Industry News

Singapore has unveiled the Singapore Medical Foundation AI Model (SIMFONI), a national research and development initiative designed to create AI models specifically for the country’s healthcare system. Announced by the Minister for Health, Ong Ye Kung, at the NCS AI Impact 2026, SIMFONI seeks to address the limitations of current AI models, which are predominantly based on Western data, by using local clinical data and guidelines.

SIMFONI’s initial focus will be on developing AI tools for cardiometabolic conditions, such as diabetes and hypertension, and for eye diseases like cataracts and glaucoma. These tools will be integrated into the Electronic Medical Records (EMR) system, aiming to enhance clinical decision-making and patient outcomes. Prof Robert Morris, Executive Director of SIMFONI, emphasised the importance of embedding AI into clinical practice, stating, “Our mission is to develop and deploy trustworthy, clinically grounded AI tools that can be scaled across Singapore’s public healthcare system.”

The programme will leverage Singapore’s robust healthcare data infrastructure to create AI systems that cater to the specific medical needs of its multi-ethnic population. Adj Prof Ngiam Kee Yuan highlighted the goal of developing AI that fits naturally into clinical practice, allowing for more informed decisions and timely care. A/Prof Daniel Ting added that SIMFONI’s multimodal AI approach will enable a comprehensive assessment of patient health by integrating various data sources.

As SIMFONI progresses, it will undergo rigorous validation before being deployed across Singapore’s public healthcare system, aiming to provide sustainable care for all Singaporeans.

Annica Holdings Limited, listed on the SGX Catalist, showcased its cutting-edge hydrogen technologies at Malaysia’s Technomart 2026. The company’s renewable energy subsidiary, H2 Energy Sdn Bhd, participated in the event held in Cyberjaya, Selangor  as part of the Annica’s strategy to accelerate the commercial deployment of hydrogen technologies across Malaysia.

Together with its sister company, Panah Jaya Services Sdn Bhd, H2 Energy showcased commercially deployable hydrogen and fuel cell technologies that address the growing demand for energy security, decarbonisation and long-duration clean energy solutions.

At the event, H2 Energy presented its Solar + Hydrogen Energy System, designed to provide reliable and resilient power for off-grid telecommunications towers, rural healthcare facilities, communities and other critical infrastructure.

As the world increasingly turns towards renewable energy sources, Annica’s focus on hydrogen technology aligns with global sustainability goals. The company’s presence at Technomart 2026 not only highlights its technological prowess but also its commitment to contributing to a greener future.

MindChamps, a prominent name in Singapore’s education sector, is making strides globally with its innovative approach to early childhood education. The company has recently secured a fourth patent for its Music in Education methodology, marking a significant achievement in integrating music with literacy and numeracy. This patented “Kit for Facilitating Music Learning” is now protected in Singapore, the US, the UK, and Australia, positioning MindChamps as a leader in educational innovation.

Founder CEO and Executive Chairman David Chiem has been honoured with a Doctor of Letters by Western Sydney University, recognising his over 20-year contribution to education. Under his leadership, MindChamps has grown from a research centre in Sydney to a global education organisation with more than 200 centres worldwide. This accolade underscores the international recognition of MindChamps’ research-based educational approach, which combines Education, Psychology, Neuroscience, and Theatre.

In a move to bolster its technological capabilities, MindChamps has appointed Marvin D’Souza as Chief Business Development Officer and Chief Operating Officer in Singapore. D’Souza, formerly with Dibber Education Group, will spearhead MindChamps’ investments in AI, automation, and digital platforms. This appointment highlights the company’s ambition to evolve beyond traditional preschool operations into a technology-driven education entity.

These developments illustrate MindChamps’ commitment to innovation and its potential to influence the global education landscape. As Singapore continues to focus on knowledge creation and intellectual capital, MindChamps stands as a testament to the country’s ability to compete on the world stage.

QAI Ventures, a global quantum venture capital firm, has unveiled Singapore’s first quantum startup accelerator, supported by Enterprise Singapore. This initiative marks a significant step in transforming quantum research into commercial ventures, aligning with Singapore’s National Quantum Strategy and its S$37b Research, Innovation and Enterprise 2030 plan.

The accelerator’s inaugural cohort was selected from 63 applicants across 12 countries, with four startups chosen to receive a S$300,000 investment package. These startups—Quantum Logic from the Netherlands, Qualia Therapeutics from Armenia, QPICs from the United States, and Regenesis Materials from Indonesia—are set to leverage Singapore as a launchpad into the Asia-Pacific market.

