Industry News

Family offices in Singapore are increasingly turning to third-party specialists for advice on personal financial management and cyber security, according to a recent study by Ocorian. The research, which surveyed 25 individuals from the family office sector in Singapore, found that 60% of respondents currently seek external advice on personal finances, whilst 52% rely on third parties for cyber security expertise.

The study highlights a significant trend towards outsourcing, with 76% of respondents indicating they plan to increase their use of third-party support over the next three years. This shift is driven by a desire for more sophisticated services (68%), cost-effectiveness (63%), and a lack of in-house expertise as family offices expand (53%).

Currently, no family offices in Singapore report receiving third-party support for extended family services, such as concierge needs and global insurance programmes. However, 80% of respondents plan to increase outsourcing in this area as their needs evolve. Additionally, 72% expect to outsource more around assets of passion, whilst 68% foresee increased outsourcing for wealth planning and illiquid investments.

When selecting third-party specialists, 72% of family offices in Singapore prioritise the ability to establish a strong, trusted relationship. The capability to operate across multiple regions and cost are also important factors, each cited by 60% of respondents.

As family offices continue to face new challenges and expand globally, the reliance on third-party expertise is expected to grow, reshaping the landscape of family office operations in Singapore.

Savills Plc has finalised its acquisition of Eastdil Secured LLC for an enterprise value of $1.1b (£827m), marking a significant expansion of its real estate advisory services. This strategic move, announced on 12 March 2026, positions Savills as a global leader in the sector, enhancing its presence in North America and strengthening its foothold in EMEA and Asia Pacific.

The acquisition was financed through a combination of loan finance and the issuance of new ordinary shares, representing 16% of Savills’ enlarged share capital. Key stakeholders, including Guggenheim, Temasek, and Wells Fargo, along with Eastdil Secured’s leadership and senior employees, have become shareholders in Savills.

Eastdil Secured will now operate under the name Eastdil Secured Savills, continuing its existing business model within the Savills Group. The combined entity is set to become the second-largest advisory firm globally for prime commercial real estate transactions exceeding $100m.

Key leadership appointments include Roy H. March as Executive Chairman, D. Michael Van Konynenburg as CEO, and James McCaffrey as President. The firm will maintain headquarters in New York, Santa Monica, and London, integrating its 21 offices into Savills’ global network.

Simon Shaw, Group Chief Executive of Savills, expressed enthusiasm about the merger, stating, “Together we provide a stronger, globally connected platform enabling us to deliver for clients at every stage of the property cycle.” This acquisition is expected to unlock new opportunities and enhance strategic advice for clients worldwide.

Ookla’s latest Connectivity Report for the first half of 2026 highlights Singtel as the top performer in Singapore’s mobile network sector. The report, based on Speedtest data, shows Singtel achieving a median download speed of 258.01 Mbps and an upload speed of 28.45 Mbps, marking it as the Best Mobile Network in the country.

In the realm of fixed networks, MyRepublic emerged as the fastest Internet Service Provider (ISP) in Singapore. The company recorded a median download speed of 479.34 Mbps and a median upload speed of 394.39 Mbps, setting a high benchmark for fixed network performance.

These findings underscore the competitive landscape of Singapore’s telecommunications industry, where speed and reliability are crucial for consumer satisfaction and business operations. The report provides valuable insights into the performance of major network providers, helping consumers make informed decisions about their service choices.

As Singapore continues to advance in digital connectivity, these results reflect the ongoing efforts of network providers to enhance their infrastructure and service offerings.

PSB Academy has announced the launch of a new multi-campus learning ecosystem, marking a significant expansion with three new campuses in Singapore. These campuses, located in Tai Seng, Paya Lebar, and the city centre, will increase the Academy’s campus space by 60%, adding over 220,000 square feet. This expansion is in response to a growing demand for Science, Technology, Engineering, Arts, and Mathematics (STEAM) education, which has seen enrolment rise by 20% annually.

The new campuses include the Integrated STEAM Hub at Tai Seng, featuring the Health & Life Sciences Campus and the Engineering, Technology & Communication Campus, and a Business & Management campus at SingPost Centre. These facilities are designed to provide specialised, industry-aligned learning environments, enhancing practical education and collaboration with industry partners. Derrick Chang, CEO of PSB Academy, stated, “We’re creating spaces where learning feels more relevant, more immersive and more connected to the careers our students are working towards.”

