Industry News

Singaporeans are set to top Asia in travel spending in 2026, with 90% planning to maintain or increase their budgets for activities, tours, and experiences, according to Klook’s Travel Pulse 2026. The survey highlights Singapore’s strong confidence in travel spending, with an average expected budget of $2,500 (approximately S$3,190) for trips lasting seven nights or more.

Klook’s findings reveal that Singaporeans are the biggest spenders in Asia for long-leisure travel, surpassing other regional markets such as Hong Kong, Mainland China, and Indonesia. In 2025, 83% of Singaporeans travelled overseas, significantly higher than the global average of 62%. This trend is expected to continue in 2026, with nearly half of Singaporeans considering an overseas trip within the next three to six months.

Japan remains the top destination for Singaporeans, ranking 2.5 times higher than Mainland China. Whilst traditional cities like Tokyo, Kyoto, and Osaka remain popular, there is growing interest in regional cities such as Fukuoka, Nagoya, and Sapporo. Mainland China is also gaining traction, with cities like Chengdu and Guangzhou emerging as popular destinations.

Despite a focus on affordability, Singaporeans are willing to spend on experiences. Half of the respondents plan to increase spending on food, dining, and activities, with many expressing a willingness to pay extra for outdoor adventures and theme parks. As Sarah Wan, General Manager for Klook, noted, “Travel today is not about how much ground is covered, but about choosing moments that feel purposeful and leave a lasting imprint.”

The Marine Stewardship Council (MSC) has called on retailers to enhance their sustainable seafood offerings, following a YouGov survey revealing that a significant majority of consumers in Malaysia and Singapore prioritise sustainability in their seafood choices. The survey, conducted from 15 to 19 January 2026, highlighted that 85% of Malaysians and 74% of Singaporeans consider sustainable seafood important, yet many struggle to identify such products due to inadequate labelling.

As Chinese New Year approaches, seafood consumption is expected to surge, making it a crucial time for sustainable shopping. Despite this, 58% of Singaporeans have never noticed an ecolabel when purchasing seafood, and only 21% recognise the MSC blue ecolabel. This lack of awareness poses a challenge for consumers eager to make informed choices.

In Malaysia, where seafood consumption is more than double the global average, 75% of respondents believe that local fishermen need support to fish sustainably. Meanwhile, in Singapore, where most seafood is imported, 55% of consumers rely on government standards and 54% on origin information to ensure sustainability.

Anne Gabriel, Programme Director for Oceania and Singapore at MSC, stated, “It’s clear that consumers are ready and willing to seek out credible certification, so we’re urging retailers and businesses to make MSC ecolabel products visible and accessible.”

The survey also found that 52% of Singaporeans think supermarkets should commit to sourcing sustainable seafood, and 38% are willing to pay more for it, even amidst cost-of-living pressures. As festive demand peaks, clearer ecolabelling could help consumers align their values with their purchases without altering traditional meals. MSC-certified products are available at various supermarkets in Singapore and Malaysia, including Cold Storage, FairPrice Group, and AEON Retail.

The Housing Development Board’s (HDB) February 2026 Build-To-Order (BTO) sales exercise saw a decline in application rates for the second consecutive time, with 13,800 applicants vying for 4,692 flats, resulting in an overall application rate of 2.9. This marks a decrease from previous exercises, which recorded rates of 3.6 in October 2024 and 4.2 in July 2025, according to Realion (OrangeTee & ETC) Group’s Chief Researcher & Strategist, Christine Sun.

The decline in applications is attributed to prospective buyers holding off for the June sales exercise, which promises attractive sites in Bishan, Ang Mo Kio, and Bukit Merah. These areas are expected to offer more units, increasing applicants’ chances of success. Despite the overall decline, certain flat types and towns, such as Tampines, saw high demand. Notably, 2-room flats in Tampines Nova attracted over 5,500 applicants for just 1,246 units.

In contrast, the concurrent Sale of Balance Flats (SBF) exercise recorded a higher application rate of 3.6, with over 15,400 applicants for 4,320 flats. Many Singaporeans opted for SBF due to the availability of units in sought-after towns like Kallang/Whampoa and Bukit Merah, where construction has already commenced, allowing for earlier move-in dates.

The popularity of Tampines Nova is attributed to its central location and unique features, such as an integrated preschool. However, areas like Sembawang and Toa Payoh saw lower demand due to fewer amenities and market saturation, respectively. Future launches in these areas may further influence application trends.

Virginia Lim has been appointed as Mediacorp’s Chief Content and Talent Officer, effective 1 April 2026. This expanded role will see Lim continue to lead the Content Group whilst also taking charge of the Talent Hub, previously overseen by Doreen Neo, who will retire on 31 March 2026 after over 20 years with the company.

