Industry News

Investment banking fees in Singapore soared to US$693.8m in the first nine months of 2026, marking a 9% increase from the previous year and the highest year-to-date total since 2021, according to the London Stock Exchange Group’s (LSEG) Deals Intelligence team. This surge accounted for 3.4% of Asia Pacific’s investment banking fees and 69.3% of Southeast Asia’s fee pools.

The growth was primarily driven by mergers and acquisitions (M&A) and equity capital markets (ECM) activities. M&A advisory fees rose by 23.7% to US$256m, whilst ECM underwriting fees increased by 11.5% to US$159.8m. Syndicated lending fees also saw an 11.3% rise, reaching US$175.9m. However, debt capital markets fees experienced a decline of 24.6%, totalling US$102.3m.

Goldman Sachs & Co led the investment banking fee league table, earning US$86.5m and capturing a 12.5% share of the total fee pool. DBS Group Holdings and Morgan Stanley followed with US$61.1m and US$55.3m, respectively.

M&A activity involving Singapore reached US$104.3b, a 98.2% increase from the previous year, driven by a record first quarter. Despite a slowdown in subsequent quarters, the third quarter’s activity remained 34.2% higher than the same period last year. High Technology was the most targeted sector, accounting for 45.8% of the activity.

Equity and equity-related activities totalled US$7.4b, up 28.2% from the previous year. The number of issues, however, declined by 44.6% to 31 transactions. Real Estate issuers led ECM proceeds, raising US$3.5b.

As Singapore’s investment banking landscape continues to evolve, these figures highlight the robust growth and strategic importance of the region in the global financial market.

Seatrium Limited and Karpowership have announced their ninth Floating Storage Regasification Unit (FSRU) conversion project, LNGT Akdeniz, marking a significant milestone in their ongoing partnership. This project follows the successful delivery of seven FSRUs since 2018 and the ongoing conversion of LNGT Karadeniz. The conversion work for LNGT Akdeniz is set to begin in the first quarter of 2027.

LNGT Akdeniz will join Karpowership’s Kinetics fleet, an energy transition initiative aimed at providing reliable and flexible energy solutions. The vessel will feature a regasification capacity of up to 600 million standard cubic feet per day (MMscfd), enhancing LNG import and regasification capabilities to support energy security and a cleaner energy supply.

Alvin Gan, Executive Vice President of Repairs and Upgrades at Seatrium, highlighted the strength of the collaboration, stating, “The award of LNGT Akdeniz, our ninth FSRU project with Karpowership and the second unit in Karpowership’s next-generation FSRU series, is a testament to the strength of this collaboration and further reinforces Seatrium’s position as a global leader in floating LNG infrastructure solutions.”

The project is part of a previously announced Letter of Intent (LOI) between Seatrium and Karpowership, which includes the potential integration of up to six new-generation Powerships. This collaboration underscores both companies’ commitment to addressing global energy needs through innovative floating energy solutions.

IFS Capital Limited has announced the signing of its first loan securitisation programme, valued at S$79m, backed by a portfolio of micro, small, and mid-size enterprise (MSME) loans secured by Singapore real estate. DBS Bank Ltd acted as the sole arranger, whilst CapitaLand Investment subscribed to the senior notes, aligning with its real estate private credit strategy.

The transaction involves selling a pool of existing MSME loans to a special purpose vehicle, which will issue senior, mezzanine, and subordinated notes to fund the purchase. IFS Capital will retain the mezzanine and subordinated notes, ensuring alignment with senior note holders. The notes have a four-year tenor, with IFS Capital continuing to service the loans.

This initiative allows IFS Capital to recycle capital that would otherwise be tied up until loan maturity, enabling the redeployment into new MSME lending. Group CEO Randy Sim emphasised the importance of investor confidence in their underwriting and loan performance, stating, “We have structured the transaction in a way that aligns our interests with those of our investor for the life of the pool.”

CapitaLand Investment’s Managing Director, Arjun Pandit, highlighted the investment’s role in expanding their exposure to Singapore’s real estate private credit market. Clifford Lee of DBS Bank noted the transaction’s significance in advancing Singapore’s securitisation market.

IFS Capital’s private credit business, which spans Singapore, Malaysia, Thailand, Indonesia, and Hong Kong, reported lending assets of S$475m as of 30 June 2026. This securitisation marks a strategic step in developing a recurring funding channel, enhancing capital efficiency, and creating shareholder value.

Markel Insurance has announced the appointment of Rob Jones as Sustainable Energy and Power Underwriter, based in Singapore. This strategic move aims to bolster the company’s energy platform in the Asia Pacific region, which is rapidly advancing in the global energy transition. Jones’s relocation from Markel’s London office underscores the firm’s commitment to expanding its renewables and power portfolio across Asia Pacific.

