Industry News

CyberSafe, a Singaporean cybersecurity firm, has joined forces with CrowdStrike’s Project QuiltWorks to launch the AI Compliance and Enterprise Security Officers (ACES) programme. This initiative aims to assist organisations in Singapore in addressing AI-driven cyber threats and preparing for national cybersecurity certifications.

The ACES programme, part of CyberSafe’s collaboration with CrowdStrike, integrates QuiltWorks with CyberSafe’s advisory services to help organisations assess and mitigate frontier AI risks. The comprehensive eight-step programme includes briefings led by CrowdStrike experts and CyberSafe’s Chief AI Officers and Chief Information Security Officers. It also covers governance framework implementation, vulnerability assessments, and certification readiness support.

Participating organisations will benefit from CrowdStrike’s Frontier AI Readiness and Resilience (FAIRR) Service, which offers AI-powered scanning and expert-guided remediation to tackle vulnerabilities. This service provides a thorough assessment of AI risks, whilst CyberSafe offers the necessary advisory and remediation services.

The partnership aims to bolster the cybersecurity posture of organisations in Singapore, enabling them to pursue the Cybersecurity Agency of Singapore’s Cyber Essentials and Cyber Trust certifications. Daniel Bernard, chief business officer at CrowdStrike, emphasised the importance of technology and expert services in securing AI risks, stating, “With CyberSafe joining QuiltWorks, we’re bringing that model to more organisations across Singapore so they can adopt AI with greater confidence.”

Dave Gurbani, Group CEO of CyberSafe, highlighted the transformative impact of AI on the cyber threat landscape, noting that the ACES programme will help organisations adopt AI securely and prepare for national cybersecurity certification.

Singapore’s inflation rates have remained relatively stable in the first half of 2026, according to RHB Bank’s latest Global Economics and Market Strategy Report. Headline inflation rose by 1.7% whilst core inflation increased by 1.4% during this period. However, Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, warns of potential inflationary pressures in the second half of the year.

The report highlights that inflationary pressures could intensify if disruptions to oil supplies from the Middle East occur and persist. In such a scenario, the headline Consumer Price Index (CPI) is projected to average around 4.0% in the latter half of 2026. This projection is a significant increase from the current figures, indicating potential economic challenges ahead.

June saw a slight increase in headline inflation, edging up to 1.9% year-on-year from a 1.8% rise in May. This was below RHB’s in-house projection of 2.1% and Bloomberg’s consensus estimate of 2.0%. Core inflation also accelerated to 1.6% year-on-year from 1.4% in May.

Despite these potential challenges, RHB maintains its full-year headline and core inflation forecasts at 2.5% and 2.0%, respectively. The bank’s report underscores the importance of monitoring global oil supply dynamics, which could significantly impact Singapore’s economic landscape in the coming months.

Singapore’s construction sector is experiencing significant growth, with the Building and Construction Authority (BCA) forecasting construction demand to range between S$47b and S$53b in 2026. This surge is supported by major projects such as Changi Airport Terminal 5, the Marina Bay Sands expansion, and the New Tengah General & Community Hospital. The BCA also anticipates annual construction demand to average between S$39b and S$46b from 2027 to 2030.

The sector has been a standout performer in Singapore’s economy, expanding by 11.8% year on year in the first quarter of 2026 and continuing to grow by 6.2% in the second quarter, according to advance estimates. This growth is attributed to both public and private sector activities, including institutional, residential, and industrial developments.

The construction industry’s impact extends beyond project sites, with the Singapore Department of Statistics highlighting output multipliers of up to 2.248x for building construction. This indicates the sector’s role in stimulating broader economic activity through materials, engineering, and logistics.

Recent corporate activities reflect ongoing momentum. Boustead Singapore reported an engineering order backlog of approximately S$840m, whilst Volare Group AG increased its stake in BBR Holdings to 14.69%. Koh Brothers Eco Engineering also announced a proposed transfer to the SGX Mainboard, underscoring its significant expansion.

As Singapore continues to invest in infrastructure, the construction sector remains a vital channel for economic activity, with implications for both local and international markets.

The Competition and Consumer Commission of Singapore (CCS) has initiated a Phase 2 review of the proposed acquisition by SUTL Enterprise Ltd, through its subsidiary One15 Marina KB Pte. Ltd., of assets at Marina at Keppel Bay from Keppel Bay Pte Ltd. This follows the acceptance of necessary documents on 14 July 2026, after initial competition concerns were raised.

