Industry News

OCBC has entered into a strategic cooperation agreement with ZGC International, a Beijing state-owned enterprise, to aid the expansion of high-growth Chinese technology companies into the ASEAN region. This partnership aligns with OCBC’s corporate strategy, The Next Frontier, which focuses on capturing ASEAN-Greater China trade and investment flows.

The collaboration will leverage ZGC’s extensive network of technology parks and innovation clusters across key Chinese cities, including Beijing, Tianjin, and Guangzhou. This network, comprising over 14,000 technology companies, will provide OCBC with direct access to high-growth Chinese firms planning to expand into ASEAN. The sectors identified for strong cross-border opportunities include artificial intelligence, life sciences, software services, and advanced manufacturing.

Both OCBC and ZGC have committed to facilitating regular engagements, including joint events, technology park visits, and business matchmaking sessions. An event at the ZGC Beijing Software Park in June 2026 saw OCBC engage with 25 attendees from AI and advanced manufacturing companies, indicating the momentum already building from this partnership.

The agreement was signed at OCBC Centre on 31 July 2026 by Lu Peng, Deputy General Manager of ZGC International, and Elaine Heng, Head of Global Commercial Banking at OCBC. Representatives from the Singapore Economic Development Board and other strategic partners were present, underscoring the significance of this collaboration in supporting Chinese corporates’ internationalisation efforts across ASEAN.

Singlife and foodpanda have joined forces to introduce RiderCare, a new initiative providing affordable outpatient healthcare services to foodpanda’s delivery partners in Singapore. This collaboration, announced on 1 August 2026, aims to enhance the wellbeing of gig economy workers by offering them access to a comprehensive range of medical services.

The RiderCare programme is available to all active foodpanda delivery partners at no enrolment cost. Supported by Singlife’s medical panel partner, HMI Managed Healthcare, the programme grants access to over 1,000 clinics offering primary care, specialist services, and preventive health measures. Delivery partners can benefit from services such as GP consultations, dental care, physiotherapy, and health screenings at preferred rates.

Akhil Doegar, Group Head of Distribution at Singlife, expressed pride in being the first insurer to partner with foodpanda to provide such extensive healthcare offerings. “Many gig workers do not have access to traditional employment benefits, and medical expenses can place a significant strain on their financial wellbeing,” he stated.

Foodpanda’s Director of Logistics, Ervin Lim, highlighted the importance of the initiative, noting that delivery partners are crucial to the company’s operations. “This partnership with Singlife expands coverage for our delivery partners and their families, reinforcing our commitment to a supportive ecosystem,” Lim said.

The RiderCare programme also includes access to mental wellness resources and curated rewards via the Singlife app. Looking forward, Singlife and foodpanda plan to explore further support options for delivery partners, focusing on enhancing access to protection solutions and reinforcing their commitment to the wellbeing and financial security of riders.

The services sector in Singapore is forecasting a more favourable business environment for the period of July to December 2026, according to the latest Business Expectations Survey conducted by the Singapore Department of Statistics. A net weighted balance of 13% of firms expressed optimism, with 19% anticipating better conditions and only 6% expecting a downturn.

All industries within the services sector are projecting a positive outlook. The Accommodation industry is particularly optimistic, buoyed by major events such as Formula 1 and concerts, which are expected to increase visitor numbers and hotel occupancy rates. Similarly, the Wholesale Trade industry foresees growth, driven by the adoption of Artificial Intelligence (AI) technologies, which is expected to boost demand for AI-optimised products.

The Recreation, Community, and Personal Services industry is also upbeat, with firms in education and health services citing new pre-school openings and a rise in demand for AI-related courses as key factors. The Administrative and Support Services industry anticipates increased demand for security services due to upcoming major events.

In terms of operating revenue, a net weighted balance of 14% of firms expect improvements from July to September 2026. The employment outlook is also positive, with a net weighted balance of 10% of firms planning to increase hiring during the same period. The Accommodation industry, in particular, expects higher spending from tourists, whilst the Wholesale Trade industry anticipates revenue growth from global demand for AI products.

The Straits Times Index (STI) recorded an impressive 8.8% rally in July, reaching 5,628.50 and setting an all-time high of 5,713.19 on 29 July. This surge represents the strongest monthly gain since November 2020, driven by robust demand in AI-related sectors, infrastructure investments, and resilient services. The STI’s total return for the first seven months of 2026 stands at 24.0%.

