Industry News

SATS Ltd has announced a record net profit of S$285.2m for the financial year ending 31 March 2026, marking a 17% increase from the previous year. The company reported a 9% rise in revenue to S$6.35b, driven by growth across all business segments, despite challenges posed by the Middle East conflict.

The company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) grew by 10.6% to S$1.15b, with the EBITDA margin expanding from 17.8% to 18.1%. SATS also reported a free cash flow of S$215.8m, although this was slightly down from the previous year due to increased capital expenditure on facility expansions.

Kerry Mok, President and CEO of SATS, highlighted the company’s resilience amidst a challenging year. “We delivered record full-year revenue, underpinned by the strength of our platform and consistent execution across our network,” Mok stated. He acknowledged the impact of the Middle East conflict on industry performance but emphasised the company’s efforts to maintain cargo flows by leveraging its extensive network.

In response to the strong financial performance, SATS has proposed a final dividend of 5.0 cents per share, a 43% increase from the previous year, bringing the total full-year dividend to 7.0 cents per share. This proposal will be presented for approval at the Annual General Meeting on 17 July 2026.

Looking ahead, SATS plans to continue expanding its network and investing in infrastructure and technology to sustain long-term growth. Mok expressed confidence in the company’s ability to deliver value for shareholders, citing a strong pipeline of opportunities and a broader network as key factors for future success.

KPMG has unveiled its Trusted Artificial Intelligence Centre of Excellence (AI CoE) in Singapore, a move supported by the Singapore Economic Development Board (EDB) to bolster the nation’s position as a globally trusted AI hub. The centre aims to help organisations transition from AI experimentation to embedding AI as a reliable enterprise asset.

The launch also introduced KPMG’s Trusted AI Assurance, a structured approach that provides businesses with a comprehensive assessment of their AI systems. This initiative is designed to address the trust deficit in AI deployment, offering a clear path for businesses to scale AI confidently. The assurance is tailored to each organisation’s sector and growth ambitions, ensuring AI systems are trustworthy and compliant with various regulatory standards.

Lee Sze Yeng, Managing Partner at KPMG in Singapore, highlighted the importance of trust in AI, stating, “Through the KPMG Singapore Trusted AI Centre of Excellence, we are partnering with businesses to rigorously assess where they stand, close the gaps that matter, and build AI that is trusted not just locally but in the markets most critical to their growth.”

Jermaine Loy, Managing Director of EDB, noted that the centre would enable businesses across sectors like financial services, healthcare, and logistics to scale AI use with confidence. The initiative is expected to strengthen Singapore’s AI ecosystem by enhancing enterprise capabilities and workforce readiness.

The Trusted AI Assurance aligns with global standards, including the EU AI Act and Singapore’s Model AI Governance Framework, ensuring that AI solutions developed in Singapore are credible worldwide. This strategic move is set to provide Singaporean businesses with the clarity and confidence needed to expand their AI ambitions internationally.

Boustead Singapore Limited, a global infrastructure-related engineering and technology group, has announced a significant increase in its financial performance for the fiscal year ending 31 March 2026. The company’s net profit soared by 145% to S$232.6m, largely attributed to the sale of assets to UI Boustead REIT and a reversal of a S$7m liability related to a landowner fee.

The Group’s revenue rose by 18% to S$624.4m, with notable contributions from the Real Estate Solutions Division and the Energy Engineering Division. Despite the overall revenue growth, the gross profit saw an 8% decline to S$215.6m, reflecting lower margins in some divisions.

Boustead’s engineering order backlog stands at approximately S$840m, with S$94m from the Energy Engineering Division and S$746m from the Real Estate Solutions Division. The Board has proposed a final ordinary dividend of 4.0 cents per share and a special dividend of 4.5 cents per share, bringing the total dividend for FY2026 to 10.0 cents per share, up from 7.5 cents in FY2025.

Chairman and Group CEO Wong Fong Fui remarked on the Group’s resilience amid geopolitical tensions, stating, “The Group has remained resolute in strengthening value and delivering a respectable set of results for FY2026.” Looking ahead, Boustead aims to leverage its diverse business pillars to navigate industry-specific challenges and sustain growth.

The Private Banking Industry Group (PBIG) has announced plans to enhance client onboarding processes, aiming to reduce account opening times to within one month by the end of 2026. Currently, the industry median stands at five to six weeks, with longer durations for complex cases. This initiative is part of Singapore’s ongoing efforts to bolster its status as a global wealth management centre.

