Industry News

A recent study by Sumsub and the Singapore FinTech Association has highlighted a significant gap in AI governance among Singapore businesses. Whilst 94% of companies are employing or testing multi-step AI systems, only 29% can provide an audit trail to verify AI-driven decisions. This lack of traceability poses risks of operational losses, compliance fines, and damaged customer trust.

The report, titled “Sumsub APAC State of Digital Trust: AI Governance Benchmark,” evaluates businesses on AI autonomy, responsibility, and traceability. It reveals that Singapore’s regulatory environment, although advanced, results in conservative self-assessments by local firms. The Singapore government was the first globally to introduce the Model AI Governance Framework for Agentic AI, setting stringent benchmarks for AI use.

Key findings indicate that 70% of Singapore businesses have guidelines assigning responsibility for AI outcomes, with 40% attributing it to individuals and 30% to teams. Despite this, only 16% have expanded AI systems’ scope or autonomy in the past year, reflecting a cautious approach to AI deployment.

Holly Fang, President of the Singapore FinTech Association, emphasised the need for improved governance, stating, “Our joint survey with Sumsub found that fewer than one in three organisations can produce an audit trail for AI-driven decisions.”

The study underscores the importance of developing robust AI governance frameworks to ensure accountability and trust as AI systems become more autonomous. As Singapore continues to lead in regulatory guidance, businesses are urged to enhance their capabilities to track and verify AI decisions effectively.

APAC Realty Limited has reported a profit after tax of S$9.4m for the first half of 2026, despite a challenging market environment marked by reduced transaction volumes. The company, which saw its revenue dip to S$329.3m, attributed the decline to lower sales in new private residential and HDB resale markets. In response, APAC Realty has proposed a special dividend, bringing the total payout to 5.5 Singapore cents per share.

The company’s revenue from new home sales fell by 11% to S$116.8m, whilst other revenue sources decreased by 13% due to lower interest income. However, a slight increase in resale and rental transactions provided some relief. CEO Marcus Chu noted, “Market conditions remained mixed in the first half of 2026,” but expressed optimism for the latter half of the year, citing a healthy pipeline of new launches.

APAC Realty’s financial stability is underscored by a cash balance of S$53.1m and positive operating cash flows of S$12.3m. The Board of Directors has recommended the special dividend to acknowledge shareholder support and participation in the company’s growth.

Looking ahead, APAC Realty anticipates stronger market activity in the second half of 2026, driven by resilient buyer demand and new project launches. The company remains committed to enhancing its digital ecosystem and expanding its regional presence, particularly in ASEAN markets.

Huttons Asia has expressed support for the proposed reduction in consent thresholds for older condominiums in Singapore, a move aimed at facilitating urban rejuvenation. With Singapore’s ageing stock of developments, the change is seen as necessary to meet the increasing housing demands, especially given the limited land resources and rising number of single households.

The proposal could ease the process for older developments to initiate collective sales, addressing maintenance issues such as lift and water seepage problems, which have become more pronounced post-COVID due to increased maintenance fees. Huttons Data Analytics estimates that around 150 private non-landed developments in Singapore are between 40 and 59 years old, with fewer than 10 developments aged 60 years and above.

The changes also include raising the threshold to convene a general meeting for a collective sale committee to 35% of owners, up from 20%, and shortening the time to secure signatures from 12 months to six months. These adjustments aim to protect minority owners whilst still enabling collective sales.

A significant shift is the extension of the collective sale regime to non-strata titled private residential developments with long leases of at least 850 years, which previously required unanimous agreement for a sale. Huttons anticipates more collective sale attempts in the future, though success will depend on factors such as reserve prices and the proportion of foreign owners and investors in the developments.

The proposed changes offer a potential avenue for owners to monetise their assets and consider rightsizing to Housing Development Board (HDB) flats, facilitated by the recent removal of the 15-month wait-out period for private property owners.

DBS Group Holdings has announced the appointment of Jonathan Larsen to its Boards of DBS Group Holdings and DBS Bank, effective 3 August 2026. Larsen, 60, is expected to enhance the board’s capabilities with his extensive experience in financial services and his proven track record in leveraging technology for business growth.

Larsen previously served as the Chief Innovation Officer at Ping An Group and led the Ping An Global Voyager Fund as Chairman and CEO until his retirement in February 2026. His role involved integrating new technologies and business models to support Ping An’s expansion both in China and internationally. Before his tenure at Ping An, Larsen spent 18 years at Citigroup, where he held various senior positions, including Global Head of Retail Banking and Mortgage Businesses.

