Industry News

Sembcorp Utilities, a subsidiary of Sembcorp Industries, has agreed to acquire a 20% equity stake in Aster Power, marking a significant step in their ongoing partnership. This investment aims to bolster Aster Power’s capabilities in power, steam, and renewable energy, crucial for supporting Aster’s operations on Pulau Bukom and Jurong Island.

The collaboration is set to enhance Singapore’s energy transition efforts, with Sembcorp becoming Aster Power’s sole gas supplier. This move ensures a reliable and competitive fuel source, aligning with Aster’s growth and decarbonisation goals. Koh Chiap Khiong, CEO of Sembcorp, stated, “This investment deepens our partnership with Aster and underscores our commitment to supporting their long-term energy needs.”

Erwin Ciputra, Group CEO of Aster, highlighted the strategic importance of this partnership, noting, “Today’s announcement reflects a shared commitment between Sembcorp and us to supporting reliable energy supply, advancing lower-carbon solutions and progressing our decarbonisation journey.”

The transaction is pending regulatory approvals and other conditions. OCBC is serving as Aster Power’s financial adviser for this initiative. This development is expected to strengthen the competitiveness of Singapore’s energy and chemical sector, contributing to the broader energy ecosystem.

DBS has announced a significant upgrade to its AI-enabled virtual assistants, DBS Joy and DBS digibot, now serving over 10 million customers in Singapore, Hong Kong, and Taiwan. The enhancements introduce Generative AI and agentic AI capabilities, allowing these virtual assistants to handle more than one million chats monthly, streamlining banking tasks for retail, wealth, and corporate clients.

DBS Joy, tailored for corporate and SME customers, has become fully agentic in Singapore, enabling users to perform simple banking tasks through a single conversation. This feature will expand to Hong Kong in September and other markets thereafter. Meanwhile, DBS digibot, designed for individual customers, will soon offer wealth-related conversational capabilities and later integrate agentic AI to facilitate tasks like checking card usage and managing rewards points.

Derrick Goh, DBS Group Chief Operating Officer, stated, “The true value of AI lies in delivering meaningful outcomes for customers at scale. Today, DBS Joy and DBS digibot serve more than 10 million customers across the region, enabling us to bring Gen AI and agentic AI into everyday banking interactions.”

The advancements aim to make banking more intuitive and efficient, reducing the need for manual searches and enhancing customer satisfaction. DBS digibot’s integration into the digiWealth platform from August 2026 will further empower customers in wealth management, providing seamless access to tailored advice and banking solutions. As DBS continues to innovate, these AI capabilities are set to redefine customer service in the banking sector.

The Ministry of National Development (MND) has announced the removal of the 15-month wait-out period for private residential property owners purchasing non-subsidised Housing Development Board (HDB) resale flats. This policy change comes as the objectives of moderating demand, prioritising first-time buyers, and maintaining affordability have been achieved.

According to Christine Sun, Chief Researcher and Strategist at Realion (OrangeTee & ETC) Group, the stabilisation of resale flat prices and a decrease in Build-To-Order (BTO) application rates have contributed to this decision. “Prices posted their second consecutive quarterly decrease in Q2 2026,” Sun noted, highlighting a 0.4% dip in the first half of 2026, reversing previous gains.

The demand for HDB’s BTO flats has also eased, with application rates falling to 3.4 in June 2026, down from 3.7 in October 2025. This indicates that the increased supply of BTO flats is meeting current housing demand. Additionally, the resale market has seen a drop in transactions, with only 6,396 resale flats sold in Q2 2026, the lowest since Q2 2020.

The removal of the wait-out period is expected to boost demand and prices for larger resale flats, as private homeowners, often cash-rich, seek more spacious options. However, Sun predicts that any price spikes will be contained within the premium segment due to the ample housing supply.

In the rental market, demand for small condos and large HDB resale flats may decrease as locals no longer need to lease during the wait-out period. Consequently, rental price growth is expected to slow in the coming months.

Singaporeans are increasingly turning to digital platforms and AI tools to manage their personal finances, according to a recent survey by MDRT. The survey reveals that 89% of Singaporeans utilise at least one digital platform, such as mobile banking apps or AI-powered chat tools, to handle their finances or seek financial information. Notably, 35% of these users employ AI tools for financial purposes, highlighting a shift towards AI-assisted financial management.

The survey indicates that nearly one in five AI users (19%) rely primarily on AI-generated advice for financial decisions. Among those who have acted on AI advice, 60% reported changes in their savings or budgeting habits, whilst 47% used AI when choosing or switching financial products like loans and insurance. Additionally, 40% of respondents said AI informed major financial decisions, including investments and property purchases.

