Industry News

Signify Singapore and Faraday Energy have announced a partnership to deliver Light-as-a-Service (LaaS) and Infrastructure-as-a-Service (IaaS) across the Asia Pacific region. This collaboration aims to modernise lighting infrastructure and enhance energy efficiency without requiring upfront capital investment. The partnership was formalised through a Memorandum of Understanding signed on 18 September 2026.

The LaaS model allows end-users to upgrade their lighting systems by paying a fixed monthly fee, covering infrastructure and services over a contract term of five to ten years. Signify will provide its advanced lighting technology and digital capabilities, whilst Faraday will focus on developing the commercial model, including project evaluation and long-term financing.

The initiative targets buildings and data centres, offering solutions in intelligent lighting, smart-building technologies, and sustainable infrastructure. This comes at a time when operators are keen to reduce energy consumption and modernise ageing infrastructure. “For most building owners, lighting is one of the quickest and lowest-risk places to start decarbonising,” said Jitender Khurana, CEO of Professional Business, Southeast Asia and Far East, Signify.

Peter Goh, CEO of Faraday Energy, highlighted the value of combining Signify’s technology with Faraday’s capital to provide energy-efficient solutions. The partnership aligns with Seraya Partners’ strategy of building scalable infrastructure platforms that deliver operational value and sustainability outcomes.

Building owners and data centre operators are encouraged to explore how this partnership can support their operational and sustainability goals.

Singapore’s digital economy has expanded to account for 19.3% of the nation’s GDP, according to the latest report by the Infocomm Media Development Authority (IMDA). The report, released today, reveals that the digital economy’s value-added reached S$144.1b in 2025, marking a 5.6% year-on-year growth, outpacing the overall GDP growth of 3.1%.

The demand for tech talent remains robust, with the workforce growing to 222,200 in 2025. Notably, tech professionals are earning 60% higher wages than the national median. The report identifies AI & Data and Cybersecurity as the fastest-growing roles within the sector.

AI adoption continues to gain momentum, with small and medium-sized enterprises (SMEs) increasing their adoption rate from 14.5% to 23.4%, and non-SMEs from 62.5% to 70.4%. Furthermore, the percentage of firms planning to adopt AI in the next year has more than doubled from 5.6% in 2023 to 12.1% in 2025.

The report also highlights a significant gap between workers’ ambitions and access to training. Whilst 68% of workers recognise the need to upskill in AI, only 37% have attended AI-related training in the past year. To address this, IMDA is expanding its TechSkills Accelerator under the National AI Impact Programme to upskill 40,000 tech professionals and 100,000 non-tech professionals in the coming years.

As Singapore’s digital economy continues to grow, the focus on AI and tech talent development is expected to play a crucial role in sustaining this momentum.

Mi Material Holding Limited has lodged its preliminary prospectus with the Monetary Authority of Singapore (MAS) as it prepares for an initial public offering (IPO) on the Mainboard of the Singapore Exchange Securities Trading Limited (SGX-ST). Oversea-Chinese Banking Corporation Limited (OCBC) is acting as the Issue Manager, with OCBC and CGS International Securities Singapore Pte. Ltd. serving as Joint Global Coordinators, Bookrunners, and Underwriters for the offering.

The preliminary prospectus, available on the MAS website, outlines Mi Material’s plans to offer its ordinary shares, although no agreements can be made based on this document until the final prospectus is registered by MAS. The final prospectus will provide detailed instructions for potential investors interested in subscribing to the shares.

Mi Material, headquartered in Singapore, is a prominent manufacturer in the semiconductor industry, focusing on advanced packaging materials. The company specialises in precision solder spheres and interconnect solutions, catering to semiconductor foundries and device manufacturers worldwide. Its products are integral to markets such as artificial intelligence, high-performance computing, and automotive electronics.

The proposed IPO aims to capitalise on the growing demand for semiconductor solutions, positioning Mi Material to expand its reach in key global markets. The final prospectus, once available, will offer further insights into the company’s financial strategies and future plans.

The Singapore Exchange (SGX) has reported a successful uptake of its new 10-share lot trading system, implemented on 5 October. This initiative, aimed at enhancing trading flexibility and accessibility, saw more than 20,000 trades executed in 10-share lots across the first 11 selected stocks, surpassing the 13,000 trades in the traditional 100-share lots.

The revised board lot framework, which reduces the minimum trading size from 100 shares to 10 shares, was applied to stocks including DBS Group Holdings, Jardine Matheson Holdings, and United Overseas Bank. Notably, DBS led with approximately 5,000 trades in 10-share lots, whilst Jardine Matheson Holdings recorded the strongest adoption, with about one-third of its trades executed in these smaller lots.

