Industry News

Fingular, an international fintech group, has secured a US$20m credit facility from Singapore-based Silverstreak Group to bolster its operations in Malaysia. This latest funding elevates Fingular’s total investment in the Malaysian market to over US$50m, focusing on expanding its near-prime consumer and SME financing.

The funding will support Fingular’s diverse financial offerings in Malaysia, which include both conventional and Shariah-compliant products. These offerings range from consumer and micro-SME financing to the AhaPay buy-now-pay-later (BNPL) service, utilised by over 2,000 merchants. Fingular’s platform currently serves more than 2.6 million registered users in Malaysia.

Konstantin Barabanov, General Manager of Fingular, expressed enthusiasm about the partnership with Silverstreak, noting the group’s strengthened financial position since 2026. “Our paid-up capital has grown fivefold to US$37m, and our capital adequacy ratio now exceeds 25%,” he stated. Barabanov emphasised Malaysia as a priority market, aiming to develop a comprehensive financial platform for diverse population segments, including underserved communities.

Rajarajan Mohan, Chief Investment Officer of Silverstreak, highlighted the strategic alignment with Fingular’s mission to enhance financial inclusion across Emerging Asia. “Fingular has built a growing ecosystem of consumer financing, BNPL, and Shariah-compliant products,” Mohan said, expressing eagerness to expand the partnership.

The facility will be monitored through SilverstreakIQ, Silverstreak’s proprietary risk management platform, ensuring ongoing visibility into credit and portfolio performance.

Knight Frank Singapore’s Q3 2026 auction report reveals a significant rise in auction sales value, reaching S$24.1m, a 72.4% increase from the previous quarter. However, this figure marks a 12% decline compared to the same period last year. The auction market saw 163 listings, with high-profile sales, including properties linked to a S$3b money laundering case, drawing attention.

The auction listings comprised 77 mortgagee sales, 41 owner sales, and 45 other types. Notably, the sale of four properties connected to the money laundering case contributed S$16.3m, accounting for two-thirds of the total gross sales value. Despite the increased interest, the success rate stood at 5.5%, with only nine properties sold.

Residential listings rose by 25.3% quarter-on-quarter, whilst industrial property listings fell by 10%. Mortgagee sales listings dropped by 29.4% to 77, including a freehold 3-bedroom condominium at Ava Towers and a 2-bedroom flat at Hilltops. Owner sales listings increased by 28.1%, with a freehold 1-bedroom flat at Suites@Braddell selling for S$636,000.

The auction market is expected to remain stable for the rest of 2026, with activity supported by mortgagee and owner sales. Despite heightened public interest due to the money laundering case, buyers remain focused on property fundamentals. Auction success rates are projected to stay within 3% to 5% for the year, with a current rate of 4.3% over the first nine months.

JTC is pioneering new solar energy solutions in Singapore’s industrial estates, starting with the country’s first overhang solar project at 15 Woodlands Loop. Awarded to EDP APAC, a global renewable energy company, the project involves suspending solar panels across the void between two existing buildings. This initiative aims to address the limited availability of conventional solar spaces like rooftops and open land, as Singapore targets 3 gigawatt-peak of installed solar capacity by 2030.

The overhang solar structure, designed to produce at least 250 kilowatt-peak (kWp) of capacity, will span approximately 4,300 square metres and operate for 10 years, exporting electricity to the national grid. The project, set to be completed over 15 months from October 2026, faces unique engineering challenges, including ensuring structural integrity and safe access for maintenance.

In addition to the overhang project, JTC has launched two innovation calls. The first seeks solutions for installing solar panels on industrial building façades, which remain largely untapped. The selected solution will be tested on 200 square metres of façade at JTC’s YS-ONE industrial building in Yishun.

The second call focuses on off-grid, portable solar systems paired with mobile battery storage, targeting construction sites and remote areas lacking national grid access. These systems aim to reduce reliance on diesel generators, with a nine-month trial to measure savings in time, cost, and carbon emissions.

Finn Tay, JTC’s Chief Sustainability Officer, emphasised the potential of these initiatives: “Every surface is a potential power source. By testing solar in the spaces between, on and beyond our buildings, we are finding new ways to grow Singapore’s solar capacity.” These efforts build on JTC’s existing SolarLand and SolarRoof programmes, which have significantly contributed to Singapore’s solar capacity.

Quantedge Foundation Singapore (QFS) has committed S$50m to advance social mobility through a series of new initiatives. Announced at the QFS10 Community Night, these initiatives include the establishment of the Quantedge Opportunity Lab (QOLab), a six-year longitudinal study, and an expanded Philanthropreneur-in-Residence programme. The event was attended by Desmond Lee, Minister for Education and Minister-in-charge of Social Services Integration.

QOLab, set to open in 2028 at the former Jalan Bukit Ho Swee community centre, will serve as a collaborative hub for non-profits focused on social mobility. The space aims to foster innovation and growth by providing shared facilities and opportunities for collaboration with key stakeholders.

