Industry News

Vestra Assets, a Singapore-based forensic legal intelligence firm, has launched an AI-powered service designed to streamline the financial aspects of divorce litigation. The Division of Assets service, introduced on 8 September 2026, combines an AI Matrimonial Asset Calculator with Intelligence Reports to provide family lawyers with a comprehensive financial overview of marital estates, from mediation to trial.

The service addresses the increasing demand for rapid and thorough financial analysis in divorce cases, where courts require detailed documentation of income, Central Provident Fund (CPF) balances, and other assets. Vestra Assets’ AI tool efficiently processes court filings, bank statements, and tax records to deliver a court-ready financial picture, significantly reducing the time lawyers spend on these tasks.

Central to the service is the AI Matrimonial Asset Calculator, which models asset division under Singapore’s ANJ v ANK framework. This approach considers both direct financial contributions and indirect contributions, such as homemaking and caregiving, which are often overlooked in traditional financial records. The resulting Intelligence Reports provide a detailed analysis of each party’s financial position, supporting both Civil and Syariah Court proceedings.

Founder and CEO of Vestra Assets, Zaf Fahmy, emphasised the service’s role in empowering lawyers: “The AI Matrimonial Asset Calculator and our Intelligence Reports give instructing lawyers a rigorous, precedent-anchored financial picture in a fraction of the time it would take to build manually.”

The Division of Assets service is now available to Singapore family law firms, offering a new level of financial transparency and efficiency in divorce litigation.

Angela Poh has been appointed as the Chief Executive Officer of Motorist, effective 2 August 2026. She succeeds founder Damian Sia, who will now serve as Executive Chairman. Poh joined Motorist in 2022 as Chief Revenue Officer and was promoted to Deputy CEO in 2024. Under her leadership, the company has seen a 159% increase in group revenue from 2022 to 2025, with a compound annual growth rate of 37.4%.

Poh’s tenure at Motorist has been marked by significant regional expansion, particularly in Thailand, where revenue has grown at an annual rate of over 50%, making it the company’s second-largest market. Motorist now operates in Singapore, Malaysia, Thailand, Vietnam, and the Philippines, with more than half of its vehicle transactions occurring outside Singapore. The company has also diversified its services to include insurance and financing.

As CEO, Poh aims to transform Motorist into a more connected regional platform, focusing on expanding its presence and business lines across Asia. She will also lead the adoption of data and artificial intelligence to enhance customer experience and operational efficiency. “My priority is to build Motorist into a stronger regional business,” Poh stated, emphasising the importance of creating new products and capabilities.

Looking ahead, Motorist plans to explore opportunities in new Asian markets through strategic partnerships and joint ventures. The company is also considering a potential public listing in 2028, contingent on market conditions and business readiness.

Singapore’s retail sales experienced a significant slowdown in July, increasing by just 1.5% year-on-year, according to Josh Gilbert, Lead Analyst for APAC at etoro. This figure fell short of the anticipated 3.1% growth, with some distortion attributed to last year’s SG60 vouchers. Categories such as supermarkets, mini-marts, and food and alcohol saw declines, as these were the areas where vouchers were predominantly spent in July 2025.

Despite the overall slowdown, certain sectors showed resilience. Recreational goods saw a 13.9% increase, whilst watches and jewellery experienced an 11.1% rise, marking the third consecutive month of double-digit growth. Gilbert noted, “It’s a fascinating snapshot of how households are coping with higher living costs.”

The data highlights a shift in consumer spending patterns amidst rising living costs. Whilst routine spending has become more cautious due to elevated prices, there remains a strong appetite for discretionary purchases. This trend underscores a growing wealth divide, with affluent households benefiting from record highs in the STI and US stocks, as well as a 20% increase in gold prices over the past year.

Fuel sales, which previously grew by 8% in June, declined by 1.1% in July, reflecting easing pump prices. However, with recent spikes in oil prices, volatility in this sector is expected to persist.

Gilbert concluded, “Singaporeans are still spending, they’ve just decided that if the money’s going out the door, it had better be on something memorable.” This shift suggests that retailers catering to affluent consumers are thriving, whilst those targeting the broader market face challenges.

Retail sales in Singapore experienced a modest increase of 1.5% in July 2026 compared to the same month last year, according to the latest data. In contrast, the food and beverage (F&B) services sector saw a 1.9% decline over the same period. The total retail sales value for July was estimated at $4.4b, with online sales accounting for 15.4% of this figure.

The rise in retail sales was primarily driven by significant growth in the Recreational Goods and Watches & Jewellery sectors, which recorded year-on-year increases of 13.9% and 11.1%, respectively. This growth was attributed to higher sales of sporting goods and jewellery. However, the Food & Alcohol and Department Stores sectors faced declines of 5.1% and 3.5%, respectively.

