Industry News

UOB Group has announced a net profit of S$1.4b for the first quarter of 2026, marking a 2% increase from the previous quarter. However, this figure represents a 4% decline year on year, attributed to a softer operating environment compared to the robust performance in the same period last year.

The bank’s performance was bolstered by its Group Retail, Group Wholesale Banking, and Global Markets divisions, with notable contributions from current account savings account (CASA), wealth management, card billings, loan growth, and customer-related treasury income. Despite the pressure from a lower interest rate environment, UOB managed a healthy loan growth of 4%, which helped mitigate margin pressures.

Net fee income saw a 2% quarter-on-quarter increase to S$637m, driven by wealth and capital market activities. However, on a year-on-year basis, net fee income decreased by 8%, reflecting a more cautious market sentiment. Other non-interest income surged by 45% quarter on quarter to S$462m, benefiting from stronger customer treasury income and market volatility.

Credit costs remained stable at 26 basis points, with a non-performing loan ratio of 1.5%. UOB’s balance sheet continues to be robust, with a Common Equity Tier 1 ratio of 15.3%.

UOB’s CEO highlighted the group’s steady performance and strong asset quality, stating, “Whilst global uncertainty remains elevated, business activity held up across our key segments.” Looking forward, UOB aims to deepen relationships within its ASEAN customer base and strengthen ecosystem partnerships to support long-term growth.

Linklaters has successfully advised the Genting Group on the issuance of US$1.25b in dual-tranche subordinated perpetual securities, alongside a concurrent tender offer for US$1.5b of 4.25% Guaranteed Notes due 2027. The securities were issued by GOHL Capital Holdings Limited, a funding vehicle within Genting, and are guaranteed by Genting Overseas Holdings Limited.

This transaction is notable for incorporating a subordinated keepwell deed and a contingent put option provided by Genting Berhad, marking it as one of the first of its kind in the region. The issuance is also one of the largest perpetual securities offerings in recent years in the area.

Amit Singh, Head of South and Southeast Asia Capital Markets at Linklaters, led the team with partner Michele Discepola and managing associate Alwyn Loy. Singh remarked, “We are pleased to have supported the Genting Group on this significant capital markets transaction which required careful structuring to achieve the desired ratings and accounting outcomes.”

Linklaters, with over 50 years of experience in Asia, has a strong reputation in the region’s capital markets. The firm has been involved in numerous high-profile transactions, including PTTGC’s US$1.1b perpetual securities issuance, previously the largest in South and Southeast Asia.

This transaction underscores Linklaters’ ability to navigate complex financing structures and deliver tailored solutions in evolving market conditions, further solidifying its market-leading position in Southeast Asia.

Amazon Web Services (AWS) has announced a significant educational initiative at the AWS Summit Singapore, providing 1,000 complimentary Kiro credits to eligible learners from Singapore’s Institutes of Higher Learning (IHL). This initiative aims to equip students and adult learners, aged 18 and above, with advanced software skills, enabling them to develop AI-driven applications from concept to minimum viable product.

Kiro, AWS’s agentic development environment, requires users to define scope and success criteria in natural language, facilitating the creation of production-ready applications. Republic Polytechnic was the first to integrate Kiro into its curriculum, following a three-year memorandum of understanding with AWS. The Kiro credits initiative is complemented by the AWSome Lab, launching in July 2026, which connects SMEs with student-developed AI solutions, bridging academic learning with real-world applications.

In addition to the educational initiative, AWS unveiled findings from its commissioned research, “Unlocking Singapore’s AI Potential,” conducted by Strand Partners. The research surveyed 1,500 businesses across financial services, manufacturing, and healthcare sectors. It highlighted that whilst AI adoption is widespread, integration remains a challenge. For instance, 38% of SMEs in financial services cite internal approval as a bottleneck, whilst 37% in manufacturing struggle with systems integration.

The study also revealed that AI stewardship is not yet widespread, with many SMEs reliant on a few individuals for AI initiatives. Furthermore, whilst IT departments often lead AI projects, non-technical units are increasingly involved, though formal processes for handling AI outputs are lacking.

AWS’s initiatives and research underscore the need for structured AI education and integration strategies, paving the way for a more AI-mature Singapore.

MoneyMax Financial Services Ltd., a prominent financial services provider in Southeast Asia, has successfully transitioned to the Main Board of the Singapore Exchange Securities Trading Limited (SGX-ST). Trading commenced at 9:00 a.m. on 6 May 2026, marking a significant milestone in the company’s corporate journey. This move is expected to enhance MoneyMax’s corporate profile, boost market visibility, and provide broader access to capital markets.

