Industry News

Johnson Controls has announced its participation in the Sustainable Tropical Data Centre Testbed (STDCT) 2.0, a collaborative initiative hosted by the College of Design and Engineering at the National University of Singapore (NUS). This partnership aims to explore how AI-ready data centres can be scaled efficiently in environments with limited resources. Johnson Controls will contribute its expertise in thermal management, smart controls, and data centre operations to test and validate approaches under real-world tropical conditions.

The collaboration is significant as Singapore expands its low-carbon digital infrastructure, including an additional 200 MW of data centre capacity. Located on Jurong Island, STDCT 2.0 will evaluate emerging AI and data centre technologies, focusing on reducing power and water consumption whilst increasing computing capacity. Johnson Controls’ integrated thermal management approach can potentially reduce non-IT energy consumption by up to 50% compared to conventional cooling methods.

In a 1-gigawatt data centre blueprint, Johnson Controls demonstrated the potential to convert waste heat into productive cooling, enabling up to 97 MW of additional AI computing capacity whilst reducing cooling-related electrical demand by up to 44%. “Meeting the demands of advanced computing requires a new way of thinking about infrastructure,” said Austin Domenici, president of Data Centre Solutions at Johnson Controls.

Beyond technology evaluation, STDCT 2.0 will support research, talent development, and industry collaboration. “As AI drives a new wave of infrastructure demand across Asia Pacific, advancing research, developing talent, and strengthening industry collaboration will be critical,” said Ali Badreddine, vice president and general manager for Southeast Asia Business and Asia Pacific Data Centre Solutions at Johnson Controls.

HLB Private Bank has unveiled its flagship HLB Chief Investment Office Fund, marking a significant collaboration with Lombard Odier. This new wholesale fund, announced on 28 September, aims to serve as the cornerstone for future portfolio construction at HLB, providing investors with access to a curated selection of global assets. The fund combines HLB’s 120 years of regional expertise with Lombard Odier’s 230-year legacy in global investment.

Lombard Odier, recognised as the World’s Best Chief Investment Office at the 2025 Euromoney Private Banking Awards, contributes its proprietary research and portfolio engineering to HLB’s wealth management strategy. This partnership enhances HLB’s ability to offer a diversified portfolio management solution, spanning global equities, fixed income, and specialised market instruments.

The HLB CIO Fund features a robust curation engine, granting clients access to over 50,000 global funds, including active fund managers and high-conviction direct equity holdings. Integrated yield overlays aim to boost cash generation through dividends, coupons, and options strategies, ensuring consistent income alongside capital growth.

Jeffrey Yap, HLB’s Managing Director and Regional Head of Wealth Management, emphasised the fund’s strength in delivering elite investment solutions. “We have always advocated for strategic diversification as a solid foundation for long-term portfolio growth,” he stated.

Marc Giesbrecht, Deputy Global CIO at Lombard Odier, echoed this sentiment, highlighting the fund’s rigorous investment framework designed to achieve sustainable outcomes across market cycles.

United Overseas Bank (UOB) has unveiled AI Ready 2.0, an enhanced phase of its AI Ready Programme, developed in collaboration with the Infocomm Media Development Authority (IMDA). This initiative is designed to assist small and medium-sized enterprises (SMEs) in accelerating AI adoption and scaling its implementation across their operations.

The programme builds on a successful first year, where over 600 SMEs engaged in workshops and ecosystem activities to explore AI opportunities. Despite increased awareness, many SMEs face hurdles in moving from exploration to implementation due to limited resources and expertise. AI Ready 2.0 addresses these challenges by offering comprehensive support in capability development, prototyping, financing, and implementation.

Janet Young, UOB’s Head of Group Channels and Digitalisation, stated, “AI is no longer a future opportunity. It is becoming a business imperative.” She emphasised the programme’s role in bridging the gap between interest and tangible outcomes by providing capability building, expert guidance, and ecosystem partnerships.

The first year of the AI Ready Programme saw significant engagement, with over 10 workshops and 50 personalised AI discovery engagements conducted. The programme facilitated more than 800 connections between SMEs, technology providers, and industry experts. As it progresses, the initiative aims to expand participation to 3,000 SMEs by its third year.

Success stories include Krislite Pte Ltd, which reduced tender preparation time by up to 30%, and Events Partner Pte Ltd, which doubled its monthly targeted outreach using AI-powered tools. Seng Heng Engineering Pte Ltd developed an AI prototype that is expected to save up to S$350,000 over three years by automating quality assurance processes.