On a month-on-month basis, retail sales saw a seasonally adjusted increase of 0.9% from June 2026. Notably, sales in the Recreational Goods, Department Stores, and Supermarkets & Hypermarkets sectors grew by 7.5%, 4.6%, and 4.3%, respectively.

In the F&B sector, the decline was led by decreases in sales at Food Courts & Other Eating Places and Cafes, which fell by 6.6% and 6.4%, respectively. Conversely, Fast Food Outlets and Food Caterers experienced growth, with sales rising by 4.6% and 0.3%, respectively.

The data highlights the ongoing shifts in consumer spending patterns in Singapore, with online sales continuing to play a significant role in both the retail and F&B sectors. As the economy adapts to these changes, businesses may need to adjust their strategies to capture evolving consumer preferences.

DBS and Citi have successfully executed a cross-border USD payment between Singapore and the United States over a weekend, marking a significant advancement in global financial transactions. The transaction, completed on 5 September 2026, utilised tokenised deposits via the Swift Digital Ledger, allowing institutions to move money instantly without being restricted by traditional banking hours.

This development is particularly beneficial for industries operating in a 24/7 digital economy, such as e-commerce and digital services, where timely access to cash is crucial. The ability to complete transactions in minutes, as opposed to the usual two business days, provides companies with greater certainty and flexibility in managing liquidity and foreign exchange risks.

Rachel Chew, Group Chief Operating Officer and Co-Head of Digital Assets at DBS, highlighted the importance of this innovation, stating, “In a global digital economy that never sleeps, businesses need to move money more quickly and efficiently across borders to stay competitive.” She emphasised the role of the Swift Digital Ledger in bridging traditional banking with emerging digital networks.

Citi’s Mridula Iyer, Head of Services for Asia South, echoed this sentiment, noting that the transaction demonstrates the reality of always-on cross-border payments. She stated, “This milestone with DBS on Swift’s ledger reflects Citi’s commitment to building financial infrastructure for our clients and partners that is always-on, interoperable and fit for the future.”

As DBS continues to expand its digital asset solutions, this collaboration with Citi represents a step towards a more connected and agile global financial system. The initiative aligns with the growing demand for cross-border transactions in Asia, projected to reach USD 24 trillion by 2033.

Singaporeans seeking to enhance their skills in artificial intelligence (AI) now have a wealth of new opportunities thanks to a collaboration between Temasek Polytechnic (TP) and online learning platform Udemy. This partnership, announced on 7 September 2026, provides access to more than 800 AI courses and 30 curated learning pathways, all eligible for SkillsFuture Credit, aimed at preparing learners for the evolving job market.

The initiative combines TP’s Continuing Education and Training expertise with Udemy’s extensive AI content, enabling learners to develop practical, workplace-ready skills. The programme is designed to create AI Bilingual professionals capable of integrating AI tools into various industries to solve problems and add value.

TP will offer the Udemy AI Growth Package, tailoring it to specific industries and job roles. Courses range from AI literacy and prompt writing to machine learning and cloud-based AI applications. The programme, running four times annually over two years, will provide approximately 4,000 training places and 40,000 training hours each year.

Dr Kwan Kian Hoong, Director of Temasek SkillsFuture Academy, emphasised the importance of AI bilingualism, stating: “AI bilingualism is one part of that journey — where learners get the confidence to connect AI with their professional knowledge, judgement and creativity to solve problems and create value.”

Additionally, TP and Udemy plan to explore blended learning programmes, integrating Udemy’s content with TP’s applied courses. Ashutosh Gupta, Managing Director of India and Asia Pacific at Coursera, highlighted Singapore’s leadership in developing future-ready talent, noting the expanded access to SkillsFuture-credit-eligible content.

Singapore’s European Chamber of Commerce (EuroCham) has inaugurated its Strategic Security & Aerospace Committee, with Acting Minister-in-Charge of Muslim Affairs and Senior Minister of State for Defence Zaqy Mohamad attending as Guest of Honour. The launch event, held on 4 September 2026 at the Airbus Singapore Campus, gathered nearly 100 participants from diverse sectors, including aerospace, defence, and finance.

The committee is designed to foster dialogue on economic security, supply chain resilience, and strategic industries. Zaqy Mohamad emphasised the importance of trusted partnerships, stating, “The Committee can become another node to connect our established defence and aerospace relationships with the wider strategic-security ecosystem… Stronger connections allow our companies, engineers, researchers and innovators to build the familiarity and trust to grow the next generation of Singapore-Europe strategic security partnerships.”

The launch precedes significant milestones in 2027, including the 50th anniversary of EU–ASEAN Dialogue Relations and Singapore’s ASEAN chairmanship. EuroCham Singapore President Jens Rübbert noted, “As security and resilience increasingly become boardroom conversations, this Committee creates a practical, cross-sector space for businesses to discuss the strategic issues shaping their decisions.”

