Industry News

ST Engineering has announced the appointment of Jeffrey Lam as Group Deputy Chief Executive Officer, effective 1 June 2026. Lam, who currently serves as Group Chief Operating Officer (Operations Excellence) and President of Commercial Aerospace, will step down from these roles to focus on his new responsibilities. He will continue to report to Vincent Chong, Group President and CEO, and remain a member of the Group Executive Committee.

The appointment comes as ST Engineering experiences significant global growth, supported by a strong order book and strategic execution. The expansion necessitates enhanced focus at the Group level to ensure alignment and synergy across its diverse business segments.

In his new role, Lam will assist the Group CEO in advancing enterprise priorities, capturing synergies, and enhancing organisational excellence. He will also oversee the Commercial Aerospace business. Vincent Chong commented, “This appointment strengthens our leadership bench at the Group level. With his strong track record in business management and leadership, Jeffrey brings the experience and perspectives to advance our strategic priorities and strengthen our organisational capabilities across the Group.”

Simultaneously, Kevin Chow, currently Head of Aerostructures and Systems at Commercial Aerospace, will succeed Lam as President of Commercial Aerospace.

ST Engineering, a global technology, defence, and engineering group, operates across aerospace, smart city, defence, and public security sectors. Headquartered in Singapore, it serves customers in over 100 countries, reporting revenue exceeding S$12b in 2025.

Skyscanner has rebranded its Hotels platform to “Stays” as travellers increasingly prioritise unique accommodation experiences over traditional sightseeing. According to Skyscanner’s Travel Trends 2026 report, 66% of Millennials and 52% of Gen Z in Singapore have chosen holiday destinations based on the unique properties they wish to stay in. Additionally, 24% of Singaporean travellers now seek accommodations that offer experiences beyond just a place to sleep.

The revamped Stays platform offers over five million properties globally, including aesthetic design hostels, farm stays, capsule accommodations, and floating stays. Brian Plaum, Skyscanner’s Global Stays Expert, noted, “Travellers are putting much more thought into where they stay, not just where they go.” He emphasised the platform’s role in helping travellers maximise their budgets by comparing different accommodation options, exploring cheaper neighbourhoods, and booking with flexibility.

To assist travellers in making the most of their summer getaways, Plaum shared five practical hacks: comparing home rentals and hotels side by side, using the “Neighbourhood Swap” tool to find cheaper areas, opting for modern hostels, utilising the Free Cancellation filter for flexible bookings, and checking real-time price insights to determine the best booking days.

Skyscanner’s move reflects the evolving traveller behaviour, offering a diverse range of options tailored to individual preferences, ensuring that the accommodation itself becomes a memorable part of the travel experience.

Chasen Holdings Limited has reported a return to profitability in FY2026, achieving a net profit of S$7.2m, a significant turnaround from the S$11.8m loss recorded in FY2025. This financial recovery is supported by the company’s strategic initiatives, including the operational launch of the Chasen Logistics Hub and securing approximately S$45m in projects for FY2027 across its three business segments.

The group’s gross margin improved by 1.5 percentage points to 19.7%, reflecting its enhanced operational efficiency. Chasen’s Managing Director and CEO, Low Weng Fatt, highlighted the company’s strategic focus on Specialist Relocation projects, particularly in high-growth sectors such as electronics manufacturing and renewable energy in India. “Our momentum in India is particularly encouraging,” he stated, emphasising the company’s position as a preferred partner in one of the world’s fastest-growing manufacturing economies.

Chasen is also experiencing continued growth in the US and China, particularly in the semiconductor, electric vehicle battery, and OLED/AMOLED display manufacturing sectors. Despite geopolitical challenges, the company has demonstrated resilience by securing a robust pipeline of projects, reinforcing client trust.

With the Chasen Logistics Hub now operational, the company is poised for sustained earnings growth and enhanced shareholder value. As Chasen enters the new financial year, it aims to leverage its strengthened platform and focused portfolio to maintain its upward trajectory.

Standard Chartered has announced the appointment of Shebani Baweja as the new Group Chief Data Officer (CDO), effective immediately. Baweja will report to Alvaro Garrido, Chief Operating Officer for Technology & Operations and Chief Information Officer for Information Security & Data, and will be based in Singapore.