AI Ready 2.0 introduces enhanced financing support, AI prototyping workshops, and a peer-led community to further assist SMEs in their AI journeys. These enhancements aim to provide SMEs with the resources and guidance needed to implement AI solutions effectively, improving productivity and competitiveness.

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 took place 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, aims to strengthen collaboration in areas such as digitalisation, maritime safety, port State control inspection, and incident investigation. This partnership seeks to promote safe, clean, and efficient shipping between the two nations.

Ang Wee Keong remarked, “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 emphasised that the agreement would further bolster bilateral maritime cooperation.

Captain Zil Husam bin Haji Abdul Rahman expressed optimism about the opportunities the MOU would create for knowledge exchange and practical cooperation. “We also hope to explore meaningful initiatives that can support further development of both our maritime sectors,” he added.

This agreement is expected to enhance the maritime sectors of both Singapore and Brunei, fostering innovation and ensuring the safety and efficiency of maritime operations. The collaboration highlights the commitment of both nations to advancing their maritime industries through shared expertise and resources.

Singapore’s Import Price Index (IPI) and Export Price Index (EPI) both saw notable increases in August 2026, driven primarily by rising oil prices. The IPI rose by 1.6% month-on-month, extending its growth from July, whilst the EPI increased by 1.9%, marking its first rise in four months.

The IPI’s oil index surged by 4.8% in August, up from a 1.9% increase in July. Meanwhile, the non-oil index continued its trend of modest growth, rising by 0.4%. Year-on-year, the IPI recorded a 15.6% increase, with the oil index soaring by 56.6%, reflecting ongoing tensions in the Middle East that have impacted petroleum prices.

Similarly, the EPI’s oil index experienced a significant month-on-month increase of 7.1%, accelerating from a 0.7% rise in July. The non-oil index also reversed its previous month’s decline, growing by 0.3%. On an annual basis, the EPI rose by 15.2%, with the oil index climbing by 51.6%.

The increases in both indices were largely attributed to higher prices of petroleum and petroleum products. Additionally, the non-oil indices were influenced by rising costs of electrical machinery, particularly electronic integrated circuits, and jewellery.

These developments highlight the ongoing volatility in global oil markets and their impact on Singapore’s trade prices. As geopolitical tensions continue to affect oil supply, further fluctuations in import and export prices may be anticipated.

Artificial intelligence (AI) is becoming a staple in Singapore’s recruitment landscape, with both employers and candidates increasingly integrating the technology into their hiring processes. According to Morgan McKinley’s 2026 Global AI Report, 50% of Singapore employers utilise AI for CV screening and interview analysis, whilst 47% of candidates use AI to optimise their CVs for applicant tracking systems.

The report reveals that AI is not only influencing recruitment but also shaping workforce strategies. Twenty per cent of employers describe their long-term strategy as “automation-first”, a significant contrast to the global average of 5%. This shift is also affecting hiring practices, with some employers planning to recruit fewer graduates as AI takes over entry-level tasks.

Candidates in Singapore show a relatively high acceptance of AI in recruitment, with 55% expressing trust in AI when used alongside human oversight. Only 14% of candidates distrust AI in recruitment decisions, compared to 22% globally. Ken Ong, Managing Director of Morgan McKinley Singapore, noted, “AI is rapidly becoming part of everyday working life in Singapore, and our findings show that both candidates and employers are actively embracing the technology.”

Globally, the report highlights that 62% of employees use AI daily at work, underscoring its transition from experimental to routine use. However, concerns about job replacement persist, with 46% of employees worried about AI’s impact on their roles. Despite these concerns, 55% of employers report improvements in operational performance due to AI adoption. As AI continues to embed itself in the workforce, organisations are urged to balance its benefits with transparency and human oversight.

Metasurface Technologies Holdings Limited, currently listed on the GEM of the Hong Kong Stock Exchange, has lodged a preliminary offer document with the Singapore Exchange Securities Trading Limited (SGX-ST) for a proposed dual primary listing on Catalist. This move, announced on 28 September 2026, includes a proposed placement of new shares to investors.

UOB Kay Hian Private Limited has been appointed as the Sponsor, Issue Manager, and Placement Agent for this initiative. The company aims to broaden its investor base and enhance its market presence through this dual listing. The final offer document, detailing the placement process, will be available upon registration with the SGX-ST.

An electronic version of the preliminary offer document can be accessed on the SGX-ST website. Once the final offer document is registered, it will be available at UOB Kay Hian’s office in Singapore. This strategic listing is expected to provide Metasurface with greater access to capital markets and potential investors.

