Industry News

Singapore’s job market continues to show resilience, even as job postings experienced a 4.5% decline in February, marking the lowest level since March 2021. Despite this drop, postings are still 32% above pre-pandemic levels, highlighting the ongoing strength of the labour market. The unemployment rate remains low at 2%, underscoring the tightness of the market.

Indeed’s Hiring Lab report reveals that 92% of occupations have job postings above their pre-pandemic baseline, with significant demand in sectors such as pharmacy, sports, hospitality and tourism, and real estate. These sectors have seen postings more than double compared to pre-pandemic levels. Conversely, childcare, beauty and wellness, driving, and media and communications have seen declines.

The report also notes mixed growth across occupational categories over the past three months. IT infrastructure, operations and support, arts and entertainment, and software development have seen notable increases, particularly in roles with high exposure to AI transformation. However, declines were observed in childcare, dental, and civil physicians and surgeons.

Remote work opportunities have remained steady, with 8.6% of job postings in February mentioning remote work options. IT systems and solutions, sales, and media and communications lead in remote opportunities. Changes in remote work availability reflect shifting employer attitudes and efforts to attract candidates.

As Singapore faces economic challenges, including inflation and geopolitical uncertainties, job opportunities are expected to moderate throughout 2026. Nonetheless, the country’s strong economic growth last year positions it to weather these challenges effectively.

Singapore’s retail sector experienced a mixed start to 2026, with sales showing a 3.5% year-on-year growth in January and February, according to a report by UOB Global Economics and Markets Research. This improvement was underpinned by a resilient labour market, with a higher job vacancies-to-seekers ratio and stable redundancy levels in the fourth quarter of 2025.

However, the report highlights a seasonally adjusted 4.1% month-on-month decline in February, following a 6.0% increase in January. This drop is attributed to front-loaded purchases ahead of the Lunar New Year. Nine out of 14 retail subcategories, including wearing apparel, footwear, and supermarkets, saw declines.

Looking ahead, the outlook for retail sales in Singapore is clouded by several challenges. The ongoing US/Israel-Iran conflict is expected to dampen consumer sentiment, whilst uncertainty over supply chain disruptions and rising energy prices could lead to broader inflationary pressures. These factors may also affect hiring sentiment, potentially impacting consumer spending.

Additionally, the sharp rise in jet fuel costs, now exceeding US$200 per barrel, has led to increased airfares, which could deter tourist arrivals. Despite these challenges, there is a potential silver lining as reduced outbound travel by residents might boost domestic spending.

The report suggests that whilst early 2026 showed promise, the remainder of the year could see retail sales facing significant headwinds due to these external pressures.

The Singapore Business Federation (SBF) and the National Climate Change Secretariat (NCCS) have unveiled the Council for a Competitive Climate Transition (C3T) to bolster business competitiveness amid climate challenges. Announced at the SBF Post-COP30 Dialogue on 6 April 2026, the council will unite government, industry leaders, and partners to support businesses in navigating the low-carbon transition.

C3T will focus on three main areas: climate risk management, sustainable business practices, and ecosystem coordination. By addressing climate risks such as extreme weather, the council aims to enhance operational resilience. It will also develop sector-specific transition pathways and solutions like climate disclosure and sustainable financing. The initiative aligns with Singapore’s National Adaptation Plan, aiming to provide coordinated support for businesses.

Ravi Menon, Singapore’s Ambassador for Climate Action, emphasised the need for “coordinated and sustained action” to capture green growth opportunities. Whilst, SBF CEO Kok Ping Soon highlighted the importance of adaptation for competitiveness, noting that disruptions from climate impacts will increasingly affect operations and investments.

The dialogue, themed “Navigating Climate and Business in 2026,” attracted over 500 participants, including business leaders and sustainability professionals. It featured discussions on climate adaptation and finance, alongside the signing of a memorandum of understanding between SBF and Maybank Singapore to support regional growth and climate transition.

As Singapore designates 2026 as the Year of Climate Adaptation, C3T is poised to play a crucial role in helping businesses prepare for a carbon-constrained future, translating climate commitments into practical outcomes.

Mastercard has announced the successful rollout of its first wave of authenticated agentic transactions across ASEAN, marking a significant step in its AI strategy. This initiative, conducted in collaboration with UOB, aims to enhance secure, AI-initiated payments across the region. Mastercard is also set to establish a new AI Centre of Excellence in Singapore later this year, further cementing its commitment to innovation and governance in AI-powered commerce.