The Social Networks and Mobility Study will track over 3,000 lower-income households to explore the impact of social networks on mobility. This research is expected to inform future policies and programmes.

The Philanthropreneur-in-Residence programme will see an expansion, supporting up to two new innovators annually with up to S$2m each over five years. The programme focuses on developing solutions to improve social mobility.

QFS CEO Xie Yao Quan emphasised the importance of sustained effort in expanding opportunities for disadvantaged youth. Minister Desmond Lee highlighted the role of education and community partnerships in creating opportunities for Singaporeans.

These initiatives build on QFS’s decade-long work in social mobility, having invested nearly S$40m since becoming an Institution of a Public Character in 2016. The foundation aims to connect evidence, experimentation, and collaboration to enhance social mobility solutions in Singapore.

Huttons Asia has announced the sale of a freehold retail unit at Sun Court, Lorong Kilat, through an expression of interest (EOI) exercise, with a guide price of S$8.5m. The unit, measuring approximately 2,432 square feet, is priced at S$3,495 per square foot and is approved for restaurant use.

Situated in the Beauty World–Bukit Timah precinct, the property is conveniently located near Beauty World MRT station and several shopping centres, including Beauty World Centre and Bukit Timah Shopping Centre. This area is known for its established residential communities and lifestyle destinations, making it an attractive spot for dining and takeaway businesses.

The precinct is undergoing significant transformation, with new residential developments like The Reserve Residences and The Sen contributing to the area’s growth. Future infrastructure projects, such as the Cross Island Line station at King Albert Park, are expected to further enhance the appeal of the Bukit Timah area.

Yeo Khee Liang, Associate Senior Marketing Director at Huttons Asia, highlighted the unit’s potential: “At approximately 2,432 sq ft, this freehold ground-floor unit offers the scale that many operators look for when planning a more substantial dining concept.” Lee Sze Teck, Senior Director of Data Analytics, added that the unit represents a rare investment opportunity in a transforming area with immediate rental income potential.

The EOI exercise concludes on 24 November 2026 at 3pm.

Choco Up, a leading growth financing platform for small and medium-sized enterprises (SMEs) in Asia, has appointed John Lim as Senior Adviser. Lim, a veteran business leader with over two decades of experience, will guide the company in fundraising, strategic partnerships, and regional expansion. His appointment comes as Choco Up seeks to expand its financing platform across Asia and strengthen its relationships with institutional investors and strategic partners.

Lim co-founded ARA Asset Management in 2002 and served as Group CEO for 18 years, transforming it into a leading real assets manager in the Asia-Pacific region. In 2022, ARA was acquired by ESR Group in a US$5.2b deal. Lim also chairs JL Family Office, which has invested over US$1b across various sectors, and serves as Chairman of the Asia Pacific Real Assets Association.

Lim stated, “Throughout my career, I’ve learnt that access to capital is only one part of building a successful business. The right relationships, trusted advice, and long-term thinking often make the biggest difference.” Percy Hung, Founder and CEO of Choco Up, added, “Mr Lim’s experience, perspective, and network will strengthen our ability to execute our vision whilst continuing to build lasting value for our customers, partners, and investors.”

Choco Up aims to become a long-term growth partner for SMEs by combining technology, flexible financing, and strategic partnerships. The appointment of Lim underscores the company’s commitment to supporting SMEs beyond financing, connecting them with the necessary capital, networks, and expertise to scale effectively.

Wee Hur Holdings Limited has announced that JTC Corporation has extended the land lease for its Tuas View Dormitory by 2 years 8 months, valid from 1 November 2026 to 30 June 2029. This extension supports Wee Hur’s substantial workers’ dormitory portfolio, which includes the 15,744-bed Tuas View and the 10,500-bed Pioneer Lodge.

Tuas View Dormitory, operational since 2014, recorded an average occupancy rate of 92% in the first half of 2026, with rental rates remaining stable. The dormitory, located in Tuas, is strategically positioned near industrial estates and port facilities, making it a key asset in Singapore’s worker accommodation landscape. It is operated by TS Group, with Wee Hur holding a 60% interest.

The lease extension is significant for Wee Hur’s financial outlook, as the Group’s workers’ dormitory business saw a 50.7% increase in revenue to S$63.3m in the first half of 2026. This growth was bolstered by the first full half-year contribution from Pioneer Lodge, which is expected to reach 97% occupancy by 1 November 2026.

Wee Hur’s CEO, Goh Chengyu, stated, “The extension of Tuas View Dormitory reflects the trust built over more than a decade of operating one of Singapore’s largest workers’ dormitories. It gives us continued income visibility from an established asset and reinforces our workers’ dormitory business as a stable source of recurring income for the Group.”

With a total of 26,244 beds, Wee Hur operates one of the largest workers’ dormitory portfolios in Singapore, meeting the growing demand for worker accommodation driven by ongoing construction projects.