Participants will benefit from access to cutting-edge infrastructure, including quantum hardware and cloud computing, through partnerships with industry leaders IonQ, QuEra, and Fujitsu. The programme also offers intensive masterclasses, coaching, and access to a global network of industry experts and investors.

Alexandra Beckstein, CEO of QAI Ventures, highlighted the strategic importance of the accelerator, stating, “We bridge the lab and the market. We know the players, we understand what the industry needs—and we know how to turn that into real commercial traction for our startups.”

The programme will culminate in an Investor Day and Demo Day from 26–29 October 2026, showcasing the startups’ progress and potential to investors. This initiative positions Singapore as a pivotal hub in the rapidly growing quantum technology landscape, competing with significant investments from countries like China, Japan, and South Korea.

A recent study by Dataiku, the Platform for AI Success, highlights a growing concern among Singapore’s business leaders: 86% of CEOs fear losing their jobs if they fail to achieve business gains from AI by the end of 2026. The Global AI Confessions Report: CEO Edition, conducted by Harris Poll, surveyed 900 CEOs globally, revealing that AI is now critical for company survival.

The report indicates that 89% of Singapore CEOs are willing to stake their jobs on AI success, despite a global drop in confidence in deploying AI agents at scale from 41% to 31%. This sentiment is echoed by 83% of CEOs who believe a peer will be ousted due to a failed AI strategy. Florian Douetteau, CEO and co-founder of Dataiku, stated, “Every enterprise now has access to powerful AI. The differentiator is whether they can turn that power into reliable business decisions.”

The study also highlights the challenges faced by CEOs in managing AI. Whilst 59% of Singapore CEOs are involved in most AI-related decisions, 64% have challenged AI vendor decisions made by their CIOs. Additionally, 59% are concerned about the lack of AI explainability leading to a crisis, and 78% worry about potential legal risks.

As AI accountability intensifies, 86% of Singapore CEOs acknowledge their role is at risk if they fail to deliver measurable AI gains. This underscores the pressure on leaders to integrate AI effectively and transparently within their organisations.

The luxury property market in Singapore’s Core Central Region (CCR) witnessed a steady growth in the first half of 2026, with a 2.6% increase in the non-landed private residential price index, according to SRI’s latest report. This growth, although moderated from the previous year’s 3.8%, highlights the resilience of the market amidst a growing supply and evolving buyer preferences.

The first half of 2026 saw a significant revival in new launch activity, with 701 units introduced, marking the strongest half-yearly launch pipeline since 1H2022. This resurgence was largely fuelled by the launches of River Modern and Newport Residences, which collectively contributed to a substantial increase in available inventory. These developments have not only replenished the limited stock of luxury homes but also bolstered developer confidence in the segment.

Sales in the CCR also rebounded, with 761 units sold, the highest since 1H2023. The successful launches of River Modern and Newport Residences played a pivotal role, accounting for approximately 81.7% of all new homes sold during this period. River Modern emerged as the best-performing project, selling 424 units at a median price of $3,229 per square foot.

The private resale market remained stable, with 1,219 transactions recorded, reflecting a shift towards new developments. Despite global economic uncertainties, demand for well-located luxury homes persisted, supported by strong locational attributes and investment potential.

Looking ahead, the CCR is expected to continue benefiting from a healthy flow of new supply, offering buyers a wider selection of premium residences and supporting ongoing transaction activity.

SC Capital Partners Group, a prominent Asia Pacific real estate investment manager, has acquired a 206-room hotel in Central Tokyo’s Shinjuku district. This acquisition, made on behalf of its Japan Hospitality Fund, aims to capitalise on Shinjuku’s status as a bustling commercial and entertainment hub, attracting both domestic and international travellers.

The strategic location of the hotel in Shinjuku, known for its excellent transport links and vibrant retail scene, offers a unique opportunity to enhance the hospitality experience in the area. SC Capital Partners plans to implement a comprehensive asset enhancement programme to align the property with the needs of the growing inbound traveller base and improve its competitive positioning.

Suchad Chiaranussati, Chairman and Founder of SC Capital Partners, expressed confidence in Japan’s hospitality sector, citing Tokyo’s strong domestic demand and significant barriers to new supply as key factors. “Opportunities of this nature require deep local market knowledge, hospitality expertise and the ability to execute complex repositioning strategies,” he stated.

Since 2010, SC Capital Partners has invested over $1.3b in Japan’s hospitality sector, managing 60 hotels with approximately 13,000 rooms. The firm also owns Japan Hotel REIT Advisors, managing one of Japan’s largest hospitality REITs, Japan Hotel REIT Investment Corporation, which holds 52 hotels valued at over $5.3b.

