Industry News

Bizcap, a rapidly growing alternative lender, is celebrating its first year of operations by increasing its lending limit to $1m. This move aims to provide small and medium-sized enterprises (SMEs) in Singapore with faster and more flexible funding solutions. Since its launch in early 2025, Bizcap has experienced significant growth, driven by the demand for quick and responsive financial options from local businesses and brokers.

Joseph Lim, Bizcap’s Managing Partner for Asia, stated, “When we launched, we had a vision to become Singapore’s most open-minded lender, and I truly believe we’ve brought that vision to life over the past year.” The company has introduced four new funding products and facilitated over $40m in funding for Singapore SMEs. Additionally, Bizcap has built a network of more than 300 partners and expanded its local team from one to seven employees.

The company recently hosted a partner event in Singapore, attended by over 150 key partners, to celebrate its one-year milestone. During the event, Bizcap announced the launch of its Bizcap Frequent Funders (BFF) programme, a loyalty initiative offering tiered incentives to partners who reach funding milestones. The company also recognised high-performing partners who achieved Platinum Partner status in 2025.

Tony Truong, Bizcap’s Chief Credit Officer for APAC, emphasised the importance of the increased lending limit, stating, “By lifting our lending limit to $1m, we can now support larger deal sizes and help more businesses access the capital they require.” Looking ahead, Bizcap Singapore aims to facilitate over $100m in funding in the next 12 months as it continues to expand its presence in the local market.

Traveloka, Southeast Asia’s leading tech travel platform, has signed a Memorandum of Understanding (MoU) with Resorts World Sentosa (RWS), Singapore’s premier integrated resort, to enhance regional tourism connectivity. The collaboration, announced on 20 May 2026, is driven by Traveloka’s data indicating a surge in demand from Indonesian travellers for Singapore’s unique experiences.

The partnership will leverage Traveloka’s data intelligence and platform scale to provide RWS with direct access to millions of high-intent travellers from Indonesia and Southeast Asia. This initiative aims to streamline the process for tourists to discover, plan, and book luxurious stays, iconic dining, and world-class attractions at RWS through Traveloka’s seamless booking system.

Stefanus Syalom Hasudungan, Director of Commercial at Traveloka, and Jenny Wang, Acting Senior Vice President of Resort Sales & Marketing at RWS, were present at the MoU signing. The collaboration reflects a shared commitment to enhancing how travellers experience Singapore, thereby strengthening the region’s tourism sector.

This strategic move is expected to significantly boost the influx of tourists to Singapore, particularly from Indonesia, by offering a more integrated and user-friendly travel planning experience. As the demand for experience-led travel continues to grow, this partnership positions both Traveloka and RWS to capture a larger share of the Southeast Asian travel market.

Singapore’s retail sector has maintained a stable vacancy rate of 6.3% in the first quarter of 2026, according to Savills Research. Despite a decline in leasing demand and increased tenant turnover, the limited supply pipeline has supported occupancy, particularly for well-located retail properties.

Savills estimates that the supply of retail space will be approximately 427,000 square feet of net lettable area in 2026, slightly below the five-year average. New completions are expected to decrease further in 2027, with a significant increase anticipated from 2028 due to major redevelopment projects. This limited supply is projected to keep annual retail completions at an average of 270,000 square feet over the next two years.

The suburban retail market has shown resilience, with a net absorption of 140,000 square feet in the first quarter, supported by stable demand and limited new supply. Prime shopping areas continue to attract interest, with units like the one vacated by T2 Tea at 313@Somerset quickly re-leased to Goldheart.

However, smaller malls and less visible locations face challenges, with Bugis Street seeing only 20% of its second-floor shops in operation. Retail rental performance has softened, with average monthly rents in prime Orchard Area malls edging up 0.1% to S$23.60 per square foot, whilst suburban rents increased by 0.2% to S$14.90 per square foot.

Savills’ Executive Director, Sulian Tan-Wijaya, noted that retailers are focusing on malls with stable footfall and good accessibility. Looking ahead, landlords are expected to optimise tenant mixes and enhance experiential offerings to maintain traffic and sales, with rents for Orchard Road and suburban malls projected to rise by up to 2% this year.

Google and the Ministry of Digital Development and Information have announced an expanded collaboration through a new National AI Partnership. This initiative is part of Singapore’s National AI Strategy and seeks to leverage advanced AI to address societal issues, develop an AI-ready workforce, drive innovation, and ensure a secure digital ecosystem.