Neo’s tenure at Mediacorp has been marked by significant contributions, including her leadership roles as Chief Content Officer and Managing Director, Studios. Under her guidance, the Talent Hub has become a pivotal platform for nurturing talent across traditional, digital, and social media. It currently includes Bloomr.SG and The Celebrity Agency, representing over 150 creators and 100 talents, with a combined social media following exceeding 50 million.

Lim’s new role aims to align Mediacorp’s content and talent strategies, enhancing opportunities for Singaporean stories and talent to reach broader audiences. “Bringing content and talent closer together strengthens how we support creators and artistes,” Lim stated, emphasising the potential for increased collaboration and growth.

Mediacorp CEO Tham Loke Kheng praised Neo’s dedication, saying, “Her foresight and conviction have shaped our talent ecosystem.” Tham also highlighted the strategic importance of Lim’s expanded role in fostering regional co-productions and creative partnerships.

Neo expressed gratitude for her time at Mediacorp, stating, “I am proud of what we have built together, especially in strengthening the support for talent and creators across platforms.” As Lim steps into her new role, Mediacorp looks forward to evolving its content and talent initiatives, ensuring continued growth and innovation.

The Centre of Advanced Power and Autonomous Systems (APAS), under the Hong Kong Productivity Council (HKPC), made its inaugural appearance at the Asia Photonics Expo 2026 in Singapore from 4 to 6 February. APAS showcased its cutting-edge automotive photonics research and development (R&D) achievements, including an automotive-grade MEMS Drive OIS Actuator and an Augmented Reality Head-up Display for commercial vehicles.

APAS also organised the “Go Global to Southeast Asia” delegation, leading representatives from Hong Kong and Chinese Mainland enterprises to engage in the expo and related activities. This initiative aimed to demonstrate Hong Kong’s R&D strengths in photonics and emerging industries to the international community, facilitating cross-regional business networking and supporting enterprises in expanding into Southeast Asian and global markets.

Yonghai Du, Chief Innovation Officer of HKPC and General Manager of APAS, highlighted the importance of photonics in intelligent driving, stating, “Photonics plays an irreplaceable role in data acquisition, transmission, and processing.” APAS’s participation in the expo aims to strengthen the foundation for the long-term development of automotive photonics technologies.

During the event, APAS set up a dedicated exhibition zone to display its latest solutions supporting smart mobility and smart city development. The MEMS Drive OIS Actuator enhances image stability in dash cameras, whilst the Augmented Reality Head-up Display projects critical driving information onto the windscreen, improving driver focus and safety.

In addition to the expo, the delegation visited top universities and research institutions in Singapore, gaining insights into the latest R&D and technology commercialisation trends. These efforts underscore HKPC and APAS’s commitment to promoting international R&D exchange and exploring market opportunities in Southeast Asia.

The Singapore Institute of Technology (SIT) and Seatrium Limited have inaugurated the Offshore & Marine Digital Learning Lab at SIT’s Punggol Campus. This initiative marks a significant milestone in their strategic partnership to advance Singapore’s offshore and marine industry. The lab will serve as a platform for applied learning and industry innovation, supporting over 700 undergraduates and more than 1,000 continuing education and training (CET) learners over the next three years.

The lab is designed to drive the adoption of advanced technologies such as artificial intelligence and digital twin technologies in offshore and marine operations. It aims to address real-world challenges by providing a shared environment for academia and industry to develop solutions. “The Offshore & Marine Digital Learning Lab’s launch marks a significant step in translating our partnership into tangible impact for Singapore and our industry,” said Chris Ong, CEO of Seatrium.

A unique feature of the lab is its integrated Pre-Employment Training, CET, and Applied Research model, which supports the entire talent lifecycle. This approach ensures that students and professionals can develop industry-relevant skills whilst contributing to the sector’s transformation. SIT President Chua Kee Chaing emphasised the importance of preparing talent to meet the rapidly evolving challenges of the offshore and marine sector.

The lab’s research efforts focus on sustainability, energy efficiency, and digital yard technology, aiming to deliver measurable outcomes such as reducing carbon emissions and enhancing operational efficiency. This initiative underscores the commitment of SIT and Seatrium to foster innovation and workforce development in Singapore’s maritime industry.

Singapore’s life insurance industry achieved an impressive 11.3% growth in 2025, with total weighted new business premiums reaching S$6.53b, according to the Life Insurance Association, Singapore (LIA Singapore). This growth was bolstered by a 13.0% increase in the fourth quarter compared to the same period in 2024, driven by a rise in annual premium business.

Financial Adviser Representatives played a significant role, contributing 45.3% to the total sum assured, whilst Tied Representatives accounted for 28.8%. This reflects the industry’s ongoing efforts to close the protection gap, with a 3.1% year-on-year increase in total sum assured by the end of 2025.

