Industry News

The Singapore Manufactured Products Price Index rose by 6.7% in April 2026 compared to March 2026, whilst the Domestic Supply Price Index increased by 3.1%, according to the Department of Statistics, Ministry of Trade & Industry. Excluding oil, the indices saw even larger gains of 7.3% and 5.4% respectively.

The rise in the Manufactured Products Price Index was driven by higher prices in the Machinery & Transport Equipment sector, particularly electrical machinery apparatus, alongside Chemicals & Chemical Products, Miscellaneous Manufactured Articles, and other categories. However, this was partially offset by a decrease in the Food & Live Animals index.

Year-on-year, the Manufactured Products Price Index surged by 27.5%, with the Oil index spiking 69.2% and the Non-oil index rising 21.4%. The Domestic Supply Price Index also saw a significant year-on-year increase of 31.6%, with the Oil index up 79.3% and the Non-oil index up 17.1%.

The Domestic Supply Price Index’s monthly increase was similarly attributed to the Machinery & Transport Equipment sector, with additional contributions from Chemicals & Chemical Products and other categories. The Food & Live Animals index again saw a decline, moderating the overall rise.

These indices are crucial as they reflect the price changes of locally manufactured commodities and goods retained for domestic use, impacting various sectors of the economy. The continued rise in these indices suggests ongoing inflationary pressures within Singapore’s manufacturing and supply sectors.

Vietnam Airlines has announced a strategic partnership with 2C2P by Antom, a leading payments platform in Southeast Asia, to expand its payment options beyond traditional card payments. This collaboration, revealed at the Vietnam–Singapore Tech Connect Forum, aims to enhance the airline’s digital payment ecosystem across eight markets, including Singapore, Malaysia, and Japan, by the second half of 2026.

The partnership will initially introduce domestic bank transfer options, such as QR payments and internet banking, with mobile wallets to follow. This move aligns with the growing trend of digital payments in Southeast Asia, where domestic payments are expected to increase by 104% and mobile wallets by 107% by 2029, according to an IDC InfoBrief commissioned by 2C2P by Antom.

Vietnam Airlines will utilise 2C2P by Antom’s Payment Air Controller (PACO) platform, which allows for dynamic transaction routing and improved cost efficiency. This integration is designed to support the airline’s expansion and digital growth strategy, ensuring a secure and seamless checkout experience for customers.

Worachat Luxkanalode, Group CEO of 2C2P by Antom, stated, “By combining PACO’s orchestration capabilities with local QR and bank payment methods across Asia Pacific, we are partnering with Vietnam Airlines to enhance the checkout experience and deliver a more intuitive and inclusive customer experience at scale.”

Nguyen Quang Trung, Executive Vice President of Vietnam Airlines, added, “Our partnership with 2C2P by Antom enables us to further expand our digital payment ecosystem across the Asia Pacific region, enhancing customer experience and convenience.”

This partnership is part of Ant International’s broader efforts to support Vietnam’s digital and financial development, reflecting its commitment to cross-border connectivity and fintech innovation.

iWOW Technology has reported a significant financial upturn, with revenue increasing by 19% to S$41.3m and operating profit soaring by 150% to S$3.6m. The company is making strides in the longevity economy through a proposed S$11.2m acquisition of The Gentle Group and a partnership with GetSetUp. These moves are part of iWOW’s strategy to build a comprehensive, data-driven ecosystem focused on safety, social connection, and sustenance.

The company’s financial health is bolstered by cash and cash equivalents of S$11.5m as of 31 March 2026, up from S$4.4m the previous year. The completion of the three-year earn-out arrangement for the ROOTS Singapore acquisition has also removed a significant earnings overhang.

Raymond Bo, CEO and Executive Director of iWOW Technology, stated, “FY2026 marks a meaningful turning point for the Group. Our operating profit grew 150% on the back of a 19% rise in revenue, with all five business segments contributing to top-line growth.”

iWOW is also progressing with a S$50m AgeTech WAAS contract, which is expected to generate recurring revenue. The company is advancing its international expansion, with planned AgeTech trials in the US and ongoing exploration of overseas opportunities in its IoT business.

These developments underscore iWOW’s commitment to delivering sustainable growth and creating long-term shareholder value, as it continues to innovate in the wireless IoT solutions sector.

SG Enviro Pte Ltd, a Singapore-based company specialising in sustainable water and wastewater treatment solutions, has successfully closed its Series A funding round. The funding, provided by Emerald Ventures and SEEDS, will be used to expand the company’s core technologies and solutions throughout Southeast Asia, targeting industries facing complex environmental challenges.