A significant aspect of the partnership is the introduction of “Triadic Care” in healthcare. Google DeepMind is exploring a collaboration with public health clusters on an AI co-clinician research initiative, which aims to integrate AI agents in patient care under the supervision of physicians. This could revolutionise healthcare delivery by enhancing patient support.

In the realm of scientific discovery, Google DeepMind is teaming up with the National Research Foundation to train local researchers on agentic AI tools. Additionally, Google and the Agency for Science, Technology and Research are working together to transform lab discoveries into valuable innovations in materials and life sciences.

The partnership also focuses on inclusivity, with Google DeepMind and SG Enable testing a new Gemma-powered running assistant for blind and low vision athletes. This initiative underscores the commitment to making technology accessible to all.

In education, Google is collaborating with the Ministry of Education to bolster AI capabilities in teaching and learning, which includes training and upskilling programmes for educators.

To ensure responsible AI deployment, Google, the Cyber Security Agency of Singapore, GovTech Singapore, and the Infocomm Media Development Authority have released a joint whitepaper with findings and recommendations from their AI Agents Sandbox. This sets security benchmarks for AI use in Singapore.

These initiatives highlight the potential of AI to drive societal progress and innovation in Singapore, with future implications for various sectors.

Singapore’s developers are embracing artificial intelligence (AI) at an impressive rate, with 96% already integrating AI tools into their workflows, according to a new survey by Twilio. However, the research highlights significant challenges in moving beyond initial experimentation due to fragmented tools, siloed data, and a lack of strategic direction.

The survey, conducted among 196 developers and technology leaders at API Days Singapore, reveals that nearly half of the respondents experience friction from constant context-switching between disjointed tools. This issue is compounded by poor integration and incompatible systems, which hinder the productivity gains AI promises.

A significant finding is that fewer than 30% of organisations have a clear strategic vision for AI deployment. This lack of direction results in data silos and fragmented decision-making, with 41% of founders and start-up leaders operating without a formal AI adoption framework. Consequently, many AI projects remain stuck in ‘pilot purgatory’, unable to scale into full production.

The survey also indicates a shift towards more complex AI applications, with nearly 40% of respondents building autonomous agents and 25% integrating Voice AI. However, Michelle Duke, Senior Developer Evangelist at Twilio, warns that “running next-generation models on fragmented legacy architecture is becoming a liability,” emphasising the need for a unified infrastructure to unlock AI’s full potential.

As Singapore’s developers push the boundaries of AI, the challenge lies not in adoption but in orchestrating these tools effectively across the business landscape.

Strategic Marine, a prominent Singapore-based shipbuilder, has secured a significant contract with Mainprize Offshore for the construction of two 33-metre Supa Swath crew transfer vessels (CTVs). This order, announced on 19 May 2026, marks the third such collaboration between the two companies, bringing the total number of Supa Swath vessels delivered and on order to 10.

The new vessels, designed by Walker Marine Design, are an upgrade from the previous 26-metre model. They feature an extended waterline length of 30 metres, a broader 13-metre beam, and increased fuel capacity exceeding 63,800 litres. These enhancements allow for longer operational endurance and increased passenger capacity, accommodating up to 39 personnel compared to the previous 27.

Bob Mainprize, Managing Director of Mainprize Offshore, expressed confidence in the partnership, stating, “The Supa Swath design continues to perform well in the field, especially in terms of stability, safety and crew comfort, which are critical to our operations.” The vessels are powered by two Caterpillar C32B engines, enabling speeds of up to 30 knots whilst maintaining fuel efficiency and reducing emissions.

Strategic Marine’s CEO, Chan Eng Yew, highlighted the significance of the order as an endorsement of their capability to meet evolving offshore operational needs. The first two units are scheduled for delivery in Q3 2027, expanding Mainprize Offshore’s fleet to 21 vessels, supporting offshore wind operations across Europe and Asia.

April 2026 witnessed a notable rise in new home sales in Singapore, driven by strong demand in the suburbs, according to Realion (OrangeTee & ETC) Group. Despite ongoing conflicts in the Middle East, sales momentum remained robust, with the number of new home sales, excluding executive condominiums (ECs), climbing to 1,548 units. This marks a 19.1% increase from March’s 1,300 units, as reported by the Urban Redevelopment Authority (URA).

The surge in sales was largely attributed to the launch of two major projects: Tengah Garden Residences and Vela Bay. Tengah Garden Residences, the first private residential project in Tengah, sold 99.1% of its 863 units within the launch month. The development’s appeal was bolstered by its proximity to the upcoming Hong Kah MRT station and the promise of future capital and rental appreciation. Vela Bay also performed well, selling 71.8% of its 515 units, with many units offering sea views and easy access to Bayshore MRT Station.