The committee will focus on security and resilience, global economic shifts, and aerospace, defence, and space. It aims to assist European businesses in navigating complex global dynamics by linking economic developments with practical business implications. Anand Stanley, President of Airbus Asia-Pacific, highlighted the committee’s role in supporting business resilience and economic prosperity in the Asia-Pacific region.

The event concluded with a panel discussion on economic security as a business issue, featuring industry leaders who explored investment, supply chain de-risking, and digital disruption. With this launch, EuroCham Singapore now operates ten active committees addressing various sectors, including digital economies and healthcare.

Beng Kuang Marine Limited’s subsidiary, Asian Sealand Offshore and Marine Pte. Ltd. (ASOM), has clinched a purchase order worth approximately S$7.4m (US$5.84m) for work on a floating production storage and offloading (FPSO) vessel in Angola’s offshore basin. The project, scheduled for completion by 31 December 2026, involves the supply and mobilisation of offshore personnel for tank works, including supervision, rigging, scaffolding, fitting, welding, tank repairs, and rope access.

This contract marks ASOM’s third project in the Angola offshore basin this financial year. The order, a repeat engagement from an existing customer, underscores the company’s strategic focus on leveraging established relationships. CEO Yong Jiunn Run stated, “This is repeat work on a FPSO asset where we already operate, which is how our business model is calibrated to perform.”

The project is expected to positively impact Beng Kuang Marine’s revenue and earnings for the financial year 2026, although it is not anticipated to materially affect the company’s net tangible assets per share. The purchase order includes estimated mobilisation and demobilisation costs, with some components invoiced based on actual costs incurred.

Beng Kuang Marine, listed on the Singapore Exchange since 2004, continues to position itself as a preferred partner in the offshore and marine industries, focusing on an asset-light and service-oriented business model.

A recent report by Alipay+ and S&P Global reveals that whilst Singapore consumers are increasingly open to AI-powered travel recommendations, significant challenges remain in payment interoperability and trust. The study, which surveyed 6,000 consumers across Asia, Europe, and the US, highlights that 95.3% of Singaporeans are receptive to real-time AI suggestions for travel, yet 65% worry about payment acceptance by local merchants, and 66.7% express concerns over exchange rates and fees.

The report underscores the need for integrated, interoperable wallet ecosystems to bridge the gap between AI-driven discovery and seamless transactions. As Douglas Feagin, President of Ant International, stated, “The next phase of global commerce will not be defined by whether payments are digital, but whether ecosystems are intelligent, interoperable and globally connected.”

Key findings indicate that more than half of consumers experience issues with merchant acceptance and access to preferred payment methods, prompting one in four to rely on cash. Additionally, there is a growing demand for payment apps to offer more integrated services, such as restaurant reservations and all-in-one travel bookings.

AI adoption is strong for travel exploration, with 81% using AI tools for planning. However, trust issues arise when AI is involved in bookings and payments, with only 26% showing interest in AI-driven transactions. Privacy concerns remain a significant barrier, with 43% of consumers expressing hesitation due to a preference for human advice.

The report suggests that embedding AI within trusted ecosystems could enhance consumer confidence and streamline the commerce journey, paving the way for more seamless cross-border transactions.

Singapore’s worker dormitory market experienced significant growth in the first half of 2026, with a 6.3% increase in bed inventory, according to a joint report by the Dormitory Association of Singapore Limited and Knight Frank Singapore. The report highlights the addition of 7,860 new beds, driven by major infrastructure projects, including the NESST Tukang Dormitory and expansions at Westlite Toh Guan and Westlite Mandai.

The Ministry of Manpower reported a 5.6% rise in foreign workers in the Construction, Marine Shipyard, and Process industries, totalling 482,600 by December 2025. This increase has necessitated the expansion of dormitory facilities, particularly Class 4 dormitories, which now account for 61.6% of the total bed load in Singapore.

Upcoming developments include a second NESST dormitory at Sengkang West, expected to add 7,200 beds by 2028. Additionally, the Building and Construction Authority awarded new dormitory sites at Terusan Edge, Kranji Close, and Lok Yang Way, promising a combined capacity of 15,200 beds by 2028.

Despite easing occupancy pressures, bed rents rose by 2.1% in H1 2026, reaching an average of S$495 per bed per month. Leonard Tay, Head of Research at Knight Frank Singapore, noted, “The market is evolving towards quality enhancement, regulatory compliance, and long-term sustainability.”

The sector’s transition towards higher accommodation standards under the Dormitory Transition Scheme by 2030 is expected to influence future market dynamics, with bed rents projected to increase by around 5% for the entire year.