DBS Chairman Peter Seah expressed enthusiasm about Larsen’s appointment, stating, “Jonathan brings a unique combination of financial services expertise, technology leadership and innovation experience, shaped through decades of senior leadership at leading global and Asian financial institutions. His perspectives will be highly valuable as the DBS Boards continue to guide the bank through an increasingly dynamic and technology-driven environment.”

With Larsen’s addition to the board, DBS aims to further strengthen its position in the rapidly evolving financial landscape.

Inchcape Plus has introduced the BYD T35 electric light lorry to Singapore, marking its Southeast Asian debut. This launch aligns with Singapore’s goal of achieving 100% cleaner-energy vehicles by 2040. The T35, designed for urban logistics, addresses the challenges faced by small and medium enterprises (SMEs) in fleet electrification, offering a cost-effective and sustainable solution.

The T35 is engineered to fit Singapore’s urban infrastructure, including HDB multi-storey car parks, and requires only a standard Class 3 driving licence. It is set to benefit from government green incentives starting January 2026, making it a strategic asset for SMEs looking to convert operational costs into returns on investment. The vehicle features BYD’s Blade Battery, known for its safety and performance, providing a range of 367 km on a full charge.

Inchcape Plus, a leading dealer of BYD electric commercial lorries, offers comprehensive after-sales support to ensure a smooth transition for fleet owners. “The BYD T35 is a shining example of the sustainable solutions Inchcape Plus is bringing to the region,” said Jimmy Toh, Director of New Energy Commercial Vehicle & Vehicle Lifecycle Services at Inchcape Plus Singapore.

The T35’s introduction strengthens Inchcape Plus’s green commercial vehicle lineup, complementing the previously launched BYD T9R heavy-duty lorry. With features like rapid charging and regenerative braking, the T35 minimises downtime and maintenance costs, enhancing operational efficiency for logistics providers. This launch underscores BYD’s commitment to clean mobility, contributing to global carbon emission reductions.

Parkway Life Real Estate Investment Trust (PLife REIT) has reported a 14.6% increase in its distributable income for the first half of 2026, reaching S$57.2m. This growth is attributed to strategic lease arrangements in its Singapore and France portfolios, alongside a successful divestment in Japan.

PLife REIT’s Distribution Per Unit (DPU) also rose by 14.6% to 8.77 Singapore cents, primarily due to step-up lease agreements and revenue-sharing arrangements with two Singapore hospitals. These agreements have outperformed the minimum guaranteed rent, contributing significantly to the REIT’s financial performance.

The REIT completed the divestment of a nursing home in Japan at a 38% premium to its acquisition price, enhancing its portfolio rejuvenation strategy. This transaction, completed on 30 June 2026, generated a gain of approximately S$0.6m.

Despite facing foreign exchange challenges from Japan and reduced rental income from certain Japanese properties, PLife REIT maintained a healthy balance sheet with a gearing ratio of 33.8%. The REIT has no long-term refinancing needs until March 2027, ensuring financial flexibility.

CEO Yong Yean Chau highlighted the resilience of PLife REIT’s portfolio, stating, “The Singapore hospitals continue to deliver sustainable organic growth under the Annual Rent Review Formula, whilst the successful divestment of a mature Japan asset reflects our disciplined approach to portfolio optimisation.”

Looking forward, PLife REIT aims to focus on prudent portfolio management and asset enhancement initiatives to bolster long-term resilience and value for its unitholders.

Etiqa Insurance Singapore has introduced Enrich Index Income, a non-participating endowment plan that combines insurance protection with index exposure, ensuring capital is guaranteed at maturity. This innovative plan allows customers to grow their cash value over the long term whilst benefiting from potential yearly cash returns linked to the Barclays RADAR 6% RC Index.

The plan offers non-guaranteed yearly cash benefits based on the performance of the Barclays RADAR 6% RC SGD or USD Index. This index diversifies investments across US equities, bonds, and commodities, adapting to changing market conditions. Customers can choose to receive these cash benefits as income or reinvest them to support long-term financial goals.

Claudia Soh, acting CEO and CFO of Etiqa Insurance Singapore, stated, “Today’s investors are seeking solutions that can help them grow their wealth without exposing their savings to the full impact of market volatility. Enrich Index Income is designed for customers who want to participate in market opportunities whilst maintaining greater peace of mind through capital guaranteed at maturity.”

Key features of the Enrich Index Income plan include:

– Participation in index-linked growth potential via the Barclays RADAR 6% RC Index.
– Potential non-guaranteed yearly cash benefits when the index performs positively.
– Capital guaranteed at maturity to protect the principal.
– A 0% floor rate ensuring cash benefits are never negative.
– Flexible payment options: single premium or over three years.
– Protection benefits including death, accidental death, and terminal illness coverage.
– No medical assessment required for purchase.

