Industry News

Thales has announced three new Memorandums of Understanding (MoUs) with the Singapore Economic Development Board (EDB) at the Singapore Airshow 2026, aimed at bolstering its digital and manufacturing footprint in Singapore. These agreements will see Singapore become one of three global R&D centres for Thales’ FlytEDGE in-flight entertainment solution, alongside France and the US, with plans to train nearly 40 experts by 2030.

The MoUs include the launch of a cybersecure AI-enabled Regulatory Technology managed service, designed to help companies across various industries maintain cybersecurity and compliance with the latest regulations. Initially available to Fintech customers, the service will soon expand to sectors like pharmaceuticals and aerospace.

Additionally, Thales will enhance its Singapore Cybersecurity & Digital Identity Manufacturing Competence Centre by integrating advanced smart automation technologies such as Collaborative Robots (COBOTs) and Autonomous Mobile Robots (AMRs). This move aims to increase productivity and upskill the workforce, aligning with Singapore’s ambitions for advanced manufacturing.

Emily Tan, Country Director and Chief Executive of Thales in Singapore, stated, “These agreements illustrate Thales’ continued investment in Singapore, where we are deepening our expertise in technologies like AI, cyber, quantum, and cloud.”

The strategic investments underscore Singapore’s role as a global hub for advanced digital innovation, supporting the growth of high-value R&D and next-generation solutions.

Fullerton Fund Management has announced that its Carbon Action Fund has completed an investment in Pyro Energie, Thailand’s leading recycler of end-of-life tyres. This marks the fund’s first investment in Southeast Asia, aligning with its strategy to partner with established businesses that combine robust financials with scalable decarbonisation outcomes across the region and India.

The Fullerton Carbon Action Fund targets mid-market leaders in transition-critical sectors such as industrials, manufacturing, circular economy, energy, and mobility. It prioritises companies with proven operational histories and clear value-creation pathways, steering clear of early-stage technologies and capital-intensive infrastructure projects.

Founded in 2016, Pyro Energie operates commercial-scale pyrolysis facilities that convert waste tyres into pyrolysis oil, recovered carbon black, and wire scrap. The company has established itself as a market leader in Thailand, with an annual capacity of over 40 million litres of pyrolysis oil and over 30 million tonnes of recovered carbon black. The investment will support Pyro Energie’s expansion into higher-value, premium-grade products through the construction of a new production facility.

Anisa Keeratiworanan, Director of Alternatives at Fullerton Fund Management, stated: “We look forward to working with Pyro Energie following the investment. The company is a market-leading business with strong operating fundamentals, defensible positioning, and a clear role in enabling industrial decarbonisation.”

Peerapon Ourapeepon, CEO of Pyro Energie, expressed confidence in the partnership, noting the alignment with sustainability priorities and values. This collaboration aims to responsibly scale the business and focus on long-term value.

The MERCOSUR-Singapore Free Trade Agreement (MCSFTA) officially came into effect for Singapore and Paraguay on 1 February 2026. This marks Singapore’s 29th free trade agreement and its inaugural trade deal with the founding members of MERCOSUR, a South American trade bloc comprising Argentina, Brazil, Paraguay, and Uruguay. The agreement aims to enhance economic integration by reducing tariffs, promoting investment, and fostering cooperation in various sectors.

The MCSFTA is set to extend to Uruguay on 1 March 2026, following the completion of its ratification process. Whilst Argentina and Brazil are still undergoing their respective ratification procedures. The agreement is significant as it facilitates greater trade flows, establishes predictable investment conditions, and encourages collaboration in areas such as digitalisation and sustainable development.

MERCOSUR boasts a combined GDP of nearly US$3t and a population exceeding 295 million. In 2025, Singapore’s trade with MERCOSUR member states amounted to $8.8b (S$11.9b), accounting for over 30% of its total trade with Latin America. Nearly 200 Singaporean companies operate within MERCOSUR markets, highlighting the importance of this agreement.

The MCSFTA was signed by Singapore’s Minister for Foreign Affairs, Vivian Balakrishnan, and MERCOSUR ministers at the 63rd Summit of Heads of State of MERCOSUR and Associate States on 7 December 2023. The agreement promises to provide Singaporean traders and investors with clearer and more transparent access to South American markets, enhancing trade architecture between the regions.