Banks within the STI averaged gains of 13.3% in July, with investors eagerly awaiting the 1HFY26 results due on 6-7 August. These results will reveal whether record non-interest income and loan growth have continued to offset the impact of lower interest rates. Since the end of 2019, the weightings of these banks in the MSCI AC ASEAN Index and FTSE ST ASEAN Index have more than doubled.

July’s market dynamics saw a shift from semiconductor-related stocks, which experienced profit-taking, to banks, REITs, property, and transport-related stocks emerging as top performers. Singapore’s market benefited from its heavier weighting in financial, industrial, and transport stocks, outperforming several North Asian markets.

Financial services dominated the list of top performers in July, with Great Eastern Holdings, Pan-United, and OCBC leading the charge. Great Eastern reported strong 1H26 results, showcasing double-digit growth in new business sales and earnings.

As Singapore enters the second half of 2026, economists forecast GDP growth of around 3.5% for the year, with a slight moderation expected in 2027. The upcoming financial results will be crucial in determining whether institutional investors continue their recent portfolio rebalancing or shift focus back to sectors that led earlier gains in 2026.

TikTok Shop Singapore has unveiled a series of initiatives aimed at enhancing the country’s discovery commerce ecosystem, as announced at its inaugural TikTok Shop Singapore Summit on 30 July 2026. The platform plans to support and train at least 1,000 local sellers by the end of 2027 and over 3,000 creators by the end of 2026. These initiatives focus on equipping participants with skills in LIVE selling, affiliate marketing, and short-form content creation.

The summit, attended by Alvin Tan, Minister of State for the Ministry of Foreign Affairs and Ministry of National Development, highlighted the importance of investing in skills and partnerships to bolster Singapore’s e-commerce landscape. Tan emphasised the need for such initiatives to keep pace with the rapidly evolving market.

TikTok Shop Singapore has reported significant growth, with a 1.7x year-on-year increase in gross merchandise value and a 1.6x rise in monthly buyers over the past year. This growth aligns with projections that Singapore’s e-commerce market will expand from US$5.57b in 2025 to US$10.33b by 2031.

Leon Koh, Fashion Cluster Lead and Head of Seller Management at TikTok Shop Singapore, shared insights on how discovery commerce is transforming business-consumer interactions and unlocking new growth opportunities. The initiatives reflect TikTok Shop’s ongoing commitment to empowering local sellers and creators, ensuring they are well-equipped to thrive in the competitive e-commerce environment.

As TikTok Shop continues to invest in Singapore’s digital commerce landscape, the initiatives are expected to play a crucial role in shaping the future of online retail in the region.

Singapore’s job market experienced a significant boost in July 2026, with job postings rising by 22.6% across all 12 industries, according to Workopia’s latest Labour Market Report. This increase marks a broad-based rise in hiring demand, with no single sector driving the surge.

The Jobs Index for Singapore closed July at 159, reflecting a steady climb throughout the month. Notably, all industries grew within a narrow range of 17% to 21%, highlighting an unusually even distribution of job growth. The report emphasises that this rise is not attributed to any specific sector or occupation, with administrative assistants being the largest contributor at just 19% of the top ten roles.

Despite the increase in job postings, median advertised pay remained stable at S$45,600, although the volume of postings disclosing pay rose by 22%. This suggests a consistent demand for roles across various levels of seniority without significant shifts in salary expectations.

The report also notes that Singapore’s labour market remains tight, with employment growing by 10,700 in Q2 2026. Resignations are at a record low of 1.0%, whilst retrenchments have reached a five-year high, indicating selective restructuring within the market.

Looking ahead, Workopia has identified three potential explanations for this even rise in job postings, which will be further examined in September. The findings provide valuable insights into the dynamics of Singapore’s labour market, offering a comprehensive view of the current employment landscape.

GDS Global Limited has announced a significant contract to supply its proprietary Blast-Mitigating Shutters to a major oil and gas facility in Qatar. This marks the first deployment of these shutters in the Middle East, aligning with GDS’s strategy to expand its premium shutter range internationally. The contract, expected to be fulfilled by September 2026, highlights the increasing global demand for specialised defence solutions amidst rising geopolitical tensions.

The innovative shutters, designed to absorb and dissipate blast energy, aim to minimise risks associated with vapour cloud explosions in industrial settings. Successfully tested in Texas, US, these shutters are engineered to reduce hazardous debris generation, enhancing safety in critical infrastructure.

Non-Executive Non-Independent Chairman Tang Hee Sung stated, “Securing this overseas supply contract in Qatar for our proprietary Blast-Mitigating Shutter marks another significant milestone in our international expansion, and further strengthens the Group’s presence in the Middle East.”

