Industry News

Raffles Medical Group (RMG) has announced a significant five-year commitment of S$5m to enhance healthcare access, education, and community support. This announcement was made during the Group’s 50th Anniversary Dinner, attended by President Tharman Shanmugaratnam and Health Minister Ong Ye Kung.

The commitment will focus on four key areas: increasing healthcare access, supporting education, advancing healthy longevity research, and uplifting vulnerable communities. A notable initiative is a two-year partnership with Children’s Aid Limited to provide specialised care for children and youths at Melrose Home, including therapeutic services and mental wellness workshops.

RMG will also award 50 scholarships over the next five years to students in Singapore and the region pursuing healthcare-related studies. This initiative aims to nurture future healthcare professionals and leaders.

The anniversary celebration also marked the launch of a commemorative book, “Moments that Matter, Fifty Years of Care,” chronicling RMG’s journey from a two-clinic practice in 1976 to a network of four hospitals and over 100 clinics across 12 cities in five countries. The Group recently surpassed 50 million patient visits, reflecting its longstanding trust and service in the healthcare sector.

Looking forward, RMG plans to continue investing in preventive care and community contributions. Executive Chairman and co-founder Dr Loo Choon Yong emphasised the Group’s ongoing mission: “To Our Patients, Our Best.”

ADA, the Data and AI Experience Company, has announced the acquisition of Algonomy, a leader in agentic decisioning for retail. This strategic move aims to enhance ADA’s intelligent growth platform by integrating Algonomy’s AI decisioning technology, thereby bridging the gap from data insights to a fully agentic experience. The acquisition extends ADA’s presence to 34 markets across the Asia-Pacific, the US, the Middle East and North Africa, and Europe.

Algonomy, known for its legacy brands Manthan and RichRelevance, is trusted by over 400 leading global brands for delivering hyper-personalised customer experiences. The integration with ADA will enable a platform that not only understands customer needs but also acts on them. “Every customer signal runs through a data foundation where AI agents drive real-time decisions,” said Srinivas Gattamneni, CEO of ADA. He emphasised that the acquisition brings ADA closer to its vision of creating the world’s most intelligent growth platform.

Atul Jalan, CEO of Algonomy, expressed excitement about the merger, stating, “ADA gives it a far bigger stage, and it comes at the precise moment decisioning stops advising and starts acting.” Post-acquisition, clients will continue to have full access to Algonomy’s products and solutions whilst benefiting from ADA’s broader capabilities.

ADA, headquartered in Singapore and Malaysia, serves 1,500 clients across various sectors, including retail and financial services. Algonomy’s AI-enabled solutions for eCommerce, marketing, and supply chain will further bolster ADA’s offerings, promising enhanced customer value and operational efficiency.

Lincotrade & Associates Holdings Limited has announced the acquisition of new contracts totalling S$112.7m, including a landmark S$70m contract for addition and alteration, and office fit-out works at an educational institution in Singapore. This contract, secured in July 2026, is the largest in the company’s history, surpassing its previous record of S$35m set in January 2023.

The company, specialising in interior fitting-out services, secured S$42.7m in new contracts during the fourth quarter of 2026. These projects, primarily commercial, are expected to be completed over the next two years. The contracts are anticipated to bolster Lincotrade’s order book and enhance revenue visibility, contributing positively to its financial performance.

Jackie Soh Loong Chow, Executive Director and CEO of Lincotrade, expressed confidence in the company’s capabilities, stating, “The steady stream of new project wins reflects the continued confidence that our clients place in the Group’s capabilities, execution track record and ability to deliver complex, high-quality projects.” He highlighted the significance of the S$70m contract as a milestone in expanding the scale and complexity of projects undertaken by the company.

As Lincotrade continues to build on its momentum, the focus remains on delivering projects safely and efficiently, whilst pursuing opportunities aligned with its long-term growth strategy. The company’s commitment to operational excellence and sustainability is evident in its use of environmentally friendly materials and its award of the Singapore Green Label for renewable and sustainable products.

The Singapore Institute of Directors (SID) has unveiled the AI Guide for Boards in Singapore, developed with OpenAI and Microsoft, to assist board directors in managing AI responsibly whilst enhancing business value. Launched during the SID Digital & Tech Forum, the guide aims to equip directors with practical frameworks for AI governance amidst its growing importance in corporate strategy.

The 116-page guide addresses the shift from AI experimentation to execution, emphasising the need for effective scaling and governance to achieve competitive advantage. It highlights that the true value of AI lies in its application using unique organisational data and expertise. According to Gartner, global AI spending is expected to reach $2.52t by 2026, underscoring the urgency for effective AI integration.

