Industry News

JTC Corporation and Kajima Corporation have initiated Singapore’s first pilot project for autonomous heavy construction equipment at the Jurong Innovation District. This initiative, involving excavators and compactors, is set to address manpower constraints and improve safety by reducing the need for skilled operators by half. The pilot, conducted at the Bulim Autonomous Yard, will test the effectiveness of these machines in real site conditions.

Since 2025, JTC has mandated robotics in construction tenders to boost productivity. The trial involves operators assigning tasks and setting geofencing for each machine, which then operates independently using sensors and artificial intelligence. This approach allows one operator to oversee two machines remotely, intervening only when necessary.

The project utilises technology from Gravis Robotics and Kajima’s A4CSEL, enabling existing machinery to be retrofitted rather than replaced. Calvin Chung, Assistant Chief Executive Officer at JTC, emphasised the unsustainability of increasing manpower to meet future construction demands, noting that successful trials could lead to wider industry adoption.

Safety is a key focus, with autonomous equipment reducing workers’ exposure to hazards. JTC is collaborating with the Ministry of Manpower to develop guidelines ensuring human safety, including geofencing and emergency-stop controls.

Looking ahead, JTC and Kajima plan to expand the trial to include bulldozers and dump lorries by 2027, aiming to create a coordinated fleet. Yoshihiko Riho of Kajima Corporation highlighted the potential of combining Kajima’s technologies with Singapore’s innovation-driven environment to advance construction productivity and safety.

Costa Rica has officially joined the Digital Economy Partnership Agreement (DEPA), becoming its fifth member. The accession was finalised during a meeting in Auckland, New Zealand, attended by representatives from Chile, New Zealand, Singapore, and the Republic of Korea. This development marks a significant milestone in the expansion of DEPA, which aims to foster inclusive and innovative digital trade.

The DEPA, initially signed by Chile, New Zealand, and Singapore in June 2020, sets ambitious standards for digital trade and provides a collaborative platform for its members. Costa Rica’s accession follows the Republic of Korea’s entry in May 2024, highlighting the agreement’s growing appeal. Costa Rica’s inclusion is expected to strengthen the agreement and offer new opportunities for collaboration on digital economy initiatives.

Chile’s Undersecretary for International Economic Relations, Paula Estévez, expressed enthusiasm for Costa Rica’s participation, noting its potential to enhance digital integration in Latin America. New Zealand’s Minister for Trade and Investment, Todd McClay, praised DEPA’s ability to attract high-standard economies like Costa Rica, emphasising the agreement’s role as a pathfinder in digital trade.

Singapore’s Minister for Sustainability and the Environment, Grace Fu, welcomed Costa Rica, highlighting the ongoing momentum to maintain DEPA as an open and inclusive agreement. Korea’s Minister for Trade, Jung Sung Park, described DEPA as a “living document” that adapts to the evolving digital landscape, with Costa Rica’s accession enhancing its capacity to respond to changes.

Costa Rica’s Minister for Foreign Trade, Indiana Trejos, reaffirmed the country’s commitment to advancing a digital economy, aiming to leverage DEPA for sustainable growth and new business opportunities. Costa Rica’s formal request to join DEPA was made in December 2022, with an Accession Working Group established in October 2023 to facilitate the process.

CapitaLand Integrated Commercial Trust (CICT) has successfully completed the sale of its 100% interest in Asia Square Tower 2, as announced by CapitaLand Integrated Commercial Trust Management Limited on 17 September 2026. The transaction, which was initially disclosed on 20 April 2026, concluded with the manager opting to receive divestment fees of approximately S$12.4m in cash, representing 0.5% of the agreed property value.

The completion of this sale marks a significant milestone for CICT, as it continues to optimise its portfolio through strategic divestments. Asia Square Tower 2, a prominent commercial property in Singapore, has been a key asset within CICT’s portfolio. The divestment aligns with the trust’s strategy to recycle capital and enhance value for its unitholders.

The manager of CICT, CapitaLand Integrated Commercial Trust Management Limited, emphasised the importance of this transaction in maintaining a robust and dynamic portfolio. The decision to receive the divestment fees in cash provides CICT with greater financial flexibility to pursue future investment opportunities.

Investors are reminded that the past performance of CICT is not indicative of future results, and the value of units may fluctuate. The units are listed on the Singapore Exchange Securities Trading Limited, and trading is the primary means for investors to deal in their units.

As CICT continues to navigate the evolving market landscape, this divestment is expected to bolster its financial position and support its long-term growth objectives.

The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC) have reinforced their commitment to sustainable finance during the 4th Singapore-China Green Finance Taskforce (GFTF) meeting held in Nanning, China, on 17 September 2026. Co-chaired by MAS Chief Sustainability Officer Abigail Ng and PBC Director-General of the Research Bureau Wang Xin, the meeting aimed to advance cooperation in green finance and explore new areas of interest.

