Industry News

Singlife has introduced the Singlife Heritage Income, a new insurance savings plan aimed at helping individuals preserve and distribute their wealth across generations. This plan, available in both Singapore Dollars (SGD) and United States Dollars (USD), caters to both local and offshore customers seeking structured wealth transfer options whilst maintaining an income stream during retirement.

The plan addresses the growing demand for legacy planning solutions, offering policyholders the ability to receive payouts for up to 150 years. Helen Shen, Group Head of Products at Singlife, highlighted that “four in 10 surveyed want to enjoy their retirement and still be able to leave something for their family as a legacy.” The plan allows for lifelong income whilst preserving wealth for future generations.

Singlife Heritage Income includes features such as the ability to change the life assured multiple times, appoint a secondary life assured, and divide policies into sub-policies for seamless wealth transfer. Policyholders can expect a Yearly Income payout with a Guaranteed Cash Benefit of 3.8% of the sum assured, alongside potential non-guaranteed Cash Bonuses of up to 6.6% annually.

The launch follows the February release of Singlife Legacy Indexed Income, further strengthening Singlife’s suite of wealth and legacy solutions for Asia’s affluent market. With options for monthly or yearly income, loyalty bonuses, and coverage for death and terminal illness, the plan offers flexibility and security in uncertain economic times.

DBS Group Research has introduced a new report, “The Trusted AI Financial Hub: How AI and Trust are Reshaping Global Financial Competition,” which explores how artificial intelligence (AI) and trust are transforming global financial centres. The report introduces the Global AI Financial Hub Index (GAIFHI), a framework assessing 15 major financial hubs worldwide based on AI integration, governance, digital infrastructure, talent, and market outcomes.

The report highlights Singapore’s potential as a leading AI financial hub, supported by its Economic Strategy Review (ESR) and the “Champions of AI” initiative. DBS projects that Singapore’s total factor productivity growth could increase by 0.3 to 0.5 percentage points, potentially raising the country’s nominal GDP to USD 1.4t by 2040. This growth is attributed to enhanced productivity, which could lead to better-quality jobs and increased wage growth.

Singapore is identified as the open-market hub closest to achieving full AI integration, thanks to its regulatory coherence and digital identity infrastructure. In contrast, New York leads in AI capability but faces challenges due to governance fragmentation. London is rapidly repositioning with a principles-based AI governance approach, whilst San Francisco excels in AI talent and innovation.

The report underscores that financial leadership in the AI era will depend on a hub’s ability to combine AI capability with trusted governance, making AI-driven decisions as reliable as human-supervised ones. This shift reflects a broader trend where Asian financial centres are gaining influence in digital infrastructure and AI deployment, challenging traditional hubs’ dominance.

Bloomberg and the Singapore Exchange (SGX) have announced a partnership to increase awareness and accessibility of Singapore’s equity market. This collaboration will see the implementation of joint initiatives designed to support SGX-listed companies in engaging with the global investor community.

The partnership aims to drive awareness of best practices and amplify key research on SGX-listed companies. This effort aligns with the Monetary Authority of Singapore’s Equities Market Review Group’s objectives to boost investor interest and participation in Singapore’s capital markets.

Bloomberg will enhance the reach of research content produced under the Grant for Equity Market Singapore (GEMS) scheme by making it more accessible on the Bloomberg Terminal. This will provide global investors with a deeper understanding of SGX-listed companies and upcoming initial public offerings.

Additionally, Bloomberg will leverage its expertise in data and technology to develop best-practice frameworks and training opportunities for SGX-listed companies. Focus areas include high-quality datasets, corporate disclosures, and investor relations insights.

The collaboration will culminate in joint outreach efforts, including training sessions and C-suite roundtables, to further elevate the visibility of Singapore capital markets globally. Michael Syn, President of SGX Group, stated, “Our collaboration with Bloomberg advances SGX’s Value Unlock initiative by helping more Singapore-listed companies better articulate their strategy, performance, and long-term potential.”

The Singapore equity market has seen significant growth, with Q1 2026 daily turnover reaching a 19-year high of S$2.1b, supported by increased retail participation. The Straits Times Index also set a new high in February, outperforming regional and global benchmarks with a 95% total return over five years.

The Monetary Authority of Singapore (MAS) has revoked the Major Payment Institution Licence of Bsquared Technology Pte Ltd (BSQ), effective from 14 May 2026. This decision bars BSQ from providing digital payment token services in Singapore under the Payment Services Act 2019.