Despite the growing reliance on AI, trust gaps persist. Only 37% of AI users are comfortable using these tools for personalised financial advice, and just 31% would use AI to review long-term financial plans. Concerns about the lack of human oversight and the potential for bias or errors remain prevalent.

Laura Hoi, a 22-year MDRT member, emphasised the importance of human expertise, stating, “AI can provide answers based on a snapshot of information, but financial planning goes beyond that. It’s about knowing the questions to ask and understanding each individual’s unique circumstances.”

The survey, conducted by Opinium, included 2,000 Singaporean adults and highlights the balance between digital convenience and the enduring value of human financial advice.

All-Link Air & Sea Limited has announced the launch of its Initial Public Offering (IPO) at S$0.53 per share, with a total of 37.9 million offering shares available. The subscription for the 2.1 million public offer shares will close at 12 noon on 3 August 2026. The company is set to make its trading debut on the Singapore Exchange (SGX) Mainboard at 9 a.m. on 5 August 2026.

The IPO marks a significant step for All-Link Air & Sea as it seeks to expand its market presence and capitalise on growth opportunities. The offering is expected to attract considerable interest from investors, given the company’s established position in the logistics sector.

The public offering comprises a mix of shares, with a substantial portion allocated to institutional investors. This strategic move aims to ensure a robust and diverse shareholder base, enhancing the company’s financial stability and market reach.

Investors keen on participating in the IPO are advised to act promptly, as the subscription period is limited. The trading debut on the SGX Mainboard will provide an opportunity for investors to engage with the company’s growth trajectory.

The launch of the IPO is a pivotal moment for All-Link Air & Sea, positioning the company for future expansion and increased market competitiveness. As the trading date approaches, market analysts will be closely monitoring the company’s performance and investor response.

Singapore Airlines (SIA) Group has reported a net loss of $76m for the first quarter of FY2026/27, primarily due to a significant rise in fuel costs. Despite achieving a record revenue of $5,714m, a 19.3% increase from the previous year, the group’s operating profit fell by $299m to $106m. This decline was largely driven by a $991m surge in net fuel costs, attributed to the ongoing Middle East conflict.

The group’s passenger revenue increased by 18.6% to $4,582m, with SIA and Scoot carrying a record 10.9 million passengers. However, the passenger load factor slightly decreased to 87.1% as capacity expansion outpaced traffic growth. Cargo revenue also saw a boost, rising by 33.5% to $708m due to improved yields and load factors.

SIA’s robust balance sheet, with cash reserves of $10.48b, supports its operational agility. The group has also expanded its fleet and network, adding new routes and increasing frequencies to destinations such as London and Manchester. However, services to certain Middle Eastern destinations have been suspended due to regional conflicts.

The group’s strategic stake in Air India remains a key focus, with efforts to enhance network connectivity and expand partnerships. Despite the current challenges, SIA is committed to long-term investments and strategic growth, aiming to strengthen its market position and customer offerings.

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have announced the formation of the AI-Driven Cyber and Technology Risk Taskforce (ACT) to address the growing risks posed by advanced artificial intelligence (AI) models. This initiative, which began in May 2026, seeks to enhance the financial sector’s resilience against AI-driven cyber threats.

Frontier AI technology is transforming the cyber threat landscape by rapidly identifying and exploiting vulnerabilities, which poses significant challenges for the financial sector. The taskforce, comprising leaders in cybersecurity, technology resilience, and AI from organisations such as DBS, OCBC, UOB, and the Singapore Exchange (SGX), aims to strengthen sector-wide preparedness through collaboration and innovation.

The taskforce will focus on three key areas:

Industry Collaboration: Encouraging the sharing of AI cybersecurity use cases and experiences within the financial services industry, and fostering collaboration with cybersecurity and AI experts.

Capability Uplift: Enhancing cyber defence knowledge within the financial services industry and conducting proof-of-concept trials to validate advanced AI-enabled tools.

Guidance Development: Developing new measures, controls, and solutions to improve financial institutions’ ability to detect, prevent, and respond to sophisticated AI-enabled threats.

Vincent Loy, Assistant Managing Director (Technology) and Chief Technology Officer at MAS, emphasised the urgency of the taskforce’s mission, stating, “Frontier AI is increasing the severity, scale, and sophistication of cyber threats. The financial sector must respond with urgency and through strong collaboration.”