In her new role, Baweja will lead the Group Data Office, focusing on shaping the bank’s data strategy. Her responsibilities include overseeing data governance, management, and usage across the organisation. She aims to build strong data foundations and accelerate the use of data and analytics to support growth, innovation, and better decision-making.

Baweja brings over 20 years of experience in data-led digital transformations. Since joining Standard Chartered in 2008, she has held senior roles in Wealth and Retail Banking and Technology & Operations transformation. Most recently, she served as Chief Information Security Officer for Wealth and Retail Banking and International Markets, where she led the cyber risk strategy.

Alvaro Garrido commented, “As a super-connector bank, Standard Chartered’s foundations in technology and data act as key enablers in providing world-class client services. Shebani’s leadership will be key in strengthening our data-driven culture that simplifies with discipline and keeps risk and integrity at the forefront.”

Baweja expressed her enthusiasm, stating, “Data is central to how Standard Chartered delivers robust, safe and scalable solutions and drives measurable value for our clients and colleagues. I look forward to working with the team to advance our data strategy and power the next phase of client-centric innovation.”

This appointment underscores Standard Chartered’s commitment to leveraging data and analytics to enhance its services and drive innovation.

Tracxn’s recent report reveals that Singapore has emerged as the primary hub for artificial intelligence (AI) infrastructure investment in Southeast Asia, capturing nearly 99% of the $1.2b disclosed funding between 2015 and 2026. The report highlights a significant concentration of capital in Singapore, attributed to its robust financial infrastructure and supportive regulatory environment.

The report, titled “SEA AI Infrastructure Report,” outlines the evolution of AI infrastructure funding across the region, noting a sharp increase in early-stage investments from 2023 to 2025. In 2024 alone, $614m was raised across seven rounds, with two early-stage deals accounting for 99% of the year’s total funding. Despite a decline in total capital in 2025 to $320m, the number of deals reached an all-time high of 11, indicating increased participation with smaller cheque sizes.

MiniMax, a Singapore-based company, stands out as the top equity-funded entity, identified as a potential IPO candidate. Other notable companies include Bifrost, specialising in dataset solutions, and Aethir, focusing on decentralised GPU cloud services.

Whilst Malaysia recorded a modest $1.5m in early-stage funding, Indonesia and Thailand reported no disclosed investments. However, these markets are expected to attract future investments as AI adoption expands and domestic cloud infrastructure develops.

The report also notes two acquisitions in 2025, both involving Singapore-based companies, signalling early consolidation in the sector. As the AI infrastructure landscape continues to mature, the focus will likely shift towards broader regional participation and increased late-stage funding opportunities.

RHB Bank has revised its full-year industrial production (IP) growth forecast for Singapore to 7.0%, up from the previous 4.0% estimate for 2026. This adjustment follows a stronger-than-expected performance in April, where Singapore’s IP surged by 17.6% year-on-year, significantly surpassing Bloomberg’s forecast of 12.0% growth.

The robust April figures, which also showed a 5.8% month-on-month seasonally adjusted increase, have led to expectations that Singapore’s full-year GDP could be revised upwards towards 4.0%, reaching the top end of the Ministry of Trade and Industry’s forecast range of 2.0% to 4.0%. Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, highlighted the positive outlook for Singapore’s trade and manufacturing sectors but cautioned that external global uncertainties remain a concern.

The upward revision in the IP forecast underscores the resilience of Singapore’s manufacturing sector amidst a challenging global environment. The April surge marks an acceleration from the revised 9.2% year-on-year rise recorded in March, indicating a strong recovery trajectory.

As Singapore continues to navigate external challenges, the revised projections reflect confidence in the country’s economic fundamentals. The ongoing monitoring of global uncertainties will be crucial in maintaining this positive momentum.

Singapore’s finance professionals are confident in their ability to learn and apply artificial intelligence (AI) skills, yet nearly half fear it could threaten their jobs, according to the ACCA’s Global Talent Trends 2026 report. The study, which surveyed over 11,000 finance professionals globally, including 140 from Singapore, highlights a paradox in the local workforce’s relationship with AI.

The report reveals that 81% of Singapore’s finance professionals feel capable of mastering AI, but 48% worry about its impact on their roles. Despite this, 51% are already using AI tools in their daily tasks. However, trust in AI for recruitment is low, with only 41% believing it can make fair hiring decisions.

Purpose-driven work is increasingly important, with 70% of respondents considering an organisation’s stance on social and human rights issues when choosing where to work. Additionally, 63% are interested in roles with an environmental focus, surpassing many developed markets.

