Industry News

Singapore’s Ministry of Trade and Industry (MTI) has substantially raised its 2026 GDP growth forecast to a range of 4.5% to 5.5%, up from the previous 2.0% to 4.0%. This adjustment follows a robust second quarter (Q2) performance, where GDP growth was revised to 5.9% year-on-year, driven by strong AI-related capital expenditure.

The upward revision reflects better-than-expected performance in the first half of the year and an optimistic outlook for the second half, bolstered by global AI-related investments. According to UOB Global Economics and Markets Research, the manufacturing, wholesale trade, and infocomm sectors experienced significant growth due to these AI-related tailwinds. Manufacturing, in particular, saw a 6.3% quarter-on-quarter increase, supported by demand in electronics and precision engineering.

However, tourism-related sectors faced challenges, with rising jet fuel costs impacting inbound tourism. Retail trade, accommodation, and food and beverage services all recorded declines in Q2.

Despite these challenges, the MTI remains optimistic about Singapore’s external demand outlook, citing resilient US growth and stronger-than-expected AI investments in Taiwan and South Korea. The financial sector is also expected to benefit from increased credit demand.

Looking ahead, UOB has slightly upgraded its 2026 GDP growth forecast to 5.0%, with AI-related factors continuing to drive growth. However, the semiconductor and electronics sectors may see moderated momentum. The upcoming SG-JB RTS Link, set to begin operations in January 2027, could also influence economic dynamics by increasing outbound spending by residents.

Merck has announced the expansion of its BioReliance® biosafety testing laboratory in Singapore, enhancing the Asia-Pacific (APAC) region’s biopharma quality control capabilities. This expansion, which increases the lab’s size to over 1,000 square metres, introduces the first combined Cell Line Characterisation and GMP Next-Generation Sequencing (NGS) facility in APAC, allowing for advanced local testing and reduced reliance on Western supply chains.

The expansion is a strategic move to bolster the region’s self-reliance in drug development amidst global trade uncertainties. By localising these capabilities, Merck aims to accelerate development timelines and improve operational efficiency for biopharma customers in the region. Paolo Carli, Head of Advanced Solutions for Merck’s Life Science business, stated, “This investment underscores Merck’s commitment to empowering medicine makers by providing industry-leading analytical and biosafety testing services and technical expertise.”

The Singapore lab will also incorporate advanced molecular methods, including the Blazar® platform for rapid virus detection, supporting the industry’s shift towards animal-free testing. This aligns with the 3Rs principle—Replacement, Reduction, and Refinement of animal use.

Goh Wan Yee, Senior Vice President and Head of Healthcare at the Singapore Economic Development Board, expressed optimism about the expansion, noting its potential to strengthen Singapore’s biopharma ecosystem and enhance local workforce capabilities.

Opened in 2018, the Singapore BioReliance® lab’s expansion is part of Merck’s broader strategy to support APAC’s dynamic life science ecosystem and drive scientific progress.

Haleon, a prominent consumer health company, and Singapore’s Agency for Science, Technology and Research (A*STAR) have announced a new clinical study focusing on women’s metabolic health in Asia. The study, named the Impact of Multivitamin and Mineral Supplementation on Metabolic Health in Midlife Women (ISMOS), aims to generate evidence on the benefits of Centrum, a multivitamin and mineral supplement, for midlife Asian women—a demographic frequently underrepresented in global nutrition research.

The study is set to enhance understanding of preventive healthcare and healthy ageing within Asian populations. By focusing on metabolic health, the research seeks to provide insights into how supplements like Centrum can support women’s health during midlife, a critical period often associated with increased health risks.

Haleon and A*STAR’s collaboration highlights the importance of targeted research in addressing specific health needs. “This study will contribute significantly to the understanding of metabolic health in midlife women,” said a spokesperson from Haleon. The findings are expected to inform future healthcare strategies and supplement formulations tailored to the needs of Asian women.

As the study progresses, it may pave the way for more inclusive research in the field of women’s health, potentially influencing global health policies and practices. The results could lead to improved health outcomes for women in Asia and beyond, reinforcing the role of supplements in maintaining metabolic health.

Singapore’s Ministry of Trade and Industry (MTI) has revised its 2026 GDP growth forecast upwards to a range of 4.5% to 5.5%, citing a stronger-than-expected economic performance in the first half of the year. This adjustment comes after the economy grew by 5.9% year-on-year in the second quarter, following a 6.3% expansion in the first quarter.