The Phase 1 review, which began on 27 February 2026, identified potential competition issues, noting that the parties involved might be each other’s closest competitors and could hold significant market shares post-merger. Consequently, CCS raised concerns on 27 April 2026, suggesting that the merger might infringe section 54 of the Competition Act 2004, which prohibits mergers likely to substantially lessen competition in Singapore.

In response, SUTL proposed commitments on 11 May 2026 to address these concerns. However, CCS found these proposals inadequate and did not accept them. The commencement of the Phase 2 review will allow CCS to conduct a more detailed examination of the merger’s potential impact on the market.

During this phase, the involved parties can propose revised commitments to mitigate competition concerns. Upon completion, CCS will decide whether to approve or reject the transaction. Should the decision be unfavourable, the parties have the right to appeal to the Competition Appeal Board within four weeks of notification.

The outcome of this review could significantly impact the market dynamics within Singapore’s marina sector, depending on whether the merger proceeds or is blocked.

The Monetary Authority of Singapore (MAS) and the Bank of Thailand (BOT) have signed a Memorandum of Understanding (MoU) to strengthen cybersecurity cooperation and digital fraud protection. This agreement, signed during the 31st Executives’ Meeting of East Asia-Pacific Central Banks Governors’ Meeting in Singapore, aims to enhance the cyber resilience of both countries’ financial sectors.

The MoU outlines a framework for collaboration in three key areas: information sharing, competency-building, and operational preparedness. This includes exchanging regulatory updates, conducting joint training and study visits, and organising cross-border cybersecurity exercises. The initiative addresses the increasing sophistication of cyber threats and digital fraud risks in today’s interconnected financial ecosystem.

MAS Managing Director Chia Der Jiun emphasised the importance of this partnership, stating, “Cyber risks and digital fraud are key transnational threats confronting our region and calls for closer collaboration to combat these risks.” BOT Governor Vitai Ratanakorn echoed this sentiment, highlighting the need for seamless cross-border intelligence exchange to counter emerging threats.

This MoU marks a significant step towards creating a safe and resilient financial ecosystem, reflecting the shared commitment of MAS and BOT to safeguard trust in their financial systems. As cyber threats continue to evolve, this enhanced partnership is expected to play a crucial role in maintaining the integrity and security of financial operations in both countries.

SIA Engineering Group has reported stable demand for its Maintenance, Repair and Overhaul (MRO) services in the first quarter of FY2026/27, with a 2.9% increase in flight volumes handled in Singapore compared to the previous year. This growth occurred despite flight cancellations due to the Middle East conflict. The company also celebrated the official opening of its Base Maintenance Malaysia facility in May 2026, with plans to expand its capacity further by the second half of the fiscal year.

The company has entered into a joint venture with Safran Aircraft Engines to establish a CFM LEAP engine MRO shop in Singapore, aiming to enhance its capabilities for LEAP-1A and LEAP-1B engines. This venture will see Safran holding a 51% stake, with SIA Engineering holding the remaining 49%. Additionally, SIA Engineering signed a Memorandum of Understanding with Air India Limited to explore potential MRO collaborations in India.

Financially, the group reported a revenue of $327.6m for the quarter, an 8.6% decrease year-on-year due to reduced material revenue. However, excluding materials, revenue rose by 4.2%. Operating profit improved to $13.2m, up by $8.1m from the previous year. Despite a reduction in profits from joint ventures, the group’s net profit after tax stood at $40.3m, slightly lower than the previous year.

Looking ahead, SIA Engineering remains optimistic about the Asia-Pacific MRO market, driven by increasing passenger traffic and fleet expansion. The company plans to continue expanding its regional footprint and enhancing its capabilities to support next-generation aircraft.

Synagie has unveiled Geene 2.0, a Trusted AI Commerce Intelligence Ecosystem, designed to help businesses transition from isolated AI applications to a cohesive, scalable platform. Launched with twelve founding partners, including BytePlus and SingData, the platform was introduced to over 200 business leaders and guests.

Geene 2.0 combines capabilities in data, artificial intelligence, media, commerce, and blockchain into a single software-as-a-service platform. It enables businesses to analyse markets, strategise, generate content, automate operations, and verify products within one ecosystem. The platform will be available commercially from early August 2026.

The unveiling event featured a fireside chat with industry leaders, including Desmond Tan, Senior Minister of State in the Prime Minister’s Office, who emphasised the importance of trust in AI deployment. The platform’s ASSET intelligence engine orchestrates AI-driven commerce through five layers: Analyse, Strategise, Storytelling, Execute, and Trust.

Pei Gy Wong, Chief Digital Officer of Synagie, stated, “The next generation of AI will be led by those who can build the greatest trust.” Geene 2.0 aims to provide businesses with a practical pathway to adopt AI confidently and at scale.

