Industry News

A recent study by Experian and Forrester Consulting has revealed that 83% of Singaporeans are ready to let artificial intelligence (AI) assist in financial decisions, particularly in comparing loans across providers. This finding underscores a significant shift in consumer behaviour towards embracing AI for practical financial tasks.

The study surveyed 6,247 credit-active consumers across 13 markets, focusing on Singapore’s readiness to integrate AI into personal finance. It found that 89% of Singaporeans believe AI can help them explore more options than manual methods. However, whilst nearly half are comfortable with AI applying for loans or credit cards on their behalf, only 27% would allow AI full autonomy, indicating a preference for maintaining control over key decisions.

Trust remains a crucial factor, with 77% of respondents expressing comfort in using AI linked to trusted financial institutions. Cybersecurity concerns are prevalent, with 82% worried about AI manipulation through fake offers or impersonation.

Kabir Khanna, General Manager of Experian Singapore, noted the importance of balancing AI’s potential with robust security measures. “The opportunity for established banks and lenders to leverage AI is significant, provided they address consumer concerns around security and trust,” he said.

As Singapore’s household liabilities reach S$415b, the growing comfort with AI could influence the financial services landscape, driving innovation in how consumers manage their finances. The full report, “AI in Risk: The Rise of Agentic Commerce,” explores these trends further, offering insights into the future of AI in financial decision-making.

The latest analysis from UOB Global Economics and Markets Research indicates that Singapore’s labour market is experiencing increased slack, which may reduce the necessity for aggressive monetary policy tightening by the Monetary Authority of Singapore (MAS). The Labour Market Pressure Index (LMPI), constructed using principal component analysis from ten labour market indicators, highlights a decline in recruitment and a rise in redundancies, particularly in the services sector.

In the second quarter of 2026, the recruitment rate fell to 1.4% from 1.6% in the first quarter, whilst redundancies rose to 4,620, up from 3,830. The six-month re-entry rate into employment post-redundancy also decreased to 54.9% from 60.7%. Despite these challenges, the overall unemployment rate edged lower to 1.9% in June 2026, with job vacancies outnumbering job seekers.

UOB’s analysis suggests that the current labour market conditions could temper the impact of supply-side shocks, such as energy price increases due to Middle East conflicts and food inflation from a looming Super El Niño. “These shocks may not necessitate the aggressive pace of MAS tightening seen in 2021-2022,” the report states.

Looking ahead, UOB expects MAS to maintain its current Singapore dollar nominal effective exchange rate (S$NEER) policy settings, with a potential slight slope steepening to address imported inflation risks. This cautious approach reflects recent core inflation surprises and the reacceleration of energy prices.

Syfe, a leading digital wealth platform in the Asia-Pacific region, has announced that its assets under management (AUM) have surpassed S$20b. This achievement follows a pivotal year in 2025, during which Syfe reached group profitability, completed a S$100m (US$80m) Series C funding round, and acquired ASX-listed Selfwealth, now operating as Selfwealth by Syfe.

The platform’s growth is attributed to increased investments from existing customers and new customer acquisitions, alongside a series of product launches. These include enhancements in brokerage, wealth management, and cash management services. Dhruv Arora, Founder and CEO of Syfe, stated, “Crossing S$20b is a good milestone, but the most important signal is that customers keep choosing to invest more with us over time.”

Syfe is also introducing new features such as Lend & Earn, allowing investors to lend shares for passive income, and zero fees on US trading, eliminating commission and platform fees. These updates aim to make global investing more accessible and cost-effective for Singaporeans.

The company continues to expand its offerings with deeper brokerage tools and higher-yield cash products, reinforcing its position as a comprehensive wealth platform. Syfe’s ongoing innovations reflect its commitment to providing investors with tools that enhance their investment journey across Singapore, Hong Kong, and Australia.

Etiqa Insurance Singapore has introduced Travel Pass, an innovative rewards programme linked to its Tiq Travel Insurance. This initiative allows customers to earn rewards and unlock benefits across four membership levels—Bronze, Silver, Gold, and Platinum—based on their travel insurance spending. The programme aims to offer more value to customers beyond individual trips.

Customers can achieve Bronze membership after spending S$100 on eligible premiums, with benefits increasing as they progress through the tiers. These perks include global eSIM data, Etiqa Rewards Points multipliers, transport vouchers, and partner privileges. Gold and Platinum members receive additional benefits such as complimentary Personal Accident and Lifestyle Protection, whilst Platinum members can enjoy No Claims Cashback.

“Travel insurance should be more than a product customers purchase for a single trip,” said Claudia Soh, CEO of Etiqa Insurance Singapore. “With Etiqa’s Travel Pass, we reward customers each time they choose Tiq by Etiqa, creating greater value as they continue to protect their journeys with us.”

