Industry News

UOB and HSBC have successfully executed live cross-border transactions in Hong Kong dollars using Swift’s blockchain-based ledger. This achievement marks UOB as the first Singapore-headquartered bank to complete such transactions on the platform. The initiative highlights the potential of shared-ledger infrastructure to enhance cross-border payments and liquidity management.

The transactions follow Swift’s announcement in July 2026 that its blockchain-based ledger was ready for initial use, with 17 banks across six continents preparing to pilot live transactions using tokenised deposits. UOB plans to extend this initiative to include Singapore dollar and US dollar transactions in September 2026, involving additional banking partners.

So Lay Hua, Head of Group Transaction Banking at UOB, stated, “As the first Singapore-headquartered bank to execute live transactions on Swift’s ledger, UOB has taken another important step from industry collaboration to real-world execution.”

Winnie Yap, Head of Global Payments Solutions at HSBC Singapore, added, “This live transaction with UOB on Swift’s Ledger demonstrates how tokenised deposits can work across institutions in a way that is secure, interoperable and designed for real-world payment flows.”

The collaboration between UOB and HSBC underscores their commitment to advancing next-generation payment infrastructure through secure and interoperable shared-ledger solutions. This development is expected to provide valuable insights into the potential for shared-ledger infrastructure to support round-the-clock domestic and cross-border interbank payments, paving the way for more efficient and responsive financial transactions in a 24/7 economy.

LHN Limited has announced a robust operational performance for the third quarter ending 30 June 2026, maintaining high occupancy rates across its Space Optimisation portfolio and expanding its consultancy services. The Group’s industrial space achieved an impressive 97.7% occupancy rate, whilst its Coliwoo co-living spaces recorded an average occupancy of 93.7%.

The Group’s integrated facilities management portfolio grew to 134 clients with 326 active contracts, and its car park portfolio expanded to 107 locations. Additionally, LHN’s solar energy capacity increased to approximately 12.3 megawatts. In a strategic move, the company was awarded a five-year retail consultancy contract by the Housing Development Board (HDB), marking its entry into consultancy services alongside property leasing and management.

Executive Chairman and Executive Director of LHN Limited, Kelvin Lim, stated, “Our operational performance in Q3FY2026 reflects the resilience of our diversified business model, with healthy occupancy rates across our Space Optimisation portfolio and continued contract momentum in our Facilities Management Business. Winning the retail consultancy contract is a meaningful endorsement of our space optimisation expertise, and broadens our capabilities beyond property leasing and management into consultancy services.”

Looking ahead, LHN is advancing its asset-light strategy with the proposed sale and leaseback of Coliwoo Midtown and the divestment of Golden Mile Tower car park in August 2026. These strategic capital recycling transactions position the Group to deliver sustainable, long-term value for shareholders as it enters the final quarter of FY2026.

Singapore General Hospital (SGH) has teamed up with the International Bowel Ultrasound Group (IBUS) and Johnson & Johnson to tackle the challenge of “invisible inflammation” in inflammatory bowel disease (IBD). This initiative aims to improve access to intestinal ultrasound (IUS), a non-invasive method for real-time assessment of bowel inflammation, which is crucial for effective IBD management.

The programme will initially train and certify 19 gastroenterologists from leading institutions across Southeast Asia and India. SGH, serving as the regional training hub, plans to establish 15 IUS-capable centres, enhancing disease monitoring for nearly 1,000 patients in the first year. This effort is part of a broader strategy to build a sustainable network of specialists promoting best practices in IBD care.

Dr Malcolm Tan, Senior Consultant at SGH’s Department of Gastroenterology and Hepatology, highlighted the importance of precise and less invasive care. “Our ambition is not simply to train specialists, but to help build an ecosystem where more patients can benefit from timely disease monitoring, earlier intervention and greater confidence in the decisions they make with their healthcare teams,” he stated.

Dr Federica Furfaro, EDUCOM Chair at IBUS, emphasised the need for equitable access to advanced IBD monitoring. “This collaboration will create a sustainable network of expertise that can accelerate the adoption of evidence-based monitoring across healthcare systems,” she said.

SGH’s initiative represents a significant step towards improving IBD care, potentially leading to earlier treatment optimisation and more personalised care for patients across the region.

Singapore’s industrial production (IP) experienced a slight recovery in July, increasing by 2.3% month-on-month seasonally adjusted, following a 7.0% decline in June, according to UOB Global Economics and Markets Research. Year-on-year, IP grew by 6.8%, aligning with Bloomberg’s consensus and close to UOB’s 6.2% estimate. This recovery was primarily driven by robust performance in transport engineering, particularly in the aerospace sector, which saw increased production of aircraft parts and sustained maintenance, repair, and overhaul (MRO) jobs from commercial airlines.