PBIG has released a set of Process Enhancement Tips to address common challenges in client onboarding. These tips, along with future initiatives, are designed to improve the efficiency and effectiveness of account opening whilst maintaining regulatory standards. The Account Opening Working Group, established in mid-2025 and co-chaired by the Monetary Authority of Singapore (MAS), is spearheading these efforts.

Gillian Tan, Assistant Managing Director of MAS and co-chair of PBIG, emphasised the importance of efficient account opening in serving clients’ needs without compromising asset protection. “MAS will continue to encourage the industry to adopt risk-proportionate approaches,” she stated.

Shee Tse Koon, Group Executive at DBS and co-chair of PBIG, highlighted the commitment to enhancing Singapore’s competitiveness as a private banking hub. “By streamlining processes and embracing technology, we are improving client experience and reinforcing the sector’s efficiency,” he said.

Lee Lung Nien, co-chair of the Account Opening Working Group, noted the balance between faster onboarding and robust risk management. The group’s tips offer practical solutions to address bottlenecks and leverage technology, reinforcing Singapore’s position as a trusted wealth management hub.

IBM and StarHub have announced an expanded collaboration aimed at enhancing quantum-safe security capabilities to address emerging cryptographic threats. This initiative, which includes the use of IBM Guardian Cryptography Manager and IBM Quantum Safe Explorer, seeks to prepare StarHub for the risks posed by future quantum computers. Although mature quantum computers are not yet available, adversaries are already using “Harvest Now, Decrypt Later” tactics to intercept encrypted data, intending to decrypt it once quantum technology advances.

The collaboration focuses on establishing a crypto-agile foundation for StarHub, operating on Red Hat Enterprise Linux. This move is part of a broader effort to build security architectures that can adapt to evolving risks and post-quantum standards. StarHub’s Chief Technology Officer, Volkan Sevindik, emphasised the importance of crypto-agility in protecting sensitive data and maintaining trust, stating, “We are now advancing our quantum-safe readiness to prepare for increasingly complex security challenges.”

IBM’s support will help StarHub discover cryptographic dependencies, assess vulnerabilities, and prepare for migration to post-quantum cryptography standards. This collaboration reflects a growing industry focus on cybersecurity as a strategic imperative rather than just a compliance requirement. Catherine Lian, General Manager and Technology Leader at IBM ASEAN, highlighted the urgency of strengthening cybersecurity, noting, “The threat of ‘Harvest Now, Decrypt Later’ is a present-day reality for critical infrastructure.”

IBM’s quantum-safe technologies are based on algorithms recognised by the US National Institute of Standards and Technology. This partnership underscores the increasing importance of cybersecurity in the telecommunications sector, particularly in Singapore, where regulatory expectations continue to evolve.

Singapore-based, luxury villa specialist Elite Havens has announced the launch of Garden Atlas Bayview, a new ultra-luxury residential development on Phuket’s exclusive Cape Panwa peninsula. This boutique collection of 15 resort-style private villas is designed for discerning global homeowners seeking privacy, wellness, and long-term investment value. The first signature villa is expected to be completed by July 2026, with additional villas ready by the end of 2027.

Positioned above the tranquil bays of Ao Makham on Phuket’s sunrise coast, the development spans 16 rai of rare hillside coastal land. It combines modern contemporary architecture with expansive indoor-outdoor living spaces, panoramic sea views, rooftop gardens, and dramatic infinity pools. Each villa offers approximately 1,600 square metres of living space, catering to those seeking a yachting lifestyle and wellness-focused living.

Garden Atlas Bayview has already garnered significant attention within Thailand’s luxury real estate sector. Femke Beekers, Thailand Country Manager of Elite Havens, noted, “Today’s luxury traveller and property investor is looking beyond traditional holiday ownership. They want a fully immersive lifestyle experience that combines architectural beauty, privacy, wellness, personalised hospitality, and meaningful long-term value.”

The project arrives amid growing international demand for Phuket’s luxury property sector, particularly from affluent buyers seeking branded lifestyle residences with hospitality-driven services. Elite Havens will exclusively manage the development, leveraging its expertise in luxury villa management and concierge services.

A recent study by the Singapore Management University (SMU) Centre for Research on Successful Ageing (ROSA) has highlighted a concerning gap in the adoption of Lasting Power of Attorney (LPA) among Singaporeans. Although 69.2% of respondents are aware of the LPA, only 31.3% have actually made one, indicating a significant disparity between awareness and action.

