Industry News

Liberty, part of Liberty Mutual Insurance Group, has announced the appointment of Jimmy Tong as the Chief Executive Officer of its Singapore operations, effective 27 April 2026, pending regulatory approval. Tong, a seasoned executive with over 25 years of experience in the insurance sector, will lead the newly unified Liberty Singapore, reporting to Matthew Jackson, President of Asia Pacific.

Liberty Mutual has consolidated its two distinct businesses in Singapore—Liberty Insurance and Liberty Specialty Markets—under a single insurance licence as of 1 January 2026. This strategic move aims to create a more streamlined and robust organisation for customers and partners in the region. “In Asia Pacific, our goal this year is to operate as one Liberty in each market,” said Jackson, highlighting the importance of the consolidation and Tong’s leadership.

Jimmy Tong is well-regarded within Singapore’s insurance and business communities, having previously led Great Eastern’s General and Group Insurance for a decade. His leadership is expected to drive Liberty’s unified Singapore business, which ranks among the top three general insurers in the country.

Following the unification, former Liberty Insurance CEO Yasar Fistikci has transitioned to the role of Chief Product Officer for Singapore. Meanwhile, Nicole Lim, the current CEO of Liberty Specialty Markets, will be leaving the company at the end of April to pursue other opportunities.

The newly branded Liberty in Singapore will offer a comprehensive range of general insurance and reinsurance products, catering to personal, commercial, and bespoke needs for major construction projects, corporate clients, and government entities.

Eaton, an intelligent power management company, unveiled its latest aerospace innovations and strategic partnerships at the 2026 Singapore Airshow, held from 3 to 6 February. The event underscored Eaton’s commitment to delivering top-tier aerospace solutions and enhancing regional support for customers across the Asia-Pacific region.

At the airshow, Eaton showcased a wide array of advanced technologies for both commercial and military aviation, designed to meet stringent performance standards and evolving customer needs. Matt Norman, Vice President of Aftermarket and Commercial Services at Eaton’s Aerospace Group, stated, “Through reinforced regional capabilities and business presence, we remain focused on delivering customer-centric solutions and driving operational excellence.”

Eaton also highlighted its two regional joint ventures that provide aftermarket repair services to airlines and Maintenance, Repair, and Overhaul (MRO) providers. This expansion reflects Eaton’s dedication to offering tailored, cost-effective solutions for regional customers.

In addition, Eaton participated in the Singapore Aerospace Technology and Engineering Conference (SATEC) 2026, where Armen Baronian, Director of Power Systems and Engineering Technologies, presented on emerging trends in aerospace technologies.

During the airshow, Eaton celebrated significant milestones, including a Memorandum of Understanding with Satair to distribute Eaton-repaired OEM-quality Used Serviceable Material in China. This collaboration aims to deliver safer and more efficient solutions to the Chinese market. Furthermore, Eaton entered a two-year pricing agreement with ST Engineering’s Commercial Aerospace business, covering MRO services starting in 2026.

Eaton continues to expand its regional aftermarket network, reinforcing its role as a leader in aerospace innovation and support.

CapitaLand Integrated Commercial Trust (CICT) has announced a robust performance for the second half of 2025, with a 9.4% increase in distribution per unit (DPU) to 5.96 Singapore cents. This growth, reported on 6 February 2026, was attributed to strategic asset management and portfolio reconstitution, despite an enlarged unit base from a private placement in August 2025.

CICT’s distributable income rose by 16.4% year-on-year to S$449m, bolstered by contributions from ION Orchard, the acquisition of CapitaSpring’s commercial component, and improved performance from existing properties. However, this was partially offset by the divestment of 21 Collyer Quay. The Trust’s gross revenue increased by 4.7% to S$831.5m, whilst net property income grew by 6.8% to S$609.9m.

The portfolio’s property value saw a 5.2% uplift to S$27.4b, primarily due to the enhanced performance of the Singapore portfolio. Teo Swee Lian, Chairman of CICT Management Limited, highlighted the Trust’s commitment to maintaining a high-quality, Singapore-centric portfolio, with 94% of its property value anchored in the city-state.

CEO Tan Choon Siang noted the disciplined execution of CICT’s reconstitution strategy, which has strengthened the portfolio’s quality and earnings resilience. The Trust plans to redeploy capital from the sale of Bukit Panjang Plaza into new growth opportunities, including the development of a commercial component at Hougang Central.

Looking ahead, CICT aims to continue enhancing asset performance and pursuing growth opportunities, whilst maintaining strong financial discipline. The Trust is poised to benefit from a lower interest rate environment and remains agile in navigating market conditions.

