Industry News

Proofpoint, a leader in cybersecurity, has unveiled its 2026 AI-Era Ransomware Report, highlighting that artificial intelligence is significantly enhancing the effectiveness of ransomware attacks. The study, which surveyed cybersecurity professionals across 12 countries, including Singapore, found that 68% of affected organisations in Singapore reported AI increased the effectiveness of these attacks.

The report reveals that AI is transforming ransomware from a simple encryption event into a complex, human-centric extortion campaign. In Singapore, 45% of respondents noted that employees did not suspect the attack due to its authenticity, whilst 48% attributed the incident to user interaction with malicious content. Email-based social engineering remains the primary entry point, with phishing emails accounting for 28% of initial attacks, followed by malicious links (53%) and attachments (38%).

A concerning trend is that 75% of Singaporean victims had sensitive data stolen, and half of the affected organisations paid a ransom. Alarmingly, 45% of those who paid faced a second extortion demand. “AI hasn’t fundamentally changed ransomware, but it has materially improved the attacks that lead to ransomware,” said Ryan Kalember, Chief Strategy Officer at Proofpoint.

The findings underscore the need for organisations to shift from treating ransomware as a mere malware problem to focusing on protecting people, identities, and trusted communications. As AI continues to make phishing and impersonation more convincing, proactive defence against these human-centric threats is crucial.

The Civil Aviation Authority of Singapore (CAAS) has awarded Thales a significant contract to develop the NexGen Air Traffic Management System (ATMS) and air traffic control radars, aiming to manage up to one million aircraft movements annually by 2030. This initiative is part of Singapore’s strategy to accommodate future air traffic growth with enhanced safety and efficiency.

The NexGen ATMS, powered by advanced artificial intelligence and cybersecurity technologies, will replace the existing LORADS III system. At its core is Thales’ TopSky – ATC One, which provides air traffic controllers with real-time decision-support tools and a user-friendly interface. The system’s AI-based TopSky – Sequencer optimises aircraft arrival and departure flows, reducing delays, fuel consumption, and carbon emissions.

Thales will also deploy two next-generation air traffic control radars, ensuring 24/7 aircraft detection capabilities, even in adverse weather conditions. This integration will enhance situational awareness, providing controllers with accurate and reliable data.

Pascale Sourisse, Senior Executive Vice-President of International Development at Thales, stated, “We are honoured to continue our long-standing partnership with CAAS on such an ambitious programme for Singapore. NexGen ATMS represents a new chapter in Singapore’s air traffic management.”

The project includes knowledge transfer initiatives, with CAAS officers joining the project office in France and other localisation efforts in Singapore. This development underscores Singapore’s commitment to investing in critical aviation infrastructure and Thales’ role in supporting future-ready air traffic management.

The Maritime and Port Authority of Singapore (MPA) has announced the issuance of eight new licences to supply liquefied natural gas (LNG) as a marine fuel, effective from 1 September 2026. This move aims to expand Singapore’s LNG bunkering capacity and support its development as a multi-fuel bunkering hub.

The licences have been awarded to Aramco Trading Singapore, Equatorial Marine Fuel Management Services, ExxonMobil Asia Pacific, PetroChina International (Singapore), Shell Eastern Trading, Sinopec Fuel Oil (Singapore), TotalEnergies Gas & Power Asia (TEGPA)-Sembcorp Fuels (Singapore) Joint Venture, and Vitol Bunkers (S). These companies were selected based on their supply capabilities, commercial plans, operational experience, and safety standards.

The evaluation process also considered the applicants’ ability to monitor and mitigate methane slip and support the supply of methane-based alternatives with lower greenhouse gas emissions, such as liquefied bio-methane and e-methane. The licences will be valid for five years, until 31 August 2031, provided the licensees continue to meet the relevant conditions.

In conjunction with the new licences, MPA and Enterprise Singapore will upgrade the existing Technical Reference for LNG Bunkering (TR56) into a Singapore Standard (SS) in August 2026. This upgrade aims to enhance safety requirements, bunkering procedures, and crew competencies, reinforcing Singapore’s position as a trusted bunkering hub.

The Maritime and Port Authority of Singapore (MPA) has successfully installed a solar energy generation system at Marina South Pier (MSP), marking a significant milestone in its sustainability efforts. This development coincides with the 20th anniversary of MSP, which has served as Singapore’s primary passenger ferry terminal since 2006.