To commemorate this achievement, MoneyMax has donated $100,000 to Community Chest Singapore, Jamiyah Singapore, and Singapore Thong Chai Medical Institution, demonstrating its commitment to community support. Dato’ Sri Dr. Lim Yong Guan, Executive Chairman and CEO of MoneyMax, expressed gratitude for the strong support from shareholders and the market’s confidence in the company’s fundamentals. He stated, “As we enter the next phase, we remain focused on executing our growth strategy and building a resilient, sustainable business that delivers long-term value for all stakeholders.”

The company has also attracted new institutional investors under the Monetary Authority of Singapore’s Equity Market Development Programme, including Fullerton Fund Management, Lion Global Investors Limited, and Eastspring Investments (Singapore) Limited. This participation underscores growing institutional interest and confidence in MoneyMax’s strategic direction and future prospects.

MoneyMax, which operates over 110 stores across Singapore and Malaysia, continues to innovate with services such as an e-commerce platform and mobile app, MoneyMax Online, and has expanded into automotive financial services and luxury retail.

Beng Kuang Marine Limited has announced a significant interest from institutional investors and reputable individuals in the recent sale of shares by one of its founders, Chua Meng Hua. The transaction, which saw participation from prominent funds such as Amova Asset Management and Tokio Marine Life Insurance Singapore, also included increased shareholdings by the company’s executive chairman and CEO.

The share sale marks a strategic move as Chua Meng Hua steps back from his executive role, although he will remain with the company during the transition. This development has not only broadened the company’s shareholder base but also enhanced liquidity, aligning with the group’s growth strategy.

Executive Chairman Chua Beng Yong and CEO Yong Jiunn Run have acquired 578,286 and 500,000 shares respectively, raising their stakes to 4.92% and 5.30%. This move underscores their confidence in the company’s strategic direction and business fundamentals. Yong Jiunn Run commented, “The strong participation from institutional funds and reputable investors, alongside increased ownership by management, reflects confidence in the Group’s strategy and underlying business fundamentals.”

Beng Kuang Marine, listed on the Singapore Exchange since 2004, continues to focus on offshore lifecycle services and related engineering activities. The company aims to build a more predictable, lifecycle-driven business, supported by a growing base of recurring work. As the group progresses into its next phase of growth, it remains committed to executing its strategy with an asset-light and service-oriented business model.

Osome, an AI-driven business management platform, has announced a notable financial turnaround for FY2025, achieving a revenue of S$26.6m. The company, focused on tech startups and freelancers in Singapore and Hong Kong, reported a 50% improvement in EBITDA losses, now at negative S$11.8m, and a 62% increase in operating cashflow. This progress is attributed to the integration of AI automation, which has enhanced service efficiency and positioned Osome on a path to profitability by 2027.

The company’s CEO, Eugenio Ferrante, highlighted the shift from basic data entry to autonomous compliance, stating, “Our FY2025 performance is a proof of concept for the future of company management.” The strategic deployment of AI tools has replaced manual tasks with scalable workflows, allowing human experts to focus on advisory roles. This has enabled Osome to serve a growing client base more efficiently.

William Chong, Osome’s Chief Financial Officer, noted the financial resilience achieved, saying, “Our FY2025 results demonstrate the beginning of the ‘Productivity Dividend’ we promised our stakeholders.” The company expects revenue growth to accelerate to a 20-30% year-over-year range in FY2026.

Osome’s focus on AI-led innovation and its strategic concentration on key markets have reduced operational complexity and improved unit economics. The company’s efforts have nearly achieved positive operating cashflow, demonstrating its ability to fund growth sustainably.

Great Eastern Holdings Limited has announced a significant growth in its financial results for the first quarter ending 31 March 2026. The Group’s New Business Embedded Value (NBEV) surged by 31% to S$195.4m, primarily driven by strong sales and an improved sales mix in Singapore. Total Weighted New Sales also saw a 16% increase compared to the same period last year, reflecting sustained momentum in the region.

The Group’s Profit Attributable to Shareholders remained steady at S$346.3m, despite a challenging investment environment. This stability was supported by improved insurance profits and a release in reserve, which highlighted positive experience and strong underlying fundamentals.

Greg Hingston, Group CEO, stated, “Great Eastern started the year with a strong new business performance, reflecting the strength of our underlying business despite a challenging and volatile investment environment. Our fundamentals remain robust, and the resilience of our business continues to be underpinned by disciplined execution of our long-term strategy.”