The initial pilots in Singapore and Malaysia demonstrate the region’s readiness for AI agents that enable secure transactions. Mastercard’s collaboration with UOB leveraged the bank’s extensive network, ensuring scalability across diverse markets. “The first wave of authenticated agentic transactions across ASEAN shows how quickly the region is embracing secure, AI-enabled commerce,” said Safdar Khan, Division President, Southeast Asia, Mastercard.

Mastercard’s Agent Pay framework, which includes tokenisation and verifiable intent, ensures that AI-initiated transactions are secure and trustworthy. This framework was co-developed with Google to create a tamper-resistant record of user authorisation, providing a shared source of truth for consumers, merchants, and issuers.

The upcoming AI Centre of Excellence in Singapore will combine Mastercard’s innovation hub, cybersecurity capabilities, and AI expertise. This centre will be the largest innovation space in Asia Pacific, focusing on advancing AI across the region. “Trust is the currency of the AI economy,” Khan noted, emphasising the importance of data in transforming payments into seamless experiences.

Mastercard’s efforts are supported by a global network of over 2,000 data scientists and engineers, reinforcing its long-standing use of AI in fraud detection and risk management. The new centre aims to build a foundation for secure, interoperable, and inclusive AI-initiated payments across Southeast Asia.

Retail sales in Singapore experienced a notable increase of 8.3% in February 2026 compared to the same month last year, according to the latest Retail Sales Index. This surge is attributed in part to the timing of Chinese New Year, which fell in February this year, as opposed to January in 2025. Excluding motor vehicles, parts, and accessories, retail sales saw an even more significant rise of 11.2%.

The total retail sales value for February was estimated at $4.2b, with online sales accounting for 14.1% of this figure. Notably, the Computer and Telecommunications Equipment sector saw 56.3% of its sales conducted online, highlighting the growing trend towards digital purchases.

In the Food and Beverage (F&B) sector, sales increased by 5.5% year-on-year, reversing a 3.2% decline in January. The total sales value for F&B services in February was estimated at $1.6 billion, with online sales making up 20.3% of this total. The rise in F&B sales was also influenced by the Chinese New Year period.

Within the retail sector, supermarkets and hypermarkets recorded a remarkable 29.3% year-on-year growth in sales, whilst the Recreational Goods and Department Stores sectors saw increases of 26% and 16.8%, respectively. Conversely, the Petrol Service Stations and Motor Vehicles, Parts, and Accessories sectors experienced declines of 9.8% and 7.8%.

Looking ahead, the performance of these sectors will be closely monitored as businesses adapt to changing consumer behaviours and economic conditions.

MyRepublic has unveiled MyRepublic Email Guard, a managed email security solution designed to shield Singapore’s small and medium-sized enterprises (SMEs) from phishing, malware, and other email-borne cyber threats. This initiative is part of MyRepublic’s broader mission to bolster the cybersecurity of SMEs, which constitute 99% of all enterprises in Singapore and employ nearly 70% of the local workforce.

The new service leverages Check Point’s advanced email threat protection technology to detect and block malicious emails before they reach users’ inboxes. It supports popular email platforms like Microsoft 365 and Google Workspace, providing an additional layer of security for businesses. Lawrence Chan, Managing Director and Chief AI Officer at MyRepublic, emphasised the importance of this protection, stating, “Protecting them from cyber threats is not just a business imperative. It is a national one.”

MyRepublic Email Guard is tailored to be affordable and easy to adopt, with local support to ensure SMEs can access enterprise-grade cybersecurity. Imran Nazi, Head of ICT at MyRepublic, highlighted the service’s significance, saying, “We want every SME in Singapore to have access to the same level of protection that large enterprises take for granted.”

The launch aligns with national efforts to enhance digital security across all business segments, aiming to equip SMEs with the necessary tools to defend themselves. MyRepublic Email Guard is now available for businesses in Singapore, marking a significant step in the company’s commitment to building a more cyber-resilient nation.

Singapore’s real estate investment market experienced a robust start to 2026, with sales reaching a record S$15.4b in the first quarter, according to Knight Frank Singapore. This marks a 10% increase quarter-on-quarter and a staggering 166.5% rise year-on-year. The surge was driven by a low-interest rate environment and strategic portfolio repositioning by investors.

The commercial sector led the charge with S$6.3b in transactions, despite a 17.2% decline from the previous quarter. Noteworthy deals included the sale of 78 Shenton Way and the divestment of Bukit Panjang Plaza. The residential sector saw a slight dip, with sales totalling S$4.4b, whilst the industrial sector witnessed a significant uptick, reaching S$3.1b.

Galven Tan, CEO of Knight Frank Singapore, highlighted the potential for vendors to gain a first-mover advantage by offering assets with favourable attributes. “Amid finite capital and rapidly shifting global conditions, vendors who can offer assets with favourable attributes to the market in a timely manner, can potentially gain first mover advantage and tap into available funds that need to be deployed before these are committed elsewhere,” he stated.