The solarisation project involves the installation of 1,092 solar photovoltaic panels across approximately 3,200 square metres of rooftop and canopy space. This system is capable of generating up to 780,000 kWh of electricity annually, equivalent to the yearly consumption of about 180 four-room HDB flats. It is expected to meet a substantial portion of MSP’s electricity needs and support the charging requirements of electric harbour craft.

This initiative is part of MPA’s broader strategy to expand renewable energy use across its facilities. In addition to the solarisation of MSP, MPA is working on replacing diesel generators on Pulau Satumu, aiming for the island to be fully powered by renewable electricity by the end of 2027.

The project supports the GreenGov.SG sustainability movement, contributing to the reduction of greenhouse gas emissions from MPA’s shore-based operations. As MPA continues to champion maritime digitalisation and decarbonisation, this solarisation project represents a significant step towards a more sustainable future for Singapore’s maritime sector.

The Competition and Consumer Commission of Singapore (CCS) has successfully secured a commitment from DNA Brands Co Pte Ltd to refund up to $1m to consumers affected by unfair sales practices at its beauty and wellness outlets. This decision follows an investigation revealing that since 2023, staff at DNA Brands used pressure tactics to coerce consumers into unintended purchases.

DNA Brands, which operates under names such as The Mineral Boutique, Beautique, and Allura, was found to have staff who applied facial masks post-treatment to keep consumers in treatment rooms for sales pitches. Additionally, staff enquired about consumers’ credit cards under the guise of promotions, and in some cases, pressured elderly consumers to use their CPF savings for purchases.

Although DNA Brands’ directors were not found to have directed these practices, the company has taken steps to address the issue. Staff involved have been dismissed or suspended, and DNA Brands has committed to ceasing unfair practices and implementing stronger compliance measures. A 14-day refund policy will now be prominently displayed at all outlets.

The refund scheme, administered by the Consumers Association of Singapore (CASE), is available to consumers who experienced undue pressure at DNA Brands outlets from 1 January 2023 onwards. Eligible consumers can contact CASE to submit claims, with refunds varying based on individual circumstances.

Alvin Koh, Chief Executive of CCS, stated, “Consumers should never be made to feel trapped or pressured into spending money they did not intend to part with.” CCS will continue to monitor the situation and enforce actions against any future unfair practices.

Temus, a Singapore-based AI and digital transformation firm established by Temasek, has announced a strategic acquisition of Thinking Machines Data Science, a Philippines-headquartered company. This partnership aims to scale enterprise AI across Southeast Asia by combining Temus’ transformation delivery infrastructure with Thinking Machines’ decade-long expertise in building data platforms and deploying AI systems.

Thinking Machines, recognised as OpenAI’s first official Services Partner in the Asia Pacific, will continue to operate under its own brand. Founder Stephanie Sy will join the Temus leadership team, co-leading the Applied AI and Data team alongside Sutowo Wong. Sy expressed enthusiasm about the collaboration, stating, “Joining the Temus group means we can pursue our ambition at a scale we could not have reached alone.”

Founded in Manila in 2015, Thinking Machines has trained over 10,000 professionals and co-developed hundreds of AI systems across various sectors, including financial services and retail. The company operates offices in Manila, Singapore, and Bangkok. Its recent recognition as an OpenAI advanced partner highlights its capability in deploying production-grade AI systems.

Temus, with a workforce of 500, provides comprehensive AI transformation services, aligning with Singapore’s Smart Nation and National AI Strategy. The acquisition will enable both firms to accelerate AI deployment from pilot to production across the region, offering expanded capabilities without disrupting existing engagements.

Sng Ren Yeong, CEO of Temus, emphasised the strategic fit, stating, “This investment connects two parts of the system that need to work as one—how AI is built and how it is made to operate at scale.” The collaboration is set to enhance AI impact across Southeast Asia, benefiting clients with a deeper range of AI and data solutions.

STAMPEDE, a Singapore-based loyalty platform, has launched an initiative to support local food and beverage (F&B) operators by creating over 11,000 free business pages. These pages allow hawkers, cafés, and restaurants to establish digital loyalty and referral programmes without upfront costs, enabling them to benefit from artificial intelligence (AI) without needing specialised skills or teams.

The initiative comes as Singapore invests over S$1b in AI research and talent development from 2025 to 2030. With the F&B sector facing significant challenges—2,431 retail food establishments closed between January and October 2025—STAMPEDE’s offering provides a digital lifeline. Business owners can claim their pages, set up branded loyalty programmes, and decide on paid plans after evaluating the system.

