Industry News

DBS Group Holdings has announced the appointment of Gautam Banerjee to its Board of Directors, effective 1 October 2026. Banerjee, who is currently the Chairman and Senior Managing Director of Blackstone Singapore, brings a wealth of experience in governance and strategic leadership, having served on major boards and advised businesses for decades.

Banerjee’s extensive career includes over 30 years at PricewaterhouseCoopers, where he was Executive Chairman of PwC Singapore until his retirement in December 2012. He also holds board positions at Singapore Telecommunications and GIC Private Limited, and has previously served on the boards of Singapore Airlines and Piramal Enterprises, among others.

DBS Chairman Peter Seah expressed confidence in Banerjee’s ability to contribute significantly to the board. “Gautam brings extensive experience advising businesses and serving on major boards. Over the course of his career, he has developed deep expertise in governance, risk oversight and long-term value creation,” Seah stated. He added that Banerjee’s insights would be invaluable as DBS navigates a complex operating environment and strives for sustainable growth.

DBS, a leading financial services group in Asia, is recognised for its global leadership and innovative use of digital technology. The bank has been awarded titles such as “World’s Best Bank” and “Safest Bank in Asia” by various financial publications. With Banerjee’s appointment, DBS aims to further strengthen its governance and strategic direction.

Singapore is gearing up to play a significant role in the emerging global fusion economy, as highlighted during the FusionX:APAC 2026 event. The three-day programme, organised by SGInnovate and FusionX, brought together international fusion companies, researchers, and industry leaders to explore opportunities in technology, investment, and talent.

Dr Tan See Leng, Minister for Energy, Trade and Industry, emphasised Singapore’s potential contributions through its strong talent pipeline, research capabilities, and deep tech ecosystem. The event also marked the renaming of the Ministry of Trade and Industry to the Ministry of Energy, Trade and Industry (METI).

A*STAR announced collaborations with global partners, including US-based Realta Fusion and VDL ETG, focusing on advanced plasma diagnostics and materials for fusion systems. These partnerships aim to leverage Singapore’s expertise in precision engineering and advanced manufacturing.

SGInnovate and Helixos presented preliminary findings from a fusion innovation landscape study, identifying areas where Singapore can contribute, such as materials, diagnostics, and software. Dr Lim Jui, CEO of SGInnovate, stated, “Singapore does not need to produce fusion energy itself to participate in the fusion economy. We can contribute through the technologies, capabilities, and supply chains that will make fusion possible.”

As the global fusion industry evolves, Singapore is poised to connect its existing capabilities with international fusion developers, ensuring readiness when the technology scales. The event underscored Singapore’s role as a hub for knowledge, capital, and talent in the fusion sector.

A recent report by Delinea has revealed a significant gap between AI policy and enforcement within Singaporean organisations. The 2026 Identity Security Report: The AI Enforcement Gap highlights that whilst nearly all Singaporean companies have formal AI data-access policies, enforcement remains weak. A staggering 98.8% of IT leaders reported instances where AI tools accessed sensitive data beyond their intended scope in the past year, yet only 14% could detect such violations in real time.

The report, based on surveys of over 2,000 IT leaders and employees globally, underscores the challenges faced by organisations in maintaining control over AI usage. In Singapore, 84% of employees admitted to bypassing the required approval process for AI use, with 51% doing so regularly. This suggests that despite having policies in place, many employees feel pressured to use AI on sensitive data, often due to tight deadlines or unclear governance rules.

Cynthia Lee, VP of APAC at Delinea, commented, “Singaporean organisations have done the hard part already; nearly every one of them has a formal AI policy. What’s missing is enforcing it in the moment.”

Key findings from the report include that 99.6% of Singaporean organisations have formal AI policies, yet less than half check AI access against these policies in real time. Additionally, 72% of organisations take a full day or longer to detect out-of-scope AI access, the highest among the eight markets surveyed.

The report calls for improved real-time enforcement and accountability, suggesting that organisations need to authorise AI access at the moment of action. Delinea’s platform offers continuous, runtime authorisation to help bridge this enforcement gap, providing security teams with a defensible record of AI access and actions.

LAC Global, a leading retailer in nutritional supplements, has partnered with Absolute Pilates to launch “Respite with LAC,” a weeklong wellness programme in Singapore. From 26 October to 1 November, participants can engage in Reformer Pilates classes across five Absolute studios, integrating movement with LAC’s science-based nutrition for holistic wellbeing.

The initiative aims to shift the focus from performance to restoration, encouraging Singaporeans to slow down and recharge. Evelyn Teo, Chief Marketing Officer of LAC Global, emphasised the importance of rest, stating, “Wellness has often been framed around performance, but rest and restoration are just as essential to a healthy life.”

