conversions, with 30% of its pipeline involving repositioning existing assets, such as the rebranding of three Bayview properties in Malaysia.

Upcoming openings include Ascott Tay Ho Hanoi, set to be a major MICE (meetings, incentives, conferences, and exhibitions) destination, and Lasong Hotel & Villas Sam Son, a wellness resort in Vietnam. These developments underscore Ascott’s commitment to expanding its leisure offerings and enhancing its presence in Southeast Asia’s hospitality market.

JTC Corporation has awarded the tender for an industrial site at Kaki Bukit Avenue 5 to Chiu Teng Enterprises Pte Ltd. The tender, which was launched on 30 December 2025, concluded on 3 March 2026, attracting five bids in total. Chiu Teng Enterprises secured the site with a tendered sum of S$131.88m.

The awarded land parcel, located at Kaki Bukit Avenue 5, is zoned for Business 2 activities. It spans an area of 15,397 square metres and comes with a tenure of 33 years. The site has a gross plot ratio of 2.5, and the project is expected to be completed within 60 months.

This development is significant as it reflects ongoing interest and investment in Singapore’s industrial sector. The Kaki Bukit area is known for its strategic location and accessibility, making it a desirable spot for businesses looking to establish or expand their operations.

The successful bid by Chiu Teng Enterprises highlights the competitive nature of industrial site tenders in Singapore, as companies vie for prime locations to support their business growth. The completion of this project is anticipated to contribute to the economic vibrancy of the area, providing new opportunities for businesses and employment.

Singapore has introduced OCEANS-X, a cutting-edge data and Application Programming Interface (API) exchange platform, developed by the Maritime and Port Authority of Singapore (MPA). This platform facilitates secure system-to-system connectivity within the maritime sector, enabling companies and government agencies to exchange trusted data directly. The initiative is set to enhance digital services, improve port operations, and strengthen global port connectivity.

One of the primary features of OCEANS-X is digital port clearance. Previously, ship masters and agents submitted documents through digitalPORT@SGTM. Now, they can connect their systems directly to OCEANS-X, allowing for seamless data transmission to MPA’s digital platforms. This advancement is expected to save time, reduce errors, and enable more efficient ship arrivals at the Port of Singapore.

Additionally, OCEANS-X supports the electronic exchange of ship certificates between Singapore and partner ports, including those with established Green and Digital Shipping Corridors. This reduces reliance on paper documents, streamlining port clearances and enhancing global supply chain coordination.

The platform currently hosts over 100 APIs and datasets and is open for industry players and startups to develop new services, including analytics and AI tools. Public access to maritime datasets is also available for research and innovation purposes.

OCEANS-X represents a significant step forward in maritime digitalisation, promising to support a wider range of digital services over time. Some of these solutions will be showcased at Expo@SMW from 21 to 23 April.

The latest retail report from Knight Frank Singapore highlights the importance of collaboration between landlords and retailers to navigate the current economic challenges. Galven Tan, CEO of Knight Frank Singapore, emphasised that geopolitical shocks could reshape demand flows, benefiting adaptive retail destinations. He noted that early cooperation could help protect occupancy and capture diverted demand.

Prime retail rents in Singapore saw a modest increase, with Orchard Road rents at S$31.80 per square foot per month and suburban areas at S$27.50. The island-wide average gross rent of prime retail space rose by 0.8% quarter-on-quarter in Q1 2026, marking a 3% year-on-year increase.

International visitor arrivals (IVAs) in Singapore reached 4.4 million in Q1 2026, boosting retail spending. This figure represents a 9.8% increase from the previous quarter and a 2.8% rise from Q1 2025. The tourism sector is expected to surpass the record S$29.8b in receipts set in 2024.

Despite a challenging cost environment, the number of retail outlets and food and beverage establishments grew in 2024. However, many operators face pressure on profit margins. The report also noted closures of several well-known brands, whilst others, like Scarpetta and Molly Tea, introduced new concepts to adapt to changing consumer preferences.

The retail sector is increasingly shifting towards social commerce, supported by initiatives from the Singapore Retailers Association and TikTok Shop. This move aims to enhance digital engagement and revenue channels for retailers.