The revision reflects the impact of a global surge in AI-related capital expenditure, which has bolstered growth in key sectors such as manufacturing, wholesale trade, and finance and insurance. The manufacturing sector, in particular, saw significant growth driven by demand in electronics and precision engineering, whilst the finance and insurance sector benefited from strong credit growth.

Despite these positive trends, some sectors faced challenges. The food and beverage services sector contracted due to increased outbound travel and a decline in visitor arrivals. Additionally, the chemicals cluster within manufacturing remains affected by disruptions in crude oil supplies due to ongoing Middle East tensions.

Looking ahead, MTI anticipates continued growth in AI-related sectors, although global risks such as potential escalations in the Middle East conflict and US tariff actions could pose challenges. The ministry’s upgraded forecast underscores Singapore’s resilience amidst a complex global economic landscape, with AI-driven sectors expected to play a pivotal role in sustaining growth.

ShopBack, a leading shopping, rewards, and payments platform in the Asia-Pacific region, has strengthened its partnership with Visa to enhance its payment ecosystem in Singapore. This collaboration now includes in-store payments, allowing consumers to earn rewards when using Visa at physical checkouts through ShopBack Pay, alongside existing online card-linked offers via the Visa Offers Platform.

The partnership aims to provide merchants with increased visibility and access to high-intent demand, enhancing conversion rates and encouraging repeat spending across digital and physical touchpoints. Consumers benefit from a more seamless and rewarding shopping experience, with added value across participating brands. In 2025, ShopBack facilitated over 30 million shopper redirects to online merchants in Singapore.

Julian Foo, General Manager of Financial Services at ShopBack, stated, “Deepening our partnership with Visa marks an important step in how ShopBack is strengthening its payments ecosystem in Singapore. Together, we are making it easier for merchants to connect with consumers across online and in-store moments through experiences that are more seamless, more rewarding, and more commercially meaningful.”

Adeline Kim, Group Country Manager at Visa Asia Pacific, added, “Our continued collaboration builds on the strong foundation of the Visa Offers Platform, enabling us to unlock new value through personalised offers and Cashback opportunities.”

The partnership spans key categories such as F&B, travel, and marketplaces, extending into physical environments with ShopBack Pay’s network of over 20,000 outlets in Singapore. This initiative supports Singapore’s digital payments infrastructure, reflecting ShopBack’s commitment to a trusted and interoperable system.

OCBC has broadened its Precious Metals offering on the OCBC app to include platinum and palladium bullion, making it the only Singapore bank to offer all four major precious metals to retail customers. This expansion allows retail investors to trade these metals alongside gold and silver, providing further diversification opportunities within the asset class.

Previously, access to platinum and palladium was largely restricted to affluent customers. Now, OCBC enables mass retail customers to invest in these metals digitally from as little as 0.01 ounces, priced at approximately S$23 for platinum and S$18 for palladium as of 7 August 2026. This move builds on OCBC’s existing digital gold and silver capabilities, which have been available since October 2021.

Platinum and palladium are primarily demanded for industrial applications, such as automotive manufacturing and clean energy technologies. Their unique demand and supply dynamics, combined with concentrated global supply, can lead to price movements distinct from gold and silver. OCBC Group Research anticipates spot prices for platinum and palladium to exceed $2,000 and $1,500 respectively by H1 2027.

Tan Siew Lee, Head of Group Wealth Management at OCBC, stated, “We are strengthening our position as a leading wealth management player and as the go-to bank for precious metals.” She highlighted the potential for investors to gain exposure to industrial and energy transition themes through these high-beta metals.

The addition of platinum and palladium is part of OCBC’s strategy to make investing more accessible, with the app also offering structured deposits and diversified portfolios through the OCBC Blue Chip Investment Plan and OCBC RoboInvest.

L’Oréal Groupe and the National University of Singapore’s (NUS) Academy for Healthy Longevity have announced a multi-year strategic research partnership to advance longevity science, focusing on the role of skin in healthy ageing. This collaboration includes the establishment of a joint laboratory on the NUS campus, integrating skin science into broader longevity research.

The partnership aims to address a gap in geroscience by rigorously evaluating whether skin ageing correlates with the ageing of other organ systems or follows its own trajectory. If skin ageing aligns with other systems, it could serve as a non-invasive proxy for more complex ageing processes. Alternatively, if it ages independently, it represents a distinct axis of biological ageing.

The new laboratory, located at the Healthy Longevity Clinical Trial Centre, will incorporate L’Oréal’s advanced skin, scalp, and hair evaluation capabilities into NUS’s comprehensive longevity assessments. This integration allows researchers to directly correlate skin data with systemic health indicators, enhancing the understanding of skin’s role in overall health.