Existing Absolute members can book classes using their current packages, whilst newcomers can access a special 2-for-1 package for $55. This offer includes two classes and is available to LAC members and those who sign up for LAC’s newsletter. Participants will also receive a LAC Mobility Trial Kit, featuring product samples and promotional incentives, redeemable via a QR code at studio front desks.

The programme highlights LAC’s Masqueliers French Pine Bark Extract, a key ingredient in their supplements, known for its antioxidant properties. This extract supports skin, joint, and vascular health by reinforcing the body’s natural defences.

LAC Global, headquartered in Singapore, is renowned for its scientifically developed supplements, combining eastern wisdom with western technology. Through this collaboration, LAC and Absolute Pilates aim to provide a restorative experience that supports both body and mind.

Private residential property prices in Singapore have continued their upward trajectory for the eighth consecutive quarter, according to the Urban Redevelopment Authority’s (URA) flash estimates for Q3 2026. The overall price index rose by 1.4%, marking the fastest quarterly growth since Q4 2024, when prices increased by 2.3%.

The landed property segment led the charge with a 2.8% increase, following a 2.5% rise in the previous quarter. Non-landed homes also saw a reversal of fortunes, climbing 0.9% after a slight dip of 0.1% in Q2 2026. Notably, non-landed properties in the suburbs, or Outside of Central Region (OCR), experienced a significant 2.2% rise, whilst the Rest of Central Region (RCR) saw a modest 0.2% increase. The Core Central Region (CCR), however, recorded a marginal decline of 0.1%.

Christine Sun, Chief Researcher and Strategist at Realion (OrangeTee & ETC) Group, attributed the accelerated price growth to a higher proportion of private homes being sold at premium prices. “The share of private homes sold for at least S$2m rose from 49.2% in Q2 2026 to 53.6% in Q3 2026,” she noted.

Looking ahead, the market anticipates a surge in transactions in Q4 2026, spurred by major launches such as Lucerne Grand, Thomson Reserve, and The Serra, which will collectively add approximately 2,000 new homes. However, potential buyers may remain cautious due to possible interest rate hikes, as indicated by the recent Federal Reserve decision to raise rates for the first time since July 2023.

Singapore’s office market experienced significant growth in Q3 2026, with Core Central Business District (CBD) Grade A rents rising by 2% quarter-on-quarter to S$12.75 per square foot per month, according to CBRE Research. This marks the fastest pace of growth since Q3 2022, as demand from occupiers remains robust and supply remains limited.

The vacancy rate for Core CBD Grade A offices decreased from 3.3% in Q2 2026 to 2.6% in Q3 2026, supported by healthy net absorption and continued expansion activities. Tricia Song, CBRE Head of Research for Singapore and Southeast Asia, highlighted the rapid absorption of new supply, noting that vacancy has compressed from 7.8% to 2.6% in less than two years.

The demand for office space is broad-based, with financial services and technology firms, particularly artificial intelligence (AI) companies, driving leasing activity. Notable transactions include OpenAI’s negotiations for space at Shaw Tower and Anthropic’s establishment at Ocean Financial Centre.

David McKellar, CBRE Head of Leasing in Singapore, observed that the market has outperformed expectations despite global challenges. He noted the diverse demand from both financial services and AI firms, suggesting a durable source of occupier activity.

Looking ahead, no major office completions are expected until 2028, with Newport Tower in Tanjong Pagar being the only notable addition in 2027. Occupiers are increasingly focusing on future developments such as One Comcentre and The Clifford.

With rental growth already at 3.7% for the year, CBRE anticipates full-year growth to exceed 5% in 2026. The tightening market conditions are expected to bolster office investment sentiment, with prime office assets remaining highly sought after. Song concluded that the market is increasingly defined by scarcity, with landlords likely to maintain pricing power.

Allianz Insurance Singapore Pte Ltd has announced the appointment of Ong Bi Ying as its new Chief Executive Officer, effective 1 October 2026. Ong takes over from Hicham Raissi, who is leaving to pursue opportunities outside the Allianz Group. Raissi expressed pride in his tenure, stating, “It has been a privilege to lead Allianz Insurance Singapore.”

Ong, who joined the company in 2019, has held several senior roles, most recently as Chief Operating Officer. Her leadership has been pivotal in enhancing the company’s operations and capabilities. Anusha Thavarajah, Regional CEO of Allianz Asia Pacific, expressed confidence in Ong’s ability to lead, citing her deep understanding of the company and the Singapore market.