This plan is part of Etiqa’s comprehensive suite of financial solutions aimed at wealth accumulation, health protection, and legacy planning.

Eftsure, a leading payment assurance provider, has launched its payment verification infrastructure in Singapore, a major financial hub in Asia. This expansion aims to provide finance teams with a continuously verified source of payment data, enhancing control over domestic and international vendor networks.

Singapore’s status as a corporate finance centre involves high-volume vendor payments, which are often managed by centralised finance teams. This creates complex cross-border payment flows and governance challenges. Eftsure addresses these issues by offering a robust verification system that confirms payment details before transactions occur, reducing reliance on manual checks like registry lookups and callbacks.

The need for such a solution is underscored by the rising threat of scams and cybercrime, which cost Singapore S$913.1m in 2025, according to the Singapore Police Force. Eftsure’s infrastructure spans over 190 countries, covering 85% of the world’s banked population, and supports local payment conventions, making it a valuable tool for multinational organisations.

Karthik Manimozhi, Global President at Eftsure, highlighted the importance of embedding trust within payment infrastructure to combat fraud and errors. “Trust now has to sit inside the infrastructure itself, validating payment data before money moves,” he stated.

Eftsure’s CEO, Jon Soldan, emphasised the need for finance leaders to maintain governance whilst moving quickly. “Eftsure gives organisations a way to continuously monitor payments at scale, helping reduce payment risk,” he said.

With its launch in Singapore, Eftsure continues its global expansion, having already established a strong presence in Australia, New Zealand, the United States, and Europe. The company supports over 4,000 organisations, safeguarding billions in B2B payments annually.

ESR-REIT Management (S) Limited has announced the completion of its Asset Enhancement Initiative (AEI) at 29 Tai Seng Street, Singapore, achieving 100% occupancy ahead of schedule. The property has secured a long-term lease with PSB Academy, a leading private education institution in Singapore, for approximately 10 years, with built-in annual rental escalations.

The upgraded facility has received the BCA Green Mark GoldPLUS (Provisional) certification, highlighting its sustainability features. This development aligns with ESR-REIT’s strategy to provide modern, high-quality, and adaptable spaces for diverse tenants. Adrian Chui, CEO and Executive Director of the Manager, stated, “The successful completion of the AEI at 29 Tai Seng Street, together with securing 100% occupancy ahead of schedule, marks another important milestone for ESR-REIT.”

In addition to 29 Tai Seng Street, PSB Academy has leased two floors at 16 Tai Seng Street, further enhancing the occupancy rate of ESR-REIT’s assets in the area. This move increases the occupancy rate from 53% to 68%, contributing to the overall performance of the Tai Seng cluster.

Derrick Chang, CEO of PSB Academy, expressed enthusiasm about the partnership, noting that the new premises will support the growing demand for training in science, technology, engineering, arts, and mathematics (STEAM). The collaboration aims to build a talent pipeline for the STEAM industries through state-of-the-art facilities.

This achievement follows ESR-REIT’s robust financial results in the first half of 2026, reinforcing its active asset management strategy and commitment to delivering sustainable growth and returns.

In the first seven months of 2026, more than 70 primary-listed companies in Singapore collectively repurchased S$1.9b worth of shares, marking a significant increase from S$1.3b in the same period last year. This surge in buyback activity is largely attributed to Singapore Telecommunications (Singtel), which accounted for nearly half of the total buyback consideration.

Singtel’s aggressive buyback strategy saw the company repurchasing 23.6 million shares for S$103.6n in July alone, bringing its total for the year to 195.3 million shares at a cost of S$893m. The company maintains that its S$2b Value Realisation Share Buyback programme will lead to a 3% increase in underlying earnings per share, enhancing its financial metrics.

Other notable companies initiating buybacks in July include Geo Energy Resources, Raffles Medical Group, and Addvalue Technologies. Geo Energy Resources led this group with a buyback of 5.8 million shares for S$3.15m, citing undervaluation and long-term growth prospects as key motivators.

The buyback trend is not limited to primary-listed companies. Secondary-listed firms like Jardine Matheson Holdings and Hongkong Land also engaged in substantial buybacks, spending US$270m and US$210m, respectively.

Overall, the buyback activities reflect a strategic move by companies to enhance shareholder value, improve financial metrics, and deploy surplus capital effectively. As companies continue to navigate market conditions, buybacks remain a flexible tool for capital allocation and shareholder returns.