The Travel Pass can be accessed through the Etiqa+ SG mobile app, where customers can track their spending, membership tier, and available rewards. For Single Trip policies, rewards are reflected after the policy ends, subject to eligibility criteria.

Additionally, Tiq Travel Insurance offers automatic claims payouts for flight delays of three consecutive hours or more, with optional benefits for sports equipment protection and pre-existing medical conditions. Until 28 December 2026, customers can enjoy discounts on Tiq Travel Insurance plans, enhancing the affordability of their travel protection.

Kampung Senang Charity and Education Foundation has successfully raised S$720,000 at its recent “Love & Be Loved” charity dinner, moving closer to its S$1 million fundraising target. The funds are earmarked for community care and learning programmes that support seniors, particularly those from lower-income households, through initiatives such as active ageing, health and wellness, and mobility-aid support.

The charity, which has been serving the community since 1999, continues its efforts to raise the remaining S$280,000 needed to sustain these essential services. The funds will help maintain programmes that empower seniors to lead dignified and connected lives, as exemplified by 79-year-old Madam Tan. Previously isolated due to health concerns, she now actively participates in activities at Kampung Senang, improving her social engagement and well-being.

Guest-of-Honour Desmond Lee, Minister for Education and Minister-in-charge of Social Services Integration, emphasised the importance of collaboration between the government and community organisations. He praised Kampung Senang’s role in fostering a “We-First” society, where community partners play a crucial role in understanding and addressing local needs.

The charity dinner also featured a successful auction, raising S$115,000 through artworks by veteran artist Lim Lu Zai. Additionally, a calligraphy piece by former Ai Tong School principal Ting Beng Chin was auctioned and returned to Kampung Senang to continue generating funds.

Kampung Senang remains committed to its mission, inviting public support to reach its fundraising goal. The charity highlights that S$4,500 can provide a year of organic vegetables and care packs for a beneficiary, whilst S$2,500 supports a month of therapy for seniors. As Singapore’s senior population grows, the demand for such services is expected to rise, making the charity’s work increasingly vital.

Seatrium Limited has unveiled a new S$200m Share Buyback Programme, doubling the size of its recently completed S$100m initiative. The announcement follows the full utilisation of the previous programme on 1 September 2026. CEO Chris Ong highlighted the company’s strengthened fundamentals and robust global opportunities as key drivers for this decision.

The new programme, funded by Seatrium’s existing cash resources, will allow the company to repurchase up to 2% of its total issued shares. This is contingent upon shareholder approval at each annual general meeting. The buyback will be executed progressively, considering prevailing share prices, market conditions, and the Group’s capital management priorities.

Seatrium, a leading provider of specialised engineering solutions for the offshore, marine, and energy sectors, operates across 15 countries with a workforce of over 24,000 employees. The company plays a crucial role in the global energy transition, with a diversified business that includes oil and gas newbuilds, offshore wind, and repairs and upgrades.

Ong stated, “We remain committed to disciplined capital allocation and returning capital to our shareholders to drive long-term total shareholder returns.” This move underscores Seatrium’s confidence in its long-term prospects and its commitment to creating enduring value for stakeholders amidst the global energy transition.

Canopius Group, a global speciality and property and casualty (P&C) insurer, has announced the appointment of three key figures to its Asia Pacific (APAC) team, aiming to enhance its underwriting and claims capabilities in the region. Richard Adamczyk, Louise Wai, and Jack Hullah will join the company in senior roles, reflecting Canopius’ commitment to expanding its market-leading services across APAC.

Richard Adamczyk will assume the role of Senior Claims Manager for Australia and New Zealand (ANZ) on 28 September. Based in Melbourne, he brings extensive experience from his previous position as Head of Claims at the Legal Practitioners’ Liability Committee and a 15-year tenure at AIG. His expertise is expected to advance Canopius’ claims capabilities and support stakeholders across the region.

Louise Wai, joining on 1 November, will be based in Singapore as Head of Property Direct and Facultative (D&F), APAC. With over 25 years of experience, she is recognised for her ability to build profitable portfolios and foster strong market relationships. Her previous role was Underwriting Manager at Helvetia Swiss Insurance Company Ltd.

Jack Hullah, also based in Singapore, will take on the role of Head of Credit and Political Risk, APAC, starting 10 November. He joins from AXA XL, where he led the Asia Credit & Political Risk division. Hullah’s 15-year career spans credit strategy, political risk, and regional business development.