Wong Sze Keed, President of LIA Singapore, highlighted the importance of life insurance as a financial security pillar amidst economic volatility. “It is heartening that Singaporeans recognise this,” she said, noting the increased uptake of essential protection coverage and long-term financial investments.

The demand for annual premium products remained strong, with a 5.5% increase in Q4 2025. Single premium policies also saw a 42.0% rise in weighted premiums during the same period, reflecting improved market confidence.

Individual Health Insurance premiums reached S$743.4m for the year, with Integrated Shield Plans and IP Riders accounting for 90% of these premiums. The industry also saw a 5.5% increase in claims payouts, totalling S$14.23b.

Looking ahead, Wong expressed a cautious outlook for 2026, emphasising the industry’s commitment to innovation and financial literacy to build a resilient future for Singapore.

Oiltek International Limited, a Singapore Exchange Mainboard-listed company, reported a 7.9% increase in net profit for the financial year ending 31 December 2025, reaching RM32m. This growth comes despite foreign exchange losses of RM8.2m, contrasting with the previous year’s RM2.6m gains. Excluding these losses, the company’s net profit would have surged by 48.7% to RM40.2m.

The company, known for its integrated process technology and renewable energy solutions, has proposed a final dividend of 0.7 Singapore cents per share. Combined with the interim dividend paid in September 2025, this brings the total declared dividend for the year to 1.2 Singapore cents per share, representing 52.5% of the group’s net profit.

Oiltek’s order book remains robust at RM312.8m, and its financial health is underscored by zero debt and cash reserves of RM99.7m, nearly matching its net assets. CEO Henry Yong Khai Weng highlighted the company’s resilience amid challenging global conditions, noting its successful transfer to the SGX Mainboard as a significant milestone. He stated, “With our resilient business model, strong engineering capabilities, proprietary patented technology, and continuous innovation, we are primed for our next phase of growth.”

Looking forward, Oiltek plans to explore joint ventures aligned with its strategic goals to ensure sustainable long-term value for shareholders. This strategic direction aims to leverage its strong foundation for future expansion and innovation.

As the Year of the Horse approaches, Singaporeans are bracing for higher expenses during the 2026 Lunar New Year celebrations, according to a survey by trading platform eToro. The survey, which polled 1,000 Singaporeans, found that 77% believe the costs of celebrating Lunar New Year are rising each year. Despite these concerns, one in four respondents plan to give more in ang bao, the traditional red packets, this year compared to 2025.

The survey highlights that whilst many are cautious about spending, the tradition of giving remains strong. Among those planning to distribute ang bao, 20% expect to give between $50 and $100 per packet, whilst 31% will give between $10 and $19. Zavier Wong, Market Analyst at eToro, noted, “The data shows that generosity around Lunar New Year is still very much intact, particularly when it comes to close family.”

Parents are notably more generous with their own children, with 47% planning to give between $50 and $100, and 27% intending to give more than $101. In contrast, gifts to nieces and nephews are more modest, with 27% giving between $10 and $19, and another 27% giving between $20 and $29.

The survey also reveals shifting attitudes towards traditional customs. Whilst 30% believe unmarried adults should stop receiving ang bao after 40, 69% do not consider it necessary to include the auspicious number ‘8’ in their packets. Wong added, “Rising awareness of costs does not mean generosity is disappearing. People are becoming more selective about where their money goes, prioritising close family and immediate relationships.”

Access Singapore has introduced a pilot apprenticeship programme, Access Apprenticeships, aimed at providing polytechnic graduates with alternative career pathways amidst a challenging job market. Supported by the Macquarie Group Foundation, the initiative will place 16 apprentices in sectors such as hospitality, community development, auditing, and energy, offering them competitive salaries and full-time benefits.

The programme was launched at *SCAPE Singapore, with Goh Hanyan, Senior Parliamentary Secretary for the Ministry of Culture, Community and Youth & Ministry of Sustainability and the Environment, attending the event. Clarence Ching, Founder and Executive Director of Access Singapore, emphasised the programme’s goal to shift focus from “jobs” to “careers” and from “qualifications” to “skills”, aiming to bridge the opportunity gap for diploma holders.

The initiative responds to findings from the Polytechnic Graduate Employment Survey, which revealed that 28.2% of polytechnic graduates took up part-time or temporary jobs upon graduation. Access Singapore’s survey of 400 recent graduates showed that 44% doubted their career advancement opportunities, highlighting the need for improved social mobility.

The apprenticeships, lasting 18 months, include two weeks of classroom training followed by on-the-job training. Participants will also receive professional certification from the Singapore University of Social Sciences, LinkedIn Premium subscriptions, and access to mental health support if needed. Applications are open until 8 March 2026.