Industry News

The Monetary Authority of Singapore (MAS) has launched a consultation to gather feedback on proposed updates to corporate governance regulations for banks, insurers, and designated financial holding companies. The initiative, announced on 29 September, aims to enhance existing frameworks by addressing evolving risks and practices whilst ensuring that requirements remain proportionate to the impact on customers and the financial system.

The proposed updates focus on four key areas. Firstly, MAS plans to refine the criteria for director independence, ensuring directors are free from management, business relationships, and substantial shareholders. This is intended to support objective judgement and effective oversight. Secondly, the authority suggests increasing the minimum board size and requiring a majority of independent directors for systemically important banks and insurers, as well as full banks, to ensure diverse perspectives and expertise.

Additionally, MAS proposes requiring prior approval for key appointments, such as the Chairperson of the Nominating Committee and Chief Information Officer, reflecting the growing importance of succession planning and technology risk management. Lastly, the consultation suggests streamlining requirements for financial institutions with lower systemic importance by removing the need for prior approval of certain appointments.

These updates are part of MAS’s ongoing efforts to maintain robust corporate governance standards whilst adapting to the changing landscape of the financial sector. Interested parties are invited to submit their comments on the proposals by 9 December 2026.

The Responsible Fintech Institute (RFI) has announced the appointment of four new Executive Fellows—Lawrence Loh, Eugene KB Tan, Louis Chen, and Farah Jaafar—alongside the elevation of Patrick H. M. Loh to Co-Founder. These appointments aim to bolster RFI’s expertise in law, governance, digital policy, and cross-border capital markets as digital finance becomes increasingly mainstream.

The new Executive Fellows will engage with regulators and standard-setting bodies to contribute to industry frameworks and strengthen RFI’s regional partnerships. Chia Hock Lai, Chairman of RFI, highlighted the importance of the new appointments, stating, “Lawrence, Eugene, Louis, and Farah bring deep experience in law, governance, digital policy, and capital market development, the disciplines that responsible digital finance depends on.”

Professor Lawrence Loh, Director of the Centre for Governance and Sustainability at NUS Business School, emphasised the importance of transparency and good governance in financial systems. Associate Professor Eugene KB Tan, an expert in constitutional and administrative law, will focus on accountability and public trust in AI and digital assets. Professor Louis Chen, known for his work in digital governance, aims to foster collaboration between policymakers, academics, and industry. Farah Jaafar, with extensive experience in capital markets and fintech, will work on building confidence among regulators, investors, and the public.

Patrick H. M. Loh, now Co-Founder, expressed his commitment to expanding RFI’s impact, stating, “The calibre of leaders joining us shows that responsible innovation needs collaboration across law, governance, industry, and policy.”

RFI, a global non-profit based in Singapore, seeks to create a trustworthy future for digital finance by developing digital utilities that support responsible innovation.

SEI, a global provider of financial technology and asset management services, has announced the opening of its Singapore office, marking a significant expansion into one of Asia’s key financial hubs. The move is part of SEI’s international growth strategy, aimed at capitalising on the burgeoning asset management sector in the region. Initially, the office will focus on asset servicing, professional services, and distributing SEI’s UCITS funds, with plans to expand offerings as client demand grows.

The launch comes as Singapore’s asset management industry experiences robust growth, with assets under management (AUM) at local firms increasing by 10% to S$6.7t in 2025. SEI’s entry into Singapore is expected to strengthen its ability to support global clients with operations in Asia and foster new relationships in the region. Connall McGuckian, formerly of State Street Singapore, has been appointed as Managing Director and Head of Singapore, tasked with driving growth through SEI’s integrated financial technology and asset management capabilities.

Sanjay Sharma, CEO of SEI International, highlighted Singapore’s importance as a global financial centre and its role in SEI’s growth strategy. “Clients are increasingly looking for scalable, connected solutions that help them operate more efficiently,” Sharma stated. McGuckian added that SEI’s presence in Singapore would allow the company to tap into local talent and support the region’s asset management industry’s evolution.

As SEI continues to expand its footprint in Asia, the Singapore office is set to play a pivotal role in aligning the company’s capabilities with the evolving needs of clients across the Asia-Pacific region.

The Services Producer Price Indices (SPPIs) for the second quarter of 2026 have shown significant increases in several sectors, with sea freight transport leading the charge at a 25.4% rise compared to the first quarter. This surge is attributed to shipping disruptions and increased costs due to ongoing conflict in the Middle East, according to the Department of Statistics, Singapore.