These appointments underscore Canopius’ ambition to deepen broker and client relationships and reinforce its reputation for technical expertise and responsive service. CEO for Asia Pacific and MENA, Soon Keen Lee, praised the new hires, stating, “Their appointments reflect our continued commitment to investing in underwriting and claims talent as we continue to strengthen our speciality capabilities.”

The strategic hires are part of Canopius’ broader plan to drive growth and deliver exceptional service across the APAC region.

Global Schools Group (GSG), headquartered in Singapore, marked its 25th anniversary by announcing a S$100,000 commitment to community initiatives across Singapore. The announcement was made during a celebratory event attended by Edwin Tong, Minister for Culture, Community and Youth, who praised GSG’s dedication to community engagement and educational excellence.

The funds will support various projects, including enhancing accessibility in special education schools in East Coast GRC and contributing to the redevelopment of the Siglap South Community Centre. GSG also revealed plans to expand its global presence by opening 20 new campuses by 2030 in Asia and the Middle East.

Atul Temurnikar, Chairman and Co-Founder of GSG, reflected on the group’s journey from a single campus with 48 students to a global network of 64 campuses in 11 countries, educating 45,000 students. “Our mission is to empower young leaders for future industries whilst instilling a profound sense of civic duty and social responsibility,” he stated.

GSG’s achievements include receiving Japan’s Deming Prize for Total Quality Management and producing top-performing students in International Baccalaureate exams. The group is also advancing student innovation with initiatives like the AI-powered LumaBand for elderly autumn prevention and establishing research hubs for AI and quantum education.

As GSG looks to the future, its commitment to academic excellence and community support remains central to its mission, promising continued impact on global education and local communities.

Hang Ten Systems has announced an additional US$53m in seed funding, led by Xora, a Temasek-backed fund, bringing the company’s total funding to US$85m. The funding round also saw participation from Mayfield, Aramco Ventures, and notable figures such as Lip-Bu Tan, CEO of Intel, and Sanjay Mehrotra, CEO of Micron Technology. Jerry Yang, co-founder of Yahoo!, has joined the company’s board of directors.

The fresh capital injection will support Hang Ten Systems in expanding its engineering and consulting teams, enhancing its platform, and developing its agentic skills library. The company, which offers advisory, transformation, and applied-AI services, operates through a native-AI delivery model that promises cost-effective and timely enterprise software solutions.

Phil Inagaki, Managing Partner at Xora, highlighted the importance of swift and secure AI deployment, stating, “Hang Ten’s team has built and operated these systems from the inside, and its model is delivering value faster with smaller teams.” The urgency to deploy AI in core operations is echoed across regions, including Singapore.

Hang Ten is already collaborating with major enterprises like Aramco and Siemens Gamesa Renewable Energy. Mahdi Aladel, CEO of Aramco Ventures, expressed enthusiasm for Hang Ten’s approach, noting its broad applicability across various functions. Vinod Philip, CEO of Siemens Gamesa, praised the company’s execution speed and quality.

Founder and CEO Dr. Vishal Sikka emphasised the transformative potential of AI, stating, “AI can be the most powerful amplifier we have ever built.” With the backing of Xora and other investors, Hang Ten Systems is poised to expand its influence in the AI sector globally.

The Singapore Business Federation (SBF) has unveiled the Future Ready Business Index (FRBI), a diagnostic tool designed to help Singapore enterprises assess their readiness for future challenges, identify capability gaps, and prioritise transformation efforts. Developed in collaboration with Boston Consulting Group and supported by DBS Bank, Enterprise Singapore, and RSM Singapore, the FRBI aims to guide businesses in navigating an increasingly complex global economy.

The launch event, officiated by Senior Minister of State Low Yen Ling, attracted over 200 business leaders and stakeholders. The FRBI is part of SBF’s broader Future Ready Business platform, which offers a comprehensive approach to business transformation. This platform includes the FRB Dialogue, FRB Spotlight, FRB Solutions, and FRB Marketplace, each providing unique opportunities for businesses to engage with leaders, learn from peers, and access targeted solutions.

The FRBI evaluates business readiness across six dimensions: business performance, international growth, technology, talent, sustainability, and social impact. It provides businesses with a personalised assessment, highlighting priority capability gaps and recommending actions. This initiative is crucial as businesses face challenges such as geoeconomic uncertainty, rising costs, and rapid technological changes.

Mark Lee, Chairman of SBF, emphasised the importance of resilience and readiness in seizing new opportunities. Kok Ping Soon, CEO of SBF, noted that the FRBI helps businesses identify critical gaps and connect with the right programmes and partners to build future-ready capabilities. The tool’s insights from the first 100 companies indicate that successful transformation depends on aligning business strategy, workforce capabilities, and financial readiness.