City Developments Limited (CDL) has secured the Tanjong Rhu Road Government Land Sales (GLS) site with a top bid of $1,455 per square foot per plot ratio (psf ppr), outbidding competitors by approximately 2.5%. This bid, which is 4.8% higher than the recent Bayshore Road GLS, highlights the developers’ confidence in the Tanjong Rhu area, according to Mark Yip, CEO of Huttons Asia.

The Tanjong Rhu site, the first GLS offering in the area since 1997, attracted five bidders eager to capitalise on its prime location. Situated near Katong Park and Tanjong Rhu MRT station, the site offers convenient access to the Central Business District and Changi Airport. Additionally, the East Coast Parkway and Marina Coastal Expressway are less than a five-minute drive away, enhancing its appeal.

Despite its advantages, the site presents challenges, including potential construction complexities due to reclaimed land and a height restriction limiting buildings to 100 metres. This constraint may cap developments at 30 storeys, aligning with nearby Housing Development Board (HDB) projects. The estimated selling price for properties on this site could start from $2,900 psf.

CDL’s acquisition of the Tanjong Rhu site adds to its recent GLS wins at Lakeside Drive, Senja Close, and Woodlands Drive 17, ensuring a steady pipeline for its property development business over the next three years.

Grab Finance, the financial services division of Southeast Asia’s leading superapp, has significantly enhanced credit access in the region by implementing over 22 decision workflows across six countries. This initiative, powered by the FICO Platform, has increased credit offer eligibility rates by nearly 50%, benefiting more than 46 million consumers, as well as millions of merchants and drivers within the Grab ecosystem.

The FICO Platform utilises behavioural and transactional data, such as ride frequency and merchant revenues, to provide automated, pre-approved credit offers. This approach helps expand credit access for users lacking traditional credit histories by offering a comprehensive view of creditworthiness whilst managing risk effectively.

Andre Tan, Regional Head of Lending Risk Platforms at Grab Finance, stated, “Grab saw a strategic opportunity to make financing in Southeast Asia more accessible by leveraging our superapp ecosystem and behavioural data.” This strategy enables Grab to deliver real-time credit offers, expanding financial inclusion for underserved users.

Southeast Asia, home to over 700 million people, faces challenges with a large underbanked population. Grab Finance’s initiative addresses data scarcity issues by using in-app behavioural signals to develop alternative risk models. The project, completed in under eight months, involved 22 decision workflows across Grab’s customer portfolios, including driver-partners, passengers, and merchant-partners.

Singaporeans are increasingly opting for regional travel, with Malaysia and Japan emerging as the top destinations for year-end trips, according to Visa’s latest data. The report highlights a significant rise in face-to-face card spending in these countries, reflecting a preference for regional, shorter-haul travel.

Malaysia maintained its position as the most popular travel corridor, with a notable 18% year-on-year increase in spending. Kuala Lumpur and Johor Bahru were the top destinations, experiencing growth of 31% and 17% respectively.

Japan followed closely, with a 5% increase in overall spending, driven by affluent travellers seeking winter activities in Hokkaido and Nagano.

Thailand and South Korea also remained key destinations, with Singaporeans exploring beyond major cities. Emerging hotspots like Chiang Mai and Chonburi in Thailand, and Busan and Jeju in South Korea, saw increased spending. Notably, healthcare spending in South Korea surged by nearly 90%, indicating a trend of seeking medical services abroad.

Mainland China climbed eight places to become the fifth most popular destination, with spending by Singaporeans rising nearly 80% year-on-year. This growth was fuelled by accommodation and retail spending, particularly in cities like Shenzhen and Chengdu.

Long-haul travel saw a decline, with France, the UK, and the US dropping in popularity. However, France recorded a 12% increase in spending, remaining a favourite among affluent travellers.

Adeline Kim, Visa’s Country Manager for Singapore and Brunei, noted, “Travel is a key category spend for Singapore residents, especially our affluent cardholders, who are spending three times more per trip than our mass segment cardholders.”

The Infocomm Media Development Authority (IMDA) has unveiled the TradeTrust Readiness Programme to accelerate the adoption of digital trade solutions within the maritime sector. Announced on 4 February 2026 during TradeTrust Appreciation Day, the programme seeks to foster partnerships between Digital Trade Platforms (DTPs) and shipping carriers to facilitate the seamless use of electronic Bills of Lading (eBLs) across various digital platforms.

The programme addresses a significant barrier to eBL adoption: the lack of coordination between carriers and digital trade platforms. By supporting paired DTP-carrier implementations, the initiative aims to align incentives across the supply chain, reducing risks and encouraging broader industry participation. Participating pairs will receive funding support upon achieving milestones such as successful TradeTrust integration and interoperability with other platforms.