Freight forwarding also experienced a notable increase, with prices rising by 10.2% quarter-on-quarter. This was driven by higher freight rates and fuel costs, impacting both sea and air freight forwarding sub-indices. The Postal and Courier sector saw a 7.1% increase, primarily due to fuel surcharges affecting international services.

Conversely, the indices for accounting and telecommunications services declined by 1.8% and 1.0%, respectively. The drop in accounting services was linked to a decrease in demand following the seasonal peak in the first quarter, whilst telecommunications services faced declines in both wired and wireless sub-indices.

The SPPI data is crucial for analysing macro-economic conditions and monitoring price movements within Singapore’s services sector. These indices also serve as price deflators in national accounts, helping to estimate real growth in the services sector.

LQV Singapore is celebrating its 10th anniversary, marking a decade since it first introduced a comprehensive collection of French wines to Singapore. Since its inception in July 2016, the wine specialist has expanded its offerings from an initial 300 labels to over 2,000, sourced from nearly 400 French domaines.

The brand, which began in Paris in 2010 as Le Quinze Vins, has grown significantly across Asia, with its Singapore branch becoming a cornerstone for wine enthusiasts. General Manager Florian Meyniel, who joined LQV in Hong Kong in 2023, now leads the Singapore team, bringing extensive experience from the global wine trade.

LQV’s collection has evolved to include a broader range of wines beyond the traditional Bordeaux and Burgundy, incorporating selections from regions like the Loire Valley and Rhône Valley. This diversification is partly due to the rising costs of Burgundy wines, prompting LQV to explore other regions for quality wines at accessible prices.

The anniversary celebrations will take place from 16 to 20 November 2026, featuring special tastings and events. Highlights include “The 2016 Edit,” showcasing wines from the year LQV opened in Singapore, and “Magnums at the Table,” offering wines served by the glass from magnums. Additionally, guests can participate in “The Anniversary Cellar Draw” for a chance to win prestigious bottles.

Head Sommelier Baptiste Brilleau emphasises the importance of making wine approachable, stating, “For me, wine is ultimately about discovery, conversation, good food, and bringing people together.” As LQV looks to the future, it remains committed to offering a diverse and accessible wine collection.

OCBC has observed a significant increase in digital payment usage among its senior customers, with those aged 60 and above showing a 60% rise in transactions via the bank’s app over the past year. This trend is particularly evident in online shopping and travel, with the number of seniors using the app for payments increasing by nearly 30% in the same period.

The bank’s data highlights that seniors’ use of PayNow for e-commerce and livestream shopping platforms, such as Shopee and TikTok Shop, has surged by 1.5 times compared to the previous year. Additionally, overseas QR payment transactions using the OCBC app’s Scan & Pay feature have more than doubled, with China being the most popular destination, accounting for almost 80% of the transaction value.

OCBC’s Scan & Pay feature allows customers to make QR code payments in over 55 destinations worldwide, supported by six cross-border payment networks, including Alipay+ and Weixin Pay. This feature has been instrumental in facilitating seamless transactions for seniors like Tay Chai Hoon, 63, who appreciates the convenience and ability to track spending in real-time.

The increase in digital payment adoption among seniors is attributed to OCBC’s efforts to enhance digital literacy through its SeniorCare programme. Since 2022, over 150,000 seniors have participated in workshops to learn digital banking skills. The programme, consolidated in 2025, also focuses on scam awareness and financial security.

Susan Tan, Head of Group Segment at OCBC, emphasised the importance of digital inclusion for Singapore’s ageing population, noting the bank’s commitment to equipping seniors with the necessary skills to navigate the digital landscape confidently.

Savills Singapore has announced the launch of Vauxhall Residences, a new residential project in Liverpool’s Pumpfields district. This development, set to be completed in the fourth quarter of 2028, will feature 158 one- and two-bedroom flats and two- and three-bedroom townhouses, all offered on 999-year leases without annual ground rent.

Vauxhall Residences is part of a significant regeneration effort along Liverpool’s northern waterfront, transforming the 75-acre Pumpfields area into a vibrant mixed-use neighbourhood. The masterplan includes over 7,000 new homes, an urban park, public squares, and green corridors, enhancing connectivity to the waterfront.

The development benefits from its proximity to key transport links, with Moorfields railway station just 0.6 km away and Liverpool Lime Street station 1.3 km away, offering direct services to major UK cities. Residents will also enjoy amenities such as a gym, co-working space, café, and rooftop gardens.