The chemicals sector also contributed to the growth, rising by 2.1% month-on-month seasonally adjusted, reflecting a slight uptick in oil refining activity and petrochemical output. This was likely influenced by the brief partial reopening of the Strait of Hormuz in mid-June. However, UOB warns of potential challenges ahead due to the re-intensification of the Middle East conflict.

Conversely, the electronics segment recorded a second consecutive month of contraction, with semiconductors declining by 5.3% month-on-month seasonally adjusted. This trend aligns with the sequential declines in integrated circuit exports observed in the June-July non-oil domestic exports (NODX) data. UOB notes that domestic firms may be facing capacity constraints, as indicated by the new orders sub-index of the electronics Purchasing Managers’ Index (PMI) outpacing the output sub-index. The decline in the stocks of finished goods sub-index suggests firms are drawing down existing inventories to meet demand, which could support electronics IP in the coming months as inventory replenishment becomes necessary.

Overall, whilst certain sectors show promise, challenges in the semiconductor industry highlight ongoing capacity constraints that could impact future production.

Singapore’s fintech sector experienced a significant decline in investment during the first half of 2026, drawing US$499m across 53 deals, as reported by KPMG’s Pulse of Fintech H1 2026. This marks a notable drop from US$1.45b across 97 deals in the same period last year, making it the most subdued first half in nearly a decade.

The investment landscape was uneven, with a quiet first quarter of US$88m across 26 deals, followed by a rebound in the second quarter to US$411m across 27 deals. This recovery was largely driven by a single US$320m investment in a cross-border payments platform in June, which accounted for nearly two-thirds of the total fintech investment.

Key areas of focus included artificial intelligence (AI) and machine learning, which attracted US$365.9m across 18 deals. Payments remained a strong vertical, bolstered by the significant cross-border payments deal. Digital assets and cryptocurrency also maintained a strong presence, with 15 of 27 deals concentrated in seed and early-stage rounds.

Anton Ruddenklau, Partner and Head of Financial Services at KPMG in Singapore, noted, “Investors are being far more selective, consolidating capital behind a small number of scaled, high-conviction platforms.” Despite the dip, Singapore’s strategic advantages, such as a trusted regulatory environment and strength in payments and digital assets, continue to attract capital.

Globally, fintech investment rose to US$103.1b in H1 2026, although deal volume decreased, reflecting a trend towards larger, more selective investments.

Condo resale activity in Singapore saw a notable increase in July 2026, with volumes rising by 7.1% compared to June, according to the latest report by 99.co and SRX. Despite this uptick, resale prices experienced a slight decline of 0.3% month-on-month, indicating a cautious market where buyers remain price-sensitive.

The report highlights that the increase in resale volumes is partly due to the return of buyers after the June school holidays. However, the volume remains 0.6% lower than the same period last year and 4.1% below the five-year average for July. Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that this reflects a normalisation in activity rather than a significant market upswing.

In terms of pricing, the Core Central Region (CCR) saw a 2.6% increase, whilst the Rest of Central Region (RCR) and Outside Central Region (OCR) experienced declines of 1.1% and 0.9%, respectively. Year-on-year, overall prices were up by 2.7%, suggesting a period of price consolidation rather than a broad weakening.

Looking ahead, the absence of new project launches in August may keep buyer focus on the resale market. However, upcoming launches such as Amberwood at Holland and Lucerne Grand could shift some interest back to the primary market. Additionally, the removal of the 15-month wait-out period for private homeowners may increase the supply of resale homes, offering buyers more options and potentially stabilising price growth.

The highest resale transaction in July was a unit at Leedon Residence, sold for S$14.3m. Meanwhile, the overall median capital gain for resale condos was S$381,000, a decrease from the previous month.

DBS and Stripe have announced a strategic partnership to accelerate the growth of agentic commerce and cross-border payments across Asia. By integrating DBS’ banking capabilities with Stripe’s global financial services, the collaboration seeks to streamline how businesses manage funds across markets. This initiative will also explore the development of AI capabilities to enable more efficient and secure transactions for DBS customers.

The partnership comes as AI agents are increasingly facilitating consumer and business transactions, with projections indicating that AI agents could manage up to $5t in global consumer commerce by 2030. As agentic commerce becomes more widespread, the demand for reliable platforms that support AI-powered transactions is expected to rise.

Stripe will utilise DBS’ digital banking capabilities to enhance cross-border payment services for merchants on its platform. This includes leveraging DBS’ solutions for money movement and cash management to optimise liquidity and cash positions. These efforts are part of Stripe’s transformation into a comprehensive financial infrastructure provider and its expansion across Asia.