In a significant industry milestone, four TradeTrust-enabled platforms—AEOTrade, BlockPeer, Credore, and SGTraDex—have received approval from the International Group of Protection and Indemnity (IG P&I) Clubs. This approval grants electronic trade documents the same legal status as paper documents, enhancing their commercial viability and boosting confidence in digital trade.

IMDA also recognised over 50 ecosystem partners at the inaugural TradeTrust Partner Awards for their contributions to advancing interoperable digital trade. The awards highlighted the progress from pilot projects to tangible commercial value, with nine partners receiving the highest honour of TradeTrust Champions.

The TradeTrust Readiness Programme, open to Singapore-registered enterprises and their international partners, will run until March 2027. This initiative, alongside global maritime insurance approvals, marks a pivotal step in transforming digital trade from concept to reality, reinforcing Singapore’s role as a leader in digital trade solutions.

The Housing Development Board (HDB) has unveiled its February 2026 Build-to-Order (BTO) and Sales of Balance Flat (SBF) exercises, offering a total of 4,692 new BTO flats across Bukit Merah, Sembawang, Tampines, and Toa Payoh. Kelvin Fong, CEO of PropNex, estimates an application rate of 3.0 to 3.5 times for the BTO exercise, slightly lower than the previous October 2025 exercise due to the concurrent availability of 4,320 SBF units.

The BTO exercise includes 1,316 Shorter Waiting Time (SWT) flats, with a wait of less than three years, which are expected to attract significant interest. Notably, the Redhill Peaks project in Bukit Merah, classified as Prime, is anticipated to be highly sought after due to its proximity to Redhill MRT station and local amenities. The Tampines Nova project, classified as Plus, is also expected to be popular, given its location near Tampines MRT station and several schools.

In contrast, the Sembawang Voyage and Sembawang Deck projects may see moderate interest due to their distance from MRT stations, although future developments in the area could enhance their appeal. The Kim Keat Crest project in Toa Payoh, offering 1,151 Plus classified units, is expected to draw interest despite potential traffic noise concerns.

Overall, the February 2026 BTO exercise offers a diverse range of options, with 4-room flats comprising the largest proportion of units. The availability of SWT flats and completed SBF units may influence buyer preferences, potentially impacting the HDB resale market. The next BTO exercise is scheduled for May 2026.

GE Aerospace has inaugurated a new module repair facility at Seletar Aerospace Park, Singapore, as part of its US$300m investment to enhance maintenance, repair, and overhaul (MRO) capabilities. This expansion, in collaboration with JTC Corporation and the Singapore Economic Development Board (EDB), aims to support the growth of CFM LEAP-1A/1B High-Pressure Turbine module repairs, serving customers across Asia Pacific and the Middle East.

The new facility is expected to significantly improve GE Aerospace’s regional MRO capabilities, reducing turnaround times and enhancing connectivity. Tim McQueen, Executive Director of the Global Component Repair Network at GE Aerospace, stated, “This expansion at Seletar Aerospace Park underscores our commitment to building in-region MRO capabilities that help reduce turnaround time and enhance connectivity for our customers across APAC and the Middle East.”

Lim Ai Ting, Group Director for Advanced Manufacturing at JTC, highlighted the advantages of the ready-built infrastructure at Seletar Aerospace Park, which allows for faster start-up and scaling of capabilities. “With plug-and-play facilities, companies can move straight into execution and be market ready sooner,” she noted.

Zheng Jingxin, Vice President and Head of Mobility at EDB, emphasised Singapore’s role as a trusted hub for aerospace operations. He remarked, “This latest investment adds advanced capabilities to our ecosystem amidst growing demand for MRO services, and will strengthen Singapore’s relevance and position as a critical node in the regional aerospace supply chain.”

The new facility reinforces Singapore’s strategic importance within GE Aerospace’s global MRO network, ensuring more efficient support for the LEAP fleet and enhancing the region’s aerospace infrastructure.

Singapore Aero Engine Services Limited (SAESL) has announced the signing of two Memoranda of Understanding (MoUs) at the Singapore Airshow 2026, aimed at bolstering its talent development strategy for the engine maintenance, repair, and overhaul (MRO) sector. The agreements, made with the Singapore Economic Development Board (EDB) and Singapore Polytechnic (SP), are part of SAESL’s comprehensive approach to nurturing a future-ready workforce.

The MoUs are integral to SAESL’s S$242m expansion and transformation programme, which seeks to enhance operational capacity and modernise facilities. The collaboration with SP is expected to strengthen the aerospace talent pipeline, whilst the partnership with EDB will focus on applied industry learning and accelerated in-house capability development through the establishment of a new SAESL Training Academy.

These initiatives are designed to deepen SAESL’s technical expertise and ensure a sustainable talent pipeline to meet future engine MRO demands. By investing in workforce development, SAESL aims to support long-term growth and maintain its competitive edge in the aerospace industry.