The Capital Adequacy Ratios of Great Eastern’s insurance subsidiaries remain strong, exceeding their respective minimum regulatory levels. This financial resilience positions the Group well to navigate ongoing market uncertainties whilst continuing to invest in strategic priorities.

Founded in 1908, Great Eastern is a leading insurance provider in Singapore and Malaysia, with operations extending to Indonesia and Brunei. As a subsidiary of OCBC, it benefits from the financial strength and stability of one of Southeast Asia’s largest financial services groups.

Singapore-based fintech company Aleta Planet has announced it has secured Money Services Business Class B and E-Money Issuer licences from Bank Negara Malaysia. These licences will enable the company to provide remittance and e-money services in Malaysia, marking the country as its second ASEAN hub.

The newly acquired licences complement Aleta Planet’s existing merchant acquirer licence, which allows the company to process credit and debit card payments. Founder and Group Chairman Ryan Gwee highlighted the significance of this development, stating, “Securing this approval from Bank Negara Malaysia is a key milestone for Aleta Planet as we expand our footprint in the region.”

Malaysia’s digital payments landscape is rapidly evolving, with the total transaction value projected to reach RM1.13t in 2026. This growth is driven by robust trade activity, with the country’s total trade value surpassing RM3t in 2025. Non-bank e-remittance volumes have also increased by 11%, reaching RM14.1b annually.

Aleta Planet aims to support Malaysia’s economic growth by facilitating high-value trade and payment flows, particularly for Chinese investors and tourists, as well as Malaysian exporters in sectors like machinery, technology, and agriculture. The company’s expansion strategy focuses on scaling trade and travel sectors between Malaysia and Singapore, enhancing cross-border payments, and supporting remittance and investment flows within ASEAN.

Founded in 2014, Aleta Planet is a global payments technology company operating across multiple regions, including Singapore, Hong Kong, Dubai, Malaysia, and Canada.

HDB resale prices in Singapore experienced a 0.6% decline in April 2026, according to the latest 99-SRX Media Flash Report. This slight dip reflects a market adjusting after a period of robust activity, with both buyers and sellers recalibrating their expectations. Despite the month-on-month decrease, year-on-year prices remained stable, indicating a short-term adjustment rather than a prolonged downturn.

The report highlights a 5.4% drop in resale volumes from March 2026, with 1,943 flats transacted. This represents a 15.9% decrease compared to April 2025. The decline in both price and volume is partly attributed to a cautious global economic outlook and an increase in Minimum Occupation Period (MOP) flats entering the market, adding to the supply.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that whilst the market is stabilising, exceptional flats continue to fetch premium prices. A national record was set with a 5-room flat at City Vue @ Henderson selling for S$1.728m. In Non-Mature Estates, the highest price was S$1.18m for an Executive flat in Woodlands.

April also saw 138 flats sold for at least S$1m, down from 145 in March. These transactions accounted for 7.1% of the total resale volume, with Queenstown leading the count of million-dollar flats at 21 units.

As the market adjusts, the data suggests that whilst overall activity may slow, demand for high-value properties remains strong.

OCBC Group has extended its coaching programme to Malaysia and Hong Kong, aiming to train 100 senior leaders to achieve the International Coaching Federation Associate Certified Coach (ICF-ACC) accreditation by the end of 2027. This initiative, launched in April 2026, builds on OCBC’s commitment to fostering a coaching culture across its operations.

The programme, initially announced in 2025 through a partnership with the ICF Singapore Chapter, requires participants to complete 60 hours of coaching education, 100 hours of practice, and 10 hours of mentor coaching. Currently, 25 senior leaders from Malaysia and Hong Kong are joining 62 colleagues in Singapore, expanding OCBC’s internal coaching pool to over 85 leaders.

Employees across the Group can engage in one-on-one coaching sessions, which provide a confidential environment to discuss career goals and resilience. Since its inception, nearly 300 employees in Singapore have benefited from the programme. The expansion allows for cross-border coach-coachee pairings, offering broader perspectives and opportunities.

Ainul Yakin Binti Azizi from OCBC Malaysia highlighted the mutual growth aspect of the programme, stating, “Becoming a coach is a two-way journey that allows leaders to grow beyond their own roles.” Alfred Ho from OCBC Hong Kong added, “This programme has given me a structured path to develop practical coaching skills.”

Lee Hwee Boon, Head of Group Human Resources at OCBC, emphasised the shift in leadership focus towards people development, noting, “We have quickly expanded to Malaysia and Hong Kong to accelerate the build-up of our internal coaching pool.” This expansion marks a significant step in enhancing resilience and agility within the OCBC Group.