Singtel’s RE:AI, the sovereign AI cloud business of Singtel Digital InfraCo, has become the first in the Asia Pacific region to deploy the NVIDIA DGX GB300, addressing the growing demand for advanced AI computing. This deployment allows enterprises to manage complex AI workloads more efficiently, with the initial capacity already fully committed before its launch.

RE:AI offers organisations access to the DGX GB300 through its GPU-as-a-Service, eliminating the need for companies to build and maintain their own AI infrastructure. This sovereign cloud environment ensures data security and compliance, particularly crucial for businesses in regulated sectors. Bill Chang, CEO of Singtel’s Digital InfraCo, highlighted the significance of this service, stating, “AI is advancing rapidly and the cost and complexity of keeping infrastructure current can become a barrier to wider enterprise adoption of AI.”

In Singapore, RE:AI has partnered with HTX to enhance its sovereign AI infrastructure, NGINE, with DGX GB300 GPUs. This collaboration supports the Home Team Humanoid Robotics Centre in advancing AI capabilities for public safety. Ang Chee Wee, HTX Chief AI Officer, remarked on the partnership’s impact, saying, “Being able to scale compute securely and flexibly is important for both development and adoption.”

The DGX GB300 supports various AI applications, including AI agents and advanced robotic systems, by accelerating data analysis. This deployment complements Singtel’s existing AI infrastructure, which includes Nxera’s AI-ready data centres and the Paragon orchestration platform. With NVIDIA Mission Control, RE:AI will efficiently manage its DGX GB300 infrastructure, providing enterprises with the necessary tools to deploy and scale AI securely.

Synopsys, Inc., a leader in engineering solutions, has announced its participation in the Sustainable Tropical Data Centre Testbed Phase 2.0 (STDCT 2.0) Consortium, led by the National University of Singapore (NUS). This collaboration seeks to address the cooling challenges faced by data centres in tropical climates, where high temperatures and humidity levels significantly impact energy efficiency.

Data centres in tropical regions often experience ambient temperatures of 24-32°C and humidity levels of 70-80%, leading to increased energy consumption for cooling—up to 40% of total energy use. The partnership between Synopsys and NUS aims to develop sustainable, AI-ready data centre technologies by integrating engineering simulation, AI-assisted design, and reduced-order modelling with physical testbed validation.

Brandon Wang, Vice President of Technology Strategy & New Horizons at Synopsys, stated, “Our collaboration with STDCT 2.0 reflects our commitment by bringing our silicon-to-systems engineering capabilities into a real-world environment for sustainable AI infrastructure.”

The collaboration will focus on advanced liquid cooling, computational fluid dynamics, and digital twins to enhance thermal management. Initial research will explore two-phase direct-to-chip cooling for AI accelerators and predictive thermal management of liquid-cooled AI systems.

Padmesh Mandloi, Vice President of Synopsys Simulation and Analysis APAC, highlighted the importance of understanding multiscale and multiphysics behaviour, stating, “By combining Ansys multiscale and multiphysics simulation, AI-assisted engineering and surrogate modelling with STDCT 2.0 test data, we can help researchers connect and exchange data across scales.”

The initiative aims to build industry capability for sustainable data centres in tropical climates, contributing software access, technical expertise, and training to support research and technology validation. Professor Lee Poh Seng of NUS emphasised the goal of developing scalable cooling and digital twin solutions for AI-ready infrastructure in Singapore and the region.

United Overseas Bank (UOB) has been announced as a participant in Enterprise Singapore’s Champions of AI programme, a national initiative aimed at transforming businesses through artificial intelligence (AI). The announcement was made by Deputy Prime Minister Gan Kim Yong at the Singapore Week of Innovation and Technology (SWITCH) event.

UOB’s ambition under the programme is to scale trusted AI with measurable impact, aiming to generate S$900m in economic value by 2030. The bank plans to develop and industrialise enterprise AI from its Singapore headquarters, deploying capabilities across ASEAN and beyond. This initiative will embed AI across customer journeys, employee workflows, and business operations to enhance decision-making, services, and transactions.

The bank’s strategy includes three key thrusts. Firstly, UOB aims to transform into an AI-native bank by building a trusted enterprise intelligence layer, enabling businesses to access data and transact across ASEAN. The bank has already deployed over 300 AI use cases and plans to focus on scaling these initiatives for consistent enterprise-wide impact.

Secondly, Project AURA will deploy generative and agentic AI at scale across five priority domains, including anti-money laundering and credit origination. This project aims to grow revenue, enhance productivity, and lower risks.

Lastly, UOB is investing in its workforce by equipping 32,000 employees with AI skills. The bank’s Innovation Talent Associate Programme (iTAP) provides new graduates with hands-on experience in AI and technology.

Deputy Chairman and CEO Wee Ee Cheong stated, “UOB embraces AI to better serve customers, strengthen our business, and unlock new opportunities across ASEAN.” He emphasised the importance of moving with purpose and trust in the AI journey.