The initiative allows investors to manage their portfolios with greater precision, enabling them to stage entries, average costs, and rebalance portfolios more effectively. For instance, an investor could accumulate a 100-share position in DBS through multiple 10-share transactions over a trading day.

Trade data from 5 October revealed that 10-share lots were the most common trade size in nine out of the ten actively traded stocks, with Keppel being the exception. The data also showed that around 55% of trades were executed in sizes below the previous 100-share board lot.

Despite a slight decline in overall market turnover, liquidity for the selected stocks remained stable, with eight out of the 11 stocks recording higher average daily turnover in the second half of 2026 compared to 2 October. This indicates that the new system has been well-received, offering investors increased flexibility in their trading strategies.

A record 209 Housing Development Board (HDB) resale flats were sold for at least S$1m in September 2026, according to the latest 99-SRX Media Flash Report. This marks an increase from the 201 units recorded in August, highlighting a significant shift in the market dynamics.

The surge in million-dollar transactions is partly attributed to the removal of the wait-out period for private homeowners, which has reignited interest in the resale market. Buyers with substantial sale proceeds from private home sales are now able to pay premiums for flats that meet their needs, contributing to the record number of high-value transactions. Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that this trend could continue to support resale activity, although competition from upcoming Build-To-Order (BTO) launches may temper the pace of recovery.

Overall, HDB resale prices increased by 0.6% in September, with Mature Estates seeing a 1.4% rise, whilst Non-Mature Estates experienced a modest 0.1% increase. However, year-on-year, overall prices decreased by 0.4% compared to September 2025. The highest transacted price for a resale flat during the month was S$1.720m for a 5-room flat at The Pinnacle@Duxton.

Despite a 10.9% decrease in the number of transactions from August, the resale volume in September was 2.8% higher year-on-year. The market remains dynamic, with more flats reaching their Minimum Occupation Period, broadening resale choices and potentially stabilising prices with room for modest gains.

Pine Labs, a global payments technology company, has introduced a unified platform for merchants in Singapore, combining payment acceptance, acquiring, instalment payments, and customer engagement. This initiative comes as Singapore’s digital economy hits S$144.1b, accounting for 19.3% of GDP, according to the Singapore Digital Economy Report 2026 by the Infocomm Media Development Authority (IMDA).

The new platform aims to simplify the complex infrastructure behind merchant payments, offering a single solution that supports cards, alternative payment methods, and Fave-powered rewards. Prasanna Varadharajan, Country Head Singapore at Pine Labs, stated, “Singapore’s merchants are increasingly looking to simplify payments infrastructure whilst offering consumers more flexibility at checkout.”

Pine Labs’ platform integrates with major global payment networks such as American Express, Mastercard, and Visa, as well as popular payment platforms like GrabPay and AliPay+. This integration is designed to streamline operations and enhance customer experience by offering a variety of payment options and seamless instalment payment plans at the point of sale.

Already collaborating with prominent Singaporean brands like Courts, iStudio, CapitaLand, and FairPrice, Pine Labs’ expansion into Singapore is part of its broader international growth strategy. This follows the recent launch of payment capabilities in the Philippines in partnership with GCash.

The unified platform is expected to help merchants reduce multi-vendor complexity, improve conversion rates, and increase repeat purchases through enhanced consumer engagement. As Pine Labs continues to expand its operations across more than 20 markets, the company is poised to play a significant role in the evolving digital commerce landscape.

Deluge Corporation Limited, Singapore’s leading fire detection and protection company, has announced its initial public offering (IPO) on the Singapore Exchange (SGX) Main Board, aiming to raise S$23.4m in gross proceeds. The offering comprises 15,600,000 shares priced at S$0.60 each, with 14,800,000 allocated as Placement Shares and 800,000 as Public Offer Shares. The public offer opened on 6 October and will close on 14 October, with trading expected to commence on 16 October.

The company, which holds the highest “L6” ME06 workhead registration from the Building and Construction Authority of Singapore, plans to use the net proceeds of approximately S$20.13m for infrastructure investments, strategic partnerships, acquisitions, and business expansion. Deluge’s market capitalisation is estimated at S$87m following the IPO.

Cornerstone commitments account for S$14.04m, or 60% of the total gross proceeds, with notable investors including Amova Asset Management Asia Limited and Avanda Investment Management Pte. Ltd. SAC Capital Private Limited and Maybank Securities Pte. Ltd. are managing the issue.