The funds will enable SG Enviro to enhance its presence in Singapore, Malaysia, and Indonesia, and support its entry into the Thai market. The company also plans to strengthen its talent pipeline and forge strategic partnerships to drive sustainable impact. SG Enviro is already active in key sectors such as oil and gas, palm oil, and food and beverage, where resource efficiency is crucial.

Looking forward, SG Enviro intends to venture into new sectors like data centres, semiconductors, and pharmaceuticals. These industries increasingly require advanced environmental management and sustainable utilities solutions. The company aims to help clients transition to more resource-efficient and lower carbon operations, aligning with evolving environmental and regulatory standards.

Founder and CEO Guah Eng Hock expressed enthusiasm about the partnership with SEEDS, stating, “We hope to leverage SEEDS’s extensive networks and expertise and hopefully collaborate with fellow synergistic portfolio companies to unlock growth opportunities.” Dr. Helge Daebel from Emerald Ventures highlighted SG Enviro’s role in supporting Singapore’s industrial sector and its regional expansion.

SG Enviro, established in 2018, focuses on delivering practical engineering solutions that meet local environmental and regulatory standards. The company’s expansion is expected to address pressing environmental challenges in the region.

DBS has announced a significant expansion of its wealth management services, with plans to open 18 new wealth centres across Asia by the end of 2027. The bank will also upgrade 36 existing centres over the next 18 months, enhancing its presence in Singapore, Hong Kong, mainland China, India, Indonesia, and Taiwan. This move aims to cater to the growing demand for wealth management among affluent clients seeking closer relationships with their banks.

The expansion represents DBS’s largest physical growth in its wealth franchise to date. Sanjoy Sen, Group Head of Consumer Banking at DBS, highlighted the importance of personal relationships in banking, stating, “What clients tell us, more than anything else, is that the relationship they want with their bank should feel personal, familiar and close to home.”

The new wealth centres will be designed to support clients’ entire wealth journey, offering services from portfolio advisory to sophisticated wealth solutions. They will also provide spaces for relationship managers to engage in meaningful conversations with clients, focusing on long-term wealth planning and multi-generational discussions.

DBS’s decision comes as Asia’s affluent wealth pool is projected to reach $4.7t by 2026. Despite the rise of digital platforms, many clients still value face-to-face interactions, with surveys indicating that nearly half of respondents in Hong Kong and Singapore prefer in-person meetings with their relationship managers.

The first of the new wealth centres is expected to open in the third quarter of 2026, with further details on market-specific launches to be announced in the coming months.

OCBC has announced a strategic partnership with the Singapore Chinese Chamber of Commerce & Industry (SCCCI) and the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) to accelerate cross-border trade, investment, and financial flows between Greater China and ASEAN. This collaboration, signed on 28 May 2026 at the Conference on International Industrial Cooperation, aligns with OCBC’s corporate strategy, The Next Frontier, which focuses on capturing ASEAN-Greater China trade and investment flows.

The partnership leverages CCCME’s network of over 10,000 Chinese enterprises, SCCCI’s regional business connections, and OCBC’s strong ASEAN presence and financial capabilities. In 2025, OCBC supported a 50% increase in new Chinese companies establishing a presence in ASEAN, highlighting the growing momentum in intra-Asia flows.

The collaboration aims to support SMEs and mid-sized corporates in accessing cross-border opportunities, focusing on sectors such as green development, digitalisation, and advanced manufacturing. A joint coordination group will be established to ensure sustained momentum and tangible outcomes.

Roy Tan, Head of Enterprise Banking International at OCBC, stated, “Partnering with CCCME and SCCCI enables us to deliver a more targeted and holistic proposition that addresses market access, business matching, and providing on-ground ecosystem support combined with integrated financing solutions.”

Additionally, the Singapore Investment Guide 2026/2027 was unveiled at the conference. Developed by SCCCI with contributions from OCBC, the guide aims to simplify the market entry process for foreign companies in Singapore and ASEAN, amidst Singapore’s strengthening as a global innovation hub and China’s increasing openness.

UOB Deputy Chairman and CEO Wee Ee Cheong met with Vietnam President To Lam on 30 May 2026 during the Shangri-La Dialogue in Singapore. The meeting focused on UOB’s long-term commitment to Vietnam’s economic growth and regional integration. UOB, which has operated in Vietnam for over 30 years, is the only Singaporean bank with a subsidiary in the country, boasting five branches in Ho Chi Minh City and Hanoi.

UOB Vietnam, with a charter capital exceeding S$500m, is the second largest foreign-owned bank in Vietnam. The bank’s acquisition of Citi Vietnam’s consumer banking business in July 2025 has significantly expanded its customer base. UOB has been instrumental in promoting Foreign Direct Investments (FDI) into Vietnam, supporting over 400 companies with projected investments of about S$9b since 2020, creating more than 60,000 jobs.