The dual listing on Catalist represents a significant step for Metasurface, allowing it to tap into Singapore’s robust financial ecosystem. This move could potentially lead to increased liquidity and visibility for the company’s shares. The final offer document will provide comprehensive details for interested investors, ensuring transparency and informed decision-making.

The Competition and Consumer Commission of Singapore (CCS) and the Consumers Association of Singapore (CASE) are set to expand their unit pricing pilot from 1 October 2026. This initiative will now encompass additional supermarket operators, online stores, and a broader range of grocery items, following positive consumer feedback from the initial phase.

Initially launched from September to December 2025, the pilot involved major supermarket chains such as NTUC FairPrice, Sheng Siong, Prime Supermarket, Cold Storage, and Giant. These chains displayed unit prices for selected grocery categories, which consumers found beneficial for comparing prices across different brands and package sizes.

The expanded pilot will now include Don Don Donki and RedMart, and for the first time, extend to online platforms. Sheng Siong and RedMart will begin displaying unit prices on their online stores from 1 October 2026, with other operators following suit. The range of items will also grow to include everyday essentials like flour, milk, and snacks.

CCS has commissioned a market survey to gather consumer feedback during this phase. Alvin Koh, Chief Executive of CCS, stated, “By bringing unit pricing to more supermarkets, online stores, and everyday grocery items, we want to make it easier for consumers to compare prices and get better value for their money.”

Melvin Yong, President of CASE, expressed optimism about the industry’s support, noting that the expanded pilot will enhance price transparency and help consumers make informed choices. Martin Daney, Head of RedMart, added, “Unit pricing helps remove complexity, supporting greater price transparency.”

The initiative aims to incorporate consumer feedback and lessons from the first pilot, ultimately aiding consumers in making smarter shopping decisions.

PacificLight has commenced construction on a groundbreaking S$1.2b power plant on Jurong Island, set to be Singapore’s first to integrate a gas turbine with large-scale battery storage. The 670MW hydrogen-ready facility, officiated by Minister for Trade and Industry Dr Tan See Leng, is expected to become the country’s largest and most efficient single generating unit upon its 2029 launch.

The plant will generate sufficient electricity to power up to 1.2 million four-room flats and is designed to co-fire with hydrogen up to 30% by volume initially, with plans to transition to 100% hydrogen in the future. This development is part of PacificLight’s strategy to meet Singapore’s increasing energy demands, driven by sectors such as advanced manufacturing and transport electrification.

Puah Kok Keong, Chief Executive of the Energy Market Authority, emphasised the importance of such investments, stating, “Continued industry investment in generation capacity is important to ensure Singapore’s power system can meet our growing electricity needs.” Jacqueline Poh, Chief Executive of JTC Corporation, highlighted the project’s role in Jurong Island’s transformation towards sustainable energy.

The plant is being constructed by a consortium including Mitsubishi Power and Jurong Engineering Limited, utilising Mitsubishi Power’s M701JAC gas turbine, noted for its efficiency and reliability. Daichi Nakajima of Mitsubishi Power remarked on the project’s significance, saying, “Our hydrogen-ready turbine coupled with an integrated battery system will give Singapore electricity that is both highly efficient and extremely responsive.”

This facility will complement PacificLight’s existing 830MW and 100MW facilities on Jurong Island, reinforcing Singapore’s energy security and sustainability goals.

Institutional investors in Singapore experienced a significant shift in September, with net buying of S$104m and S$13m in the first two weeks, followed by net selling of S$292m and S$161m in the latter half. This resulted in a net outflow of S$336m over the month, according to the Singapore Exchange (SGX).

Despite the overall trend, 35 stocks bucked the market movement, transitioning from net selling to net buying in the latter weeks of September. Yangzijiang Shipbuilding recorded the largest inflow, with S$73.78m in net buying from 14 to 25 September, reversing a previous S$1.97m net selling.

In the Singapore Real Estate Investment Trust (S-REIT) sector, UI Boustead REIT and CapitaLand Ascott Trust reversed their earlier outflows, recording net buying of S$17.23m and S$6.70m, respectively. Mapletree Pan Asia Commercial Trust saw a partial reversal.

Other notable reversals included Sembcorp Industries, which recorded S$13.19m in net buying, although it remained in net outflow for the month and year-to-date. Stocks like Golden Agri-Resources and iX Biopharma also showed positive institutional flows for both September and the year.

Whilst the late-September buying marked a change, SGX noted that earlier outflows and year-to-date positions remain a stronger indicator of institutional participation trends. The broader market shift underscores the dynamic nature of institutional investment strategies in Singapore.