Ong expressed her enthusiasm for the new role, stating, “I am honoured to take on this role and look forward to working with our team and distribution partners to continue driving growth and delivering innovative insurance solutions for our customers.”

Allianz Insurance Singapore aims to strengthen its position as a leading risk solutions provider in Singapore, offering a range of insurance products for individuals, SMEs, and mid-corporate clients. The company is part of the Allianz Group, a global leader in insurance and asset management, known for its commitment to innovation and customer-centric solutions.

Frasers Property Limited and Mitsubishi Estate Co., Ltd. have announced a joint venture to redevelop Valley Point and Fraser Suites Singapore into a luxury 999-year mixed-use development along the Singapore River. The project, set to launch in 2027 and complete by 2031, will feature approximately 407 luxury residences and sky villas, a 184-unit Fraser Suites serviced residence, and a variety of dining, retail, and lifestyle offerings.

The site, with a history dating back to 1877, has been significant in the River Valley area, once housing Fraser & Neave’s first aerated water canning facility in Southeast Asia. The redevelopment aims to transform this historic location into a landmark riverfront destination, enhancing the vibrancy of the Singapore River precinct.

The new development will offer attractive riverfront views and easy access to lifestyle, heritage, and recreational precincts such as Great World and Robertson Quay. It is strategically located, being a short drive from the Central Business District and Orchard Road, and within walking distance to Great World MRT station.

Soon Su Lin, CEO of Frasers Property Singapore, stated, “The redevelopment reflects our long-term vision to unlock the highest and best use of this prime heritage site.” Kato Shinya, Managing Director of Mitsubishi Estate Asia, added, “We aim to create a landmark destination that will enhance the Singapore River precinct for years to come.”

The redevelopment underscores both companies’ confidence in Singapore’s real estate market and their commitment to enhancing well-located assets for future generations. Valley Point and Fraser Suites Singapore are expected to cease operations on 31 March 2027 to facilitate the project.

Monee, a digital financial services provider, has teamed up with Great Eastern to offer new travel and motor insurance products on the Shopee marketplace. This collaboration aims to simplify access to comprehensive insurance coverage for Singaporeans, addressing both overseas travel and everyday mobility needs.

The travel insurance plans cover a range of disruptions such as trip cancellations, flight delays, and lost baggage, with additional options for adventure activities like snowboarding and scuba diving. From 1 to 31 October, customers can enjoy up to 60% off on these plans, along with stackable vouchers for further savings.

For vehicle owners, the motor insurance offerings include enhanced protection with dedicated claims processing and flexible repair options. Personal accident coverage is available up to S$120,000 for the insured, and up to S$50,000 for authorised drivers and passengers. EV owners benefit from specialised coverage, including accidental damage to private charging stations and home contents damage during charging.

Yang Yang, Head of Insurance at Monee, stated, “Our goal is to make insurance affordable, accessible, and personalised through digital channels.” Greg Hingston, Group CEO of Great Eastern, added, “This partnership reflects our commitment to broadening access to protection and enhancing the insurance experience through digital channels.”

The initiative marks a significant step in making insurance more accessible and convenient for Singaporeans, integrating it into their everyday digital experience on Shopee.

Coface, a leader in trade credit risk management, has appointed Zach Spencer as Head of Risk Underwriting for the Asia Pacific Region, effective 1 October 2026. Spencer, who will relocate to Singapore, will oversee the company’s Risk Underwriting teams across the region, reporting to Raphael Rousselot, Chief Underwriting Officer, Asia Pacific Region, and Anca Dan, Group Head of Risk Underwriting.

Spencer’s responsibilities will include implementing underwriting policies, enhancing team capabilities, and maintaining high standards in risk analysis and operational performance. He will collaborate closely with commercial, claims, and debt collection teams to support profitable growth in the region.

With over 15 years of experience in risk underwriting, portfolio management, and credit insurance, Spencer joined Coface Canada in 2020. He served as Vice President and Head of Risk Underwriting for Canada from 2021 to 2025, where he improved portfolio performance and client satisfaction. Most recently, he was the North America Head of Claims and Debt Collection, focusing on standardising processes and improving operational efficiency.

Raphael Rousselot commented on the appointment, stating, “We are pleased to welcome Zach to Asia Pacific. His experience in risk underwriting and portfolio management, together with his understanding of Coface’s commercial and operational priorities, will be valuable as we strengthen our underwriting capabilities across the region.”

Spencer’s leadership is expected to enhance Coface’s risk insights and support businesses in pursuing growth with confidence across the Asia Pacific region.