Jones, who brings over a decade of specialist energy insurance experience, will report to Aminah Sulaiman, Senior Underwriter – Energy. His role will involve supporting the profitable growth of Markel’s renewables and power book, whilst also strengthening relationships with key clients and brokers. His expertise, particularly from his time in Markel International’s claims team in London, will be instrumental in managing risks associated with the energy transition.

Sucheng Chang, Managing Director – Asia Pacific, highlighted the region’s pivotal role in the global shift to clean energy. “Asia-Pacific is driving the global shift to clean energy at an unprecedented pace,” Chang stated. The region accounts for over 60% of new global renewable capacity and nearly half of all global energy transition investment, driven by major markets like China and India.

Jones’s appointment is seen as a direct response to the growing demand for specialist insurance expertise in the region. It aims to enhance Markel’s ability to support energy clients navigating the transition to renewable energy, reinforcing its position as a leading speciality insurer in this sector.

Singtel’s RE:AI has introduced AI Token-as-a-Service (TaaS), a pioneering service in Singapore designed to accelerate enterprise AI adoption. This fully managed service offers enterprises access to AI models, scalable infrastructure, and governance capabilities through a flexible, token-based consumption model. The launch addresses significant challenges such as rising token costs and concerns over data sovereignty, which have hindered broader AI adoption.

TaaS is hosted on Singtel’s sovereign infrastructure, ensuring data remains within Singapore, thus meeting regulatory requirements and maintaining control over sensitive information. Bill Chang, CEO of RE:AI and Digital InfraCo, highlighted the service’s potential to simplify AI deployment. “Through TaaS, we bring together our integrated technology stack and expertise in a single managed service, giving enterprises greater flexibility, visibility and control to deploy AI securely whilst optimising cost and performance,” he stated.

The service allows enterprises to select token volumes based on their needs, which can be used across various AI applications, including software development and market research. TaaS also features intelligent routing to optimise cost and performance by matching workloads to suitable AI models. This approach eliminates the need for enterprises to manage complex AI infrastructure, significantly reducing deployment timelines.

By complementing RE:AI’s existing GPU-as-a-Service, TaaS expands Singtel’s sovereign AI ecosystem, reinforcing its role in supporting Singapore’s AI-driven growth. This initiative positions Singtel as a key player in providing the necessary infrastructure and services for the next phase of AI innovation in Singapore.

UOB Global Economics and Markets Research has adjusted its inflation forecasts for Singapore following recent announcements on electricity tariffs and public transport fares. The revisions come after SP Group revealed a 10.4% quarter-on-quarter decrease in regulated electricity tariffs for the fourth quarter of 2026, a sharper drop than the anticipated 3.9%. This decline follows a previous 17% increase in the third quarter.

The adjustments in forecasts are also influenced by the Public Transport Council’s decision to raise bus and train fares by 7% from 26 December, citing increased energy costs due to ongoing conflicts in the Middle East. The price of Brent crude oil has surged past $100 (US$100) per barrel, impacting various distillates like jet fuel and diesel.

In response to these developments, UOB has lowered its average core inflation forecast for 2026 to 1.7%, down from 1.8%. However, the bank has raised its 2027 forecast to 2.2%, up from 2.1%, anticipating a rise in electricity tariffs and the impact of increased transport fares in early 2027. Headline inflation is projected at 2.0% for 2026 and 2.4% for 2027.

UOB also noted intensified upstream cost pressures, with the Domestic Supply Price Index accelerating to 38.8% year-on-year in August 2026. The bank expects the Monetary Authority of Singapore to potentially tighten monetary policy further in its upcoming decision, despite acknowledging the decision will be closely contested.

Maybank Asset Management Singapore (MAMS) has announced the integration of its tokenised Singapore Dollar Money Market Fund into the Synthesys Network, a platform developed by the Singapore-based tokenisation infrastructure provider, Synthesys. This move extends the fund’s reach to regulated distribution channels worldwide, offering new opportunities for on-chain liquidity management.

The tokenised share class of the Maybank Money Market Fund, initially launched last October, is the first of its kind denominated in Singapore Dollars. It aims to transform idle balances into productive assets, providing on-chain cash management solutions for payment providers, platforms, and brokers dealing in Singapore Dollars. The fund’s introduction into the Synthesys Network is expected to enhance currency diversification, as the market for non-US Dollar tokenised money market products continues to grow.

Darien Poh, CEO of Synthesys, highlighted the shift towards multicurrency assets, stating, “Tokenised yield initially started as a dollar story. As stablecoins and tokenised deposits move into multicurrency rails, the next stage is to introduce multicurrency assets for wider use-cases on-chain.”