The campuses will feature advanced laboratories and industry-grade equipment, such as a cyber range laboratory for cyber security training and a nursing practicum laboratory. The expansion supports PSB Academy’s vision of preparing students for the evolving workforce by offering practical skills and industry engagement. The new campuses are set to open progressively in the first half of 2027, subject to regulatory approval, and will complement the existing Cathay Campus, which opened in 2025.

The Singapore Institute of Management (SIM) has entered into a 14-year power purchase agreement with Peak Energy to install an onsite solar system at its Clementi Road campus. This initiative is expected to deliver approximately 1,100 MWh of solar energy annually, reducing SIM’s energy rates by over 45% without any upfront capital investment.

Under the agreement, Peak Energy will design, finance, build, own, and operate a 900 kWp solar installation. The project offers SIM a stable energy rate significantly lower than current electricity prices, providing price certainty amidst volatile energy markets. Gavin Adda, CEO of Peak Energy, highlighted the partnership’s benefits, stating, “We’re able to give an institution like SIM a clear structural way to unlock significant cost savings whilst securing reliable power for the long term.”

This move comes as Singapore faces some of the highest power prices in the region, exacerbated by increased demand from data centres and AI-driven electricity needs, as well as reliance on imported gas. The solar agreement aligns with SIM’s sustainability goals, as noted by Vincent Siow, Senior Lead at SIM, who said, “This agreement is a discernible step in that direction, bringing onsite solar to our Clementi Road campus.”

The partnership reflects a broader trend among educational institutions in Singapore to adopt renewable energy solutions, reducing reliance on grid electricity and lowering their environmental impact.

Global law firm HFW has bolstered its renowned shipping practice by appointing Peter Glover as a Partner in its Singapore office. Glover, a seasoned shipping and admiralty lawyer and qualified Master Mariner, returns to HFW from Reed Smith, having previously worked at the firm’s Melbourne office for three years.

Glover’s appointment is part of HFW’s strategic expansion in the Asia Pacific region, following recent key hires in London, Australia, and Greece. His extensive experience includes advising shipowners, charterers, and trading companies on complex cross-border litigation and arbitration. Glover is also adept in handling high-profile maritime casualties and crisis situations, offering expertise in civil, regulatory, and criminal aspects of accident response.

Paul Dean, HFW’s Global Head of Shipping, expressed enthusiasm about Glover’s return, highlighting his “seagoing experience” and “disputes expertise” as valuable assets for supporting clients across global markets. Adam Richardson, Head of HFW’s Singapore Office, noted that Glover’s appointment strengthens the firm’s capabilities in handling maritime disputes, a central focus of their Singapore practice.

Glover, who is admitted to practise in England and Wales, Hong Kong, and Queensland, Australia, remarked on the alignment of his practice with HFW’s strengths in shipping, trade, and crisis management. He aims to leverage HFW’s global reach to navigate the complex maritime and regulatory landscape.

HFW, with over 220 specialist shipping lawyers worldwide, continues to lead in maritime legal services, advising clients on all aspects of the shipping lifecycle.

Sygnum, the global digital asset banking group, has announced the appointment of Reto Marx as Chief Executive Officer of Sygnum Singapore, effective 1 August 2026. Marx, who brings over 25 years of wealth management experience from institutions such as UBS and Credit Suisse, joins from VP Bank where he served as CEO and Co-Head Singapore.

In a parallel move, Gerald Goh, Sygnum’s Co-Founder and current APAC CEO, will assume the role of Executive Chairman of Sygnum APAC. Goh will focus on groupwide capital markets, fundraising strategies, and key stakeholder relationships, particularly within the Asia Pacific region.

These leadership changes come as Sygnum accelerates its digital wealth strategy for Asia, aiming to meet the growing demand for regulated access to digital assets. The appointments are part of Sygnum’s commitment to Singapore as its APAC hub, serving high-net-worth investors and institutional partners across the region.

Marx’s extensive experience in wealth management across Singapore, Hong Kong, and Australia positions him to drive Sygnum’s digital wealth strategy forward. “Reto’s appointment is part of our continued effort to further strengthen our senior leadership team in Singapore and Asia as we move into the next phase of growth,” said Goh.