Wilson Komala, STAMPEDE’s founder, emphasised the importance of technology working seamlessly in the background, stating, “A hawker or café owner shouldn’t need to become an AI expert to benefit from it.”

Customers can join loyalty programmes by scanning a QR code, whilst staff can manage stamps using a phone camera. The platform integrates digital stamp cards, referral rewards, and AI-driven retention campaigns, with weekly reports guiding businesses on customer engagement.

Early adopters like OMMA Chicken Soup and CHA MULAN have seen significant results, gaining over 14,000 loyalty members and 1,200 referrals. LICKERS, a neighbourhood ice cream brand, praised the system’s ease of use, whilst Shang Cha noted a 30% drop in returning customers when automated messages were paused.

STAMPEDE’s platform is accessible through a browser, requiring no app downloads or special hardware, with payment starting at S$50 per outlet per month once activated.

FWD Singapore has unveiled its latest insurance product, FWD MultiCover CI, a multi-pay critical illness plan designed to provide ongoing financial protection through various stages of a critical illness. Unlike traditional plans that offer a one-time payout, this new plan supports customers if their condition progresses, recurs, or requires intensive care, covering up to 166 medical conditions.

The plan offers cumulative payouts of up to 900% of the Sum Insured, addressing the financial challenges that can arise during a critical illness journey. Adrian Vincent, CEO of FWD Insurance Singapore, highlighted the importance of this approach, stating, “Critical illness can change a person’s life in more ways than one. For many families, the financial impact does not end with the first diagnosis.”

FWD MultiCover CI provides coverage across early, intermediate, and later stages of critical illnesses. Customers can claim up to 600% of the Sum Insured under the Critical Illness Benefit, with additional payouts available through the Critical Illness Booster Benefit for severe or recurrent conditions. The plan also includes a two-tier Intensive Care Unit benefit, offering financial support for serious health events requiring intensive care.

This launch underscores FWD’s commitment to developing customer-focused solutions that adapt to evolving protection needs, providing greater confidence for customers facing life’s uncertainties. Vincent added, “FWD MultiCover CI was created to reflect the realities of today’s critical illness journeys, giving customers and their families greater confidence to face unexpected turns in their health.”

Southeast Asia’s payment startups have collectively raised over $2.7b in equity funding, according to a recent report by Tracxn. The report, released in July 2026, highlights 12 leading companies in the region, with Airwallex and Thunes accounting for approximately 83% of the total capital raised. Airwallex alone has secured $1.9b since its inception in 2015, including a $320m funding round in June 2026.

Singapore has emerged as the dominant hub for these startups, with nine out of the 12 companies headquartered in the city-state. The remaining companies are based in Indonesia and Vietnam. The report underscores the active funding environment, noting that four companies, including Airwallex, MetaComp, dtcpay, and Qashier, have secured funding rounds in 2026.

Tracxn’s ranking is based on cumulative disclosed equity funding, offering a snapshot of companies that have garnered significant investor interest. These startups are involved in various sectors, including cross-border payment networks, enterprise payment infrastructure, and digital asset-enabled payment capabilities.

The majority of the companies are in early funding stages, from Seed to Series A, indicating a robust pipeline of startups moving towards commercial scale. This trend highlights sustained investor interest in Southeast Asia’s payments ecosystem, as businesses increasingly adopt digital payment solutions to support e-commerce and financial operations.

AIA Singapore has announced significant enhancements to its corporate insurance offerings, set to take effect from 1 August 2026. These changes aim to address the pressing issue of healthcare affordability amidst rising medical costs, benefiting more than one million corporate insured members—approximately one-third of Singapore’s workforce.

The enhancements include expanded cross-border access to inpatient and dental care in Malaysia, allowing employees to seek treatment at lower costs. Kenneth Tan, Chief Corporate Solutions Officer at AIA Singapore, stated, “By extending corporate medical access across the border into Malaysia and removing General Practitioner (GP) referral requirements at zero additional premium cost, we are directly shielding more than 1 million employees in Singapore from rising costs.”

Key improvements also feature a waiver for GP referrals to specialist clinics in Singapore public hospitals, expediting access to specialist care. Additionally, the pre-authorisation process has been fully digitalised, and round-the-clock GP teleconsultation is now available via the WhiteCoat app, offering 24/7 access to medical advice and prescription deliveries.

These enhancements come at no additional premium and are automatically applied to eligible corporate policies. AIA Singapore’s initiative coincides with its 95th anniversary, reinforcing its commitment to improving healthcare access and supporting the wellbeing of employees and their dependants.