Beyond hospitality, SC Capital Partners has diversified its investments across various real estate sectors in Japan, including multifamily housing, student accommodation, and corporate housing. The acquisition in Shinjuku marks another step in SC Capital Partners’ strategic expansion in Japan’s real estate market.

AI Singapore has inaugurated the AI for Good Festival, a national initiative designed to enhance AI literacy and promote responsible AI education across the country. The festival, which commenced today at Republic Polytechnic, will extend over three days and is expected to engage more than 5,000 youths through interactive workshops and activities.

The festival’s opening ceremony was attended by Jasmin Lau, Minister of State for the Ministry of Digital Development and Information and Ministry of Education. The event uniquely combines youth leadership with AI literacy, featuring youth-designed gamified learning booths and student-built AI solutions addressing societal and environmental challenges.

The initiative aligns with Singapore’s updated National AI Strategy, which aims to cultivate an AI-bilingual workforce capable of integrating AI into various domains. Koo Sengmeng, Director of Talent & Ecosystem at AI Singapore, emphasised the importance of enabling individuals to apply AI in ways that create real value, stating, “We see AI literacy as just the starting point.”

The festival also highlights responsible AI education through activities like Deepfake Detectives and AI Mythbusters, which equip participants with skills to navigate the digital landscape responsibly. Additionally, projects such as Hear2Go and VermiMetrics showcase how AI can address real-world issues like accessibility for the visually impaired and food waste management.

Industry partners, including Amazon Web Services and Micron Technology, are collaborating with AI Singapore to host workshops that demonstrate practical AI applications. Elsie Tan from Amazon Web Services noted the festival’s role in sparking creativity and innovation among students, transforming AI from a theoretical concept into a hands-on experience.

Foundation Healthcare Holdings has successfully listed on the Mainboard of the Singapore Exchange Securities Trading Limited, raising approximately S$242m in gross proceeds. This milestone marks the largest healthcare services listing on the SGX-ST since 2012 and the most significant by a fully Singapore-based business in over two decades.

The initial public offering (IPO) saw overwhelming demand, with the retail tranche oversubscribed by 9.4 times and the overall offering by 3.8 times. This strong investor confidence highlights the company’s innovative technology-enabled platform and its rapid growth trajectory. Foundation Healthcare, a leading multi-speciality private healthcare group in Singapore, connects various stakeholders in the healthcare ecosystem through a single integrated platform.

SeaTown Holdings International, an Asia-focused alternative investment firm, has been a key partner in Foundation Healthcare’s journey. In 2023, SeaTown invested S$150m to support the company’s growth. Since then, Foundation Healthcare has expanded its network from 67 to 108 medical specialists and acquired 38 specialist practices, achieving a combined pro forma revenue of S$265.9m in FY2025.

Dickson Loo, Managing Director of Private Equity at SeaTown, expressed his enthusiasm for the partnership, stating, “It has been a privilege to partner with the team at Foundation Healthcare. We believe the company is well positioned to continue investing in its network, technology and growth opportunities.”

Foundation Healthcare’s successful listing aligns with SeaTown’s strategy of partnering with strong management teams to build scalable platforms in sectors with long-term growth potential. The company is now poised for further expansion in Singapore and the region.

Singapore businesses have emerged as the most resilient globally, capable of maintaining operations for four to six months amidst a major supply chain shock, according to Proxima’s 2026 Global Supply Chain Resilience Outlook. The survey, which included 515 CEOs from firms with over $500m in revenue across five countries, revealed that 23% of Singaporean companies could endure such disruptions, compared to 13% globally.

The report highlights Singapore’s proactive stance in addressing supply chain vulnerabilities, with 93% of businesses having documented and tested plans for potential disruptions. AI is identified as both a significant threat and opportunity, with 22% of Singaporean firms viewing it as the biggest financial risk, yet 50% are leveraging AI for cost modelling and 48% for procurement automation.

Chris Hampden, Senior Vice President at Proxima, noted, “Singapore’s performance demonstrates how trade-based economies are reshaping supply chain strategy in response to sustained global volatility.” He added that many Singaporean businesses are willing to pay a premium to ensure supply chain continuity, with 44% of CEOs prepared to increase supplier costs by 11% to 20%.

The findings also reveal that supplier disruptions pose a significant risk, with 58% of firms indicating potential revenue losses of 11% to 20% from a two-week disruption. Additionally, Singapore firms have experienced notable changes in overseas demand due to protectionist policies, with 34% reporting increased demand and 23% noting a decrease.

As Singapore continues to strengthen its supply chain resilience, the focus remains on overcoming challenges such as data quality and skills gaps to fully harness AI’s potential.