Industry News

Retail trade and food and beverage (F&B) services in Singapore experienced notable growth in March 2026, according to the latest Retail Sales Index (RSI) and Food & Beverage Services Index (FSI) released by the Singapore Business Review. Retail sales surged by 4.8% compared to March 2025, whilst F&B services saw a 2.3% increase over the same period.

The total retail sales value for March 2026 was estimated at $4.7b, with online sales accounting for 15.7% of this figure. Excluding motor vehicles, the retail sales value stood at $3.8b, with 18.9% derived from online transactions. Notably, the Computer & Telecommunications Equipment sector led online sales, comprising 59.9% of its total sales.

Within the retail sector, industries such as Recreational Goods and Motor Vehicles, Parts & Accessories saw significant year-on-year growth of 13.1% and 12.9%, respectively. However, sectors like Food & Alcohol and Department Stores experienced declines of 6.0% and 5.7%.

In the F&B sector, Food Caterers recorded a robust 13.7% increase in sales. Fast Food Outlets, Restaurants, and Cafes also reported growth, with increases of 4.8%, 1.7%, and 1.1%, respectively. Conversely, Food Courts & Other Eating Places saw a 1.5% decline in turnover.

The indices, which have been re-based to the year 2025, reflect the ongoing changes in Singapore’s retail and F&B landscapes, highlighting the growing importance of online sales channels.

A recent report by General Assembly (GA) reveals that 95% of employers in Singapore are grappling with tech hiring challenges despite an expanding talent pool. The “State of Tech Talent 2026” report highlights a significant shift towards AI and data skills, with employers increasingly adopting flexible talent models and emphasising upskilling as a shared responsibility between organisations and employees.

The report, which includes a Singapore-focused snapshot for the first time, shows that whilst hiring pressures have slightly eased, the demand for AI and data capabilities continues to grow. Sima Sadaat, Country Manager for GA Singapore, noted, “The findings highlight a clear shift in how organisations and individuals are approaching AI skills, with growing recognition that upskilling must be a shared responsibility.”

AI skills are now seen as a shared mandate, with over 80% of employers believing organisations should take at least partial responsibility for workforce development. This expectation is higher in Singapore compared to the US and UK. The demand for tech talent remains particularly high in data analytics and data science roles, with 58% of employers citing these as the hardest to fill.

Despite the critical need for upskilling, cost remains a barrier, with 58% of organisations finding it challenging to scale training programmes. This has led to a shift towards in-house training, although external providers are seen as strategic partners in accelerating capability development.

As automation reshapes entry-level roles, Singapore employers are expanding their talent access through outsourcing and flexible workforce models. This trend is opening new pathways into tech careers, particularly for women, and reshaping early-career pathways with a focus on AI-adjacent and hybrid skill sets.

Kaspersky has revealed a dramatic 111% increase in spyware attacks on Singapore-based organisations in 2025, marking the highest surge in Southeast Asia. The cybersecurity firm detected 30,691 attacks in Singapore alone, contributing to a regional total of 818,939 incidents—an 18% rise from the previous year.

The alarming increase in spyware activity highlights a shift in cybercriminal tactics, with attackers now focusing on intelligence gathering rather than mere business disruption. Simon Tung, General Manager for ASEAN and Asia Emerging Countries at Kaspersky, noted, “We are seeing a rise in targeted intelligence gathering in SEA, turning corporate networks into rich hunting grounds for sensitive information.”

Spyware, which is secretly installed on computers to collect data, poses significant risks by enabling data breaches and compromising network performance. The Philippines and Malaysia also saw substantial increases in spyware attacks, with rises of 85% and 75%, respectively. In contrast, Thailand experienced a 53% decline.

A notable incident in March 2025, dubbed Operation ForumTroll, involved a cyberespionage campaign exploiting a Chrome vulnerability to infiltrate various sectors, including media and finance. Attackers used phishing emails to deploy spyware tools like LeetAgent and Dante, underscoring the sophisticated nature of modern cyber threats.

To combat these threats, Kaspersky advises organisations to keep software updated, secure remote desktop services, and utilise advanced security products. Regular data backups and staying informed about threat actor tactics are also recommended to mitigate risks.