Outbound investment from Singapore also rose, increasing by 7.8% to S$10.3b, as investors sought diversification and stability. However, the ongoing conflict in the Middle East may introduce uncertainties, potentially affecting future investment activities.

Looking ahead, Knight Frank maintains its full-year investment sales forecast at approximately S$30b, despite geopolitical tensions. The current environment may encourage increased activity in mid-sized transactions, supported by favourable interest rates.

HDB resale prices in Singapore experienced a minor decline of 0.1% in March 2026, according to the latest report by 99.co and SRX. Despite this dip, transaction volumes rebounded with a 22.9% increase from February 2026, totalling 2,053 flats sold. This marks a 7.4% rise compared to the same period last year.

The report highlights that prices in Mature Estates rose by 0.3%, whilst Non-Mature Estates saw a 0.2% increase. By room type, 3-room, 5-room, and Executive flats saw price increases of 0.4%, 1.1%, and 1.8%, respectively. However, 4-room flats experienced a 0.7% decrease in prices. Year-on-year, overall prices have grown by 1.4%, with Executive flats leading the increase at 3.9%.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted the resilience in the market, stating, “The increase in transaction volumes is a positive sign, indicating a rebound in buyer activity.”

The month also saw 145 flats transacted for at least S$1m, up from 122 in February. These high-value transactions accounted for 7.1% of the total resale volume. The highest recorded sale was a 5-room flat at Tiong Bahru View, fetching S$1.648m.

Looking ahead, the continued interest in million-dollar flats and the steady price growth in certain segments suggest a robust market, despite the slight overall price dip. The data underscores the dynamic nature of Singapore’s HDB resale market, with potential implications for future pricing trends and buyer behaviour.

Western Union has successfully acquired Dash, Singtel’s Singapore-based digital wallet, marking its first wallet in the Asia-Pacific region. This strategic move, completed after receiving all necessary regulatory approvals, aims to enhance Western Union’s global network by integrating Dash’s services, which cater to over 1.4 million users.

Dash, launched in 2014, is a comprehensive mobile wallet that allows users to pay bills, send money internationally, and manage financial services such as savings and insurance. The acquisition aligns with Western Union’s Beyond strategy, which focuses on building a more connected global network for financial transactions across more than 200 countries and territories.

Vince Tallent, Head of Asia-Pacific for Western Union, expressed enthusiasm about the acquisition, stating, “We are delighted to officially welcome Dash’s employees and customers to Western Union’s global family.” He highlighted the synergy between Dash’s local innovation and Western Union’s expansive digital platform, aiming to provide more seamless and reliable financial services.

Gilbert Chuah, Head of Financial & Lifestyle Services at Singtel, commented on the transition, noting Dash’s role in Singtel’s digital journey. He expressed confidence that the partnership with Western Union would unlock greater value for customers by leveraging Dash’s strong local foundation and Western Union’s global scale.

This acquisition signifies a significant milestone for Western Union as it continues to expand its digital financial services, aiming to offer more accessible and integrated solutions to its customers worldwide.

Singapore has emerged as the only Asian city in the top 10 of the Savills Material Reuse Maturity Index, ranking 10th globally. This index evaluates major office markets worldwide based on recovery and reuse rates, the presence of companies and facilitators, and supportive local regulations. The city outperformed Tokyo, which ranked 15th, reflecting Singapore’s commitment to sustainable infrastructure, with a target for 80% of its buildings to meet sustainability standards by 2030.

Robinson Point, a building originally completed in 1997, is undergoing an asset enhancement initiative to meet Grade A office standards, incorporating green features and enhancing natural light. This project highlights the growing trend among building owners to align with decarbonisation goals and meet the increasing demand for high environmental performance from occupiers.

Vincent Lau, Executive Director of Project Management at Savills Singapore, noted, “At a time when cost discipline and sustainability are both front-of-mind, material reuse is becoming a strategic lever rather than a niche initiative.”

Globally, London, Amsterdam, and Paris lead the index, showcasing advancements in circular material reuse to reduce the embodied carbon of office redevelopments. Despite the high costs associated with deep retrofits or full redevelopments, these projects can yield significant rental increases, as seen in Madrid and New York.

Sarah Brooks, Associate Director at Savills World Research, explained that building owners must weigh factors such as capital expenditure and potential rental increases when considering retrofits versus redevelopments. Joanna Conceicao, Director at Savills Earth, added that office owners face significant challenges to comply with evolving energy performance standards, emphasising the importance of retrofitting in reducing whole-life carbon emissions.