Adrian Lim, Senior Director and Head of International Residential Sales at Savills Singapore, highlighted Liverpool’s appeal to Singaporean buyers, noting its cultural identity, large student population, and ongoing regeneration. “Vauxhall Residences sits within one of these emerging areas,” Lim stated, emphasising the project’s long-term investment potential.

The launch event for Vauxhall Residences is scheduled for 3 and 4 October 2026 at Voco Orchard Hotel, Singapore. This development marks a significant step in Liverpool’s continued evolution as a hub for living, working, and studying.

The Maritime and Port Authority of Singapore (MPA) and the Maritime and Port Authority of Brunei Darussalam (MPABD) have signed a Memorandum of Understanding (MOU) to enhance maritime and port cooperation. The agreement was formalised during the 12th Singapore-Brunei Young Leaders Programme, which runs from 28 September to 2 October 2026.

The MOU, signed by Ang Wee Keong, Chief Executive of MPA, and Captain (Ret.) Zil Husam bin Haji Abdul Rahman, Chief Executive of MPABD, focuses on strengthening collaboration in areas such as digitalisation, maritime safety, port state control inspection, incident investigation, and training. The initiative aims to promote safe, clean, and efficient shipping between the two nations.

Ang Wee Keong emphasised the significance of the agreement, stating, “The signing of this MOU underscores the special friendship and strong partnership between MPA and MPABD, which we have built up over the years.” He added that the MOU would further bolster bilateral maritime cooperation and the close ties between Singapore and Brunei Darussalam.

Captain Zil Husam bin Haji Abdul Rahman expressed optimism about the partnership, noting, “Through this MOU, we look forward to creating more opportunities for our officers to exchange knowledge, share experiences, and work together in practical areas of maritime and port cooperation.” He also highlighted the potential for exploring initiatives that could support the development of both maritime sectors.

This agreement marks a significant step in enhancing the maritime relationship between Singapore and Brunei, with potential long-term benefits for both countries’ maritime industries.

The Monetary Authority of Singapore (MAS) has appointed a third batch of five asset managers under its S$6.5b Equity Market Development Programme (EQDP), allocating S$1.45b to these managers. This announcement, made at the SuperReturn Asia Conference by Minister for National Development and Deputy Chairman of MAS, Chee Hong Tat, also included a commitment of S$20m from the Financial Sector Development Fund to enhance equities market making activities in Singapore.

The newly appointed asset managers—Amundi, Franklin Templeton, HSBC Asset Management, M&G Investments, and Natixis Investment Managers—will leverage their global networks to attract international capital to Singapore’s equities market. This initiative aims to broaden investor participation and follows previous EQDP appointments, bringing the total allocation to S$5.4b across 14 managers.

Additionally, the S$20m commitment will fund the GEMS Market Making Grant, supporting market making activities for SGX-listed stocks until 31 December 2028. This grant targets around 80 small- and mid-cap stocks, as well as newly-listed stocks, to improve trading liquidity and price discovery. The initiative is expected to facilitate tighter bid-ask spreads and reduce execution costs, ultimately enhancing market quality and attracting more investors.

MAS is also reviewing proposals for a fourth batch of asset managers, with a decision anticipated in 2027. These efforts are part of ongoing measures to strengthen Singapore’s equities market, as outlined by the Equities Market Review Group.

Adyen, a leading financial technology platform, has unveiled Chapter 2 of its Adyen Index 2026 Singapore Retail Report, highlighting a paradox in AI adoption among Singaporean consumers and merchants. Whilst 72% of Singaporeans use AI assistants for shopping, only 29% are comfortable allowing AI to complete purchases, revealing a significant trust gap at the payment stage.

The report, titled “The Agentic Paradox,” underscores the tension in Singapore’s retail sector, where AI adoption is high, yet trust remains low. Despite AI-referred visitors generating 53% more revenue per visit, 36% of merchants hesitate to adopt AI broadly due to fears of losing direct customer relationships and brand control. Ben Wong, Adyen’s General Manager for Southeast Asia and Hong Kong, noted, “Adoption is not the same as trust. Hesitation takes over the moment money changes hands.”

AI adoption is notably higher among younger, higher-income males, with Gen Z and Millennials leading usage. Parents with children under 18 are identified as power users, spending more on social media purchases and being more open to AI-completed transactions.

As AI reliance grows, Singaporeans are cautious, with 49% using biometrics for transaction authentication. The report suggests that whilst AI integration will continue to accelerate, merchants must focus on building trust to succeed in the evolving retail landscape.