MAS’s inspection of BSQ in 2025 revealed significant regulatory breaches, including inadequate risk management practices and conflict of interest policies. Additionally, BSQ failed to comply with MAS’s Guidelines on Outsourcing in its dealings with related entities. The company also provided false or misleading information to MAS on several occasions, from its licence application through to the inspection period.

Despite these breaches, BSQ’s licensed activities were limited, and the company has assured MAS that there are no outstanding customer funds or assets. BSQ is required to submit a closure certificate from its auditors, confirming that all customer funds have been properly disbursed and that provisions for unforeseen liabilities are in place.

MAS is currently reviewing the responsibilities of BSQ’s key officers, emphasising that entities failing to meet regulatory standards or providing inaccurate information will face repercussions.

OpenAI has announced a significant partnership with Singapore’s Ministry of Digital Development and Information (MDDI) to launch “OpenAI for Singapore,” a multi-year initiative aimed at enhancing the nation’s AI capabilities. This collaboration, unveiled at the ATxSummit in Singapore, includes the establishment of OpenAI’s first Applied AI Lab outside the United States, marking a commitment of more than $300m.

The partnership focuses on three key areas: the launch of the Applied AI Lab, growing AI talent, and supporting startups and small to medium enterprises (SMEs). The new lab will employ over 200 Forward-Deployed Engineers and technical specialists to address real-world challenges across various sectors, including finance, healthcare, and public services. OpenAI will also introduce a dedicated FDE Bootcamp to train mid-career software engineers in AI deployment.

In addition to talent development, OpenAI aims to broaden AI accessibility through accelerator programmes and workshops, assisting businesses and individuals in integrating AI into their operations. This initiative aligns with Singapore’s National AI Impact Programme and aims to foster a robust AI ecosystem.

Denise Dresser, Chief Revenue Officer at OpenAI, expressed enthusiasm for the partnership, stating, “We’re excited to partner with Singapore as it builds on its position as a global leader in AI.” The collaboration is expected to strengthen Singapore’s position as a hub for AI innovation and create new opportunities for local talent and enterprises.

GXS Bank and Lion Global Investors (LGI) have launched the LionGlobal Dynamic Core Income Fund SGD, a multi-asset fund designed to help retail investors seize opportunities amidst volatile market conditions. The fund is exclusively available through GXS Invest, the digital bank’s investment platform integrated within the GXS Bank app.

The LionGlobal Dynamic Core Income Fund SGD offers a globally diversified portfolio, investing across various asset classes such as equities, bonds, commodities, and cash. This is achieved through a mix of unit trusts and exchange-traded funds (ETFs). LGI, a leading asset manager in Southeast Asia, dynamically manages the fund, allowing adjustments in response to economic developments and geopolitical uncertainties.

The fund’s management is guided by an in-house investment framework that combines data-driven insights with the expertise of LGI’s portfolio managers. This approach ensures timely responses to market changes whilst maintaining alignment with long-term growth objectives.

Jenn Ong, Group Head of Retail at GXS Bank, commented on the initiative, stating, “Investing can be daunting, especially in volatile markets where it can be difficult to identify opportunities without taking the time to research and understand what you are investing in.”

In addition to the new fund, GXS Bank has enhanced its GXS Invest platform with four additional funds, further expanding investment options for its users. This strategic move underscores GXS Bank’s commitment to providing comprehensive investment solutions tailored to the needs of retail investors.

Emirates is set to host recruitment roadshows in Singapore this June, targeting aircraft technicians and licensed aircraft engineers to join its expanding operations in Dubai. The airline, renowned as the world’s largest international carrier, is seeking to bolster its engineering team as it embarks on a significant growth phase, marked by the construction of a US$5.1b engineering facility in Dubai South.

The recruitment events are scheduled for 9-10 June for aircraft technicians and 16-18 June for licensed aircraft engineers. These sessions will offer candidates insights into the roles, salary packages, and benefits, as well as the opportunity to engage with Emirates’ engineers and managers. Interested individuals must register via the Emirates careers website.

Rashed Alfajeer, Emirates’ Country Manager for Singapore and Brunei, highlighted the importance of Singapore’s engineering talent, stating, “Exceptional engineering talent is the engine behind Emirates’ global growth, and Singapore has consistently stood out as home to some of the industry’s finest aviation professionals.”

Emirates’ new engineering facility at Dubai World Central, meanwhile, is expected to be completed by 2027, and will span over 1 million square metres and is designed to support the airline’s fleet into the 2040s. The facility will serve as a hub for commercial aviation engineering services in the Middle East.