DBS plans to use Stripe’s global platform to broaden its cross-border network, allowing institutional clients to connect with more customers worldwide. The partnership addresses the increasing need for trusted partners in Asia to access multiple payment and currency corridors, with outbound cross-border payments projected to reach $24t by 2033.

Tan Su Shan, CEO of DBS, stated, “This partnership enables us to continue delivering differentiated solutions for customers and reflects our shared commitment towards helping businesses in Asia build, scale and compete globally.” Fran Ryan, Chief Business Officer of Stripe, added, “We look forward to helping even more businesses in Asia transform into global champions.”

Manulife Singapore has announced a three-year partnership with Breast Cancer Foundation and Parkway Radiology to offer free breast cancer screenings across Singapore. The programme, fully funded by Manulife, aims to provide doctor assessments and mammogram screenings through the MammoXpress Mammography Bus, targeting women of all ages and residency statuses.

Breast cancer is the most prevalent cancer among women aged 30 to 39 in Singapore, yet a recent study by Breast Cancer Foundation revealed that 91.5% of young women are not actively monitoring their breast health. This initiative seeks to address the gap by making screenings more accessible, especially for younger women who may not perceive themselves at risk. Michelle Fang, Chief Marketing Officer at Manulife Singapore, emphasised the importance of reducing barriers such as cost and convenience, stating, “Through this partnership, we are bringing doctor assessment and screening onto a mobile platform.”

The initiative also includes educational resources and awareness programmes to encourage early conversations about breast health. Jacob Soo, CEO of Breast Cancer Foundation, highlighted the mission to empower women, saying, “This partnership allows us to bring breast health conversations closer to where women live, work and study.”

Parkway Radiology will support the programme with its expertise and mobile services, aiming to improve early detection rates. CEO Tan Yujuan noted, “By bringing our clinical expertise and mobile screening closer to the community, we hope to help more women understand their personal risk.”

This collaboration aligns with Manulife’s broader goals of promoting longevity and health through early awareness and preventive care. For more information on the MammoXpress Mammography Bus locations, visit the Breast Cancer Foundation’s website.

Artificial intelligence (AI) is set to play a pivotal role in Singapore’s energy transition, according to a survey by the Sustainable Energy Association of Singapore (SEAS). The survey, conducted between July and August 2026, revealed that 92% of energy professionals believe AI will significantly impact the sector over the next five years. Despite this optimism, 6% of respondents have yet to explore AI solutions.

The survey, which included 100 professionals from the ASEAN region, found that 60% are already running AI pilot projects or implementing AI, with 24% reporting successful outcomes. However, challenges such as data quality and availability, and the cost of implementation, each cited by 58% of respondents, remain significant hurdles. Additionally, 31% expressed concerns over regulatory uncertainty.

The anticipated growth of data centres is expected to strain Singapore’s energy supply and infrastructure, with 44% of respondents predicting increased pressure. Whilst 31% foresee a rise in demand for storage and grid upgrades, only 13% expect an expansion in renewable energy production.

Er Edwin Khew, Chairman of SEAS, highlighted the transformative potential of AI, stating, “AI will revolutionise how the industry manages output and weather forecasting, demand and grid responses, intelligent battery storage and microgrids, as well as predictive maintenance.”

The survey also indicated that 78% of respondents feel the energy transition in the region is progressing slower than desired, largely due to geopolitical setbacks. The Asia Clean Energy Summit, focusing on energy security and AI, will take place from 27 to 29 October 2026 at the Sands Expo and Convention Centre, Singapore.

Southeast Asia has emerged as a powerhouse in the global e-commerce app market, with Singapore, Indonesia, and Vietnam leading the charge. According to Adjust’s Shopping App Insights Report: 2026 Edition, these countries have seen remarkable growth in app installs during the first half of 2026. Singapore topped the list with a 67% year-over-year increase, followed by Vietnam at 42% and Indonesia at 36%.

The report highlights a rapidly evolving e-commerce landscape in the region, driven by major shopping events and a shift towards paid acquisition strategies. As acquisition costs rise, marketers are focusing on channels and campaigns that attract high-value, long-term users. “E-commerce apps had a strong first half of 2026 with major shopping events continuing to grow in scale,” said April Tayson, Regional Vice President, INSEA, Adjust. “Reliable measurement is key to making that possible.”

Indonesia and Singapore also recorded the highest session growth globally, with increases of 62% and 58% respectively. Meanwhile, Malaysia showed the highest reliance on paid acquisition, with a paid/organic install ratio of 1.11 in H1 2026. In contrast, Vietnam and the Philippines reduced their reliance on paid installs.

The report underscores the importance of strategic marketing and reliable measurement in sustaining growth in these fast-paced markets. As Southeast Asian countries continue to refine their strategies, the region is set to maintain its position as a leader in global e-commerce app growth.