WWF-Singapore has unveiled Canopy, a regional nature finance facility designed to support the restoration of up to 12,000 hectares of high-quality ecosystems across Southeast Asia. Announced at the ASEAN–UK Green Transition Fund (GTF) Nature-based Solutions event in Jakarta, the initiative is backed by the ASEAN–UK GTF and aims to address financial and technical barriers in nature restoration.

Canopy seeks to enhance access to finance, strengthen project pipelines, and build local capacity for nature restoration. The programme will utilise blended capital—combining philanthropic and return-seeking investments—to support early-stage projects, ensuring they reach investment readiness whilst maintaining environmental and social integrity. Matteo Marinelli, Asia Pacific Lead for Sustainable Finance at WWF, emphasised the importance of careful project design and support from the outset, stating, “When applied carefully, blended finance can direct resources that are most critical for long-term impact.”

The initiative will focus on early-stage project design, ecological suitability, and community partnerships, providing capacity-building support to ASEAN Micro Small Medium Enterprises (MSMEs) involved in carbon projects. Canopy’s initial phase will cover up to 3,000 hectares, aiming to generate approximately 1,000,000 tonnes of high-quality carbon credits.

By collaborating with partners like Climate Bridge International and Terraformation Inc., Canopy aims to strengthen regional delivery capacity and support high-integrity carbon investment practices. This coordinated approach is expected to bolster confidence in nature-based climate outcomes across the region, ultimately contributing to a more sustainable future for Southeast Asia.

Revolut Business has unveiled a comprehensive suite of solutions designed to help businesses in Singapore accept payments seamlessly, both online and in-person. The new offerings include Revolut Terminal, Revolut Pay, Payment Links, and a Payment Gateway, allowing businesses to manage their entire payment operations from a single platform. This launch follows a survey revealing that over 80% of Singaporean businesses find finance and admin tasks the most time-consuming.

The suite aims to simplify operations by integrating account-to-account, online, and in-person payments directly within a core business account. Revolut offers industry-leading processing fees starting from 0.5% plus S$0.02 per transaction, with real-time settlements and multi-currency acceptance. This initiative is part of Revolut’s strategy to eliminate the need for multiple third-party providers, thereby saving businesses time and enhancing user experience.

Ashley Thomas, Head of Strategy & Operations at Revolut Singapore, stated, “For too long, the merchant payment landscape has been fragmented and costly, particularly for small businesses and those who are always on the move. The launch of our full merchant suite in Singapore directly tackles this complexity.”

Since its launch in Singapore, Revolut Business has experienced significant growth, with customer numbers increasing nearly sevenfold from 2024 to 2025. Daily transactions have surged tenfold, and daily payments have risen more than sixfold, highlighting the rapid adoption of Revolut’s all-in-one business platform. This expansion underscores the increasing demand for flexible, integrated payment solutions among local merchants.

The Singapore Institute of Purchasing and Materials Management (SIPMM) has released the January 2026 Purchasing Managers’ Index (PMI), revealing a slight growth of 0.2 from the previous month to 50.5. The index, which measures the economic health of the manufacturing sector, registered the sixth consecutive month of growth in Singapore’s overall manufacturing sector.

The PMI is a crucial indicator for assessing the manufacturing sector’s performance. The improvement was driven by stronger expansion in new orders, new exports, and factory output. The employment index also expanded, while the input purchases index recorded slower growth rate.

SIPMM’s report highlights that the supplier deliveries index reverted to contraction, suggesting longer delivery times. The finished goods index also moved to contraction.

The future business index remained in expansion for the third consecutive month, reflecting sustained optimism.

Mooreast Holdings Ltd., a Singapore Exchange-listed company, has announced a collaboration with Sime Darby Joy Industries Sdn Bhd, a subsidiary of Sime Darby Berhad, to develop offshore and renewable energy products in Malaysia. The partnership aims to explore and fabricate products related to offshore renewable energy and deep-sea equipment, leveraging Mooreast’s technical expertise and SDJ’s fabrication capabilities.

The collaboration is driven by the increasing demand for reliable engineering solutions in floating renewable projects within Malaysia and the broader region. Mooreast, known for its mooring solutions and as Asia’s sole drag embedment anchor designer, will provide technical support and raw materials. Meanwhile, SDJ will manage the pilot fabrication, including production scheduling and logistics.

Sim Koon Lam, Executive Director of Mooreast, highlighted the potential of the partnership, stating, “Sime is one of the most well-established industrial groups in the region. The proposed collaboration will allow Mooreast to broaden its reach in Malaysia.” Scott Nicholls, Managing Director of Industrial Solutions at Sime, added, “SDJ’s long-standing expertise, combined with Mooreast’s subsea know-how, will strengthen local supply chains, create skilled jobs, and support the country’s clean-energy transition.”