Hisham Hamzah, CEO of Maybank Asset Management Group, emphasised the potential of tokenisation to revolutionise investment product distribution, saying, “The partnership with Synthesys reflects our ongoing commitment to innovation in Singapore’s emerging digital asset ecosystem.”

The Synthesys Network connects over 80 distribution channels globally, including banks, payment service providers, and fintechs, allowing immediate access to institutional-grade tokenised products. This strategic collaboration is set to meet the increasing demand for investment-grade Singapore Dollar cash management solutions in digital markets, with further distribution channels expected to open in the coming months.

The Monetary Authority of Singapore (MAS) has unveiled a series of senior leadership changes set to take effect on 1 November 2026. Jacqueline Loh, currently Deputy Managing Director (Corporate Development), will transition to the role of Principal Adviser in the Managing Director’s office. In this capacity, Loh will support risk oversight, governance, and leadership development, whilst continuing as Chair of the Board of the Singapore Payments Network.

Loo Siew Yee, presently Assistant Managing Director (Policy, Payments & Financial Crime), will assume the position of Deputy Managing Director (Corporate Development). Her responsibilities will encompass overseeing MAS’ corporate functions, including Organisation & People Development, Technology, and Finance, Risk & Currency Groups.

Gillian Tan will succeed Loo Siew Yee as Assistant Managing Director (Policy, Payments & Financial Crime), focusing on prudential policy, anti-money laundering, enforcement, and the supervision of payment services providers. Tan will vacate her current role as Assistant Managing Director (Development & International).

Thong Leng Yeng, currently Executive Director of the Anti-Money Laundering Department, will take over as Assistant Managing Director (Development & International), overseeing the development of Singapore as an international financial centre and MAS’ international relations.

MAS Managing Director Chia Der Jiun expressed gratitude for Jacqueline Loh’s contributions, noting her leadership in various portfolios over 13 years. “Jacqueline has made significant and enduring contributions to MAS,” he stated, highlighting her role in strengthening Singapore’s position as a leading international financial centre.

The Singapore Institute of Technology (SIT), A*STAR, and Woh Hup have unveiled a $30.4m research programme designed to transition lower-carbon construction technologies from laboratory settings to real-world applications. Over the next three years, the Woh Hup-SIT-A*STAR Consortium for Sustainable Construction Technology will collaborate with seven industry partners to develop solutions such as ultra-low carbon concrete, construction materials derived from demolition waste, AI-enabled structural design, and the reuse of structural steel.

The programme’s goal is to reduce embodied carbon in selected urban developments by up to 40% by 2029. This ambitious target underscores the consortium’s commitment to fostering a more sustainable and productive construction sector. The scale of investment, representing about 10% of the built environment sector’s annual business expenditure on research and development, highlights the industry’s confidence in the necessity of innovative solutions.

Professor Chiew Sing Ping, Head of the Construction Technology Innovation Laboratory and Cluster Director for Engineering at SIT, is a key figure in this initiative. The consortium’s efforts reflect a significant step towards addressing environmental challenges in the construction industry, with potential long-term benefits for urban development and sustainability.

Singapore has emerged as the leading destination in Asia Pacific for attracting the next generation of high-net-worth individuals, according to the Savills Next Generation Wealth Hubs Index. The city-state ranks sixth globally, surpassing other regional powerhouses such as Hong Kong, Tokyo, and Shanghai. This index evaluates locations based on their ability to attract and retain wealthy individuals under 40, who are increasingly mobile and globally connected.

The report highlights Singapore’s strategic position as a key node for capital in Asia Pacific, offering robust financial infrastructure and regional connectivity. Rayson Yeong, Executive Director at Savills Singapore, noted, “Singapore’s position reflects its role as a key node for capital in Asia Pacific. For private wealth, connectivity is not simply about ease of travel; it is also about access to markets, investment opportunities and professional expertise across the region.”

The index underscores the growing importance of family-led capital planning in the region, with cities like Singapore and Hong Kong focusing on wealth structuring and private banking. Sulian Tan-Wijaya, another Executive Director at Savills Singapore, emphasised the holistic approach of the next generation towards wealth, stating, “Real estate remains an important part of wealth planning, but decisions are increasingly considered alongside family needs, business interests, succession planning and how different assets fit within a broader portfolio.”

Globally, New York leads the index, followed by Miami and London. The report anticipates a significant transfer of wealth, estimated at US$84t, over the next two decades, with younger wealth holders prioritising lifestyle, education, and personal values in their investment decisions. As Kelcie Sellers from Savills World Research concludes, “Residential real estate must now deliver more than capital preservation alone. It must support how wealth holders and their families want to live, work, travel, connect and plan for the future.”