The multigenerational workforce presents challenges, as 53% of respondents report difficulties in managing teams across five generations, compared to a 42% global average. Structured mentoring and mixed-age teams are suggested solutions.

Whilst 46% of Singapore’s finance professionals are satisfied with their pay, 52% plan to request a raise within the next year. Mental health remains a concern, with 52% experiencing work-related stress. Furthermore, 65% agree on the necessity of set office days, and 59% see office presence as beneficial for promotions.

Maurice Cheong of ACCA emphasised the need for employers to address technology, purpose, and career progression to retain top talent.

Condo resale volumes in Singapore surged by 20.9% in April 2026, according to the latest report from 99.co and SRX. This rebound follows a modest 3.4% increase in March, indicating renewed buyer interest after a period of hesitation earlier in the year. Despite the rise in transactions, overall resale prices dipped by 0.4% month-on-month, although they remain 2.7% higher than in April 2025.

The report highlights that the increase in resale activity may be linked to strong sales in the new launch segment, with developments like Tengah Garden Residences and Vela Bay achieving significant sales at high price points. Buyers appear to be turning to the resale market for better value and larger unit sizes, particularly in the Outside Central Region (OCR), where the price gap between new launches and resale condos has widened.

In April, the Core Central Region (CCR) and OCR saw price decreases of 2.6% and 0.1%, respectively, whilst the Rest of Central Region (RCR) experienced a 0.9% increase. The highest resale transaction was a unit at Sage, fetching S$12.8m.

The median capital gain for resale condos rose to S$408,000, with District 10 recording the highest gains. Meanwhile, the median unlevered return stood at 29.2%, with District 20 leading at 52.8%. These figures suggest a healthy market, with sellers adjusting to current conditions, facilitating more transactions.

Airwallex, a global financial platform co-headquartered in Singapore, has unveiled Airwallex Billing, a new solution aimed at helping businesses manage their entire revenue lifecycle on a single platform. This launch addresses the challenges faced by companies as they expand globally, including fragmented tools and complex global tax requirements.

Airwallex Billing is designed to cater to the evolving needs of businesses in the AI economy, offering real-time metering for usage-based billing. This feature allows AI and cloud businesses to test various pricing strategies, such as pay-as-you-go models. Additionally, the platform automates subscription management, handling recurring billing and renewals seamlessly for SaaS and subscription-based businesses.

The solution also aims to protect business margins by utilising Airwallex’s unique account-to-account and bank transfer infrastructure, potentially safeguarding up to 3% in margin. Furthermore, it facilitates global settlements in over 20 currencies and provides access to more than 160 local payment methods, including regional options like PayNow in Singapore.

Jack Zhang, Co-Founder and CEO of Airwallex, emphasised the importance of treating revenue operations as a strategic decision. He noted that “AI-driven pricing volatility will punish rigid, fragmented billing systems,” highlighting the need for adaptable solutions.

Airwallex Billing is built on the company’s regulated global infrastructure, offering functionality and customisation for startups and global enterprises alike. By providing a single platform for revenue optimisation, Airwallex aims to support businesses as they navigate the complexities of global commerce.

CSC Holdings, a leading geotechnical and foundation engineering firm in Singapore, has reported a remarkable 42.9% increase in net profit for the financial year ending 31 March 2026. The company’s profit attributable to shareholders rose to $2.7m, driven by an 18.5% increase in revenue, which reached $400.4m.

The surge in profit is attributed to the company’s strategic capitalisation on the strong construction demand within Singapore, allowing CSC Holdings to deliver a higher volume of foundation and geotechnical engineering projects with improved margins. The company’s order book stood at S$220m as of 30 April 2026, reflecting its active participation in both public and private sector tenders. Notably, CSC Holdings is involved in public sector projects with the Housing Development Board (HDB) and Land Transport Authority (LTA), as well as high-specification projects in the semiconductor and aerospace sectors.

In light of these positive results, the Board has proposed a final dividend of 0.037 cent per share for FY26, slightly up from 0.035 cent in FY25. This decision underscores the company’s commitment to delivering value to its shareholders.

Looking ahead, CSC Holdings is poised to continue leveraging its expertise in the construction sector, with expectations of further tender opportunities in the coming year. The company’s strategic focus on high-demand sectors positions it well for sustained growth.