The bank is also constructing a new headquarters in Ho Chi Minh City, with a groundbreaking ceremony planned for July 2026. Additionally, UOB is considering involvement in the Vietnam International Financial Centre, which aims to enhance capital flows from Singapore and ASEAN into Vietnam.

Wee Ee Cheong stated, “Vietnam is a key market in UOB’s ASEAN strategy and is one of Southeast Asia’s most dynamic and resilient economies. We see tremendous opportunities in Vietnam’s continued transformation and its growing role as a key hub in ASEAN.”

UOB’s initiatives underscore its commitment to facilitating cross-border trade, supporting FDI flows, and empowering local enterprises in Vietnam.

Grab has announced updates to its Cross-Border SG-JB (Beta) pilot, which has completed over 1,000 rides since its launch on 4 May 2026. The service, connecting Singapore with areas in Malaysia such as Johor Bahru and Iskandar Puteri, now features a shortened advance booking window and streamlined return bookings. Passengers can book rides just six hours in advance, down from the previous 12-hour requirement. Additionally, an automated notification will prompt passengers to book their return journey immediately after securing their initial ride.

Alvin Wee, Senior Director of Transport & Country Operations at Grab Singapore, expressed gratitude to passengers and taxi driver-partners for their feedback, which has been instrumental in shaping these updates. “With the June holidays coming, we expect an increase in Singapore-Malaysia trips among families and friends, and we look forward to supporting such travel needs,” he said.

To encourage more commuters to try the service during the upcoming school holidays, Grab is increasing its cross-border ride discount to up to 30% from 29 May to 28 June 2026, up from the initial 20% discount offered earlier in May. As the first platform to receive the Cross-Border Ride-Hail Service Operator Licence under the enhanced Cross-Border Taxi Scheme, Grab aims to refine its operations and deliver a reliable service by working closely with regulators, taxi driver-partners, and passengers.

Singapore’s import prices experienced a slight decline of 0.3% in April 2026, contrasting with a significant 17.1% increase in March, according to the Department of Statistics. This decrease was primarily driven by a 2.6% drop in oil prices, following a substantial 78.9% surge the previous month. In contrast, the non-oil import index saw a modest rise of 0.8%, attributed to higher prices in machinery, transport equipment, and chemicals.

Meanwhile, export prices in Singapore rose by 3% in April, building on an 11.9% increase in March. The oil export index increased by 7.5%, albeit at a slower pace than the 60.1% rise in March. The non-oil export index also grew by 1.5%, largely due to higher prices in chemicals, machinery, and manufactured goods.

Year-on-year, the import price index showed an 18.4% increase, with oil prices up by 72.6% and non-oil prices by 3.6%. The export price index rose by 13.3% compared to April 2025, with oil and non-oil indices increasing by 67.2% and 1.9%, respectively.

These fluctuations in import and export prices reflect ongoing changes in global commodity markets, impacting Singapore’s trade dynamics. The data provides valuable insights into the economic conditions affecting Singapore’s importers and exporters, highlighting the influence of oil prices and other key commodities on trade indices.

Pokémon Centre Singapore is set to reopen on 1 July 2026 at Jewel Changi Airport, following extensive renovations. This marks the first major overhaul of a Pokémon Centre outside Japan, aiming to better serve the growing Pokémon community in Singapore and the region. The revamped store will feature interior designs inspired by Singapore’s cultural identity, a new symbol Pokémon, and exclusive Singapore-themed merchandise.

The Legendary Pokémon Solgaleo has been chosen as the new symbol for the store, prominently displayed on the store’s logo and façade. Shunsuke Sasaki, Managing Director of Pokémon Singapore, expressed excitement about the reopening, stating, “We hope to inspire even greater love for Pokémon and encourage fans to visit Pokémon Centre Singapore to fully immerse themselves in the experience with this renewed store.”

The store’s interior design incorporates elements of Singapore’s cultural heritage, offering a familiar yet unique experience for local fans and visitors. A dedicated event space at the rear of the store will host video game, trading card game, and app gaming events, further establishing the centre as a hub for Pokémon enthusiasts worldwide.

To celebrate the reopening, a range of commemorative merchandise will be available, including plush toys of Solgaleo and Pikachu, and items inspired by the iconic kopi cup. The first wave of 12 products will launch on the reopening day, with additional items debuting in August.

To manage the expected demand, admission during the first five days will be regulated through advance reservations and same-day queue entry tickets. For more details, fans are encouraged to follow the official Pokémon Centre Singapore Instagram page.