Marx expressed enthusiasm about his new role, stating, “Asian wealth is increasingly seeking trusted, regulated access to digital assets as part of a diversified portfolio. I am excited to work with Gerald, the leadership team, and our clients and partners to translate that demand into the next phase of growth for Sygnum in the region.”

These strategic appointments underscore Sygnum’s ambition to leverage its Swiss-Singaporean regulatory heritage and deepen its engagement with clients and institutional partners in the APAC region.

Grab Holdings Ltd has announced a net profit of $235m for the second quarter of 2026, marking a significant increase of $215m compared to the same period last year. The company also reported a 22% year-over-year growth in revenue, reaching $997m, and a 21% rise in On-Demand Gross Merchandise Value (GMV) to $6.5b.

The company’s Monthly Transacting Users (MTUs) reached a record high of 54 million, reflecting the success of its product and AI-led strategy. Anthony Tan, Group CEO and Co-Founder, stated, “We delivered another strong quarter. We executed against our product and AI-led strategy with On-Demand GMV growth accelerating to 22% year-over-year.”

Grab’s financial services are nearing a profitability inflection point, with the Gross Loan Portfolio nearly tripling year-over-year to $2.3b. The company also highlighted the consolidation of Superbank and the acquisition of Stash as key developments in this segment.

The company has raised its full-year 2026 guidance and announced a $750m share repurchase programme. The Grab intelligence layer, an AI-driven platform, has been instrumental in improving operating efficiency and user engagement, according to Tan.

Looking ahead, Grab is confident in its ability to maintain profitable growth, supported by its diversified merchant base and record MTUs. The company expects its Financial Services segment to achieve Adjusted EBITDA profitability in the second half of 2026.

Singapore’s job market demonstrated resilience in the second quarter of 2026, with total employment rising by 10,700, according to the Ministry of Manpower’s Labour Market Advance Release. This marks an increase from the 9,400 jobs added in the first quarter. Jobstreet by SEEK’s data reveals a 9.9% quarter-on-quarter rise in job applications, despite a 2.7% decline in job postings.

The hiring outlook remains positive, with the percentage of firms planning to hire increasing from 40.6% in May to 43.9% in June. This optimism persists despite global economic uncertainties and the rapid adoption of artificial intelligence (AI). Employers are increasingly seeking candidates with domain expertise and digital literacy to adapt to evolving job roles. Notably, 84% of AI-related job opportunities are for mid- to senior-level professionals, leaving only 16% for entry-level positions.

Sector growth was notably strong in essential and public services, particularly in Transportation & Storage, Health & Social Services, and Public Administration & Education. Jobstreet’s platform data supports this trend, showing significant growth in job postings in Government/Defence (49%), Semiconductor (20%), and Transportation/Logistics (9%).

As a new wave of graduates enters the workforce, both job seekers and employers must adapt to a skills-based hiring landscape. Candidates who can showcase practical experience and the ability to work with emerging technologies like AI will be well-positioned to succeed, whether they are new graduates or professionals seeking a career change.

The Singapore Good Soil Foundation has successfully concluded its third Next Generation Philanthropy Leadership Programme at the University of Hong Kong. This marks the programme’s first international edition, bringing together 58 in-person and 45 online Student Fellows from diverse countries including Singapore, the US, and Kenya. The five-day event focused on “Art & AI for Social Good,” exploring how technology and creativity can address global challenges.

Participants engaged in interdisciplinary learning, covering artificial intelligence, leadership, and social innovation. The programme aims to empower young individuals to become future philanthropic leaders who can drive positive change in their communities. Notably, three scholarship recipients from rural China were fully funded to attend, highlighting the foundation’s commitment to inclusivity.

The event featured speakers from various fields and included visits to local cultural sites, such as the Hong Kong Jockey Club and M Museum. These experiences provided insights into Hong Kong’s multicultural society and the role of civic institutions. A standout session was the Improvisational Speaking Masterclass, which received high praise from participants.

The programme’s centrepiece, the Charity Pitch Challenge, encouraged students to develop innovative solutions to social issues using AI and human-centred design. The foundation emphasises that AI is a tool, not the goal, and that the future will be shaped by the values of those who wield it.

Looking ahead, the Singapore Good Soil Foundation aspires to cultivate a generation of leaders defined by compassion, integrity, and a commitment to the common good, ensuring technology serves humanity.