Employees relocating to Dubai will benefit from a tax-free salary, profit-sharing, comprehensive insurance, and discounted travel. The initiative underscores Emirates’ commitment to maintaining high maintenance standards and tapping into Asia’s skilled engineering workforce.

Lum Chang Creations has announced the acquisition of new contracts worth approximately S$24.9m, bolstering its order book to around S$144m as of 30 April 2026. The new projects include the Covenant Evangelical Free Church, valued at approximately S$21.7m, and the Baba House at Neil Road, estimated at S$3.2m.

The company’s year-to-date revenue for the third quarter of the financial year 2026 reached S$71.9m, marking an increase of S$18.4m from the first half of the financial year 2026. This growth is supported by a 104% surge in net profit attributable to equity holders during the first half of the financial year 2026.

Lum Chang Creations’ Managing Director, Lim Thiam Hooi, expressed satisfaction with the company’s progress, stating, “The addition of the Covenant Evangelical Free Church and Baba House projects to our order book reflects the enduring trust our clients place in our specialist expertise. With our order book standing at approximately S$144m, we have excellent revenue visibility.”

The company has also been included in the MSCI Global Micro Cap Indexes and has received in-principle approval for a transfer to the SGX-ST Mainboard. These developments position Lum Chang Creations to pursue new growth opportunities and deliver long-term value to shareholders.

With a strengthened order book and strategic advancements, Lum Chang Creations is poised for continued growth and expansion in the coming years.

Franklin Templeton, a global investment leader, and DigiFT, a regulated digital asset exchange, have announced a strategic partnership to advance institutional tokenisation. This collaboration will make the Benji Technology Platform and its tokenisation products accessible to accredited and institutional investors through DigiFT’s platform. DigiFT, holding licences from the Monetary Authority of Singapore (MAS), is authorised to distribute regulated securities tokens to institutional investors in Singapore.

The partnership is built on a shared commitment to institutional tokenisation. Franklin Templeton pioneered the use of public blockchain for mutual fund transactions in 2021, whilst DigiFT has developed a comprehensively regulated platform for institutional tokenised asset distribution in Asia. The collaboration aims to leverage these strengths, with DigiFT serving as a key distributor across the region.

In 2025, the market for tokenised real-world assets on public blockchains surged from approximately $5.5b to $18.6b, highlighting inefficiencies in digital markets. The Benji Technology Platform addresses these by supporting the tokenisation of US government securities, offering continuous yield accrual and near-instant on-chain settlement. This enables various institutional treasury management and payment use cases.

Henry Zhang, Founder and Group CEO of DigiFT, stated, “DigiFT was built with a specific conviction that institutional investors deserve access to the world’s best on-chain financial instruments through a platform that meets the regulatory standard they require.” Chetan Karkhanis, SVP at Franklin Templeton, added, “The partners we choose reflect our long-term commitment towards bringing the benefits of blockchain and tokenisation to the industry.”

This partnership marks the beginning of what both organisations expect to be an expanding and enduring collaboration in the tokenisation space.

Aster Chemicals and Energy has committed US$80m to expand its ethylene export capacity at the Bukom facility in Singapore. The project, which includes the installation of a parallel ethylene chiller system and enhanced export logistics, aims to double the facility’s capacity by 2027. This expansion will also strengthen integration with Aster’s Cilegon operations in Indonesia.

The investment highlights Singapore’s pivotal role in the regional petrochemical value chain, addressing the rising demand for ethylene across Asia. Engineering and construction contracts have been awarded to Toyo Engineering Corporation and UTOC Engineering, chosen for their technical expertise and local execution capabilities.

Mashhad Dohadwala, Aster’s Director for Projects & Technology, stated, “Awarding these contracts moves us firmly into the delivery phase of our vision to build greater ethylene export capacity, stronger supply reliability, and deeper integration across our value chain.” He emphasised the strategic importance of Singapore as a high-capacity export origin within the global energy and chemicals network.

Eiji Sakata of Toyo Engineering expressed commitment to delivering high-quality execution, whilst Kelvin Yeo of UTOC highlighted the opportunity for enhanced collaboration with Aster. Both partners are poised to contribute significantly to the project’s success.

This development not only reinforces Singapore’s status as a strategic petrochemical hub but also promises to enhance the region’s supply chain capabilities, meeting the growing ethylene demand in Asia. Completion of the project is anticipated in 2027, marking a significant milestone in Aster’s expansion strategy.