Ong-Ang Ai Boon, Director of ABS, added, “AI is reshaping the cyber threat landscape, and the financial sector must continue to move together to stay resilient.”

The taskforce represents a proactive step towards ensuring Singapore’s financial sector remains robust against evolving AI-related risks.

Australia and Singapore have embarked on a new chapter of energy collaboration with the launch of the inaugural Australia-Singapore Ministerial Dialogue on Energy in Sydney. This initiative aims to strengthen bilateral ties and address mutual energy challenges through strategic discussions and partnerships.

The dialogue, held in Sydney, marks a significant step in fostering cooperation between the two nations in the energy sector. The discussions are set to focus on key areas such as renewable energy, energy security, and technological innovation. Both countries recognised the important role each country plays in the other’s energy security. Singapore is Australia’s largest supplier of refined petroleum products, while Australia is one of Singapore’s key suppliers of liquefied natural gas (LNG).

Both countries also welcomed the growing breadth of bilateral cooperation in new areas, such as cross-border electricity trade, low-emissions technologies and carbon capture and storage.

Against the backdrop of an uncertain global environment, Singapore and Australia reaffirmed the importance of strengthening energy security and resilience across Southeast Asia and the Pacific. They also reiterated their commitment to uphold obligations under international law, including the United Nations Convention on the Law of the Sea (UNCLOS), to ensure safe and unimpeded maritime trade and transit, and the safety of seafarers and ships in support of regional economic stability and energy security.

Global pop culture and art toy leader POP MART has unveiled its latest two-storey store at Resorts World Sentosa, marking the debut of Southeast Asia’s first POP BAKERY. This new venture aims to transform the store into a landmark for pop culture enthusiasts in Singapore and the region, offering exclusive limited-edition products and immersive activities.

Located in Villa A of Resorts World Sentosa, the store is strategically positioned opposite Universal Studios Singapore. The first floor showcases POP MART’s flagship retail offerings, whilst the second floor is dedicated to POP BAKERY. This bakery, originally from POP LAND in Beijing, combines POP MART’s classic IP gourmet system with Singaporean flavours, featuring creations like the Twinkle Twinkle Tangy Coconut Mousse and PUCKY Xiao Long Bao Dessert.

Justin Moon, Chief Growth Officer at POP MART, expressed excitement about the new store, stating, “This new store at Resorts World Sentosa brings our characters to life in a space where fans can shop, discover and immerse themselves in the POP MART universe.”

Xiaoyang Zhang, Head of POP BAKERY, highlighted the significance of the launch, noting it as a milestone in POP MART’s commitment to Singapore. The store aims to blend traditional art toy culture with experiential consumption, offering a playful environment for fans of all ages.

The opening aligns with Resorts World Sentosa’s vision to enhance its retail and dining offerings. CEO Lee Shi Ruh remarked, “This addition strengthens our retail and dining offering with an experience that’s playful, shareable and completely unique to Singapore.”

The store will regularly host meet-and-greet sessions with POP MART characters, including the overseas debut of Twinkle Twinkle, enhancing the interactive experience for visitors.

OCBC has introduced its agentic AI platform, HELIOS, to streamline the onboarding process for wealthy clients, reducing the time to open private banking accounts to 15 business days. This is a significant improvement from the industry median of six weeks. The platform, part of OCBC’s Next Frontier strategy, automates the collection and verification of customer data, completing much of the Know-Your-Customer (KYC) process before relationship managers engage with clients.

HELIOS’ intelligence-gathering capabilities allow for a more thorough and efficient due diligence process, maintaining high compliance standards. The platform also generates high-quality leads for relationship managers, a first for a bank in Southeast Asia. This initiative aligns with the Monetary Authority of Singapore’s goal to reduce account opening timelines to within one month by the end of 2026.

The rollout of HELIOS is underway in Singapore, Hong Kong, and Dubai, with completion expected by the third quarter of 2026. It will also extend to OCBC’s Premier Private Client segment by year-end. Loretta Yuen, OCBC’s Head of Group Legal and Compliance, highlighted the platform’s ability to identify potential concerns earlier and assess financial crime risks more holistically. Jason Moo, CEO of Bank of Singapore, noted that HELIOS provides a competitive edge by combining risk intelligence with business growth.

Beyond onboarding, HELIOS will support ongoing customer monitoring, enhancing risk management and compliance reviews. This development is part of OCBC’s broader investment in AI, digital, and data-driven growth, with plans to spend over $1b annually for the next three years.