Looking ahead, Knight Frank maintains its forecast for prime retail rents to grow between 2% and 4% in 2026, driven by potential increases in tourist demand and new attractions despite ongoing geopolitical uncertainties.

Singapore has been ranked 177th out of 193 countries in the 2026 Global Outsourcing Talent Index, published by Ataraxis. The index evaluates countries based on labour cost, English proficiency, talent availability, digital infrastructure, and political stability. Singapore’s position is the lowest among Southeast Asian nations, with the Philippines and Malaysia taking the top two spots.

The primary factor dragging down Singapore’s ranking is its labour cost, scoring 46 out of 100, placing it 186th globally. This positions Singapore among the world’s most expensive economies, alongside the United States, Switzerland, and Monaco. If Singapore’s labour cost were comparable to China’s score of 90, it would leap to 18th place globally. Despite its world-class scores in English proficiency (100), infrastructure (70), and stability (80), the high labour cost significantly impacts its overall competitiveness.

Additionally, Singapore’s talent availability score is 30, indicating that 114 countries have more abundant talent pools. This further contributes to its low ranking in the index. Comparatively, Singapore’s labour cost is lower than that of Germany, Japan, and the UK, but slightly higher than the US.

The findings highlight the challenges Singapore faces in the global outsourcing market, primarily due to its labour cost. The comprehensive index and methodology can be explored further on the Ataraxis website.

Standard Chartered and the Agency for Science, Technology and Research (A*STAR) have embarked on a three-year partnership to accelerate artificial intelligence (AI) innovation in the financial sector. This collaboration, announced on 21 April 2026, involves a joint investment of S$15m to establish an AI for Banking Innovation Lab in Singapore.

The partnership aims to leverage A*STAR’s expertise in applied AI research alongside Standard Chartered’s banking knowledge to develop advanced AI applications. These include projects in portfolio optimisation, fraud detection, and natural language processing. A notable initiative is the creation of a natural-language interface that allows relationship managers to query databases without coding, thereby enhancing productivity.

Patrick Lee, CEO of Standard Chartered Singapore, highlighted the significance of this collaboration, stating, “Digital-first banking models have reshaped client expectations across all segments.” He emphasised the importance of integrating AI research with real-world applications to deliver scalable and responsible AI solutions.

Dr Su Yi, Executive Director of A*STAR IHPC, expressed the shared goal of translating AI innovation into practical banking solutions. Meanwhile, Alex Manson, CEO of SC Ventures, noted the potential for creating AI-native business models through this partnership.

This initiative builds on previous successful collaborations between SC Ventures and A*STAR IHPC, aiming to bridge the gap between advanced research and practical banking applications. The partnership is expected to drive next-generation financial services and enhance client experiences through innovative AI solutions.

The London Stock Exchange Group (LSEG) has revealed that Singaporean consumers are among the most financially vulnerable to scams in the Asia Pacific (APAC) region, with a significant portion unaware of protections against such fraud. The findings come from LSEG’s latest report, “Scammed and Changed: How Fraud is Rewriting Trust in APAC,” which surveyed 7,000 consumers across five APAC markets.

Singapore ranks second in susceptibility to financial loss from scams, with 49% of those targeted losing money, trailing only China at 56%. The report highlights that 23% of Singaporeans have been targeted by scams in the past two years, and 11% have suffered financial losses. Younger adults, particularly those aged 25-34, are the most at risk, with an 18% personal loss rate.

Despite the high exposure to scams, only 26% of Singaporeans feel well-educated in protecting themselves against financial fraud. Males are more likely to feel confident in their scam-spotting abilities than females, with 29% versus 21% respectively. Interestingly, confidence decreases among those who have already fallen victim to scams.

The emotional impact of scams is significant, with 44% of victims reporting feelings of anger or frustration. Gender differences are evident, as males predominantly feel anger, whilst females experience higher levels of anxiety and fear.

The sophistication of scams, often appearing professional and reliable, is a major factor in their success. Females are particularly susceptible to urgency tactics, with 32% driven by time pressure compared to 21% of males. As scams become more sophisticated, the need for increased awareness and education is critical to protect consumers in Singapore.