SC Ventures, the fintech innovation and investment arm of Standard Chartered, has announced a strategic investment in GSR, a crypto capital markets and liquidity partner. This investment marks SC Ventures as the first external strategic shareholder in GSR since its inception in 2013. The collaboration aims to bridge traditional finance with the burgeoning crypto sector, focusing on expanding access to tokenisation and developing scalable market infrastructure to support institutional adoption of digital assets.

The partnership underscores a shared commitment to enhancing the role of digital assets in global finance. GSR, known for its advisory, liquidity, and asset management services, will leverage this investment to strengthen its position within the digital asset ecosystem. Xin Song, CEO of GSR, expressed enthusiasm about the partnership, stating, “Institutional digital asset markets are maturing rapidly, and the firms best positioned to lead will be those that combine deep capital markets expertise with trusted banking infrastructure.”

SC Ventures’ investment follows its previous strategic moves, including leading Keyrock’s Series C funding and investing in TruFin earlier this year. Alex Manson, CEO of SC Ventures, highlighted the importance of infrastructure in the digital asset evolution, noting that the investment in GSR aligns with their focus on building institutional ecosystems that enhance liquidity and market resilience.

This strategic partnership is set to contribute to a more regulated and globally integrated financial ecosystem, paving the way for the next phase of digital asset adoption.

OCBC has announced that its Indonesian subsidiary, PT Bank OCBC NISP Tbk, has entered into an agreement to acquire the retail banking and wealth management operations of PT Bank HSBC Indonesia. This acquisition, finalised on 4 May 2026, involves the transfer of assets and liabilities from HSBC’s International Wealth and Premier Banking (IWPB) division in Indonesia. The transaction is expected to be completed by the second quarter of 2027.

The acquisition will significantly enhance OCBC Indonesia’s wealth management business by adding 336,000 customers and increasing its assets under management (AUM) by 25%. The total AUM to be transferred amounts to S$6.6b, comprising S$4.3b in investments and S$2.3b in customer deposits. Additionally, a retail loan book of S$0.3b will be included in the transfer.

The strategic acquisition aligns with OCBC’s Next Frontier Strategy, aimed at expanding its presence in Southeast Asia’s largest economy. Group CEO Tan Teck Long stated, “This acquisition in Indonesia fits well into our Next Frontier strategy under the Franchise Shift of building up our Indonesia franchise.”

The transaction is internally funded and will not materially impact OCBC’s net tangible assets, earnings per share, or capital. OCBC Indonesia plans to work closely with HSBC Indonesia to ensure a smooth transition for customers and employees. Further details will be announced as the completion date approaches.

RINA, a global leader in ship classification and consulting engineering, is expanding its Singapore Open Innovation Hub with support from the Singapore Economic Development Board (EDB). The initiative seeks to accelerate innovation in the maritime and energy sectors by translating applied research into practical solutions.

The Singapore Open Innovation Hub will focus on three key areas: integrated digital twin technologies, decarbonisation solutions, and AI-enabled learning platforms. These efforts aim to optimise performance, reduce emissions, and enhance workforce skills. The hub will facilitate applied research, industry pilots, and large-scale deployments, fostering new capabilities and services within the maritime and energy value chains.

Imran Ibrahim, Director of the Open Innovation Hub Singapore at RINA, emphasised the hub’s role as a catalyst for operational value, stating, “We are building an ecosystem that connects digitalisation, decarbonisation and workforce development.” The hub plans to create 13 new specialist roles over the next three years to support its initiatives.

Soo Haw Yun, Vice President Global Enterprise Division at EDB, highlighted Singapore’s position as a leading maritime hub, noting, “Companies like RINA can access a strong base of research and scientific capabilities here to co-develop, test and scale new solutions.”

This expansion is part of RINA’s global network of Open Innovation Hubs, reinforcing its commitment to sustainable, technology-driven solutions worldwide.

Blueport Acquisition Ltd, a special purpose acquisition company, and SingAuto Inc, a leader in green cold-chain logistics technology, have announced a definitive business combination agreement. This merger will result in a newly formed holding company listed on The Nasdaq Stock Market. The transaction, subject to regulatory and shareholder approvals, is expected to close by the end of 2026.

SingAuto, headquartered in Singapore, specialises in designing and manufacturing smart commercial electric vehicles (CEVs) for cold-chain logistics. Their flagship product, the S1, is a new energy refrigerated vehicle that enhances delivery efficiency for various goods, including pharmaceuticals. SingAuto’s innovative approach combines technology and artificial intelligence to revolutionise the logistics industry.