Yeoh Oon Jin, Chairman of SID, stated, “AI is no longer a technology issue; it is a board responsibility.” The guide aligns with Singapore’s National AI Strategy 2.0, translating national ambitions into actionable boardroom strategies. It covers topics such as integrating AI into corporate strategy, identifying high-value opportunities, and managing risks.

Andy Brown from OpenAI noted, “AI creates the most value when it becomes part of everyday work.” Chia Wee Luen, Managing Director of Microsoft Singapore, added that successful AI transformation relies on trusted governance and leadership.

The guide’s launch marks a significant step in supporting Singapore’s ambition to be a global hub for trusted AI, providing directors with the tools needed to lead AI transformation confidently.

MetaOptics Ltd and Elsoft Research Berhad have announced a strategic partnership to co-develop and mass-produce next-generation semiconductor optics manufacturing equipment. This collaboration aims to address the growing demand for metalens fabrication and testing equipment, as the metalens market is projected to expand into a multibillion-dollar industry in the coming years.

The partnership will focus on designing, building, and industrialising key fabrication equipment for metalens production, from research and development to high-volume manufacturing. The collaboration combines Elsoft’s expertise in automated test equipment with MetaOptics’ deep knowledge of metalens design and processes. The companies plan to develop three main equipment families: a 12-inch Direct Laser Writer platform, wafer-level automatic metalens testers, and a metalens module assembly and test system.

The 12-inch Direct Laser Writer platform will enable high-volume mass production of metalenses, integrating seamlessly into existing semiconductor processes. The wafer-level testers will characterise metalens performance across various wavelengths, whilst the assembly and test system will automate the production of smartphone camera and AR glasses modules.

MetaOptics is currently in discussions with potential foundry customers in the US, Japan, and Europe for the supply of these key metalens fabrication tools. The partnership is expected to accelerate MetaOptics’ transition to mass production capabilities and extend Elsoft’s precision equipment expertise into the fast-growing metalens market.

Both companies are set to define the technical specifications and commercial terms for the equipment programme, with plans to enter into definitive agreements soon. This collaboration is not anticipated to have a material impact on the financials of either company for the current year.

UOB and JTC Corporation have signed an agreement at the ASEAN Conference 2026 to enhance industry ecosystems in Singapore. The collaboration will see UOB referring companies interested in establishing or expanding in Singapore to JTC, which will connect UOB with existing companies and partners in its estates. This initiative includes FIC Global, Inc, a Taiwan-listed tech firm planning facilities at JTC’s Woodlands North Coast and Woodlands Gateway.

The partnership aims to support companies by providing access to JTC estates, connecting them with ecosystem players, and offering banking solutions, credit facilities, and sustainable financing. UOB, through its UOB FinLab, will deliver programmes to help businesses remain competitive in AI, digitalisation, and sustainability. JTC will facilitate access to facilities for entrepreneurship initiatives and collaborate with UOB FinLab via its Industry Connect platform.

Christine Wong, Assistant CEO of JTC, expressed enthusiasm for the partnership, stating, “We are pleased to partner with UOB to support companies within JTC’s ecosystems, connecting them to enablers, and programmes that can accelerate growth and regional expansion.”

Frederick Chin, Head of Group Wholesale Banking and Markets at UOB, highlighted Singapore’s strategic position, saying, “Through this partnership, UOB can connect our regional and international clients to JTC’s ecosystem and industrial infrastructure, helping them establish a presence in Singapore and build regional operating models that leverage opportunities across ASEAN.”

The agreement underscores Singapore’s role as a hub for future economies, aiming to attract investments and support business growth in the region.

Demand-led rental inflation is significantly influencing Singapore’s Central Business District (CBD) office market, with vacancy rates for Grade A offices dropping to 5.6% in Q2 2026, according to Savills Singapore. This marks the lowest vacancy level since Q3 2022, driven by strong demand for premium office space and limited new developments.

The market’s resilience is evident as average rents rose by 2.8% quarter-on-quarter to a record S$10.42 per square foot, the strongest growth since Q4 2018. Grade AAA offices saw vacancy rates fall to 3.1%, the lowest since Q4 2013, highlighting the demand for high-quality office spaces. This has led to a two-tier leasing market, where premium buildings maintain high occupancy and command higher rents, whilst lower-quality buildings struggle to fill vacancies.

Savills has adjusted its 2026 rental growth forecast for CBD Grade A offices from 3%-5% to 5%, with a further 5%-7% increase projected for 2027. Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted, “Barring a significant deterioration in the political-economic sphere, even a marginal increase in office demand could result in disproportionately strong rental growth given the current supply constraints.”