This strategic partnership not only aims to enhance local supply chains but also supports Malaysia’s clean-energy transition, promising tangible benefits for customers and stakeholders in the region.

Hongkong Land Holdings Limited has announced the launch of the Singapore Central Private Real Estate Fund (SCPREF), the largest office-focused private investment platform in Singapore. With assets under management of S$8.2b (US$6.4b), SCPREF aims to acquire ultra-premium commercial properties in Singapore, bolstering Hongkong Land’s strategic goal of managing US$100b by 2035.

SCPREF’s initial portfolio includes Asia Square Tower 1, Marina Bay Financial Centre Towers 1 and 2, Marina Bay Link Mall, One Raffles Quay, and One Raffles Link, collectively representing 2.6 million square feet of net lettable area. The fund’s perpetual open-end structure is designed to attract long-term institutional capital, with founding investors including Qatar Investment Authority and APG Asset Management.

Michael Smith, Chief Executive of Hongkong Land, stated, “In launching the Singapore Central Private Real Estate Fund, we again demonstrate our ability to execute our strategy through recycling capital to create shareholder value.”

The fund’s establishment marks a significant step in Hongkong Land’s capital management business, aiming to expand its investment platform and attract institutional capital. SCPREF also aligns with sustainability goals, featuring assets certified under Singapore’s BCA Green Mark standards.

The launch of SCPREF, alongside the sale of Marina Bay Financial Centre Tower 3, has generated US$1.3b in capital for Hongkong Land, contributing to its US$4b recycling target by 2027. The company has also increased its share buyback programme to US$650m, reflecting its commitment to enhancing shareholder value.

Clio, a global leader in legal AI technology, has announced the appointment of Julian Uebergang as General Manager of Enterprise for the Asia-Pacific (APAC) region. Uebergang, with over 25 years of experience in the SaaS and PaaS sectors, will spearhead the expansion of Clio’s enterprise division, targeting large-scale legal organisations and complex law firms across APAC.

Uebergang’s role will involve leading a multidisciplinary team to integrate sophisticated workflows with AI-powered analysis, aiming to reduce administrative burdens and enhance client outcomes. “My focus is on shaping a strategic direction that truly resonates with the complexities of the APAC enterprise market,” Uebergang stated. He emphasised the importance of delivering scalable solutions that bridge the gap between business and legal practice.

Previously, Uebergang served as CEO of Neota Logic Inc., where he transitioned the company to cloud-based offerings. His extensive background includes founding and exiting two companies and holding leadership roles at Australia Post and Epiq Systems. He also served as the Past President of the Australian Legal Technology Association.

Clio for Enterprise, the division Uebergang will lead, provides technology solutions for large law firms and corporate legal departments, supporting a wide range of workflows. Trusted by eight of the ten largest global law firms, Clio aims to build a technological foundation for the next era of legal service delivery.

Southeast Asia’s banks are rapidly advancing their use of artificial intelligence (AI) to drive revenue, according to new research by Dyna.Ai. The report highlights that DBS Singapore generated US$565m in AI-driven revenue from 350 use cases in 2024, with a target of US$745m by 2025. This move marks a significant shift from pilot projects to large-scale AI deployment across the region.

The research underscores the potential for AI to transform the banking, financial services, and insurance (BFSI) sector, with AI spending projected to increase tenfold globally from US$35b in 2023 to US$368b by 2032. In Southeast Asia, banks are expected to double their AI-driven revenue, capitalising on opportunities such as hyper-personalisation, which has already delivered a 6% uplift in revenue, and wealth manager co-pilots, boosting adviser sales by 20% year-on-year.

Dyna.Ai’s report identifies key factors that distinguish leading banks from their peers, including the integration of AI into workflows and the establishment of partnerships focused on measurable outcomes. Tomas Skoumal, Chairman and Co-founder of Dyna.Ai, noted, “Most banks believe they are progressing with AI, yet research shows only 10% of organisations using agentic AI are seeing significant, measurable ROI.”

The report also highlights the role of AI in addressing the US$300b ASEAN micro, small, and medium enterprise (MSME) lending gap, as well as its impact on wealth management and cross-border payments in the Middle East. As banks continue to embed AI into their operations, the focus is shifting from experimentation to accountability, with a Results-as-a-Service model emerging as a key strategy for success.