The platform has already been deployed commercially with AGONG Durian, demonstrating its capabilities in improving operational efficiency and consumer confidence. Synagie is also collaborating with the Singapore Industrial and Services Employees’ Union to enhance AI readiness among workers.

As AI adoption accelerates, Synagie positions Geene 2.0 as a foundation for responsible enterprise AI innovation, aiming to make Singapore a leader in this field.

Singapore’s core Consumer Price Index (CPI) rose by a modest 0.1% month-on-month in June, translating to a softer-than-expected 1.6% year-on-year increase, as reported by UOB Global Economics and Markets Research. This figure fell short of both Bloomberg’s consensus and UOB’s forecast of 1.7%. Despite the lower headline figure, inflationary pressures are broadening across key categories such as food and recreation, sport, and culture, partly due to holiday effects.

The moderation in core inflation was driven by a decline in the information and communications component, attributed to competitive pricing among telecommunications providers. However, UOB warns of upside risks to inflation forecasts due to rising energy prices amid Middle East tensions and potential increases in food prices from a Super El Niño event. The US National Oceanic and Atmospheric Administration predicts an 81% chance of a “very strong” El Niño developing later this year.

UOB maintains its 2026 headline and core inflation forecasts at 2.2% and 1.9%, respectively, but highlights the potential for these figures to rise. The Monetary Authority of Singapore (MAS) is expected to keep its current monetary policy stance unchanged, although there is a 40% probability of a policy adjustment in the near future to address imported inflation risks.

The report underscores the complexity of Singapore’s inflation landscape, with broader price pressures suggesting a lagged pass-through of earlier energy price shocks. As global conditions evolve, Singapore’s economic outlook remains closely tied to external factors, particularly energy and food prices.

Singapore’s industrial sector demonstrated robust growth in the second quarter of 2026, with the manufacturing sector expanding by 12.2% year-on-year, according to the latest JTC Industrial Statistics. This growth was largely fuelled by strong global demand for AI-related products, particularly computer chips, despite ongoing geopolitical tensions in the Middle East. The Purchasing Manager’s Index (PMI) for June 2026 stood at 51.3, indicating expansion, with the electronics PMI outperforming at 52.2.

The industrial price and rental indices both saw modest quarterly increases of 0.6% and 0.5%, respectively. However, industrial sales transactions decreased, with big-ticket deals over S$10m dropping from 39 in Q1 to 16 in Q2. Smaller transactions remained stable, suggesting continued demand from owner-occupiers seeking business continuity.

Tridiana Ong, Head of Occupier Strategy and Solutions at Knight Frank Singapore, noted that leasing demand is expected to remain strong as AI and automation adoption grows. “Well-connected, amenity-rich business park buildings such as Galaxis are backfilling spaces from larger former occupiers,” Ong said.

Investment in advanced manufacturing and AI infrastructure is anticipated to remain robust, with Singapore’s fixed asset investment commitments rising 40.9% year-on-year in Q1 2026. The electronics sector saw a significant surge in commitments, reaching S$2.2b. Knight Frank projects industrial property prices to grow between 3% and 5% for the year, driven by resilient demand and Singapore’s status as a strategic hub.

MSCI Inc. has entered into a licensing agreement with Singapore Exchange Limited (SGX) to launch futures and options contracts based on a suite of MSCI indexes. These contracts will cover global developed and emerging markets, enhancing the tools available for institutional investors to manage risk across multi-regional equity portfolios.

The agreement broadens MSCI’s collaboration with SGX to include flagship global and regional equity benchmarks, single-country developed and emerging market indexes, and EM Asia sector indexes. Henry Fernandez, Chairman and CEO of MSCI, emphasised the importance of this expansion, stating, “This agreement reflects our commitment to ensuring that MSCI’s most critical benchmarks are accessible to investors wherever they manage risk.”

SGX’s Chief Executive Officer, Loh Boon Chye, highlighted the exchange’s role in creating markets that cater to global investors’ needs. “As portfolios are increasingly managed across regions, themes and benchmark suites, our comprehensive MSCI suite gives investors a broader platform to manage global equity risk through one trusted venue,” he said.

The new futures and options contracts will be centrally cleared in the Asia-Pacific time zone, providing institutional investors with a reliable venue for managing multi-regional equity portfolios. This development marks a significant step in offering investors enhanced capabilities to navigate complex market environments with confidence.

The collaboration between MSCI and SGX underscores a shared commitment to providing robust infrastructure and market access, facilitating better risk management and investment decisions for global investors.