Leasing activity has been buoyed by expansion demand from sectors such as technology, financial services, and hedge funds. The market also witnessed new entrants in the serviced office sector and expansion among smaller corporate service providers. As companies increasingly adopt five-day return-to-office policies, the pace of office space surrender has slowed, further supporting rental growth.

Seatrium Limited has announced a significant increase in net profit for the first half of 2026, reaching S$373m, a 158% rise compared to the same period last year. This growth, reported for the period ending 30 June 2026, is attributed to improved margins and disciplined execution, with net profit excluding divestment gains rising by 54%.

The company, led by CEO Chris Ong, has focused on structural cost optimisation and strategic project execution to enhance profitability amidst a volatile macroeconomic environment. Ong stated, “Our solid 1H2026 results reinforce the consistent progress we are making towards building a resilient and more profitable Seatrium.”

Seatrium’s net order book stands at S$13.3b, with over 95% comprising Series Build projects, ensuring greater execution certainty and supporting long-term margin expansion. The company is poised to capture more than S$32b in global opportunities over the next 24 months, spanning oil and gas, offshore wind, and conversions.

The Group’s revenue for 1H2026 increased by 4.7% to S$5.6b, supported by steady execution of its order book. Gross margin improved to 8.6%, driven by a higher mix of profitable projects and reduced overheads. Seatrium’s EBITDA, excluding divestment gains, rose 20% to S$479m.

Looking ahead, Seatrium aims to convert pipeline opportunities to grow its order book further, focusing on higher-quality projects and optimising its cost structure. The company expects its FY2026 net profit to be materially higher than FY2025, supported by ongoing margin improvements and strategic divestments.

Great Eastern Holdings Limited has announced robust financial results for the first half of 2026, ending 30 June. The Group’s core insurance business demonstrated significant growth, with a 15% year-on-year increase in Total Weighted New Sales (TWNS) and a 28% rise in New Business Embedded Value (NBEV). This growth was primarily driven by strong demand in Singapore and improved productivity across distribution channels.

The Group’s profit attributable to shareholders saw a remarkable 103% increase  year-on-year in the second quarter of 2026 and 43% increase year-on-year for the first half of 2026, reaching $849.5m. This surge was largely due to higher insurance operating profit and favourable investment performance in the second quarter. Greg Hingston, Group CEO, highlighted the company’s “prudent risk management, a well-diversified business portfolio, and disciplined operational execution” as key factors anchoring their strong fundamentals.

Additionally, Great Eastern’s insurance subsidiaries maintained strong Capital Adequacy Ratios, exceeding regulatory requirements. The Board of Directors declared an interim dividend of 35 pence per share, a 17% increase over the previous year’s final dividend, payable on 28 August 2026.

Founded in 1908, Great Eastern is a leading insurance provider in Singapore and Malaysia, with over S$123b in assets and more than 16 million policyholders. The company continues to expand its reach through various distribution channels, including a tied agency force, bancassurance, and digital partnerships. As a subsidiary of OCBC, Great Eastern benefits from the financial strength and stability of one of Southeast Asia’s largest financial services groups.

Singapore’s Gen Z investors are increasingly looking beyond local borders to build their wealth, according to the HSBC Global Affluent Investor Snapshot 2026. The report highlights that 55% of Gen Z investors in Singapore prefer international investment exposure, a figure that exceeds both the national and global averages for this demographic. Despite this global outlook, confidence in achieving financial objectives has declined, with medium-term confidence dropping from 73% to 48% year-on-year.

The report, which surveyed 9,993 affluent and high-net-worth investors across 10 global markets, including Singapore, reveals that whilst overall investor confidence remains high, significant planning gaps persist. Only 20% of Singapore’s affluent investors currently utilise retirement planning services, and a mere 9% engage in wealth transfer planning, despite these being top financial priorities.

Ashmita Acharya, Head of International Wealth and Premier Banking at HSBC Singapore, commented on the findings: “The findings suggest that Singapore’s affluent investors are well diversified and willing to broaden their horizons for the right opportunities. But whilst overall confidence is high, persistent planning gaps indicate that translating intentions into actionable plans remains a key challenge.”

The report underscores the need for more holistic and integrated wealth planning as portfolios become more complex and internationally connected. This approach is essential to meet specific goals whilst balancing risk across various markets, asset classes, and life stages. As younger investors drive future allocations into growth, digital, and alternative assets, the trend towards global investment exposure is expected to continue.