The GFTF meeting gathered over 50 regulatory and industry participants from both countries to discuss joint initiatives. Key topics included expanding taxonomy interoperability to cover transition activities, promoting the issuance of green panda bonds, and leveraging technology for sustainable financing solutions. The meeting also explored emerging areas such as biodiversity credits, climate resilience insurance solutions, and carbon markets.

A significant feature of the meeting was the industry-led Climate Adaptation and Resilience Roundtable, which focused on climate-resilient infrastructure development. Participants shared practices for managing physical climate risks and discussed how adaptation projects could develop viable revenue models to attract commercial financing.

Abigail Ng highlighted the importance of international cooperation in sustainable finance, stating, “As climate risks transcend borders, closer cooperation on sustainable finance is increasingly important for our economies and financial systems.” The GFTF continues to reflect the shared commitment of MAS and PBC to deepen cooperation and explore practical solutions in sustainable finance.

Singapore’s non-oil domestic exports (NODX) experienced an unprecedented surge in August, growing by 46.2% year-on-year, according to a report by Nomura Global Markets Research. This marks the highest growth since October 1988, significantly surpassing the consensus forecast of 35.1%. The remarkable increase was largely attributed to a robust demand for electronics, particularly integrated circuits and PCs.

Electronics exports soared by 131.8% year-on-year, with integrated circuits alone expanding by 90.9%. The growth in PCs was even more dramatic, reaching 237.9%. This surge is indicative of a broadening demand for AI-related technologies, aligning with the global tech uptrend. Non-electronics exports also saw a notable rise, increasing by 12% year-on-year, driven by specialised machinery.

The growth was not limited to specific regions, as NODX to key destinations such as the US, Japan, Korea, and Taiwan also saw substantial increases. Excluding volatile items like non-monetary gold and pharmaceuticals, NODX growth to these regions jumped to 49.5% year-on-year.

Oil exports also improved, growing by 36.8% year-on-year in August, up from 21.1% in July. This was due to both price and volume effects, although real oil import growth remained weak.

Nomura maintains its above-consensus GDP growth forecast for Singapore at 5.7% for 2026, expecting the momentum to continue into the second half of the year. The sustained growth in NODX, particularly in electronics, is anticipated to bolster manufacturing output and trade-related services.

Lee Kim Tah Group, a prominent Singaporean property and construction firm, has responded to litigation initiated by the former Managing Director of its Indian subsidiary, L&W Construction. The legal proceedings, taking place in Bengaluru, follow the termination of Asaithambi Manickam, effective from 29 June 2026. The company has issued a statement clarifying the circumstances surrounding the termination, which it claims are unrelated to ongoing shareholder disputes.

The controversy stems from allegations of misconduct dating back to 2023, when CapitaLand reported potential bribery involving L&W employees. Subsequent whistleblower complaints led to a comprehensive investigation by KPMG, revealing serious breaches of fiduciary duties and company policies. These included improper vendor transactions, misuse of resources, and unauthorised payments.

Despite the findings, Lee Kim Tah alleges that its joint venture partner, Woh Hup Holdings, delayed action against Manickam. The company claims that Woh Hup’s representatives obstructed efforts to address the misconduct, including instructing KPMG to omit evidence of bribery from reports.

The case highlights the governance challenges faced by Singaporean firms operating overseas, particularly when day-to-day control is shared with local partners. Lee Kim Tah emphasises its commitment to ethical business practices and intends to address the legal claims through the appropriate channels in Bengaluru.

As the court proceedings continue, the company seeks to correct public misconceptions and reinforce its dedication to integrity and transparency in its operations.

United Overseas Bank (UOB) welcomed the Vice Governor of Shandong Province, Zhang Haibo, and his delegation to Punggol Digital District, a key smart district in Singapore, as part of the 2026 Singapore-Shandong Week. The visit aimed to explore how digital innovation and smart infrastructure can bolster economic transformation and competitiveness.

Hosted by Tan Choon Hin, Head of ASEAN and Greater China at UOB, the delegation toured the district to understand Singapore’s integration of digital infrastructure and advanced technologies. Tan remarked, “The visit provided a valuable opportunity to discuss ideas on innovation, digital transformation and cross-border collaboration.”

The event coincides with the 2026 Singapore-Shandong Week, designed to enhance economic cooperation between Singapore and Shandong in areas such as trade, investment, and digitalisation. UOB, a longstanding connector between China and ASEAN, has been pivotal in supporting Chinese enterprises’ regional expansion, particularly into Southeast Asia.