The Outside Central Region (OCR) dominated sales, accounting for 87.7% of the total units sold, followed by the Rest of Central Region (RCR) and Core Central Region (CCR). In the luxury market, 26 non-landed homes were sold for between S$5m and S$10m, whilst three ultra-luxury condos exceeded S$10m.

Looking forward, potential interest rate hikes due to Middle East tensions may influence buyer behaviour. However, with mortgage rates still low compared to previous peaks, housing remains affordable for first-time buyers and HDB upgraders. Upcoming launches like Dunearn House and Lentor Gardens Residences are expected to sustain market interest.

Condo rental prices in Singapore reached a new peak in April 2026, according to the latest report by 99.co and SRX. The increase was driven by steady demand and limited new private housing supply, with prices rising 0.3% month-on-month. The Core Central Region (CCR) and Outside Central Region (OCR) saw the most significant gains, with increases of 1.4% and 0.7%, respectively.

The report highlights that rental volumes also rose by 1.6% from March, with 6,491 units rented in April. This marks a 6.5% increase year-on-year and is 6.8% above the five-year average for April. Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that despite elevated prices, tenants are actively securing homes, particularly in the CCR and OCR.

In the HDB rental market, prices edged up by 0.1% month-on-month, with Mature towns experiencing a 0.4% increase. However, Non-Mature towns saw a slight decline of 0.2%. Executive flats recorded the highest increase at 2.5%. Year-on-year, HDB rental prices rose by 1.3%, with a 5.2% increase in rental volumes from March.

The report suggests that whilst macroeconomic uncertainties and softer expatriate hiring could impact future demand, the limited supply of completed private homes is likely to sustain condo rents in the near term. Meanwhile, the HDB market remains attractive due to its relative affordability, although transaction volumes are below historical norms.

YY Group Holding Limited, an AI-native workforce management platform, has announced the initial deployment of its OpenClaw Agentic AI across three hotel clients in Southeast Asia. The rollout, which began on 20 May 2026, marks a significant step in integrating advanced AI solutions into the hospitality sector.

OpenClaw, part of the YY Circle platform, is designed to enhance operational efficiency and service delivery. Currently, two of the five planned client-facing workflows are operational, with a broader rollout expected throughout the second half of 2026. This phased approach aims to ensure a smooth transition and maximise the benefits of AI integration.

The internal deployment of OpenClaw is anticipated to significantly improve operating leverage for YY Group. The company, listed on NASDAQ as YYGH, operates across Asia and beyond, providing integrated facility management services. The introduction of OpenClaw is part of its strategy to leverage AI for better resource management and service optimisation.

YY Group’s spokesperson highlighted the potential of OpenClaw to transform hotel operations, stating, “The initial production rollout live across three hotel clients in Southeast Asia with two of five planned client-facing workflows operational; broader rollout phased through the second half of 2026.”

As the hospitality industry increasingly turns to technology for competitive advantage, YY Group’s initiative underscores the growing role of AI in enhancing customer experiences and operational efficiencies. The success of this deployment could set a precedent for further AI applications in the sector.

Otis Worldwide Corporation has announced the appointment of Ong Chew Seng as the new Managing Director for its Singapore operations, effective 1 May 2026. Chew Seng will oversee Otis’ business activities in Singapore, emphasising customer service, maintenance, and modernisation to address the needs of the country’s ageing infrastructure.

Chew Seng brings over 28 years of experience in the building industry, with 18 years specifically in the lift and escalator sector. His previous roles include senior leadership positions in service, modernisation, and new equipment businesses. Most recently, he served as Otis Singapore’s Head of Service.

Nico Lopez, President of Otis Asia Pacific, remarked on Chew Seng’s appointment, stating, “Chew Seng’s deep industry expertise, strong leadership capabilities and proven track record make him well positioned to lead our Singapore organisation as we continue our strong growth momentum.”

In his new role, Chew Seng will also champion innovation through IoT-enabled predictive maintenance solutions, such as Otis ONE™, to enhance service delivery. He is committed to upholding Otis’ core values of safety, ethics, and quality, ensuring that the Singapore team delivers world-class service and reliability.

Chew Seng holds a Master of Building Science from the National University of Singapore, a Master of Finance from the Royal Melbourne Institute of Technology, and a Bachelor of Engineering from Nanyang Technological University. His extensive background and leadership skills are expected to drive Otis Singapore’s growth and service excellence.