The research underscores a critical issue as Singapore’s population ages, with many individuals potentially unprepared for cognitive decline or medical emergencies. The study revealed that over half of those without an LPA mistakenly believe their children would automatically have the legal authority to make decisions on their behalf if they lost mental capacity. This misconception could lead to complications in managing medical and financial matters during a crisis.

Professor Paulin Straughan from SMU emphasised the importance of having an LPA, stating, “Many Singaporeans assume their loved ones can automatically step in during a crisis to make decisions about medical treatment and financial matters, but without an LPA, the legal process may not be straightforward.”

The findings suggest a need for increased public education and support to encourage more Singaporeans to formalise their LPAs. As the nation continues to age, ensuring legal preparedness for potential health crises becomes increasingly vital. The study calls for stronger public support and initiatives to bridge the gap between awareness and action, ensuring that individuals are legally equipped to handle future challenges.

Singapore’s economy experienced a significant boost in the first quarter of 2026, with GDP growth revised to 6% year-on-year, up from the initial estimate of 4.6%. This revision, announced by UOB Global Economics and Markets Research, surpassed both Bloomberg’s consensus and UOB’s own expectations. The upward adjustment was attributed to robust performance across key sectors, particularly manufacturing, construction, and services, which benefited from sustained AI-related tailwinds.

The Ministry of Trade and Industry (MTI) has maintained its 2026 growth forecast range at 2.0% to 4.0%, citing the strong first-quarter performance and ongoing global AI capital spending as key drivers. The manufacturing sector, in particular, saw a notable increase, with growth revised to 7.9% from 5.0% in the advance estimates, reflecting a surge in electronics and precision engineering.

Despite the positive outlook, MTI acknowledged potential risks, including supply disruptions from the ongoing US–Israel–Iran conflict, which could impact energy and petrochemical inputs. These disruptions have already begun to exert inflationary pressures, potentially affecting real incomes and consumption.

Looking ahead, UOB has raised its 2026 GDP growth forecast to 3.2%, up from 2.5%, supported by continued AI-related growth in the electronics sector. However, the forecast remains subject to significant risks, particularly regarding the duration and impact of Middle East supply disruptions. The economic outlook for key markets such as China, the US, and the Eurozone remains cautious, with varying growth expectations influenced by external demand and inflationary pressures.

The Managing Director of the Monetary Authority of Singapore, Chia Der Jiun, delivered a speech at the UBS Asian Investment Conference, Singapore Wealth Edition, on 25 May 2026, highlighting the resilience of the global economy amidst recent energy shocks and the ongoing AI investment boom. Chia noted that despite a significant energy supply shock, with oil prices surging over 40% above pre-war levels, global markets have shown remarkable buoyancy.

Chia explained that the energy shock’s impact was mitigated by factors such as increased swing production from the US, strategic reserve releases, and demand moderation measures. However, he warned that these buffers are not sustainable in the long term, especially if tensions in the Strait of Hormuz persist.

The speech also touched on the positive momentum in global growth, driven largely by the AI boom. Chia highlighted that AI-related investments have significantly contributed to US GDP growth and stock market gains, with similar trends observed in Asia, particularly in Taiwan and Korea. He cautioned, however, about the sustainability of this boom, citing potential risks such as rising costs and regulatory interventions.

Chia emphasised Singapore’s position as a trusted financial centre, attributing its stability to a transparent legal framework and a pro-business environment. He underscored the importance of maintaining a skilled workforce and a balanced regulatory approach to ensure continued growth and resilience in the face of global uncertainties.

ETC has finalised a 15-year tenancy agreement with The Assembly Place for the dual-block development at 27 and 29 Lorong 22 Geylang. Acting as the exclusive marketing agent for the Char Yong (Dabu) Association, ETC facilitated the property’s positioning, tenant sourcing, and lease negotiations, with an option for a further five-year renewal.

The property, located in the Aljunied-Geylang precinct, spans approximately 26,889 square feet. It includes private residential walk-up flats at 27 Lorong 22 Geylang and the association premises for Char Yong (Dabu) Association at 29 Lorong 22 Geylang. Velinda Kwan, Co-Head of Business Space & Retail at ETC, highlighted the area’s potential as a co-living hub, citing its strong connectivity and unique cultural character.

The Assembly Place plans to introduce around 80 rooms as part of its flagship AI-powered co-living concept, featuring intelligent building management and personalised resident services. The property is set to be handed over on 1 June 2026, with operations expected to commence by October 2026.

The property’s strategic location near Aljunied MRT station and its proximity to various amenities enhance its appeal as a culturally rich city-fringe neighbourhood.