Professor Andrea Maier from NUS Medicine highlighted the potential of skin as an “underutilised window into the biology of ageing,” whilst Dr Angeline Tay of L’Oréal emphasised the importance of understanding skin as an early indicator of internal ageing processes.

This partnership marks a significant step in recognising skincare’s role beyond cosmetics, aiming to support healthspan through proactive interventions. Insights from this collaboration will contribute to L’Oréal’s Longevity Integrative Science™, potentially informing future interventions for healthier skin, scalp, and hair.

Travel Guard, a leading travel insurance brand, has relaunched in Singapore following its underwriting transition to Zurich Insurance Group. This move comes after Zurich’s US$600m acquisition of AIG’s personal travel business, including Travel Guard, in December 2024. The transition allows Travel Guard to leverage Zurich’s extensive global support network and offer a broader range of tailored coverage plans.

Jon Ford, Head of Asia for Zurich Cover-More, highlighted the benefits for Singaporean customers, noting the introduction of a new Travel Guard® Direct website. This platform provides easier access to various plans tailored for different travel needs, including short trips, family travel, and long-haul journeys. Ford emphasised the dynamic nature of the Singaporean travel market, which is characterised by tech-savvy under-40s and frequent short-haul international travel.

Ford stated, “Digital engagement is now the norm, with 82% of claims filed online. For travellers in Singapore and across the region, the expectation is increasingly mobile-first and fast.” Zurich Cover-More’s global command centres offer 24/7 emergency medical and security assistance, enhancing customer support.

Existing customers will continue to enjoy their current policy conditions, now backed by Zurich’s advanced digital capabilities. New offerings include up to S$2 million in overseas medical coverage, unlimited emergency evacuation, and protection for lost baggage and travel documents. The relaunch aims to simplify travel insurance and enhance customer understanding and satisfaction.

NetLink NBN Management Pte. Ltd., the Trustee-Manager of NetLink NBN Trust, announced a decline in its EBITDA to $69.1m for the first quarter of the financial year 2027, ending 30 June 2026. This represents a $2.8m decrease from the same period last year, attributed to higher operating expenses.

The company’s total revenue for Q1 FY27 fell by $1.5m year-on-year, primarily due to a reduction in non-Regulated Asset Base (RAB) revenue. This decline was driven by lower installation-related revenue, although it was partially offset by an increase in ancillary project revenue. Despite stable RAB revenue, the overall financial performance was impacted by these factors.

Profit After Tax (PAT) also saw a significant decrease, dropping by $5.2m, largely due to increased depreciation from a larger asset base. As of 30 June 2026, NetLink NBN Trust reported 1,519,269 residential connections, 51,459 non-residential connections, 3,603 NBAP connections, and 4,330 Segment connections. Whilst residential connections remained stable, non-residential connections experienced a decline due to end-user churn among Requesting Licensees.

NetLink NBN Trust, which plays a crucial role in Singapore’s Nationwide Broadband Network, continues to provide extensive fibre network infrastructure across the region. The Trust was listed on the Singapore Exchange in July 2017 and is part of several key indices.

Knight Frank Singapore has announced the sale of a freehold corner building at 188L Tanjong Katong Road through an Expression of Interest (EOI) exercise. The five-storey property, featuring a student hostel and restaurant, is strategically located in the evolving Tanjong Katong–Dakota precinct, offering significant investment potential.

The building occupies a 2,300 sq ft plot with a floor area of 9,330 sq ft. Its dual-use approval allows for restaurant operations on the ground floor and student accommodation on the upper levels. This flexibility, combined with its prominent corner location, makes it an attractive proposition for private capital, family offices, and accommodation operators.

The area is witnessing substantial growth, bolstered by major residential projects like Grand Dunman and Tembusu Grand, which are expected to increase demand for local amenities. Additionally, the precinct benefits from new infrastructure such as the THK Nursing Home and proximity to the Paya Lebar commercial hub, enhancing its appeal.

Dayna Ang, Senior Manager at Knight Frank Singapore, highlighted the scarcity of such assets, stating, “Freehold accommodation assets with existing student hostel and restaurant approvals are exceptionally scarce, particularly within established city-fringe locations where future supply is inherently constrained.”

The property offers opportunities for asset enhancement, including façade upgrades and introducing lifestyle concepts to cater to the growing residential population. The EOI exercise closes on 16 September 2026, with a guide price set at $23.8m.