The merger will see Blueport merge with NeoCryo Inc, a wholly-owned subsidiary, followed by NeoCryo’s merger with SingAuto. Upon completion, SingAuto shareholders will receive approximately 120 million ordinary shares of the new public company, valued at $12b.

Yuqiang Liu, CEO of SingAuto, expressed enthusiasm for the merger, stating it will “strengthen our market presence and allow us to accelerate our business plan and growth.” William Rosenstadt, CEO of Blueport, highlighted SingAuto’s unique position in the market, noting its potential benefits as a public company.

The merger has been unanimously approved by both companies’ boards and awaits further regulatory review. Upon completion, Liu is expected to continue leading the newly formed public company.

The Monetary Authority of Singapore (MAS) has announced a collaboration with the banking industry, the Government Technology Agency of Singapore, and the Singapore Police Force to combat financial crime using artificial intelligence and machine learning (AI/ML). This initiative, revealed on 4 May 2026, aims to enhance scam detection capabilities across the sector.

MAS is conducting a Proof-of-Value (POV) to explore AI/ML techniques for pre-emptive scam detection. By integrating data from five banks, the POV seeks to develop robust AI/ML models to identify high-risk transactions and accounts. This proactive approach could significantly reduce customer losses by enabling timely intervention.

To ensure data security, MAS has established a secure data sharing environment governed by strict policies. The framework ensures that customer information remains confidential, with cryptographic techniques protecting data. Bank account numbers will be hashed, allowing only the contributing bank to identify them. Data access is restricted to authorised personnel, and all data will be deleted at the end of the POV.

This initiative sets the stage for deeper industry collaboration, enhancing individual financial institutions’ efforts to prevent financial crime. Depending on the POV’s success, MAS may expand the AI/ML models’ scope, incorporating broader datasets and more use cases to strengthen the financial system’s defences against criminal activities.

Dmall Inc, a leading provider of digital retail solutions, has successfully implemented its AI-driven retail platform across 87 Cold Storage stores in Singapore. This collaboration marks a significant milestone in the digital transformation of Southeast Asia’s retail sector. The project, completed in just seven months, integrates multiple systems into a unified platform, enhancing supply chain, merchandising, and store operations.

The platform’s deployment has already shown promising results, with Cold Storage Singapore’s Managing Director, Lim Boon Chiong, noting improvements in product availability and replenishment. “The transition was completed with minimal disruption to our operations,” he stated, highlighting the enhanced visibility across the supply chain and store network. This has led to more consistent store execution and a reliable customer experience.

Dmall’s platform is designed to address the operational complexities faced by retailers in Southeast Asia, a region known for its dynamic yet challenging retail market. By integrating AI-driven capabilities, Dmall aims to help retailers build more adaptive and efficient operations. Zhongwei Ren, Partner and Chief Strategy Officer of Dmall, emphasised the importance of operational integration and AI in creating scalable retail solutions.

Looking ahead, Dmall and Cold Storage Singapore plan to extend their partnership to include fuel and convenience store formats by June 2026. This expansion reflects their shared commitment to enhancing operational value across various retail formats. Founded in 2015, Dmall continues to advance retail technology, serving nearly 600 clients across 11 countries and regions.

Lum Chang Creations (LCC) has announced its intention to transfer its listing to the Singapore Exchange Securities Trading Limited (SGX-ST) Mainboard. This strategic move is designed to elevate the company’s corporate profile and broaden its investor base. Shareholders will vote on this proposal, along with other key resolutions, at an upcoming Extraordinary General Meeting (EGM).

The company reported a remarkable 104% increase in net profit for the first half of 2026, reaching S$11.0m. This performance underscores LCC’s growth trajectory and operational maturity. Additionally, the company boasts a robust order book valued at S$132.0m as of 31 December 2025, ensuring revenue visibility for the financial years 2026 and 2027.

LCC’s Managing Director, Lim Thiam Hooi, stated, “Our proposed transfer to the Mainboard represents a pivotal milestone, reflecting the significant growth and operational maturity we have achieved since our listing.” He emphasised that the Mainboard listing will enhance the company’s access to institutional investors and equity markets, supporting its urban revitalisation strategy and regional expansion plans.

The company was recently included in the MSCI Global Micro Cap Indexes – Singapore Index, further highlighting its growing prominence. The proposed transfer and other resolutions will be discussed at the EGM, with details available on the company’s website.