Deluge’s comprehensive fire protection services span design, installation, and maintenance, serving sectors such as healthcare, aviation, and technology. The company aims to leverage its IPO to enhance its operational capabilities and expand regionally.

ARC Singapore has officially launched as the first apex industry body in Singapore to unify the fields of artificial intelligence (AI), robotics, and cybersecurity. The organisation aims to bolster industry capability and collaboration in secure automation. Memoranda of Understanding (MoUs) have been signed to establish ARC chapters in Cambodia, Indonesia, Malaysia, and Vietnam, marking the initial steps towards a regional network.

The launch event, held at an exclusive preview of VXA—a Singapore-based platform for AI, robotics, and cybersecurity—was attended by senior government officials and industry leaders. The MoUs were witnessed by the Indonesian and Vietnamese Ambassadors to Singapore, underscoring the international significance of the initiative.

ARC Singapore Co-Chairman Chia Hock Lai emphasised the need for an integrated approach: “The next AI revolution will not only be digital. It will be physical. As AI is built into machines, plants, ports, hospitals, and power systems, the system that decides, the machine that acts, and the network that can be attacked have become one commingled challenge.”

The organisation’s focus includes policy advocacy, cross-sector collaboration, digital trust standards, and talent development. It plans to establish working groups and launch the ARC Singapore Scholarship in partnership with Kingston International College to support training in AI, robotics, and cybersecurity.

Co-Chairman Ivan Khua highlighted the strategic importance for Singapore, stating, “Securing industrial and infrastructure systems is both a commercial priority and a matter of national resilience.” Through these efforts, ARC Singapore aims to position the city-state as a global hub for secure automation.

A recent YouGov survey commissioned by Aspire reveals that fintech has become mainstream in Singapore, with 80% of businesses utilising fintech providers. However, only 30% have completely switched from traditional banking, whilst 50% continue to use both fintech and traditional banks. The survey, conducted in Q3 2026, involved 128 business decision-makers from small and medium-sized enterprises in Singapore.

The study highlights that whilst fintech adoption is widespread, confidence in its ability to fully replace traditional banking is mixed. About 36% of businesses are “very confident” in fintech’s capabilities, whilst 49% are “somewhat confident.” Despite this, 17% of businesses are interested in making the switch.

Andrea Baronchelli, co-founder and CEO of Aspire, noted, “To see 80% of businesses now using fintech in some capacity shows how far the industry has come. But we’re still in the early stages of that shift.”

Barriers to full adoption include concerns about operational disruption and data security, each cited by 30% of respondents. Additionally, 27% of businesses see no compelling reason to switch, indicating that fintechs need to offer more compelling incentives.

The survey also found that businesses value human involvement in customer support, with nearly 80% preferring at least an equal level of human interaction. However, 32% of respondents indicated that AI features could persuade them to switch providers.

As fintech adoption continues to grow, the focus will likely shift towards simplifying transitions and enhancing customer support to encourage more businesses to consolidate their financial operations onto fintech platforms.

International Workplace Group (IWG), the world’s largest platform for work, has introduced its OpenOffice and HQ brands in Singapore with the launch of two new centres, OpenOffice Fortune Centre and HQ Liang Seah. These openings, located in the Bras Basah-Bugis precinct, aim to meet the growing demand for flexible workspaces in the region.

OpenOffice Fortune Centre offers a technology-enabled, self-service workspace model, marking the brand’s first entry into Southeast Asia. It provides 17 workstations, five private offices, and a meeting room, catering to both established firms and start-ups. Meanwhile, HQ Liang Seah, situated in a traditional shophouse, offers 70 workstations, 18 private offices, and three meeting rooms, providing a functional and characterful base for businesses.

These additions bring IWG’s network in Singapore to 25 centres across six brands, reflecting the group’s strategy to expand its footprint in response to the rising demand for flexible and platform working. Christian Schmitz, CEO of IWG, stated, “We are establishing a stronger and much-needed footprint in the city with these latest openings.”

The expansion aligns with IWG’s record global network growth, with 728 new locations signed in the first half of 2026, taking its network to over 6,000 locations worldwide. As the shift towards hybrid working models continues, IWG’s capital-light growth strategy, primarily through managed partnership agreements, is enabling rapid expansion. Vijayakumar Tangarasan, Country Head for Singapore, Malaysia, and Brunei, noted the company’s commitment to supporting businesses as they establish and expand their presence in Singapore and beyond.