GDS Global, headquartered in Singapore, is renowned for its expertise in commercial and industrial door solutions. The company plans to leverage its global distributor network to expand its market reach and revenue base, capitalising on the growing need for advanced defence and safety solutions worldwide.

Bukit Canberra has introduced five themed gardens, designed to bring nature closer to the community. The gardens, developed by the National Parks Board, are part of a broader initiative to integrate natural spaces within urban environments, offering residents a unique opportunity to engage with diverse plant life.

The themed gardens, each with its distinct focus, are strategically located within Bukit Canberra to maximise accessibility and enjoyment for visitors. These gardens not only provide a serene escape from the bustling city life but also serve as educational platforms where visitors can learn about different plant species and sustainable gardening practices.

The National Parks Board emphasised the importance of these gardens in fostering a deeper connection between the community and the natural environment. A spokesperson stated, “The themed gardens are designed to inspire and educate visitors about the rich biodiversity that can thrive in urban settings.”

The opening of these gardens is expected to attract both local residents and tourists, contributing to the area’s vibrancy and community spirit. By offering a space for relaxation and learning, the gardens aim to promote well-being and environmental awareness among visitors.

As Bukit Canberra continues to develop as a hub for community activities, the themed gardens are set to play a pivotal role in enhancing the quality of life for those in the vicinity. Future plans may include additional features to further enrich the visitor experience.

Singapore and Brazil have officially strengthened their economic relationship with the Mercosur-Singapore Free Trade Agreement (FTA) coming into force. This agreement, effective immediately, aims to bolster trade and investment between Singapore and the Mercosur bloc, which includes Brazil, Argentina, Paraguay, and Uruguay. The FTA is expected to provide Singaporean businesses with greater access to the South American market, facilitating smoother trade operations and reducing tariffs.

The Mercosur-Singapore FTA is a significant milestone in Singapore’s trade strategy, as it marks the first agreement with the Mercosur bloc. This development is anticipated to enhance Singapore’s position as a key trading partner in South America, offering new opportunities for businesses in sectors such as technology, manufacturing, and services.

The agreement is designed to eliminate tariffs on a wide range of goods, making it easier for Singaporean companies to export to Mercosur countries. It also includes provisions for the protection of intellectual property rights and the promotion of sustainable development, aligning with Singapore’s commitment to fostering a robust and responsible trade environment.

Singapore’s Ministry of Trade and Industry highlighted the importance of this agreement, stating that it “will open up new avenues for Singaporean businesses to expand their footprint in South America.” The FTA is expected to boost bilateral trade and investment flows, contributing to economic growth and job creation in both regions. Close to 200 Singapore companies are operating across Mercosur markets, and Singapore’s total trade in goods with the four Mercosur member states represented over 30% of Singapore’s total trade with Latin America in 2025.

As the Mercosur-Singapore FTA takes effect, businesses in Singapore are encouraged to explore the new opportunities it presents, potentially leading to increased economic collaboration and mutual benefits for both Singapore and the Mercosur countries.

FIC Global Inc (FICG), a Taiwan-listed technology group, has announced strategic partnerships with AME Elite Consortium Berhad (AME) and Jurong Town Corporation (JTC) to bolster its presence in the ASEAN region. The collaborations, formalised at the ASEAN Conference 2026 in Singapore, aim to integrate advanced manufacturing capabilities in Johor with innovation and supply chain management functions in Singapore.

The partnerships establish the Johor-Singapore Special Economic Zone (JSSEZ) Twinning Strategy, which seeks to combine Malaysia’s manufacturing ecosystem with Singapore’s strengths in innovation and global connectivity. This initiative is part of FICG’s long-term vision to develop a cross-border operating model, enhancing its capabilities across various sectors, including AI, data centres, and semiconductors.

FICG’s subsidiary, PRO3C, will expand its manufacturing capabilities in Johor, supported by AME’s expertise in industrial park development. Concurrently, FICG plans to establish a Regional Innovation and Supply Chain Centre in Singapore, in collaboration with JTC, to deepen cross-border integration and enhance customer responsiveness.

Leo Chien, Chairman of FICG, stated, “By combining Malaysia’s manufacturing strengths with Singapore’s capabilities in innovation, talent, and supply chain management, we are building a more resilient cross-border platform to serve our global customers.”

The initiative is further supported by UOB, whose regional banking capabilities will facilitate investment and business connectivity. FICG’s new manufacturing campus in Johor began operations in late 2025, with a grand opening scheduled for October 2026, marking a significant milestone in the group’s regional development.