A notable example of UOB’s efforts is its partnership with Hengfeng Bank, which has facilitated over RMB10b in business flows since 2020. This collaboration has supported more than 30 companies across sectors like artificial intelligence and advanced manufacturing. Additionally, UOB structured a $10 million (US$10 million) cross-border financing solution for a Shandong manufacturer investing in Vietnam.

The visit highlights the growing importance of digitalisation in strengthening economic ties between Singapore, Shandong, and the ASEAN region. UOB continues to connect enterprises with opportunities and expertise across ASEAN through its extensive network and partnerships.

Partior and LSEG Digital Settlement House (DiSH) have announced a strategic partnership to introduce a Multi-Settlement Bank solution, enabling 24/7 liquidity management for cross-border payments. This collaboration aims to streamline corporate treasury operations by allowing banks to bypass pre-funded Nostro accounts and execute settlements efficiently.

The partnership combines Partior’s blockchain-based clearing and settlement network with LSEG DiSH’s trust account framework. This integration addresses inefficiencies in traditional correspondent banking by enabling continuous movement of settlement liquidity across multiple banks. The solution is designed to reduce reliance on payment cut-off times and minimise the need for pre-funded bilateral relationships.

Andrew Williams, CEO of Post Trade Solutions at LSEG, highlighted the significance of the collaboration: “By adding our omnibus trust account option with Partior’s clearing scheme, we enable participating banks to instantly manage settlement liquidity 24/7 without the need for direct bilateral account and proprietary digital system integration.”

The initiative is currently undergoing industry testing, with plans for a production go-live and commercial onboarding of additional banks by Q1 2027. Humphrey Valenbreder, CEO of Partior, emphasised the immediate benefits: “By bringing a live settlement liquidity option for our bank users directly into Partior, we eliminate legacy nostro friction.”

This development marks a significant step in enhancing global liquidity management, offering banks a unified corporate experience and comprehensive payment rails. As the financial landscape evolves, such collaborations are crucial for advancing cross-border payments and settlement infrastructures.

HubSpot has announced significant updates to its platform, aiming to enhance AI integration for better business growth outcomes. At the UNBOUND 2026 event in Boston, HubSpot introduced a self-updating Smart CRM, Context Home, and an enhanced Breeze Assistant, all designed to unify business, team, and customer data.

Despite 89% of Singapore business leaders planning to increase AI investment, only 26% are confident in achieving measurable outcomes, according to HubSpot data. The company attributes this gap to a lack of comprehensive business context in AI tools. HubSpot’s new features, powered by what it calls “Growth Context,” aim to address this by providing a unified view of a business’s operations.

Duncan Lennox, Chief Product and Technology Officer at HubSpot, stated, “We reimagined HubSpot to be a platform that delivers outcomes, showing how AI can deliver real ROI when it understands your business.”

The updates include the Breeze Assistant, which reduces administrative burdens by integrating AI tools with business context, and the Marketing Studio, which helps identify and convert demand into sales. Early users of the Marketing Studio have reportedly created 81% more campaigns, whilst those using Breeze Assistant have generated 2.2 times more leads.

Additionally, HubSpot has become the first CRM to integrate with ChatGPT Ads, allowing businesses to reach potential buyers during their decision-making process. This integration, along with Microsoft Advertising, enables seamless management of advertising activities within HubSpot.

These updates are part of HubSpot’s strategy to provide businesses with the tools needed to effectively leverage AI for growth, addressing the current challenges faced by many Singaporean companies.

Trust Bank has launched Trust AI Ask, an innovative AI-powered tool designed to simplify how customers interact with their card transaction data. This new feature enables users to ask questions in natural language, such as “How much did I spend on groceries last month?” and receive immediate answers without the need to scroll through transaction histories or apply filters.

Trust AI Ask is engineered to understand everyday language, recognising merchants, categories, dates, and amounts in a single query. It can automatically calculate totals, counts, and spending summaries, providing users with instant insights into their spending habits. The tool is built with robust security and privacy measures to protect personal information and filter sensitive data.

Naveen Sethia, Chief Customer Officer of Trust Bank, highlighted the shift in banking app expectations: “For too long, banking apps have expected customers to adapt to how the bank organises information. We believe it should be the other way around. With Trust AI Ask, customers can simply ask a question about the way they naturally think and speak and get the answer they need in seconds.”

This launch marks the first phase of Trust’s broader AI strategy, focusing initially on card spends. The bank anticipates that this will enhance customer experience, reduce routine transaction-related enquiries, and encourage more frequent use of the Trust App as a financial companion. Trust Bank plans to expand the capabilities of Trust AI Ask, aiming to offer more personalised insights and facilitate a more conversational banking experience in the future.